Market Newsdesk

April 29, 2021 7:13 am

Acceleron Announces First Quarter 2021 REBLOZYL® Net Sales

Acceleron Announces First Quarter 2021 REBLOZYL^® Net Sales

– Acceleron expects to report approximately $22.4 million in royalty revenue for Q1 2021 from approximately $112 million in net sales of REBLOZYL^® (luspatercept-aamt) as reported by Bristol Myers Squibb –

CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Acceleron Pharma Inc. (Nasdaq:XLRN), a biopharmaceutical company dedicated to the discovery, development, and commercialization of TGF-beta superfamily therapeutics to treat serious and rare diseases, today announced net sales of REBLOZYL^®(luspatercept-aamt) as reported by its global collaborator, Bristol Myers Squibb, were approximately $112 million for the first quarter ended March 31, 2021.

Acceleron expects to report royalty revenue of approximately $22.4 million from net sales of REBLOZYL in the first quarter ended March 31, 2021. This compares with approximately $23.0 million in royalty revenue from approximately $115 million of net sales of REBLOZYL for the fourth quarter ended December 31, 2020.

The preliminary unaudited revenue estimate for the quarter ended March 31, 2021 included in this release is the responsibility of management and is subject to the completion of the Company’s customary quarter-end financial closing procedures, including management’s review and finalization, as well as review procedures by the Company’s independent registered public accounting firm, which have not yet been completed. During the course of the Company’s review process, items may be identified that would require it to make adjustments, which could result in material changes to the Company’s preliminary unaudited estimated financial results. Consequently, these revenue estimates should not be viewed as substitutes for the Company’s earnings release and Quarterly Report on Form 10-Q.

About Acceleron

Acceleron is a biopharmaceutical company dedicated to the discovery, development, and commercialization of therapeutics to treat serious and rare diseases. Acceleron’s leadership in the understanding of TGF-beta superfamily biology and protein engineering generates innovative compounds that engage the body’s ability to regulate cellular growth and repair.

Acceleron focuses its research, development, and commercialization efforts in pulmonary and hematologic diseases. In pulmonary, Acceleron is developing sotatercept for the treatment of pulmonary arterial hypertension (PAH), having reported positive topline results of the PULSAR Phase 2 trial. The Company is currently planning multiple Phase 3 trials with the potential to support its long-term vision of establishing sotatercept as a backbone therapy for patients with PAH at all stages of the disease. Acceleron is also investigating the potential of its early-stage pulmonary candidate, ACE-1334, which it plans to advance into a Phase 1b/Phase 2 trial in systemic sclerosis-associated interstitial lung disease (SSc-ILD) this year.

In hematology, REBLOZYL^® (luspatercept-aamt) is the first and only erythroid maturation agent approved in the United States, Europe, and Canada for the treatment of anemia in certain blood disorders. REBLOZYL is part of a global collaboration partnership with Bristol Myers Squibb. The Companies co-promote REBLOZYL in the United States and are also developing luspatercept for the treatment of anemia in patient populations of myelodysplastic syndromes, beta-thalassemia, and myelofibrosis.

For more information, please visit www.acceleronpharma.com. Follow Acceleron on Social Media: @AcceleronPharma and LinkedIn.

Cautionary Note on Forward-Looking Statements

This press release contains forward-looking statements about the Company’s financial results. The words “anticipate,” “believe,” “could,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Actual results could differ materially from those included in the forward-looking statements due to various factors, risks and uncertainties, including, but not limited to, that preclinical testing of the Company’s compounds and data from clinical trials may not be predictive of the results or success of other clinical trials, that regulatory approval of the Company’s compounds in one indication or country may not be predictive of approval in another indication or country, that the development of the Company’s compounds may take longer and/or cost more than planned or accelerate faster than currently expected, that the Company or its collaboration partner, Bristol Myers Squibb (“BMS”), may be unable to successfully complete the clinical development of the Company’s compounds, that the Company or BMS may be delayed in initiating, enrolling or completing any clinical trials, and that the Company’s compounds may not receive regulatory approval or become commercially successful products. These and other risks and uncertainties are identified under the heading “Risk Factors” included in the Company’s most recent Annual Report on Form 10-K and other filings that the Company has made and may make with the SEC in the future.

The forward-looking statements contained in this press release are based on management’s current views, plans, estimates, assumptions, and projections with respect to future events, and the Company does not undertake and specifically disclaims any obligation to update any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005578/en/

Acceleron Pharma Inc.

Investors:

Jamie Bernard, IRC, 617-301-9650

Associate Director, Investor Relations

Media:

Matt Fearer, 617-301-9557

Senior Director, Corporate Communications

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

MEDIA:

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April 29, 2021 7:12 am

Dril-Quip, Inc. Announces First Quarter 2021 Results

HOUSTON, April 29, 2021 (GLOBE NEWSWIRE) — Dril-Quip, Inc. (NYSE: DRQ), (the “Company” or “Dril-Quip”) today reported operational and financial results for the first quarter of 2021.

Key highlights for the first quarter of 2021 included:

Delivered revenue of $81.2 million for the first quarter of 2021;
Reported a net loss of $34.4 million, or a $0.97 loss per share, driven primarily by $25.0 million of impairments, restructuring and other charges predominantly related to the downhole tools product line;
First quarter net cash provided by operating activities of $13.1 million and free cash flow of $10.6 million, or 13.0% of revenue, inclusive of $2.5 million of capital expenditures;
Booked $56.6 million of new product orders during the first quarter of 2021 resulting in quarter end backlog up $1 million from December 31, 2020 to $197 million;
Generated adjusted EBITDA of $8.0 million, or 9.9% of revenue;
Recorded highest revenue quarter in downhole tools product line since the acquisition in the fourth quarter of 2016.

Blake DeBerry, Dril-Quip’s Chief Executive Officer, commented, “Our first quarter results give us cautious optimism that the signs of a recovery are beginning to take form, and we are encouraged by our bookings in the quarter which came in on the higher end of our expected $40 million to $60 million range. We were able to maintain or improve our financial performance in several key metrics. Our gross margins saw improvement during the quarter and were helped by the full impact of our cost actions from 2020. We also executed on further productivity gains that helped lead to flat adjusted EBITDA margins quarter over quarter. Finally, we were able to resume positive cash from operating activities and free cash flow of approximately $11 million. As we have previously stated, profitability and free cash flow remain a top priority, and we will continue to focus on improving working capital throughout the year to reach our free cash flow targets.”

“We continue to see the benefits of the strategic growth pillars outlined late last year. Included in our bookings was a contract award for two of our HXT™ tree systems combined with Proserv’s controls for an operator in the U.S. Gulf of Mexico. This award serves as an example of how our development of subsea trees, and our collaboration with Proserv can add value to both parties and our customers through the delivery of best-in-class solutions. We believe that future collaborations with peers in the industry have the potential to show similar success and we continue to engage in conversations to execute on these arrangements. Also, we successfully installed the first serial numbered Big Bore™ IIe wellhead in the U.S. Gulf of Mexico. This latest generation of the Big Bore™ wellhead, which has garnered significant customer interest, is highly flexible to meet the demands of high temperature, high pressure wells. It is one element of our emerging ‘e-Series’ technologies product suite and works together to reduce rig time and materials while mitigating operational risk and reducing our customer’s carbon footprint. We did also see significant benefits from our recently reorganized downhole tools business. Our streamlined operating model, introduction of new technology and modified go-to-market strategy led to the product line recording its highest revenue quarter since the acquisition in late 2016. This product line is a key growth pillar for Dril-Quip, and we are pleased with the results we are seeing in the early part of 2021.”

“In addition to these growth pillar milestones, in a recent survey from EnergyPoint research, we ranked second in terms of total customer satisfaction for the Oilfield Product Suppliers category. Being recognized as the preferred supplier for subsea wellheads and trees as well as risers and flexible joints is a testament to the hard work of our employees in meeting the needs of our customers. I want to thank our customers for their continued confidence in Dril-Quip and our employees for their commitment to customer service. Although we are seeing improving trends in the market, we still face challenges with the timing and predictability of customer deliveries and installations. The winter storm in Texas during the quarter presented difficulties for our Houston operations and our employees in the region. As always, our employees responded to these challenges by personally helping their fellow employees with both food and supplies. Our employees also performed commendably and made up for most of the lost time during the quarter which minimized the revenue impact and progress made on customer orders.”

“As we progress through 2021, market conditions are beginning to show signs of a recovery. The impacts from the global pandemic are starting to abate, and as oil and gas demand strengthens, we are encouraged that we could see further improvement in product bookings and service demand during 2021. Dril-Quip will remain focused on providing first class products and services to our customers, preserving our strong balance sheet and generating positive free cash flow while continuing to respond to the ever-changing needs of the market.”

In conjunction with today’s release, the Company posted a new investor presentation entitled “First Quarter 2021 Supplemental Earnings Information” to its website, www.dril-quip.com, on the “Events & Presentations” page under the Investors tab. Investors should note that Dril-Quip announces material financial information in Securities and Exchange Commission (“SEC”) filings, press releases and public conference calls. Dril-Quip may use the Investors section of its website (www.dril-quip.com) to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. Information on Dril-Quip’s website is not part of this release.

Operational and Financial Results

Revenue, Cost of Sales and Gross Operating Margin

Consolidated revenue for the first quarter of 2021 was $81.2 million, down $6.0 million from the fourth quarter of 2020 and down $14.8 million compared to the first quarter of 2020. The sequential decline was primarily a result of lower subsea product volumes in the Eastern Hemisphere, partially offset by higher downhole tools product and service revenues. The decrease in revenue year-over-year was driven by lower subsea product and aftermarket service volumes across most regions due to delivery and project delays, partially offset by product and service growth in the downhole tools business in the Middle East and Latin America.

Cost of sales for the first quarter of 2021 was $56.8 million, a decrease of $7.3 million from the fourth quarter of 2020 and a decrease of $14.6 million compared to the prior year. Gross operating margin for the first quarter of 2021 was 30.1%, an increase from 26.5% in the fourth quarter of 2020 and an increase from 25.6% in the first quarter of 2020. The increase in gross margins compared to both periods was mostly attributed to savings from business transformation cost savings actions executed in 2020, partially offset by costs related to the winter storm shut down in the Houston manufacturing facility and a decrease in higher margin service contribution.

Selling, General and Administrative Expenses

Selling, general and administrative (“SG&A”) expenses for the first quarter of 2021 were $29.6 million, an increase of $3.3 million compared to the fourth quarter of 2020 and $4.9 million higher than the first quarter of 2020. The sequential increase in SG&A was driven by increased payroll taxes with the expiration of COVID-19 payroll tax deferment relief, reinstatement of incentive compensation and charges related to an importation tax settlement under a recently introduced Brazilian tax amnesty program. The year-over-year increase in SG&A is primarily attributed to the forementioned settlement and increased legal expenses related to an ongoing matter. The Company expects the legal expenses related to this matter will conclude in 2021. Engineering and product development expenses were flat sequentially at $4.0 million and $1.5 million lower than the first quarter of 2020 due to completion of investments related to the subsea production systems product line.

Net Loss, Adjusted EBITDA and Free Cash Flow

For the first quarter of 2021, the Company reported a net loss of $34.4 million, or a $0.97 loss per share, driven by $25.0 million of restructuring and other charges. These charges were primarily related to the restructuring of our downhole tools business where we are exiting certain underperforming countries and markets and shifting from manufacturing in-house to a vendor sourcing model and included non-cash inventory write downs of $19.3 million. Adjusted EBITDA totaled $8.0 million for the first quarter of 2021 compared to $9.0 for the fourth quarter of 2020, representing decremental margins of 16.7% quarter over quarter. Adjusted EBITDA for the first quarter of 2021 was also up $1.6 million compared to the first quarter of 2020. The increase in adjusted EBITDA sequentially and year-over-year can be mostly attributed to higher gross margins from favorable revenue mix and lower costs associated with 2020 business transformation actions and productivity gains.

Net cash provided by operations was $13.1 million and free cash flow was $10.6 million, or 13.0% of revenue, for the first quarter of 2021. This increase from the previous quarter was primarily driven by an improvement in the collection of receivables due to continued focus on global cash collections and timing of outflows from extended payment terms with certain vendors, partially offset by increased finished goods inventory. The Company also experienced seasonal related increases in cash tax payments and cash legal expenses related to an ongoing legal matter which amounted to approximately $6.9 million in higher cash outflows in the first quarter of 2021 compared to the fourth quarter of 2020. Capital expenditures in the first quarter of 2021 were approximately $2.5 million, compared to $1.7 million in the fourth quarter of 2020. The sequential increase in capital expenditures is primarily associated with rental tools to support current and recently developed products and machinery and equipment related to consolidation of manufacturing facilities.

Cost Saving Initiatives and Liquidity

In the first quarter of 2021, the Company announced its plans to target productivity gains of approximately $10 million in annualized savings, of which approximately $5 million is expected to be realized in 2021. The majority of these planned gains relate to the further refinement of our manufacturing and supply chain operations as part of the Company’s LEAN journey. The Company executed an estimated $2.5 million of these annualized savings during the first quarter of 2021.

Dril-Quip’s cash on hand as of March 31, 2021 was $362.2 million, which, together with amounts available under the asset-based lending (ABL) facility, resulted in approximately $397.6 million of available liquidity. This solid liquidity position, combined with a debt-free balance sheet, provides both financial and operational flexibility to navigate unpredictable market conditions, invest in technology and remain viable to deliver customer products and services throughout industry cycles. The Company also intends to use its financial strength to pursue strategic acquisitions and collaborations that differentiate its products offerings and customer base.

About Dril-Quip

Dril-Quip is a leading manufacturer of highly engineered drilling and production equipment for use onshore and offshore, which is particularly well suited for use in deep-water, harsh environments and severe service applications.

Forward-Looking Statements

Statements contained herein relating to future operations and financial results that are forward-looking statements, including those related to the effects of COVID-19 pandemic, market conditions, anticipated project bookings, expected timing of completing the strategic restructuring, anticipated timing of delivery of new orders, anticipated revenues, costs, cost synergies and savings, possible acquisitions, new product offerings and related revenues, share repurchases and expectations regarding operating results, are based upon certain assumptions and analyses made by the management of the Company in light of its experience and perception of historical trends, current conditions, expected future developments and other factors. These statements are subject to risks beyond the Company’s control, including, but not limited to, the impact of the ongoing COVID-19 pandemic, the effects of actions taken by third parties, including, but not limited to, governmental authorities, customers, contractors and suppliers, in response to the ongoing COVID-19 pandemic, the impact of actions taken by the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC nations to adjust their production levels, the general volatility of oil and natural gas prices and cyclicality of the oil and gas industry, declines in investor and lender sentiment with respect to, and new capital investments in, the oil and gas industry, project terminations, suspensions or scope adjustments to contracts, uncertainties regarding the effects of new governmental regulations, the Company’s international operations, operating risks, the impact of our customers and the global energy sector shifting some of their asset allocation from fossil-fuel production to renewable energy resources, and other factors detailed in the Company’s public filings with the SEC. Investors are cautioned that any such statements are not guarantees of future performance and actual outcomes may vary materially from those indicated.

Non-GAAP Financial Information

Adjusted Net Income (Loss), Adjusted Diluted EPS, Free Cash Flow and Adjusted EBITDA are non-GAAP measures.

Adjusted Net Income (Loss) and Adjusted Diluted EPS are defined as net income (loss) and earnings per share, respectively, excluding the impact of foreign currency gains or losses as well as other significant non-cash items and certain charges and credits.

Free Cash Flow is defined as net cash provided by operating activities less net cash used in the purchase of property, plant and equipment.

Adjusted EBITDA is defined as net income excluding income taxes, interest income and expense, depreciation and amortization expense, non-cash gains or losses from foreign currency exchange rate changes as well as other significant non-cash items and other adjustments for certain charges and credits.

The Company believes that these non-GAAP measures enable it to evaluate and compare more effectively the results of our operations period over period and identify operating trends by removing the effect of its capital structure from its operating structure. In addition, the Company believes that these measures are supplemental measurement tools used by analysts and investors to help evaluate overall operating performance, ability to pursue and service possible debt opportunities and make future capital expenditures. Adjusted Net Income (Loss), Adjusted EBITDA and Free Cash Flow do not represent funds available for our discretionary use and are not intended to represent or to be used as a substitute for net income or net cash provided by operating activities, as measured under U.S. generally accepted accounting principles (“GAAP”).

See “Unaudited Non-GAAP Financial Measures” below for additional information concerning non-GAAP financial information, including a reconciliation of the non-GAAP financial information presented in this press release to the most directly comparable financial information presented in accordance with GAAP. Non-GAAP financial information supplements and should be read together with, and is not an alternative or substitute for, the Company’s financial results reported in accordance with GAAP. Because non-GAAP financial information is not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures.

Investor Relations Contact

Blake Holcomb, Director of Investor Relations and Corporate Planning
(713) 939-7711
[email protected]

Dril-Quip, Inc.
Comparative Condensed Consolidated Income Statement
(Unaudited)

	Three months ended
	March 31, 2021			December 31, 2020			March 31, 2020
	(In thousands, except per share data)
Revenues:
Products	$	55,583		$	61,692		$	67,558
Services		17,667			18,235			18,814
Leasing		7,989			7,307			9,626
Total revenues		81,239			87,234			95,998
Costs and expenses:
Cost of sales		56,787			64,136			71,414
Selling, general and administrative		29,558			26,235			24,658
Engineering and product development		4,037			4,038			5,525
Impairment		–			–			7,719
Restructuring and other charges		25,020			478			32,713
Gain on sale of assets		(3,955	)		(49	)		(467	)
Foreign currency transaction (gains) and losses		1,374			4,024			(3,242	)
Total costs and expenses		112,821			98,862			138,320
Operating loss		(31,582	)		(11,628	)		(42,322	)
Interest income		49			83			1,206
Interest expense		(439	)		(83	)		(191	)
Income tax provision (benefit)		2,386			(374	)		(21,609	)
Net loss	$	(34,358	)	$	(11,254	)	$	(19,698	)
Loss per share
Basic	$	(0.97	)	$	(0.33	)	$	(0.55	)
Diluted	$	(0.97	)	$	(0.33	)	$	(0.55	)
Depreciation and amortization	$	7,416		$	7,668		$	8,873
Capital expenditures	$	(2,513	)	$	1,700		$	4,187

Weighted Average Shares Outstanding
Basic		35,385			35,276			35,695
Diluted		35,385			35,276			35,695

Dril-Quip, Inc.
Comparative Condensed Consolidated Balance Sheets
(Unaudited)

	March 31, 2021		December 31, 2020
	(In thousands)
Assets:
Cash and cash equivalents	$	362,213	$	345,955
Other current assets		482,508		517,238
PP&E, net		231,385		234,823
Other assets		50,725		53,156
Total assets	$	1,126,831	$	1,151,172
Liabilities and Equity:
Current liabilities	$	95,307	$	85,512
Deferred Income taxes		6,934		6,779
Other long-term liabilities		16,324		17,353
Total liabilities		118,565		109,644
Total stockholders equity		1,008,266		1,041,528
Total liabilities and equity	$	1,126,831	$	1,151,172

Dril-Quip, Inc.
Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted Diluted Earnings per Share
and Adjusted Diluted Earnings per Share

Adjusted Net Income and EPS:	Three months ended
	March 31, 2021						December 31, 2020						March 31, 2020
	Effect on net income (after-tax)			Impact on diluted earnings per share			Effect on net income (after-tax)			Impact on diluted earnings per share			Effect on net income (after-tax)			Impact on diluted earnings per share
	(In thousands, except per share amounts)
Net loss	$	(34,358	)	$	(0.97	)	$	(11,254	)	$	(0.33	)	$	(19,698	)	$	(0.55	)
Adjustments (after tax):
Reverse the effect of foreign currency		1,085			0.03			3,179			0.09			(2,561	)		(0.07	)
Add back impairment and other charges		–			–			–			–			6,098			0.17
Restructuring costs, including severance		19,766			0.56			4,407			0.12			25,843			0.72
Gain on sale of assets		(3,124	)		(0.09	)		(39	)		–			(369	)		(0.01	)
Adjusted net income (loss)	$	(16,631	)	$	(0.47	)	$	(3,707	)	$	(0.12	)	$	9,313		$	0.26

Dril-Quip, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA

Adjusted EBITDA:	Three months ended
	March 31, 2021			December 31, 2020			March 31, 2020
	(In thousands)
Net loss	$	(34,358	)	$	(11,254	)	$	(19,698	)
Add:
Interest (income) expense, net		390			–			(1,015	)
Income tax provision (benefit)		2,386			(374	)		(21,609	)
Depreciation and amortization expense		7,416			7,668			8,873
Impairments		–			–			7,719
Restructuring costs, including severance		29,820			5,578			32,713
Gain on sale of assets		(3,955	)		(49	)		(467	)
Foreign currency transaction (gains) and losses		1,374			4,024			(3,242	)
Stock compensation expense		3,186			3,453			3,176
Brazilian amnesty settlement		1,787			–			–
Adjusted EBITDA	$	8,046		$	9,046		$	6,450

Dril-Quip, Inc.
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow

Free Cash Flow:	Three months ended
	March 31, 2021			December 31, 2020			March 31, 2020
	(In thousands)
Net cash provided (used in) by operating activities	$	13,072		$	(16,786	)	$	(21,237	)
Less:
Purchase of property, plant and equipment		(2,513	)		(1,700	)		(4,187	)
Free cash flow	$	10,559		$	(18,486	)	$	(25,424	)

April 29, 2021 7:10 am

Introducing: Natural Grocers™ Brand Vitamins & Supplements, A Comprehensive Array Of High-Quality Vitamins, Herbs, And Precision Formulas

{N}power® members will enjoy 25% off the complete line from May 1 – 31, 2021

PR Newswire

LAKEWOOD, Colo., April 29, 2021 /PRNewswire/ — Natural Grocers by Vitamin Cottage®, the nation’s largest family-operated natural and organic grocery retailer, announces its new expanded line of Natural Grocers Brand Vitamins & Supplements. Customers can now select from a comprehensive range of more than 100 vitamins, herbs, minerals, and precision formulas that are priced for accessibility while providing high quality ingredients and third-party certified Good Manufacturing Practices.

Introducing Natural Grocers Brand Vitamins & Supplements with over 100 vitamins, herbs, minerals, and precision formulas

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Enjoy Your Food, Supplement the Rest

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What is not in the vitamins & supplements is just as important as what is: Questionable additives and ingredients that lack evidence of safety for their intended use are not allowed in this product line. Natural Grocers Brand Vitamins & Supplements do not contain preservatives, artificial colors, artificial flavors, or artificial sweeteners.

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About Natural Grocers by Vitamin Cottage
Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products, and dietary supplements. The products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial colors, flavors, preservatives or sweeteners, or partially hydrogenated or hydrogenated oils. The Company sells only USDA Certified Organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Natural Grocers’ flexible smaller-store format allows it to offer affordable prices in a shopper-friendly, safe, and convenient retail environment. The Company also provides extensive free science-based Nutrition Education programs to help customers make informed health and nutrition choices. The Company, founded in 1955, has 161 stores in 20 states.


ⁱOffer valid only from 05/01/2021 to 05/31/2021, is redeemable only for in-store customer purchases at all participating Natural Grocers. Any stated discounts are on regular prices, cannot be redeemed for gift cards, store credit or cash, and cannot be combined with other offers. Quantity limited to stock on hand; no rain checks. This offer has already been loaded to your account. Pricing excludes taxes and is subject to change without notice. We reserve the right to correct errors. Void where prohibited by law. {N}power offers available only to registered members and are subject to program terms and conditions available at www.naturalgrocers.com/npower.
ⁱⁱ Message and data rates may apply. See naturalgrocers.com/privacy for our Privacy Policy and naturalgrocers.com/terms for the {N}Power terms of use.
ⁱⁱⁱ This statement has not been evaluated by the Food and Drug Administration. These products are not intended to diagnose, treat, cure, or prevent any disease.
^iv https://www.nsf.org/about-nsf/nsf-mark
^v https://www.nsf.org/about-nsf

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SOURCE Natural Grocers by Vitamin Cottage, Inc.

April 29, 2021 7:10 am

Group 1 Automotive Announces Record First Quarter 2021 Financial Results

Market Recovery & Cost Discipline Drive 242.5% Increase in EPS

PR Newswire

HOUSTON, April 29, 2021 /PRNewswire/ — Group 1 Automotive, Inc. (NYSE: GPI), (“Group 1” or the “Company”), an international, Fortune 500 automotive retailer, today reported first quarter 2021 financial results.

First quarter 2021 net income per diluted share was a first-quarter record of $5.52, a 242.5 percent increase from $1.61 per diluted share as reported for first quarter 2020. First quarter 2021 adjusted net income per diluted share (a non-GAAP measure) was also a first quarter record of $5.57, a 236.2 percent increase from $1.66 per diluted share as reported for first quarter 2020. First quarter 2021 net income was a first quarter record of $101.9 million, a 242.3 percent increase compared to net income of $29.8 million in the same period of 2020. First quarter 2021 adjusted net income (a non-GAAP measure) was also a first quarter record of $102.7 million, a 236.0 percent increase compared to adjusted net income of $30.6 million for the same period of 2020. The Company’s 2021 first quarter total revenues was a first quarter record of $3.0 billion, an 11.9 percent increase compared to the total revenues of $2.7 billion in the same period of 2020. This revenue increase was driven by U.S. new and used vehicle revenue growth of more than 20 percent.

First quarter 2021 adjusted net income and diluted earnings per share excluded net after-tax adjustments of $1.7 million, or $0.09 per common share, primarily related to catastrophic event losses, which were partially offset by gains of $0.8 million, or $0.04 per common share, related to legal matters; and $0.2 million, or $0.01 per common share, related to real estate and dealership transactions. First quarter 2020 adjusted net income and diluted earnings per share excluded a net after-tax adjustment of $0.8 million, or $0.04 per share, primarily related to severance costs in Brazil associated with downsizing the operation due to COVID-19. Reconciliations of non-GAAP financial measures are included in the attached financial tables. Certain disclosures may not compute due to rounding.

“I am especially pleased with these record first quarter results given significant business interruption in both our U.S. and U.K. markets during the quarter. We lost a week of business in most of our Texas and Oklahoma operations due to the well-publicized February winter storm,” said Earl J. Hesterberg, Group 1’s President and Chief Executive Officer. “Additionally, our U.K. showrooms were closed for the entire quarter due to government mandated lockdown measures. Clearly these factors reduced our sales and service volume to some degree, which makes our outstanding financial performance even more remarkable.”

Consolidated Results for First Quarter 2021 (year-over-year comparable basis)

The Company’s consolidated total revenues increased 11.9 percent, to $3.0 billion. Total gross profit increased 17.8 percent, to $490.7 million. Same Store total revenues increased 11.8 percent on a constant currency basis, to $3.0 billion. Same Store total gross profit increased 18.4 percent on a constant currency basis, to $489.6 million.

New vehicle revenue increased 15.0 percent, on a 4.3 percent increase in unit sales. New vehicle gross profit per retail unit (PRU) increased 51.2 percent, to $2,687. Same Store new vehicle revenue increased 14.8 percent on a constant currency basis, on 5.0 percent higher unit sales. Same Store new vehicle gross profit PRU increased 51.0 percent on a constant currency basis, to $2,689.
Used vehicle retail revenue increased 15.4 percent, on 3.4 percent higher unit sales. Same Store used retail vehicle revenue increased 15.2 percent on a constant currency basis, on 4.7 percent higher unit sales. Same Store used retail gross profit PRU increased 35.2 percent on a constant currency basis, to $1,567.
Parts and service gross profit increased 1.5 percent, on a 2.7 percent decrease in revenue. Same Store parts and service gross profit increased 2.0 percent on a constant currency basis, on a 2.2 percent decrease in revenue.
Finance and Insurance (F&I) gross profit PRU increased 8.8 percent, to $1,695. Same Store F&I gross profit PRU increased 8.2 percent on a constant currency basis, to $1,696.
Selling, General and Administrative (SG&A) expenses as a percent of gross profit and adjusted SG&A expenses as a percent of gross profit both decreased 1,380 basis points, to 64.9 percent and 64.7 percent, respectively. Same Store SG&A expenses as a percent of gross profit and adjusted SG&A expenses as a percent of gross profit both decreased 1,360 basis points, to 64.8 percent and 64.6 percent, respectively.

Segment Results for First Quarter 2021 (year-over-year comparable basis)

For ease of comparison, we have listed the results for the United Kingdom and Brazil on a constant currency basis (a non-GAAP measure) both below and within the financial tables that follow:

United States:

The Company’s U.S. operations accounted for 79.9 percent of total revenues and 84.6 percent of total gross profit. Total U.S. revenues increased 19.8 percent, to $2.4 billion. Total gross profit increased 21.8 percent, to $415.3 million. Same Store U.S. total gross profit increased 22.9 percent, to $415.0 million.

Same Store new vehicle revenue grew 27.2 percent, as units increased 20.1 percent. Same Store new vehicle gross profit grew 73.4 percent as gross profit per unit increased $854, a 44.4 percent increase, to $2,777.
Same Store used retail revenue grew 23.7 percent, as units increased 11.5 percent. Same Store used retail gross profit per unit increased 42.2 percent, to $1,655.
Same Store parts and service revenue decreased 2.1 percent. Same Store parts and service gross profit increased 1.8 percent, to $164.7 million.
F&I gross profit PRU grew 3.4 percent, to $1,931. Same Store F&I gross profit PRU increased 3.1 percent, to $1,931.
SG&A expenses as a percent of gross profit decreased 1,250 basis points, to 63.0 percent. Adjusted SG&A expenses as a percent of gross profit decreased 1,260 basis points, to 62.9 percent. Same Store adjusted SG&A expenses as a percent of gross profit decreased 1,240 basis points, to 62.8 percent.

“In March 2021, customers returned to our dealerships in droves. In comparison to March 2020, our sales customer lead traffic was up 43 percent, service appointments were up 25 percent, and our customer pay repair order count was up 23 percent,” said Daryl Kenningham, Group 1’s President of U.S. and Brazilian Operations. “This increase in service business was dramatically higher than January and February and bodes well for a very strong spring and summer in our workshops.”

United Kingdom:

COVID-19 restrictions on U.K. businesses kept dealership showrooms closed throughout the first quarter of 2021. As of mid-April 2021, the sanctions have been cleared and our dealerships are fully open.

The Company’s U.K. operations accounted for 18.3 percent of total revenues and 13.5 percent of total gross profit. Same Store total revenues decreased 13.4 percent, to $547.2 million, and Same Store total gross profit decreased 4.1 percent, to $65.3 million.

Same Store new vehicle revenue decreased 18.2 percent, as new units decreased 26.1 percent. Same Store new vehicle gross profit grew 12.3 percent, as gross profit per unit increased 51.9 percent, to $2,260.
Same Store used retail revenue decreased 5.1 percent, as used retail units decreased 10.9 percent. Same Store used retail gross profit per unit decreased 6.4 percent, to $1,149.
Same Store parts and service revenue decreased 3.3 percent, while gross profit increased by 3.4 percent, to $32.0 million.
Same Store F&I gross profit PRU decreased 9.1 percent, to $774.
Same Store SG&A expenses as a percent of gross profit decreased 1,800 basis points, to 73.8 percent.

“I’m extremely proud of our U.K. team for their performance during the five months from November 5th through early April when our showrooms were closed. This resulted in the closure of our physical vehicle sales departments. Nevertheless, our U.K. operation remained solidly profitable for the first quarter, as well as the entire five-month closure period,” commented Hesterberg.

Brazil:

COVID-19 sanctions continued to enforce closure of dealership showrooms and business operations throughout the first quarter of 2021. As of mid-April 2021, the business lockdowns were lifted and dealership showrooms are fully open.

The Company’s Brazilian operations accounted for 1.9 percent of total revenue and 1.9 percent of total gross profit. Same Store total revenue decreased 24.9 percent, to $56.1 million, and Same Store total gross profit increased 8.9 percent, to $9.4 million.

Same Store new vehicle revenue decreased 26.5 percent, as new units decreased 40.6 percent. Same Store new vehicle gross profit increased 19.6 percent, as gross profit per unit increased 101.3 percent, to $2,894.
Same Store used retail revenue decreased 33.6 percent, as used retail units decreased 53.0 percent. Same Store used retail gross profit per unit increased 176.9 percent, to $2,148.
Same Store parts and service revenue increased 2.3 percent, while gross profit decreased by 1.1 percent, to $3.3 million.
Same Store F&I gross profit PRU increased 80.6 percent, to $816.
Same Store SG&A expenses as a percent of gross profit decreased by 2,250 basis points, to 76.2 percent. Adjusted SG&A expenses as a percent of gross profit decreased by 1,420 basis points, to 76.2 percent.

Hesterberg added, “Our high volume Honda and Toyota dealerships located in São Paulo were closed much of the quarter. Nevertheless, strong margins and cost reductions kept our Brazilian operations profitable for the quarter.”

Corporate Development

As previously announced in March, the Company acquired two Toyota franchises on Cape Cod that are expected to generate approximately $120 million in annual revenues. The Company disposed of a Cadillac franchise in the Dallas-Fort Worth market and a MINI franchise in the El Paso market that generated approximately $40 million in trailing-twelve-month revenues. Additionally, the Company terminated a U.K. Ford franchise in February and disposed of a Mississippi Kia franchise in April, which together generated approximately $30 million in trailing-twelve-month revenues.

First Quarter 2021 Earnings Conference Call Details
Group 1’s senior management will host a conference call today at 10 a.m. ET to discuss the first quarter 2021 financial results. The conference call will be simulcast live on the Internet at group1auto.com, then click on ‘Investor Relations’ and then ‘Events’ or through this link: group1corp.com/events. A webcast replay will be available for 30 days.

The conference call will also be available live by dialing in 15 minutes prior to the start of the call at:

Domestic: 1-888-317-6003

International: 1-412-317-6061

Conference ID: 7821943

A telephonic replay will be available following the call through May 6, 2021 by dialing:

Domestic: 1-877-344-7529

International: 1-412-317-0088

Replay ID: 10153988

ABOUT GROUP 1 AUTOMOTIVE, INC.

Group 1 owns and operates 182automotive dealerships, 233 franchises, and 49 collision centers in the United States, the United Kingdom and Brazil that offer 31 brands of automobiles. Through its dealerships, the Company sells new and used cars and light trucks; arranges related vehicle financing; sells service contracts; provides automotive maintenance and repair services; and sells vehicle parts.

Investors please visit group1corp.com, group1auto.com, group1collision.com, acceleride.com, facebook.com/group1auto, and twitter.com/group1auto, where Group 1 discloses additional information about the Company, its business, and its results of operations.

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which are statements related to future, not past, events and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. In this context, the forward-looking statements include statements regarding our goals, plans, and business strategy to repurchase shares of Group 1 common stock, our expectations regarding the reinstatement of our quarterly dividend as well as other statements, and may include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “should,” “foresee,” “may” or “will” and similar expressions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause actual results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) board approval of future dividends, (b) general economic and business conditions, (c) the level of manufacturer incentives, (d) the future regulatory environment, (e) our ability to obtain an inventory of desirable new and used vehicles and impact of supply chain disruptions which occur from time to time, (f) our relationship with our automobile manufacturers and the willingness of manufacturers to approve future acquisitions, (g) our cost of financing and the availability of credit for consumers, (h) our ability to complete acquisitions and dispositions and the risks associated therewith, (i) foreign exchange controls and currency fluctuations, (j) our ability to retain key personnel, (k) the impacts of COVID-19 on our business, (l) the impacts of any potential global recession, and (m) our ability to maintain vehicle margins, implement and maintain expense controls, and maintain sufficient liquidity to operate. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

NON-GAAP FINANCIAL MEASURES, SAME STORE DATA, AND OTHER DATA

In addition to evaluating the financial condition and results of our operations in accordance with U.S. GAAP, from time to time our management evaluates and analyzes results and any impact on the Company of strategic decisions and actions relating to, among other things, cost reduction, growth, profitability improvement initiatives, and other events outside of normal, or “core,” business and operations, by considering alternative financial measures not prepared in accordance with U.S. GAAP. In our evaluation of results from time to time, we exclude items that do not arise directly from core operations, such as non-cash asset impairment charges, out-of-period adjustments, legal matters, gains and losses on dealership franchise or real estate transactions, and catastrophic events, such as hailstorms, hurricanes, and snow storms. Because these non-core charges and gains materially affect the Company’s financial condition or results in the specific period in which they are recognized, management also evaluates, and makes resource allocation and performance evaluation decisions based on, the related non-GAAP measures excluding such items. This includes evaluating measures such as adjusted selling, general and administrative expenses, adjusted net income, adjusted diluted earnings per share, and constant currency. These adjusted measures are not measures of financial performance under U.S. GAAP, but are instead considered non-GAAP financial performance measures. Non-GAAP measures do not have definitions under U.S. GAAP and may be defined differently by, and not be comparable to similarly titled measures used by, other companies. As a result, any non-GAAP financial measures considered and evaluated by management are reviewed in conjunction with a review of the most directly comparable measures calculated in accordance with U.S. GAAP. We caution investors not to place undue reliance on such non-GAAP measures, but also to consider them with the most directly comparable U.S. GAAP measures.

In addition to using such non-GAAP measures to evaluate results in a specific period, management believes that such measures may provide more complete and consistent comparisons of operational performance on a period-over-period historical basis and a better indication of expected future trends. Our management also uses these adjusted measures in conjunction with U.S. GAAP financial measures to assess our business, including communication with our Board of Directors, investors, and industry analysts concerning financial performance. We disclose these non-GAAP measures, and the related reconciliations, because we believe investors use these metrics in evaluating longer-term period-over-period performance, and to allow investors to better understand and evaluate the information used by management to assess operating performance. The exclusion of certain expenses in the calculation of non-GAAP financial measures should not be construed as an inference that these costs are unusual or infrequent. We anticipate excluding these expenses in the future presentation of our non-GAAP financial measures.

In addition, we evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our underlying business and results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our current period reported results for entities reporting in currencies other than U.S. dollars using comparative period exchange rates rather than the actual exchange rates in effect during the respective periods. The constant currency performance measures should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. The Same Store amounts presented include the results of dealerships for the identical months in each period presented in comparison, commencing with the first full month in which the dealership was owned by us and, in the case of dispositions, ending with the last full month it was owned by us. Same Store results also include the activities of our corporate headquarters.

Certain amounts in the financial statements may not compute due to rounding. All computations have been calculated using unrounded amounts for all periods presented.

Investor contacts:

Sheila Roth

Manager, Investor Relations

Group 1 Automotive, Inc.

713-647-5741 | [email protected]

Media contacts:

Pete DeLongchamps

Senior Vice President, Manufacturer Relations, Financial Services and Public Affairs

Group 1 Automotive, Inc.

713-647-5770 | [email protected]

Clint Woods

Pierpont Communications, Inc.

713-627-2223 | [email protected]

Group 1 Automotive, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In millions, except per share data)

	Three Months Ended March 31,
	2021			2020			Increase/(Decrease)			% Change
REVENUES:
New vehicle retail sales	$	1,543.4		$	1,342.2		$	201.2		15.0	%
Used vehicle retail sales	898.8			779.0			119.7			15.4	%
Used vehicle wholesale sales	80.2			86.5			(6.3)			(7.2)	%
Parts and service sales	360.6			370.6			(10.0)			(2.7)	%
Finance, insurance and other, net	127.0			112.5			14.5			12.9	%
Total revenues	3,010.0			2,690.8			319.2			11.9	%
COST OF SALES:
New vehicle retail sales	1,444.3			1,279.4			165.0			12.9	%
Used vehicle retail sales	839.2			736.9			102.3			13.9	%
Used vehicle wholesale sales	76.3			85.5			(9.2)			(10.8)	%
Parts and service sales	159.6			172.6			(13.0)			(7.5)	%
Total cost of sales	2,519.4			2,274.3			245.0			10.8	%
GROSS PROFIT	490.7			416.5			74.2			17.8	%
Selling, general and administrative expenses	318.4			328.0			(9.5)			(2.9)	%
Depreciation and amortization expense	19.5			18.6			0.9			4.7	%
INCOME (LOSS) FROM OPERATIONS	152.7			69.9			82.8			118.5	%
Floorplan interest expense	7.6			12.9			(5.3)			(41.2)	%
Other interest expense, net	13.8			18.1			(4.3)			(23.9)	%
INCOME (LOSS) BEFORE INCOME TAXES	131.4			38.9			92.5			237.8	%
(Benefit) provision for income taxes	29.4			9.1			20.3			223.0	%
NET INCOME (LOSS)	$	101.9		$	29.8		$	72.2		242.3	%
Less: Earnings (loss) allocated to participating securities	3.5			1.1			2.4			227.4	%
Net income (loss) available to diluted common shares	$	98.5		$	28.7		$	69.8		242.9	%
DILUTED EARNINGS (LOSS) PER SHARE	$	5.52		$	1.61		$	3.91		242.5	%
Weighted average dilutive common shares outstanding	17.8			17.8			—			0.1	%
Weighted average participating securities	0.6			0.7			—			(6.1)	%
Total weighted average shares	18.5			18.5			—			(0.1)	%
Effective tax rate	22.4		%	23.4		%	(1.0)		%

Group 1 Automotive, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)

	March 31, 2021		December 31, 2020		Increase/(Decrease)		% Change
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	82.9	$	87.3	$	(4.3)	(5.0)	%
Contracts-in-transit and vehicle receivables, net of allowance of $0.2 and $0.3, respectively	254.7		211.2		43.5		20.6	%
Accounts and notes receivable, net of allowance of $2.3 and $3.2, respectively	208.0		200.0		8.1		4.0	%
Inventories, net	1,320.4		1,468.0		(147.5)		(10.0)	%
Prepaid expenses	25.8		19.4		6.4		33.2	%
Other current assets	19.3		18.4		0.8		4.6	%
TOTAL CURRENT ASSETS	1,911.2		2,004.2		(93.0)		(4.6)	%
Property and equipment, net of accumulated depreciation of $475.2 and $460.2, respectively	1,640.1		1,608.2		31.8		2.0	%
Operating lease assets	204.8		209.9		(5.0)		(2.4)	%
Goodwill	1,019.1		997.1		22.0		2.2	%
Intangible franchise rights	236.3		232.8		3.6		1.5	%
Other long-term assets	53.6		37.2		16.4		43.9	%
TOTAL ASSETS	$	5,065.1	$	5,089.4	$	(24.3)	(0.5)	%

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Floorplan notes payable — credit facility and other, net of offset account of $231.9 and $160.4, respectively	$	616.4	$	767.6	$	(151.2)	(19.7)	%
Floorplan notes payable — manufacturer affiliates, net of offset account of $12.9 and $16.0, respectively	327.8		327.5		0.3		0.1	%
Current maturities of long-term debt	64.3		56.7		7.6		13.4	%
Current operating lease liabilities	20.2		21.5		(1.3)		(6.1)	%
Accounts payable	439.9		442.6		(2.6)		(0.6)	%
Accrued expenses and other current liabilities	243.9		226.9		17.0		7.5	%
TOTAL CURRENT LIABILITIES	1,712.5		1,842.7		(130.2)		(7.1)	%
Long-term debt	1,282.6		1,294.7		(12.0)		(0.9)	%
Long-term operating lease liabilities	200.8		207.6		(6.7)		(3.3)	%
Deferred income taxes	158.0		141.0		16.9		12.0	%
Other long-term liabilities	134.5		153.8		(19.3)		(12.6)	%
STOCKHOLDERS’ EQUITY:
Common stock	0.3		0.3		—		(0.3)	%
Additional paid-in capital	305.7		308.3		(2.6)		(0.8)	%
Retained earnings	1,914.2		1,817.9		96.3		5.3	%
Accumulated other comprehensive income (loss)	(156.2)		(184.0)		27.9		(15.1)	%
Treasury stock	(487.3)		(492.8)		5.5		(1.1)	%
TOTAL STOCKHOLDERS’ EQUITY	1,576.6		1,449.6		127.1		8.8	%
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	5,065.1	$	5,089.4	$	(24.3)	(0.5)	%

Group 1 Automotive, Inc.
Additional Information – Consolidated
(Unaudited)

		Three Months Ended March 31,
		2021 (%)	2020 (%)
New vehicle unit sales geographic mix
Region	Geographic Market
United States	Texas	39.7	34.9
	Oklahoma	7.9	6.8
	California	5.7	4.8
	Massachusetts	5.4	4.4
	Georgia	5.1	4.5
	Florida	3.0	2.6
	Louisiana	2.1	2.1
	New Jersey	2.0	1.6
	New Hampshire	1.9	1.7
	South Carolina	1.7	1.8
	New Mexico	1.4	1.1
	Kansas	1.2	1.1
	Mississippi	0.8	1.0
	Alabama	0.7	0.5
	Maryland	0.5	0.4
		79.1	69.3

International	United Kingdom	17.7	25.2
	Brazil	3.2	5.6
		100.0	100.0

New vehicle unit sales brand mix
Toyota/Lexus		26.1	23.3
Volkswagen/Audi/Porsche/SEAT/SKODA		14.2	16.1
BMW/MINI		10.4	11.7
Ford/Lincoln		9.7	10.1
Honda/Acura		9.6	9.4
Chevrolet/GMC/Buick/Cadillac		7.2	6.8
Nissan		5.2	5.4
Mercedes-Benz/Smart/Sprinter		5.1	5.3
Hyundai/Kia/Genesis		4.7	4.1
Chrysler/Dodge/Jeep/RAM		4.2	3.5
Jaguar/Land Rover		2.2	2.5
Other		1.5	1.7
		100.0	100.0

Group 1 Automotive, Inc.
Reported Operating Data – Consolidated
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,543.4		$	1,342.2		$	201.2		15.0	%	$	13.3	14.0	%
Used vehicle retail sales	898.8			779.0			119.7			15.4	%	10.4		14.0	%
Used vehicle wholesale sales	80.2			86.5			(6.3)			(7.2)	%	1.4		(8.8)	%
Total used	979.0			865.6			113.5			13.1	%	11.8		11.7	%
Parts and service sales	360.6			370.6			(10.0)			(2.7)	%	2.0		(3.2)	%
F&I, net	127.0			112.5			14.5			12.9	%	0.5		12.5	%
Total revenues	$	3,010.0		$	2,690.8		$	319.2		11.9	%	$	27.8	10.8	%
Gross profit:
New vehicle retail sales	$	99.0		$	62.8		$	36.2		57.7	%	$	0.5	56.9	%
Used vehicle retail sales	59.6			42.1			17.5			41.4	%	0.3		40.7	%
Used vehicle wholesale sales	3.9			1.0			2.9			293.5	%	(0.1)		300.7	%
Total used	63.5			43.1			20.4			47.3	%	0.2		46.7	%
Parts and service sales	201.1			198.0			3.0			1.5	%	1.5		0.8	%
F&I, net	127.0			112.5			14.5			12.9	%	0.5		12.5	%
Total gross profit	$	490.7		$	416.5		$	74.2		17.8	%	$	2.7	17.2	%
Gross margin:
New vehicle retail sales	6.4		%	4.7		%	1.7		%
Used vehicle retail sales	6.6		%	5.4		%	1.2		%
Used vehicle wholesale sales	4.9		%	1.2		%	3.8		%
Total used	6.5		%	5.0		%	1.5		%
Parts and service sales	55.8		%	53.4		%	2.3		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	16.3		%	15.5		%	0.8		%
Units sold:
Retail new vehicles sold	36,863			35,360			1,503			4.3	%
Retail used vehicles sold	38,059			36,790			1,269			3.4	%
Wholesale used vehicles sold	9,812			12,086			(2,274)			(18.8)	%
Total used	47,871			48,876			(1,005)			(2.1)	%
Average sales price per unit sold:
New vehicle retail	$	41,868		$	37,957		$	3,910		10.3	%	$	362	9.3	%
Used vehicle retail	$	23,615		$	21,175		$	2,440		11.5	%	$	274	10.2	%
Gross profit per unit sold:
New vehicle retail sales	$	2,687		$	1,777		$	910		51.2	%	$	13	50.5	%
Used vehicle retail sales	$	1,566		$	1,146		$	420		36.7	%	$	8	36.0	%
Used vehicle wholesale sales	$	401		$	83		$	319		384.8	%	$	(7)	393.5	%
Total used	$	1,327		$	883		$	445		50.4	%	$	5	49.8	%
F&I PRU	$	1,695		$	1,559		$	137		8.8	%	$	6	8.3	%
Other:
SG&A expenses	$	318.4		$	328.0		$	(9.5)		(2.9)	%	$	1.9	(3.5)	%
Adjusted SG&A expenses ⁽¹⁾	$	317.5		$	327.1		$	(9.6)		(2.9)	%	$	1.8	(3.5)	%
SG&A as % gross profit	64.9		%	78.7		%	(13.8)		%
Adjusted SG&A as % gross profit ⁽¹⁾	64.7		%	78.5		%	(13.8)		%
Operating margin %	5.1		%	2.6		%	2.5		%
Adjusted operating margin % ⁽¹⁾	5.1		%	2.6		%	2.5		%
Pretax margin %	4.4		%	1.4		%	2.9		%
Adjusted pretax margin % ⁽¹⁾	4.4		%	1.5		%	2.9		%
Floorplan expense:
Floorplan interest expense	$	7.6		$	12.9		$	(5.3)		(41.2)	%	$	0.1	(41.9)	%
Less: Floorplan assistance⁽²⁾	13.2			10.6			2.6			24.9	%	—		24.9	%
Net floorplan expense	$	(5.6)		$	2.3		$	(7.9)		(345.5)	%	$	0.1	(349.3)	%

⁽¹⁾ See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

⁽²⁾ Floorplan assistance is included within New vehicle retail Gross profit above and New vehicle retail Cost of sales in our Condensed Consolidated Statements of Operations.

Group 1 Automotive, Inc.
Reported Operating Data – U.S.
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	1,246.0		$	988.4		$	257.7		26.1	%
Used vehicle retail sales	696.5			570.3			126.2			22.1	%
Used vehicle wholesale sales	50.4			46.8			3.6			7.6	%
Total used	746.9			617.1			129.8			21.0	%
Parts and service sales	296.3			304.6			(8.3)			(2.7)	%
F&I, net	115.1			97.4			17.7			18.1	%
Total revenues	$	2,404.3		$	2,007.6		$	396.8		19.8	%
Gross profit:
New vehicle retail sales	$	80.9		$	47.3		$	33.6		71.1	%
Used vehicle retail sales	50.3			31.9			18.4			57.6	%
Used vehicle wholesale sales	3.9			0.8			3.1			374.6	%
Total used	54.3			32.8			21.5			65.6	%
Parts and service sales	165.1			163.5			1.6			1.0	%
F&I, net	115.1			97.4			17.7			18.1	%
Total gross profit	$	415.3		$	340.9		$	74.3		21.8	%
Gross margin:
New vehicle retail sales	6.5		%	4.8		%	1.7		%
Used vehicle retail sales	7.2		%	5.6		%	1.6		%
Used vehicle wholesale sales	7.8		%	1.8		%	6.0		%
Total used	7.3		%	5.3		%	2.0		%
Parts and service sales	55.7		%	53.7		%	2.0		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	17.3		%	17.0		%	0.3		%
Units sold:
Retail new vehicles sold	29,152			24,495			4,657			19.0	%
Retail used vehicles sold	30,431			27,668			2,763			10.0	%
Wholesale used vehicles sold	6,440			7,027			(587)			(8.4)	%
Total used	36,871			34,695			2,176			6.3	%
Average sales price per unit sold:
New vehicle retail	$	42,743		$	40,350		$	2,393		5.9	%
Used vehicle retail	$	22,888		$	20,613		$	2,275		11.0	%
Gross profit per unit sold:
New vehicle retail sales	$	2,774		$	1,929		$	845		43.8	%
Used vehicle retail sales	$	1,654		$	1,154		$	499		43.3	%
Used vehicle wholesale sales	$	610		$	118		$	492		417.9	%
Total used	$	1,471		$	944		$	527		55.8	%
F&I PRU	$	1,931		$	1,868		$	64		3.4	%
Other:
SG&A expenses	$	261.7		$	257.5		$	4.2		1.6	%
Adjusted SG&A expenses ⁽¹⁾	$	261.4		$	257.5		$	3.8		1.5	%
SG&A as % gross profit	63.0		%	75.5		%	(12.5)		%
Adjusted SG&A as % gross profit ⁽¹⁾	62.9		%	75.5		%	(12.6)		%

(1) See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

Group 1 Automotive, Inc.
Reported Operating Data – U.K.
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	263.2		$	296.3		$	(33.1)		(11.2)	%	$	21.4	(18.4)	%
Used vehicle retail sales	191.6			188.8			2.8			1.5	%	13.0		(5.4)	%
Used vehicle wholesale sales	27.8			35.8			(8.0)			(22.4)	%	1.9		(27.6)	%
Total used	219.4			224.6			(5.2)			(2.3)	%	14.9		(8.9)	%
Parts and service sales	56.5			56.4			—			0.1	%	3.9		(6.9)	%
F&I, net	10.6			13.3			(2.8)			(20.7)	%	0.8		(26.8)	%
Total revenues	$	549.6		$	590.7		$	(41.0)		(6.9)	%	$	41.2	(13.9)	%
Gross profit:
New vehicle retail sales	$	14.8		$	12.1		$	2.7		22.6	%	$	1.3	11.8	%
Used vehicle retail sales	8.2			9.2			(1.0)			(10.8)	%	0.6		(17.0)	%
Used vehicle wholesale sales	(0.2)			—			(0.1)			(412.9)	%	—		(305.7)	%
Total used	8.0			9.1			(1.1)			(12.2)	%	0.5		(18.1)	%
Parts and service sales	32.6			30.3			2.3			7.6	%	2.3		0.1	%
F&I, net	10.6			13.3			(2.8)			(20.7)	%	0.8		(26.8)	%
Total gross profit	$	66.0		$	64.8		$	1.2		1.8	%	$	4.9	(5.8)	%
Gross margin:
New vehicle retail sales	5.6		%	4.1		%	1.5		%
Used vehicle retail sales	4.3		%	4.9		%	(0.6)		%
Used vehicle wholesale sales	(0.6)		%	(0.1)		%	(0.5)		%
Total used	3.7		%	4.1		%	(0.4)		%
Parts and service sales	57.8		%	53.7		%	4.1		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	12.0		%	11.0		%	1.0		%
Units sold:
Retail new vehicles sold	6,540			8,894			(2,354)			(26.5)	%
Retail used vehicles sold	7,112			8,024			(912)			(11.4)	%
Wholesale used vehicles sold	3,138			4,584			(1,446)			(31.5)	%
Total used	10,250			12,608			(2,358)			(18.7)	%
Average sales price per unit sold:
New vehicle retail	$	40,240		$	33,314		$	6,926		20.8	%	$	3,279	10.9	%
Used vehicle retail	$	26,941		$	23,528		$	3,413		14.5	%	$	1,829	6.7	%
Gross profit per unit sold:
New vehicle retail sales	$	2,261		$	1,356		$	905		66.8	%	$	200	52.0	%
Used vehicle retail sales	$	1,149		$	1,141		$	8		0.7	%	$	81	(6.4)	%
Used vehicle wholesale sales	$	(51)		$	(7)		$	(44)		(649.3)	%	$	(11)	(492.7)	%
Total used	$	782		$	724		$	58		8.0	%	$	53	0.7	%
F&I PRU	$	773		$	787		$	(14)		(1.8)	%	$	59	(9.3)	%
Other:
SG&A expenses	$	49.6		$	59.8		$	(10.2)		(17.0)	%	$	3.5	(23.0)	%
Adjusted SG&A expenses ⁽¹⁾	$	49.1		$	59.8		$	(10.8)		(18.0)	%	$	3.5	(23.9)	%
SG&A as % gross profit	75.2		%	92.3		%	(17.1)		%
Adjusted SG&A as % gross profit ⁽¹⁾	74.3		%	92.3		%	(18.0)		%

⁽¹⁾ See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

Group 1 Automotive, Inc.
Reported Operating Data – Brazil
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	34.1		$	57.5		$	(23.3)		(40.6)	%	$	(8.1)	(26.5)	%
Used vehicle retail sales	10.7			19.9			(9.3)			(46.5)	%	(2.6)		(33.6)	%
Used vehicle wholesale sales	2.0			3.8			(1.8)			(47.6)	%	(0.5)		(34.6)	%
Total used	12.7			23.8			(11.1)			(46.7)	%	(3.1)		(33.7)	%
Parts and service sales	7.9			9.6			(1.7)			(17.6)	%	(1.9)		2.3	%
F&I, net	1.4			1.7			(0.3)			(19.9)	%	(0.3)		(0.7)	%
Total revenues	$	56.1		$	92.5		$	(36.5)		(39.4)	%	$	(13.4)	(24.9)	%
Gross profit:
New vehicle retail sales	$	3.4		$	3.5		$	(0.1)		(3.5)	%	$	(0.8)	19.6	%
Used vehicle retail sales	1.1			1.1			0.1			5.5	%	(0.3)		30.1	%
Used vehicle wholesale sales	0.2			0.2			—			(17.0)	%	—		1.5	%
Total used	1.3			1.3			—			1.8	%	(0.3)		25.5	%
Parts and service sales	3.3			4.2			(0.9)			(20.3)	%	(0.8)		(1.0)	%
F&I, net	1.4			1.7			(0.3)			(19.9)	%	(0.3)		(0.7)	%
Total gross profit	$	9.4		$	10.7		$	(1.3)		(12.1)	%	$	(2.3)	8.9	%
Gross margin:
New vehicle retail sales	9.9		%	6.1		%	3.8		%
Used vehicle retail sales	10.4		%	5.3		%	5.1		%
Used vehicle wholesale sales	8.4		%	5.3		%	3.1		%
Total used	10.1		%	5.3		%	4.8		%
Parts and service sales	42.5		%	43.9		%	(1.4)		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	16.7		%	11.5		%	5.2		%
Units sold:
Retail new vehicles sold	1,171			1,971			(800)			(40.6)	%
Retail used vehicles sold	516			1,098			(582)			(53.0)	%
Wholesale used vehicles sold	234			475			(241)			(50.7)	%
Total used	750			1,573			(823)			(52.3)	%
Average sales price per unit sold:
New vehicle retail	$	29,159		$	29,169		$	(11)		—	%	$	(6,926)	23.7	%
Used vehicle retail	$	20,662		$	18,154		$	2,508		13.8	%	$	(5,004)	41.4	%
Gross profit per unit sold:
New vehicle retail sales	$	2,894		$	1,782		$	1,112		62.4	%	$	(693)	101.3	%
Used vehicle retail sales	$	2,148		$	957		$	1,191		124.5	%	$	(502)	176.9	%
Used vehicle wholesale sales	$	725		$	430		$	295		68.6	%	$	(161)	106.1	%
Total used	$	1,704		$	798		$	906		113.6	%	$	(396)	163.2	%
F&I PRU	$	816		$	560		$	256		45.7	%	$	(196)	80.6	%
Other:
SG&A expenses	$	7.1		$	10.6		$	(3.5)		(33.1)	%	$	(1.6)	(18.0)	%
Adjusted SG&A expenses ⁽¹⁾	$	7.1		$	9.7		$	(2.6)		(27.0)	%	$	(1.7)	(9.7)	%
SG&A as % gross profit	75.5		%	99.1		%	(23.7)		%
Adjusted SG&A as % gross profit ⁽¹⁾	75.5		%	90.9		%	(15.4)		%

⁽¹⁾ See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

Group 1 Automotive, Inc.
Same Store Operating Data – Consolidated
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	1,542.9		$	1,332.0		$	210.8		15.8	%	$	13.3	14.8	%
Used vehicle retail sales	898.2			770.5			127.7			16.6	%	10.4		15.2	%
Used vehicle wholesale sales	80.2			85.5			(5.4)			(6.3)	%	1.4		(7.9)	%
Total used	978.4			856.1			122.3			14.3	%	11.8		12.9	%
Parts and service sales	358.1			364.2			(6.1)			(1.7)	%	1.9		(2.2)	%
F&I, net	127.0			111.5			15.5			13.9	%	0.5		13.5	%
Total revenues	$	3,006.3		$	2,663.7		$	342.6		12.9	%	$	27.6	11.8	%
Gross profit:
New vehicle retail sales	$	99.1		$	62.2		$	36.9		59.4	%	$	0.5	58.6	%
Used vehicle retail sales	59.6			41.9			17.7			42.3	%	0.3		41.5	%
Used vehicle wholesale sales	4.0			1.0			3.0			295.2	%	(0.1)		301.0	%
Total used	63.6			42.9			20.7			48.2	%	0.3		47.7	%
Parts and service sales	200.0			194.7			5.3			2.7	%	1.4		2.0	%
F&I, net	127.0			111.5			15.5			13.9	%	0.5		13.5	%
Total gross profit	$	489.6		$	411.3		$	78.4		19.1	%	$	2.7	18.4	%
Gross margin:
New vehicle retail sales	6.4		%	4.7		%	1.8		%
Used vehicle retail sales	6.6		%	5.4		%	1.2		%
Used vehicle wholesale sales	5.0		%	1.2		%	3.8		%
Total used	6.5		%	5.0		%	1.5		%
Parts and service sales	55.8		%	53.5		%	2.4		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	16.3		%	15.4		%	0.8		%
Units sold:
Retail new vehicles sold	36,851			35,082			1,769			5.0	%
Retail used vehicles sold	38,027			36,331			1,696			4.7	%
Wholesale used vehicles sold	9,799			11,921			(2,122)			(17.8)	%
Total used	47,826			48,252			(426)			(0.9)	%
Average sales price per unit sold:
New vehicle retail	$	41,868		$	37,969		$	3,899		10.3	%	$	361	9.3	%
Used vehicle retail	$	23,621		$	21,209		$	2,412		11.4	%	$	273	10.1	%
Gross profit per unit sold:
New vehicle retail sales	$	2,689		$	1,772		$	917		51.7	%	$	13	51.0	%
Used vehicle retail sales	$	1,567		$	1,153		$	414		35.9	%	$	8	35.2	%
Used vehicle wholesale sales	$	408		$	85		$	323		380.8	%	$	(6)	387.9	%
Total used	$	1,330		$	889		$	441		49.6	%	$	5	49.0	%
F&I PRU	$	1,696		$	1,561		$	135		8.6	%	$	6	8.2	%
Other:
SG&A expenses	$	317.3		$	322.3		$	(4.9)		(1.5)	%	$	1.8	(2.1)	%
Adjusted SG&A expenses ⁽¹⁾	$	316.1		$	321.4		$	(5.3)		(1.6)	%	$	1.7	(2.2)	%
SG&A as % gross profit	64.8		%	78.4		%	(13.6)		%
Adjusted SG&A as % gross profit ⁽¹⁾	64.6		%	78.1		%	(13.6)		%
Operating margin %	5.1		%	2.7		%	2.4		%
Adjusted operating margin % ⁽¹⁾	5.1		%	2.7		%	2.4		%

⁽¹⁾ See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

Group 1 Automotive, Inc.
Same Store Operating Data – U.S.
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/(Decrease)			% Change
Revenues:
New vehicle retail sales	$	1,245.7		$	979.3		$	266.4		27.2	%
Used vehicle retail sales	696.4			562.8			133.6			23.7	%
Used vehicle wholesale sales	50.4			45.9			4.5			9.8	%
Total used	746.8			608.7			138.1			22.7	%
Parts and service sales	295.5			301.9			(6.4)			(2.1)	%
F&I, net	115.1			96.6			18.5			19.2	%
Total revenues	$	2,403.1		$	1,986.5		$	416.6		21.0	%
Gross profit:
New vehicle retail sales	$	80.9		$	46.7		$	34.3		73.4	%
Used vehicle retail sales	50.3			31.8			18.6			58.6	%
Used vehicle wholesale sales	3.9			0.8			3.1			367.2	%
Total used	54.3			32.6			21.7			66.5	%
Parts and service sales	164.7			161.8			2.9			1.8	%
F&I, net	115.1			96.6			18.5			19.2	%
Total gross profit	$	415.0		$	337.6		$	77.4		22.9	%
Gross margin:
New vehicle retail sales	6.5		%	4.8		%	1.7		%
Used vehicle retail sales	7.2		%	5.6		%	1.6		%
Used vehicle wholesale sales	7.8		%	1.8		%	6.0		%
Total used	7.3		%	5.4		%	1.9		%
Parts and service sales	55.7		%	53.6		%	2.1		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	17.3		%	17.0		%	0.3		%
Units sold:
Retail new vehicles sold	29,148			24,271			4,877			20.1	%
Retail used vehicles sold	30,425			27,280			3,145			11.5	%
Wholesale used vehicles sold	6,440			6,897			(457)			(6.6)	%
Total used	36,865			34,177			2,688			7.9	%
Average sales price per unit sold:
New vehicle retail	$	42,738		$	40,349		$	2,389		5.9	%
Used vehicle retail	$	22,890		$	20,631		$	2,259		10.9	%
Gross profit per unit sold:
New vehicle retail sales	$	2,777		$	1,923		$	854		44.4	%
Used vehicle retail sales	$	1,655		$	1,164		$	491		42.2	%
Used vehicle wholesale sales	$	612		$	122		$	489		400.3	%
Total used	$	1,473		$	954		$	519		54.4	%
F&I PRU	$	1,931		$	1,873		$	58		3.1	%
Other:
SG&A expenses	$	262.0		$	253.9		$	8.1		3.2	%
Adjusted SG&A expenses ⁽¹⁾	$	260.8		$	253.9		$	6.8		2.7	%
SG&A as % gross profit	63.1		%	75.2		%	(12.1)		%
Adjusted SG&A as % gross profit ⁽¹⁾	62.8		%	75.2		%	(12.4)		%

⁽¹⁾ See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

Group 1 Automotive, Inc.
Same Store Operating Data – U.K.
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	263.0		$	295.2		$	(32.2)		(10.9)	%	$	21.4	(18.2)	%
Used vehicle retail sales	191.1			187.8			3.4			1.8	%	13.0		(5.1)	%
Used vehicle wholesale sales	27.8			35.8			(8.0)			(22.4)	%	1.9		(27.6)	%
Total used	218.9			223.6			(4.7)			(2.1)	%	14.8		(8.7)	%
Parts and service sales	54.7			52.7			2.0			3.9	%	3.8		(3.3)	%
F&I, net	10.5			13.2			(2.7)			(20.1)	%	0.8		(26.3)	%
Total revenues	$	547.2		$	584.7		$	(37.5)		(6.4)	%	$	41.1	(13.4)	%
Gross profit:
New vehicle retail sales	$	14.8		$	12.0		$	2.8		23.1	%	$	1.3	12.3	%
Used vehicle retail sales	8.1			9.1			(0.9)			(10.4)	%	0.6		(16.6)	%
Used vehicle wholesale sales	(0.1)			—			(0.1)			(208.2)	%	—		(147.1)	%
Total used	8.0			9.1			(1.0)			(11.2)	%	0.5		(17.3)	%
Parts and service sales	32.0			28.7			3.2			11.2	%	2.3		3.4	%
F&I, net	10.5			13.2			(2.7)			(20.1)	%	0.8		(26.3)	%
Total gross profit	$	65.3		$	63.0		$	2.3		3.7	%	$	4.9	(4.1)	%
Gross margin:
New vehicle retail sales	5.6		%	4.1		%	1.6		%
Used vehicle retail sales	4.3		%	4.8		%	(0.6)		%
Used vehicle wholesale sales	(0.4)		%	(0.1)		%	(0.3)		%
Total used	3.7		%	4.0		%	(0.4)		%
Parts and service sales	58.4		%	54.5		%	3.9		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	11.9		%	10.8		%	1.2		%
Units sold:
Retail new vehicles sold	6,532			8,840			(2,308)			(26.1)	%
Retail used vehicles sold	7,086			7,953			(867)			(10.9)	%
Wholesale used vehicles sold	3,125			4,549			(1,424)			(31.3)	%
Total used	10,211			12,502			(2,291)			(18.3)	%
Average sales price per unit sold:
New vehicle retail	$	40,262		$	33,397		$	6,866		20.6	%	$	3,280	10.7	%
Used vehicle retail	$	26,975		$	23,612		$	3,363		14.2	%	$	1,829	6.5	%
Gross profit per unit sold:
New vehicle retail sales	$	2,260		$	1,356		$	904		66.7	%	$	200	51.9	%
Used vehicle retail sales	$	1,149		$	1,142		$	7		0.6	%	$	80	(6.4)	%
Used vehicle wholesale sales	$	(34)		$	(8)		$	(27)		(348.7)	%	$	(7)	(259.6)	%
Total used	$	787		$	724		$	63		8.7	%	$	54	1.3	%
F&I PRU	$	774		$	786		$	(12)		(1.5)	%	$	59	(9.1)	%
Other:
SG&A expenses	$	48.2		$	57.8		$	(9.6)		(16.6)	%	$	3.4	(22.6)	%
SG&A as % gross profit	73.8		%	91.8		%	(18.0)		%

Group 1 Automotive, Inc.
Same Store Operating Data – Brazil
(Unaudited)
(In millions, except unit data)

	Three Months Ended March 31,
	2021			2020			Increase/ (Decrease)			% Change		Currency Impact on Current Period Results		Constant Currency % Change
Revenues:
New vehicle retail sales	$	34.1		$	57.5		$	(23.3)		(40.6)	%	$	(8.1)	(26.5)	%
Used vehicle retail sales	10.7			19.9			(9.3)			(46.5)	%	(2.6)		(33.6)	%
Used vehicle wholesale sales	2.0			3.8			(1.8)			(47.6)	%	(0.5)		(34.6)	%
Total used	12.7			23.8			(11.1)			(46.7)	%	(3.1)		(33.7)	%
Parts and service sales	7.9			9.6			(1.7)			(17.6)	%	(1.9)		2.3	%
F&I, net	1.4			1.7			(0.3)			(19.9)	%	(0.3)		(0.7)	%
Total revenues	$	56.1		$	92.5		$	(36.5)		(39.4)	%	$	(13.4)	(24.9)	%
Gross profit:
New vehicle retail sales	$	3.4		$	3.5		$	(0.1)		(3.5)	%	$	(0.8)	19.6	%
Used vehicle retail sales	1.1			1.1			0.1			5.5	%	(0.3)		30.1	%
Used vehicle wholesale sales	0.2			0.2			—			(17.0)	%	—		1.5	%
Total used	1.3			1.3			—			1.8	%	(0.3)		25.5	%
Parts and service sales	3.3			4.2			(0.9)			(20.4)	%	(0.8)		(1.1)	%
F&I, net	1.4			1.7			(0.3)			(19.9)	%	(0.3)		(0.7)	%
Total gross profit	$	9.4		$	10.7		$	(1.3)		(12.2)	%	$	(2.3)	8.9	%
Gross margin:
New vehicle retail sales	9.9		%	6.1		%	3.8		%
Used vehicle retail sales	10.4		%	5.3		%	5.1		%
Used vehicle wholesale sales	8.4		%	5.3		%	3.1		%
Total used	10.1		%	5.3		%	4.8		%
Parts and service sales	42.5		%	44.0		%	(1.5)		%
F&I, net	100.0		%	100.0		%	—		%
Total gross margin	16.7		%	11.5		%	5.2		%
Units sold:
Retail new vehicles sold	1,171			1,971			(800)			(40.6)	%
Retail used vehicles sold	516			1,098			(582)			(53.0)	%
Wholesale used vehicles sold	234			475			(241)			(50.7)	%
Total used	750			1,573			(823)			(52.3)	%
Average sales price per unit sold:
New vehicle retail	$	29,159		$	29,169		$	(11)		—	%	$	(6,926)	23.7	%
Used vehicle retail	$	20,662		$	18,154		$	2,508		13.8	%	$	(5,004)	41.4	%
Gross profit per unit sold:
New vehicle retail sales	$	2,894		$	1,782		$	1,112		62.4	%	$	(693)	101.3	%
Used vehicle retail sales	$	2,148		$	957		$	1,191		124.4	%	$	(502)	176.9	%
Used vehicle wholesale sales	$	725		$	430		$	295		68.6	%	$	(161)	106.1	%
Total used	$	1,704		$	798		$	906		113.5	%	$	(396)	163.1	%
F&I PRU	$	816		$	560		$	256		45.7	%	$	(196)	80.6	%
Other:
SG&A expenses	$	7.1		$	10.5		$	(3.4)		(32.2)	%	$	(1.6)	(16.8)	%
Adjusted SG&A expenses ⁽¹⁾	$	7.1		$	9.7		$	(2.5)		(26.0)	%	$	(1.7)	(8.4)	%
SG&A as % gross profit	76.2		%	98.7		%	(22.5)		%
Adjusted SG&A as % gross profit ⁽¹⁾	76.2		%	90.4		%	(14.2)		%

⁽¹⁾ See the section in this release titled “Reconciliation of Certain Non-GAAP Financial Measures” for the GAAP to non-GAAP reconciliation of these figures.

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures – Consolidated
(Unaudited)
(In millions, except per share data)

	Three Months Ended March 31, 2021
	U.S. GAAP			Catastrophic events		Dealership and real estate transactions		Legal matters		Non-GAAP adjusted
SG&A expenses	$	318.4		$	(2.2)	$	0.3	$	1.0	$	317.5
Income (loss) from operations	$	152.7		$	2.2	$	(0.3)	$	(1.0)	$	153.7

Income (loss) before income taxes	$	131.4		$	2.2	$	(0.3)	$	(1.0)	$	132.3
Less: (Benefit) provision for income taxes	29.4			0.5		(0.1)		(0.2)		29.6
Net income (loss)	101.9			1.7		(0.2)		(0.8)		102.7
Less: Earnings (loss) allocated to participating securities	3.5			0.1		—		—		3.5
Net income (loss) available to diluted common shares	$	98.5		$	1.7	$	(0.2)	$	(0.7)	$	99.2

Diluted income (loss) per common share	$	5.52		$	0.09	$	(0.01)	$	(0.04)	$	5.57

Effective tax rate	22.4		%							22.4		%

SG&A as % gross profit ⁽¹⁾	64.9		%							64.7		%
Operating margin ⁽²⁾	5.1		%							5.1		%
Pretax margin ⁽²⁾	4.4		%							4.4		%

Same Store SG&A	$	317.3		$	(2.2)	$	—	$	1.0	$	316.1
Same Store SG&A as % gross profit ⁽¹⁾	64.8		%							64.6		%

Same Store income (loss) from operations	$	153.1		$	2.2	$	—	$	(1.0)	$	154.4
Same Store operating margin ⁽²⁾	5.1		%							5.1		%

⁽¹⁾ Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
⁽²⁾ Adjusted operating margin and pretax margin exclude the impact of SG&A reconciling items above.

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures – Consolidated
(Unaudited)
(In millions, except per share data)

	Three Months Ended March 31, 2020
	U.S. GAAP			Severance costs		Non-GAAP adjusted
SG&A expenses	$	328.0		$	(0.9)	$	327.1
Income (loss) from operations	$	69.9		$	0.9	$	70.8

Income (loss) before income taxes	$	38.9		$	0.9	$	39.8
Less: (Benefit) provision for income taxes	9.1			0.1		9.2
Net income (loss)	29.8			0.8		30.6
Less: Earnings (loss) allocated to participating securities	1.1			—		1.1
Net income (loss) available to diluted common shares	$	28.7		$	0.8	$	29.5

Diluted income (loss) per common share	$	1.61		$	0.04	$	1.66

Effective tax rate	23.4		%			23.2		%

SG&A as % gross profit ⁽¹⁾	78.7		%			78.5		%
Operating margin ⁽²⁾	2.6		%			2.6		%
Pretax margin ⁽²⁾	1.4		%			1.5		%

Same Store SG&A expenses	$	322.3		$	(0.9)	$	321.4
Same Store SG&A as % gross profit⁽¹⁾	78.4		%			78.1		%

Same Store income (loss) from operations	$	70.7		$	0.9	$	71.6
Same Store operating margin⁽²⁾	2.7		%			2.7		%

⁽¹⁾ Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.
⁽²⁾ Adjusted operating margin and pretax margin exclude the impact of SG&A reconciling items above.

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures – U.S.
(Unaudited)
(In millions)

	Three Months Ended March 31, 2021
	U.S. GAAP			Catastrophic events		Dealership and real estate transactions		Legal settlements		Non-GAAP adjusted
SG&A expenses	$	261.7		$	(2.2)	$	0.9	$	1.0	$	261.4
SG&A as % gross profit ⁽¹⁾	63.0		%							62.9		%

Same Store SG&A	$	262.0		$	(2.2)	$	—	$	1.0	$	260.8
Same Store SG&A as % gross profit ⁽¹⁾	63.1		%							62.8		%

⁽¹⁾ Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures – U.K.
(Unaudited)
(In millions)

	Three Months Ended March 31, 2021
	U.S. GAAP			Dealership and real estate transactions		Non-GAAP Adjusted
SG&A expenses	$	49.6		$	(0.6)	$	49.1
SG&A as % gross profit ⁽¹⁾	75.2		%			74.3		%

⁽¹⁾ Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

Group 1 Automotive, Inc.
Reconciliation of Certain Non-GAAP Financial Measures – Brazil
(Unaudited)
(In millions)

	Three Months Ended March 31, 2020
	U.S. GAAP			Severance costs		Non-GAAP adjusted
SG&A expenses	$	10.6		$	(0.9)	$	9.7
SG&A as % gross profit ⁽¹⁾	99.1		%			90.9		%

Same Store SG&A	$	10.5		$	(0.9)	$	9.7
Same Store SG&A as % gross profit ⁽¹⁾	98.7		%			90.4		%

⁽¹⁾ Adjusted SG&A as % of gross profit excludes the impact of SG&A reconciling items above.

View original content:http://www.prnewswire.com/news-releases/group-1-automotive-announces-record-first-quarter-2021-financial-results-301279667.html

SOURCE Group 1 Automotive, Inc.

April 29, 2021 7:10 am

Emerging Markets Report: When FinTech Met Digital Currency

An Emerging Markets Sponsored Commentary

ORLANDO, Fla., April 29, 2021 (GLOBE NEWSWIRE) — For some time we’ve covered Legion Capital Corp (OTCQX: LGCP), a FinTech enabled private equity lender that is looking to capitalize on investment opportunities for its investors and shareholders alike.

A brief primer about Legion Capital before we get into the most recent news from the Company:

First, the Company made the leap to OTCQX where its transparency and potential shareholder base greatly increase in our estimation. See our notes on the move here.

Secondly, the Company landed a big name when it announced the appointment of J. Bradley Hilton, grandson of legendary hotelier Conrad Hilton, as the company’s Chief Technology Officer. Hilton will oversee Legion’s global technology strategy, leading the company’s continued innovations in FinTech powered specialized business lending and direct investing platforms.

Legion is focused on providing bridge funding, acquisition finance, development, and growth capital in a highly customized and expeditious manner, addressing a large and growing segment of small business lending that is under-served by banks and institutions. It is also vested in the red-hot Orlando real estate market.

But recent news from the Company about HOW investors can participate is compelling. And it could be a game changer.

On April 13, 2021, Legion announced the launch of its next generation investor platform for alternative asset investing, offering an enhanced investor experience with updated offerings, customized views and analysis.

We love that the User Experience (UX) is going to be dynamic but what is really interesting is the platform is going to be friendly to digital currencies. This means that in theory, a new BitCoin millionaire can roll their winnings into the tangible asset opportunity that Legion offers.

And while a seemingly novel idea, it’s not the first time a public company warmed to digital currency. Massive Square, Inc. has already committed to BitCoin in a big way.

A recent article form Investor’s Business Daily explains:

“In 2018, (Square) launched Cash App, which enables users to buy and sell Bitcoin. In October, Square said it bought around $50 million in Bitcoin. It followed up in February with a $170 million Bitcoin purchase.

“We believe that Bitcoin has the potential to be a more ubiquitous currency in the future,” Square Chief Financial Officer Amrita Ahuja said. “As it grows in adoption, we intend to learn and participate in a disciplined way. For a company that is building products based on a more inclusive future, this investment is a step on that journey.”

It would seem that Legion’s C-suite would agree, getting out early and welcoming Digital Currency acceptance to potential investors.

About The Emerging Markets Report:

The Emerging Markets Report is owned and operated by Emerging Markets Consulting (EMC), a syndicate of investor relations consultants representing years of experience. Our network consists of stockbrokers, investment bankers, fund managers, and institutions that actively seek opportunities in the micro and small-cap equity markets.

For more informative reports such as this, please sign up at http://www.emergingmarketsllc.com/newsletter.php

Must Read OTC Markets/SEC policy on stock promotion and investor protection

Section 17(b) of the Securities Act of 1933 requires that any person that uses the mails to publish, give publicity to, or circulate any publication or communication that describes a security in return for consideration received or to be received directly or indirectly from an issuer, underwriter, or dealer, must fully disclose the type of consideration (i.e. cash, free trading stock, restricted stock, stock options, stock warrants) and the specific amount of the consideration. In connection therewith, EMC has received the following compensation and/or has an agreement to receive in the future certain compensation, as described below.

We may purchase Securities of the Profiled Company prior to their securities becoming publicly traded, which we may later sell publicly before, during or after our dissemination of the Information, and make profits therefrom. EMC does not verify or endorse any medical claims for any of its client companies.

EMC is under contract to be paid $150,000 by Legion Capital Corp. for various marketing services including this report. EMC does not independently verify any of the content linked-to from this editorial. Emerging Markets managing member James Painter owns 1,025,000 shares of Legion Capital. http://emergingmarketsllc.com/disclaimer.php

Emerging Markets Consulting, LLC

Florida Office
390 North Orange Ave Suite 2300
Orlando, FL 32801
E-mail: [email protected]
Web: www.emergingmarketsllc.com

April 29, 2021 7:08 am

Hershey Declares Quarterly Dividends

PR Newswire

HERSHEY, Pa., April 29, 2021 /PRNewswire/ — The Board of Directors of The Hershey Company (NYSE: HSY) today announced quarterly dividends of $0.804 on the Common Stock and $0.731 on the Class B Common Stock. The dividends were declared April 27, 2021, and are payable June 15, 2021, to stockholders of record May 21, 2021. It is the 366^th consecutive regular dividend on the Common Stock and the 147^thconsecutive regular dividend on the Class B Common Stock.

View original content to download multimedia:http://www.prnewswire.com/news-releases/hershey-declares-quarterly-dividends-301279377.html

SOURCE The Hershey Company

April 29, 2021 7:08 am

Embassy REIT Announces Full Year FY 2021 Results, Delivers a Resilient Performance

Embassy REIT Announces Full Year FY 2021 Results, Delivers a Resilient Performance

Distributes Rs 18,364 million and grows Net Operating Income YoY by 12%
Leases 1.2 msf across 40+ deals, achieves 15% leasing spreads
Pursues growth through 5.7 msf new development, 19% pre-committed to global banking major

BANGALORE, India–(BUSINESS WIRE)–
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest in Asia by area, reported results today for the fourth quarter and full year ended March 31, 2021.

Michael Holland, Chief Executive Officer of Embassy REIT said,

“Despite the significant challenges caused by the Covid-19 pandemic, Embassy REIT has again performed strongly and delivered on its financial guidance. We continue to provide safe work environments for our occupiers and we are working with local authorities to support the response to the second wave of the pandemic, including initiating vaccination programmes at our parks. Despite second wave headwinds, our global occupiers continue to report strong earnings and hiring growth which we believe will translate into demand for quality offices in due course. With our leading presence in India’s highest absorption markets, our low leverage levels and our access to capital markets, we are well positioned to capitalize on the fundamental global demand for Indian office space that will long outlast this pandemic.”

The Board of Directors of Embassy Office Parks Management Services Private Limited (‘EOPMSPL’), Manager to Embassy REIT, at its Board Meeting held earlier today, declared a distribution of Rs 5,308 million or Rs 5.6 per unit for 4Q FY2021. The cumulative distribution for FY2021 totals Rs 18,364 million or Rs 21.48 per unit, which is on target with the guidance issued earlier by management. The record date for the 4Q FY2021 distribution is May 7, 2021 and the distribution will be paid on or before May 14, 2021.

Financial Highlights – Full Year FY2021

Net Operating Income (‘NOI’) grew year-on-year by 12%, with operating margins of 86%
Simplified the holding structure of Embassy Manyata, thereby increasing the tax-free component of distributions to 78% for 4Q FY2021
Raised Rs 52 billion debt at attractive 6.9% coupon, refinanced Rs 32.8 billion leading to 336 bps interest savings
Fortress balance sheet with liquidity of Rs 15.5 billion and low leverage of 22%; ample headroom to finance on-campus development and new acquisitions

Business Highlights – Full Year FY2021

Stable occupancy of 88.9% with strong rent collections at 99.8% on 32.3 msf operating portfolio
Achieved rent increases of 13% on 8.4 msf across 90+ leases
Leased 1.2 msf across 40+ deals, achieved 15% re-leasing / renewal spread
Achieved top-out of 1.1 msf JP Morgan campus in Mar’21, on track for Sep’21 delivery
Continued construction on additional 4.6 msf new build, targeted completion in 2 to 3 years

Other Initiatives

Our parks remain open with focus on ensuring safe workspaces and business continuity for our occupiers
Set up vaccine centers at Embassy Manyata and Embassy TechVillage with vaccination roll out for 4,900 frontline staff underway
Subscribed to WELL Portfolio™ program to create healthier office buildings and thriving business ecosystems
Built a second government school in February 2021 in partnership with ANZ, school to benefit 1,200 students

Investor Materials and Quarterly Investor Call Details

Embassy REIT has released a package of information on the quarterly and full year results and performance, that includes (i) audited standalone and audited consolidated financial statements for the year ended March 31, 2021, (ii) audited condensed standalone and audited condensed consolidated financial statements for the quarter and year ended March 31, 2021, (iii) an earnings presentation covering 4Q FY2021 and FY2021 results, and (iv) supplemental operating and financial data book that is in line with leading reporting practices across global REITs. All these materials are available on our website at www.embassyofficeparks.com under the “Investors” section.

Embassy REIT will host a conference call on April 29, 2021 at 18:30 hours Indian Standard Time to discuss the 4Q FY2021 and full year FY2021 results. A replay of the call will be available till May 14, 2021 on our website at www.embassyofficeparks.com under the “Investors” section.

Disclaimer

This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.

This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, uncertainties and other factors, including the impact of COVID-19 on us, our occupiers and the Indian and global economies, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.

This press release also contains certain financial measures which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT’s cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT’s financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT’s financial position or results of operations as reported under Ind-AS.

About Embassy REIT

Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 42.4 million square feet (“msf”) portfolio of eight infrastructure-like office parks and four city‑centre office buildings in India’s best-performing office markets of Bangalore, Mumbai, Pune, and the National Capital Region (“NCR”). Embassy REIT’s portfolio comprises 32.3 msf completed operating area and is home to over 190 of the world’s leading companies. The portfolio also comprises strategic amenities, including two operational business hotels, four under‑construction hotels, and a 100MW solar park supplying renewable energy to tenants.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005576/en/

Ritwik Bhattacharjee

Head of Capital Markets and Investor Relations

Email: [email protected]

Phone: +91 80 4722 2222

KEYWORDS: India Asia Pacific

INDUSTRY KEYWORDS: REIT Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Construction & Property

MEDIA:

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April 29, 2021 7:08 am

Bridgewater Bancshares, Inc. Announces Record First Quarter 2021 Net Income of $10.7 Million, $0.37 Diluted Earnings Per Share

Bridgewater Bancshares, Inc. Announces Record First Quarter 2021 Net Income of $10.7 Million, $0.37 Diluted Earnings Per Share

ST. LOUIS PARK, Minn.–(BUSINESS WIRE)–
Bridgewater Bancshares, Inc. (Nasdaq: BWB) (the Company), the parent company of Bridgewater Bank (the Bank), today announced net income of $10.7 million for the first quarter of 2021, a 43.4% increase over net income of $7.4 million for the first quarter of 2020. Net income per diluted common share for the first quarter of 2021 was $0.37, a 46.1% increase, compared to $0.25 per diluted common share for the same period in 2020.

“This team has done a phenomenal job driving record quarterly earnings to start 2021,” commented Chairman, Chief Executive Officer, and President, Jerry Baack. “Our results demonstrate our ability to drive strong organic loan growth and stabilize our net interest margin despite a challenging rate environment and unprecedented levels of liquidity in the system. In addition to our operating results, we have met some exciting new milestones in the first quarter of 2021, surpassing $3.0 billion in assets and 200 employees for the first time in Company history. We will work to continue our momentum into the rest of 2021 despite the ongoing uncertainty related to the impacts of the pandemic.”

First Quarter 2021 Financial Results


			Diluted		Nonperforming	Adjusted
ROA	PPNR ROA ⁽¹⁾	ROE	earnings per share		assets to total assets	efficiency ratio ⁽¹⁾
1.47%	2.15%	15.87%	$	0.37	0.03%	40.7%

Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for further details.

Linked-Quarter Highlights

Diluted earnings per common share were $0.37 for the first quarter of 2021, compared to $0.17 per common share for the fourth quarter of 2020, or $0.32 per common share for the fourth quarter of 2020 when excluding tax-adjusted FHLB prepayment fees.

Annualized return on average assets (ROA) and annualized return on average common equity (ROE) for the first quarter of 2021 were 1.47% and 15.87% compared to ROA and ROE of 1.31% and 13.86%, respectively, for the fourth quarter of 2020, when excluding the tax-adjusted FHLB prepayment fees incurred in the fourth quarter of 2020.

Net interest margin was stable at 3.60% for the first quarter of 2021, compared to 3.61% in the fourth quarter of 2020.

A loan loss provision of $1.1 million was recorded in the first quarter of 2021 to support strong organic loan growth. The allowance for loan losses to total loans was 1.48% at March 31, 2021, compared to 1.50% at December 31, 2020. The allowance for loan losses to total loans, excluding Paycheck Protection Program (PPP) loans, was 1.59% at March 31, 2021, compared to 1.59% at December 31, 2020.

Gross loans, excluding PPP loans, increased $74.9 million in the first quarter of 2021, or 13.9% annualized.

Deposits increased $137.0 million in the first quarter of 2021, which was net of a $96.1 million managed run-off in brokered deposits.

Tangible book value per share, a non-GAAP financial measure, increased 5.2%, or $0.49, to $9.80 at March 31, 2021, compared to $9.31 at December 31, 2020.

Annualized net loan charge-offs (recoveries) as a percentage of average loans were (0.01)% for the first quarter of 2021, compared to 0.08% for the fourth quarter of 2020.

Loan modification balances as a percent of totals loans, excluding PPP loans, decreased from 3.0% at December 31, 2020 to 1.6% at March 31, 2021.

Round two PPP loan originations as of March 31, 2021, totaled $70.1 million, generating net deferred fees of $3.0 million.

Year-Over-Year Highlights

Net income was $10.7 million for the first quarter of 2021, compared to $7.4 million for the first quarter of 2020, an increase of $3.2 million, or 43.4%.

Diluted earnings per common share for the first quarter of 2021 were $0.37, compared to $0.25 for the first quarter of 2020, an increase of 46.1%.

Pre-provision net revenue (PPNR), a non-GAAP financial measure, was $15.6 million for the first quarter of 2021, an increase of 28.3%, compared to $12.2 million for the first quarter of 2020. PPNR ROA, a non-GAAP financial measure, was 2.15% for the first quarter of 2021, compared to 2.11% for the first quarter of 2020.

Net interest margin was stable at 3.60% for the first quarter of 2021, compared to 3.59% for the first quarter of 2020, despite extraordinary volatility in interest rates over the past year.

The adjusted efficiency ratio, a non-GAAP financial measure which excludes the impact of certain non-routine income and expenses from noninterest expense, was 40.7% for the first quarter of 2021, compared to 44.1% for the first quarter of 2020.

Gross loans increased $423.3 million at March 31, 2021, or 21.1%, compared to March 31, 2020. Excluding $163.3 million of PPP loans, gross loans increased 13.0%, at March 31, 2021, compared to March 31, 2020.

Deposits increased $738.5 million at March 31, 2021, or 38.9%, compared to March 31, 2020. Excluding brokered deposits and remaining PPP loan funds, deposits increased 32.1% at March 31, 2021, compared to March 31, 2020.

Tangible book value per share, a non-GAAP financial measure, increased 15.3%, or $1.31, to $9.80 at March 31, 2021, compared to $8.49 at March 31, 2020.

Recent Developments

The novel coronavirus (COVID-19) pandemic has continued to create uncertainty and extraordinary change for the Company, its clients, its communities and the country as a whole. Vaccines have been rolled out nationwide in the first quarter of 2021, however the situation remains fluid and management cannot estimate the duration and full impact of the COVID-19 pandemic on the economy, financial markets and the Company’s financial condition and results of operations.

The Company participated in both the first and second rounds of the Small Business Administration’s (SBA) PPP, which stemmed from the Coronavirus Aid, Relief and Economic Security, or CARES, Act that was signed into law on March 27, 2020, and reopened as authorized by the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, which was signed into law on December 27, 2020, or Economic Aid Act. As of March 31, 2021, $93.1 million of round one PPP loans and $70.1 million of round two PPP loans remained outstanding for total outstanding PPP principal balances of $163.3 million.

The Company has developed programs for clients who are experiencing business and personal disruptions due to the COVID-19 pandemic by providing interest-only modifications, loan payment deferrals, and extended amortization modifications. In accordance with interagency regulatory guidance and the CARES Act, qualifying loans modified in response to the COVID-19 pandemic will not be considered troubled debt restructurings. There was no new modification activity in the first quarter of 2021. The Company had 19 modified loans totaling $37.1 million outstanding as of March 31, 2021, representing 1.6% of the total loan portfolio, excluding PPP loans.

The following table presents a rollforward of loan modification activity, by modification type, from December 31, 2020 to March 31, 2021:


(dollars in thousands)	Interest-Only		Payment Deferral		Extended Amortization		Total
Principal Balance – December 31, 2020	$	61,105	$	613	$	4,834	$	66,552
Modification Expired		(29,396)		—		—		(29,396)
Net Principal Advances (Payments)		(46)		5		(32)		(73)
Principal Balance – March 31, 2021	$	31,663	$	618	$	4,802	$	37,083

Key Financial Measures


	As of and for the Three Months Ended
	March 31,			December 31,			March 31,
	2021			2020			2020
Per Common Share Data
Basic Earnings Per Share	$	0.38		$	0.18		$	0.26
Diluted Earnings Per Share		0.37			0.17			0.25
Book Value Per Share		9.92			9.43			8.61
Tangible Book Value Per Share ⁽¹⁾		9.80			9.31			8.49
Basic Weighted Average Shares Outstanding		28,017,366			28,179,768			28,791,494
Diluted Weighted Average Shares Outstanding		28,945,212			28,823,384			29,502,245
Shares Outstanding at Period End		28,132,929			28,143,493			28,807,375

Selected Performance Ratios
Return on Average Assets (Annualized)		1.47	%		0.70	%		1.29	%
Pre-Provision Net Revenue Return on Average Assets (Annualized) ⁽¹⁾		2.15			2.30			2.11
Return on Average Common Equity (Annualized)		15.87			7.45			11.94
Return on Average Tangible Common Equity (Annualized)⁽¹⁾		16.06			7.55			12.10
Yield on Interest Earning Assets		4.31			4.46			4.90
Yield on Total Loans, Gross		4.74			4.89			5.17
Cost of Interest Bearing Liabilities		1.04			1.24			1.84
Cost of Total Deposits		0.59			0.69			1.27
Net Interest Margin ⁽²⁾		3.60			3.61			3.59
Efficiency Ratio⁽¹⁾		41.2			59.0			44.4
Adjusted Efficiency Ratio ⁽¹⁾		40.7			36.6			44.1
Noninterest Expense to Average Assets (Annualized)		1.51			2.16			1.69
Adjusted Noninterest Expense to Average Assets (Annualized) ⁽¹⁾		1.49			1.34			1.68
Loan to Deposit Ratio		91.9			93.0			105.4
Core Deposits to Total Deposits		83.5			78.1			78.6
Tangible Common Equity to Tangible Assets ⁽¹⁾		8.99			8.96			10.13

Capital Ratios (Bank Only) ⁽³⁾
Tier 1 Leverage Ratio		10.65	%		10.89	%		10.93	%
Tier 1 Risk-based Capital Ratio		12.08			12.12			11.53
Total Risk-based Capital Ratio		13.33			13.37			12.67

Capital Ratios (Consolidated)⁽³⁾
Tier 1 Leverage Ratio		9.11	%		9.28	%		10.51	%
Tier 1 Risk-based Capital Ratio		10.34			10.35			11.10
Total Risk-based Capital Ratio		14.46			14.58			13.38

Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for further details.
Amounts calculated on a tax-equivalent basis using the statutory federal tax rate of 21%.
Preliminary data. Current period subject to change prior to filings with applicable regulatory agencies.

Selected Financial Data


	March 31,		December 31,		September 30,		June 30,		March 31,
(dollars in thousands)	2021		2020		2020		2020		2020
Selected Balance Sheet Data
Total Assets	$	3,072,359	$	2,927,345	$	2,774,564	$	2,754,463	$	2,418,730
Total Loans, Gross		2,426,123		2,326,428		2,259,228		2,193,778		2,002,817
Allowance for Loan Losses		35,987		34,841		31,381		27,633		24,585
Goodwill and Other Intangibles		3,248		3,296		3,344		3,391		3,439

Deposits		2,638,654		2,501,636		2,273,044		2,242,051		1,900,127
Tangible Common Equity⁽¹⁾		275,923		262,109		262,088		253,799		244,704
Total Shareholders’ Equity		279,171		265,405		265,432		257,190		248,143
Average Total Assets – Quarter-to-Date		2,940,262		2,816,032		2,711,755		2,622,272		2,317,040
Average Common Equity – Quarter-to-Date		272,729		265,716		263,195		255,109		250,800

Represents a non-GAAP financial measure. See “Non-GAAP Financial Measures” for further details.


	For the Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Selected Income Statement Data
Interest Income	$	30,440	$	30,699	$	27,468
Interest Expense		5,045		5,858		7,366
Net Interest Income		25,395		24,841		20,102
Provision for Loan Losses		1,100		3,900		2,100
Net Interest Income after Provision for Loan Losses		24,295		20,941		18,002
Noninterest Income		1,008		986		1,719
Noninterest Expense		10,923		15,258		9,746
Income Before Income Taxes		14,380		6,669		9,975
Provision for Income Taxes		3,709		1,690		2,532
Net Income	$	10,671	$	4,979	$	7,443

Income Statement

Net Interest Income

Net interest income was $25.4 million for the first quarter of 2021, an increase of $554,000, or 2.2%, from $24.8 million in the fourth quarter of 2020, and an increase of $5.3 million, or 26.3%, from $20.1 million in the first quarter of 2020. The linked-quarter and year-over-year increases in net interest income were primarily due to growth in average interest earning assets, lower rates paid on deposits, and the recognition of PPP loan origination fees, offset partially by declining yields on loans. Average interest earning assets were $2.88 billion for the first quarter of 2021, an increase of $123.5 million, or 4.5%, from $2.76 billion for the fourth quarter of 2020, and an increase of $605.5 million, or 26.6%, from $2.28 billion for the first quarter of 2020. The linked-quarter increase in average interest earning assets was primarily due to strong organic growth in the loan portfolio. The year-over-year increase in average interest earning assets was primarily due to increased on-balance sheet liquidity, continued strong organic growth in the loan portfolio, as well as the funding of PPP loans.

Net interest margin (on a fully tax-equivalent basis) for the first quarter of 2021 was 3.60%, a 1 basis point decline from 3.61% in the fourth quarter of 2020, and a 1 basis point increase from 3.59% in the first quarter of 2020.

While the origination volume of PPP loans earning 1.00% negatively impacted net interest margin, the recognition of fees associated with the originations has benefited net interest margin for each of the past two quarters. The SBA began forgiving PPP loans, which has accelerated the recognition of PPP fees starting in the fourth quarter of 2020 and continuing into the first quarter of 2021. The Company recognized $1.5 million of PPP origination fees during the first quarter of 2021, compared to $1.7 million during the fourth quarter of 2020. The elevated fee recognition is illustrated in the 5.08% PPP loan yield for the first quarter of 2021.

The following table summarizes PPP loan originations and net origination fees as of March 31, 2021:



	Originated				Outstanding				Program Lifetime
	Number		Principal		Number		Principal		Net Origination		Net Origination
(dollars in thousands)	of Loans		Balance		of Loans		Balance		Fees Generated		Fees Earned
Round One PPP Loans		1,200	$	181,600		412	$	93,114	$	5,706	$	4,359
Round Two PPP Loans		517		70,144		517		70,144		3,041		68
Totals		1,717	$	251,744		929	$	163,258	$	8,747	$	4,427

Nevertheless, earning asset yields continue to be negatively impacted by the low interest rate environment, however given the volatility of the past year and competing dynamics on both sides of the balance sheet, the Company was encouraged by another quarter of meaningful deposit repricing that supported continued net interest margin stabilization.

Interest income was $30.4 million for the first quarter of 2021, a decrease of $259,000, or 0.8%, from $30.7 million in the fourth quarter of 2020, and an increase of $3.0 million, or 10.8%, from $27.5 million in the first quarter of 2020. The yield on interest earning assets (on a fully tax-equivalent basis) was 4.31% in the first quarter of 2021, compared to 4.46% in the fourth quarter of 2020, and 4.90% in the first quarter of 2020. The linked-quarter decrease in the yield on interest earning assets was due primarily to the historically low interest rate environment resulting in a lower loan yield, lower loan fees recognized, and an increase in cash balances due to extraordinary deposit inflows, offset partially by $1.5 million of PPP loan origination fees. The year-over-year decline in the yield on interest earning assets was primarily due to the historically low interest rate environment coupled with unprecedented liquidity resulting in lower loan and security yields and excess cash balances.

Loan interest income and loan fees remain the primary contributing factors to the changes in yield on interest earning assets. The aggregate loan yield, excluding PPP loans, decreased to 4.72% in the first quarter of 2021, which was 15 basis points lower than 4.87% in the fourth quarter of 2020, and 45 basis points lower than 5.17% in the first quarter of 2020. While loan fees have maintained a relatively stable contribution to the aggregate loan yield, the historically low yield curve has resulted in a declining core yield on loans in comparison to both prior periods.

A summary of interest and fees recognized on loans, excluding PPP loans, for the periods indicated is as follows:


	Three Months Ended
	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Interest	4.50	%	4.59	%	4.69	%	4.76	%	4.90	%
Fees	0.22		0.28		0.24		0.25		0.27
Yield on Loans, Excluding PPP Loans	4.72	%	4.87	%	4.93	%	5.01	%	5.17	%

Interest expense was $5.0 million for the first quarter of 2021, a decrease of $813,000, or 13.9%, from $5.9 million in the fourth quarter of 2020, and a decrease of $2.3 million, or 31.5%, from $7.4 million in the first quarter of 2020. The cost of interest bearing liabilities declined 20 basis points on a linked-quarter basis from 1.24% in the fourth quarter of 2020 to 1.04% in the first quarter of 2021, primarily due to lower rates paid on deposits. On a year-over-year basis, the cost of interest bearing liabilities decreased 80 basis points from 1.84% in the first quarter of 2020 to 1.04% in the first quarter of 2021, primarily due to lower rates paid on deposits, offset partially by strong growth of interest bearing deposits and additional subordinated debentures.

Interest expense on deposits was $3.7 million for the first quarter of 2021, a decrease of $408,000, or 10.0%, from $4.1 million in the fourth quarter of 2020, and a decrease of $2.1 million, or 35.9%, from $5.7 million in the first quarter of 2020. The cost of total deposits declined 10 basis points on a linked-quarter basis from 0.69% in the fourth quarter of 2020, and declined 68 basis points on a year-over-year basis from 1.27% in the first quarter of 2020, to 0.59% in the first quarter of 2021, primarily due to deposit rate cuts consistent with a lower rate environment and the downward repricing of time deposits. Given strong deposit inflows and ample time deposit maturities over the next 12 months, the Company anticipates continued deposit repricing opportunities in the future. Additionally, the significant FHLB de-leveraging strategy executed in the fourth quarter of 2020 has begun to manifest lower interest bearing liability costs in the current quarter.

A summary of the Company’s average balances, interest yields and rates, and net interest margin for the three months ended March 31, 2021, December 31, 2020, and March 31, 2020 is as follows:


	For the Three Months Ended
	March 31, 2021						December 31, 2020						March 31, 2020
	Average		Interest		Yield/		Average		Interest		Yield/		Average		Interest		Yield/
	Balance		& Fees		Rate		Balance		& Fees		Rate		Balance		& Fees		Rate
(dollars in thousands)
Interest Earning Assets:
Cash Investments	$	105,477	$	34	0.13	%	$	79,896	$	32	0.16	%	$	29,462	$	59	0.81	%
Investment Securities:
Taxable Investment Securities		301,680		1,723	2.32			290,093		1,632	2.24			188,186		1,387	2.96
Tax-Exempt Investment Securities⁽¹⁾		80,963		881	4.41			81,370		888	4.34			94,728		1,024	4.35
Total Investment Securities		382,643		2,604	2.76			371,463		2,520	2.70			282,914		2,411	3.43
Paycheck Protection Program Loans ⁽²⁾		148,881		1,864	5.08			165,099		2,097	5.05			—		—	—
Loans ⁽¹⁾⁽²⁾		2,241,038		26,074	4.72			2,136,229		26,168	4.87			1,954,959		25,150	5.17
Total Loans		2,389,919		27,938	4.74			2,301,328		28,265	4.89			1,954,959		25,150	5.17
Federal Home Loan Bank Stock		5,045		78	6.28			6,856		92	5.35			10,270		100	3.93
Total Interest Earning Assets		2,883,084		30,654	4.31	%		2,759,543		30,909	4.46	%		2,277,605		27,720	4.90	%
Noninterest Earning Assets		57,178						56,489						39,435
Total Assets	$	2,940,262					$	2,816,032					$	2,317,040
Interest Bearing Liabilities:
Deposits:
Interest Bearing Transaction Deposits		364,017		422	0.47	%		353,806		420	0.47	%		246,843		431	0.70	%
Savings and Money Market Deposits		724,104		1,008	0.56			538,030		1,003	0.74			533,578		1,905	1.44
Time Deposits		344,715		1,267	1.49			362,469		1,607	1.76			376,154		2,177	2.33
Brokered Deposits		402,694		974	0.98			433,037		1,049	0.96			218,289		1,211	2.23
Total Interest Bearing Deposits		1,835,530		3,671	0.81			1,687,342		4,079	0.96			1,374,864		5,724	1.67
Federal Funds Purchased		—		—	—			4,072		4	0.33			24,835		107	1.74
Notes Payable		6,722		61	3.66			11,000		105	3.77			12,505		115	3.70
FHLB Advances		57,500		228	1.61			99,196		551	2.21			172,379		1,027	2.40
Subordinated Debentures		73,776		1,085	5.96			73,696		1,119	6.04			24,744		393	6.39
Total Interest Bearing Liabilities		1,973,528		5,045	1.04	%		1,875,306		5,858	1.24	%		1,609,327		7,366	1.84	%
Noninterest Bearing Liabilities:
Noninterest Bearing Transaction Deposits		676,173						654,299						444,201
Other Noninterest Bearing Liabilities		17,832						20,711						12,712
Total Noninterest Bearing Liabilities		694,005						675,010						456,913
Shareholders’ Equity		272,729						265,716						250,800
Total Liabilities and Shareholders’ Equity	$	2,940,262					$	2,816,032					$	2,317,040
Net Interest Income / Interest Rate Spread				25,609	3.27	%				25,051	3.22	%				20,354	3.06	%
Net Interest Margin ⁽³⁾					3.60	%					3.61	%					3.59	%
Taxable Equivalent Adjustment:
Tax-Exempt Investment Securities and Loans				(214)						(210)						(252)
Net Interest Income			$	25,395					$	24,841					$	20,102

Interest income and average rates for tax-exempt investment securities and loans are presented on a tax-equivalent basis, assuming a statutory federal income tax rate of 21%.
Average loan balances include nonaccrual loans. Interest income on loans includes amortization of deferred loan fees, net of deferred loan costs.
Net interest margin includes the tax equivalent adjustment and represents the annualized results of: (i) the difference between interest income on interest earning assets and the interest expense on interest bearing liabilities, divided by (ii) average interest earning assets for the period.

Provision for Loan Losses

The provision for loan losses was $1.1 million for the first quarter of 2021, a decrease of $2.8 million from $3.9 million for the fourth quarter of 2020, and a decrease of $1.0 million from $2.1 million for the first quarter of 2020. The provision recorded in the first quarter of 2021 was primarily attributable to growth of the loan portfolio. The allowance for loan losses to total loans was 1.48% at March 31, 2021, compared to 1.50% at December 31, 2020, and 1.23% at March 31, 2020. The allowance for loan losses to total loans, excluding $163.3 million of PPP loans, was 1.59% at March 31, 2021.

As an emerging growth company, the Company is not subject to Accounting Standards Update No. 2016-13 “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses of Financial Instruments,“ or CECL, until January 1, 2023.

The following table presents the activity in the Company’s allowance for loan losses for the periods indicated:


	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Balance at Beginning of Period	$	34,841	$	31,381	$	22,526
Provision for Loan Losses		1,100		3,900		2,100
Charge-offs		(14)		(463)		(47)
Recoveries		60		23		6
Balance at End of Period	$	35,987	$	34,841	$	24,585

Noninterest Income

Noninterest income was $1.0 million for the first quarter of 2021, an increase of $22,000 from $986,000 for the fourth quarter of 2020, and a decrease of $711,000 from $1.7 million for the first quarter of 2020. The linked-quarter increase was primarily due to increased other miscellaneous items, offset partially by lower gains on sales of securities and letter of credit fees. The year-over-year decrease was primarily due to lower swap fees, partially offset by increased letter of credit fees and other miscellaneous items.

The following table presents the major components of noninterest income for the periods indicated:


	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Noninterest Income:
Customer Service Fees	$	234	$	251	$	240
Net Gain on Sales of Securities		—		30		3
Letter of Credit Fees		327		477		274
Debit Card Interchange Fees		130		118		92
Swap Fees		—		—		907
Other Income		317		110		203
Totals	$	1,008	$	986	$	1,719

Noninterest Expense

Noninterest expense was $10.9 million for the first quarter of 2021, a decrease of $4.3 million from $15.3 million for the fourth quarter of 2020, and an increase of $1.2 million from $9.7 million for the first quarter of 2020. The linked-quarter decrease was primarily due to $5.6 million of prepayment fees associated with the extinguishment of $69.0 million of FHLB term advances incurred in the fourth quarter of 2020, partially offset by an increase in salaries and employee benefits. The year-over-year increase was primarily attributable to increased salaries and employee benefits, occupancy and equipment, and technology expenses, offset partially by decreased marketing and advertising expenses.

The following table presents the major components of noninterest expense for the periods indicated:


	Three Months Ended
	March 31,		December 31,		March 31,
(dollars in thousands)	2021		2020		2020
Noninterest Expense:
Salaries and Employee Benefits	$	7,102	$	6,216	$	6,454
Occupancy and Equipment		1,055		979		713
FDIC Insurance Assessment		315		270		190
Data Processing		291		293		229
Professional and Consulting Fees		544		566		485
Information Technology and Telecommunications		462		397		266
Marketing and Advertising		286		143		466
Intangible Asset Amortization		48		48		48
Amortization of Tax Credit Investments		118		146		85
FHLB Advance Prepayment Fees		—		5,613		—
Other Expense		702		587		810
Totals	$	10,923	$	15,258	$	9,746

In the first quarter of 2021, the Company attracted 21 new hires in lending, deposit gathering, technology, risk management, and other supportive roles, which continued to demonstrate the Company’s status as a preferred employer amidst ongoing market disruption. The Company reached 200 full-time equivalent employees at March 31, 2021, compared to 183 employees at December 31, 2020, and 170 employees at March 31, 2020. The efficiency ratio, a non-GAAP financial measure, was 41.2% for the first quarter of 2021, compared to 59.0% for the fourth quarter of 2020, and 44.4% for the first quarter of 2020. Excluding the impact of certain non-routine income and expenses, the adjusted efficiency ratio, a non-GAAP financial measure, was 40.7% for the first quarter of 2021, 36.6% for the fourth quarter of 2020 and 44.1% for the first quarter of 2020. The efficiencies of the Company’s “branch-light” model have been evident throughout the pandemic, and going forward, have positioned the Company well to continue making investments in technology as the industry adapts to evolving client behavior.

Income Taxes

The effective combined federal and state income tax rate for the first quarter of 2021 was 25.8%, an increase from 25.3% for the fourth quarter of 2020, and an increase from 25.4% for the first quarter of 2020.

Balance Sheet

Total assets at March 31, 2021 were $3.07 billion, a 5.0% increase from $2.93 billion at December 31, 2020, and a 27.0% increase from $2.42 billion at March 31, 2020. The linked-quarter increase in total assets was primarily due to strong organic loan growth and excess cash balances linked to continued strong deposit inflows. The year-over-year increase in total assets was primarily due to organic loan growth, PPP loan growth, purchases of investment securities, and excess cash balances.

Total gross loans at March 31, 2021 were $2.43 billion, an increase of $99.7 million, or 4.3%, over total gross loans of $2.33 billion at December 31, 2020, and an increase of $423.3 million, or 21.1%, over total gross loans of $2.00 billion at March 31, 2020. When excluding the PPP loans altogether, gross loans grew $74.9 million during the first quarter of 2021, or 13.9% on an annualized basis.

The following table presents the dollar composition of the Company’s loan portfolio, by category, at the dates indicated:


	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
(dollars in thousands)
Commercial	$	301,023	$	304,220	$	287,254	$	302,536	$	299,425
Paycheck Protection Program		163,258		138,454		181,596		180,228		—
Construction and Land Development		193,372		170,217		175,882		191,768		183,350
Real Estate Mortgage:
1 – 4 Family Mortgage		294,964		294,479		286,089		289,456		272,590
Multifamily		665,415		626,465		585,814		522,491		536,380
CRE Owner Occupied		79,665		75,604		75,963		73,539		75,207
CRE Nonowner Occupied		720,396		709,300		660,058		627,651		631,541
Total Real Estate Mortgage Loans		1,760,440		1,705,848		1,607,924		1,513,137		1,515,718
Consumer and Other		8,030		7,689		6,572		6,109		4,324
Total Loans, Gross		2,426,123		2,326,428		2,259,228		2,193,778		2,002,817
Allowance for Loan Losses		(35,987)		(34,841)		(31,381)		(27,633)		(24,585)
Net Deferred Loan Fees		(11,273)		(9,151)		(10,367)		(10,287)		(5,336)
Total Loans, Net	$	2,378,863	$	2,282,436	$	2,217,480	$	2,155,858	$	1,972,896

Total deposits at March 31, 2021 were $2.64 billion, an increase of $137.0 million, or 5.5%, over total deposits of $2.50 billion at December 31, 2020, and an increase of $738.5 million, or 38.9%, over total deposits of $1.90 billion at March 31, 2020. Deposit growth in the first quarter of 2021 was primarily due to an increase in noninterest bearing and interest bearing transaction deposits and savings and money market deposits, offset partially by a decline in time deposits and brokered deposits. The growth in core, non-maturity deposits was a result of both successful new client acquisition initiatives and pandemic-related accumulation of liquidity by existing clients. Given the fluid environment, management believes deposits could experience fluctuations in future periods; however, in the interim, the strong deposit inflows have provided the flexibility to let higher cost deposits roll off and reduce reliance on brokered deposits.

The following table presents the dollar composition of the Company’s deposit portfolio, by category, at the dates indicated:


	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
(dollars in thousands)
Noninterest Bearing Transaction Deposits	$	712,999	$	671,903	$	685,773	$	648,869	$	476,217
Interest Bearing Transaction Deposits		433,344		366,290		322,253		285,386		255,483
Savings and Money Market Deposits		791,583		657,617		498,397		516,543		514,113
Time Deposits		344,581		353,543		363,897		382,187		393,340
Brokered Deposits		356,147		452,283		402,724		409,066		260,974
Total Deposits	$	2,638,654	$	2,501,636	$	2,273,044	$	2,242,051	$	1,900,127

Total shareholders’ equity at March 31, 2021 was $279.2 million, an increase of $13.8 million, or 5.2%, over total shareholders’ equity of $265.4 million at December 31, 2020, and an increase of $31.0 million, or 12.5%, over total shareholders’ equity of $248.1 million at March 31, 2020. The linked-quarter and year-over-year increases were due to net income retained and an increase in unrealized gains in the securities and derivatives portfolios, partially offset by stock repurchases made under the Company’s stock repurchase program.

Strong earnings and capital growth coupled with better asset quality visibility as loan modifications expired supported management’s decision to resume repurchases under the Company’s stock repurchase program. The Company remains committed to maintaining strong capital levels while enhancing shareholder value as it strategically executes its stock repurchase program in this fluid economic environment. During the first quarter of 2021, the Company repurchased 16,618 shares of its common stock at a weighted average price of $12.50 for a total of $208,000.

Tangible book value per share, a non-GAAP financial measure, was $9.80 as of March 31, 2021, an increase of 5.2% from $9.31 as of December 31, 2020, and an increase of 15.3% from $8.49 as of March 31, 2020.

Asset Quality

Annualized net charge-offs (recoveries) as a percent of average loans for the first quarter of 2021 were (0.01)%, compared to 0.08% for the fourth quarter of 2020, and 0.01% for the first quarter of 2020. At March 31, 2021, the Company’s nonperforming assets, which include nonaccrual loans, loans past due 90 days and still accruing, and foreclosed assets, were $770,000, or 0.03% of total assets, as compared to $775,000, or 0.03% of total assets at December 31, 2020, and $606,000 or 0.03% of total assets at March 31, 2020.

The Company has increased oversight and analysis of all segments of the loan portfolio in response to the COVID-19 pandemic, especially in vulnerable industries such as hospitality and restaurants, to proactively monitor evolving credit risk. Loans that have potential weaknesses that warrant a watchlist risk rating at March 31, 2021, totaled $58.3 million, compared to $44.8 million at December 31, 2020. As the COVID-19 pandemic continues to evolve, the length and extent of the economic uncertainty may result in further watchlist or adverse classifications in the loan portfolio. Loans that warranted a substandard risk rating at March 31, 2021 totaled $6.7 million, compared to $15.2 million at December 31, 2020.

The following table presents a summary of asset quality measurements at the dates indicated:


	As of and for the Three Months Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
(dollars in thousands)	2021			2020			2020			2020			2020
Selected Asset Quality Data
Loans 30-89 Days Past Due	$	—		$	13		$	458		$	153		$	21
Loans 30-89 Days Past Due to Total Loans		0.00	%		0.00	%		0.02	%		0.01	%		0.00	%
Nonperforming Loans	$	770		$	775		$	433		$	602		$	606
Nonperforming Loans to Total Loans		0.03	%		0.03	%		0.02	%		0.03	%		0.03	%
Foreclosed Assets	$	—		$	—		$	—		$	—		$	—
Nonaccrual Loans to Total Loans		0.03	%		0.03	%		0.02	%		0.03	%		0.03	%
Nonaccrual Loans and Loans Past Due 90 Days and Still Accruing to Total Loans		0.03			0.03			0.02			0.03			0.03
Nonperforming Assets ⁽¹⁾	$	770		$	775		$	433		$	602		$	606
Nonperforming Assets to Total Assets ⁽¹⁾		0.03	%		0.03	%		0.02	%		0.02	%		0.03	%
Allowance for Loan Losses to Total Loans		1.48			1.50			1.39			1.26			1.23
Allowance for Loan Losses to Total Loans, Excluding PPP Loans		1.59			1.59			1.51			1.37			N/A
Allowance for Loans Losses to Nonperforming Loans		4,673.64			4,495.61			7,247.34			4,590.20			4,056.93
Net Loan Charge-Offs (Recoveries) (Annualized) to Average Loans		(0.01)			0.08			0.00			(0.01)			0.01

Nonperforming assets are defined as nonaccrual loans plus loans 90 days past due plus foreclosed assets.

About the Company

Bridgewater Bancshares, Inc. is a financial holding company headquartered in St. Louis Park, Minnesota. The Company has two wholly owned subsidiaries, Bridgewater Bank, a Minnesota-chartered commercial bank founded in November 2005, and Bridgewater Risk Management, Inc., a captive insurance company founded in December 2016. Bridgewater Bank has two wholly owned subsidiaries, Bridgewater Investment Management, Inc. and BWB Holdings, LLC. Bridgewater Bank currently operates through 7 branches in Bloomington, Greenwood, Minneapolis (2), St. Louis Park, Orono, and St. Paul, all located within the Minneapolis-St. Paul-Bloomington metropolitan statistical area.

Use of Non-GAAP financial measures

In addition to the results presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), the Company routinely supplements its evaluation with an analysis of certain non-GAAP financial measures. The Company believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors to help them understand the Company’s operating performance and trends, and to facilitate comparisons with the performance of peers. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of non-GAAP disclosures used in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Forward-Looking Statements

This earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. These statements are often, but not always, identified by words such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized”, “target” and “outlook”, or the negative version of those words or other comparable words of a future or forward-looking nature.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the negative effects of the COVID-19 pandemic, including its effects on the economic environment, our clients and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with the pandemic; loan concentrations in our portfolio; the overall health of the local and national real estate market; our ability to successfully manage credit risk; business and economic conditions generally and in the financial services industry, nationally and within our market area; our ability to maintain an adequate level of allowance for loan losses; new or revised accounting standards, including as a result of the future implementation of the Current Expected Credit Loss standard; the concentration of large loans to certain borrowers; the concentration of large deposits from certain clients; our ability to successfully manage liquidity risk; our dependence on non-core funding sources and our cost of funds; our ability to raise additional capital to implement our business plan; our ability to implement our growth strategy and manage costs effectively; developments and uncertainty related to the future use and availability of some reference rates, such as the London Interbank Offered Rate, as well as other alternative reference rates; the composition of our senior leadership team and our ability to attract and retain key personnel; the occurrence of fraudulent activity, breaches or failures of our information security controls or cybersecurity-related incidents; interruptions involving our information technology and telecommunications systems or third-party servicers; competition in the financial services industry; the effectiveness of our risk management framework; the commencement and outcome of litigation and other legal proceedings and regulatory actions against us; the impact of recent and future legislative and regulatory changes; interest rate risk; fluctuations in the values of the securities held in our securities portfolio; the imposition of tariffs or other governmental policies impacting the value of products produced by our commercial borrowers; severe weather, natural disasters, wide spread disease or pandemics (including the COVID-19 pandemic), acts of war or terrorism or other adverse external events; potential impairment to the goodwill we recorded in connection with our past acquisition; changes to U.S. tax laws, regulations and guidance; and any other risks described in the “Risk Factors” sections of reports filed by the Company with the Securities and Exchange Commission.

Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Balance Sheets *(dollars in thousands, except share data)*
	March 31,		December 31,		March 31,
	2021		2020		2020
	(Unaudited)				(Unaudited)
ASSETS
Cash and Cash Equivalents	$	200,896	$	160,675	$	61,526
Bank-Owned Certificates of Deposit		2,369		2,860		2,895
Securities Available for Sale, at Fair Value		397,326		390,629		307,317
Loans, Net of Allowance for Loan Losses of $35,987 at March 31, 2021 (unaudited), $34,841 at December 31, 2020 and $24,585 at March 31, 2020 (unaudited)		2,378,863		2,282,436		1,972,896
Federal Home Loan Bank (FHLB) Stock, at Cost		5,820		5,027		11,017
Premises and Equipment, Net		51,297		50,987		35,271
Accrued Interest		8,718		9,172		7,102
Goodwill		2,626		2,626		2,626
Other Intangible Assets, Net		622		670		813
Other Assets		23,822		22,263		17,267
Total Assets	$	3,072,359	$	2,927,345	$	2,418,730

LIABILITIES AND EQUITY
LIABILITIES
Deposits:
Noninterest Bearing	$	712,999	$	671,903	$	476,217
Interest Bearing		1,925,655		1,829,733		1,423,910
Total Deposits		2,638,654		2,501,636		1,900,127
Notes Payable		—		11,000		12,500
FHLB Advances		57,500		57,500		207,500
Subordinated Debentures, Net of Issuance Costs		73,826		73,739		24,759
Accrued Interest Payable		1,736		1,615		1,688
Other Liabilities		21,472		16,450		24,013
Total Liabilities		2,793,188		2,661,940		2,170,587

SHAREHOLDERS’ EQUITY
Preferred Stock- $0.01 par value
Authorized 10,000,000; None Issued and Outstanding at March 31, 2021 (unaudited), December 31, 2020 and March 31, 2020 (unaudited)		—		—		—
Common Stock- $0.01 par value
Common Stock – Authorized 75,000,000; Issued and Outstanding 28,132,929 at March 31, 2021 (unaudited), 28,143,493 at December 31, 2020 and 28,807,375 at March 31, 2020 (unaudited)		281		281		288
Additional Paid-In Capital		104,087		103,714		110,446
Retained Earnings		165,502		154,831		135,080
Accumulated Other Comprehensive Income		9,301		6,579		2,329
Total Shareholders’ Equity		279,171		265,405		248,143
Total Liabilities and Equity	$	3,072,359	$	2,927,345	$	2,418,730

Bridgewater Bancshares, Inc. and Subsidiaries Consolidated Statements of Income *(dollars in thousands, except per share data)*
	Three Months Ended
	March 31,		December 31,		March 31,
	2021		2020		2020
	(Unaudited)		(Unaudited)		(Unaudited)
INTEREST INCOME
Loans, Including Fees	$	27,908	$	28,242	$	25,113
Investment Securities		2,420		2,333		2,196
Other		112		124		159
Total Interest Income		30,440		30,699		27,468

INTEREST EXPENSE
Deposits		3,671		4,079		5,724
Notes Payable		61		105		115
FHLB Advances		228		551		1,027
Subordinated Debentures		1,085		1,119		393
Federal Funds Purchased		—		4		107
Total Interest Expense		5,045		5,858		7,366

NET INTEREST INCOME		25,395		24,841		20,102
Provision for Loan Losses		1,100		3,900		2,100

NET INTEREST INCOME AFTER
PROVISION FOR LOAN LOSSES		24,295		20,941		18,002

NONINTEREST INCOME
Customer Service Fees		234		251		240
Net Gain on Sales of Available for Sale Securities		—		30		3
Other Income		774		705		1,476
Total Noninterest Income		1,008		986		1,719

NONINTEREST EXPENSE
Salaries and Employee Benefits		7,102		6,216		6,454
Occupancy and Equipment		1,055		979		713
Other Expense		2,766		8,063		2,579
Total Noninterest Expense		10,923		15,258		9,746

INCOME BEFORE INCOME TAXES		14,380		6,669		9,975
Provision for Income Taxes		3,709		1,690		2,532
NET INCOME	$	10,671	$	4,979	$	7,443

EARNINGS PER SHARE
Basic	$	0.38	$	0.18	$	0.26
Diluted		0.37		0.17		0.25
Dividends Paid Per Share		—		—		—

Non-GAAP Financial Measures *(dollars in thousands) (unaudited)*
	For the Three Months Ended
	March 31,			December 31,			March 31,
	2021			2020			2020
Pre-Provision Net Revenue
Noninterest Income	$	1,008		$	986		$	1,719
Less: Gain on sales of Securities		—			(30)			(3)
Total Operating Noninterest Income		1,008			956			1,716
Plus: Net Interest income		25,395			24,841			20,102
Net Operating Revenue	$	26,403		$	25,797		$	21,818

Noninterest Expense	$	10,923		$	15,258		$	9,746
Less: Amortization of Tax Credit Investments		(118)			(146)			(85)
Less: FHLB Advance Prepayment Fees		—			(5,613)			—
Total Operating Noninterest Expense	$	10,805		$	9,499		$	9,661

Pre-Provision Net Revenue	$	15,598		$	16,298		$	12,157

Plus:
Non-Operating Revenue Adjustments		—			30			3
Less:
Provision for Loan Losses		1,100			3,900			2,100
Non-Operating Expense Adjustments		118			5,759			85
Provision for Income Taxes		3,709			1,690			2,532
Net Income	$	10,671		$	4,979		$	7,443

Average Assets	$	2,940,262		$	2,816,032		$	2,317,040
Pre-Provision Net Revenue Return on Average Assets		2.15	%		2.30	%		2.11	%


	For the Three Months Ended
	March 31,			December 31,			March 31,
	2021			2020			2020

Efficiency Ratio
Noninterest Expense	$	10,923		$	15,258		$	9,746
Less: Amortization of Intangible Assets		(48)			(48)			(48)
Adjusted Noninterest Expense	$	10,875		$	15,210		$	9,698
Net Interest Income		25,395			24,841			20,102
Noninterest Income		1,008			986			1,719
Less: Gain on Sales of Securities		—			(30)			(3)
Adjusted Operating Revenue	$	26,403		$	25,797		$	21,818
Efficiency Ratio		41.2	%		59.0	%		44.4	%

Adjusted Efficiency Ratio
Noninterest Expense	$	10,923		$	15,258		$	9,746
Less: Amortization of Tax Credit Investments		(118)			(146)			(85)
Less: FHLB Advance Prepayment Fees		—			(5,613)			—
Less: Amortization of Intangible Assets		(48)			(48)			(48)
Adjusted Noninterest Expense	$	10,757		$	9,451		$	9,613
Net Interest Income		25,395			24,841			20,102
Noninterest Income		1,008			986			1,719
Less: Gain on Sales of Securities		—			(30)			(3)
Adjusted Operating Revenue	$	26,403		$	25,797		$	21,818
Adjusted Efficiency Ratio		40.7	%		36.6	%		44.1	%


	For the Three Months Ended
	March 31,						December 31,						March 31,
	2021						2020						2020

Adjusted Noninterest Expense to Average Assets
Noninterest Expense	$		10,923				$		15,258				$		9,746
Less: Amortization of Tax Credit Investments			(118)						(146)						(85)
Less: FHLB Advance Prepayment Fees			—						(5,613)						—
Adjusted Noninterest Expense	$		10,805				$		9,499				$		9,661

Average Assets	$		2,940,262				$		2,816,032				$		2,317,040
Adjusted Noninterest Expense to Average Assets			1.49		%				1.34		%				1.68		%


		As of and for the Three Months Ended
		March 31,						December 31,						March 31,
		2021						2020						2020

Tangible Common Equity and Tangible Common Equity/Tangible Assets
Common Equity		$		279,171				$		265,405				$		248,143
Less: Intangible Assets				(3,248)						(3,296)						(3,439)
Tangible Common Equity				275,923						262,109						244,704

Total Assets				3,072,359						2,927,345						2,418,730
Less: Intangible Assets				(3,248)						(3,296)						(3,439)
Tangible Assets		$		3,069,111				$		2,924,049				$		2,415,291
Tangible Common Equity/Tangible Assets				8.99		%				8.96		%				10.13		%

Tangible Book Value Per Share
Book Value Per Common Share		$		9.92				$		9.43				$		8.61
Less: Effects of Intangible Assets				(0.12)						(0.12)						(0.12)
Tangible Book Value Per Common Share		$		9.80				$		9.31				$		8.49

Return on Average Tangible Common Equity
Net Income		$		10,671				$		4,979				$		7,443

Average Common Equity		$		272,729				$		265,716				$		250,800
Less: Effects of Average Intangible Assets				(3,276)						(3,323)						(3,466)
Average Tangible Common Equity		$		269,453				$		262,393				$		247,334
Return on Average Tangible Common Equity				16.06		%				7.55		%				12.10		%


	Three Months Ended
	March 31,		December 31,		September 30,		June 30,		March 31,
	2021		2020		2020		2020		2020
Tangible Common Equity
Common Equity	$	279,171	$	265,405	$	265,432	$	257,190	$	248,143
Less: Intangible Assets		(3,248)		(3,296)		(3,344)		(3,391)		(3,439)
Tangible Common Equity	$	275,923	$	262,109	$	262,088	$	253,799	$	244,704


	As of and for the Three Months Ended
	December 31, 2020
Annualized ROA, Excluding Impact of FHLB Prepayment Fees
Net Income	$	4,979
Add: FHLB Prepayment Fees		5,613
Less: Tax Impact		(1,336)
Net Income, Excluding Impact of FHLB Prepayment Fees	$	9,256

Average Assets	$	2,816,032
Annualized ROA, Excluding Impact of FHLB Prepayment Fees		1.31	%

Annualized ROE, Excluding Impact of FHLB Prepayment Fees
Net Income	$	4,979
Add: FHLB Prepayment Fees		5,613
Less: Tax Impact		(1,336)
Net Income, Excluding Impact of FHLB Prepayment Fees	$	9,256

Average Equity	$	265,716
Annualized ROE, Excluding Impact of FHLB Prepayment Fees		13.86	%

Diluted Earnings Per Common Share, Excluding Impact of FHLB Prepayment Fees
Net Income	$	4,979
Add: FHLB Prepayment Fees		5,613
Less: Tax Impact		(1,336)
Net Income, Excluding Impact of FHLB Prepayment Fees	$	9,256

Diluted Weighted Average Shares Outstanding	$	28,823,384
Diluted Earnings Per Common Share, Excluding Impact of FHLB Prepayment Fees	$	0.32

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005360/en/

Investor Relations Contact:

Jerry Baack

Chief Executive Officer

[email protected]

952-893-6866

KEYWORDS: United States North America Minnesota

INDUSTRY KEYWORDS: Banking Professional Services Finance

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April 29, 2021 7:08 am

GasLog Partners LP Declares Common Unit Distribution

Piraeus, Greece, April 29, 2021 (GLOBE NEWSWIRE) — GasLog Partners LP (“GasLog Partners” or the “Partnership”) (NYSE: GLOP) today announced a cash distribution of $0.01 per common unit for the first quarter of 2021, payable on May 13, 2021 for all shareholders of record as of May 10, 2021.

Contacts:

Joseph Nelson
Head of Investor Relations
Phone: +1 212-223-0643

Email: [email protected]

About GasLog Partners

GasLog Partners is a growth-oriented owner, operator and acquirer of LNG carriers. The Partnership’s fleet consists of 15 LNG carriers with an average carrying capacity of approximately 158,000 cbm. GasLog Partners is a publicly traded master limited partnership (NYSE: GLOP) but has elected to be treated as a C corporation for U.S. income tax purposes and therefore its investors receive an Internal Revenue Service Form 1099 with respect to any distributions declared and received. The Partnership’s principal executive offices are located at 69 Akti Miaouli, 18537, Piraeus, Greece. Visit GasLog Partners’ website at http://www.gaslogmlp.com.

April 29, 2021 7:08 am

Citrix Reports First Quarter 2021 Financial Results

Citrix Reports First Quarter 2021 Financial Results

FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–
Citrix Systems, Inc. (NASDAQ:CTXS) today reported financial results for the first quarter ended March 31, 2021 by posting an earnings letter on its Investor Relations website at http://www.citrix.com/investors. Citrix will host a conference call today at 8:15 a.m. ET to address questions.

The conference call may be accessed via webcast at http://www.citrix.com/investors. A replay of the audio webcast can be accessed for approximately 90 days on the Investor Relations section of the Citrix corporate website at http://www.citrix.com/investors.

About Citrix

Citrix (NASDAQ:CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments. Learn more at www.citrix.com.

For Citrix Investors

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with transitions in key personnel and succession, products, their development, integration and distribution, product demand and pipeline, customer acceptance of new products, economic and competitive factors, Citrix’s key strategic relationships, acquisition and related integration risks as well as other risks detailed in Citrix’s filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

Citrix® is a trademark or registered trademark of Citrix Systems, Inc. and/or one or more of its subsidiaries, and may be registered in the U.S. Patent and Trademark Office and in other countries. All other trademarks and registered trademarks are property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210429005110/en/

For media inquiries, contact:

Karen Master, Citrix Systems, Inc.

(216) 396-4683 or [email protected]

For investor inquiries, contact:

Traci Tsuchiguchi, Citrix Systems, Inc.

(408) 790-8467 or [email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Data Management Technology Mobile/Wireless Software Networks Internet Hardware

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