Market Newsdesk

May 11, 2021 6:48 am

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

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

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

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

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

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

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

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

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

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

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

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

About Suncor Energy

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

About ATCO

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

Suncor: Legal Advisory – Forward Looking Information

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

ATCO Forward-Looking Information

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

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

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

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

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

Suncor investor inquiries:

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

Suncor media inquiries:

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

ATCO investor inquiries:

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

ATCO media inquiries:

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

May 11, 2021 6:48 am

Sonoco Announces $150 Million Accelerated Share Repurchase

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

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

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

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

About Sonoco

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

Forward-looking Statements

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

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

May 11, 2021 6:48 am

Ocean Network Express (ONE) Launches Digital Freight Booking Platform Powered by Descartes Kontainers

WATERLOO, Ontario, May 11, 2021 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq: DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, announced that Singapore-based Ocean Network Express (ONE), the world’s sixth largest container carrier, is using the Descartes Kontainers solution to digitize the shipper-facing aspects of its freight execution operations in 11 Asian countries as part of a pilot program.

“Shippers today need a more efficient and streamlined end-to-end freight booking experience,” Hiroki Tsujii, Managing Director, Marketing & Commercial said at ONE. “With the launch of our new digital platform ONE QUOTE, powered by Descartes Kontainers, customers can now receive an instant quote for export shipments and place bookings anytime, anywhere. It’s a one stop service that completely automates traditional manual tasks.”

The Descartes Kontainers solution facilitates a fully digital customer experience including quoting, booking, tracking and dashboard analytics for shipping lines, freight forwarders, ocean transportation intermediaries (OTI) and non-vessel operating common carriers (NVOCC) around the world. The digital freight execution platform enables these logistics services providers (LSP) to rapidly create branded, online self-service experiences for their customers. With its recent acquisition of Portrix Logistics Systems, Descartes can also now provide freight forwarders with a comprehensive digital solution for engaging customers and managing rates. However, the solution also helps LSPs preserve investments in existing rate management and back-office systems and quickly get their digital customer experience live through the use of standardized APIs. Even large carriers and LSPs such as ONE are able to get customers booking freight in just a few months.

“We are pleased to help ONE simplify and enhance the customer experience through digitization,” said Graham Parker, VP Digital Freight Solutions at Descartes. “As the shift to digitize customer-facing operations accelerates, it is increasingly valuable to have a leading execution platform that can provide rates, quotes, and the ability to book cargo and track it on demand on any Internet-enabled device.”

For more details on ONE QUOTE, see the video here.

About Ocean Network Express Pte. Ltd.

Headquartered in Singapore, Ocean Network Express (ONE) was founded in 2017 as a new entity from three Japanese liner companies – ‘K’ Line, MOL and NYK – who historically prided themselves on high level service quality and process excellence. These characteristics, which we highly cherish, are also the founding core principles of ONE. With a global fleet of over 250 vessels, active participation in all major global trade lanes, deployment of the latest IT systems and an extensive terminal ownership portfolio.

About Descartes

Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

Global Media Contact

Cara Strohack
Tel: +1(800) 419-8495 ext. 202025
[email protected]

Cautionary Statement Regarding Forward-Looking Statements

This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ solution offering and potential benefits derived therefrom; the speed in which customers may be able to achieve benefits from the solution and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

May 11, 2021 6:48 am

Stantec selected to lead autonomous vehicle deployment at Las Vegas Medical District

Advanced mobility program will include autonomous vehicles connected to the wider intelligent transportation system

EDMONTON, Alberta, NEW YORK and LAS VEGAS, May 11, 2021 (GLOBE NEWSWIRE) — TSX, NYSE: STN

The Regional Transportation Commission (RTC) of Southern Nevada has selected global design firm Stantec to lead the implementation of the GoMed Program – its vision for safer and more efficient travel to, from, and within the Las Vegas Medical District (LVMD). The advanced mobility program will include planning and implementation for the seamless integration of autonomous vehicles (AVs), connected technologies, traffic and data management, and user software interface. The GoMed Program will be one of the first long-term deployments of AV shuttles in the world.

“We are delighted to be a partner in this cutting-edge project. Las Vegas is leading the way in deploying autonomous vehicles to solve real-world problems, building a more sustainable transportation system for the future,” said Kate Jack, Smart Mobility Lead at Stantec. “By deploying these shuttles from downtown to the medical district, we are providing a stress-free and accessible mobility solution for patients and staff.”

GoMed – also known as the Automated Circulator and Connected Pedestrian Safety Program – is largely funded through a United States Department of Transportation (USDOT) BUILD program award and will be jointly delivered by the RTC and the City of Las Vegas. The program demonstrates the ability to apply connected and automated technology in a complex urban setting, and will integrate connected technologies like automated pedestrian detection to enhance safety. Las Vegas has been on the forefront of new mobility, including the Fremont Street pilot, the first driverless shuttle pilot in the United States, where Stantec staff provided program management, vehicle testing plans, and AV strategies.

Prioritizing safety, accessibility, equity, and a friendly user experience will be central to the GoMed strategy. The on-demand service offered by connected and autonomous technology will deliver patients and staff to LVMD locations and nearby transit facilities efficiently and comfortably, inclusive of those with disabilities. The solutions applied to the 674-acre cluster of hospitals, clinics, and the University of Nevada, Las Vegas School of Medicine will be scalable and replicable city-wide, providing potential long-term mobility solutions for the Las Vegas Valley.

“We have a longstanding relationship with both the RTC and the City of Las Vegas, and we are thrilled to be part of this revolutionary project,” said Brian Norris, project manager and Stantec’s Transportation Business Leader. “We see our role in this project as more than just a consultant – we’ll be a mobility partner to RTC and the City every step of the way from planning and implementation to ribbon cutting.”

The planning and engineering of vehicle to infrastructure (V2I) technology will be a critical component in the integration of connected technologies, from the user experience to traffic management, and all the sensors in between. AV vehicle planning, vendor selection, and operational rollout will be guided by Stantec’s GenerationAV™ Deployment Playbook.

Stantec’s Smart Mobility practice has been engaged in numerous notable projects, including the launch of ACTIVE-AURORA, Canada’s first Connected Vehicle Testbed; Tennessee’s statewide traffic management center upgrade; Tulsa, OK’s Mobility Innovation Strategy; and the engineering behind the Intelligent Transport Systems that enabled autonomous shuttles in Montreal, the first self-driving vehicles on urban public roads in Québec. In Dubai, Stantec worked with the Roads and Transport Authority to frame the city’s Self-Driving Code of Practice.

Find out more about Smart Mobility at Stantec.

About Stantec

Communities are fundamental. Whether around the corner or across the globe, they provide a foundation, a sense of place and of belonging. That’s why at Stantec, we always design with community in mind.
We’re designers, engineers, scientists, and project managers, innovating together at the intersection of community, creativity, and client relationships. Balancing these priorities results in projects that advance the quality of life in communities across the globe.

Stantec trades on the TSX and the NYSE under the symbol STN.

For more information about Stantec’s response to COVID-19, visit Responding to COVID-19.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements regarding the projects described above. Forward-looking statements also include any other statements that do not refer to historical facts. By their nature, forward-looking statements are based on assumptions and subject to inherent risks and uncertainties. There is a risk that the projects described above may be delayed, cancelled, suspended or terminated. This could cause future results to differ materially from the forward-looking statements made in this news release. Except as may be required by law, Stantec undertakes no obligation to publicly update or revise any forward-looking statements. Forward-looking statements are provided herein for the purpose of giving information about the projects referred to above and their expected impact. Readers are cautioned that such information may not be appropriate for other purposes.

Media Contact		Investor Relations Contact
Danny Craig		Tom McMillan
Stantec Media Relations		Stantec Investor Relations
Ph (949) 923-6085		Ph (780) 917-8159
[email protected]		[email protected]

To subscribe to Stantec’s email news alerts, please fill out the subscription form, which is available on the Contact Information page of the Investors section at Stantec.com.

Design with community in mind

May 11, 2021 6:48 am

Citi Trends Sets Date for First Quarter 2021 Earnings Release and Conference Call

Citi Trends Sets Date for First Quarter 2021 Earnings Release and Conference Call

SAVANNAH, Ga.–(BUSINESS WIRE)–
Citi Trends, Inc. (NASDAQ: CTRN) today announced plans to release its earnings for the first quarter of 2021 before the market opens on Tuesday, May 25, 2021. Citi Trends will host a conference call on the same day at 9:00 a.m. ET. The number to call for the live interactive teleconference is (212) 231-2901. A telephonic replay of the conference call will be available until June 1, 2021, by dialing (402) 977-9140 and entering the passcode, 21993903.

The live broadcast of Citi Trends’ conference call will be available online at the Company’s website, www.cititrends.com, under the Investor Relations section, on May 25, 2021, beginning at 9:00 a.m. ET. The online replay will follow shortly after the call and will be available for one year.

During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.

About Citi Trends

Citi Trends, Inc. is a growing specialty value retailer of apparel, accessories and home trends for way less spend primarily for African American and Latinx families in the United States. The Company operates 584 stores located in 33 states. Citi Trends’ website address is www.cititrends.com. CTRN-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005045/en/

Tom Filandro

ICR, Inc.

(646) 277-1235

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: Retail Department Stores Fashion

MEDIA:

May 11, 2021 6:46 am

NuZee Appoints Jose Ramirez As Chief Sales Officer And Chief Supply Chain Officer

PR Newswire

PLANO, Texas and NORTHLAKE, Texas, May 11, 2021 /PRNewswire/ — NuZee, Inc. (NASDAQ: NUZE) (“NuZee”), a leading U.S. producer and co-packer of specialty single serve pour-over coffee pouches and pour over drip cups, and Farmer Bros. Co. (“Farmer Brothers”), a national coffee roaster, wholesaler and distributor of coffee, tea, and culinary products, today announced that after 12 years with Farmer Brothers, Jose Ramirez will be leaving Farmer Brothers and joining NuZee as its Chief Sales Officer and Chief Supply Chain Officer. Mr. Ramirez brings to NuZee over 20 years of coffee industry experience and relationships. As the Chief Sales Officer and Chief Supply Chain Officer, he will be responsible for NuZee’s sales strategy for both traditional and non-traditional channels.

Mr. Ramirez started with Farmer Brothers as the Director of Coffee and has held many notable positions throughout the organization. Most recently, as the Vice President of Coffee Strategy and Sustainability for Farmer Brothers, he was responsible for green coffee management, customer and vendor partnerships, and company sustainability initiatives. Mr. Ramirez has been very active in the coffee community, serving on several boards including World Coffee Research.

Ruben Inofuentes, Farmer Brothers’ Chief Supply Chain Officer, said, “We are grateful for the many years of service, the opportunities Jose has brought to Farmer Brothers, and the deep connections he developed with many of our strategic partners. We are excited about the ability to continue to work with him at NuZee to help scale their innovative products in the United States by utilizing our manufacturing and distribution capabilities.”

Masa Higashida, President and CEO of NuZee, said, “I am very excited to have Jose Ramirez join our organization and believe that his deep knowledge in the specialty coffee space coupled with his vast network of coffee roasters, brands, and other industry related relationships will help catapult NuZee’s growth over the coming quarters.”

In November 2020, NuZee and Farmer Brothers announced a strategic partnership under which Farmer Brothers provides access to manufacturing capacity as NuZee continues to roll out innovative coffee and tea products in the United States.

About Farmer Brothers

Founded in 1912, Farmer Bros. Co. is a national coffee roaster, wholesaler, and distributor of coffee, tea, and culinary products. The company’s product lines include organic, Direct Trade, and sustainably produced coffee. With a robust line of coffee, hot and iced teas, cappuccino mixes, spices, and baking/biscuit mixes, the company delivers extensive beverage planning services and culinary products to its U.S. based customers. The company serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers like restaurant, department and convenience store chains, hotels, casinos, healthcare facilities, and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products, and foodservice distributors.

About NuZee and Coffee Blenders

NuZee, Inc. (d/b/a Coffee Blenders^®) is a specialty coffee company and a leading U.S. single-serve pour-over coffee pouch producer and co-packer. We own sophisticated packing equipment developed in Asia for single serve pour over production. We co-pack single-serve pour-over coffee products for customers in the U.S. market and also co-pack for the South Korean market.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. NuZee cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect NuZee’s current expectations, and NuZee does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other NuZee statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond NuZee’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties, many of which are beyond our control, include: NuZee’s plans to obtain funding for its operations, including funding necessary to develop, manufacture and commercialize its products; the impact to NuZee’s business from the COVID-19 global crisis; general market acceptance of and demand for NuZee’s products; and NuZee’s commercialization, marketing and manufacturing capabilities and strategy; for a description of additional factors that may cause NuZee’s actual results, performance or expectations to differ from any forward-looking statements, please review the information set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the NuZee’s public reports and NuZee’s other filings made with the SEC.

View original content to download multimedia:http://www.prnewswire.com/news-releases/nuzee-appoints-jose-ramirez-as-chief-sales-officer-and-chief-supply-chain-officer-301288198.html

SOURCE NuZee, Inc.

May 11, 2021 6:43 am

International Game Technology PLC Reports First Quarter 2021 Results

– 25% revenue growth to $1,015 million on outstanding Global Lottery performance; continued recovery in Global Gaming including acceleration in Digital & Betting activities

– Income from continuing operations of $138 million; Adjusted EBITDA of $450 million, among the highest levels in Company history, driven by revenue momentum and structural cost savings

– Achieved cash from operations of $251 million; free cash flow of $204 million driven by strong results and invested capital discipline

– Completed sale of Italy B2C gaming businesses; net proceeds to partially fund full redemption, by make-whole call, of 4.75% Senior Secured Euro Notes due February 2023

– Company to host Investor Day on November 9, 2021

PR Newswire

LONDON, May 11, 2021 /PRNewswire/ — International Game Technology PLC (“IGT”) (NYSE: IGT) today reported financial results for the first quarter ended March 31, 2021. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.

“We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings,” said Marco Sala, CEO of IGT. “Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year.”

“With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter,” said Max Chiara, CFO of IGT. “This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year.”

Overview of Consolidated First Quarter 2021 Results

All amounts from continuing operations	Quarter Ended		Y/Y Change (%)	Constant Currency Change (%)
	March 31,
	2021	2020
(In $ millions, unless otherwise noted)
GAAP Financials:
Revenue
Global Lottery	749	505	48%	42%
Global Gaming	266	310	(14)%	(16)%
Total revenue	1,015	814	25%	20%

Operating income/(loss)
Global Lottery	337	144	133%	121%
Global Gaming	(19)	(6)	(208)%	(177)%
Corporate support expense	(19)	(13)	(50)%	(32)%
Other⁽¹⁾	(39)	(343)	89%	89%
Total operating income/(loss)	260	(218)	NA	NA

Net cash provided by operating activities	251	26	NM

Cash and cash equivalents	748	1,449	(48)%

Non-GAAP Financial Measures:
Adjusted EBITDA
Global Lottery	447	243	84%	74%
Global Gaming	19	31	(39)%	(35)%
Corporate support expense	(16)	(13)	(26)%	(10)%
Total Adjusted EBITDA	450	261	72%	64%

Free cash flow	204	(60)

Net debt	7,069	7,170	(1)%

⁽¹⁾Primarily includes purchase price amortization and goodwill impairment

Note: Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are provided at the end of this news release

Key Highlights:

Achieved among highest revenue and profit levels in Company history, fueled by Global Lottery
Delivered strong cash flow driven by performance and invested capital discipline; return to pre-pandemic leverage expected by end of the year
Achieved ~1/3 of $200M+ 2021 OPtiMa savings targets during the first quarter
Sequential improvement in Global Gaming as industry recovers from pandemic-driven restrictions; growth in Digital & Betting continues with 85% year-over-year increase in revenue in the quarter
Successfully refinanced ~$1.0 billion in 6.25% Notes due 2022 with $750 million 4.125% Notes due 2026 and draws on revolving credit facilities
Signed seven-year contract extension with Jamaica Lottery; four-year iLottery contract extension with Kentucky Lottery; two-year contract extension with Mexico Lottery

Financial highlights:

Consolidated revenue of $1,015 million, up 25% from the prior year

Global Lottery revenue of $749 million, up 48%, driven by 32.4% growth in same-store sales
Global Gaming revenue totals $266 million, versus $310 million in the prior year; up sequentially from $255 million in Q4’20 as U.S. gaming markets continue to recover

Operating income of $260 million, compared to operating loss of $218 million in the prior year

Global Lottery same-store sales growth translates into high profit flow-through
Benefits from OPtiMa structural cost-savings
Goodwill impairment of $296 million in prior-year period

Net interest expense of $94 million compared to $100 million in the prior year

Provision for income taxes of $148 million, compared to a benefit from income taxes of $1 million in the prior year

Higher valuation allowances on deferred tax assets in the current period
Income taxes paid of $4 million versus $11 million in the prior year

Net income attributable to IGT was $92 million versus a net loss attributable to IGT of $248 million in the prior-year period

After-tax goodwill impairment of $296 million in prior-year period
Higher non-cash foreign exchange gains, primarily on Euro-denominated debt instruments, in the current period

Net income per diluted share of $0.38 compared to a net loss per diluted share of $1.28 in the prior year

Adjusted EBITDA of $450 million compared to $261 million in the prior-year period; Global Lottery achieves among the highest segment-level Adjusted EBITDA

Net debt of $7.07 billion compared to $7.32 billion at December 31, 2020; Net debt to LTM Adjusted EBITDA of 5.40x, down from 6.39x at December 31, 2020, driven by strong financial results and cash flow generation

Cash and Liquidity Update

Total liquidity of $2.1 billion as of March 31, 2021; $748 million in unrestricted cash and $1.4 billion in additional borrowing capacity

Other Developments

As previously announced, completed sale of Italy B2C gaming businesses on May 10, 2021; net proceeds to partially fund full redemption, by make-whole call, of €850 million 4.75% Senior Secured Euro Notes due February 2023
In March 2021, issued $750 million 4.125% Notes due 2026, as previously announced

Net proceeds used to fund redemption of 6.25% Notes due 2022
Lowest USD-denominated coupon ever issued by the Company

Recast historical financial information for Q2’20 and Q3’20 included at the end of this release

Conference Call and Webcast:

May 11, 2021, at 8:00 a.m. EDT

Live webcast available under “News, Events & Presentations” on IGT’s Investor Relations website at www.IGT.com; replay available on the website following the live event

Dial-In Numbers

US/Canada toll-free dial-in number: +1 844 842 7999
Outside the US/Canada toll-free number: +1 612 979 9887
Conference ID/confirmation code: 6783961
A telephone replay of the call will be available for one week

US/Canada replay number: +1 855 859 2056
Outside the US/Canada replay number: +1 404 537 3406
ID/Confirmation code: 6783961

Note: Certain totals in the tables included in this press release may not add due to rounding

Comparability of Results

All figures presented in this news release are prepared under U.S. GAAP, unless noted otherwise. Adjusted figures exclude the impact of items such as purchase accounting, impairment charges, restructuring expense, foreign exchange, and certain one-time, primarily transaction-related items. Reconciliations to the most directly comparable U.S. GAAP measures are included in the tables in this news release. Constant currency changes for 2021 are calculated using the same foreign exchange rates as the corresponding 2020 period. Management uses non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate the Company’s financial performance. Management believes these non-GAAP financial measures reflect the Company’s ongoing business in a manner that allows for meaningful period-to-period comparisons and analysis of business trends. These constant currency changes and non-GAAP financial measures should however be viewed in addition to, and not as an alternative for, the Company’s reported results prepared in accordance with U.S. GAAP.

About IGT

IGT (NYSE:IGT) is the global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Gaming Machines and Lotteries to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivalled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.IGT.com.

Cautionary Statement Regarding Forward-Looking Statements
This news release may contain forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning International Game Technology PLC and its consolidated subsidiaries (the “Company”) and other matters. These statements may discuss goals, intentions, and expectations as to future plans, trends, events, dividends, results of operations, or financial condition, or otherwise, based on current beliefs of the management of the Company as well as assumptions made by, and information currently available to, such management. Forward-looking statements may be accompanied by words such as “aim,” “anticipate,” “believe,” “plan,” “could,” “would,” “should,” “shall”, “continue,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project” or the negative or other variations of them. These forward-looking statements speak only as of the date on which such statements are made and are subject to various risks and uncertainties, many of which are outside the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of the underlying assumptions prove incorrect, actual results may differ materially from those predicted in the forward-looking statements and from past results, performance, or achievements. Therefore, you should not place undue reliance on such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include (but are not limited to) the factors and risks described in the Company’s annual report on Form 20-F for the financial year ended December 31, 2020 and other documents filed from time to time with the SEC, which are available on the SEC’s website at www.sec.gov and on the investor relations section of the Company’s website at www.IGT.com. Except as required under applicable law, the Company does not assume any obligation to update these forward-looking statements. You should carefully consider these factors and other risks and uncertainties that affect the Company’s business. Nothing in this news release is intended, or is to be construed, as a profit forecast or to be interpreted to mean that the financial performance of International Game Technology PLC for the current or any future financial years will necessarily match or exceed the historical published financial performance of International Game Technology PLC, as applicable. All forward-looking statements contained in this news release are qualified in their entirety by this cautionary statement. All subsequent written or oral forward-looking statements attributable to International Game Technology PLC, or persons acting on its behalf, are expressly qualified in their entirety by this cautionary statement.

Non-GAAP Financial Measures
Management supplements the reporting of financial information, determined under GAAP, with certain non-GAAP financial information. Management believes the non-GAAP information presented provides investors with additional useful information, but it is not intended to nor should it be considered in isolation or as a substitute for the related GAAP measures. Moreover, other companies may define non-GAAP measures differently, which limits the usefulness of these measures for comparisons with such other companies. The Company encourages investors to review its financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

Adjusted EBITDA represents net income (loss) from continuing operations (a GAAP measure) before income taxes, interest expense, foreign exchange gain (loss), other non-operating expenses, depreciation, impairment losses, amortization (service revenue, purchase accounting and non-purchase accounting), restructuring expenses, stock-based compensation, litigation expense (income), and certain other non-recurring items. Other non-recurring items are infrequent in nature and are not reflective of ongoing operational activities. For the business segments, Adjusted EBITDA represents segment operating income (loss) before depreciation, amortization (service revenue, purchase accounting and non-purchase accounting), restructuring expenses, stock-based compensation, litigation expense (income) and certain other non-recurring items. Management believes that the non-GAAP measures just mentioned are useful in providing period-to-period comparisons of the results of the Company’s ongoing operational performance.

Net debt is a non-GAAP financial measure that represents debt (a GAAP measure, calculated as long-term obligations plus short-term borrowings) minus capitalized debt issuance costs and cash and cash and equivalents. Cash and cash equivalents are subtracted from the GAAP measure because they could be used to reduce the Company’s debt obligations. Management believes that net debt is a useful measure to monitor leverage and evaluate the balance sheet.

Free cash flow is a non-GAAP financial measure that represents cash flow from operations (a GAAP measure) less capital expenditures. Management believes free cash flow is a useful measure of liquidity and an additional basis for assessing IGT’s ability to fund its activities, including debt service and distribution of earnings to shareholders.

Constant currency is a non-GAAP financial measure that expresses the current financial data using the prior-year/period exchange rate (i.e., the exchange rates used in preparing the financial statements for the prior year). Management believes that constant currency is a useful measure to compare period-to-period results without regard to the impact of fluctuating foreign currency exchange rates.

A reconciliation of the non-GAAP measures to the corresponding amounts prepared in accordance with GAAP appears in the tables in this release. The tables provide additional information as to the items and amounts that have been excluded from the adjusted measures.

Contact:

Phil O’Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
Francesco Luti, +39 3485475493; for Italian media inquiries
James Hurley, Investor Relations, +1 (401) 392-7190

Select Performance and KPI data: ($ in millions, unless otherwise noted)				Constant
	Q1’21	Q1’20	Y/Y Change	Currency
GLOBAL LOTTERY	Q1’21	Q1’20	(%)	Change (%)⁽¹⁾
Revenue
Service
Operating and facilities management contracts	695	454	53%	47%
Upfront license fee amortization	(52)	(48)	(9)%	—%
Operating and facilities management contracts, net	643	406	58%	52%
Other	83	66	24%	15%
Total service revenue	725	472	54%	47%

Product sales	23	32	(28)%	(30)%
Total revenue	749	505	48%	42%

Operating income	337	144	133%	121%
Adjusted EBITDA⁽¹⁾	447	243	84%	74%

Global same-store sales growth (%)
Instant ticket & draw games	27.4%	(4.8)%
Multi-jurisdiction jackpots	94.7%	(30.0)%
Total	32.4%	(7.2)%

North America & Rest of world same-store sales growth (%)
Instant ticket & draw games	20.9%	0.3%
Multi-jurisdiction jackpots	94.7%	(30.0)%
Total	27.8%	(3.5)%

Italy same-store sales growth (%)
Instant ticket & draw games	52.2%	(19.8)%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein

				Constant
	Q1’21	Q1’20	Y/Y Change	Currency
GLOBAL GAMING	Q1’21	Q1’20	(%)	Change (%)⁽¹⁾
Revenue
Service
Terminal	90	106	(16)%	(16)%
Systems, software, and other	86	77	11%	8%
Total service revenue	175	184	(5)%	(6)%

Product sales
Terminal	62	53	17%	14%
Other	29	73	(61)%	(62)%
Total product sales revenue	91	126	(28)%	(30)%
Total revenue	266	310	(14)%	(16)%

Operating loss	(19)	(6)	(208)%	(177)%
Adjusted EBITDA⁽¹⁾	19	31	(39)%	(35)%

Installed base units
Casino	48,230	48,911	(1)%
Casino – L/T lease⁽²⁾	1,135	917	24%
Total installed base units	49,365	49,828	(1)%

Installed base units (by geography)
US & Canada	34,138	35,065	(3)%
Rest of world	15,227	14,763	3%
Total installed base units	49,365	49,828	(1)%

Yields (by geography)⁽³⁾, in absolute $
US & Canada	$32.27	$33.72	(4)%
Rest of world (ex-Italy)	$2.58	$6.55	(61)%
Total yields (ex-Italy)	$22.93	$25.67	(11)%

Global machine units sold
New/expansion	884	119	NM
Replacement	3,521	3,563	(1)%
Total machine units sold	4,405	3,682	20%

US & Canada machine units sold
New/expansion	620	36	NM
Replacement	2,276	2,036	12%
Total machine units sold	2,896	2,072	40%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
⁽²⁾ Excluded from yield calculations due to treatment as sales-type leases
⁽³⁾ Excludes Casino L/T lease units due to treatment as sales-type leases

				Constant
	Q1’21	Q1’20	Y/Y Change	Currency
GLOBAL GAMING (Continued)	Q1’21	Q1’20	(%)	Change (%)⁽¹⁾
Rest of world machine units sold
New/expansion	264	83	218%
Replacement	1,245	1,527	(18)%
Total machine units sold	1,509	1,610	(6)%

Average Selling Price (ASP), in absolute $
US & Canada	$13,900	$14,300	(3)%
Rest of world	$13,700	$13,600	1%
Total ASP	$13,800	$14,000	(1)%

Gaming Systems Revenue	30	44	(32)%



CONSOLIDATED
Revenue (by geography)
US & Canada	542	447	21%	21%
Italy	348	202	72%	58%
Rest of world	124	166	(25)%	(29)%
Total revenue	1,015	814	25%	20%

Digital & Betting Revenue ⁽²⁾	58	32	85%	78%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
⁽²⁾ Included within consolidated revenue

International Game Technology PLC
Consolidated Statements of Operations
*($ in millions and shares in thousands, except per share amounts)*
*Unaudited*

	For the three months ended
	March 31,
	2021	2020
Service revenue	901	656
Product sales	114	158
Total revenue	1,015	814

Cost of services	441	415
Cost of product sales	73	92
Selling, general and administrative	186	164
Research and development	55	61
Goodwill impairment	—	296
Restructuring	—	4
Total operating expenses	755	1,032

Operating income (loss)	260	(218)

Interest expense, net	94	100
Foreign exchange gain, net	(145)	(70)
Other expense, net	25	—
Total non-operating (income) expenses	(27)	30
Income (loss) from continuing operations before provision for (benefit from) income taxes	287	(248)
Provision for (benefit from) income taxes	148	(1)
Income (loss) from continuing operations	138	(247)
Income from discontinued operations, net of tax	11	13
Net income (loss)	149	(234)
Less: Net income attributable to non-controlling interests from continuing operations	59	15
Less: Net loss attributable to non-controlling interests from discontinued operations	(2)	(1)
Net income (loss) attributable to IGT PLC	92	(248)

Net income (loss) from continuing operations attributable to IGT PLC per common share – basic	0.39	(1.28)
Net income (loss) from continuing operations attributable to IGT PLC per common share – diluted	0.38	(1.28)
Net income (loss) attributable to IGT PLC per common share – basic	0.45	(1.21)
Net income (loss) attributable to IGT PLC per common share – diluted	0.44	(1.21)
Weighted-average shares – basic	204,857	204,435
Weighted-average shares – diluted	206,504	204,435

International Game Technology PLC
Consolidated Balance Sheets
*($ in millions)*
*Unaudited*

	March 31,	December 31,
	2021	2020
Assets
Current assets:
Cash and cash equivalents	748	907
Restricted cash and cash equivalents	184	199
Trade and other receivables, net	912	846
Inventories	167	169
Other current assets	489	480
Assets held for sale	808	839
Total current assets	3,308	3,440
Systems, equipment and other assets related to contracts, net	1,018	1,068
Property, plant and equipment, net	128	132
Operating lease right-of-use assets	274	288
Goodwill	4,679	4,713
Intangible assets, net	1,531	1,577
Other non-current assets	1,622	1,774
Total non-current assets	9,252	9,552
Total assets	12,560	12,992

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable	1,201	1,126
Current portion of long-term debt	375	393
Other current liabilities	804	847
Liabilities held for sale	174	250
Total current liabilities	2,554	2,615
Long-term debt, less current portion	7,441	7,857
Deferred income taxes	430	333
Operating lease liabilities	256	266
Other non-current liabilities	330	360
Total non-current liabilities	8,458	8,816
Total liabilities	11,012	11,431
Commitments and contingencies
IGT PLC’s shareholders’ equity	835	777
Non-controlling interests	714	784
Shareholders’ equity	1,548	1,561
Total liabilities and shareholders’ equity	12,560	12,992

International Game Technology PLC
Consolidated Statements of Cash Flows
*($ in millions)*
*Unaudited*
	For the three months ended
	March 31,
	2021	2020
Cash flows from operating activities
Net income (loss)	149	(234)
Less: Income from discontinued operations, net of tax	11	13
Adjustments to reconcile net income (loss) from continuing operations to net cash provided by operating activities from continuing operations:
Deferred income taxes	100	(23)
Depreciation	82	86
Amortization of upfront license fees	55	50
Amortization	49	56
Loss on extinguishment of debt	24	—
Debt issuance cost amortization	6	5
Stock-based compensation	4	(13)
Goodwill impairment	—	296
Foreign exchange gain, net	(145)	(70)
Other non-cash items, net	—	(5)
Changes in operating assets and liabilities, excluding the effects of acquisitions:
Trade and other receivables	(86)	279
Inventories	4	(15)
Accounts payable	115	(195)
Other assets and liabilities	(95)	(178)
Net cash provided by operating activities from continuing operations	251	26
Net cash (used in) provided by operating activities from discontinued operations	(36)	132
Net cash provided by operating activities	215	157

Cash flows from investing activities
Capital expenditures	(48)	(85)
Proceeds from sale of assets	6	6
Other	—	11
Net cash used in investing activities from continuing operations	(42)	(69)
Net cash used in investing activities from discontinued operations	(10)	(14)
Net cash used in investing activities	(51)	(83)

Cash flows from financing activities
Principal payments on long-term debt	(1,387)	(432)
Payments in connection with the extinguishment of debt	(22)	—
Payments of debt issuance costs	(6)	—
Net proceeds from short-term borrowings	—	110
Net receipts from financial liabilities	9	51
Net proceeds from Revolving Credit Facilities	432	988
Proceeds from long-term debt	750	—
Dividends paid	—	(41)
Dividends paid – non-controlling interests	(69)	(16)
Return of capital – non-controlling interests	(11)	—
Capital increase – non-controlling interests	10	2
Other	(5)	(2)
Net cash (used in) provided by financing activities	(301)	660

Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	(137)	734
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents	(36)	(10)
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period	1,129	894
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period	956	1,618
Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations	24	18
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations	932	1,600

Supplemental Cash Flow Information
Interest paid	166	182
Income taxes paid	4	11

International Game Technology PLC
Net Debt
*($ in millions)*
*Unaudited*

	March 31,	December 31,
	2021	2020
6.250% Senior Secured U.S. Dollar Notes due February 2022	—	1,004
4.750% Senior Secured Euro Notes due February 2023	992	1,038
5.350% Senior Secured U.S. Dollar Notes due October 2023	61	61
3.500% Senior Secured Euro Notes due July 2024	583	610
6.500% Senior Secured U.S. Dollar Notes due February 2025	1,092	1,092
4.125% Senior Secured U.S. Dollar Notes due April 2026	743	—
3.500% Senior Secured Euro Notes due June 2026	873	913
6.250% Senior Secured U.S. Dollar Notes due January 2027	744	744
2.375% Senior Secured Euro Notes due April 2028	581	608
5.250% Senior Secured U.S. Dollar Notes due January 2029	743	743
Senior Secured Notes	6,413	6,813

Euro Term Loan Facility due January 2023	624	1,044
Euro Revolving Credit Facility B due July 2024	137	—
U.S. Dollar Revolving Credit Facility A due July 2024	267	—
Long-term debt, less current portion	7,441	7,857

Euro Term Loan Facility due January 2023	375	393
Current portion of long-term debt	375	393

Total debt	7,817	8,250

Less: Cash and cash equivalents	748	907
Less: Debt issuance costs, net – Revolving Credit Facilities due July 2024	—	24
Net debt	7,069	7,319

Note: Net debt is a non-GAAP financial measure

International Game Technology PLC
Reconciliation of Non-GAAP Financial Measures
*($ in millions)*
*Unaudited*

	For the three months ended March 31, 2021
			Business
	Global	Global	Segment	Corporate	Total IGT
	Lottery	Gaming	Total	and Other	PLC
Income from continuing operations					138
Provision for income taxes					148
Interest expense, net					94
Foreign exchange gain, net					(145)
Other non-operating expense, net					25
Operating income (loss)	337	(19)	318	(58)	260
Depreciation	47	35	83	(1)	82
Amortization – service revenue⁽¹⁾	55	—	55	—	55
Amortization – non-purchase accounting	8	1	9	1	10
Amortization – purchase accounting	—	—	—	39	39
Stock-based compensation	1	1	2	2	4
Adjusted EBITDA	447	19	466	(16)	450

Cash flows from operating activities – continuing operations					251
Capital expenditures					(48)
Free Cash Flow					204

⁽¹⁾ Includes amortization of upfront license fees

International Game Technology PLC
Reconciliation of Non-GAAP Financial Measures
*($ in millions)*
*Unaudited*

	For the three months ended March 31, 2020
			Business
	Global	Global	Segment	Corporate	Total IGT
	Lottery	Gaming	Total	and Other	PLC
Loss from continuing operations					(247)
Benefit from income taxes					(1)
Interest expense, net					100
Foreign exchange gain, net					(70)
Operating income (loss)	144	(6)	138	(356)	(218)
Goodwill impairment	—	—	—	296	296
Depreciation	46	40	85	—	86
Amortization – service revenue ⁽¹⁾	50	—	50	—	50
Amortization – non-purchase accounting	7	1	8	1	9
Amortization – purchase accounting	—	—	—	47	47
Restructuring	—	1	1	3	4
Stock-based compensation	(4)	(5)	(9)	(4)	(13)
Adjusted EBITDA	243	31	274	(13)	261

Cash flows from operating activities – continuing operations					26
Capital expenditures					(85)
Free Cash Flow					(60)

⁽¹⁾ Includes amortization of upfront license fees

Recast Historical Financial Information

Recast data reflects the treatment of IGT’s Italian B2C gaming machine, sports betting, and digital gaming businesses as discontinued operations.

Select Performance and KPI data:
($ in millions, unless otherwise noted)

GLOBAL LOTTERY	Q2’20	Q3’20
Revenue
Service
Operating and facilities management contracts	416	525
Upfront license fee amortization	(48)	(52)
Operating and facilities management contracts, net	367	474
Other	70	76
Total service revenue	438	549

Product sales	22	20
Total revenue	460	570

Operating income	107	196
Adjusted EBITDA⁽¹⁾	221	309

Global same-store sales growth (%)
Instant ticket & draw games	(7.1)%	10.6%
Multi-jurisdiction jackpots	(24.2)%	(14.3)%
Total	(8.5)%	8.7%

North America and Rest of world same-store sales growth (%)
Instant ticket & draw games	3.5%	15.0%
Multi-jurisdiction jackpots	(24.2)%	(14.3)%
Total	0.6%	12.1%

Italy same-store sales growth (%)
Instant ticket & draw games	(40.5)%	(3.5)%


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein

GLOBAL GAMING	Q2’20	Q3’20
Revenue
Service
Terminal	25	81
Systems, software, and other	59	82
Total service revenue	84	163

Product sales
Terminal	44	49
Other	12	34
Total product sales revenue	56	83
Total revenue	140	247

Operating loss	(111)	(50)
Adjusted EBITDA⁽¹⁾	(36)	(8)

Installed base units
Casino	48,704	48,280
Casino – L/T lease⁽²⁾	930	1,102
Total installed base units	49,634	49,382

Installed base units (by geography)
US & Canada	34,800	34,584
Rest of world	14,834	14,798
Total installed base units	49,634	49,382

Yields (by geography)⁽³⁾, in absolute $
US & Canada	$8.69	$26.79
Rest of world	$0.49	$4.31
Total yields	$6.21	$19.88

Global machine units sold
New/expansion	1,443	818
Replacement	1,538	2,853
Total machine units sold	2,981	3,671

US & Canada machine units sold
New/expansion	1,382	667
Replacement	1,330	2,007
Total machine units sold	2,712	2,674

Rest of world machine units sold
New/expansion	61	151
Replacement	208	846
Total machine units sold	269	997

Average selling price (ASP), in absolute $
US & Canada	$14,700	$13,800
Rest of world	$14,000	$12,100
Total ASP	$14,600	$13,300

Gaming systems revenue	23	31


⁽¹⁾ Non-GAAP measures; see disclaimer and reconciliations to the most directly comparable GAAP measure included herein
⁽²⁾ Excluded from yield calculations due to treatment as sales-type leases
⁽³⁾ Excludes Casino L/T lease units due to treatment as sales-type leases

CONSOLIDATED	Q2’20	Q3’20
Revenue (by geography)
US & Canada	369	443
Italy	150	246
Rest of world	80	127
Total revenue	600	816

Digital & Betting Revenue ⁽¹⁾	43	48


⁽¹⁾ Included within consolidated revenue

International Game Technology PLC
Consolidated Statements of Operations
*($ in millions and shares in thousands, except per share amounts)*
*Unaudited*

	For the three months ended
	June 30, 2020	September 30, 2020
Service revenue	522	713
Product sales	78	104
Total revenue	600	816

Cost of services	361	418
Cost of product sales	67	83
Selling, general and administrative	168	179
Research and development	31	48
Restructuring	43	—
Other operating expense, net	1	1
Total operating expenses	672	730

Operating (loss) income	(72)	87

Interest expense, net	96	101
Foreign exchange loss, net	74	149
Other expense, net	28	6
Total non-operating expenses	198	256

Loss from continuing operations before benefit from income taxes	(271)	(170)
Benefit from income taxes	(3)	(41)
Loss from continuing operations	(268)	(129)
(Loss) income from discontinued operations, net of tax	(15)	26
Net loss	(282)	(102)
Less: Net income attributable to non-controlling interests from continuing operations	—	25
Less: Net (loss) income attributable to non-controlling interests from discontinued operations	(3)	1
Net loss attributable to IGT PLC	(280)	(128)

Net loss from continuing operations attributable to IGT PLC per common share – basic and diluted	(1.31)	(0.75)
Net loss attributable to IGT PLC per common share – basic and diluted	(1.37)	(0.62)
Weighted-average shares – basic and diluted	204,748	204,857

International Game Technology PLC
Consolidated Statements of Cash Flows
*($ in millions)*
*Unaudited*

	For the three months ended
		June 30, 2020	September 30, 2020
Cash flows from operating activities
Net loss		(282)	(102)
Less: (Loss) income from discontinued operations, net of tax		(15)	26
Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities from continuing operations:
Depreciation		88	91
Foreign exchange loss, net		74	149
Amortization		52	53
Amortization of upfront license fees		51	54
Loss on extinguishment of debt		28	—
Debt issuance cost amortization		5	5
Stock-based compensation		1	1
Deferred income taxes		(13)	(70)
Other non-cash items, net		4	1
Changes in operating assets and liabilities, excluding the effects of dispositions and acquisitions:
Trade and other receivables		(192)	81
Inventories		10	(3)
Accounts payable		175	(25)
Other assets and liabilities		111	(18)
Net cash provided by operating activities from continuing operations		127	191
Net cash provided by operating activities from discontinued operations		40	95
Net cash provided by operating activities		168	285

Cash flows from investing activities
Capital expenditures		(54)	(65)
Proceeds from sale of assets		(1)	1
Other		—	2
Net cash used in investing activities from continuing operations		(55)	(62)
Net cash used in investing activities from discontinued operations		(6)	(1)
Net cash used in investing activities		(61)	(63)

Cash flows from financing activities
Principal payments on long-term debt		(790)	(579)
Net payments of short-term borrowings		(35)	(83)
Payments in connection with the extinguishment of debt		(25)	—
Payments of debt issuance costs		(20)	(2)
Net (payments of) receipts from financial liabilities		(14)	59
Proceeds from long-term debt		750	—
Dividends paid – non-controlling interests		(76)	(45)
Capital increase – non-controlling interests		—	1
Other		(4)	(3)
Net cash used in financing activities		(213)	(650)

Net decrease in cash and cash equivalents and restricted cash and cash equivalents		(106)	(428)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents		18	38
Cash and cash equivalents and restricted cash and cash equivalents at the beginning of the period		1,618	1,530
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period		1,530	1,140
Less: Cash and cash equivalents and restricted cash and cash equivalents of discontinued operations		19	19
Cash and cash equivalents and restricted cash and cash equivalents at the end of the period of continuing operations		1,511	1,121

Supplemental Cash Flow Information:
Interest paid		49	141
Income taxes paid		7	20

International Game Technology PLC
Reconciliation of Non-GAAP Financial Measures
*($ in millions)*
*Unaudited*

	For the three months ended June 30, 2020
	Global Lottery	Global Gaming	Business Segment Total	Corporate and Other	Total IGT PLC
Loss from continuing operations					(268)
Benefit from income taxes					(3)
Interest expense, net					96
Foreign exchange loss, net					74
Other non-operating expense, net					28
Operating income (loss)	107	(111)	(4)	(69)	(72)
Depreciation	50	37	87	—	88
Amortization – service revenue (1)	51	—	51	—	51
Amortization – non-purchase accounting	7	2	9	1	10
Amortization – purchase accounting	—	—	—	42	42
Restructuring	5	35	40	3	43
Stock-based compensation	—	—	—	1	1
Other (2)	—	—	—	1	1
Adjusted EBITDA	221	(36)	184	(20)	164

Cash flows from operating activities – continuing operations					127
Capital expenditures					(54)
Free Cash Flow					73

⁽¹⁾ Includes amortization of upfront license fees

⁽²⁾ Primarily includes transaction-related costs

	For the three months ended September 30, 2020
	Global Lottery	Global Gaming	Business Segment Total	Corporate and Other	Total IGT PLC
Loss from continuing operations					(129)
Benefit from income taxes					(41)
Interest expense, net					101
Foreign exchange loss, net					149
Other non-operating expense, net					6
Operating income (loss)	196	(50)	146	(59)	87
Depreciation	51	40	91	—	91
Amortization – service revenue (1)	54	—	54	—	54
Amortization – non-purchase accounting	8	2	10	1	11
Amortization – purchase accounting	—	—	—	42	42
Stock-based compensation	—	—	—	1	1
Other (2)	—	—	—	1	1
Adjusted EBITDA	309	(8)	301	(13)	287

Cash flows from operating activities – continuing operations					191
Capital expenditures					(65)
Free Cash Flow					126

⁽¹⁾ Includes amortization of upfront license fees

⁽²⁾ Primarily includes transaction-related costs

View original content to download multimedia:http://www.prnewswire.com/news-releases/international-game-technology-plc-reports-first-quarter-2021-results-301288342.html

SOURCE International Game Technology PLC

May 11, 2021 6:39 am

Daqo New Energy Hosts Site Visit at Xinjiang Production Facility

PR Newswire

SHIHEZI, China, May 11, 2021 /PRNewswire/ — Daqo New Energy Corp. (NYSE: DQ) (“Daqo New Energy”, the “Company” or “we”), a leading manufacturer of high-purity polysilicon for the global solar PV industry, today hosted a field trip to its polysilicon facility in Shihezi City, Xinjiang Uyghur Autonomous Region for institutional investors and solar industry analysts.

Solar industry analysts from Credit Suisse, CICC, Goldman Sachs, HSBC, JP Morgan and seven institutional investors joined the in-person tour of the Company’s state-of-the-art facilities. Journalists from various media including Bloomberg, Financial Times and China’s Global Times were also present. The Company has scheduled a similar field trip for another group of 35 solar industry investors and analysts from domestic Chinese institutions on May 12.

Visitors joining today’s field trip were able to witness all major process in the Company’s highly technical polysilicon manufacturing complex. Daqo’s management team was on site to answer questions and provide technical explanations.

“We have always been transparent and welcoming to visitors to our Xinjiang facilities,” commented Mr. Longgen Zhang, Chief Executive Officer of Daqo. “As stated repeatedly, we do not condone the use of forced labor under any circumstances. Furthermore, our visitors were able to see that our chemical process, which is highly automated, digitalized, technology-intensive, is not conducive to employing unskilled labor. Our visitors today were able to take away direct impressions of our facility as well as the quality of its management and workforce.”

The event is now available for viewing for investors who could not travel due to Covid-19 restrictions here: https://m.inmuu.com/v1/live/news/1026538

About Daqo New Energy Corp

Daqo New Energy Corp. (NYSE: DQ) (“Daqo” or the “Company”) is a leading manufacturer of high-purity polysilicon for the global solar PV industry. Founded in 2007, the Company is one of the world’s lowest cost producers of high-purity polysilicon. It has a total annual capacity of 70,000 metric tons of high-purity polysilicon, with another 35,000 metric tons polysilicon capacity under construction expected to reach full capacity by the end of first quarter of 2022.

For more information, please visit www.dqsolar.com

View original content:http://www.prnewswire.com/news-releases/daqo-new-energy-hosts-site-visit-at-xinjiang-production-facility-301288364.html

SOURCE Daqo New Energy Corp.

May 11, 2021 6:39 am

Digital Homeownership Platform Better to Become a Publicly-Listed Company via Merger with Aurora Acquisition Corp.; Company is Redefining the Homeownership Experience

Digital Homeownership Platform Better to Become a Publicly-Listed Company via Merger with Aurora Acquisition Corp.; Company is Redefining the Homeownership Experience

In 2020, Better funded $24.2 billion in volume and 490% year-over-year growth from 2019

SoftBank commits to invest $1.5 billion via PIPE investment, of which $200 million will be subscribed by Aurora’s Sponsor, Novator Capital

Aurora Acquisition shareholder redemptions to be fully backstopped by Novator Capital

Transaction values Better at approximately $6.9 Billion pre-money equity value and anticipated that transaction will provide Better with $778 million of primary proceeds for continued expansion

Vishal Garg and existing Better management to continue leading Better

Aurora Acquisition CIO Prabhu Narasimhan to Join Board of Directors

NEW YORK–(BUSINESS WIRE)–
Better HoldCo, Inc.(“Better” or the “Company”), one of the fastest-growing digital homeownership platforms in the U.S., and Aurora Acquisition Corp. (NASDAQ: AURC) (“Aurora”), a special purpose acquisition company, which closed its initial public offering on March 8, 2021, today announced that they have entered into a definitive merger agreement that will transform Better into a publicly-listed company. The transaction reflects an implied equity value for Better of approximately $6.9 billion and a post-money equity value of approximately $7.7 billion.

Better, a fully digital homeownership platform, offers mortgage, real estate, title, and homeowners insurance products all through one intuitive online platform. Since its founding in 2016, Better has digitized the mortgage process, eliminated origination fees and commissions, empowering its clients throughout their homeownership journey. Customers can find a rate in as little as three seconds, get approved in as little as three minutes, lock in rates in as little as 15 minutes, and close their loans in as little as two weeks. From getting pre-approved for a mortgage and hiring a realtor, to securing title insurance, Better provides customers a cheap, quick, and intuitive online home financing experience. A meaningful portion of funds from this transaction will be used to fuel growth in current and adjacent businesses and to continue improving the customer experience. Additional proceeds will be used to cash-out shares from existing Better investors.

Better Investment Highlights

Fast-growing homeownership platform, with over $24.2 billion funded loan volume and 490% year-over-year growth from 2019; $7.7B in title insurance placed, 855% growth from 2019, $1.4B in homeowners insurance placed 300% growth from 2019, and $691M in real estate transaction volume 471% growth from 2019;
Better’s proprietary, data-driven technology platform, called Tinman, underpins Better’s efficient, low-cost model, allows Better to offer customers lower rates;
Labor cost is 57% lower than MBA industry average, demonstrating our tech-driven efficiency;
2020 Adjusted 2020 EBITDA of $281.1M;
An experienced management team led by founder and CEO Vishal Garg, with a proven record in consumer lending and fintech; CFO Kevin Ryan, with over 20 years of experience in financial services investment banking; CTU Diane Yu, with two decades experience in technical architecture and engineering; CCO Paula Tuffin, with over two decades experience in the law including at the Consumer Financial Protection Bureau; Head of Sales and Operations Sarah Pierce, overseeing thousands of Better team members across sales and operations;
A highly efficient team, who close an average of 16.2 loans per month, compared to 7.1 for the MBA industry average;
Currently licensed to operate in 47 states and the District of Columbia;
Industry leading partnerships on private label and co-branded basis for some of the best brands in financial services, American Express, Ally Financial and Progressive Insurance;
An award-winning product, most recently named among Nerdwallet’s Best Mortgage Refinance Companies of 2021, LinkedIn’s Top Startup of 2020 and a CNBC Disruptor 50: as well as being rated among the best mortgage refinance lenders by Forbes;

As part of this transaction, SB Management Limited, a subsidiary of SoftBank Group Corp.,(“SoftBank”) will participate by committing to a $1.5 billion private investment in public equity (“PIPE”) upon closing of the transaction. Aurora’s sponsor, Novator Capital (“NC” or “Aurora’s Sponsor”) will invest $200 million through the PIPE, by taking up a portion of SoftBank’s commitment, and also has committed to backstop any redemptions by Aurora shareholders of funds in its trust account, substantially increasing transaction completion certainty. Also participating in the PIPE is current Better investor, Activant Capital. Subject to customary closing conditions, the transaction is expected to close in the fourth quarter of 2021.

“This transaction is the beginning of an amazing new chapter in Better’s history,” said Founder and CEO Vishal Garg. “This transaction provides investment capital to accelerate Better’s growth and support our mission to make homeownership simpler, faster, more affordable and more accessible for all Americans, and eventually everyone else. This all got started because I wanted a place for my kids to call home. And through this journey I have only grown more confident in my belief that every child on this planet deserves a place they can call home, a place where they can dream, a place where they can invite their friends to play, a place they can count on to be there when they have a bad day, and one they can come back to when something like COVID happens and they just don’t want to be alone. Everyone deserves a home, and we’re not going to stop until we make it possible for everyone to not just dream of a home, but to have one. Now, every one of our customers and partners and friends will be able to participate in our growth and our mission. Together, we will make home better.”

Thor Björgólfsson, Chairman of Aurora Acquisition Corp. said: “We are pleased to partner with Better, an emerging market leader with proven executive management led by Vishal, an attractive business model and a highly scalable digital platform.”

Prabhu Narasimhan, Chief Investment Officer of Aurora, who will join the combined Company’s Board of Directors, added: “Our Chief Executive Officer, Arnaud Massenet and I, are proud to have identified such an innovative and industry disruptive company to combine with. We firmly believe that Better will create substantial long term value for shareholders and will leverage its significant technology to lead the industry into the future.”

Transaction Overview

The transaction has been approved by the Boards of Directors of both Better and Aurora. It is expected to close in the fourth quarter of 2021, subject to the satisfaction of customary closing conditions, including the approval of shareholders of Aurora and the stockholders of Better and certain regulatory approvals.

Under the terms of the proposed transaction, Aurora will combine with Better, and Better will become a publicly-traded company. The transaction reflects an implied post-money equity value for Better of approximately $7.7 billion.

Of the total consideration to existing stockholders of Better, $950 million will be paid in cash and the remainder in stock of the new Better. Existing Better shareholders can elect to receive cash or stock, subject to proration depending on whether cash elections are above or below $950 million. Certain existing holders have committed to elect cash for at least a portion of their shares, while others holders, including Vishal Garg, have committed to only elect stock consideration.

After payment of the $950 million cash consideration, the remaining transaction proceeds, after paying expenses related to the transactions, of approximately $778 million will be used for general corporate purposes.

Aurora, Aurora’s Sponsor and Better are committed to the customers of Better. Accordingly, Aurora’s Sponsor and Better have agreed that Aurora’s Sponsor will voluntarily forfeit 50% of its private placement warrants and modify the remaining 50% to be redeemable at $18.00 per share. Aurora’s sponsor also has agreed that 20% of its founder shares will be subject to price-based vesting. Major stockholders, members of Better’s Board of Directors, and key executives of Better have agreed to enter into lock-up agreements as well.

Additional information about the proposed transaction, including an investor presentation, has been provided in a Current Report on Form 8-K filed by Aurora today with the Securities and Exchange Commission (“SEC”) and available at: www.sec.gov.

Advisors

BofA Securities is acting as financial advisor to Better. Barclays is acting as financial advisor to Aurora.

Sullivan & Cromwell LLP is acting as legal counsel to Better. Baker McKenzie LLP and Ropes & Gray LLP are acting as legal counsel to Aurora.

Presentation Webcast

A webcast presentation hosted by the Management of Better and Aurora Acquisition can be found at http://public.viavid.com/index.php?id=144937 and can also be accessed at Aurora’s website https://aurora-acquisition.com.

About Better

Founded in 2016, Better is a digital-first homeownership company whose services included mortgage, real estate, title, and homeowners insurance. From its founding in 2016 through 2020, Better funded $30.9B in home loans and provided over $7B in cumulative coverage through Better Cover and Better Settlement Services, the insurance divisions of Better. Better has raised over $400M in equity capital since inception. The company was ranked #15 on CNBC’s Disruptor 50 2020 list, as well as being listed to Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.

About Aurora Acquisition Corp.

Aurora Acquisition Corp. is a newly formed blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). The Company is led by Thor Björgólfsson as its Chairman, Arnaud Massenet as its Chief Executive Officer, and Prabhu Narasimhan as its Chief Investment Officer.

Through its philosophy of “founders investing in Founders”, Aurora looks to empower strong management teams and make long term investments in companies poised for sustained success. Aurora is sponsored by Novator Capital. Additional information regarding Aurora Capital may be found at: https://aurora-acquisition.com/.

Important Information for Investors and Shareholders

This release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Aurora intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of Aurora, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all Aurora shareholders. Aurora also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Aurora are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Neither the SEC nor any securities commission or any other U.S. or non-U.S. jurisdiction has approved or disapproved of the business combination or information included herein.

Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Aurora through the website maintained by the SEC at www.sec.gov. The documents filed by Aurora with the SEC also may be obtained free of charge at Aurora’s website at https://aurora-acquisition.com/ or upon written request to Aurora Acquisition Corp., 20 North Audley Street, London W1K 6LX, United Kingdom, Attention: Arnaud Massenet, Chief Executive Officer, +44 (0)20 3931 9785.

Participants in the Solicitation

Aurora and its directors and executive officers may be deemed participants in the solicitation of proxies from Aurora’s stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in Aurora is contained in Aurora’s registration statement on Form S-1, which was initially filed with the SEC on February 12, 2021, and is available free of charge at the SEC’s web site at sec.gov, or by directing a request to Aurora Acquisition Corp., 20 North Audley Street, London W1K 6LX, United Kingdom, Attention: Arnaud Massenet, Chief Executive Officer, +44 (0)20 3931 9785. Additional information regarding the interests of such participants will be contained in the Registration Statement when available.

Better and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of Aurora in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination will be contained in the Registration Statement when available.

Forwarding Looking Statements

This release on Form 8-K only speaks at the date hereof and contains, and related discussions may contain, “forward-looking statements” within the meaning of U.S. federal securities laws. These statements include descriptions regarding the intent, belief, estimates, assumptions or current expectations of Aurora, Better or their respective officers with respect to the consolidated results of operations and financial condition, future events and plans of Aurora and Better. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan”, “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Forward-looking statements are not historical facts, and are based upon management’s current expectations, beliefs, estimates and projections, and various assumptions, many of which are inherently uncertain and beyond Aurora’s and Better’s control. Such expectations, beliefs, estimates and projections are expressed in good faith, and management believes there is a reasonable basis for them. However, there can be no assurance that management’s expectations, beliefs, estimates and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. We are experiencing significant changes within the mortgage lending and servicing ecosystem which have magnified such uncertainties. In the past, actual results have differed from those suggested by forward-looking statements and this may happen again.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, Better’s performance, capabilities, strategy, and outlook; our expectations regarding the sustainability of Better’s rapid growth and its ability to manage its growth effectively; the demand for Better’s solutions and products and services, including the size of Better’s addressable market, market share, and market trends; our ability to operate under and maintain Better’s business model; Better’s ability to develop and protect its brand; our expectations regarding financial performance including Better’s operational and financial targets; our estimates regarding expenses, future revenue, capital requirements and Better’s need for additional financing; the degree of business and financial risk associated with certain of Better’s loans; the high volatility in, or any inaccuracies in the estimates of, the value of Better’s assets; any changes in macro-economic conditions and in U.S. residential real estate market conditions, including changes in prevailing interest rates or monetary policies and the effects of the ongoing COVID-19 pandemic; our expectations regarding the impact of the COVID-19 pandemic on Better’s business including on the volume of consumers refinancing existing loans, Better’s ability to produce loans, liquidity and employees; Better’s competitive position; Better’s ability to improve and expand its information technology and financial infrastructure, security and compliance requirements and operating and administrative systems; Better’s future investments in its technology and operations; Better’s intellectual property position, including its ability to maintain, protect and enhance Better’s intellectual property; the need to hire additional personnel and Better’s ability to attract and retain such personnel; Better’s ability to obtain additional capital and maintain cash flow or obtain adequate financing or financing on terms satisfactory to us; the effects of Better’s existing and future indebtedness on its liquidity and Better’s ability to operate our business; our expectations concerning relationships with third parties; Better’s plans to adopt the secured overnight financing rate (“SOFR”); the impact of laws and regulations and Better’s ability to comply with such laws and regulations including laws and regulations relating to fair lending, real estate brokerage matters, title and settlement services, consumer protection, advertising, tax, title insurance, loan production and servicing activities, data privacy, and anti-corruption; any changes in certain U.S. government-sponsored entities and government agencies, including Fannie Mae, Freddie Mac, Ginnie Mae and the FHA; our expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; the increased expenses associated with being a public company; and Better’s anticipated use of existing resources and the proceeds from the business combination.

There may be other risks not presently known to us or that we presently believe are not material that could also cause actual results to differ materially. Analysis and opinions contained in this release may be based on assumptions that, if altered, can change the analysis or opinions expressed. In light of the significant uncertainties inherent in the forward-looking statements included in this report, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this report will be achieved, and you are cautioned not to place substantial weight or undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date they are made and, Aurora and Better each disclaims any obligation, except as required by law, to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Measures and Other Financial Metrics

This release includes a financial measure not presented in accordance with generally accepted accounting principles (“GAAP”), namely, Adjusted EBITDA. This non-GAAP financial measure should not be considered in isolation and is not intended to be a substitute for any GAAP financial measure. This non-GAAP measures provides supplemental information that Better believes helps investors better understand its business, its business model and how Better analyzes its performance. Better also believe this non-GAAP financial measure improves investors’ and analysts’ ability to compare its results with those of our competitors and other similarly situated companies, which commonly disclose similar performance measures. However, calculation of Adjusted EBITDA may not be comparable to similarly titled performance measures presented by other companies. Further, although Better uses this non-GAAP measure to assess the financial performance of its business, this measure excludes certain substantial costs related to our business, and investors are cautioned not to use such measure as a substitute for financial results prepared according to GAAP. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. As a result, non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, Better’s financial results prepared and presented in accordance with GAAP.

Use of Data

The data contained herein is derived from various internal and external sources we believe to be reliable. No representation is made as to the reasonableness of the assumptions within or the accuracy or completeness of any projections or modeling or any other information contained herein. Accordingly, any liability in respect of the information contained herein or in respect of this presentation (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. Any data on past performance or modeling contained herein is not an indication as to future performance, and each of Better and Aurora disclaims any obligation, except as required by law, to update or revise the information in this presentation, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210511005602/en/

Media

Patrick Lenihan

[email protected]

+1-201-819-9871

Investors

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

May 11, 2021 6:34 am

Centerra Gold Announces Quarterly Dividend of C$0.05 per common share

TORONTO, May 11, 2021 (GLOBE NEWSWIRE) — Centerra Gold Inc. (“Centerra”) (TSX: CG) (NYSE: CGAU) announced today that its Board of Directors has approved a quarterly dividend of C$0.05 per common share – approximately C$14.8 million or US$12.7 million. The quarterly dividend is payable on June 10, 2021 to shareholders of record on May 27, 2021. The dividend is an eligible dividend for Canadian income tax purposes.

Centerra continues to proactively monitor closely the evolving situation relating to COVID-19 and how it may affect the Company’s business. The Company notes that going forward, in addition to the other factors that the Board of Directors normally considers in connection with the declaration of dividends, it will also need to carefully consider whether, and the extent to which, developments relating to COVID-19 affect its dividend program. Centerra also notes that there is a great deal of uncertainty regarding the Kumtor Mine due to recent legislative changes in the Kyrgyz Republic, public rhetoric regarding nationalization, and tax and legal claims and investigations relating to the Kumtor Mine. Going forward, the Board of Directors will also need to carefully consider whether, and the extent to which, developments surrounding Kumtor will affect its declaration of future dividends. In accordance with Centerra’s dividend policy, the timing and quantum of dividends are to be determined by the Board of Directors from time-to-time based on, among other things, the Company’s operating results, cash flow and financial conditions, Centerra’s current and anticipated capital requirements, and general business conditions.

About Centerra Gold

Centerra Gold Inc. is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia. Centerra operates three mines, the Kumtor Mine in the Kyrgyz Republic, the Mount Milligan Mine in British Columbia, Canada and the Öksüt Mine in Turkey. Centerra’s shares trade on the Toronto Stock Exchange (TSX) under the symbol CG and on the New York Stock Exchange (NYSE) under the symbol CGAU. The Company is based in Toronto, Ontario, Canada.

For more information:

John W. Pearson
Vice President, Investor Relations
(416) 204-1953
[email protected]

Additional information on Centerra is available on the Company’s web site at
www.centerragold.com
and at SEDAR at
www.sedar.com
and EDGAR at
www.sec.gov/edgar.

A PDF accompanying this announcement is available at: http://ml.globenewswire.com/Resource/Download/618f558c-14be-43a7-b946-7ec525bf6349