Market Newsdesk

May 4, 2021 8:05 am

Hawkmoon Resources Applies for a Drill Permit

Hawkmoon Resources Applies for a Drill Permit

VANCOUVER, BRITISH COLUMBIA–(BUSINESS WIRE)–Hawkmoon Resources Corp. (CSE:HM) (“Hawkmoon” or the “Company”) is pleased to announce it has submitted an application for a diamond drilling permit (the “Permit”) for its Wilson property (the “Wilson Property”), located in the Verneuil Township fifteen kilometres east of the town of Lebel-sur-Quévillon and 150 kilometres northeast of the mining city of Val d’Or. Hawkmoon submitted the application through an experienced intermediary, GFE Exploration and Forestry Services, of Val-d’Or Québec. When granted, the Permit will allow Hawkmoon to drill up to 5,000 metres in twenty-nine (29) diamond drill holes (the “Drill Program”).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210504005427/en/

Toussaint Gold Mineralization from the Wilson Project. (Photo: Business Wire)

Goals of the Drill Program

The Company has five key goals for the Drill Program which are outlined below. Refer to figure 1 which shows the location of the various gold showings on the Wilson Property.

Test several historical drill intercepts from both the Toussaint and Midrim Showings
Examine the potential to connect the Toussaint and Midrim Showings
Drill under the historical trenches for the Toussaint Showing
Examining the possibility to extend the Toussaint Showing to the west and the Midrim Showing to the east
Verifying and looking to expand the Moneta-Porcupine South Showing

Hawkmoon intends to focus on three areas at the Wilson Property. The first is situated between the Toussaint and Midrim gold showings. The second is the bedrock geology in the nose of the large fold, which separates the Toussaint and Moneta-Porcupine South showings. The third is the old trenches at the Toussaint Showing.

Mr. Branden Haynes, President of Hawkmoon, states “We anticipate starting work on our recently acquired Wilson Property this summer. One of the many reasons we chose to explore in Quebec is the Province’s efficient permit application process. The Company is currently evaluating the available data to plan a comprehensive work program.”

About Hawkmoon Resources

Hawkmoon recently completed its initial public offering and is focused entirely on its two Quebec gold projects in one of the world’s largest gold deposits, the Abitibi Greenstone Belt. Both these gold projects are accessible by government-maintained roads and are in close proximity to each other east of the town of Lebel sur Quévillon.

Qualified Person

The technical information in this news release has been reviewed and approved by Thomas Clarke P.Geo., Pr.Sci.Nat. Mr. Clarke is a “Qualified Person” under NI 43-101 and a Director and the Vice President Exploration of Hawkmoon.

HAWKMOON RESOURCES CORP.,

ON BEHALF OF THE BOARD

“Branden Haynes”

Branden Haynes, Chief Executive Officer

Forward Looking Statements

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the Company’s application for a drill permit for the Wilson property, its plans for a summer 2021 drill program on the Wilson property, and the scope, focus and timing of those programs and activities, and any other information herein that is not a historical fact may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “managements view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This “forward-looking information” is based on the reasonable assumptions and estimates of management of Hawkmoon at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Hawkmoon to be materially different from any future results, performance or achievements expressed or implied by such “forward-looking information”. Such factors include, among others, risks relating to the ability of exploration activities (including drill results) to accurately predict mineralization; the ability of Hawkmoon to complete further exploration activities, including the planned drill clearing and trenching programs; and the ability of Hawkmoon to obtain required permits and complete programs on terms announced. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, Hawkmoon cannot assure shareholders and prospective purchasers of its securities that actual results will be consistent with forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Hawkmoon does not assume responsibility for the accuracy and completeness of any forward-looking information and assumes no obligation to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210504005427/en/

Branden Haynes, Chief Executive Officer and Director, Email: [email protected]; Telephone: 604-817-1595

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

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Toussaint Gold Mineralization from the Wilson Project. (Photo: Business Wire)

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Map of the gold showings and Diamond Drilling on the Wilson Property. (Graphic: Business Wire)

May 4, 2021 8:05 am

Kiniksa Reports First Quarter 2021 Financial Results and Recent Corporate and Portfolio Activity

– ARCALYST
^®
(rilonacept) launched as the first and only FDA-approved therapy for recurrent pericarditis –

– Mavrilimumab Phase 2 severe COVID-19 data demonstrated a reduction in mechanical ventilation and death at Day 29; Phase 3 enrollment ongoing –

– Final KPL-404 Phase 1 data support further development in patients; Phase 2 proof-of-concept trial initiation planned for 2H 2021 –

– Cash reserves of approximately $264 million –

HAMILTON, Bermuda, May 04, 2021 (GLOBE NEWSWIRE) — Kiniksa Pharmaceuticals, Ltd. (Nasdaq: KNSA) (“Kiniksa”), a biopharmaceutical company with a portfolio of assets designed to modulate immunological pathways across a spectrum of diseases, today reported first quarter 2021 financial results and recent corporate and portfolio activity.

“The first quarter was transformational for Kiniksa with the approval of ARCALYST as the first and only FDA-approved therapy for patients with recurrent pericarditis. We are focused on the launch of ARCALYST and are confident in our commercialization strategy,” said Sanj K. Patel, Chief Executive Officer and Chairman of the Board of Kiniksa. “Additionally, we are executing across our broader portfolio of immune-modulating assets. We recently reported positive data for mavrilimumab in severe COVID-19 pneumonia and hyperinflammation and remain engaged with the FDA and other government agencies to identify pathways for accelerated availability of mavrilimumab as a potential therapeutic option for this patient population. We also reported positive final Phase 1 data for our potentially best-in-class anti-CD40 program, KPL-404, and plan to initiate a Phase 2 proof-of-concept trial in the second half of 2021.”

Portfolio Activity

ARCALYST (IL-1α and IL-1β cytokine trap)

Kiniksa received approval from the U.S. Food and Drug Administration (FDA) on March 18, 2021, for ARCALYST for the treatment of recurrent pericarditis and reduction in risk of recurrence in adults and children 12 years and older. The commercial launch of ARCALYST in recurrent pericarditis commenced in April 2021.
- Kiniksa is responsible for sales and distribution of ARCALYST for all the approved indications in the United States, including cryopyrin-associated periodic syndromes (CAPS) and deficiency of IL-1 receptor antagonist (DIRA), and will evenly split profits with Regeneron Pharmaceuticals, Inc. (Regeneron).
Kiniksa is executing on its commercial strategy, including engagement with priority accounts and payers to enable rapid and broad access to ARCALYST for patients.
Kiniksa is enrolling pediatric and adult patients with recurrent pericarditis in the RESONANCE registry.

Mavrilimumab (monoclonal antibody inhibitor targeting GM-CSFRα)

Kiniksa expects to provide next steps for mavrilimumab, including for giant cell arteritis (GCA), in the second quarter of 2021.
Kiniksa announced data from the Phase 2 portion of the Phase 2/3 clinical trial of mavrilimumab in non-mechanically ventilated patients with severe COVID-19 pneumonia and hyperinflammation receiving local standard of care. Non-mechanically ventilated patients treated with mavrilimumab demonstrated a reduction in mechanical ventilation and death at Day 29 pooled across dose cohorts.
- Kiniksa continues to advance its engagement activities with the FDA and other government agencies to identify pathways to potentially accelerate availability of mavrilimumab as a therapeutic option for severe COVID-19 patients. Enrollment in the Phase 3 portion of the trial is ongoing.

Vixarelimab (monoclonal antibody inhibitor of signaling through OSMRβ)

Kiniksa is conducting a placebo-controlled Phase 2b clinical trial of vixarelimab in prurigo nodularis, evaluating a range of once-monthly dose regimens via subcutaneous (SC) injection.
- The primary efficacy endpoint is the percent change from baseline in the weekly-average Worst-Itch Numeric Rating Scale at Week 16.

KPL-404 (monoclonal antibody inhibitor of signaling between CD40 and CD154)

Kiniksa announced final data today from the KPL-404 Phase 1 clinical trial in healthy volunteers. KPL-404 was well tolerated and showed dose-dependent increases in concentration across cohorts. The data support further development in patients with optionality for intravenous and/or SC administration.
- Kiniksa plans to initiate a Phase 2 proof-of-concept clinical trial of KPL-404 in rheumatoid arthritis in the second half of 2021. The planned trial will provide safety and characterization of chronic dosing with SC administration over 12 weeks as well as the potential to evaluate KPL-404 across a range of other autoimmune diseases.

Scientific Conference Presentations

Kiniksa plans to present additional data from the RHAPSODY, the pivotal Phase 3 trial of rilonacept, at the American College of Cardiology virtual scientific conference, which will be available starting on May 15, 2021 at 8:00 a.m. Eastern Time. Details of the presentations are as follows:
- Antonio Brucato, MD, Department of Biomedical and Clinical Science, University of Milan, Fatebenefratelli Hospital, Milan, will present a poster entitled, Tapering and discontinuation of background therapies during the transition to rilonacept monotherapy in RHAPSODY, a phase 3 clinical trial of rilonacept in patients with recurrent pericarditis.
- Paul Cremer, MD, Department of Cardiovascular Medicine, Cleveland Clinic, Cleveland, will present a moderated poster entitled, Cardiac magnetic resonance imaging for guiding decision-making on treatment duration: data from RHAPSODY, a phase 3 clinical trial of rilonacept in recurrent pericarditis.

Financial Results

Net loss for the first quarter of 2021 was $49.5 million, compared to a net loss of $26.4 million for the first quarter of 2020.
Total operating expenses for the first quarter of 2021 were $49.3 million, compared to $29.4 million for the first quarter of 2020.
- Non-cash, share-based compensation expense for the first quarter of 2021 was $7.1 million, compared to $4.2 million for the first quarter of 2020.
Kiniksa made a $20.0 million milestone payment to Regeneron in the first quarter of 2021 upon the FDA approval of ARCALYST in recurrent pericarditis. The milestone payment was capitalized as an intangible asset and will be amortized through cost of goods sold on a straight-line basis over the 20-year life of the asset starting in the second quarter of 2021.
As of March 31, 2021, the company had cash, cash equivalents and short-term investments of $264.0 million and no debt.

Financial Guidance

Kiniksa expects that its cash, cash equivalents and short-term investments will fund its current operating plan into 2023.

About Kiniksa

Kiniksa is a biopharmaceutical company focused on discovering, acquiring, developing and commercializing therapeutic medicines for patients suffering from debilitating diseases with significant unmet medical need. Kiniksa’s portfolio of assets, ARCALYST, mavrilimumab, vixarelimab and KPL-404, are based on strong biologic rationale or validated mechanisms, target underserved conditions and offer the potential for differentiation. These assets are designed to modulate immunological pathways across a spectrum of diseases. For more information, please visit www.kiniksa.com.

Important information about ARCALYST Injection

ARCALYST can affect your immune system and can lower the ability of your immune system to fight infections. Serious infections, including life-threatening infections and death have happened in patients taking ARCALYST. You should not begin ARCALYST if you have an infection or have infections that keep coming back. After starting ARCALYST, if you get an infection or show any sign of an infection, including a fever, cough, flu-like symptoms, or have any open sores on your body, call your doctor right away. Treatment with ARCALYST should be stopped if you get a serious infection.
While taking ARCALYST, do not take other medicines that block interleukin-1, such as Kineret^® (anakinra), or medicines that block tumor necrosis factor, such as Enbrel^® (etanercept), Humira^® (adalimumab), or Remicade^® (infliximab), as this may increase your risk of getting a serious infection.
Before starting ARCALYST, tell your doctor if you think you have an infection, are being treated for an infection, have signs of an infection, have any open sores, have a history of infections that keep coming back, have asthma, have diabetes or an immune system problem, have tuberculosis, or have been in contact with someone who has had tuberculosis, has or has had HIV, hepatitis B or hepatitis C, or takes other medicines that affect your immune system.
Before you begin treatment with ARCALYST, talk with your healthcare provider about your vaccine history. Ask your healthcare provider whether you should receive any vaccines, including the pneumonia vaccine and flu vaccine, before you begin treatment with ARCALYST.
ARCALYST can cause serious side effects:
- Medicines that affect the immune system may increase the risk of getting cancer.
- Stop taking ARCALYST and call your doctor or get emergency care right away if you have any symptoms of an allergic reaction (e.g., rash, swollen face, trouble breathing).
- Your doctor will do blood tests to check for changes in your blood cholesterol and triglycerides.
Common side effects of ARCALYST include injection-site reactions, upper respiratory tract infections, joint and muscle aches, rash, ear infection, sore throat, and runny nose.
Tell your doctor if you are scheduled to receive any vaccines, if you are pregnant or plan to become pregnant, and if you are breastfeeding or plan to breastfeed.
Tell your doctor if you take other medicines that affect the immune system such as interleukin-1 blockers, tumor necrosis factor blockers, or corticosteroids.

For more information about ARCALYST, talk to your doctor and see the
Product Information
.

About Mavrilimumab

Mavrilimumab is an investigational fully-human monoclonal antibody that blocks activity of granulocyte macrophage colony stimulating factor (GM-CSF) by specifically binding to the alpha subunit of the GM-CSF receptor. Mavrilimumab was dosed in over 550 patients with rheumatoid arthritis through Phase 2b clinical studies in Europe and achieved prospectively-defined primary endpoints of efficacy and safety. Kiniksa is evaluating mavrilimumab in GCA, a rare inflammatory disease of medium-to-large arteries. The company’s Phase 2 trial in GCA achieved both the primary and secondary efficacy endpoints with statistical significance. Kiniksa is also evaluating mavrilimumab in severe COVID-19 pneumonia and hyperinflammation. The FDA granted Orphan Drug designation to mavrilimumab for the treatment of GCA in 2020.

About Vixarelimab

Vixarelimab is an investigational fully-human monoclonal antibody that targets oncostatin M receptor beta (OSMRβ), which mediates signaling of interleukin-31 (IL-31) and oncostatin M (OSM), two key cytokines implicated in pruritus, inflammation and fibrosis. Kiniksa believes vixarelimab to be the only monoclonal antibody in development that targets both pathways simultaneously. Kiniksa’s lead indication for vixarelimab is prurigo nodularis, a chronic inflammatory skin condition characterized by severely pruritic skin nodules. The FDA granted Breakthrough Therapy designation to vixarelimab for the treatment of pruritus associated with prurigo nodularis in 2020.

About KPL-404

KPL-404 is an investigational humanized monoclonal antibody that is designed to inhibit CD40-CD154 (CD40 ligand) interaction, a key T-cell co-stimulatory signal critical for B-cell maturation and immunoglobulin class switching and Type 1 immune responses. Kiniksa believes disrupting the CD40-CD154 interaction is an attractive approach for multiple autoimmune disease pathologies. Kiniksa owns or controls the intellectual property related to KPL-404.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these identifying words. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding: our engaging with the FDA and other government agencies to identify pathways for the potential accelerated availability of mavrilimumab as a therapeutic option for severe COVID-19 patients; expected timing of next steps for mavrilimumab, including for giant cell arteritis (GCA), in the second quarter of 2021; our beliefs about our commercial strategy for ARCALYST; our beliefs about the final data from our Phase 1 clinical trial of KPL-404 in healthy volunteers ; expected timing and design of clinical trials, including initiating our Phase 2 proof-of-concept trial of KPL-404 in rheumatoid arthritis in the second half of 2021 and the potential to evaluate KPL-404 across a range of other autoimmune diseases; our belief that KPL-404 has the potential to address a broad range of autoimmune diseases; our beliefs about the mechanisms of action of our product candidates and potential impact of their approach, including that vixarelimab is the only monoclonal antibody in development that targets both interleukin-31 (IL-31) and oncostatin M (OSM) pathways simultaneously and that KPL-404 has the potential to be a best-in-class monoclonal antibody inhibitor; our belief that all of our product candidates offer the potential for differentiation; and expectation about our cash reserves funding our current operating plan into 2023.

These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including without limitation, the following: delays or difficulty in enrollment of patients in, and activation or continuation of sites for, our clinical trials; amendments to our clinical trial protocols initiated by us or required by regulatory authorities; delays or difficulty in completing our clinical trials, including as a result of the COVID-19 pandemic; potential for changes between final data and any preliminary, interim, top-line or other data from clinical trials conducted by us or third parties; our inability to replicate in later clinical trials the positive final data from our earlier clinical trials or studies; impact of additional data from us or other companies, including the potential for our data to produce negative, inconclusive or commercially uncompetitive results; potential undesirable side effects caused by our products and product candidates; our inability to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities; potential for applicable regulatory authorities to not accept our filings or to delay or deny approval of, or emergency use authorization for, any of our product candidates or to require additional data or trials to support any such approval or authorization; delays, difficulty or inability successfully execute on our commercial strategy for ARCALYST; our reliance on third parties as the sole source of supply of the drug substance and drug products used in our products and product candidates and to manufacture our products and product candidates; drug substance and/or drug product shortages; our reliance on third parties to conduct research, clinical trials, and/or certain regulatory activities for our product candidates; complications in coordinating requirements, regulations and guidelines of regulatory authorities across jurisdictions for our clinical trials; the impact of the COVID-19 pandemic and measures taken in response to the pandemic on our business and operations as well as the business and operations of our manufacturers, CROs upon whom we rely to conduct our clinical trials, and other third parties with whom we conduct business or otherwise engage, including the FDA and other regulatory authorities; changes in our operating plan and funding requirements; and existing or new competition.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 25, 2021 and our other reports subsequently filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

ARCALYST^® is a registered trademark of Regeneron Pharmaceuticals, Inc. All other trademarks are the property of their respective owners.

Every Second Counts!™

Kiniksa Investor and Media Contact

Mark Ragosa
(781) 430-8289
[email protected]

KINIKSA PHARMACEUTICALS, LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts)
(Unaudited)


			Three Months Ended
			March 31,
			2021			2020
Operating expenses:
	Research and development		$	28,683		$	20,901
	Selling, general and administrative			20,600			8,486
		Total operating expenses		49,283			29,387
Loss from operations				(49,283	)		(29,387	)
Interest income				9			789
Loss before (provision) benefit for income taxes				(49,274	)		(28,598	)
(Provision) benefit for income taxes				(210	)		2,179
Net loss			$	(49,484	)	$	(26,419	)
Net loss per share attributable to common shareholders—basic and diluted			$	(0.72	)	$	(0.48	)
Weighted average common shares outstanding—basic and diluted				68,269,486			55,322,690

KINIKSA PHARMACEUTICALS, LTD.
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
(Unaudited)


	As of
	March 31,			December 31,
	2021			2020

Cash, cash equivalents, and short-term investments	$	264,025		$	323,482
Working capital		240,111			301,403
Total assets		311,158			349,464
Accumulated deficit		(566,957	)		(517,473	)
Total shareholders’ equity		270,696			311,935

May 4, 2021 8:05 am

Covetrus Names New President of Strategic Partnerships

Covetrus Names New President of Strategic Partnerships

Pete Perron to focus on deepening Covetrus’ relationships with manufacturers to drive better care and outcomes within the veterinary industry.

PORTLAND, Maine–(BUSINESS WIRE)–
Covetrus (NASDAQ: CVET), a global leader in animal-health technology and services, announced today that healthcare and pharmaceutical veteran Pete Perron has joined the company as president of strategic partnerships with responsibility for strategic partnerships with suppliers, global procurement and the management of the Company’s North American membership organizations. In this new role, Pete will look to leverage the Company’s differentiated set of capabilities and significant customer reach, including its membership organizations, to help the Company’s manufacturer partners achieve their strategic objectives while delivering enhanced outcomes for the Company’s veterinary practice partners.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210504005313/en/

Healthcare and pharmaceutical veteran Pete Perron joined Covetrus as president of strategic partnerships, with responsibility for strategic partnerships with suppliers, global procurement and the management of the Company’s North American membership organizations. (Photo: Business Wire)

“We are excited to welcome Pete to the Covetrus team and for him to fill this role within the organization as we advance our mission to drive better care and outcomes for the global veterinary industry,” said Ben Wolin, president and CEO of Covetrus. “With more than 25 years of experience building strong relationships within pharmaceutical, healthcare, and wholesale market sectors, Pete is uniquely suited to lead our strategic partnerships and create incremental value and opportunities for our many customers and stakeholders.”

Prior to joining Covetrus, Pete worked at McKesson. Most recently he served as the president of Provider Solutions, where he led the 600+ team that helped specialty providers thrive, including distribution, GPO Services and practice efficiency tools, patient care, payer and clinical support. Prior to his time with McKesson, Perron held leadership roles within sales, marketing in the biopharmaceutical space, including at Pfizer and Janssen. He holds BA and MS degrees from the University of North Texas.

“Covetrus is at the center of helping veterinarians drive better health outcomes. The Company’s customer reach and distinctly comprehensive set of capabilities allow it to drive opportunity for all stakeholders—veterinarians, manufacturers and pet owners included,” said Pete Perron. “This is an exciting opportunity, and I look forward to working with the team to drive value for veterinarians and increasing access to a higher standard of care, while maximizing our ability to drive healthy business for manufacturer partners and our stakeholders.”

Forward-Looking Statement

This press release contains certain statements that are forward-looking 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, and that involve risks and uncertainties, including statements about our plans, objectives, expectations, and intentions. Such statements are subject to numerous risks and uncertainties. Factors that could adversely affect our business and prospects are set forth in our public filings with the Securities and Exchange Commission. Our forward-looking statements are based on current beliefs and expectations of our management team and, except as required by law, we undertake no obligations to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this release, whether as a result of new information, future developments or otherwise. Investors are cautioned not to place undue reliance on these forward-looking statements.

About Covetrus

Covetrus is a global animal-health technology and services company dedicated to empowering veterinary practice partners to drive improved health and financial outcomes. We are bringing together products, services, and technology into a single platform that connects our customers to the solutions and insights they need to work best. Our passion for the well-being of animals and those who care for them drives us to advance the world of veterinary medicine. Covetrus is headquartered in Portland, Maine with more than 5,500 employees serving over 100,000 customers around the globe. For more information about Covetrus visit https://covetrus.com/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210504005313/en/

Nicholas Jansen | Investor Relations

[email protected] | (207) 550-8106

Kiní Schoop | Public Relations

[email protected] | (207) 233-3539

KEYWORDS: Maine United States North America

INDUSTRY KEYWORDS: Consumer Health Pets Veterinary Pharmaceutical

MEDIA:

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May 4, 2021 8:05 am

Landmark Behavioral Health Treatment Effect Study Shows 64% Reduction in Inpatient Utilization

Landmark Behavioral Health Treatment Effect Study Shows 64% Reduction in Inpatient Utilization

Members of multiple national health plans in treatment group

Evidence that Ontrak reduces the avoidable utilization that contributes to 44% of healthcare costs

SANTA MONICA, Calif.–(BUSINESS WIRE)–
Ontrak, Inc (NASDAQ: OTRK) (“Ontrak” or the “Company”), a leading AI-powered and telehealth-enabled, virtualized healthcare company, today announced that its new study, “Treatment Effect of the Ontrak Program,” finds that the Ontrak program produces a statistically significant reduction in hospitalizations and inpatient stays, while increasing utilization of preventative behavioral healthcare office visits among individuals who have untreated behavioral health needs and medical comorbidities. The cost savings for members who completed the 12-month program were notable at $486 per member per month and statistically significant at (p<0.001).

The research team for the Treatment Effect Foundational Retrospective Observational Study is led by Ontrak’s Dr. Hilary Placzek whose work focuses on measuring the impact of social and behavioral health interventions at scale. Dr. Placzek has a PhD in Clinical and Population Health Research from the University of Massachusetts Medical School, and an MPH in Global Health/Epidemiology from Boston University School of Public Health. Dr. Placzek’s methodological training includes Harvard Medical School, Massachusetts Department of Public Health, University of Massachusetts Medical School, and Boston University School of Public Health. Her work has been published in journals such as PLoS Medicine, Journal of Managed Care Pharmacy, Vaccine, Journal of General Internal Medicine, and American Journal of Public Health.

Advisors to Dr Placzek’s team include Robert M Kaplan, faculty member at the Stanford School of Medicine Clinical Excellence Research Center (CERC) and also a Distinguished Research Professor of Health Services and Medicine at UCLA, and Jill Glassman PhD, Biostatistician and Senior Center Manager of Quantitative Analysis at the Stanford School of Medicine Clinical Excellence Research Center (CERC).

The research team created a simulated control group of 900 individuals to compare with those enrolled in the Ontrak program of the same number. The control group were members who were eligible to participate, but did not enroll in the program. The treatment group were those that enrolled and completed the Ontrak program. The study was conducted over 36 months, and data such as utilization of emergency departments and hospitalizations was analyzed for 12 months prior to enrollment in the program, and again for 24 months post-enrollment, to measure outcomes and determine whether the behavioral changes were durable over the long-term as a result of Ontrak’s approach.

The study shows a statistically significant reduction of 64% in inpatient hospitalizations within the treatment group. In addition, individuals enrolled in the Ontrak program sought out more office visits for preventive care and behavioral health services. The savings for members who completed the 12-month program were notable at $486 per member per month and statistically discernible at (p<0.001), which equates to a savings of nearly $12,000 per member over two years, post enrollment. The cost for all-cause health office visits rose $110 per member per month (p<0.001), a positive change indicating uptake of productive, preventive care and fewer costly and avoidable inpatient hospitalizations.

“There are tremendous gaps in care for individuals suffering with behavioral health conditions such as anxiety, depression and substance use disorders,” stated Jonathan Mayhew, Ontrak CEO. “A September 2020 study by Milliman highlighted the need to engage the high-cost patients with behavioral health conditions who represent just 5.7% of the population and yet account for 44% of healthcare costs. We are proud of the results of the new Ontrak Treatment Effect study, which provide strong evidence that we can reduce the avoidable utilization that contributes to 44% of healthcare costs. This means statistically significant savings for payers and lasting changes in behavioral health outcomes for those who graduate from the 52-week Ontrak program. We look forward to continuing our research to ensure that as many individuals as possible can benefit from continuous improvements to our AI-powered and care coach supported program of personalized, whole health care.”

Learn more about the Treatment Effect study: https://info.ontrak-inc.com/webinar-treatment-effect-of-the-ontrak-program

About Ontrak, Inc.

Ontrak, Inc. (f/k/a Catasys, Inc.) is a leading AI and telehealth enabled, virtualized healthcare company, whose mission is to help improve the health and save the lives of as many people as possible. The company’s PRE™ (Predict-Recommend-Engage) platform predicts people whose chronic disease will improve with behavior change, recommends effective care pathways that people are willing to follow, and engages people who are not getting the care they need. By combining predictive analytics with human engagement, Ontrak delivers improved member health and validated outcomes and savings to healthcare payers.

The company’s integrated, technology-enabled Ontrak™ programs, a critical component of the PRE platform, are designed to provide healthcare solutions to members with behavioral conditions that cause or exacerbate chronic medical conditions such as diabetes, hypertension, coronary artery disease, COPD, and congestive heart failure, which result in high medical costs.

Ontrak has a unique ability to engage these members, who do not otherwise seek behavioral healthcare, leveraging proprietary enrollment capabilities built on deep insights into the drivers of care avoidance. Ontrak integrates evidence-based psychosocial and medical interventions delivered either in-person or via telehealth, along with care coaching and in-market Community Care Coordinators who address the social and environmental determinants of health, including loneliness. The company’s programs improve member health and deliver validated cost savings to healthcare payers of between 40 and 50 percent for enrolled members.

Learn more at www.ontrak-inc.com

Cautionary Note Regarding Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward-looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control, which may cause actual results to differ materially from stated expectations. These risk factors include, among others, changes in regulations or issuance of new regulations or interpretations, limited operating history, our inability to execute our business plan, increase our revenue and achieve profitability, lower than anticipated eligible members under our contracts, our inability to recognize revenue, lack of outcomes and statistically significant formal research studies, difficulty enrolling new members and maintaining existing members in our programs, the risk that treatment programs might not be effective, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and substantial regulation in the health care industry, the risks associated with the adequacy of our existing cash resources and our ability to continue as a going concern, our ability to raise additional capital when needed and our liquidity. You are urged to consider statements that include the words “may,” “will,” “would,” “could,” “should,” “believes,” “estimates,” “projects,” “potential,” “expects,” “plan,” “anticipates,” “intends,” “continues,” “forecast,” “designed,” “goal,” or the negative of those words or other comparable words to be uncertain and forward-looking. Forward looking statements may include statements regarding our proprietary IP and technological innovation allowing us to identify, engage, and create lasting behavior change in the lives of those with unaddressed behavioral health conditions and chronic disease. For a further list and description of the risks and uncertainties we face, please refer to our most recent Securities and Exchange Commission filings which are available on its website at http://www.sec.gov. Such forward-looking statements are current only as of the date they are made, and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210504005343/en/

Investors:

Caroline Paul

Gilmartin Group

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Practice Management Technology Professional Services Managed Care Health General Health Mental Health Telecommunications Software Hospitals Insurance

MEDIA:

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May 4, 2021 8:05 am

Epazz Holdings: ZenaTech is Beta Testing the ZenaDrone 1000 In Ireland Hemp Farms; The Charging-Pad Technology Will be Used to Develop Mobile Power Stations, and the Technology Will Power Next-Generation Farms

The drone’s mobile app will manage multiple drones at once

CHICAGO, IL, May 04, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Epazz Inc. (OTC: EPAZ), a leading provider of drone technology, blockchain mobile apps and cloud-based business software solutions, has announced that its holding, ZenaTech Inc., is beta testing the ZenaDrone 1000 in Ireland this week. The drone will power next-generation farms and change the way farms do business.

The ZenaDrone 1000 is the first of many new drone technologies that ZenaTech is developing. The company is working on a mobile power station to recharge drones that are thousands of feet from a power outlet, which is part of the company’s charging-pad technology that allows for wireless charging. The company will release details in the coming weeks.

The ZenaDrone 1000 will be a workhorse for hemp farms. The drones will have multiple functions to scan fields and remove male hemp plants to double female hemp plant production. The feedback we received from our trip to Ireland has provided an opportunity to extend our technology to include tracking livestock and testing soil samples.

ZenaDrone is considering marketing around-the-clock coverage in livestock and wildlife protection. ZenaDrone multispectral sensors can be modified to create a tracking system for each animal. Although further research and development are required, the company believes facial recognition technology can be used on animals.

Dr. Shaun Passley, CEO of Epazz and ZenaPay, said, “The charging pad is key to autonomous drone activities. Now we are extending our technology for a mobile power station. The mobile power station will extend the range of the ZenaDrone 1000, allowing it to cover more ground during a period of time.”

If you are interested in preordering the ZenaDrone farm solution, please visit www.zenadrone.com.

Epazz will provide daily updates on the drone’s development and the company on its Twitter page, https://www.twitter.com/epazz.

About ZenaTech Inc. (

www.zenadrone.com

)

ZenaTech Inc. is a drone-smart hemp farming solution that monitors the plant life cycle from growth to sale. In accordance with government regulations for quality assurance measures, ZenaPay tracks, monitors and calculates plant life cycles in real time, providing accurate data extraction for management and auditing reports and certifying the plant life cycle from start to its targeted purpose.

About Epazz, Inc. (www.epazz.com)

Epazz Inc. is a leading cloud-based software company that specializes in providing customized cloud applications to the corporate world, higher-education institutions and the public sector. Epazz BoxesOS™ v3.0 is a complete business web-based software package for small to midsized businesses, Fortune 500 enterprises, government agencies and higher-education institutions. BoxesOS™ provides many of the web-based applications organizations would otherwise need to purchase separately. Epazz’s other products are DeskFlex™ (room scheduling software) and DeskFlex™ (an applicant-tracking system).

SAFE HARBOR

This is the “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: Certain statements contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by the use of forward-looking statements such as “may,” “expect,” “intend,” “estimate,” “anticipate,” “believe” and “continue” (or the negatives thereof) or similar terminology. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results or those implied by such forward-looking statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results may differ materially from those contemplated by such forward-looking statements. Epazz Inc. assumes no obligation and has no intention of updating these forward-looking statements, and it has no obligation to update or correct information prepared by third parties that is not paid for by Epazz Inc. Investors are encouraged to review Epazz Inc.’s public filings on SEC.gov and otcmarkets.com, including its unaudited and audited financial statements and its OTC markets filings, which contain general business information about the company’s operations, results of operations and risks associated with the company and its operations.

For more information, please contact

Investor Relations

[email protected]

(312) 955-8161

www.epazz.com

May 4, 2021 8:05 am

Phunware Partners with Infinite Leap to Offer Enhanced Digital Front Door on Mobile

AUSTIN, Texas, May 04, 2021 (GLOBE NEWSWIRE) — Phunware, Inc. (NASDAQ: PHUN) (“Phunware” or the “Company”), a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data and services for brands worldwide, has partnered with Infinite Leap as a reseller of its digital front door on mobile.

“Providing our clients with Phunware’s feature-rich digital front door on mobile is a natural extension of our industry-leading real-time technologies and services that help optimize critical healthcare operations like asset management, environmental monitoring, and patient flow,” said Mark Rheault, CEO of Infinite Leap.

Founded in 2011, Infinite Leap enables healthcare organizations to fully leverage the Internet of Things (IoT) through the seamless implementation of RTLS-enabled solutions and services. Infinite Leap was recently recognized on the 2020 Inc. 5000 list of the fastest-growing private companies in America for the second year in a row.

“Together, Phunware and Infinite Leap can provide healthcare organizations with not only a cloud-based common operating picture, but also the ability for patients and clinicians to quickly coordinate, locate and engage with critical resources to deliver exceptional care,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “Trusted technology companies like Infinite Leap are a cornerstone to our indirect channel strategy for growth.”

Phunware’s digital front door is optimized for mobile on the Company’s Multiscreen-as-a-Service (MaaS) enterprise cloud platform to deliver critical features and capabilities to healthcare providers, all while enabling seamless integrations with everything from electronic health records (EHRs) such as Epic to telehealth providers such as Amwell. This holistic approach eliminates the pain of having to manage dozens of point solutions, while simultaneously offering staff, patients, and visitors a far more simplistic, cohesive, and integrated healthcare experience. Additional capabilities include, but are not limited to:

Mobile engagement for contextual notifications, including appointment reminders
Real-time “blue dot” indoor positioning, including mapping, navigation and wayfinding
Multi-site support for disparate locations
Beacon Maintenance
to ensure optimal MaaS Location Based Services (LBS) performance
Epic MyChart
integration with Face ID biometric login medical record access
Prescription management with E-Visit functionality
Mobile bill pay
Staff directory
Analytics

To learn more about how Phunware facilitates digital transformation in healthcare by enabling a digital front door for any hospital, clinic or medical organization, visit: https://www.phunware.com/solutions/healthcare/feature/.

To learn more about Infinite Leap’s industry-leading patient and staff workflow software as well as end-to-end services – from solution design and business planning to deployment, training, 24/7 support and managed services, visit: https://infiniteleap.net/ and https://prompt.health/.

Safe Harbor Clause and Forward-Looking Statements

This press release includes forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, business strategy and plans, and our objectives for future operations, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “expose,” “intend,” “may,” “might,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. Future developments affecting us may not be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the heading “Risk Factors” in our filings with the Securities and Exchange Commission (SEC), including our reports on Forms 10-K, 10-Q, 8-K and other filings that we make with the SEC from time to time. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. These risks and others described under “Risk Factors” in our SEC filings may not be exhaustive.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and developments in the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained in this press release. In addition, even if our results or operations, financial condition and liquidity, and developments in the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods.

About Phunware, Inc.

Everything You Need to Succeed on Mobile — Transforming Digital Human Experience

Phunware, Inc. (NASDAQ: PHUN)
, is the pioneer of Multiscreen-as-a-Service (MaaS), an award-winning, fully integrated enterprise cloud platform for mobile that provides companies the products, solutions, data and services necessary to engage, manage and monetize their mobile application portfolios and audiences globally at scale. Phunware’s Software Development Kits (SDKs) include location-based services, mobile engagement, content management, messaging, advertising, loyalty (PhunCoin & Phun) and analytics, as well as a mobile application framework of pre-integrated iOS and Android software modules for building in-house or channel-based mobile application and vertical solutions. Phunware helps the world’s most respected brands create category-defining mobile experiences, with more than one billion active devices touching its platform each month. For more information about how Phunware is transforming the way consumers and brands interact with mobile in the virtual and physical worlds, visit https://www.phunware.com, https://www.phuncoin.com, https://www.phuntoken.com, and follow @phunware, @phuncoin and @phuntoken on all social media platforms.

About Infinite Leap

Infinite Leap is the premier healthcare solutions provider for Internet of Things (IoT) technologies, such as Real-Time Location Systems (RTLS). The company delivers industry leading patient and staff workflow software as well as end-to-end services – from solution design and business planning to deployment, training, 24/7 support, and managed services. Infinite Leap has helped healthcare providers successfully implement hundreds of projects and dozens of unique use cases, including patient flow optimization, asset management, environmental monitoring, staff safety, wayfinding, and more. For more information, please visit https://infiniteleap.net/.

Phunware PR & Media Inquiries:

[email protected]

T: (512) 693-4199

Phunware Investor Relations:

Matt Glover and John Yi
Gateway Investor Relations
Email: [email protected]
Phone: (949) 574-3860

May 4, 2021 8:05 am

Cheniere Partners Reports First Quarter Results and Reconfirms Full Year 2021 Distribution Guidance

HOUSTON–(BUSINESS WIRE)–
Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) today announced its financial results for first quarter 2021.

HIGHLIGHTS

Net income of $347 million for first quarter 2021.
Adjusted EBITDA¹ of $779 million for first quarter 2021.
Declared a distribution of $0.660 per common unit that will be paid on May 14, 2021 to unitholders of record as of May 6, 2021.
Reconfirmed full year 2021 distribution guidance.
Accelerated the estimated timeline for substantial completion of Train 6 of the SPL Project (defined below) to the first half of 2022 from the second half of 2022. This follows a previous acceleration of the estimated Train 6 completion timeline in July 2020 from the first half of 2023 to the second half of 2022.
Supplied a carbon neutral LNG cargo to Shell. Together with Shell, the complete lifecycle greenhouse gas emissions associated with the LNG cargo were offset using nature-based credits by accounting for all estimated CO2 equivalent emissions produced through the entire value chain, from production through use by the final customer.

2021 FULL YEAR DISTRIBUTION GUIDANCE

			2021
Distribution per Unit			$	2.60	–	$	2.70

SUMMARY AND REVIEW OF FINANCIAL RESULTS

(in millions, except LNG data)	First Quarter
	2021		2020			% Change
Revenues	$	1,963	$	1,718			14		%
Net income	$	347	$	435			(20	)	%
Adjusted EBITDA¹	$	779	$	792			(2	)	%
LNG exported:
Number of cargoes	89			92			(3	)	%
Volumes (TBtu)	321			325			(1	)	%
LNG volumes loaded (TBtu)	317			327			(3	)	%

Net income decreased $88 million during first quarter 2021 as compared to first quarter 2020, primarily due to increased loss on modification or extinguishment of debt and decreased total margins², partially offset by decreased interest expense. Total margins decreased primarily due to increased losses from changes in fair value of commodity derivatives. LNG volumes recognized in income and margins per MMBtu of LNG delivered to customers were comparable for first quarter 2021 and first quarter 2020.

During first quarter 2021, we recognized in income 317 TBtu of LNG loaded from the SPL Project. Additionally, we recognized in income 8 TBtu of LNG which was procured by Sabine Pass Liquefaction, LLC (“SPL”) from Cheniere Energy, Inc.’s Corpus Christi liquefaction facility.

LNG revenues during first quarter 2020 included $16 million in LNG revenues associated with LNG cargoes for which customers notified us that they would not take delivery, which would have been recognized subsequent to March 31, 2020 had the cargoes been lifted pursuant to the delivery schedules with the customers. We did not have such revenues during first quarter 2021.

KEY FINANCIAL TRANSACTIONS AND UPDATES

SPL entered into a note purchase agreement with Allianz Global Investors GmbH in February to issue an aggregate principal amount of $147 million of 2.95% Senior Secured Notes due 2037. The notes are expected to be issued in December 2021, and net proceeds are expected to be used to refinance a portion of SPL’s outstanding Senior Secured Notes due 2022. The Senior Secured Notes due 2037 will be fully amortizing, with a weighted average life of over 10 years.

Cheniere Partners issued an aggregate principal amount of $1.5 billion of 4.00% Senior Notes due 2031 in March. The proceeds of these notes, together with cash on hand, were used to refinance all of Cheniere Partners’ 5.25% Senior Notes due 2025 and to pay fees and expenses in connection with the refinancing.

In February, Fitch Ratings changed the outlook of SPL’s senior secured notes rating to positive from stable and the outlook of Cheniere Partners’ long-term issuer default rating and senior unsecured rating to positive from stable. S&P Global Ratings changed the outlook of Cheniere Partners’ ratings to positive from negative in April.

SABINE PASS LIQUEFACTION PROJECT UPDATE

As of April 30, 2021, more than 1,250 cumulative LNG cargoes totaling over 85 million tonnes of LNG have been produced, loaded, and exported from the SPL Project.

Construction Progress as of March 31, 2021

	SPL Project
	Train 6
Project Status	Under Construction
Project Completion Percentage ⁽¹⁾	83.0% ⁽¹⁾
Expected Substantial Completion	1H 2022

(1)

Engineering 99.6% complete, procurement 99.9% complete, and construction 61.7% complete

SPL Project Overview

We own natural gas liquefaction facilities consisting of five operational liquefaction Trains and one additional Train under construction, with a total production capacity of approximately 30 million tonnes per annum (“mtpa”) of LNG at the Sabine Pass LNG terminal (the “SPL Project”).

DISTRIBUTIONS TO UNITHOLDERS

We declared a cash distribution of $0.660 per common unit to unitholders of record as of May 6, 2021 and the related general partner distribution to be paid on May 14, 2021.

INVESTOR CONFERENCE CALL AND WEBCAST

Cheniere Energy, Inc. will host a conference call to discuss its financial and operating results for the first quarter 2021 on Tuesday, May 4, 2021, at 11 a.m. Eastern time / 10 a.m. Central time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.cheniere.com. Following the call, an archived recording will be made available on our website. The call and accompanying slide presentation may include financial and operating results or other information regarding Cheniere Partners.


¹		Non-GAAP financial measure. See “Reconciliation of Non-GAAP Measures” for further details.
²		Total margins as used herein refers to total revenues less cost of sales.

About Cheniere Partners

Cheniere Partners owns the Sabine Pass LNG terminal located in Cameron Parish, Louisiana, which has natural gas liquefaction facilities consisting of five operational liquefaction Trains and one additional Train under construction, with a total production capacity of approximately 30 mtpa of LNG. The Sabine Pass LNG terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers, and two marine berths with a third marine berth under construction. Cheniere Partners also owns the Creole Trail Pipeline, which interconnects the Sabine Pass LNG terminal with a number of large interstate pipelines.

For additional information, please refer to the Cheniere Partners website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Measures

In addition to disclosing financial results in accordance with U.S. GAAP, the accompanying news release contains a non-GAAP financial measure. Adjusted EBITDA is a non-GAAP financial measure that is used to facilitate comparisons of operating performance across periods. This non-GAAP measure should be viewed as a supplement to and not a substitute for our U.S. GAAP measures of performance and the financial results calculated in accordance with U.S. GAAP, and the reconciliation from these results should be carefully evaluated.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding expectations regarding regulatory authorizations and approvals, (iii) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (iv) statements regarding the business operations and prospects of third parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements regarding the COVID-19 pandemic and its impact on our business and operating results. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

(Financial Tables Follow)

Cheniere Energy Partners, L.P.
Consolidated Statements of Income
(in millions, except per unit data)⁽¹⁾
(unaudited)

	Three Months Ended
	March 31,
	2021			2020
Revenues
LNG revenues	$	1,669		$	1,449
LNG revenues—affiliate	214			188
Regasification revenues	67			67
Other revenues	13			14
Total revenues	1,963			1,718

Operating costs and expenses
Cost of sales (excluding items shown separately below)	948			699
Cost of sales—affiliate	42			—
Operating and maintenance expense	149			152
Operating and maintenance expense—affiliate	34			33
Operating and maintenance expense—related party	10			—
General and administrative expense	2			2
General and administrative expense—affiliate	21			25
Depreciation and amortization expense	139			138
Impairment expense and loss on disposal of assets	—			5
Total operating costs and expenses	1,345			1,054

Income from operations	618			664

Other income (expense)
Interest expense, net of capitalized interest	(217		)	(234		)
Loss on modification or extinguishment of debt	(54		)	(1		)
Other income, net	—			6
Total other expense	(271		)	(229		)

Net income	$	347		$	435

Basic and diluted net income per common unit	$	0.64		$	0.84

Weighted average number of common units outstanding used for basic and diluted net income per common unit calculation	484.0			348.6

(1)

Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed with the Securities and Exchange Commission.

Cheniere Energy Partners, L.P.
Consolidated Balance Sheets
(in millions, except unit data) ⁽¹⁾

	March 31,			December 31,
	2021			2020
ASSETS	(unaudited)
Current assets
Cash and cash equivalents	$	1,219		$	1,210
Restricted cash	123			97
Accounts and other receivables, net	373			318
Accounts receivable—affiliate	98			184
Advances to affiliate	127			144
Inventory	103			107
Derivative assets	16			14
Other current assets	59			61
Other current assets—affiliate	2			—
Total current assets	2,120			2,135

Property, plant and equipment, net	16,734			16,723
Operating lease assets, net	97			99
Debt issuance costs, net	16			17
Non-current derivative assets	9			11
Other non-current assets, net	177			160
Total assets	$	19,153		$	19,145

LIABILITIES AND PARTNERS’ EQUITY
Current liabilities
Accounts payable	$	11		$	12
Accrued liabilities	704			658
Accrued liabilities—related party	3			4
Current debt	850			—
Due to affiliates	31			53
Deferred revenue	101			137
Deferred revenue—affiliate	5			1
Current operating lease liabilities	8			7
Derivative liabilities	26			11
Total current liabilities	1,739			883

Long-term debt, net	16,732			17,580
Non-current operating lease liabilities	89			90
Non-current derivative liabilities	42			35
Other non-current liabilities	—			1
Other non-current liabilities—affiliate	16			17

Partners’ equity
Common unitholders’ interest (484.0 million units issued and outstanding at both March 31, 2021 and December 31, 2020)	738			714
General partner’s interest (2% interest with 9.9 million units issued and outstanding at March 31, 2021 and December 31, 2020)	(203		)	(175		)
Total partners’ equity	535			539
Total liabilities and partners’ equity	$	19,153		$	19,145

(1)

Please refer to the Cheniere Energy Partners, L.P. Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, filed with the Securities and Exchange Commission.

Reconciliation of Non-GAAP Measures

Regulation G Reconciliations

Adjusted EBITDA

The following table reconciles our Adjusted EBITDA to U.S. GAAP results for first quarter 2021 and 2020 (in millions):

	First Quarter
	2021		2020
Net income	$	347	$	435
Interest expense, net of capitalized interest	217		234
Loss on modification or extinguishment of debt	54		1
Other income, net	—		(6		)
Income from operations	$	618	$	664
Adjustments to reconcile income from operations to Adjusted EBITDA:
Depreciation and amortization expense	139		138
Loss (gain) from changes in fair value of commodity derivatives, net⁽¹⁾	22		(17		)
Impairment expense and loss on disposal of assets	—		5
Incremental costs associated with COVID-19 response	—		2
Adjusted EBITDA	$	779	$	792

(1)

Change in fair value of commodity derivatives prior to contractual delivery or termination

Adjusted EBITDA is commonly used as a supplemental financial measure by our management and external users of our consolidated financial statements to assess the financial performance of our assets without regard to financing methods, capital structures, or historical cost basis. Adjusted EBITDA is not intended to represent cash flows from operations or net income as defined by U.S. GAAP and is not necessarily comparable to similarly titled measures reported by other companies.

We believe Adjusted EBITDA provides relevant and useful information to management, investors and other users of our financial information in evaluating the effectiveness of our operating performance in a manner that is consistent with management’s evaluation of financial and operating performance.

Adjusted EBITDA is calculated by taking net income before interest expense, net of capitalized interest, depreciation and amortization, and adjusting for the effects of certain non-cash items, other non-operating income or expense items and other items not otherwise predictive or indicative of ongoing operating performance, including the effects of modification or extinguishment of debt, impairment expense and loss on disposal of assets, changes in the fair value of our commodity derivatives prior to contractual delivery or termination, and non-recurring costs related to our response to the COVID-19 outbreak which are incremental to and separable from normal operations. The change in fair value of commodity derivatives is considered in determining Adjusted EBITDA given that the timing of recognizing gains and losses on these derivative contracts differs from the recognition of the related item economically hedged. We believe the exclusion of these items enables investors and other users of our financial information to assess our sequential and year-over-year performance and operating trends on a more comparable basis and is consistent with management’s own evaluation of performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210504005287/en/

Cheniere Partners

Investors

Randy Bhatia 713-375-5479

Megan Light 713-375-5492

Media Relations

Eben Burnham-Snyder 713-375-5764

Jenna Palfrey 713-375-5491

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

May 4, 2021 8:05 am

HCI Group Declares Q2 2021 Quarterly Cash Dividend

TAMPA, Fla., May 04, 2021 (GLOBE NEWSWIRE) — The board of directors of HCI Group, Inc. (NYSE:HCI), an InsurTech company with operations in insurance, software development and real estate, has declared a regular quarterly cash dividend in the amount of 40 cents per common share for the second quarter of 2021. The dividend will be paid June 18, 2021 to shareholders of record on the close of business May 21, 2021.

About HCI Group, Inc.

HCI Group, Inc. is an InsurTech company with operations in insurance, software development and real estate. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company, which provides homeowners’ insurance and flood insurance in Florida. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners’ insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

Company Contact:

Rachel Swansiger, Esq.
HCI Group, Inc.
Tel (813) 405-3206
[email protected]

Investor Relations Contact:

Matt Glover
Gateway Investor Relations
Tel (949) 574-3860
[email protected]

Media Contact:

Jordan Schmidt
Gateway Investor Relations
Tel (949) 386-6332
[email protected]

May 4, 2021 8:05 am

Camping World Holdings, Inc. Reports First Quarter 2021 Results and Raises Full Year Guidance

Camping World Holdings, Inc. Reports First Quarter 2021 Results and Raises Full Year Guidance

LINCOLNSHIRE, IL–(BUSINESS WIRE)–
Camping World Holdings, Inc. (NYSE: CWH) (the “Company”), America’s Recreation Dealer, today reported results for the first quarter ended March 31, 2021.

First Quarter Operating Highlights

Revenue increased by $530.5 million to $1.558 billion
Gross profit increased by $217.8 million to $520.5 million, and gross margin increased by 395 basis points to 33.4%
Income from operations increased by $155.3 million to $168.6 million
Net income increased by $161.6 million to $147.4 million and included long-lived asset impairment and restructuring costs of $3.6 million related to the 2019 Strategic Shift. Net income margin was 9.5% versus a net loss margin of 1.4% for the first quarter of 2020
Diluted earnings per share of Class A common stock and adjusted earnings per share – diluted⁽¹⁾ of Class A common stock were each $1.40
Adjusted EBITDA⁽¹⁾ increased by $153.3 million to $189.3 million and adjusted EBITDA margin⁽¹⁾ was 12.2% for the first quarter versus 3.5% for the first quarter of 2020
Vehicle inventories decreased by $299.6 million: new vehicle inventories were down $338.7 million and used vehicle inventories were up $39.1 million
Products, parts, accessories and other inventories increased by $49.6 million to $284.2 million

Marcus Lemonis, Chairman and CEO of Camping World Holdings, Inc. stated, “As a result of our financial performance during the three months ended March 31, 2021, the continued strength of our business and the confidence in our business model, we are raising our 2021 fiscal year guidance⁽²⁾ of Adjusted EBITDA of $640 million to $690 million to a revised Adjusted EBITDA of $770 million to $810 million.”

________________
⁽¹⁾		Adjusted earnings per share – diluted, adjusted EBITDA and adjusted EBITDA Margin are non-GAAP measures. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, see the “Non-GAAP Financial Measures” section later in this press release. A reconciliation for the Company’s Adjusted EBITDA outlook to the corresponding GAAP measures on a forward-looking basis cannot be provided without unreasonable efforts, as we are unable to provide reconciling information with respect to certain items. However, in 2021 the Company expects equity-based compensation of approximately $27-30 million, depreciation and amortization of approximately $53-58 million, other interest expense of approximately $47-50 million, and restructuring charges of approximately $10-13 million, each of which is a reconciling item to Net Income.
⁽²⁾		Prior guidance provided on February 25, 2021.

Earnings Conference Call and Webcast Information

A conference call to discuss the Company’s first quarter 2021 financial results is scheduled for today, May 4, 2021, at 8:30 am Eastern Time. Investors and analysts can participate on the conference call by dialing (866) 548-4713 or (323) 794-2093 and using conference ID# 2210962. Interested parties can also listen to a live webcast or replay of the conference call by logging on to the Investor Relations section on the Company’s website at http://investor.campingworld.com. The replay of the conference call webcast will be available on the investor relations website for approximately 90 days.

Presentation

This press release presents historical results for the periods presented for the Company and its subsidiaries, which are presented in accordance with accounting principles generally accepted in the United States (“GAAP”), unless noted as a non-GAAP financial measure. The Company’s initial public offering (“IPO”) and related reorganization transactions (“Reorganization Transactions”) that occurred on October 6, 2016 resulted in the Company as the sole managing member of CWGS Enterprises, LLC (“CWGS, LLC”), with sole voting power in and control of the management of CWGS, LLC. Despite its position as sole managing member of CWGS, LLC, the Company had a minority economic interest in CWGS, LLC through March 11, 2021. As of March 31, 2021, the Company owned 50.9% of CWGS, LLC. Accordingly, the Company consolidates the financial results of CWGS, LLC and reports a non-controlling interest in its consolidated financial statements. Unless otherwise indicated, all financial comparisons in this press release compare our financial results for the first quarter ended March 31, 2021 to our financial results from the first quarter ended March 31, 2020.

About Camping World Holdings, Inc.

Camping World Holdings, Inc. (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Our vision is to build a long-term legacy business that makes RVing fun and easy, and our Camping World and Good Sam brands have been serving RV consumers since 1966. We strive to build long-term value for our customers, employees, and shareholders by combining a unique and comprehensive assortment of RV products and services with a national network of RV dealerships, service centers and customer support centers along with the industry’s most extensive online presence and a highly-trained and knowledgeable team of associates serving our customers, the RV lifestyle, and the communities in which we operate. We also believe that our Good Sam organization and family of programs and services uniquely enables us to connect with our customers as stewards of the RV enthusiast community and the RV lifestyle.

For more information, please visit www.CampingWorld.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements about our business plans and goals, including statements regarding strength of our business, our long-term plan and our financial outlook. These forward-looking statements are based on management’s current expectations.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: the COVID-19 pandemic, which has had, and could have in the future, certain negative impacts on our business; our ability to execute and achieve the expected benefits of our 2019 Strategic Shift; the availability of financing to us and our customers; fuel shortages or high prices for fuel; the success of our manufacturers; general economic conditions in our markets; changes in consumer preferences; competition in our industry; risks related to acquisitions and expansion into new markets; our failure to maintain the strength and value of our brands; our ability to manage our inventory; fluctuations in our same store sales; the cyclical and seasonal nature of our business; our dependence on the availability of adequate capital and risks related to our debt; our reliance on six fulfillment and distribution centers; natural disasters, including epidemic outbreaks; risks associated with selling goods manufactured abroad; our dependence on our relationships with third party suppliers and lending institutions; our ability to retain senior executives and attract and retain other qualified employees; risks associated with leasing substantial amounts of space; regulatory risks; data privacy and cybersecurity risks; risks related to our intellectual property; the impact of ongoing or future lawsuits against us and certain of our officers and directors; and risks related to our organizational structure.

These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2020 and our other reports filed with the SEC could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Camping World Holdings, Inc. and Subsidiaries
Consolidated Statements of Operations (unaudited)
(In Thousands Except Per Share Amounts)

		Three Months Ended March 31,
		2021			2020
Revenue:
	Good Sam Services and Plans	$	40,871		$	47,208
	RV and Outdoor Retail
	New vehicles		821,976			497,317
	Used vehicles		294,257			206,665
	Products, service and other		251,270			172,623
	Finance and insurance, net		138,254			92,456
	Good Sam Club		11,153			11,004
	Subtotal		1,516,910			980,065
	Total revenue		1,557,781			1,027,273

Costs applicable to revenue (exclusive of depreciation
	and amortization shown separately below):
	Good Sam Club Services and Plans		14,424			21,859
	RV and Outdoor Retail
	New vehicles		643,680			426,442
	Used vehicles		223,193			163,793
	Products, service and other		154,146			110,269
	Good Sam Club		1,844			2,247
	Subtotal		1,022,863			702,751
Total costs applicable to revenue			1,037,287			724,610

Gross profit:
	Good Sam Services and Plans		26,447			25,349
	RV and Outdoor Retail
	New vehicles		178,296			70,875
	Used vehicles		71,064			42,872
	Products, service and other		97,124			62,354
	Finance and insurance, net		138,254			92,456
	Good Sam Club		9,309			8,757
	Subtotal		494,047			277,314
Total gross profit			520,494			302,663

Operating expenses:
Selling, general, and administrative			337,034			267,656
Depreciation and amortization			12,701			14,078
Long-lived asset impairment			546			6,569
Lease termination			1,756			584
(Gain) loss on disposal of assets			(99	)		511
Total operating expenses			351,938			289,398
Income from operations			168,556			13,265

Other income (expense):
Floor plan interest expense			(3,390	)		(8,604	)
Other interest expense, net			(12,223	)		(14,658	)
Tax Receivable Agreement liability adjustment			(3,520	)		–
Other income, net			45			–
Total other expense			(19,088	)		(23,262	)

Income (loss) before income taxes			149,468			(9,997	)
Income tax expense			(2,043	)		(4,132	)
Net income (loss)			147,425			(14,129	)
Less: net (income) loss attributable to non-controlling interests			(85,103	)		5,969
Net income (loss) attributable to Camping World Holdings, Inc.		$	62,322		$	(8,160	)

Earnings (loss) per share of Class A common stock:
	Basic	$	1.43		$	(0.22	)
	Diluted	$	1.40		$	(0.22	)
Weighted average shares of Class A common stock outstanding:
	Basic		43,584			37,534
	Diluted		90,238			37,534

Camping World Holdings, Inc.
Supplemental Data	Three Months Ended March 31,						Increase				Percent
	2021			2020			(decrease)				Change
Unit sales
New vehicles		21,433			14,208			7,225			50.9	%
Used vehicles		10,319			8,682			1,637			18.9	%
Total		31,752			22,890			8,862			38.7	%
Average selling price
New vehicles	$	38,351		$	35,003		$	3,348			9.6	%
Used vehicles	$	28,516		$	23,804		$	4,712			19.8	%

Same store unit sales
New vehicles		20,028			13,838			6,190			44.7	%
Used vehicles		9,742			8,484			1,258			14.8	%
Total		29,770			22,322			7,448			33.4	%

Same store revenue ($ in 000’s)
New vehicles	$	771,283		$	484,825		$	286,458			59.1	%
Used vehicles		279,514			202,191			77,323			38.2	%
Products, service and other		167,907			126,866			41,041			32.3	%
Finance and insurance, net		129,925			90,379			39,546			43.8	%
Total	$	1,348,629		$	904,261		$	444,368			49.1	%

Average gross profit per unit
New vehicles	$	8,319		$	4,988		$	3,330			66.8	%
Used vehicle	$	6,887		$	4,938		$	1,949			39.5	%
Finance and insurance, net per vehicle unit	$	4,354		$	4,039		$	315			7.8	%
Total vehicle front-end yield⁽¹⁾	$	12,208		$	9,008		$	3,199			35.5	%

Gross margin
Good Sam Services and Plans		64.7	%		53.7	%		1,101		bps
New vehicles		21.7	%		14.3	%		744		bps
Used vehicles		24.2	%		20.7	%		341		bps
Products, service and other		38.7	%		36.1	%		253		bps
Finance and insurance, net		100.0	%		100.0	%	unch.			bps
Good Sam Club		83.5	%		79.6	%		389		bps
Subtotal RV and Outdoor Retail		32.6	%		28.3	%		427		bps
Total gross margin		33.4	%		29.5	%		395		bps

Inventories ($ in 000’s)
New vehicles	$	715,085		$	1,053,802		$	(338,717	)		(32.1	%)
Used vehicles		190,176			151,058			39,118			25.9	%
Products, parts, accessories and misc.		284,203			234,555			49,648			21.2	%
Total RV and Outdoor Retail inventories	$	1,189,464		$	1,439,415		$	(249,951	)		(17.4	%)

Vehicle inventory per location ($ in 000’s)
New vehicle inventory per dealer location	$	4,334		$	6,712		$	(2,378	)		(35.4	%)
Used vehicle inventory per dealer location	$	1,153		$	962		$	190			19.8	%

Vehicle inventory turnover⁽²⁾
New vehicle inventory turnover		3.8			2.1			1.7			81.4	%
Used vehicle inventory turnover		5.2			4.6			0.6			12.6	%

Retail locations
RV dealerships		165			157			8			5.1	%
RV service & retail centers		10			10			–			0.0	%
Subtotal		175			167			8			4.8	%
Other retail stores		1			1			–			0.0	%
Total		176			168			8			4.8	%

Other data
Active Customers⁽³⁾		5,488,280			5,131,687			356,593			6.9	%
Good Sam Club members		2,120,143			2,094,134			26,009			1.2	%
Finance and insurance, net gross profit as a % of total vehicle revenue		12.4	%		13.1	%		(75	)	bps	n/a
Same store locations		158			n/a			n/a			n/a

⁽¹⁾		Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used retail units sold.
⁽²⁾		Inventory turnover calculated as vehicle costs applicable to revenue divided by average quarterly ending vehicle inventory over the last twelve months.
⁽³⁾		An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement. The Active Customer quantity as of March 31, 2020 has been revised to 5,131,687 from 4,921,246 for a correction to the Active Customers for our specialty retail business.

Camping World Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets (unaudited)
($ in Thousands Except Per Share Amounts)

	March 31,			December 31,
	2021			2020
Assets
Current assets:
Cash and cash equivalents	$	256,870		$	166,072
Contracts in transit		165,751			48,175
Accounts receivable, net		89,142			83,422
Inventories		1,189,508			1,136,345
Prepaid expenses and other assets		51,082			60,211
Total current assets		1,752,353			1,494,225
Property and equipment, net		405,035			367,898
Operating lease assets		767,256			769,487
Deferred tax asset, net		213,180			165,708
Intangibles assets, net		29,185			30,122
Goodwill		420,135			413,123
Other assets		16,016			15,868
Total assets	$	3,603,160		$	3,256,431
Liabilities and stockholders’ equity (deficit)
Current liabilities:
Accounts payable	$	245,261		$	148,462
Accrued liabilities		185,788			137,688
Deferred revenues		88,006			88,213
Current portion of operating lease liabilities		63,007			62,405
Current portion of finance lease liabilities		2,585			2,240
Current portion of Tax Receivable Agreement liability		8,089			8,089
Current portion of long-term debt		12,174			12,174
Notes payable – floor plan, net		539,687			522,455
Other current liabilities		66,748			53,795
Total current liabilities		1,211,345			1,035,521
Operating lease obligations, net of current portion		801,181			804,555
Finance lease obligations, net of current portion		37,791			27,742
Tax Receivable Agreement liability, net of current portion		167,457			137,845
Revolving line of credit		20,885			20,885
Long-term debt, net of current portion		1,120,581			1,122,675
Deferred revenues		64,269			61,519
Other long-term liabilities		55,001			54,920
Total liabilities		3,478,510			3,265,662
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred stock, par value $0.01 per share – 20,000,000 shares authorized; none issued and outstanding as of March 31, 2021 and December 31, 2020		–			–
Class A common stock, par value $0.01 per share – 250,000,000 shares authorized; 46,112,336 issued and 45,388,998 outstanding as of March 31, 2021 and 43,083,008 issued and 42,226,389 outstanding as of December 31, 2020		458			428
Class B common stock, par value $0.0001 per share – 75,000,000 shares authorized; 69,066,445 issued as of March 31, 2021 and December 31, 2020; and 43,151,528 and 45,999,132 outstanding as of March 31, 2021 and December 31, 2020		4			5
Class C common stock, par value $0.0001 per share – one share authorized, issued and outstanding as of March 31, 2021 and December 31, 2020		–			–
Additional paid-in capital		69,209			63,342
Treasury stock, at cost; 439,166 and 572,447 shares as of March 31, 2021 and December 31, 2020		(11,651	)		(15,187	)
Retained earnings (deficit)		30,155			(21,814	)
Total stockholders’ equity attributable to Camping World Holdings, Inc.		88,175			26,774
Non-controlling interests		36,475			(36,005	)
Total stockholders’ equity (deficit)		124,650			(9,231	)
Total liabilities and stockholders’ equity (deficit)	$	3,603,160		$	3,256,431

Earnings Per Share

Basic earnings per share of Class A common stock is computed by dividing net income (loss) available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock is computed by dividing net income (loss) available to Camping World Holdings, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities.

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock (unaudited):

Camping World Holdings, Inc.


	Three Months Ended March 31,
(In thousands except per share amounts)	2021			2020
Numerator:
Net income (loss)	$	147,425		$	(14,129	)
Less: net (income) loss attributable to non-controlling interests		(85,103	)		5,969
Net income (loss) attributable to Camping World Holdings, Inc. — basic		62,322			(8,160	)
Add: reallocation of net income attributable to non-controlling interests from the assumed exchange of common units of CWGS, LLC for Class A common stock		63,980			—
Net income (loss) attributable to Camping World Holdings, Inc. – diluted	$	126,302		$	(8,160	)
Denominator:
Weighted-average shares of Class A common stock outstanding — basic		43,584			37,534
Dilutive options to purchase Class A common stock		165			—
Dilutive restricted stock units		955			—
Dilutive common units of CWGS, LLC that are convertible into Class A common stock		45,534			—
Weighted-average shares of Class A common stock outstanding — diluted		90,238			37,534

Earnings (loss) per share of Class A common stock — basic	$	1.43		$	(0.22	)
Earnings (loss) per share of Class A common stock — diluted	$	1.40		$	(0.22	)

Weighted-average anti-dilutive securities excluded from the computation of diluted earnings per share of Class A common stock:
Stock options to purchase Class A common stock		—			738
Restricted stock units		1			1,732
Common units of CWGS, LLC that are convertible into Class A common stock		—			51,649

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we use the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted (collectively the “Non-GAAP Financial Measures”). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making. These Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and they should not be construed as an inference that the Company’s future results will be unaffected by any items adjusted for in these non-GAAP Financial Measures. In evaluating these non-GAAP Financial Measures, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of those adjusted in this presentation. The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

We define “EBITDA” as net income before other interest expense, net (excluding floor plan interest expense), provision for income tax expense and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on disposal of assets and other expense, net, equity-based compensation, Tax Receivable Agreement liability adjustment, restructuring costs related to the 2019 Strategic Shift, and other unusual or one-time items. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue. We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin in the same manner. We present EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP financial performance measures, which are net income (loss) and net income (loss) margin, respectively (unaudited):

	Three Months Ended
	March 31,
($ in thousands)	2021			2020

EBITDA:
Net income (loss)	$	147,425		$	(14,129	)
Other interest expense, net		12,223			14,658
Depreciation and amortization		12,701			14,078
Income tax expense		2,043			4,132
Subtotal EBITDA		174,392			18,739
Long-lived asset impairment (a)		546			6,569
Lease termination (b)		1,756			584
(Gain) loss on disposal of assets, net (c)		(99	)		511
Equity-based compensation (d)		6,109			3,312
Tax Receivable Agreement liability adjustment (e)		3,520			—
Restructuring costs (f)		3,067			6,282
Adjusted EBITDA	$	189,291		$	35,997



	Three Months Ended
	March 31,
(as percentage of total revenue)	2021			2020

EBITDA margin:
Net income (loss) margin		9.5	%		(1.4	%)
Other interest expense, net		0.8	%		1.4	%
Depreciation and amortization		0.8	%		1.4	%
Income tax expense		0.1	%		0.4	%
Subtotal EBITDA margin		11.2	%		1.8	%
Long-lived asset impairment (a)		0.0	%		0.6	%
Lease termination (b)		0.1	%		0.1	%
(Gain) loss on disposal of assets, net (c)		(0.0	%)		0.0	%
Equity-based compensation (d)		0.4	%		0.3	%
Tax Receivable Agreement liability adjustment (e)		0.2	%		—
Restructuring costs (f)		0.2	%		0.6	%
Adjusted EBITDA margin		12.2	%		3.5	%

(a)	Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment, which primarily relate to locations affected by the 2019 Strategic Shift.
(b)	Represents the loss on the termination of operating leases, relating primarily to the 2019 Strategic Shift, resulting from the lease termination fees and the derecognition of the operating lease assets and liabilities.
(c)	Represents an adjustment to eliminate the gains and losses on disposal and sales of various assets.
(d)	Represents non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company.
(e)	Represents an adjustment to eliminate the loss on remeasurement of the Tax Receivable Agreement primarily due to changes in our blended statutory income tax rate.
(f)	Represents restructuring costs relating to our 2019 Strategic Shift. These restructuring costs include one-time employee termination benefits relating to retail store or distribution center closures/divestitures, incremental inventory reserve charges, and other associated costs. These costs do not include lease termination costs, which are presented separately above.

Adjusted Net Income Attributable to Camping World Holdings, Inc. and Adjusted Earnings Per Share

We define “Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic” as net income attributable to Camping World Holdings, Inc. adjusted for the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, lease termination costs, gains and losses on disposal of assets and other expense, net, equity-based compensation, Tax Receivable Agreement liability adjustment, restructuring costs related to the 2019 Strategic Shift, other unusual or one-time items, the income tax expense effect of these adjustments, and the effect of net income attributable to non-controlling interests from these adjustments.

We define “Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net income attributable to non-controlling interests from stock options and restricted stock units, if dilutive, or the assumed exchange, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly-issued Class A common stock of Camping World Holdings, Inc.

We define “Adjusted Earnings Per Share – Basic” as Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted Earnings Per Share – Diluted” as Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the exchange of all outstanding common units in CWGS, LLC for newly-issued shares of Class A common stock of Camping World Holdings, Inc., if dilutive, and (ii) the dilutive effect of stock options and restricted stock units, if any. We present Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted because we consider them to be important supplemental measures of our performance and we believe that investors’ understanding of our performance is enhanced by including these Non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations.

The following table reconciles Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted to the most directly comparable GAAP financial performance measure, which is net income attributable to Camping World Holdings, Inc., in the case of the Adjusted Net Income non-GAAP financial measures, and weighted-average shares of Class A common stock outstanding – basic, in the case of the Adjusted Earnings Per Share non-GAAP financial measures:

	Three Months Ended
	March 31,
(In thousands except per share amounts)	2021			2020
Numerator:
Net income (loss) attributable to Camping World Holdings, Inc.	$	62,322		$	(8,160	)
Adjustments related to basic calculation:
Long-lived asset impairment (a):
Gross adjustment		546			6,569
Income tax expense for above adjustment (b)		—			(13	)
Lease termination (c):
Gross adjustment		1,756			584
Income tax expense for above adjustment (b)		(39	)		—
(Gain) loss on disposal of assets (d):
Gross adjustment		(99	)		511
Income tax expense for above adjustment (b)		(1	)		(1	)
Equity-based compensation (e):
Gross adjustment		6,109			3,312
Income tax expense for above adjustment (b)		(654	)		(302	)
Tax Receivable Agreement liability adjustment (f):
Gross adjustment		3,520			—
Income tax expense for above adjustment (b)		(898	)		—
Restructuring costs (g):
Gross adjustment		3,067			6,282
Income tax expense for above adjustment (b)		(13	)		(35	)
Adjustment to net (income) loss attributable to non-controlling interests resulting from the above adjustments (h)		(5,809	)		(9,994	)
Adjusted net income (loss) attributable to Camping World Holdings, Inc. – basic		69,807			(1,247	)
Adjustments related to diluted calculation:
Reallocation of net income attributable to non-controlling interests from the dilutive exchange of common units in CWGS, LLC (i)		90,912			—
Income tax on reallocation of net income attributable to non-controlling interests from the dilutive exchange of common units in CWGS, LLC (j)		(21,852	)		—
Assumed income tax expense of combining C-corporations with full or partial valuation allowances with the income of other consolidated entities after the dilutive exchange of common units in CWGS, LLC (k)		(12,919	)		—
Adjusted net income (loss) attributable to Camping World Holdings, Inc. – diluted	$	125,948		$	(1,247	)
Denominator:
Weighted-average Class A common shares outstanding – basic		43,584			37,534
Adjustments related to diluted calculation:
Dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (l)		45,534			—
Dilutive options to purchase Class A common stock (l)		165			—
Dilutive restricted stock units (l)		955			—
Adjusted weighted average Class A common shares outstanding – diluted		90,238			37,534

Adjusted earnings per share – basic	$	1.60		$	(0.03	)
Adjusted earnings per share – diluted	$	1.40		$	(0.03	)

Anti-dilutive amounts (m):
Numerator:
Reallocation of net income attributable to non-controlling interests from the anti-dilutive exchange of common units in CWGS, LLC (i)	$	–		$	4,025
Income tax on reallocation of net income attributable to non-controlling interests from the anti-dilutive exchange of common units in CWGS, LLC (j)	$	–		$	(5,734	)
Assumed income tax benefit of combining C-corporations with full or partial valuation allowances with the income of other consolidated entities after the anti-dilutive exchange of common units in CWGS, LLC (k)	$	–		$	8,143
Denominator:
Anti-dilutive exchange of common units in CWGS, LLC for shares of Class A common stock (l)		—			51,649
Anti-dilutive restricted stock units (l)		—			284

(a)	Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment, which primarily relate to locations affected by the 2019 Strategic Shift.
(b)	Represents the current and deferred income tax expense or benefit effect of the above adjustments, many of which are related to entities with full valuation allowances for which no tax benefit can be currently recognized. This assumption uses an effective tax rate of 25.5% and 25.0% for the adjustments for 2021 and 2020, respectively, which represents the estimated tax rate that would apply had the above adjustments been included in the determination of our non-GAAP metric.
(c)	Represents the loss on termination of operating leases, relating primarily to the 2019 Strategic Shift, resulting from the lease termination fees and the derecognition of the operating lease assets and liabilities.
(d)	Represents an adjustment to eliminate the gains and losses on sales of various assets.
(e)	Represents non-cash equity-based compensation expense relating to employees, directors, and consultants of the Company.
(f)	Represents an adjustment to eliminate the loss on remeasurement of the Tax Receivable Agreement primarily due to changes in our blended statutory income tax rate.
(g)	Represents restructuring costs relating to our 2019 Strategic Shift. These restructuring costs include one-time employee termination benefits relating to retail store or distribution center closures/divestitures, incremental inventory reserve charges, and other associated costs. These costs exclude lease termination costs, which are presented separately above.
(h)	Represents the adjustment to net income attributable to non-controlling interests resulting from the above adjustments that impact the net income of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 51.1% and 57.9% for the three months ended March 31, 2021 and 2020, respectively.
(i)	Represents the reallocation of net income attributable to non-controlling interests from the impact of the assumed change in ownership of CWGS, LLC from stock options, restricted stock units, and/or common units of CWGS, LLC.
(j)	Represents the income tax expense effect of the above adjustment for reallocation of net income attributable to non-controlling interests. This assumption uses an effective tax rate of 25.5% and 25.0% for the adjustments for the 2021 and 2020 periods, respectively.
(k)	Typically represents adjustments to reflect the income tax benefit of losses of consolidated C-corporations that under the Company’s current equity structure cannot be used against the income of other consolidated subsidiaries of CWGS, LLC. However, for the three months ended March 31, 2021, this adjustment included the reversal of the $14.9 million release of valuation allowance for Camping World, Inc. Subsequent to the exchange of all common units in CWGS, LLC, the Company believes certain actions could be taken such that the C-corporations’ losses could offset income of other consolidated subsidiaries. The adjustment reflects the income tax benefit assuming effective tax rate of 25.5% and 25.0% during 2021 and 2020 periods, respectively, for the losses experienced by the consolidated C-corporations for which valuation allowances have been recorded. No assumed release of valuation allowance established for previous periods were included in these amounts and the $14.9 million release of valuation allowance during the three months ended March 31, 2021 was considered to be reversed and excluded from adjusted net income (loss) attributable to Camping World Holdings, Inc. – diluted for purposes of this calculation.
(l)	Represents the impact to the denominator for stock options, restricted stock units, and/or common units of CWGS, LLC.
(m)	The below amounts have not been considered in our adjusted earnings per share – diluted amounts as the effect of these items are anti-dilutive.

Uses and Limitations of Non-GAAP Financial Measures

Management and our board of directors use the Non-GAAP Financial Measures:

as a measurement of operating performance because they assist us in comparing the operating performance of our business on a consistent basis, as they remove the impact of items not directly resulting from our core operations;
for planning purposes, including the preparation of our internal annual operating budget and financial projections;
to evaluate the performance and effectiveness of our operational strategies; and
to evaluate our capacity to fund capital expenditures and expand our business.

By providing these Non-GAAP Financial Measures, together with reconciliations, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. In addition, our Senior Secured Credit Facilities use EBITDA to measure our compliance with covenants such as the consolidated leverage ratio. The Non-GAAP Financial Measures have limitations as analytical tools, and should not be considered in isolation, or as an alternative to, or a substitute for net income or other financial statement data presented in our unaudited consolidated financial statements included elsewhere in this press release as indicators of financial performance. Some of the limitations are:

such measures do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
such measures do not reflect changes in, or cash requirements for, our working capital needs;
some of such measures do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments on our debt;
some of such measures do not reflect our tax expense or the cash requirements to pay our taxes;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any cash requirements for such replacements; and
other companies in our industry may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these limitations, the Non-GAAP Financial Measures should not be considered as measures of discretionary cash available to us to invest in the growth of our business. We compensate for these limitations by relying primarily on our GAAP results and using these Non-GAAP Financial Measures only supplementally. As noted in the tables above, certain of the Non-GAAP Financial Measures include adjustments for long-lived asset impairment, lease termination costs, gains and loss on disposal of assets, equity-based compensation, Tax Receivable Agreement liability, restructuring costs related to the 2019 Strategic Shift, other unusual or one-time items, and the income tax expense effect described above, as applicable. It is reasonable to expect that certain of these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this paragraph and in the reconciliation tables above help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations.

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KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Retail Other Travel Transportation Entertainment Destinations Travel Other Transport Automotive General Entertainment Transport Other Retail Vacation Specialty Recreational Vehicles

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May 4, 2021 8:05 am

SUMR Brands to Hold Conference Call for First Quarter Financial Results on May 19, 2021

WOONSOCKET, R.I., May 04, 2021 (GLOBE NEWSWIRE) — SUMR Brands (“SUMR Brands” or the “Company”) (NASDAQ: SUMR), a global leader in premium juvenile products, today announced that it will host a conference call to discuss financial results for the Company’s fiscal 2021 first quarter on May 19, 2021 at 9:00 a.m. Eastern Time. To listen to the call, visit the Investor Relations section of the Company’s website at www.sumrbrands.com or dial 844-834-0642 or 412-317-5188. An archive of the webcast will be available on the Company’s website afterwards, and results will be issued prior to the call.

About SUMR Brands

Based in Woonsocket, Rhode Island, the Company is a global leader of premium juvenile brands driven by a commitment to people, products, and purpose. The Company is made up of a diverse group of experts with a passion to make family life better by selling proprietary, innovative products across several core categories. For more information about the Company, please visit www.sumrbrands.com.

Company Contact:

Chris Witty
Investor Relations
646-438-9385
[email protected]