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Madison Square Garden Entertainment Corp. Reports Fiscal 2021 Second Quarter Results

Madison Square Garden Entertainment Corp. Reports Fiscal 2021 Second Quarter Results

New York State Announces Re-Opening Plan for Arenas

Madison Square Garden Arena to Welcome Back Approximately 2,000 Fans for February 23rd Knicks game

Will Represent First Event with Fans at The Garden Since March 2020

NEW YORK–(BUSINESS WIRE)–
Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment”) today reported financial results for the fiscal second quarter ended December 31, 2020.

During the fiscal 2021 second quarter, the Madison Square Garden Arena (“The Garden”) began hosting New York Knicks home games without fans in attendance – marking the first events at The Garden since all of the Company’s performance venues were closed in March 2020 due to the COVID-19 pandemic. Aside from these games and certain other limited exceptions, the Company’s performance venues remained closed during the fiscal 2021 second quarter. In addition, TAO Group Hospitality’s venues are either closed or operating with significant restrictions due to regulatory requirements.

Subsequent to the end of the fiscal 2021 second quarter, New York State announced that New York City restaurants can resume indoor dining starting today and New York arenas with capacities of over 10,000 people can re-open beginning February 23, 2021, both with limited capacities.

The COVID-19 pandemic materially impacted the Company’s financial results for the fiscal 2021 second quarter as the Company reported revenues of $23.1 million, a decrease of 94% as compared with the prior year quarter.(1)(2) In addition, the Company reported an operating loss of $112.5 million and an adjusted operating loss of $64.0 million for the fiscal 2021 second quarter, as compared to operating income of $69.6 million and adjusted operating income of $108.5 million in the prior year quarter.(3)

Executive Chairman and CEO James L. Dolan said, “We are excited by the start of live entertainment returning to New York, with Governor Cuomo’s decision to re-open indoor dining in New York City and arenas across the state, both at limited capacities. We believe this represents another important step on the road to a full and safe re-opening of our venues and a return to normal operations. We know there continues to be significant pent-up demand for live entertainment and we remain confident in the strength of our business and the long-term outlook for our Company.”

Segment Results for the Three and Six Months Ended December 31, 2020 and 2019:

 

Three Months Ended

 

Six Months Ended

 

December 31,

 

Change

 

December 31,

 

Change

 

2020

 

2019

 

$

 

%

 

2020

 

2019

 

$

 

%

Revenues

 

 

 

 

 

 

 

 

Entertainment

$

12.7

 

$

325.4

 

$

(312.7

)

(96

)%

$

20.2

 

$

445.0

 

$

(424.8

)

(95

)%

Tao Group Hospitality

 

10.5

 

 

69.1

 

 

(58.6

)

(85

)%

 

17.7

 

 

127.7

 

 

(110.0

)

(86

)%

Other(4)

 

—

 

 

(0.4

)

 

0.4

 

NM

 

(0.4

)

 

(0.7

)

 

0.3

 

41

%

Total Revenues

$

23.1

 

$

394.1

 

$

(370.9

)

(94

)%

$

37.5

 

$

572.0

 

$

(534.5

)

(93

)%
 

Operating Income (Loss)

 

 

 

 

 

 

 

 

Entertainment

$

(97.1

)

$

67.1

 

$

(164.2

)

NM

$

(207.7

)

$

(0.3

)

$

(207.4

)

NM

Tao Group Hospitality

 

(11.2

)

 

7.5

 

 

(18.7

)

NM

 

(22.4

)

 

10.8

 

 

(33.3

)

NM

Other(4)

 

(4.3

)

 

(5.0

)

 

0.8

 

16

%

 

(9.0

)

 

(9.1

)

 

0.1

 

1

%

Total Operating Income (Loss)

$

(112.5

)

$

69.6

 

$

(182.1

)

NM

$

(239.1

)

$

1.4

 

$

(240.6

)

NM
 

Adjusted Operating Income (Loss)

Entertainment

$

(55.3

)

$

98.6

 

$

(153.9

)

NM

$

(113.5

)

$

63.0

 

$

(176.6

)

NM

Tao Group Hospitality

 

(8.4

)

 

9.9

 

 

(18.3

)

NM

 

(17.5

)

 

15.5

 

 

(33.0

)

NM

Other(4)

 

(0.3

)

 

(0.1

)

 

(0.2

)

(251

)%

 

(0.5

)

 

(0.2

)

 

(0.4

)

(250

)%

Total Adjusted Operating Income (Loss)

$

(64.0

)

$

108.5

 

$

(172.4

)

NM

$

(131.6

)

$

78.3

 

$

(210.0

)

NM
Note: Does not foot due to rounding

(1)

Financial results for the three and six months ended December 31, 2019 are presented in accordance with accounting requirements for the preparation of carve-out financial statements, reflecting the results of the entertainment businesses previously owned and operated by MSG Sports through its MSG Entertainment business segment, as well as the sports bookings business previously owned and operated by MSG Sports through its MSG Sports business segment. These results do not include the impact of intercompany agreements between the Company and MSG Sports, which were effective as of the date of the spin-off (April 17, 2020) and may not reflect the level of expenses that would have been incurred by the Company had it been a stand-alone company for the period presented.

(2)

Fiscal 2020 operating results include the results for the Forum which was sold on May 1, 2020.

(3)

See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.

(4)

Includes inter-segment eliminations and, for operating income (loss), purchase accounting adjustments.

Entertainment

For the fiscal 2021 second quarter, Entertainment segment revenues of $12.7 million decreased 96%, or $312.7 million, as compared with the prior year quarter, primarily reflecting the impact of the COVID-19 pandemic. This included a decrease in revenues of $122.8 million due to the cancellation of the 2020 run of the Christmas Spectacular Starring the Radio City Rockettes. The continued closure of the Company’s venues led to decreases of $102.9 million in event-related revenues, $36.1 million in suite license fee revenues and $26.9 million in venue-related signage and sponsorship revenues. In addition, the prior year quarter included $21.3 million in revenues from the Forum, which was sold in May 2020.

Fiscal 2021 second quarter direct operating expenses of $23.4 million decreased 86%, or $144.8 million, as compared with the prior year quarter, primarily reflecting the impact of the COVID-19 pandemic. The absence of events in the quarter led to decreases of $55.5 million in event-related expenses at the Company’s venues, $47.6 million in expenses related to the Christmas Spectacular production, $24.1 million in suite license expenses and $23.6 million in venue-related signage and sponsorship expenses. In addition, the prior year quarter included $11.2 million in direct operating expenses from the Forum. These decreases were partially offset by other net increases of $17.3 million, primarily related to the absence of venue-operating cost carve-out adjustments in the prior year period (see note 1 on previous page).

Fiscal 2021 second quarter selling, general and administrative expenses of $65.7 million decreased 5%, or $3.1 million, as compared with the prior year quarter, primarily due to a $4.6 million decrease in professional fees associated with litigation and MSG Sphere content development, partially offset by an increase of $0.9 million in employee compensation and related benefits.

Fiscal 2021 second quarter operating income decreased $164.2 million to a loss of $97.1 million and adjusted operating income decreased $153.9 million to a loss of $55.3 million, both as compared to the prior year quarter. This primarily reflects the decrease in revenues, partially offset by lower direct operating expenses and, to a lesser extent, lower selling, general and administrative expenses.

Tao Group Hospitality

For the fiscal 2021 second quarter, Tao Group Hospitality segment revenues of $10.5 million decreased 85%, or $58.6 million, as compared to the prior year quarter, primarily reflecting the impact of the COVID-19 pandemic. Capacity restrictions at re-opened entertainment dining and nightlife venues reduced revenues by $34.3 million, while the continued closure of certain venues reduced revenues by $19.7 million.

Fiscal 2021 second quarter direct operating expenses of $11.0 million decreased 73%, or $30.2 million, as compared to the prior year quarter, primarily as a result of the COVID-19 pandemic. Employee compensation and related benefits decreased $12.3 million, primarily due to a reduction in Tao Group Hospitality’s venue staff at re-opened venues and the elimination of venue staff at closed venues. The cost of food and beverage and venue entertainment decreased $11.4 million, primarily resulting from the impact of capacity restrictions at re-opened venues and the continued closure of certain venues. In addition, rent expense decreased $2.8 million, which includes the impact of rent concessions received from landlords as a result of the pandemic.

Fiscal 2021 second quarter selling, general and administrative expenses of $9.1 million decreased 49%, or $8.9 million, as compared to the prior year quarter. This primarily reflects a $3.2 million decrease in marketing costs and a $1.9 million decrease in employee compensation and related benefits as well as other net decreases.

Fiscal 2021 second quarter operating income decreased by $18.7 million to a loss of $11.2 million and adjusted operating income decreased by $18.3 million to a loss of $8.4 million, both as compared to the prior year quarter. This primarily reflects the decrease in revenues, partially offset by lower direct operating expenses and, to a lesser extent, lower selling, general and administrative expenses.

Other Matters

In December 2020, the Company announced that it had assumed the role of construction manager for MSG Sphere in Las Vegas and that AECOM had transitioned from general contractor to supporting MSG Sphere with a new services agreement that facilitates AECOM’s continued involvement through the project’s completion. The Company believes this change will provide it with greater transparency and control over the construction process, while enabling it to continue benefiting from AECOM’s expertise.

The Company has assembled a world-class team of construction management professionals who are now directing all aspects of the project. This includes strategic planning, the construction timeline, and management of all subcontractors, as well as oversight of 30 seconded AECOM employees who continue to support key areas of the project.

Current construction work is focused on finishing all superstructure concrete pours, which includes completing stair and elevator cores and the venue’s proscenium wall. Steel for the remaining exterior ring beams and inboard decks will then be placed, and the Company anticipates starting to build the steel frame for the venue’s roof in the coming months.

As previously disclosed, due to challenges stemming from the COVID-19 pandemic, the company revised its construction schedule for MSG Sphere in Las Vegas, providing for a substantially reduced spend in fiscal 2021 and a lengthened timetable that enables the Company to better preserve cash in the near-term.

MSG Sphere is a complex construction project that has become even more challenging due to the global impact of COVID-19. The Company announced on February 7, 2020 a project cost estimate, inclusive of core technology and soft costs, of approximately $1.66 billion. Relative to this cost estimate, the Company’s actual construction costs for MSG Sphere incurred through December 31, 2020 were approximately $645 million. This cost estimate is subject to uncertainty given the complexity of the project, the more than two years remaining until the venue’s planned opening and the ongoing impact of the global pandemic. The Company remains committed to bringing MSG Sphere to Las Vegas and expects to open the venue in calendar 2023.

About Madison Square Garden Entertainment Corp.

Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment experiences. The Company presents or hosts a broad array of events in its diverse collection of venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; and The Chicago Theatre. MSG Entertainment is also building a new state-of-the-art venue in Las Vegas, MSG Sphere at The Venetian, and has announced plans to build a second MSG Sphere in London, pending necessary approvals. In addition, the Company features the original production – the Christmas Spectacular Starring the Radio City Rockettes – and through Boston Calling Events, produces the Boston Calling Music Festival. Also under the MSG Entertainment umbrella is Tao Group Hospitality, with entertainment dining and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty & Essex and Cathédrale. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) before (i) adjustments to remove the impact of non-cash straight-line leasing revenue associated with the Arena License Agreements with MSG Sports, (ii) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (iii) amortization for capitalized cloud computing arrangement costs, (iv) share-based compensation expense or benefit, (v) restructuring charges or credits, and (vi) gains or losses on sales or dispositions of businesses and associated settlements, which is referred to as adjusted operating income (loss), a non-GAAP measure. In addition to excluding the impact of the items discussed above, the impact of purchase accounting adjustments related to business acquisitions is also excluded in evaluating the Company’s consolidated adjusted operating income (loss). We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We believe that given the length of the Arena License Agreements and resulting magnitude of the difference in leasing revenue recognized and cash revenue received, the exclusion of non-cash leasing revenue provides investors with a clearer picture of the Company’s operating performance.

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 6 of this release.

Forward-Looking Statements

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates, the impact of the COVID-19 pandemic and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Conference Call Information:

The conference call will be Webcast live today at 10:00 a.m. ET at investor.msgentertainment.com

Conference call dial-in number is 888-421-7163 / Conference ID Number 2326248

Conference call replay number is 855-859-2056 / Conference ID Number 2326248 until February 19, 2021

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)
 

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

$

23,137

 

 

 

$

394,072

 

 

 

$

37,515

 

 

 

$

572,035

 

 

Direct operating expenses

 

35,464

 

 

 

210,194

 

 

 

69,623

 

 

 

341,716

 

 

Selling, general and administrative expenses

 

74,950

 

 

 

86,854

 

 

 

135,275

 

 

 

174,621

 

 

Depreciation and amortization

 

23,875

 

 

 

27,434

 

 

 

50,457

 

 

 

54,254

 

 

Restructuring charges

 

1,372

 

 

 

—

 

 

 

21,299

 

 

 

—

 

 

Operating income (loss)

 

(112,524

)

 

 

69,590

 

 

 

(239,139

)

 

 

1,444

 

 

Other income (expense):

 

 

 

 

 

 

 

 

Loss in equity method investments

 

(1,568

)

 

 

(1,170

)

 

 

(3,264

)

 

 

(2,643

)

 

Interest income

 

349

 

 

 

6,268

 

 

 

644

 

 

 

13,583

 

 

Interest expense

 

(7,675

)

 

 

(144

)

 

 

(8,084

)

 

 

(1,249

)

 

Miscellaneous income (loss), net

 

(7,362

)

 

 

9,355

 

 

 

26,862

 

 

 

16,386

 

 

Income (loss) from operations before income taxes

 

(128,780

)

 

 

83,899

 

 

 

(222,981

)

 

 

27,521

 

 

Income tax expense

 

(323

)

 

 

(1,255

)

 

 

(486

)

 

 

(1,440

)

 

Net income (loss)

 

(129,103

)

 

 

82,644

 

 

 

(223,467

)

 

 

26,081

 

 

Less: Net income (loss) attributable to redeemable noncontrolling interests

 

(3,342

)

 

 

885

 

 

 

(7,231

)

 

 

249

 

 

Less: Net income (loss) attributable to nonredeemable noncontrolling interests

 

(902

)

 

 

453

 

 

 

(1,532

)

 

 

493

 

 

Net income (loss) attributable to Madison Square Garden Entertainment Corp.’s stockholders

 

$

(124,859

)

 

 

$

81,306

 

 

 

$

(214,704

)

 

 

$

25,339

 

 

Basic and diluted income (loss) per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders

 

$

(5.17

)

 

 

$

3.39

 

 

 

$

(8.91

)

 

 

$

1.06

 

 

Basic and diluted weighted-average number of common shares outstanding

 

24,146

 

 

 

23,992

 

 

 

24,108

 

 

 

23,992

 

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO

ADJUSTED OPERATING INCOME (LOSS)

(Unaudited)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income (loss) as described in this earnings release:

  • Non-cash portion of arena license fees from MSG Sports. This adjustment removes the impact of non-cash straight-line leasing revenue associated with the Arena License Agreements with MSG Sports.
  • Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units and stock options granted under the MSG Entertainment Employee Stock Plan, MSG Sports Employee Stock Plan and Non-Employee Director Plan in all periods.
  • Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets in all periods.
  • Restructuring charges. This adjustment eliminates costs related to termination benefits provided to employees as part of the Company’s full-time workforce reductions.
  • Purchase accounting adjustments. This adjustment eliminates the impact of various purchase accounting adjustments related to business acquisitions, primarily favorable / unfavorable lease agreements of the acquiree.

 

 

Three Months Ended

 

Six Months Ended

 

 

December 31,

 

December 31,

 

 

2020

 

 

2019

 

2020

 

 

2019

Operating income (loss)

 

$

(112,524

)

 

 

$

69,590

 

 

$

(239,139

)

 

 

$

1,444

 

Non-cash portion of arena license fees from MSG Sports

 

(1,176

)

 

 

—

 

 

(1,176

)

 

 

—

 

Share-based compensation

 

23,562

 

 

 

10,373

 

 

35,091

 

 

 

20,458

 

Depreciation and amortization(1)

 

23,875

 

 

 

27,434

 

 

50,457

 

 

 

54,254

 

Restructuring charges

 

1,372

 

 

 

—

 

 

21,299

 

 

 

—

 

Other purchase accounting adjustments

 

924

 

 

 

1,068

 

 

1,848

 

 

 

2,188

 

Adjusted operating income (loss)

 

$

(63,967

)

 

 

$

108,465

 

 

$

(131,620

)

 

 

$

78,344

 

_________________
(1)

Includes depreciation and amortization related to purchase accounting adjustments.

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SEGMENT RESULTS

(Dollars in thousands)

(Unaudited)
 

BUSINESS SEGMENT RESULTS

 

 

Three Months Ended December 31, 2020

 

 

Entertainment

 

Tao Group

Hospitality

 

Other(2)

 

Total

Revenues

 

$

12,669

 

 

 

$

10,491

 

 

 

$

(23

)

 

 

$

23,137

 

 

Direct operating expenses

 

23,409

 

 

 

10,980

 

 

 

1,075

 

 

 

35,464

 

 

Selling, general and administrative expenses

 

65,730

 

 

 

9,131

 

 

 

89

 

 

 

74,950

 

 

Depreciation and amortization

 

19,246

 

 

 

1,563

 

 

 

3,066

 

 

 

23,875

 

 

Restructuring charges

 

1,372

 

 

 

—

 

 

 

—

 

 

 

1,372

 

 

Operating loss

 

$

(97,088

)

 

 

$

(11,183

)

 

 

$

(4,253

)

 

 

$

(112,524

)

 

Reconciliation to adjusted operating loss:

 

 

 

 

 

 

 

 

Non-cash portion of arena license fees from MSG Sports

 

(1,176

)

 

 

—

 

 

 

—

 

 

 

(1,176

)

 

Share-based compensation

 

22,374

 

 

 

1,188

 

 

 

—

 

 

 

23,562

 

 

Depreciation and amortization(1)

 

19,246

 

 

 

1,563

 

 

 

3,990

 

 

 

24,799

 

 

Restructuring charges

 

1,372

 

 

 

—

 

 

 

—

 

 

 

1,372

 

 

Adjusted operating loss

 

$

(55,272

)

 

 

$

(8,432

)

 

 

$

(263

)

 

 

$

(63,967

)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31, 2019

 

 

Entertainment

 

Tao Group

Hospitality

 

Other(2)

 

Total

Revenues

 

$

325,370

 

 

 

$

69,104

 

 

 

$

(402

)

 

 

$

394,072

 

 

Direct operating expenses

 

168,241

 

 

 

41,159

 

 

 

794

 

 

 

210,194

 

 

Selling, general and administrative expenses

 

68,869

 

 

 

18,038

 

 

 

(53

)

 

 

86,854

 

 

Depreciation and amortization

 

21,128

 

 

 

2,411

 

 

 

3,895

 

 

 

27,434

 

 

Operating income (loss)

 

$

67,132

 

 

 

$

7,496

 

 

 

$

(5,038

)

 

 

$

69,590

 

 

Reconciliation to adjusted operating income (loss):

 

 

 

 

 

 

 

 

Share-based compensation

 

10,373

 

 

 

—

 

 

 

—

 

 

 

10,373

 

 

Depreciation and amortization(1)

 

21,128

 

 

 

2,411

 

 

 

4,963

 

 

 

28,502

 

 

Adjusted operating income (loss)

 

$

98,633

 

 

 

$

9,907

 

 

 

$

(75

)

 

 

$

108,465

 

 

_________________

(1)

 

Depreciation and amortization includes other purchase accounting adjustments of $924 and $1,068 for the three months ended December 31, 2020 and 2019 respectively.

(2)

 

Includes inter-segment eliminations and, for operating income (loss), purchase accounting adjustments.

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SEGMENT RESULTS (Continued)

(Dollars in thousands)

(Unaudited)
 

 

Six Months Ended December 31, 2020

 

Entertainment

 

Tao Group

Hospitality

 

Other(2)

 

Total

Revenues

$

20,224

 

$

17,712

 

$

(421

)

$

37,515

 

Direct operating expenses

 

47,024

 

 

20,808

 

 

1,791

 

 

69,623

 

Selling, general and administrative expenses

 

118,380

 

 

16,734

 

 

161

 

 

135,275

 

Depreciation and amortization

 

41,260

 

 

2,609

 

 

6,588

 

 

50,457

 

Restructuring charges

 

21,299

 

 

—

 

 

—

 

 

21,299

 

Operating loss

$

(207,739

)

$

(22,439

)

$

(8,961

)

$

(239,139

)

Reconciliation to adjusted operating loss:

 

 

 

 

Non-cash portion of arena license fees from MSG Sports

 

(1,176

)

 

—

 

 

—

 

 

(1,176

)

Share-based compensation

 

32,807

 

 

2,284

 

 

—

 

 

35,091

 

Depreciation and amortization(1)

 

41,260

 

 

2,609

 

 

8,436

 

 

52,305

 

Restructuring charges

 

21,299

 

 

—

 

 

—

 

 

21,299

 

Adjusted operating loss

$

(113,549

)

$

(17,546

)

$

(525

)

$

(131,620

)

 

 

 

 

 

 

Six Months Ended December 31, 2019

 

Entertainment

 

Tao Group

Hospitality

 

Other(2)

 

Total

Revenues

$

445,022

 

$

127,721

 

$

(708

)

$

572,035

 

Direct operating expenses

 

263,201

 

 

76,826

 

 

1,689

 

 

341,716

 

Selling, general and administrative expenses

 

139,218

 

 

35,462

 

 

(59

)

 

174,621

 

Depreciation and amortization

 

42,915

 

 

4,590

 

 

6,749

 

 

54,254

 

Operating income (loss)

$

(312

)

$

10,843

 

$

(9,087

)

$

1,444

 

Reconciliation to adjusted operating income (loss):

 

 

 

 

Share-based compensation

 

20,430

 

 

28

 

 

—

 

 

20,458

 

Depreciation and amortization(1)

 

42,915

 

 

4,590

 

 

8,937

 

 

56,442

 

Adjusted operating income (loss)

$

63,033

 

$

15,461

 

$

(150

)

$

78,344

_________________

(1)

 

Depreciation and amortization includes other purchase accounting adjustments of $1,848 and $2,188 for the six months ended December 31, 2020 and 2019, respectively.

(2)

 

Includes inter-segment eliminations and, for operating income (loss), purchase accounting adjustments.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED BALANCE SHEETS

(In thousands)
 

 

 

December 31,

2020

 

June 30,

2020

 

 

(Unaudited)

 

 

ASSETS

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

1,451,352

 

 

$

906,555

 

Restricted cash

 

26,207

 

 

17,749

 

Short-term investments

 

—

 

 

337,192

 

Accounts receivable, net

 

73,711

 

 

57,184

 

Net related party receivables

 

31,170

 

 

23,062

 

Prepaid expenses

 

56,066

 

 

62,127

 

Other current assets

 

23,787

 

 

22,633

 

Total current assets

 

1,662,293

 

 

1,426,502

 

Investments in nonconsolidated affiliates

 

49,626

 

 

52,622

 

Property and equipment, net

 

1,837,072

 

 

1,646,115

 

Right-of-use lease assets

 

198,464

 

 

220,328

 

Amortizable intangible assets, net

 

144,658

 

 

150,426

 

Indefinite-lived intangible assets

 

63,801

 

 

63,801

 

Goodwill

 

74,309

 

 

74,309

 

Other assets

 

91,616

 

 

85,103

 

Total assets

 

$

4,121,839

 

 

$

3,719,206

 

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED BALANCE SHEETS (continued)

(In thousands, except per share data)
 

 

 

December 31,

2020

 

June 30,

2020

 

 

(Unaudited)

 

 

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

$

4,952

 

 

 

$

17,258

 

 

Net related party payables, current

 

16,428

 

 

 

18,418

 

 

Current portion of long-term debt, net of deferred financing costs

 

5,115

 

 

 

5,429

 

 

Accrued liabilities:

 

 

 

 

Employee related costs

 

50,977

 

 

 

68,837

 

 

Other accrued liabilities

 

114,326

 

 

 

125,452

 

 

Operating lease liabilities, current

 

54,963

 

 

 

53,388

 

 

Collections due to promoters

 

19,876

 

 

 

31,879

 

 

Deferred revenue

 

205,641

 

 

 

189,308

 

 

Total current liabilities

 

472,278

 

 

 

509,969

 

 

Long-term debt, net of deferred financing costs

 

649,445

 

 

 

28,126

 

 

Operating lease liabilities, noncurrent

 

155,440

 

 

 

174,219

 

 

Defined benefit and other postretirement obligations

 

25,103

 

 

 

26,132

 

 

Other employee related costs

 

13,481

 

 

 

15,591

 

 

Collections due to promoters, noncurrent

 

5,179

 

 

 

—

 

 

Deferred tax liabilities, net

 

12,927

 

 

 

12,450

 

 

Other liabilities

 

78,138

 

 

 

78,279

 

 

Total liabilities

 

1,411,991

 

 

 

844,766

 

 

Redeemable noncontrolling interests

 

14,543

 

 

 

20,600

 

 

Madison Square Garden Entertainment Corp. Stockholders’ Equity:

 

 

 

 

Class A Common stock, par value $0.01, 120,000 shares authorized; 19,613 and 19,493 shares outstanding as of December 31, 2020 and June 30, 2020, respectively

 

196

 

 

 

195

 

 

Class B Common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of December 31, 2020 and June 30, 2020

 

45

 

 

 

45

 

 

Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of December 31, 2020 and June 30, 2020

 

—

 

 

 

—

 

 

Additional paid-in capital

 

2,782,042

 

 

 

2,751,318

 

 

Retained earnings

 

(72,768

)

 

 

141,936

 

 

Accumulated other comprehensive loss

 

(25,381

)

 

 

(51,857

)

 

Total Madison Square Garden Entertainment Corp. stockholders’ equity

 

2,684,134

 

 

 

2,841,637

 

 

Nonredeemable noncontrolling interests

 

11,171

 

 

 

12,203

 

 

Total equity

 

2,695,305

 

 

 

2,853,840

 

 

Total liabilities, redeemable noncontrolling interests and equity

 

$

4,121,839

 

 

 

$

3,719,206

 

 

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SELECTED CASH FLOW INFORMATION

(Dollars in thousands)

(Unaudited)
 

 

 

Six Months Ended

 

 

December 31,

 

 

2020

 

 

2019

 

Net cash (used in) provided by operating activities

 

$

(215,632

)

 

 

$

103,758

 

 

Net cash provided by (used in) investing activities

 

146,682

 

 

 

(129,606

)

 

Net cash provided by (used in) financing activities

 

614,410

 

 

 

(40,885

)

 

Effect of exchange rates on cash, cash equivalents and restricted cash

 

7,795

 

 

 

1,693

 

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

553,255

 

 

 

(65,040

)

 

Cash, cash equivalents and restricted cash at beginning of period

 

924,304

 

 

 

1,092,065

 

 

Cash, cash equivalents and restricted cash at end of period

 

$

1,477,559

 

 

 

$

1,027,025

 

 

 

Kimberly Kerns

EVP and Chief Communications Officer

Madison Square Garden Entertainment Corp.

(212) 465-6442

Ari Danes, CFA

Senior Vice President, Investor Relations & Treasury

Madison Square Garden Entertainment Corp.

(212) 465-6072

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: General Entertainment Entertainment Events/Concerts

MEDIA:

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Posted on

Monro, Inc. Declares Quarterly Cash Dividend

ROCHESTER, N.Y., Feb. 12, 2021 (GLOBE NEWSWIRE) — Monro, Inc. (Nasdaq: MNRO), a leading provider of automotive undercar repair and tire services, today announced that its Board of Directors has declared a quarterly cash dividend of $.22 per share on the Company’s outstanding shares of common stock, including the shares of common stock to which the holders of the Company’s Class C Convertible Preferred Stock are entitled. The dividend is payable on March 24, 2021 to shareholders of record at the close of business on March 10, 2021.  


About Monro, Inc.

Headquartered in Rochester, New York, Monro is a chain of 1,260 company-operated stores, 96 franchised locations, seven wholesale locations and three retread facilities providing automotive undercar repair and tire sales and services. The Company operates in 32 states, serving the MidAtlantic and New England regions and portions of the Great Lakes, Midwest, Southeast and Western United States. The predecessor to the Company was founded by Charles J. August in 1957 as a Midas Muffler franchise. In 1966, Monro began to diversify into a full line of undercar repair services. The Company has experienced significant growth in recent years through acquisitions and, to a lesser extent, the opening of newly constructed stores. The Company went public in 1991 and trades on The Nasdaq Stock Market under the symbol MNRO.

CONTACT: Kim Rudd
  Executive Assistant
  (585) 784-3324
   
  Investors and Media: Melanie Dambre / Jamie Baird
  FTI Consulting
  (212) 850-5600



Posted on

Tufin Announces Fourth Quarter and Full Year 2020 Results

Tufin Announces Fourth Quarter and Full Year 2020 Results

Fourth quarter revenue of $31.0 million increases 3% year-over-year

Fourth quarter GAAP operating loss of $3.5 million and non-GAAP operating income of $0.4 million

Full year revenue of $100.8 million decreases 2% year-over-year

Full year GAAP operating loss of $33.9 million and non-GAAP operating loss of $18.5 million

BOSTON & TEL AVIV, Israel–(BUSINESS WIRE)–Tufin (NYSE: TUFN), a company pioneering a policy-centric approach to security and IT operations, today announced financial results for the fourth quarter and the year ended December 31, 2020.

“We finished the year on a strong note with a return to growth and record revenues in the fourth quarter. While 2020 began as a challenging year, I am pleased with our improved execution and recovery in the second half of the year along with the progress we made on SecureCloud which launched early in the year,” said Ruvi Kitov, CEO and Co-Founder. “I am excited to announce that we began a transition to a subscription revenue model this year, which we believe will dramatically improve the quality of our business over time. We will primarily focus on transitioning new logos initially. As I look forward to 2021, I am optimistic about our opportunities as we work to drive durable long-term growth and expand our leadership in the growing Security Policy Management market. As we achieve these goals, we will also create enhanced long-term value, for our shareholders as well as other stakeholders.”

Financial Highlights for the FourthQuarter Ended December 31, 2020

Revenue:

  • Total revenue was $31.0 million, up 3% compared with the fourthquarter of 2019.
  • Product revenue was $15.0 million, up 5% compared with the fourth quarter of 2019.
  • Maintenance and professional services revenue was $16.0 million, up 1% compared with the fourth quarter of 2019.

Gross Profit:

  • GAAP gross profit was $25.6 million, or 83% of total revenue, compared to $24.1 million in the fourth quarter of 2019, or 80% of total revenue.
  • Non-GAAP gross profit was $26.1 million, or 84% of total revenue, compared to $24.8 million in the fourth quarter of 2019, or 82% of total revenue.

Operating Income (Loss):

  • GAAP operating loss was $3.5 million, compared to operating loss of $7.4 million in the fourthquarter of 2019.
  • Non-GAAP operating income was $0.4 million, compared to non-GAAP operating loss of $1.9 million in the fourthquarter of 2019.

Net Income (Loss):

  • GAAP net loss was $4.4 million, or a loss of $0.12 per diluted share, compared to a GAAP net loss of $7.2 million, or $0.21 per diluted share, in the fourthquarter of 2019.
  • Non-GAAP net loss was $1.0 million, or a loss of $0.03 per diluted share, compared to non-GAAP net loss of $2.4 million, or $0.07 per diluted share, in the fourthquarter of 2019.

Financial Highlights for the Full Year Ended December 31, 2020

Revenue:

  • Total revenue was $100.8 million, down 2% compared with 2019.
  • Product revenue was $38.7 million, down 18% compared with 2019.
  • Maintenance and professional services revenue was $62.1 million, up 11% compared with 2019.

Gross Profit:

  • GAAP gross profit was $80.6 million, or 80% of total revenue, compared to $83.4 million in 2019, or 81% of total revenue.
  • Non-GAAP gross profit was $82.6 million, or 82% of total revenue, compared to $84.9 million in 2019, or 82% of total revenue.

Operating loss:

  • GAAP operating loss was $33.9 million, compared to operating loss of $27.0 million in 2019.
  • Non-GAAP operating loss was $18.5 million, compared to non-GAAP operating loss of $15.2 million in 2019.

Net Loss:

  • GAAP net loss was $35.4 million, or a loss of $0.99 per diluted share, compared to GAAP net loss of $28.1 million, or $1.04 per diluted share, in 2019.
  • Non-GAAP net loss was $20.6 million, or a loss of $0.58 per diluted share, compared to non-GAAP net loss of $17.1 million, or $0.63 per diluted share, in 2019.

Balance Sheet and Cash Flow:

  • Cash flow used in operating activities during the twelve months ended December 31, 2020 was $17.4 million, compared to cash flow used in operating activities of $9.6 million during the twelve months ended December 31, 2019.
  • Total cash, cash equivalents, restricted cash and marketable securities as of December 31, 2020 were $104.0 million, compared to $121.7 million as of December 31, 2019.

The tables at the end of this press release include a reconciliation of GAAP to non-GAAP gross profit, operating income and net income for the three and twelve months ended December 31, 2020 and 2019. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”

Recent Business Highlights

  • Appointed Raymond Brancato Chief Revenue Officer. Mr. Brancato brings to Tufin an accomplished 27-year sales management track record of delivering revenue growth, implementing strong sales strategies across global organizations, and successfully executing go-to-market transformation in software companies. He joins Tufin from AnyVision, a fast-growing private artificial intelligence company with a subscription-based revenue model, where he was Chief Revenue Officer.
  • Announced Tufin SecureCloud™ integration with AWS Network Firewall to deliver security policy management across Amazon Virtual Private Clouds.
  • Announced that Tufin SecureCloud™ supports the Google Cloud Platform, allowing customers to use SecureCloud to define and monitor compliance with security guardrails. Tufin customers can now operate secured applications across the three leading cloud providers – Amazon Web Services, Microsoft Azure, and Google Cloud Platform.

Business Outlook

Based on information available as of February 12, 2021, Tufin is issuing guidance as indicated below:

First Quarter 2021:

  • Total revenue between $20.6 and $24.6 million.
  • Non-GAAP Operating loss between $10.6 and $7.2 million.

Full Year 2021:

  • Total revenue between $105.0 and $113.0 million.
  • Non-GAAP Operating loss between $38.4 and $31.6 million.

Our guidance reflects an expectation that approximately one third of total new business bookings will come from subscription in 2021.

Video Webcast information

The company will host a video webcast at 8:00 a.m. Eastern Time on February 12, 2021 to discuss these results and provide a comprehensive discussion of its business and product strategy for 2021 and going forward. The live video webcast will be accessible on Tufin’s Investor Relations website at investors.tufin.com. A replay will be available three hours after the conclusion of the webcast.

About Tufin

Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the company’s Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2,000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility.

Non-GAAP Financial Measures

We believe that providing non-GAAP financial measures that exclude, as applicable, share-based compensation expense and certain non-recurring costs, as well as, the tax effect of these non-GAAP adjustments, allows for more meaningful comparisons between our operating results from period to period. These non-GAAP financial measures are an important tool for financial and operational decision-making and for evaluating our operating results over different periods:

  • We define non-GAAP gross profit as gross profit excluding share-based compensation expense.
  • We define non-GAAP operating income (loss) as operating income (loss) excluding share-based compensation expense, shelf registration costs, one-time expenses associated with the reorganization of one of our subsidiaries and secondary offering costs.
  • We define non-GAAP net income (loss) as net income (loss) excluding share-based compensation expense, shelf registration costs, one-time expenses associated with the reorganization of one of our subsidiaries, secondary offering costs and the tax effect of these non-GAAP adjustments.

Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash expense, we believe that providing non-GAAP financial measures that exclude non-cash share-based compensation expense allow for more meaningful comparisons between our operating results from period to period. In addition, we believe that providing non-GAAP financial measures that exclude shelf registration costs, one-time expenses associated with the reorganization of one of our subsidiaries and secondary offering costs allows for more meaningful comparisons between our operating results from period to period since these non-recurring costs are not representative or indicative of our ongoing operations. We also believe that the tax effects related to the non-GAAP adjustments set forth above do not reflect the performance of our core business and would impact period-to-period comparability.

Other companies, including companies in our industry, may calculate non-GAAP gross profit, non-GAAP operating income (loss) and non-GAAP net income (loss) differently or not at all, which reduces the usefulness these non-GAAP financial measures for comparison. You should consider these non-GAAP financial measures along with other financial performance measures, including gross profit, operating income (loss) and net income (loss), and our financial results presented in accordance with U.S. GAAP. Tufin urges investors to review the reconciliation of its non-GAAP financial measures to the comparable U.S. GAAP financial measures included below, and not to rely on any single financial measure to evaluate its business.

Guidance for non-GAAP financial measures excludes, as applicable, share-based compensation expense and certain non-recurring costs, as applicable. A reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures is not available on a forward-looking basis due to the uncertainty regarding, and the potential variability and significance of, the amounts of share-based compensation expense and certain non-recurring costs, as applicable, that are excluded from the guidance. Accordingly, a reconciliation of the non-GAAP financial measures guidance to the corresponding GAAP measures for future periods is not available without unreasonable effort.

Cautionary Language Concerning Forward-Looking Statements

This release contains forward-looking statements, which express the current beliefs and expectations of Tufin’s (the “Company”) management. In some cases, forward-looking statements may be identified by terminology such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential” or the negative of these terms or other similar expressions. Such statements involve a number of known and unknown risks and uncertainties that could cause the Company’s future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: the impact of COVID-19 on the budgets of our clients and on economic conditions generally; changes in the rapidly evolving enterprise network landscape; failure to effectively manage growth; potential near-term declines in our operating and net profit margins and our revenue growth rate; real or perceived shortcomings, defects or vulnerabilities in the Company’s solutions or internal network system, or the failure of the Company’s customers or channel partners to correctly implement the Company’s solutions; fluctuations in quarterly results of operations; the inability to acquire new customers or sell additional products and services to existing customers; competition from a wide variety of competitive vendors; the Company’s ability to successfully integrate potential future acquisitions; and other factors discussed under the heading “Risk Factors” in the Company’s most recent annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

(Unaudited)
 

 

December 31,

December 31,

 

2019

2020

Assets

 

 

CURRENT ASSETS:

 

 

Cash and cash equivalents

118,661

58,449

Restricted bank deposits

224

–

Marketable Securities – short term

–

19,586

Accounts receivable (net of allowance for credit losses of $77 and $85 at December 31, 2019 and December 31, 2020, respectively)

16,222

16,674

Prepaid expenses and other current assets

4,773

7,159

Total current assets

139,880

101,868

NON CURRENT ASSETS:

 

 

Long-term restricted bank deposits

2,844

3,268

Marketable Securities – long term

–

22,705

Property and equipment, net

4,177

4,502

Operating lease assets

20,958

18,802

Deferred costs

5,640

6,348

Deferred tax assets

1,659

1,346

Other non-current assets

1,574

1,512

Total non-current assets

36,852

58,483

Total assets

176,732

160,351

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share data)

(Unaudited)
 

 

December 31,

December 31,

 

2019

2020

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

CURRENT LIABILITIES:

 

 

Trade payables

4,394

4,147

Employee and payroll accrued expenses

15,422

17,985

Other accounts payables

1,568

578

Operating lease liabilities – current

2,533

3,185

Deferred revenues

22,725

24,940

Total current liabilities

46,642

50,835

NON-CURRENT LIABILITIES:

 

 

Long-term deferred revenues

12,838

12,815

Non-current operating lease liabilities

22,000

20,240

Other non-current liabilities

930

1,282

Total non-current liabilities

35,768

34,337

Total liabilities

82,410

85,172

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

Ordinary shares of NIS 0.015 par value; 150,000,000 shares authorized at December 31, 2019 and December 31, 2020; 35,230,253 and 35,972,470 shares issued and outstanding at December 31, 2019 and December 31, 2020;

145

148

Additional paid-in capital

162,609

178,864

Accumulated other comprehensive income

–

5

Accumulated deficit

(68,432)

(103,838)

TOTAL SHAREHOLDERS’ EQUITY

94,322

75,179

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

176,732

160,351

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except per share amounts)

(Unaudited)
 

 

Three Months Ended

Year Ended

 

December 31,

December 31,

December 31,

December 31,

 

2019

2020

2019

2020

Revenues:

 

 

 

Product

14,335

14,985

47,365

38,690

Maintenance and professional services

15,780

15,967

55,905

62,144

Total revenues

30,115

30,952

103,270

100,834

Cost of revenues:

 

 

 

 

Product

578

1,204

2,716

2,940

Maintenance and professional services

5,413

4,150

17,141

17,307

Total cost of revenues

5,991

5,354

19,857

20,247

Gross profit

24,124

25,598

83,413

80,587

Operating expenses:

 

 

 

 

Research and development

9,273

8,696

31,571

34,978

Sales and marketing

17,068

15,031

63,981

59,484

General and administrative

5,163

5,332

14,884

20,050

Total operating expenses

31,504

29,059

110,436

114,512

Operating loss

(7,380)

(3,461)

(27,023)

(33,925)

Financial income (loss), net

494

(562)

(85)

114

Loss before taxes on income

(6,886)

(4,023)

(27,108)

(33,811)

Taxes on income

(289)

(379)

(1,011)

(1,595)

Net loss

(7,175)

(4,402)

(28,119)

(35,406)

Basic and diluted net loss per ordinary share

(0.21)

(0.12)

(1.04)

(0.99)

Weighted average number of shares used in computing net loss per ordinary share- basic and diluted

34,657

35,833

27,088

35,674

 

 

 

 

 

Share-based Compensation Expense:

 

 

 

Three Months Ended

Year Ended

 

December 31,

December 31,

December 31,

December 31,

 

2019

2020

2019

2020

Cost of revenues

627

488

1,514

2,024

Research and development

1,250

1,010

2,370

4,437

Sales and marketing

1,766

1,308

4,849

4,635

General and administrative

949

1,035

2,194

3,929

Total share-based compensation expense

4,592

3,841

10,927

15,025

TUFIN SOFTWARE TECHNOLOGIES LTD.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

(Unaudited)

 

 

 

 

 

Year Ended

 

 

December 31,

 

 

2019

 

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

Net loss

(28,119)

(35,406)

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

Depreciation

1,205

1,523

Share-based compensation

10,927

15,025

Amortization of premium and accretion of discount on marketable securities, net

–

95

Exchange rate differences on cash, cash equivalents and restricted cash

(712)

(1,146)

Other

28

–

Change in operating assets and liabilities items:

 

 

Accounts receivable, net

(1,506)

(452)

Prepaid expenses and other current assets

928

(2,640)

Deferred costs

(648)

(665)

Deferred taxes and other non-current assets

(1,994)

375

Trade payables

1,027

(247)

Employee and payroll accrued expenses

4,191

3,275

Other accounts payable and non-current liabilities

(1,923)

(416)

Net change in operating lease accounts

2,876

1,048

Deferred revenues

4,099

2,192

Net cash used in operating activities

(9,621)

(17,439)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

Purchase of fixed assets

(2,548)

(2,070)

Investment in marketable securities

–

(44,381)

Proceeds from maturities of marketable securities

–

2,069

Other investing activities

(173)

–

Net cash used in investing activities

(2,721)

(44,451)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

Proceeds from initial public offering, net of underwriters’ discounts

115,292

–

Payments of offering costs related to initial public offering

(2,645)

–

Proceeds from exercise of stock options

2,081

1,376

Changes in withholding tax related to employee stock plans

1,255

(713)

Payment of long-term loan

(222)

–

Net cash provided by financing activities

115,761

663

Effect of exchange rate changes on cash, cash equivalents and restricted cash

712

1,146

 

 

 

INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH

104,131

(60,012)

 

 

 

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR

17,598

121,729

CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR

121,729

61,717

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

 

 

Property and equipment purchased but not yet paid

271

49

Operating lease liabilities arising from obtaining operating right of use assets

10,063

–

Exercise of share options

228

84

 

Reconciliation of Gross Profit to Non-GAAP Gross Profit:

 

 

 

 

 

 

Three Months Ended

Year Ended

 

December 31,

December 31,

December 31,

December 31,

 

2019

2020

2019

2020

Gross profit

24,124

25,598

83,413

80,587

Plus:

 

 

 

 

Share-based compensation

627

488

1,514

2,024

Non-GAAP gross profit

24,751

26,086

84,927

82,611

 

Reconciliation of Operating Loss to Non-GAAP Operating Income (Loss):

 

 

 

 

Three Months Ended

Year Ended

 

December 31,

December 31,

December 31,

December 31,

 

2019

2020

2019

2020

Operating loss

(7,380)

(3,461)

(27,023)

(33,925)

Plus:

 

 

 

 

Share-based compensation

4,592

3,841

10,927

15,025

Shelf registration costs

–

–

–

126

One-time reorganization charges

–

–

–

322

Secondary offering costs

862

–

862

–

Non-GAAP Operating income (loss)

(1,926)

380

(15,234)

(18,452)

 

Reconciliation of Net Loss to Non-GAAP Net Loss:

 

 

 

 

Three Months Ended

Year Ended

 

December 31,

December 31,

December 31,

December 31,

 

2019

2020

2019

2020

Net loss

(7,175)

(4,402)

(28,119)

(35,406)

Plus:

 

 

 

 

Share-based compensation

4,592

3,841

10,927

15,025

Shelf registration costs

–

–

–

126

One-time reorganization charges

–

–

–

322

Secondary offering costs

862

–

862

–

Taxes on income related to non-GAAP adjustments

(724)

(416)

(724)

(701)

Non-GAAP Net loss

(2,445)

(977)

(17,054)

(20,634)

 

 

 

 

 

Non-GAAP net loss per share – basic and diluted

(0.07)

(0.03)

(0.63)

(0.58)

 

 

 

 

 

Weighted average number of shares – basic and diluted

34,657

35,833

27,088

35,674

About Tufin

Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2,000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility.

Find out more at: www.tufin.com

Follow Tufin on Twitter: @TufinTech

Read more on Tufin’s blog: Suite Talk

Investor Relations Contact:

Ryan Burkart

[email protected]

Media Contact:

Susan Rivera

Corporate Communications, Tufin

[email protected]

KEYWORDS: Massachusetts United States North America Israel Middle East

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

MEDIA:

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Posted on

Fannie Mae Reports Net Income of $11.8 Billion for 2020 and $4.6 Billion for Fourth Quarter 2020

PR Newswire

WASHINGTON, Feb. 12, 2021 /PRNewswire/ — Fannie Mae (OTCQB: FNMA) today reported its fourth quarter and full-year 2020 financial results and filed its 2020 Form 10-K with the Securities and Exchange Commission. The filing provides consolidated financial statements for the year ended December 31, 2020. The following documents are now available on Fannie Mae’s website at www.fanniemae.com.

Fannie Mae will host a conference call to discuss the company’s results today at 8:00 a.m., ET. Other participants may join the conference call in listen-only mode in one of the following formats:

Listen-only webcast:

https://event.webcasts.com/starthere.jsp?ei=1421309&tp_key=ab8570eb68 
Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

Listen-only phone line:

It is not necessary to dial into the audio conference unless you are unable to join the webcast via the URL above.
United States:   800-458-4121
Passcode:         6545671#

About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:

fanniemae.com | Twitter | Facebook | LinkedIn | Instagram | YouTube | Blog

Fannie Mae Newsroom

https://www.fanniemae.com/news

Photo of Fannie Mae

https://www.fanniemae.com/resources/img/about-fm/fm-building.tif

Fannie Mae Resource Center
1-800-2FANNIE

 

Cision View original content:http://www.prnewswire.com/news-releases/fannie-mae-reports-net-income-of-11-8-billion-for-2020-and-4-6-billion-for-fourth-quarter-2020–301227555.html

SOURCE Fannie Mae

Posted on

BOTS, Inc. Announces Blockchain and Robotics Based Initiative to Optimize Supply Chain Management for the Legal Cannabis Industry

San Juan, Puerto Rico, Feb. 12, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — BOTS, Inc. (OTC MARKETS: BTZI), an emerging innovator of products, technologies, and services for the rapidly growing cyber-security, digital robotics automation and A.I. for the manufacturing industry, announced today its initiative on building a global supply chain platform based on advanced blockchain technology with a focus on the legal cannabis industry.  Cannabis companies will benefit from blockchain technology for a range of applications, from optimizing efficiency to transparency in business transactions, to securely storing and monitoring inventory, financial and regulatory data on the blockchain involving a concept known as “Seed-to-Sale.”

Technology executives in the Cannabis Industry are considering the following key benefits in determining whether and how blockchain technology will serve their Companies:

Transparency and Compliance

Blockchain, by design, enables greater transparency and efficiency. Sharing digital blockchain information in joint-operating agreements reduces, if not eliminates, the need for reconciliations between companies and data hubs controlled by third parties. This completely disrupts the current processes for balloting partners on new projects, performing joint interest billing, and reporting production revenue.

Smart Contracts

The size and volume of contracts and transactions necessary to execute projects in the $22 Billion Cannabis Industry have historically caused significant reconciliation and tracking issues among contractors, subcontractors, suppliers, and regulators. These also pose significant challenges in managing logistics for supplies, tracking costs, and deploying inventory. Companies utilizing our blockchain solutions, however, generate cascading purchase orders, change orders, receipts, and other trade-related documentation and data on inventory by following specific codified rules. Drafting agreements that afford new tracking, bookkeeping, and automation methodologies create a more efficient supply chain, improving capital project spend analytics, and simplifies contractual obligations. Simply put, this game-changing technology provides knowledge of who gets paid and how much, as well as insight into whom along the chain is performing as explicitly and contractually mandated.

Trading and Third-party Impacts 

Blockchain technologies are disrupting many industries including legal cannabis markets. Blockchain-enabled applications can also address issues such as reduced costs, reducing fraud, error, and otherwise compromised transactions, and limiting credit risk and transaction finance requirements. By trading cannabis raw materials and finished products on a blockchain solution, market participants benefit from increased exchange speed, improved availability of data, and enhanced reliability and suitability as transactions are verified in real-time. Ultimately, this could result in minimizing transaction errors and overall costs.

Total USA Cannabis sales could rise as high as $37 billion by 2024 according to exclusive projections from MJBizConNEXT Direct published recently.

According to the Cannabis Industry Overview Statistics published by Atheneum Collective:

  • 67% of Americans believe marijuana should be legalized.
  • 87% of the total sales revenue came from the black market.
  • As of 2020, there are 243,700 legal, full-time cannabis industry jobs.
  • U.S. cannabis workers report a 10.7% higher median salary than the national average salary.
  • Thirty-four states have approved marijuana for medical uses (while federal legalization seems inevitable).
  • Legal marijuana sales are projected to reach $22 billion by 2022 (without federal legalization).
  • Cannabis sales are expected to top medical sales within the next two years.
  • The cannabis market will be worth $73.6 billion by 2027.

“As a robotics and A.I. company focused on the development and implementation of proprietary technologies for different industries, we understand the importance of developing new technologies, especially blockchain and A.I.-based innovations, to help companies in the legal cannabis industry to get a competitive advantage and cost efficiency,” says Paul Rosenberg, CEO of BTZI.

BOTS Inc reached out to its technology and finance partners and cannabis industry executives, including major licensed producers, regulated quality testing labs, retail distributors, dispensaries, and government regulators. This advanced blockchain initiative is a collaboration among the whole verticals in the cannabis industry. It will be designed to meet industry and specific regulatory requirements. Our BTZI Blockchain and Robotics initiative intend to onboard significant industry participants as we launch our cannabis supply chain solution.

ABOUT BOTS, INC.

Headquartered in San Juan, Puerto Rico, BOTS, Inc., a publicly traded OTC Markets innovator trading under the symbol (BTZI) – is a diversified company developing and servicing blockchain and robotics solutions for its clientele. The Company is committed to driving the innovations needed to shape the future of digital robotic automation management through digital technology and decentralized blockchain solutions. Management is dedicated to the strong growth of Distributed Asset Technology, Cyber Security, and Robotic Process Automation (RPA).

Shareholders, potential investors, and others should note that we announce material events and material financial information to our shareholders and the public using our website and the social media addresses listed below, as well as in our SEC filings, press releases, public conference calls, and webcasts. We also use social media to communicate with our subscribers and the public about our Company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, we encourage shareholders, the media, and others interested in our Company to review the information we post on the U.S. social media channels listed below. This list may be updated from time to time.

Track BTZI news on Facebook @ https://www.facebook.com/Bots.Bz/

Follow BTZI news on Twitter @Bots_bz http://www.Twitter.com/Bots_bz

Find BTZI news at http://www.bots.bz

Bots, Inc. has been featured in media nationwide, including CNBC, Bloomberg, TheStreet.com.

For more information, visit http://www.bots.bz

Visit BTZI on Facebook: https://www.facebook.com/Bots.Bz/

Follow BTZI on Twitter @Bots_bz

Forward-Looking Statements

Certain statements contained in this press release may constitute “forward-looking statements.” Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as may be disclosed in the Company’s filings. In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors, including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company’s views as of the date of this press release, and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of the press release. Such forward-looking statements are risks that are detailed in the Company’s website and filings.

Paul Rosenberg

CEO

[email protected]



Posted on

Alfa Romeo Celebrates Valentine’s Day With Passione

E-book takes comprehensive look at Alfa Romeo’s love affair with Italian design

PR Newswire

AUBURN HILLS, Mich., Feb. 12, 2021 /PRNewswire/ — Ahead of Valentine’s Day this Sunday, Alfa Romeo today announced Passione, an interactive e-book that chronicles the heritage, influences and exploration of the brand’s passion for impactful and iconic Italian design over the last 110 years. 

Created in partnership with Centro Stile Alfa Romeo in Turin, Italy, Passione examines the brand’s unparalleled history and significance in global automotive design, and includes exclusive renderings and sketches from the designers at Centro Stile. 

The chapters of Passione include:

  • Centro Stile – Founded in 1971 and based in Turin, Centro Stile oversees design for Alfa Romeo.
  • Italian roots – From Roman architecture, Renaissance painting or modern art, Alfa Romeo’s Italian roots run deep, influencing the brand’s design to this day.
  • Heritage – Alfa Romeo leverages its illustrious past to inspire the designs of today and tomorrow. Cues from legendary cars such as the 33 Stradale and Giulia GT can be seen on the modern 4C Spider and Tonale PHEV crossover concept. 
  • Purity – Great Italian design is pure and honest, untainted by excess or extravagance. Purity is what makes Italian design timeless.
  • Disruption – Throughout its history Alfa Romeo design set trends, broke norms and shocked the world with pioneering designs. 
  • Red – The color of Italy. The color of Alfa Romeo. Red is a symbol of Italian culture and a hallmark of Alfa Romeo most iconic models.
  • Beauty is everywhere – From exotic vehicles such as the 4C Spider and 8C Competizione to mainstream sedans, crossovers and compact hatchbacks, Alfa Romeo models embody timeless beauty. 
  • Beauty and the beast – Elegance meets strength. Style dresses speed. Alfa Romeo design speaks to both power and performance.
  • Design melting pot – Bertone, Pininfarina, Zagato, to name a few. While most Italian car companies have partnered with one or two coachbuilders over time, Alfa Romeo has collaborated with several, creating a diverse catalog of iconic designs. 
  • Exploration – From the upcoming Tonale PHEV crossover concept to beyond, this chapter highlights Alfa Romeo’s passion for exploring new territories. 

Passione can be downloaded here. 

Alfa Romeo

Celebrating 110 years of heritage, Alfa Romeo has designed and crafted some of the most stylish and sporty cars in automotive history. That tradition lives on today as Alfa Romeo continues to take a unique and innovative approach to designing automobiles. The Alfa Romeo Stelvio sets a new benchmark in performance, style and technology in an SUV. The award-winning Alfa Romeo Giulia delivers race-inspired performance, advanced technologies and an exhilarating driving experience to the premium midsize sedan segment. The Giulia Quadrifoglio and the Stelvio Quadrifoglio feature Alfa Romeo’s most powerful production engine ever with unsurpassed 0-60 mph times of 3.8 and 3.6 seconds, respectively. Rounding out Alfa Romeo’s world-class lineup is the handcrafted Alfa Romeo 4C Spider. Alfa Romeo is part of the portfolio of brands offered by leading global automaker and mobility provider Stellantis. For more information regarding Stellantis (NYSE: STLA), please visit www.stellantis.com.

Follow Alfa Romeo brand news and video on:

Company blog: http://blog.stellantisnorthamerica.com
Media website: http://media.stellantisnorthamerica.com
Alfa Romeo newsroom: https://media.stellantisnorthamerica.com/newsroom.do?id=292&mid=446
Consumer website: www.alfaromeousa.com and www.alfaromeo.com
Facebook: Alfa Romeo USA
Instagram: @alfaromeousa
Twitter: @alfaromeousa
YouTube: https://www.youtube.com/StellantisNA

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/alfa-romeo-celebrates-valentines-day-with-passione-301227280.html

SOURCE Stellantis

Posted on

INTRUSION To Announce Fourth Quarter and Fiscal 2020 Financial Results on February 25, 2021

PLANO, Texas, Feb. 12, 2021 (GLOBE NEWSWIRE) — INTRUSION Inc. (NASDAQ: INTZ), a leading provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection services, will release its fourth quarter and fiscal 2020 financial results on February 25, 2021 after market close. Jack Blount, President and CEO, and Franklin Byrd, CFO, will host a conference call at 4:00 p.m. Central Time to discuss the Company’s financial results.

The conference call will be broadcast live in listen-only mode on the investor relations website at www.intrusion.com.

Analysts and investors who would like to join the live call via teleconference are invited to dial in using the following information:

Date: Thursday, February 25, 2021
Time: 4:00 p.m. Central Time
Conference Call Number: 1-833-366-0416
International Call Number: +1-236-712-2506
Conference ID: 5796455

A telephone replay of the conference call will be available approximately two hours after the conference call through March 4, 2021. The replay can be accessed by dialing 1-800-585-8367 and using the passcode 5796455. International callers should dial +1-416-621-4642 and enter the same passcode at the prompt.

About INTRUSION Inc.

INTRUSION, Inc. is a global provider of entity identification, high speed data mining, cybercrime and advanced persistent threat detection solutions. INTRUSION’s family of solutions includes Shield™, a combination of plug-n-play hardware, software, global data, and real-time Artificial Intelligence (AI) services that provide organizations with the most robust cybersecurity defense possible, TraceCop™ for identity discovery and disclosure, and Savant™ for network data mining and advanced persistent threat detection. INTRUSION’s solutions help protect critical information assets by quickly detecting, protecting, analyzing and reporting attacks or misuse of classified, private and regulated information for government and enterprise networks. For more information, please visit www.intrusion.com.

Cautionary Statement Regarding Forward Looking Information

This release may contain certain forward-looking statements, including, without limitations, statements about the performance of protections provided by our Shield products, or other statements which reflect management’s expectations regarding future events and operating performance and speak only as of the date hereof. These forward- looking statements involve a number of risks and uncertainties, including, the risk that the Company does not benefit as anticipated from these changes in our executive team. These statements are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, risks that we have detailed in the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading “Risk Factors.” 

IR Contact

Joel Achramowicz


[email protected]


P: 415-845-9964



Posted on

Apollomics, Inc. Licenses a Targeted, Active Checkpoint Control Immunotherapy for Greater China and South Africa

TYG100 utilizes proprietary S-TIR™ technology platform enabling specific B cell and T cell responses against tumor antigens

FOSTER CITY, Calif. and HANGZHOU, ZHEJIANG, China, Feb. 12, 2021 (GLOBE NEWSWIRE) — Apollomics, Inc., an innovative biopharmaceutical company committed to the discovery and development of mono- and combination- oncology therapies, today announced an exclusive license agreement for the development and commercialization of TYG100 in Mainland China, Hong Kong, Macau and Taiwan, also known as Greater China, and South Africa.

TYG100 is an antigen-specific, active checkpoint control immunotherapy (ACCI) recombinant vaccine comprising the amino-terminal sequence of G17, a gastrointestinal peptide hormone, and utilizes the S-TIR™ technology platform. This technology induces a novel mechanism of action that is able to unmask tumors. TYG100 was developed by TYG oncology Ltd. based in the United Kingdom and received support from Cancer Research UK. TYG oncology originally co-developed TYG100 with Nuance Biotech and this license is now assigned to Apollomics for further co-development.

“TYG100 represents the new era of active checkpoint control immunotherapy by enabling a rapid and appropriate natural immune response,” said Guo-Liang Yu, Ph.D., Chief Executive Officer of Apollomics. “In addition, the technology that powers TYG100 enables targeted induction of antibodies neutralizing G17 at the site of the tumor. While this asset is early stage, we are excited about the technology and the opportunity to run preclinical studies and advance it into the clinic for the treatment of gastroenterological cancers.”

Under the terms of the agreement, Apollomics will be responsible for clinical development and commercialization in Greater China and South Africa. Nuance Biotech received an upfront cash payment and will be eligible to receive from us potential development milestone payments. TYG oncology will be eligible to receive from us tiered royalties on net sales. Apollomics will be responsible for all costs related to development, regulatory approvals, and commercialization activities for TYG100 in the territories.

Jian Ni, Chief Executive Officer, Nuance Biotech added, “ACCI is the next generation immunotherapy beyond checkpoint inhibitors, and opens the door to new anti-cancer treatments. Preclinical data support stimulation of significant immune response and studies in non-human primates have been well-tolerated and demonstrated predicted ability to achieve a high level of immune stimulation.”

“We appreciate the help that Nuance has provided in getting TYG100 to the next stage of development with Apollomics. We are pleased to have such a strong partner to potentially carry TYG100 into the clinic to patients,” concluded Fred Jacobs, Chief Executive Officer, TYG Oncology.

About TYG100

TYG100 is an active checkpoint control immunotherapy (ACCI) recombinant vaccine that targets the gastrin immunogen. In preclinical studies, TYG100 has induced neutralizing antibodies against gastrin, a major growth factor for pancreatic and other forms of gastrointestinal cancer. For additional information, please visit https://www.tyg-oncology.com.

About Apollomics, Inc.

Apollomics, Inc. is an innovative biopharmaceutical company committed to the discovery and development of mono- and combination- oncology therapies to harness the immune system and target specific molecular pathways to eradicate cancer. The company’s existing pipeline consists of several development-stage assets, including novel, humanized monoclonal antibodies that restore the body’s immune system to recognize and kill cancer cells, and targeted therapies against uncontrolled growth signaling pathways. For more information, please visit www.apollomicsinc.com.

Apollomics Contacts:

Investor Contact:

Wilson W. Cheung
Chief Financial Officer
(650) 209-4436
[email protected]

U.S. Media Contact:

Remy Bernarda
Corporate Communications
(415) 203-6386
[email protected]

China Media Contact:
Porda Havas International Finance Communications Group
Kelly Fung Phoenix Fung
General Manager Assistant Vice President
(852) 3150 6763 (852) 3150 6773
[email protected]
 [email protected]



Posted on

New Study from Leading University of Utah Radiation Oncologist Validates Ability of Myriad Genetics’ Prolaris® test to Guide Treatment for Prostate Cancer

Results from second study cite Prolaris® as most clinically significant prognostic parameter of outcomes at time of diagnosis, identifying men who need aggressive hormonal treatment and those who can safely be monitored instead

SALT LAKE CITY, Feb. 12, 2021 (GLOBE NEWSWIRE) — Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced today additional data further validating the prognostic power of its Prolaris® test and its ability to help accurately predict which men with more aggressive prostate cancer will benefit from intensification of therapy and which patients may safely avoid such treatments. This second validation study was presented during an oral presentation at the American Society of Clinical Oncology Genitourinary Cancer Symposium (ASCO-GU) by Jonathan Tward M.D., Ph.D, associate professor in the Department of Radiation Oncology at the University of Utah.

According to estimates by the American Cancer Society, 248,530 new cases of prostate cancer are expected to be diagnosed this year in the U.S. While early screening tests have helped reduce the mortality rate, they can often result in overdiagnosis and overtreatment of a disease that is clinically insignificant. The Prolaris test can more accurately predict the aggressiveness of the cancer allowing for more precise treatment and avoidance of more intense therapies with a patient’s parallel morbidities.

“There are many viable treatment paths for men with prostate cancer,” said Dr. Tward. “This new data helps distinguish the most appropriate personalized treatment path for each patient based on how their specific tumor is behaving. For some men, this means being able to avoid overtreating patients with therapies including hormone treatment that can momentously impact their quality of life, while still appropriately treating their prostate cancer.”

The new data comes from a second study following previous data, recently published in Clinical Genitourinary Cancer in January 2021, that incorporated men treated surgically or with radiation therapy. This new study combined a Prolaris molecular risk score threshold with a clinical model for predicting a patient’s benefit from androgen deprivation therapy. Prolaris determined that about one of every two men with unfavorable intermediate-risk and one of every five men with high-risk prostate cancer are below the proposed threshold associated with aggressive disease and can therefore safely be treated with less intense therapy while maintaining the benefits of treatment. Additional key findings revealed that the Prolaris test was an accurate predictor of progression to metastatic disease.

“Myriad Genetics was the first company to offer a test that directly measures the molecular biology of an individual patient’s prostate cancer,” said Todd D. Cohen, M.D., vice president of Medical Affairs for Urology at Myriad Genetics. “This study by Dr. Tward and his team is another strong validation of the prognostic power of the Prolaris test and our ongoing commitment to providing healthcare professionals with the tools needed to determine the most effective treatments and monitoring strategies for each patient.”

In March 2020, the National Comprehensive Cancer Network updated its professional guidelines to include biomarker testing for unfavorable intermediate and high-risk patients with prostate cancer. With the updated guidelines, Prolaris was one of only two prognostic tests to be considered for those expanded indications. Approximately 60% of men with prostate cancer currently have insurance or Medicare access to Prolaris, and Myriad continues to work toward expanding access so that every man who is facing difficult treatment decisions will be able to utilize the full benefits of the test.

About Prolaris
Prolaris is a genetic test developed by Myriad Genetics that directly measures tumor cell growth. The Prolaris test paired with other clinical and pathologic variables provides the level of aggressiveness of a patient’s individual prostate cancer and assesses risk of death or the development of metastatic disease from prostate cancer. For more information visit: www.prolaris.com.

About Myriad Genetics

Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to transforming patient lives worldwide. Myriad discovers and commercializes genetic tests that determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where critical genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit the Company’s website: www.myriad.com.

Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the validation study presented during at ASCO-GU by Jonathan Tward M.D., Ph.D; expanding access so that every man who is facing difficult treatment decisions will be able to utilize the full benefits of the Prolaris test; and the Company’s strategic directives under the caption “About Myriad Genetics.” These “forward-looking statements” are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: uncertainties associated with COVID-19, including its possible effects on our operations and the demand for our products and services; our ability to efficiently and flexibly manage our business amid uncertainties related to COVID-19; the risk that sales and profit margins of our molecular diagnostic tests and pharmaceutical and clinical services may decline; risks related to our ability to transition from our existing product portfolio to our new tests, including unexpected costs and delays; risks related to decisions or changes in governmental or private insurers’ reimbursement levels for our tests or our ability to obtain reimbursement for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests and services are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities and our healthcare clinic; risks related to public concern over genetic testing in general or our tests in particular; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents or other intellectual property; risks related to changes in intellectual property laws covering our molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decisions in Mayo Collab. Servs. v. Prometheus Labs., Inc., 566 U.S. 66 (2012), Ass’n for Molecular Pathology v. Myriad Genetics, Inc., 569 U.S. 576 (2013), and Alice Corp. v. CLS Bank Int’l, 573 U.S. 208 (2014); risks of new, changing and competitive technologies and regulations in the United States and internationally; the risk that we may be unable to comply with financial operating covenants under our credit or lending agreements; the risk that we will be unable to pay, when due, amounts due under our credit or lending agreements; and other factors discussed under the heading “Risk Factors” contained in Item 1A of our most recent Annual Report on Form 10-K for the fiscal year ended June 30, 2020, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.

Media Contact: Jared Maxwell Investor Contact: Scott Gleason
  (801) 505-5027   (801) 584-1143
  [email protected]   [email protected]



Posted on

OncXerna Therapeutics to Participate at the Upcoming Investor Conferences

WALTHAM, Mass., Feb. 12, 2021 (GLOBE NEWSWIRE) — OncXerna Therapeutics, Inc., a precision medicine company using an innovative RNA-based biomarker platform to potentially predict patient responses to its first-in-class targeted oncology therapies, today announced that Laura Benjamin, Ph.D., Founder and CEO of OncXerna, will participate at the upcoming virtual investor conferences:

   
  Conference: LifeSci Partners Precision Oncology Day
Date: February 17, 2021
   
  Conference: Cowen 41st Annual Health Care Conference
Date: March 1, 2021
   
  Conference: Oppenheimer 31st Annual Healthcare Conference
Date: March 17, 2021
   

About OncXerna Therapeutics

OncXerna is aiming to deliver next-generation precision medicine for a larger group of cancer patients by leveraging the company’s deep understanding of how to prospectively identify patients based on the dominant, RNA-based biology of their tumor microenvironments. This allows OncXerna to pair those patients with OncXerna’s clinical-stage therapies and known mechanism of action that directly address these biologies, to dramatically improve patient outcomes. For more information on OncXerna, please visit oncxerna.com

About OncXerna’s RNA-based Biomarker Platform

Existing precision medicines target only approximately 10% of cancers—those with gene mutations or oncogenic drivers for a small number of genes. Using its proprietary biomarker platform, OncXerna is leveraging the company’s deep understanding of tumor biology at the RNA level to identify the dominant biology underlying a patient’s cancer. OncXerna’s first biomarker panel is specific to the tumor microenvironment (TME Panel-1). Initial results from TME Panel-1 reveal 4 different dominant biologies, demonstrating the presence of specific patient subgroups and their predictive value in responding to treatment. OncXerna is further optimizing the biomarker platform’s tumor microenvironment panel through multiple research collaborations, including a collaboration with Moffitt Cancer Center.

About Navicixizumab

Navicixizumab is an investigational anti-DLL4/VEGF bispecific antibody that has demonstrated antitumor activity in patients who have progressed on Avastin® (bevacizumab) in a Phase 1a/b clinical trial. The U.S. Food and Drug Administration granted Fast Track designation to navicixizumab for the treatment of high-grade ovarian, primary peritoneal, or fallopian tube cancer in patients who have received at least three prior therapies and/or prior treatment with Avastin. OncXerna is targeting patients whose dominant tumor biology is driven by angiogenesis with a focus beyond VEGF to include broader anti-angiogenic pathways. Navicixizumab is an investigational agent that has not been licensed or approved anywhere globally, and it has not been demonstrated to be safe or effective for any use, including for the treatment of advanced ovarian cancer.

About Bavituximab

Bavituximab is an investigational antibody that reverses immune suppression by inhibiting phosphatidylserine (PS) signaling and is currently in Phase 2 clinical trials to treat a specific subset of patients with advanced gastric cancer to improve their response to anti-PD-1 treatment. The mechanism of action of bavituximab is to block tumor immune suppression signaling from PS to multiple immune cell receptor families (e.g., TIMs and TAMs). The dominant biology targeted by bavituximab may be relevant for patients with many types of solid tumors whose immune systems are too suppressed to benefit from currently available immune oncology therapies. OncXerna’s clinical trials currently combine bavituximab with KEYTRUDA® to test the hypothesis that relieving immunosuppression can enhance responses to checkpoint inhibitors. Bavituximab is an investigational agent that has not been licensed or approved anywhere globally, and it has not been demonstrated to be safe or effective for any use, including for the treatment of advanced gastric cancer.

KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ, USA.

Investor and Media Contact:

Ashley R. Robinson
LifeSci Partners, LLC
[email protected]