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Huron Announces Fourth Quarter and Full Year 2020 Financial Results, and Provides 2021 Guidance

FOURTH QUARTER 2020 HIGHLIGHTS

• Revenues were $198.3 million in Q4 2020 compared to $232.3 million in Q4 2019.
• Net loss from continuing operations, which includes $18.7 million of restructuring charges related to the fourth quarter 2020 restructuring plan, was $6.1 million in Q4 2020 compared to net income from continuing operations of $14.4 million in Q4 2019.
• Adjusted EBITDA⁽⁷⁾, a non-GAAP measure, was $17.1 million in Q4 2020 compared to $29.4 million in Q4 2019.
• Diluted loss per share from continuing operations was $0.28 in Q4 2020 compared to diluted earnings per share from continuing operations of $0.63 in Q4 2019.
• Adjusted diluted earnings per share from continuing operations⁽⁷⁾, a non-GAAP measure, was $0.45 in Q4 2020 compared to $0.79 in Q4 2019.
• Cash flows from operating activities were $58.7 million in Q4 2020, which were primarily used to repay $48.0 million of outstanding borrowings on the company’s revolving credit facility.

FULL YEAR 2020 HIGHLIGHTS AND 2021 GUIDANCE

• Revenues were $844.1 million for full year 2020 compared to $876.8 million for full year 2019.
• Net loss from continuing operations, which includes non-cash pretax goodwill impairment charges of $59.8 million related to the company’s Strategy and Innovation and Life Sciences reporting units within the Business Advisory segment incurred in Q1 2020 and $18.7 million of restructuring charges related to the fourth quarter 2020 restructuring plan, was $23.7 million for full year 2020 compared to net income from continuing operations of $42.0 million for full year 2019.
• Adjusted EBITDA⁽⁷⁾, a non-GAAP measure, was $87.1 million for full year 2020 compared to $105.4 million for full year 2019.
• Diluted loss per share from continuing operations was $1.08 for full year 2020 compared to diluted earnings per share from continuing operations of $1.87 for full year 2019.
• Adjusted diluted earnings per share from continuing operations⁽⁷⁾, a non-GAAP measure, was $2.15 for full year 2020 compared to $2.74 for full year 2019.
• Cash flows from operating activities increased 3.4% to $136.7 million for full year 2020 compared to $132.2 million for full year 2019.
• Huron provides full year 2021 guidance, including revenue expectations in a range of $830.0 million to $890.0 million.

 

CHICAGO–(BUSINESS WIRE)–
Global professional services firm Huron (NASDAQ: HURN) today announced financial results from continuing operations for the fourth quarter and full year ended December 31, 2020.

“While we didn’t achieve our growth objectives set prior to the pandemic, Huron’s response during the pandemic was strengthened by our collective resiliency and market relevancy amidst the incredible challenges that faced our client base. Our people were proactive, innovative and nimble in helping our clients quickly respond to new challenges brought on by the pandemic. Our ability to rapidly bring to market creative solutions to these new challenges enabled us to generate over $30 million in revenue from these services in 2020,” said James H. Roth, chief executive officer of Huron. “Our Business Advisory segment achieved record revenues in 2020, driven by increased demand for our digital, technology and analytics and distressed advisory offerings as organizations transform their businesses to compete in more disruptive environments. Our strategic investments in the Business Advisory segment are accelerating our growth in commercial markets, enabling a balanced portfolio across our services and end markets.”

“As organizations evaluate changes to their own businesses stemming from the impacts of the pandemic, we believe we are well positioned to help our clients accelerate operational, digital and cultural transformation to achieve successful and sustainable results in the coming years,” added Roth.

COVID-19 IMPACT

The worldwide spread of the coronavirus (COVID-19) has created significant volatility, uncertainty and disruption to the global economy. The company continues to closely monitor the impact of the pandemic on all aspects of its business, including how it will impact its clients, employees and business partners. In 2020, some clients reprioritized and delayed projects as a result of the pandemic. This negatively impacted demand for certain services, primarily in the company’s Healthcare and Education segments. Conversely, the pandemic strengthened demand for cloud-based technology and analytics solutions and certain services provided to organizations in transition within the company’s Business Advisory segment.

During the second half of 2020, the pandemic continued to negatively impact sales and elongate the sales cycle for new opportunities for certain services, particularly within the company’s Healthcare and Education segments. Given the uncertainties around the duration of the COVID-19 pandemic, the company continues to remain cautious about revenue growth for the first half of 2021, which is contemplated in the 2021 guidance provided.

FOURTH QUARTER 2020 RESTRUCTURING PLAN

On October 29, 2020, the company announced a restructuring plan to reduce operating costs to address the impact of the COVID-19 pandemic on its business. The restructuring plan, which was substantially complete in the fourth quarter of 2020, provided for a reduction in workforce and leased office space. The company does not anticipate a material revenue impact related to the restructuring actions.

The reduction in workforce impacted approximately 125 employees across all segments and corporate operations. The company incurred a $4.8 million restructuring charge related to cash payments for employee severance and benefits. As a result of the reduction in workforce, the company expects to realize annualized savings of approximately $21.0 million related to employee salaries and related benefits. Additional cost avoidance measures, including limiting annual salary increases, are expected to result in additional annualized savings.

The reduction in leased office space resulted in non-cash lease impairment charges of $13.9 million. The company does not expect to incur additional, significant lease impairment charges in 2021 related to the plan; however, any significant decline in the estimated amount or delayed timing of sublease income could result in additional non-cash lease impairment charges through the end of the lease terms. Future cash expenditures related to the leased office space are expected to continue through 2029. As a result of the reduction in leased office space, the company expects to realize annualized savings of approximately $1.0 million in lease-related expense, and expects approximately $2.5 million of ongoing lease-related costs to be reflected as restructuring charges in 2021.

The company believes these measures will better align delivery capacity with anticipated demand and strengthen the company’s financial position amidst the ongoing disruption, creating a foundation from which it can grow.

FOURTH QUARTER 2020 RESULTS FROM CONTINUING OPERATIONS

Revenues were $198.3 million for the fourth quarter of 2020, compared to $232.3 million for the fourth quarter of 2019.

Net loss from continuing operations was $6.1 million for the fourth quarter of 2020 compared to net income from continuing operations of $14.4 million for the same quarter last year. Diluted loss per share from continuing operations was $0.28 for the fourth quarter of 2020 compared to diluted earnings per share from continuing operations of $0.63 for the fourth quarter of 2019. Results for the fourth quarter of 2020 reflect $18.7 million of restructuring charges related to the fourth quarter 2020 restructuring plan discussed above.

Fourth quarter 2020 loss before interest, taxes, depreciation and amortization⁽⁷⁾ was $1.9 million compared to earnings before interest, taxes, depreciation and amortization of $29.1 million in the same prior year period.

In addition to using earnings (loss) before interest, taxes, depreciation and amortization (“EBITDA”) to evaluate the company’s financial performance, management uses other non-GAAP financial measures, which exclude the effect of the following items (in thousands):

		Three Months Ended December 31,
		2020				2019
Amortization of intangible assets		$	3,138			$	4,757
Restructuring and other charges (gains)		$	18,748			$	(301	)
Litigation and other losses		$	—			$	375
Transaction-related expenses		$	695			$	67
Unrealized gain on preferred stock investment		$	(1,667	)		$	—
Loss on sale of business		$	1,501			$	—
Tax effect of adjustments		$	(6,158	)		$	(1,291	)
Foreign currency transaction losses (gains), net		$	(276	)		$	124

Adjusted EBITDA⁽⁷⁾ was $17.1 million, or 8.6% of revenues, in the fourth quarter of 2020, compared to $29.4 million, or 12.6% of revenues, in the same prior year period. Adjusted net income from continuing operations⁽⁷⁾ was $10.2 million, or $0.45 per diluted share, for the fourth quarter of 2020, compared to $18.0 million, or $0.79 per diluted share, for the same prior year period.

The average number of full-time billable consultants⁽¹⁾ increased 1.7% to 2,626 in the fourth quarter of 2020 from 2,582 in the same quarter last year. Full-time billable consultant utilization rate⁽²⁾ was 68.0% during the fourth quarter of 2020 compared to 75.0% during the same period last year. Average billing rate per hour for full-time billable consultants⁽³⁾ was $217 for the fourth quarter of 2020 compared to $223 for the same prior year period. The average number of full-time equivalent professionals⁽⁵⁾ was 355 in the fourth quarter of 2020 compared to 337 for the same period in 2019.

FULL YEAR 2020 RESULTS FROM CONTINUING OPERATIONS

Revenues were $844.1 million for full year 2020 compared to $876.8 million for full year 2019.

Net loss from continuing operations was $23.7 million for full year 2020, compared to net income from continuing operations of $42.0 million for full year 2019. Diluted loss per share from continuing operations was $1.08 for full year 2020, compared to diluted earnings per share from continuing operations of $1.87 for full year 2019. Results for full year 2020 reflect non-cash pretax charges totaling $59.8 million to reduce the carrying value of goodwill in the company’s Strategy and Innovation and Life Sciences reporting units within the Business Advisory segment. The impairment charges are non-cash in nature and do not affect the company’s liquidity or debt covenants. Additionally, in the fourth quarter of 2020, the company recognized $18.7 million of restructuring charges related to the fourth quarter 2020 restructuring plan discussed above.

EBITDA⁽⁷⁾ was $5.1 million for full year 2020, compared to EBITDA of $101.9 million for full year 2019.

In addition to using EBITDA to evaluate the company’s financial performance, management uses other non-GAAP financial measures, which exclude the effect of the following items (in thousands):

		Twelve Months Ended December 31,
		2020				2019
Amortization of intangible assets		$	12,696			$	17,793
Restructuring and other charges		$	21,374			$	1,855
Litigation and other gains, net		$	(150	)		$	(1,196	)
Transaction-related expenses		$	1,132			$	2,680
Goodwill impairment charges		$	59,816			$	—
Non-cash interest on convertible notes		$	—			$	6,436
Unrealized gain on preferred stock investment		$	(1,667	)		$	—
Losses on sales of businesses		$	1,603			$	—
Tax effect of adjustments		$	(23,199	)		$	(7,200	)
Tax benefit related to “check-the-box” election		$	—			$	(736	)
Foreign currency transaction losses (gains), net		$	(31	)		$	160

Adjusted EBITDA⁽⁷⁾ was $87.1 million, or 10.3% of revenues, for full year 2020 compared to $105.4 million, or 12.0% of revenues, for full year 2019. Adjusted net income from continuing operations⁽⁷⁾ was $47.9 million, or $2.15 per diluted share, for full year 2020 compared to $61.6 million, or $2.74 per diluted share, for full year 2019.

The average number of full-time billable consultants⁽¹⁾ increased 7.1% to 2,600 for full year 2020 from 2,427 for full year 2019, primarily related to hiring that occurred prior to the COVID-19 pandemic. Full-time billable consultant utilization rate⁽²⁾ was 70.7% during 2020 compared to 76.1% during 2019. Average billing rate per hour for full-time billable consultants⁽³⁾ was $208 for full year 2020 compared to $211 for full year 2019. The average number of full-time equivalent professionals⁽⁵⁾ was 360 for full year 2020 compared to 305 for full year 2019.

OPERATING SEGMENTS

Huron’s results reflect a portfolio of service offerings focused on helping clients address complex business challenges.

The company’s full year 2020 revenues by operating segment as a percentage of total company revenues are as follows: Healthcare (42%); Business Advisory (32%); and Education (26%). Financial results by segment are included in the attached schedules and in Huron’s Annual Report on Form 10-K filing for the year ended December 31, 2020.

OUTLOOK FOR 2021

Based on currently available information, the company provided guidance for full year 2021 revenues before reimbursable expenses in a range of $830.0 million to $890.0 million. The company anticipates adjusted EBITDA as a percentage of revenues in a range of 10.8% to 11.8% and non-GAAP adjusted diluted earnings per share in a range of $2.25 to $2.75.

Management will provide a more detailed discussion of its outlook during the company’s earnings conference call webcast.

FOURTH QUARTER 2020 WEBCAST

The company will host a webcast to discuss its financial results today, February 23, 2021, at 5:00 p.m. Eastern Time (4:00 p.m. Central Time). The conference call is being webcast by NASDAQ and can be accessed from Huron’s website at http://ir.huronconsultinggroup.com. A replay will be available approximately two hours after the conclusion of the webcast and for 90 days thereafter.

USE OF NON-GAAP FINANCIAL MEASURES⁽⁷⁾

In evaluating the company’s financial performance and outlook, management uses EBITDA, adjusted EBITDA, adjusted EBITDA as a percentage of revenues, adjusted net income from continuing operations, and adjusted diluted earnings per share from continuing operations, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company’s comparative operating performance (when comparing such results with previous periods or forecasts). These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect the company’s ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing their business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Huron’s current operating performance and future prospects in the same manner as management does, if they so choose, and in comparing in a consistent manner Huron’s current financial results with Huron’s past financial results. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States.

Management has provided its outlook regarding adjusted EBITDA and non-GAAP adjusted diluted earnings per share, both of which are non-GAAP financial measures and exclude certain charges. Management has not reconciled these non-GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items are not provided. Management is unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of the company’s control and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without unreasonable effort.

ABOUT HURON

Huron is a global consultancy that collaborates with clients to drive strategic growth, ignite innovation and navigate constant change. Through a combination of strategy, expertise and creativity, we help clients accelerate operational, digital and cultural transformation, enabling the change they need to own their future. By embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve. Learn more at www.huronconsultinggroup.com.

Statements in this press release that are not historical in nature, including those concerning the company’s current expectations about its future results, are “forward-looking” statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by words such as “may,” “should,” “expects,” “provides,” “anticipates,” “assumes,” “can,” “will,” “meets,” “could,” “likely,” “intends,” “might,” “predicts,” “seeks,” “would,” “believes,” “estimates,” “plans,” “continues,” “guidance,” or “outlook” or similar expressions. These forward-looking statements reflect the company’s current expectations about future requirements and needs, results, levels of activity, performance, or achievements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: the impact of the COVID-19 pandemic on the economy, our clients and client demand for our services, and our ability to sell and provide services, including the measures taken by governmental authorities and businesses in response to the pandemic, which may cause or contribute to other risks and uncertainties that we face; failure to achieve expected utilization rates, billing rates and the number of revenue-generating professionals; inability to expand or adjust our service offerings in response to market demands; our dependence on renewal of client-based services; dependence on new business and retention of current clients and qualified personnel; failure to maintain third-party provider relationships and strategic alliances; inability to license technology to and from third parties; the impairment of goodwill; various factors related to income and other taxes; difficulties in successfully integrating the businesses we acquire and achieving expected benefits from such acquisitions; risks relating to privacy, information security, and related laws and standards; and a general downturn in market conditions. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, including, among others, those described under Item 1A. “Risk Factors” in Huron’s Annual Report on Form 10-K for the year ended December 31, 2020, that may cause actual results, levels of activity, performance or achievements to be materially different from any anticipated results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements. The company disclaims any obligation to update or revise any forward-looking statements as a result of new information or future events, or for any other reason.

HURON CONSULTING GROUP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share amounts)
(Unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2020				2019				2020				2019
Revenues and reimbursable expenses:
Revenues		$	198,347			$	232,269			$	844,127			$	876,757
Reimbursable expenses		1,754				22,930				26,887				88,717
Total revenues and reimbursable expenses		200,101				255,199				871,014				965,474
Direct costs and reimbursable expenses (exclusive of depreciation and amortization shown in operating expenses):
Direct costs		141,207				153,160				592,428				575,602
Amortization of intangible assets and software development costs		1,361				1,925				5,366				5,375
Reimbursable expenses		1,823				22,799				26,918				88,696
Total direct costs and reimbursable expenses		144,391				177,884				624,712				669,673
Operating expenses and other losses (gains), net:
Selling, general and administrative expenses		43,822				51,662				170,686				203,071
Restructuring charges (gains)		18,748				(301		)		20,525				1,855
Litigation and other losses (gains), net		—				375				(150		)		(1,196		)
Depreciation and amortization		5,794				7,080				24,277				28,365
Goodwill impairment charges		—				—				59,816				—
Total operating expenses and other losses (gains), net		68,364				58,816				275,154				232,095
Operating income (loss)		(12,654		)		18,499				(28,852		)		63,706
Other income (expense), net:
Interest expense, net of interest income		(1,776		)		(2,492		)		(9,292		)		(15,648		)
Other income, net		3,584				1,603				4,271				4,433
Total other income (expense), net		1,808				(889		)		(5,021		)		(11,215		)
Income (loss) from continuing operations before taxes		(10,846		)		17,610				(33,873		)		52,491
Income tax expense (benefit)		(4,742		)		3,256				(10,155		)		10,512
Net income (loss) from continuing operations		(6,104		)		14,354				(23,718		)		41,979
Loss from discontinued operations, net of tax		(33		)		(41		)		(122		)		(236		)
Net income (loss)		$	(6,137	)		$	14,313			$	(23,840	)		$	41,743
Net earnings (loss) per basic share:
Net income (loss) from continuing operations		$	(0.28	)		$	0.65			$	(1.08	)		$	1.91
Loss from discontinued operations, net of tax		—				—				(0.01		)		(0.01		)
Net income (loss)		$	(0.28	)		$	0.65			$	(1.09	)		$	1.90
Net earnings (loss) per diluted share:
Net income (loss) from continuing operations		$	(0.28	)		$	0.63			$	(1.08	)		$	1.87
Loss from discontinued operations, net of tax		—				—				(0.01		)		(0.02		)
Net income (loss)		$	(0.28	)		$	0.63			$	(1.09	)		$	1.85
Weighted average shares used in calculating earnings (loss) per share:
Basic		21,903				22,051				21,882				21,993
Diluted		21,903				22,676				21,882				22,507
Comprehensive income:
Net income (loss)		$	(6,137	)		$	14,313			$	(23,840	)		$	41,743
Foreign currency translation adjustments, net of tax		642				772				348				99
Unrealized gain (loss) on investment, net of tax		2,374				(8,442		)		1,323				(702		)
Unrealized gain (loss) on cash flow hedging instruments, net of tax		87				42				(3,546		)		(956		)
Other comprehensive income (loss)		3,103				(7,628		)		(1,875		)		(1,559		)
Comprehensive income (loss)		$	(3,034	)		$	6,685			$	(25,715	)		$	40,184

HURON CONSULTING GROUP INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited)
		December 31, 2020				December 31, 2019
Assets
Current assets:
Cash and cash equivalents		$	67,177			$	11,604
Receivables from clients, net		86,966				116,571
Unbilled services, net		61,181				79,937
Income tax receivable		5,121				2,376
Prepaid expenses and other current assets		16,569				14,248
Total current assets		237,014				224,736
Property and equipment, net		29,093				38,413
Deferred income taxes, net		4,191				1,145
Long-term investments		71,030				54,541
Operating lease right-of-use assets		39,360				54,954
Other non-current assets		62,068				52,177
Intangible assets, net		20,483				31,625
Goodwill		594,237				646,680
Total assets		$	1,057,476			$	1,104,271
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	648			$	7,944
Accrued expenses and other current liabilities		14,874				18,554
Accrued payroll and related benefits		133,830				141,605
Current maturities of long-term debt		499				529
Current maturities of operating lease liabilities		8,771				7,469
Deferred revenues		34,748				28,443
Total current liabilities		193,370				204,544
Non-current liabilities:
Deferred compensation and other liabilities		45,361				28,635
Accrued contingent consideration for business acquisitions		1,770				—
Long-term debt, net of current portion		202,780				208,324
Operating lease liabilities, net of current portion		61,825				69,233
Deferred income taxes, net		428				8,070
Total non-current liabilities		312,164				314,262
Commitments and contingencies
Stockholders’ equity
Common stock; $0.01 par value; 500,000,000 shares authorized; 25,346,916 and 25,144,764 shares issued at December 31, 2020 and December 31, 2019, respectively		246				247
Treasury stock, at cost, 2,584,119 and 2,425,430 shares at December 31, 2020 and December 31, 2019, respectively		(129,886		)		(128,348		)
Additional paid-in capital		454,512				460,781
Retained earnings		214,009				237,849
Accumulated other comprehensive income		13,061				14,936
Total stockholders’ equity		551,942				585,465
Total liabilities and stockholders’ equity		$	1,057,476			$	1,104,271

HURON CONSULTING GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
		Twelve Months Ended December 31,
		2020				2019
Cash flows from operating activities:
Net income (loss)		$	(23,840	)		$	41,743
Adjustments to reconcile net income (loss) to cash flows from operating activities:
Depreciation and amortization		30,222				34,405
Non-cash lease expense		7,763				8,397
Lease impairment charges		13,217				805
Share-based compensation		24,081				24,213
Amortization of debt discount and issuance costs		793				8,264
Goodwill impairment charges		59,816				—
Allowances for doubtful accounts		1,050				250
Deferred income taxes		(9,859		)		8,795
Loss on sale of business		1,603				—
Change in fair value of contingent consideration liabilities		—				(1,506		)
Change in fair value of preferred stock investment		(1,667		)		—
Other, net		(25		)		(789		)
Changes in operating assets and liabilities, net of acquisitions and divestiture:
(Increase) decrease in receivables from clients, net		33,051				(10,123		)
(Increase) decrease in unbilled services, net		18,876				(10,269		)
(Increase) decrease in current income tax receivable / payable, net		(3,662		)		4,442
(Increase) decrease in other assets		(11,972		)		(144		)
Increase (decrease) in accounts payable and other liabilities		(7,786		)		(6,884		)
Increase (decrease) in accrued payroll and related benefits		(1,169		)		30,339
Increase (decrease) in deferred revenues		6,246				282
Net cash provided by operating activities		136,738				132,220
Cash flows from investing activities:
Purchases of property and equipment, net		(8,125		)		(13,240		)
Investment in life insurance policies		(2,462		)		(4,703		)
Purchases of businesses		(8,701		)		(2,500		)
Purchases of investment securities		(13,000		)		(5,000		)
Capitalization of internally developed software costs		(8,272		)		(10,312		)
Proceeds from sale of property and equipment		25				753
Divestiture of business		(1,499		)		—
Net cash used in investing activities		(42,034		)		(35,002		)
Cash flows from financing activities:
Proceeds from exercise of stock options		1,003				1,244
Shares redeemed for employee tax withholdings		(7,903		)		(5,382		)
Share repurchases		(27,141		)		(12,985		)
Proceeds from bank borrowings		283,000				347,000
Repayments of bank borrowings		(288,574		)		(192,515		)
Repayment of convertible notes		—				(250,000		)
Payment of debt issuance costs		—				(1,524		)
Payments for contingent consideration liabilities		—				(4,674		)
Net cash used in financing activities		(39,615		)		(118,836		)
Effect of exchange rate changes on cash		484				115
Net increase (decrease) in cash and cash equivalents		55,573				(21,503		)
Cash and cash equivalents at beginning of the period		11,604				33,107
Cash and cash equivalents at end of the period		$	67,177			$	11,604

HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA
(Unaudited)
		Three Months Ended December 31,										Percent Increase (Decrease)
Segment and Consolidated Operating Results (in thousands):		2020					2019
Healthcare:
Revenues		$	85,097				$	103,600				(17.9	)	%
Operating income		$	24,094				$	31,666				(23.9	)	%
Segment operating income as a percentage of segment revenues		28.3			%		30.6			%
Business Advisory:
Revenues		$	65,938				$	68,906				(4.3	)	%
Operating income		$	10,740				$	16,698				(35.7	)	%
Segment operating income as a percentage of segment revenues		16.3			%		24.2			%
Education:
Revenues		$	47,312				$	59,763				(20.8	)	%
Operating income		$	5,711				$	12,506				(54.3	)	%
Segment operating income as a percentage of segment revenues		12.1			%		20.9			%
Total Company:
Revenues		$	198,347				$	232,269				(14.6	)	%
Reimbursable expenses		1,754					22,930					(92.4	)	%
Total revenues and reimbursable expenses		$	200,101				$	255,199				(21.6	)	%
Statements of Operations reconciliation:
Segment operating income		$	40,545				$	60,870				(33.4	)	%
Items not allocated at the segment level:
Other operating expenses		47,429					34,916					35.8		%
Litigation and other losses		—					375					N/M
Depreciation and amortization		5,770					7,080					(18.5	)	%
Total operating income (loss)		(12,654		)			18,499					N/M
Other income (expense), net		1,808					(889		)			N/M
Income (loss) from continuing operations before taxes		$	(10,846	)			$	17,610				N/M
Other Operating Data:
Number of full-time billable consultants (at period end) (1):
Healthcare		820					890					(7.9	)	%
Business Advisory		1,051					930					13.0		%
Education		737					756					(2.5	)	%
Total		2,608					2,576					1.2		%
Average number of full-time billable consultants (for the period) (1):
Healthcare		834					889
Business Advisory		1,028					941
Education		764					752
Total		2,626					2,582

HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
(Unaudited)
		Three Months Ended December 31,
Other Operating Data (continued):		2020				2019
Full-time billable consultant utilization rate (2):
Healthcare		65.1		%		76.5		%
Business Advisory		71.6		%		71.9		%
Education		66.1		%		77.1		%
Total		68.0		%		75.0		%
Full-time billable consultant average billing rate per hour (3):
Healthcare		$	297			$	251
Business Advisory (4)		$	189			$	218
Education		$	179			$	197
Total (4)		$	217			$	223
Revenue per full-time billable consultant (in thousands):
Healthcare		$	79			$	84
Business Advisory		$	60			$	70
Education		$	53			$	69
Total		$	64			$	74
Average number of full-time equivalents (for the period) (5):
Healthcare		275				263
Business Advisory		40				15
Education		40				59
Total		355				337
Revenue per full-time equivalent (in thousands):
Healthcare		$	70			$	111
Business Advisory		$	94			$	187
Education		$	170			$	141
Total		$	84			$	120

HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
(Unaudited)
		Twelve Months Ended December 31,										Percent Increase (Decrease)
Segment and Consolidated Operating Results (in thousands):		2020					2019
Healthcare:
Revenues		$	353,437				$	399,221				(11.5	)	%
Operating income		$	94,925				$	125,724				(24.5	)	%
Segment operating income as a percentage of segment revenues		26.9			%		31.5			%
Business Advisory:
Revenues		$	267,361				$	252,508				5.9		%
Operating income		$	48,046				$	49,695				(3.3	)	%
Segment operating income as a percentage of segment revenues		18.0			%		19.7			%
Education:
Revenues		$	223,329				$	225,028				(0.8	)	%
Operating income		$	47,503				$	55,741				(14.8	)	%
Segment operating income as a percentage of segment revenues		21.3			%		24.8			%
Total Company:
Revenues		$	844,127				$	876,757				(3.7	)	%
Reimbursable expenses		26,887					88,717					(69.7	)	%
Total revenues and reimbursable expenses		$	871,014				$	965,474				(9.8	)	%
Statements of Operations reconciliation:
Segment operating income		$	190,474				$	231,160				(17.6	)	%
Items not allocated at the segment level:
Other operating expenses		135,255					140,285					(3.6	)	%
Litigation and other gains		(150		)			(1,196		)			(87.5	)	%
Depreciation and amortization		24,405					28,365					(14.0	)	%
Goodwill impairment charges (6)		59,816					—					N/M
Total operating income (loss)		(28,852		)			63,706					N/M
Other expense, net		(5,021		)			(11,215		)			(55.2	)	%
Income (loss) from continuing operations before taxes		$	(33,873	)			$	52,491				N/M
Other Operating Data:
Number of full-time billable consultants (at period end) (1):
Healthcare		820					890					(7.9	)	%
Business Advisory		1,051					930					13.0		%
Education		737					756					(2.5	)	%
Total		2,608					2,576					1.2		%
Average number of full-time billable consultants (for the period) (1):
Healthcare		863					849
Business Advisory		962					892
Education		775					686
Total		2,600					2,427

HURON CONSULTING GROUP INC.
SEGMENT OPERATING RESULTS AND OTHER OPERATING DATA (CONTINUED)
(Unaudited)
		Twelve Months Ended December 31,
Other Operating Data (continued):		2020				2019
Full-time billable consultant utilization rate (2):
Healthcare		69.0		%		79.4		%
Business Advisory		72.4		%		72.5		%
Education		70.3		%		76.8		%
Total		70.7		%		76.1		%
Full-time billable consultant average billing rate per hour (3):
Healthcare		$	246			$	231
Business Advisory (4)		$	195			$	201
Education		$	187			$	199
Total (4)		$	208			$	211
Revenue per full-time billable consultant (in thousands):
Healthcare		$	295			$	331
Business Advisory		$	264			$	273
Education		$	247			$	285
Total		$	269			$	297
Average number of full-time equivalents (for the period) (5):
Healthcare		278				244
Business Advisory		30				14
Education		52				47
Total		360				305
Revenue per full-time equivalent (in thousands):
Healthcare		$	356			$	485
Business Advisory		$	455			$	655
Education		$	618			$	617
Total		$	402			$	513

(1)		Consists of full-time professionals who provide consulting services and generate revenues based on the number of hours worked.
(2)		Utilization rate for full-time billable consultants is calculated by dividing the number of hours full-time billable consultants worked on client assignments during a period by the total available working hours for these consultants during the same period, assuming a forty-hour work week, less paid holidays and vacation days.
(3)		Average billing rate per hour for full-time billable consultants is calculated by dividing revenues for a period by the number of hours worked on client assignments during the same period.
(4)		The Business Advisory segment includes operations of Huron Eurasia India. Absent the impact of Huron Eurasia India, the average billing rate per hour for the Business Advisory segment would have been $203 and $254 for the three months ended December 31, 2020 and 2019, respectively; and $213 and $228 for the year ended December 31, 2020 and 2019, respectively. Absent the impact of Huron Eurasia India, Huron’s consolidated average billing rate per hour would have been $223 and $235 for the three months ended December 31, 2020 and 2019, respectively; and $215 and $220 for the year ended December 31, 2020 and 2019, respectively.
(5)		Consists of coaches and their support staff within the Culture and Organizational Excellence solution, consultants who work variable schedules as needed by clients, employees who provide managed services in our Healthcare segment, and full-time employees who provide software support and maintenance services to clients.
(6)		The non-cash goodwill impairment charges are not allocated at the segment level because the underlying goodwill asset is reflective of our corporate investment in the segments. We do not include the impact of goodwill impairment charges in our evaluation of segment performance.
N/M – Not Meaningful

HURON CONSULTING GROUP INC.
RECONCILIATION OF NET INCOME (LOSS) FROM CONTINUING OPERATIONS
TO ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (7)
(In thousands)
(Unaudited)
		Three Months Ended December 31,										Twelve Months Ended December 31,
		2020					2019					2020					2019
Revenues		$	198,347				$	232,269				$	844,127				$	876,757
Net income (loss) from continuing operations		$	(6,104	)			$	14,354				$	(23,718	)			$	41,979
Add back:
Income tax expense (benefit)		(4,742		)			3,256					(10,155		)			10,512
Interest expense, net of interest income		1,776					2,492					9,292					15,648
Depreciation and amortization		7,156					9,005					29,644					33,740
Earnings (loss) before interest, taxes, depreciation and amortization (EBITDA) (7)		(1,914		)			29,107					5,063					101,879
Add back:
Restructuring and other charges (gains)		18,748					(301		)			21,374					1,855
Litigation and other losses (gains), net		—					375					(150		)			(1,196		)
Transaction-related expenses		695					67					1,132					2,680
Goodwill impairment charges		—					—					59,816					—
Unrealized gain on preferred stock investment		(1,667		)			—					(1,667		)			—
Losses on sales of businesses		1,501					—					1,603					—
Foreign currency transaction losses (gains), net		(276		)			124					(31		)			160
Adjusted EBITDA (7)		$	17,087				$	29,372				$	87,140				$	105,378
Adjusted EBITDA as a percentage of revenues (7)		8.6			%		12.6			%		10.3			%		12.0			%

HURON CONSULTING GROUP INC.
RECONCILIATION OF NET INCOME (LOSS) FROM CONTINUING OPERATIONS
TO ADJUSTED NET INCOME FROM CONTINUING OPERATIONS (7)
(In thousands, except per share amounts)
(Unaudited)
		Three Months Ended December 31,								Twelve Months Ended December 31,
		2020				2019				2020				2019
Net income (loss) from continuing operations		$	(6,104	)		$	14,354			$	(23,718	)		$	41,979
Weighted average shares – diluted		21,903				22,676				21,882				22,507
Diluted earnings (loss) per share from continuing operations		$	(0.28	)		$	0.63			$	(1.08	)		$	1.87
Add back:
Amortization of intangible assets		3,138				4,757				12,696				17,793
Restructuring and other charges (gains)		18,748				(301		)		21,374				1,855
Litigation and other losses (gains), net		—				375				(150		)		(1,196		)
Transaction-related expenses		695				67				1,132				2,680
Goodwill impairment charges		—				—				59,816				—
Non-cash interest on convertible notes		—				—				—				6,436
Unrealized gain on preferred stock investment		(1,667		)		—				(1,667		)		—
Losses on sales of businesses		1,501				—				1,603				—
Tax effect of adjustments		(6,158		)		(1,291		)		(23,199		)		(7,200		)
Tax benefit related to “check-the-box” election		—				—				—				(736		)
Total adjustments, net of tax		16,257				3,607				71,605				19,632
Adjusted net income from continuing operations (7)		$	10,153			$	17,961			$	47,887			$	61,611
Adjusted weighted average shares – diluted (8)		22,323				22,676				22,299				22,507
Adjusted diluted earnings per share from continuing operations (7)		$	0.45			$	0.79			$	2.15			$	2.74

(7)		In evaluating the company’s financial performance and outlook, management uses earnings (loss) before interest, taxes, depreciation and amortization (“EBITDA”), adjusted EBITDA, adjusted EBITDA as a percentage of revenues, adjusted net income from continuing operations, and adjusted diluted earnings per share from continuing operations, which are non-GAAP measures. Management uses these non-GAAP financial measures to gain an understanding of the company’s comparative operating performance (when comparing such results with previous periods or forecasts). These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect the company’s ongoing business in a manner that allows for meaningful period-to-period comparisons. Management also uses these non-GAAP financial measures when publicly providing the company’s business outlook, for internal management purposes, and as a basis for evaluating potential acquisitions and dispositions. Management believes that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating Huron’s current operating performance and future prospects in the same manner as management does, if they so choose, and in comparing in a consistent manner Huron’s current financial results with Huron’s past financial results. Investors should recognize that these non-GAAP measures might not be comparable to similarly titled measures of other companies. These measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance, cash flows or liquidity prepared in accordance with accounting principles generally accepted in the United States.
(8)		As the company reported a net loss for the three and twelve months ended December 31, 2020, GAAP diluted weighted average shares outstanding equals the basic weighted average shares outstanding for that period. The non-GAAP adjustments resulted in adjusted net income from continuing operations for the three and twelve months ended December 31, 2020. Therefore, dilutive common stock equivalents have been included in the calculation of adjusted diluted weighted average shares outstanding.

 

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MEDIA CONTACT

Allie Bovis

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INVESTOR CONTACT

John D. Kelly

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KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Consulting

MEDIA:

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ViacomCBS CEO Bob Bakish to Participate in the Virtual Morgan Stanley Technology, Media and Telecom Conference

NEW YORK–(BUSINESS WIRE)–
ViacomCBS Inc. (NASDAQ: VIAC; VIACA) today announced that Bob Bakish, President and Chief Executive Officer, will participate in a question and answer session during the virtual Morgan Stanley Technology, Media and Telecom Conference on Tuesday, March 2, 2021 at 7:45am ET.

A live audio webcast of the call will be available on the Investors homepage of ViacomCBS’ website (ir.viacomcbs.com). A replay of the audio webcast will be available in the Events, Webcasts & Annual Meetings section of ViacomCBS’ Investors website.

About ViacomCBS

ViacomCBS (NASDAQ: VIAC; VIACA) is a leading global media and entertainment company that creates premium content and experiences for audiences worldwide. Driven by iconic consumer brands, its portfolio includes CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, CBS All Access, Pluto TV and Simon & Schuster, among others. The company delivers the largest share of the U.S. television audience and boasts one of the industry’s most important and extensive libraries of TV and film titles. In addition to offering innovative streaming services and digital video products, ViacomCBS provides powerful capabilities in production, distribution and advertising solutions for partners on five continents.

For more information about ViacomCBS, please visit www.viacomcbs.com and follow @ViacomCBS on social platforms.

VIAC-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006047/en/

Press:

Peter Collins

Vice President, Corporate Communications

(917) 826-4182

[email protected]

Justin Blaber

Senior Director, Corporate Communications

(646) 823-6616

[email protected]

Pranita Sookai

Director, Corporate Communications

(718) 316-2182

[email protected]

Investors:

Anthony DiClemente

Executive Vice President, Investor Relations

(917) 796-4647

[email protected]

Jaime Morris

Vice President, Investor Relations

(646) 824-5450

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Robert Amparo

Manager, Investor Relations

(347) 223-1682

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KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Advertising Entertainment Communications Film & Motion Pictures TV and Radio General Entertainment Publishing

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Arlo Reports Fourth Quarter 2020 and Full Year 2020 Results

Exceeded High-End of EPS Guidance for the Quarter

Delivered Highest Gross Margin in Nine Quarters

Fourth Quarter Service Revenue Growth of 72.1% Year Over Year for a Sixth Consecutive Quarterly Record

89.1% Paid Account Growth Year Over Year

Ended Year with Cash, Cash Equivalents and Short-term Investments Balance at $206.1 million with No Debt

SAN JOSE, Calif.–(BUSINESS WIRE)–
Arlo Technologies, Inc. (NYSE: ARLO), a leading internet-connected security camera brand, today reported financial results for the fourth quarter and fiscal year ended December 31, 2020.

Financial Highlights ⁽¹⁾

• Fourth quarter revenue of $114.8 million, a decrease of 6.2% year over year.
• Fourth quarter GAAP gross profit of $24.5 million, an increase of 79.0% year over year; non-GAAP gross profit of $25.7 million, an increase of 73.0% year over year.
• Fourth quarter GAAP gross margin of 21.4%; non-GAAP gross margin of 22.4%.
• Fourth quarter GAAP net loss per diluted share of $(0.19); non-GAAP net loss per diluted share of $(0.08).
• 2020 revenue of $357.2 million, a decrease of 3.5% compared to prior year.
• 2020 GAAP gross profit of $55.4 million, an increase of 54.7% compared to prior year; non-GAAP gross profit of $59.7 million, an increase of 51.5% compared to prior year.
• 2020 GAAP gross margin of 15.5%; non-GAAP gross margin of 16.7%.
• 2020 GAAP net loss per diluted share of $(1.30); non-GAAP net loss per diluted share of $(0.82).
• Cash, cash equivalents and short-term investments of $206.1 million and no debt at the end of Q4.

“2020 was an unprecedented year and I am exceedingly proud of our team’s perseverance and determination in the face of the ongoing pandemic. In Q4, revenue grew 4.2% sequentially to $114.8 million to come in at the top end of our guidance. The strength of our new business model, a free, 90-day trial of Arlo Smart, continues to accelerate the momentum of our paid account growth and the fourth quarter was another great example. We closed out the year with an 89.1% year over year paid account growth and saw service gross margin improve 10 percentage points year over year. Our unwavering commitment to operational efficiency drove a significant year over year decrease in operating expenses and led us to solidly outperform the high end of our guidance for EPS. We also kept our focus on robust innovation and launched two new products in the fourth quarter,” said Matthew McRae, Chief Executive Officer of Arlo Technologies. “In 2020 we laid a solid foundation to become a more profitable and predictable business with strong progress with our Verisure partnership and by refreshing our entire product line up to drive paid account growth with our new business model. Looking forward, we expect to roughly triple our paid account additions in 2021 and reach one million paid accounts by this time next year. We believe Arlo is on solid financial and operational footing and look forward to continuing our execution in 2021.”

	Three Months Ended												Twelve Months Ended
	December 31, 2020				September 27, 2020				December 31, 2019				December 31, 2020				December 31, 2019
	(in thousands, except percentage and per share data)
Revenue	$	114,836			$	110,236			$	122,413			$	357,154			$	370,007
GAAP Gross Margin	21.4		%		19.4		%		11.2		%		15.5		%		9.7		%
Non-GAAP Gross Margin (1)	22.4		%		20.6		%		12.2		%		16.7		%		10.6		%
GAAP Net Income (Loss) per Diluted Share	$	(0.19	)		$	(0.22	)		$	0.26			$	(1.30	)		$	(1.14	)
Non-GAAP Net Income (Loss) per Diluted Share (1)	$	(0.08	)		$	(0.10	)		$	(0.26	)		$	(0.82	)		$	(1.42	)

_________________________

(1) Reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis are provided at the end of this press release.

Business Highlights

• Full year service revenue of $72.3 million, for growth of 54.6% year over year.
• Service revenue of $21.6 million for Q4, for growth of 72.1% year over year.
• Added a record 79,000 paid accounts in Q4, a sequential increase of 22.2% over Q3, and a year over year increase of 89.1%.
• Announced the all new Arlo Touchless Video Doorbell, which builds on the award-winning features of the Video Doorbell. Utilizing our precise Proximity Sensing Technology, the Touchless Video Doorbell can automatically detect a visitor’s approach and “press” the doorbell, alerting both homeowner and visitor without the need for physical contact with the device. The Touchless Video Doorbell also includes a three-month subscription to Arlo Smart.
• Expanded the Arlo Essential product family with the addition of the Essential Indoor Camera, which sports all of the Essential’s great features while incorporating new design elements for optimal indoor use. The Essential Indoor Camera features a stand mount and a power cord for easy and flexible indoor placement, along with a built-in motorized shutter to quickly and easily turn the camera on and off. This Essential Indoor Camera also includes a three-month subscription to Arlo Smart.
• Partnered with Calix and its broad network of Communications Service Providers to seamlessly offer Arlo products and services as part of a homeowner’s overall managed WiFi experience.
• The newly announced Essential Indoor Camera and Touchless Video Doorbell were named CES 2021 Innovation Award Honorees, making this the third consecutive year of recognition for Arlo products by the Consumer Technology Association.

First Quarter 2021 Business Outlook ⁽²⁾

• Revenue of $70.0 million to $80.0 million.
• GAAP net loss per diluted share of $(0.35) to $(0.29), and non-GAAP net loss per diluted share of $(0.23) to $(0.17).

A reconciliation of our business outlook on a GAAP and non-GAAP basis is provided in the following table:

	Three Months Ending March 28, 2021
	Revenue		Net Loss per Diluted Share
	(in millions, except per share data)
GAAP	$70.0 – $80.0		$(0.35) – $(0.29)
Estimated adjustments for (2):
Stock-based compensation expense	—		0.12
Tax effects of non-GAAP adjustments	—		—
Non-GAAP	$70.0 – $80.0		$(0.23) – $(0.17)

_________________________

(2) Business outlook does not include estimates for any currently unknown income and expense items which, by their nature, could arise late in a quarter, including: litigation reserves, net; acquisition-related charges; impairment charges; discrete tax benefits or detriments relating to tax windfalls or shortfalls from equity awards; and any additional impacts relating to the implementation of U.S. tax reform. New material income and expense items such as these could have a significant effect on our guidance and future results.

Investor Conference Call / Webcast Details

Arlo will review the fourth quarter of 2020 results and discuss management’s expectations for the first quarter of 2021 today, Tuesday, February 23, 2021 at 5:00 p.m. ET (2:00 p.m. PT). The toll free dial-in number for the live audio call is (866) 393-4306. The international dial-in number for the live audio call is (734) 385-2616. The conference ID for the call is 8394616. A live webcast of the conference call will be available on Arlo’s Investor Relations website at https://investor.arlo.com. A replay of the call will be available via the web at https://investor.arlo.com.

About Arlo Technologies, Inc.

Arlo (NYSE: ARLO) is the award-winning, industry leader that is transforming the way people experience the connected lifestyle. Arlo’s deep expertise in product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience for Arlo users that is easy to setup and interact with every day. Arlo’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning smart connected devices, including wire-free smart Wi-Fi and LTE-enabled cameras, advanced baby monitors and smart security lights.

© 2019 Arlo Technologies, Inc., Arlo and the Arlo logo are trademarks and/or registered trademarks of Arlo Technologies, Inc. and/or certain of its affiliates in the United States and/or other countries. Other brand and product names are for identification purposes only and may be trademarks or registered trademarks of their respective holder(s). The information contained herein is subject to change without notice. Arlo shall not be liable for technical or editorial errors or omissions contained herein. All rights reserved.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words “anticipate,” “expect,” “believe,” “will,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or other similar words are used to identify such forward-looking statements. However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent Arlo Technologies, Inc.’s expectations or beliefs concerning future events based on information available at the time such statements were made and include statements regarding: Arlo’s future operating performance and financial condition, expected revenue, GAAP and non-GAAP gross margins, operating margins, and tax expense; expectations regarding market expansion and future growth; plans to invest in product innovation; Arlo’s future product offerings; and the quote from Arlo’s Chief Executive Officer. These statements are based on management’s current expectations and are subject to certain risks and uncertainties, including the following: future demand for the Company’s products may be lower than anticipated; consumers may choose not to adopt the Company’s new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; the Company may be unsuccessful or experience delays in manufacturing and distributing its new and existing products; telecommunications service providers may choose to slow their deployment of the Company’s products or utilize competing products; the Company may be unable to collect receivables as they become due; the Company may fail to manage costs, including the cost of developing new products and manufacturing and distribution of its existing offerings; the Company may incur additional costs and charges associated with the transactions contemplated by the Verisure partnership; the Company may not receive the minimum commitment amounts from Verisure; the COVID-19 pandemic could have an adverse impact on the Company’s business, operations and the markets and communities in which Arlo and its partners and customers operate; the Company may fail to successfully continue to effect operating expense savings; changes in the level of Arlo’s cash resources and the Company’s planned usage of such resources; changes in the Company’s stock price and developments in the business that could increase the Company’s cash needs; fluctuations in foreign exchange rates; the actions and financial health of the Company’s customers; the anticipated financial capacity under Arlo’s revolving credit line may not be available when expected, or at all; and the Company may not be able to carry out its restructuring plan. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Further information on potential risk factors that could affect Arlo and its business are detailed in the Company’s periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled “Part II – Item 1A. Risk Factors,” in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 27, 2020, filed with the Securities and Exchange Commission on November 5, 2020 and other periodic filings with the Securities and Exchange Commission. Given these circumstances, you should not place undue reliance on these forward-looking statements. Arlo undertakes no obligation to release publicly any revisions to any forward-looking statements contained herein to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Information:

To supplement our unaudited selected financial data presented on a basis consistent with U.S. Generally Accepted Accounting Principles (“GAAP”), we disclose certain non-GAAP financial measures that exclude certain charges, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development, non-GAAP sales and marketing, non-GAAP general and administrative, non-GAAP total operating expenses, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP provision for income taxes, non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share. These supplemental measures exclude adjustments for separation expense, stock-based compensation expense, amortization of intangibles, activist shareholder response costs, restructuring and other charges, strategic initiative and transaction expenses, gain on sale of business, litigation reserves, and the related tax effects. These non-GAAP measures are not in accordance with or an alternative for GAAP, and may be different from similarly-titled non-GAAP measures used by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

In calculating non-GAAP financial measures, we exclude certain items to facilitate a review of the comparability of our operating performance on a period-to-period basis because such items are not, in our view, related to our ongoing operational performance. We use non-GAAP measures to evaluate the operating performance of our business, for comparison with forecasts and strategic plans, and for benchmarking performance externally against competitors. In addition, management’s incentive compensation is determined using certain non-GAAP measures. Since we find these measures to be useful, we believe that investors benefit from seeing results “through the eyes” of management in addition to seeing GAAP results. We believe that these non-GAAP measures, when read in conjunction with our GAAP measures, provide useful information to investors by offering:

– the ability to make more meaningful period-to-period comparisons of our on-going operating results;

– the ability to better identify trends in our underlying business and perform related trend analyses;

– a better understanding of how management plans and measures our underlying business; and

– an easier way to compare our operating results against analyst financial models and operating results of competitors that supplement their GAAP results with non-GAAP financial measures.

The following are explanations of the adjustments that we incorporate into non-GAAP measures, as well as the reasons for excluding them in the reconciliations of these non-GAAP financial measures:

Separation expense consists of expenses that are related to the separation of our business from NETGEAR. These consist primarily of third-party consulting fees, legal fees, IT costs, employee bonuses for services related to the separation, and other one-time expenses incurred to complete the separation. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors.

Stock-based compensation expense consists of non-cash charges for the estimated fair value of stock options, performance-based stock options, restricted stock units and shares under the employee stock purchase plan granted to employees. We believe that the exclusion of these charges provides for more accurate comparisons of our operating results to peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact stock-based compensation expense has on our operating results.

Amortization of intangibles consists primarily of non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to an assessment of our internal operations and comparisons to our prior and future periods and to the performance of our competitors.

Activist shareholder response costs primarily consist of legal fees and third-party consulting costs incurred. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors.

Strategic initiative and transaction expenses consist of legal fees associated with the strategic review of the Company and legal fees, accounting fees and other one-time costs incurred to complete the Verisure transaction. We consider our operating results without these charges when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such charges when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding these costs is relevant to our assessment of internal operations and comparisons to the performance of our competitors.

Gain on sale of business represents gain from sale of the Company’s commercial operations in Europe. We consider our operating results without this gain when evaluating our ongoing performance and forecasting our earnings trends, and therefore exclude such gain when presenting non-GAAP financial measures. We believe that the assessment of our operations excluding the gain is relevant to our assessment of internal operations and comparisons to the performance of our competitors.

Other items are the result of either unique or unplanned events, including, when applicable: restructuring and other charges and litigation reserves, net. It is difficult to predict the occurrence or estimate the amount or timing of these items in advance. Although these events are reflected in our GAAP financial statements, these unique transactions may limit the comparability of our on-going operations with prior and future periods. The amounts result from events that often arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. Therefore, the amounts do not accurately reflect the underlying performance of our continuing business operations for the period in which they are incurred.

Tax effects consist of the various above adjustments that we incorporate into non-GAAP measures in order to provide a more meaningful measure on non-GAAP net income. We also believe providing financial information with and without the income tax effects relating to our non-GAAP financial measures provides our management and users of the financial statements with better clarity regarding the on-going performance of our business.

Source: Arlo-F

ARLO TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
	As of
	December 31, 2020				December 31, 2019
	(In thousands, except share and per share data)
ASSETS
Current assets:
Cash and cash equivalents	$	186,127			$	236,680
Short-term investments (amortized cost of $19,996 and $19,967)	19,997				19,990
Accounts receivable, net (net of allowance for credit losses of $519 and $609)	77,643				127,317
Inventories	64,705				68,624
Prepaid expenses and other current assets	8,076				16,958
Total current assets	356,548				469,569
Property and equipment, net	15,821				21,352
Operating lease right-of-use assets, net	23,998				31,300
Intangibles, net	—				1,306
Goodwill	11,038				11,038
Restricted cash	4,164				4,139
Other non-current assets	2,399				4,008
Total assets	$	413,968			$	542,712
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	62,171			$	111,650
Deferred revenue	53,142				50,362
Accrued liabilities	121,766				127,400
Income tax payable	267				4,489
Total current liabilities	237,346				293,901
Non-current deferred revenue	16,563				15,736
Non-current operating lease liabilities	25,029				29,001
Non-current income taxes payable	104				92
Other non-current liabilities	1,159				606
Total liabilities	280,201				339,336
Stockholders’ Equity:
Preferred stock: $0.001 par value; 50,000,000 shares authorized; none issued or outstanding	—				—
Common stock: : $0.001 par value; 500,000,000 shares authorized; shares issued and outstanding: 79,336,242 at December 31, 2020 and 75,785,952 at December 31, 2019	79				76
Additional paid-in capital	366,455				334,821
Accumulated other comprehensive income	3				(2		)
Accumulated deficit	(232,770		)		(131,519		)
Total stockholders’ equity	133,767				203,376
Total liabilities and stockholders’ equity	$	413,968			$	542,712

ARLO TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended												Twelve Months Ended
	December 31, 2020				September 27, 2020				December 31, 2019				December 31, 2020				December 31, 2019
	(in thousands, except percentage and per share data)
Revenue:
Products	$	93,271			$	91,271			$	109,883			$	284,868			$	323,242
Services	21,565				18,965				12,530				72,286				46,765
Total revenue	114,836				110,236				122,413				357,154				370,007
Cost of revenue:
Products	81,424				79,107				100,470				263,905				307,348
Services	8,874				9,720				8,237				37,860				26,855
Total cost of revenue	90,298				88,827				108,707				301,765				334,203
Gross profit	24,538				21,409				13,706				55,389				35,804
Gross margin	21.4		%		19.4		%		11.2		%		15.5		%		9.7		%
Operating expenses:
Research and development	15,266				15,436				16,928				60,137				69,384
Sales and marketing	13,593				12,720				14,596				49,064				56,985
General and administrative	11,338				11,137				15,112				51,096				47,624
Separation expense	10				77				153				248				1,913
Gain on sale of business	—				—				(54,881		)		(292		)		(54,881		)
Total operating expenses	40,207				39,370				(8,092		)		160,253				121,025
Income (loss) from operations	(15,669		)		(17,961		)		21,798				(104,864		)		(85,221		)
Operating margin	(13.6		)%		(16.3		)%		17.8		%		(29.4		)%		(23.0		)%
Interest income	42				74				567				802				2,737
Other income (expense), net	599				543				775				3,436				913
Income (loss) before income taxes	(15,028		)		(17,344		)		23,140				(100,626		)		(81,571		)
Provision for income taxes	182				115				3,525				625				4,380
Net income (loss)	$	(15,210	)		$	(17,459	)		$	19,615			$	(101,251	)		$	(85,951	)
Net income (loss) per share:
Basic	$	(0.19	)		$	(0.22	)		$	0.26			$	(1.30	)		$	(1.14	)
Diluted	$	(0.19	)		$	(0.22	)		$	0.26			$	(1.30	)		$	(1.14	)
Weighted average shares used to compute net income (loss) per share:
Basic	79,164				78,662				75,805				78,084				75,074
Diluted	79,164				78,662				76,090				78,084				75,074

ARLO TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
	Twelve Months Ended
	December 31, 2020				December 31, 2019
	(In thousands)
Cash flows from operating activities:
Net loss	$	(101,251	)		$	(85,951	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	10,206				10,681
Stock-based compensation expense	35,247				22,894
Allowance for (release of) credit losses and inventory reserves	964				(2,921		)
Gain on sale of business	(292		)		(54,881		)
Deferred income taxes	50				(210		)
Premium amortization (discount accretion) on investments, net	54				(461		)
Changes in assets and liabilities:
Accounts receivable, net	49,765				38,247
Inventories	2,862				53,604
Prepaid expenses and other assets	10,441				11,525
Accounts payable	(49,282		)		28,791
Deferred revenue	3,607				22,567
Accrued and other liabilities	(8,901		)		(34,714		)
Net cash provided by (used in) operating activities	(46,530		)		9,171
Cash flows from investing activities:
Purchases of property and equipment	(3,892		)		(6,664		)
Proceeds from sale of business	—				52,694
Purchases of short-term investments	(50,083		)		(29,768		)
Maturities of short-term investments	50,000				60,000
Net cash provided by (used in) investing activities	(3,975		)		76,262
Cash flows from financing activities:
Proceeds related to employee benefit plans	4,755				1,837
Restricted stock unit withholdings	(4,778		)		(1,875		)
Net cash used in financing activities	(23		)		(38		)
Net increase (decrease) in cash and cash equivalents and restricted cash	(50,528		)		85,395
Cash and cash equivalents and restricted cash, at beginning of period	240,819				155,424
Cash and cash equivalents and restricted cash, at end of period	$	190,291			$	240,819
Non-cash investing and financing activities:
Purchases of property and equipment included in accounts payable and accrued liabilities	$	564			$	1,086
De-recognition of build-to-suit assets and liabilities	$	—			$	(21,610	)
Supplemental cash flow information:
Cash paid for income taxes	$	5,614			$	960

ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES
STATEMENT OF OPERATIONS DATA:
	Three Months Ended												Twelve Months Ended
	December 31, 2020				September 27, 2020				December 31, 2019				December 31, 2020				December 31, 2019
	(in thousands, except percentage data)
GAAP gross profit:
Products	$	11,847			$	12,164			$	9,413			$	20,963			$	15,894
Services	12,691				9,245				4,293				34,426				19,910
Total GAAP gross profit	24,538				21,409				13,706				55,389				35,804
GAAP gross margin:
Products	12.7		%		13.3		%		8.6		%		7.4		%		4.9		%
Services	58.9		%		48.8		%		34.3		%		47.6		%		42.6		%
Total GAAP gross margin	21.4		%		19.4		%		11.2		%		15.5		%		9.7		%
Stock-based compensation expense	955				942				727				2,962				2,013
Amortization of intangibles	237				356				373				1,306				1,517
Restructuring and other charges	—				—				69				23				69
Non-GAAP gross profit:
Products	13,039				13,462				10,582				25,254				19,493
Services	12,691				9,245				4,293				34,426				19,910
Total Non-GAAP gross profit	$	25,730			$	22,707			$	14,875			$	59,680			$	39,403
Non-GAAP gross margin:
Products	14.0		%		14.7		%		9.6		%		8.9		%		6.0		%
Services	58.9		%		48.8		%		34.3		%		47.6		%		42.6		%
Total Non-GAAP gross margin	22.4		%		20.6		%		12.2		%		16.7		%		10.6		%
GAAP research and development	$	15,266			$	15,436			$	16,928			$	60,137			$	69,384
Stock-based compensation expense	(2,795		)		(2,870		)		(2,367		)		(9,054		)		(6,868		)
Restructuring and other charges	—				—				(262		)		—				(262		)
Non-GAAP research and development	$	12,471			$	12,566			$	14,299			$	51,083			$	62,254
GAAP sales and marketing	$	13,593			$	12,720			$	14,596			$	49,064			$	56,985
Stock-based compensation expense	(1,211		)		(1,160		)		(1,137		)		(4,106		)		(3,859		)
Restructuring and other charges	—				—				(198		)		—				(198		)
Non-GAAP sales and marketing	$	12,382			$	11,560			$	13,261			$	44,958			$	52,928
GAAP general and administrative	$	11,338			$	11,137			$	15,112			$	51,096			$	47,624
Stock-based compensation expense	(3,948		)		(4,029		)		(3,402		)		(19,125		)		(10,154		)
Restructuring and other charges	—				—				(102		)		(21		)		(102		)
Strategic initiative and transaction expenses	(2		)		(17		)		(1,868		)		(770		)		(2,370		)
Activist shareholder response costs	—				—				—				—				(237		)
Litigation reserves, net	—				—				(1,287		)		(256		)		(1,427		)
Non-GAAP general and administrative	$	7,388			$	7,091			$	8,453			$	30,924			$	33,334

ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
STATEMENT OF OPERATIONS DATA (CONTINUED):
	Three Months Ended												Twelve Months Ended
	December 31, 2020				September 27, 2020				December 31, 2019				December 31, 2020				December 31, 2019
	(in thousands, except percentage and per share data)
GAAP total operating expenses	$	40,207			$	39,370			$	(8,092	)		$	160,253			$	121,025
Separation expense	(10		)		(77		)		(154		)		(248		)		(1,913		)
Strategic initiative and transaction expenses	(2		)		(17		)		(1,868		)		(770		)		(2,370		)
Stock-based compensation expense	(7,954		)		(8,059		)		(6,906		)		(32,285		)		(20,881		)
Restructuring and other charges	—				—				(562		)		(21		)		(562		)
Litigation reserves, net	—				—				(1,287		)		(256		)		(1,427		)
Activist shareholder response costs	—				—				—				—				(237		)
Gain on sale of business	—				—				54,881				292				54,881
Non-GAAP total operating expenses	$	32,241			$	31,217			$	36,012			$	126,965			$	148,516
GAAP operating income (loss)	$	(15,669	)		$	(17,961	)		$	21,798			$	(104,864	)		$	(85,221	)
GAAP operating margin	(13.6		)%		(16.3		)%		17.8		%		(29.4		)%		(23.0		)%
Separation expense	10				77				154				248				1,913
Strategic initiative and transaction expenses	2				17				1,868				770				2,370
Stock-based compensation expense	8,909				9,001				7,633				35,247				22,894
Amortization of intangibles	237				356				373				1,306				1,517
Restructuring and other charges	—				—				631				44				631
Litigation reserves, net	—				—				1,287				256				1,427
Activist shareholder response costs	—				—				—				—				237
Gain on sale of business	—				—				(54,881		)		(292		)		(54,881		)
Non-GAAP operating loss	$	(6,511	)		$	(8,510	)		$	(21,137	)		$	(67,285	)		$	(109,113	)
Non-GAAP operating margin	(5.7		)%		(7.7		)%		(17.3		)%		(18.8		)%		(29.5		)%
GAAP provision for income taxes	$	182			$	115			$	3,525			$	625			$	4,380
GAAP income tax rate	(1.2		)%		(0.7		)%		15.2		%		(0.6		)%		(5.4		)%
Tax effects	(3		)		—				3,241				28				3,337
Non-GAAP provision for income taxes	$	185			$	115			$	284			$	597			$	1,043
Non-GAAP income tax rate	(3.2		)%		(1.5		)%		(1.4		)%		(0.9		)%		(1.0		)%
GAAP net income (loss)	$	(15,210	)		$	(17,459	)		$	19,615			$	(101,251	)		$	(85,951	)
Separation expense	10				77				154				248				1,913
Strategic initiative and transaction expenses	2				17				1,868				770				2,370
Stock-based compensation expense	8,909				9,001				7,633				35,247				22,894
Amortization of intangibles	237				356				373				1,306				1,517
Restructuring and other charges	—				—				631				44				631
Litigation reserves, net	—				—				1,287				256				1,427
Activist shareholder response costs	—				—				—				—				237
Gain on sale of business	—				—				(54,881		)		(292		)		(54,881		)
Tax effects	(3		)		—				3,241				28				3,337
Non-GAAP net loss	$	(6,055	)		$	(8,008	)		$	(20,079	)		$	(63,644	)		$	(106,506	)

ARLO TECHNOLOGIES, INC.
RECONCILIATIONS OF GAAP MEASURES TO NON-GAAP MEASURES (CONTINUED)
STATEMENT OF OPERATIONS DATA (CONTINUED):
	Three Months Ended												Twelve Months Ended
	December 31, 2020				September 27, 2020				December 31, 2019				December 31, 2020				December 31, 2019
	(in thousands, except percentage and per share data)
NET INCOME (LOSS) PER DILUTED SHARE:
GAAP net income (loss) per diluted share	$	(0.19	)		$	(0.22	)		$	0.26			$	(1.30	)		$	(1.14	)
Separation expense	—				—				—				—				0.02
Strategic initiative and transaction expenses	—				—				0.02				0.01				0.03
Stock-based compensation expense	0.11				0.11				0.10				0.45				0.31
Amortization of intangibles	—				0.01				—				0.02				0.02
Restructuring and other charges	—				—				0.01				—				0.01
Litigation reserves, net	—				—				0.02				—				0.02
Gain on sale of business	—				—				(0.72		)		—				(0.72		)
Tax effects	—				—				0.05				—				0.04
Non-GAAP net loss per diluted share	$	(0.08	)		$	(0.10	)		$	(0.26	)		$	(0.82	)		$	(1.42	)
Shares used in computing GAAP net income (loss) per diluted share	79,164				78,662				76,090				78,084				75,074
Shares used in computing non-GAAP net income (loss) per diluted share	79,164				78,662				76,090				78,084				75,074

ARLO TECHNOLOGIES, INC.
SUPPLEMENTAL FINANCIAL INFORMATION
	Three Months Ended
	December 31, 2020				September 27, 2020				June 28, 2020				March 29, 2020				December 31, 2019
	(in thousands, except headcount and per share data)
Cash, cash equivalents and short-term investments	$	206,124			$	193,611			$	205,454			$	206,582			$	256,670
Cash, cash equivalents and short-term investments per diluted share	$	2.60			$	2.46			$	2.64			$	2.70			$	3.37
Accounts receivable, net	$	77,643			$	56,431			$	46,466			$	61,376			$	127,317
Days sales outstanding	64				47				63				83				97
Inventories	$	64,705			$	69,038			$	65,814			$	61,027			$	68,624
Inventory turns	5.0				4.6				3.1				3.4				5.9
Weeks of channel inventory:
U.S. retail channel	9.2				8.4				6.6				13.7				6.3
U.S. distribution channel	11.7				8.6				8.4				20.3				8.0
APAC distribution channel	2.8				4.2				6.8				6.0				3.6
Deferred revenue (current and non-current)	$	69,705			$	38,530			$	54,546			$	59,848			$	66,098
Cumulative registered accounts (1)	5,047				4,774				4,518				4,245				4,015
Cumulative paid accounts (2)	435				356				298				255				230
Headcount	359				358				355				356				349
Non-GAAP diluted shares	79,164				78,662				77,885				76,560				76,090

		_________________________
(1)		We define our registered accounts at the end of a particular period as the number of unique registered accounts on the Arlo platform as of the end of such particular period, and includes accounts owned by Verisure S.a.r.l.. The number of registered accounts does not necessarily reflect the number of end-users on the Arlo platform, as one registered account may be used by multiple people.
(2)		Paid accounts worldwide measured as any account where a subscription to a paid service is being collected (either by the Company or by the Company’s customers or channel partners), plus paid service plans of a duration of more than 3 months bundled with products (such bundles being counted as a paid account after 90 days have elapsed from the date of registration). Paid accounts includes accounts transferred to Verisure S.a.r.l..

REVENUE BY GEOGRAPHY
	Three Months Ended																		Twelve Months Ended
	December 31, 2020						September 27, 2020						December 31, 2019						December 31, 2020						December 31, 2019
	(in thousands, except percentage data)
Americas	$	92,301		81	%		$	75,861		69	%		$	94,668		77	%		$	269,395		76	%		$	289,160		78	%
EMEA	15,302			13	%		28,010			25	%		19,862			16	%		61,832			17	%		57,232			15	%
APAC	7,233			6	%		6,365			6	%		7,883			7	%		25,927			7	%		23,615			7	%
Total	$	114,836		100	%		$	110,236		100	%		$	122,413		100	%		$	357,154		100	%		$	370,007		100	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223006040/en/

Arlo Investor Relations

Erik Bylin

[email protected]

(510) 315-1004

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Construction & Property Security Building Systems Audio/Video Internet Hardware Consumer Electronics

MEDIA:

Posted on February 23, 2021 4:08 pm

CarLotz, Inc. Announces Fourth Quarter and Fiscal 2020 Earnings Release Date, Conference Call and Webcast

Company to Hold Conference Call on March 15, 2021

RICHMOND, Va., Feb. 23, 2021 (GLOBE NEWSWIRE) — CarLotz, Inc. (“CarLotz” or the “Company”), a leading consignment-to-retail used vehicle marketplace, will release its fourth quarter and fiscal 2020 results after the U.S. stock market closes on March 15, 2021. The Company will hold a conference call to discuss the business update at 4:30 p.m. (Eastern Time) that day.

The U.S. toll-free dial-in for the conference call is 1-833-962-1461, and the international dial-in number is 1-929-517-0392. The Conference ID is 3417456. A live webcast of the conference call will also be available on the investor relations page of the Company’s website at https://investors.carlotz.com.

For those unable to participate in the conference call, a replay will be available after the conclusion of the call on March 15, 2021 through March 22, 2021. The U.S. toll-free replay dial-in number is 1-855-859-2056, and the international replay dial-in number is 1-404-537-3406. The replay passcode is 3417456.

About CarLotz, Inc.

CarLotz is a used vehicle consignment and Retail Remarketing™ business that provides our corporate vehicle sourcing partners and retail sellers of used vehicles with the ability to access the previously unavailable retail sales channel, while simultaneously providing buyers with prices that are, on average, below those of traditional dealerships. Our mission is to create the world’s greatest vehicle buying and selling experience. We operate a technology-enabled buying, sourcing and selling model that offers a seamless omni-channel experience and comprehensive selection of vehicles, while allowing for a fully contactless end-to-end e-commerce interface that enables no hassle buying and selling. Our proprietary Retail Remarketing™ technology provides our corporate vehicle sourcing partners with real-time performance metrics and data analytics, along with custom business intelligence reporting that enables price and vehicle triage optimization between the wholesale and retail channel. Through our marketplace model, we generate significant value for both sellers and buyers through price, selection and experience.

Investor Contact:

[email protected]

 

Posted on February 23, 2021 4:08 pm

Amplify Energy Schedules Fourth Quarter 2020 Earnings Release and Conference Call

HOUSTON, Feb. 23, 2021 (GLOBE NEWSWIRE) — Amplify Energy Corp. (“Amplify” or the “Company”) (NYSE: AMPY) announced today that it will report fourth quarter 2020 financial and operating results before the U.S financial markets open on March 11, 2021. Following the announcement, management will host a conference call at 10:00 a.m. CT to discuss the Company’s results. Interested parties are invited to participate in the conference call by dialing (833) 883-4379 (Conference ID: 3731609) at least 15 minutes prior to the start of the call or via the internet at www.amplifyenergy.com. A replay of the call will be available on Amplify’s website or by phone at (855) 859-2056 (Conference ID: 3731609) for a fourteen-day period following the call.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. Amplify’s operations are focused in Oklahoma, the Rockies, federal waters offshore Southern California, East Texas / North Louisiana, and the Eagle Ford. For more information, visit www.amplifyenergy.com.

Investor Relations Contacts

Jason McGlynn – Chief Financial Officer
(832) 219-9055
[email protected]

Posted on February 23, 2021 4:08 pm

TherapeuticsMD to Report Fourth Quarter 2020 Results on March 2, 2021

TherapeuticsMD to Report Fourth Quarter 2020 Results on March 2, 2021

-Executive Management to Host Conference Call on March 2, 2021 at 8:30 a.m. ET-

BOCA RATON, Fla.–(BUSINESS WIRE)–
TherapeuticsMD, Inc. (NASDAQ: TXMD), an innovative women’s healthcare company, today announced that it will report its fourth quarter 2020 financial results on Tuesday, March 2, 2021, before the opening of the U.S. financial markets. Following the announcement, executive management will host a conference call and webcast at 8:30 a.m. ET on such date to discuss the Company’s financial results and provide a business update.

Conference Call & Audio Webcast Details

Date	Tuesday, March 2, 2021
Time	8:30 a.m. ET
Telephone Access: U.S. and Canada	866-665-9531
Telephone Access: International	724-987-6977
Access Code For All Callers	6184646
Live Audio Webcast	www.therapeuticsmd.com See Home Page or “Investors & Media” Section

A live webcast and audio archive for the event may be accessed on the home page or from the “Investors & Media” section of the TherapeuticsMD website at www.therapeuticsmd.com. Please connect to the website prior to the start of the presentation to ensure adequate time for any software downloads that may be necessary to listen to the webcast. A replay of the webcast will be archived on the website for at least 30 days. In addition, a digital recording of the conference call will be available for replay beginning two hours after the call’s completion and for at least 30 days with the dial-in 855-859-2056 or international 404-537-3406 and Conference ID: 6184646.

About TherapeuticsMD

TherapeuticsMD, Inc. is an innovative, leading healthcare company, focused on developing and commercializing novel products exclusively for women. Our products are designed to address the unique changes and challenges women experience through the various stages of their lives with a therapeutic focus in family planning, reproductive health, and menopause management. The Company is committed to advancing the health of women and championing awareness of their healthcare issues. To learn more about TherapeuticsMD, please visit www.therapeuticsmd.com or follow us on Twitter: @TherapeuticsMD and on Facebook: TherapeuticsMD.

Forward-Looking Statements

This press release by TherapeuticsMD, Inc. may contain forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to TherapeuticsMD’s objectives, plans and strategies as well as statements, other than historical facts, that address activities, events or developments that the company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements in this press release are made as of the date of this press release, and the company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of the company’s control. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are described in the sections titled “Risk Factors” in the company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as reports on Form 8-K, and include the following: the effects of the COVID-19 pandemic; the company’s ability to maintain or increase sales of its products; the company’s ability to develop and commercialize IMVEXXY®, ANNOVERA®, and BIJUVA® and obtain additional financing necessary therefore; whether the company will be able to comply with the covenants and conditions under its term loan facility; whether the company will be able to successfully divest its vitaCare business and the proceeds that may be generated by such divestiture; the potential of adverse side effects or other safety risks that could adversely affect the commercialization of the company’s current or future approved products or preclude the approval of the company’s future drug candidates; whether the FDA will approve the lower dose of BIJUVA; the company’s ability to protect its intellectual property, including with respect to the Paragraph IV notice letters the company received regarding IMVEXXY and BIJUVA; the length, cost and uncertain results of future clinical trials; the company’s reliance on third parties to conduct its manufacturing, research and development and clinical trials; the ability of the company’s licensees to commercialize and distribute the company’s products; the ability of the company’s marketing contractors to market ANNOVERA; the availability of reimbursement from government authorities and health insurance companies for the company’s products; the impact of product liability lawsuits; the influence of extensive and costly government regulation; the volatility of the trading price of the company’s common stock and the concentration of power in its stock ownership.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210223005996/en/

Nichol Ochsner

Vice President, Investor Relations

561-961-1900, ext. 2088

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Women Other Health Consumer Health Managed Care

MEDIA:

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