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Globalstar Announces 2020 Financial Results and Business Update

COVINGTON, La.–(BUSINESS WIRE)–
Globalstar, Inc. (NYSE American: GSAT) today announced financial and operating results for the fourth quarter and year ended December 31, 2020.

Dave Kagan, Chief Executive Officer of Globalstar, commented, “2020 was a very productive year for Globalstar as we surpassed a series of milestones in both the satellite business and in terrestrial spectrum. Momentum has continued into 2021. In this release we provide an overview of the satellite business’s recent performance and update our strategies going forward. We also revisit the terrestrial spectrum progress that we have made in recent months and expected developments in the next year. This release is meant to offer investors a fulsome view of where the Company is today and where we believe we are going.”

The most significant development for Globalstar in recent weeks was Qualcomm Technologies’ announcement of their Snapdragon X65 modem-RF System which includes support for 3GPP Band n53, covering S-band spectrum currently licensed to Globalstar. This marks a significant milestone for the Company and is critical to the commercialization of Globalstar’s terrestrial spectrum. By having 5G band support for n53 in Qualcomm Technologies’ 5G solutions, the potential device ecosystem expands significantly to include a host of consumer and industrial devices.

Another recent spectrum-related announcement is the planned deployment of Band 53 at the Port of Seattle. This deployment is one of many we expect will come through our partnership with Nokia. The Company also recently announced an alliance with Paul Jacobs’s company XCOM Labs, where Globalstar and XCOM will jointly pursue private network opportunities in dense environments. With regulatory, standardization and ecosystem hurdles behind it, and with the help of a growing list of a high quality companies, the Company is well positioned to meet increasing demands for licensed spectrum for both 5G dedicated networks and new private LTE/5G business models.

Mr. Kagan continued, “2020 brought a record number of activations for our SPOT products. This has continued into 2021, with sales of outdoor and recreational equipment maintaining elevated levels in this social distancing environment. We are pursuing growth through new partnerships, such as with Battlbox, a subscription box service popular with the SPOT demographic as well as our partnership with Jeep which was announced last year.”

Demand for Globalstar’s Commercial IoT products was unfavorably impacted by the exposure to the oil and gas industry throughout 2020, however, this trend is reversing in 2021 as exploration and production activity recovers. Globalstar continues to believe IoT is a transformative growth story which is driving increased focus in this area of the business and believes it will soon have a product suite that significantly improves its competitive position, including the introduction of a two-way IoT device, which is first priority on the product road map. Ceres Tag supplies satellite services to the livestock industry through the world’s first and only satellite connected smart ear tag. Our value-added resellers in this market vertical expect orders of up to 300,000 units over the next 24 months, and we anticipate significant growth thereafter. As the Company has communicated previously, this is low ARPU business but also low churn, not capacity-demanding and one of our largest IoT growth opportunities to date. Globalstar’s low earth orbit satellite constellation is well suited to deliver connectivity to small, low-cost devices due to a combination of the network architecture and its low band spectrum position. The livestock opportunity is a match for the types of service and price point that the Company can offer. While this is a one-way service, the Company is focused on expanding applications to deliver similar opportunities in the two-way market just as we did when SPOT expanded to two-way, multiplying the addressable market in outdoor retail beyond positioning and emergency services to full messaging applications. In IoT we will have both one and two-way products providing transparency in the logistics supply chain and expanding from tracking-only to tracking combined with command and control applications where needed.

Mr. Kagan concluded, “Finally, we are on sound footing relative to our debt repayment obligations with the funding of our second quarter 2021 principal payment fully committed. We are required to raise $45 million through equity proceeds this month and we confidently expect to meet this requirement through second lien warrant exercises. Pro forma for the scheduled second quarter payment, we will have only approximately $90 million of first lien principal outstanding, net of restricted cash.”

The Company expects to file a Prospectus Supplement at the end of this month following the anticipated exercise of the remaining warrants held by the Company’s second lien lenders. This Prospectus Supplement completes the registration for the shares underlying the warrants issued in November 2019 and does not relate to any new financing, nor does it indicate an intention of any holders to sell their shares upon exercise. If all remaining warrants are exercised prior to the expiration date on March 31, the Company expects total proceeds of $43.7 million, which would reduce the principal outstanding under the Company’s first lien facility agreement.

Jay Monroe, Executive Chairman of Globalstar, added, “While the team was largely unable to travel in the past year, we managed to capitalize on the time to make significant progress on our terrestrial spectrum efforts and continued to develop products we think will help us transform the satellite business. The development work over the last year culminated in several announcements in the first few weeks of 2021. Some of these announcements had been foreshadowed in prior earnings releases but hard milestones were recently passed representing tangible progress. The team continues to push every day towards our goal of maximizing the value of the diverse assets within Globalstar.”

Globalstar controls a unique collection of assets for the future connected world. The Company’s in-orbit LEO constellation allows it to offer low-cost connectivity to the billions of future connected devices outside of the terrestrial wireless footprint. While a variety of satellite constellations are being dreamt up and some are being launched, the new entrants are generally using higher frequency spectrum bands that make hand-held device mobility difficult, and are also addressing different business models than Globalstar. Globalstar has the advantage of being available now and is expanding the list of parties and subscribers that can leverage our low band, low power, and low price connectivity. Meanwhile, Globalstar’s terrestrial spectrum is a global opportunity that can offer a controlled, licensed spectrum resource to future applications where secure reliable connectivity is critical. While Band 53 is currently ready to service the needs of more bespoke deployments like ports, the recent news of broad chip availability expands the ecosystem and reduces barriers to use. Spectrum is a non-depleting natural resource and the Company is looking forward to the annuity-like cash flow that management expects to generate.

Mr. Monroe continued, “The bear thesis on Globalstar has been some combination of a not wide enough terrestrial spectrum band, low power levels, underperforming satellite business and balance sheet risks. But our recent announcements of milestones hit over the last few months deliver against each element of this thesis. The announcement of Nokia’s work with Tideworks and Band 53’s inclusion in major 5G chipsets provides more concrete evidence that there are current use cases for our spectrum resource. The Ceres Tag announcement is another example, like the SPOT franchise before it, to address the underperforming satellite business narrative. Other near-term opportunities will address any remaining satellite performance arguments. Lastly, as the equity market begins to reflect more of the value we have long seen, the balance sheet risks continue to diminish, allowing investors to more comfortably see what we are developing.”

The Company is aggressively commercializing Band 53 globally and expects to close many revenue generating opportunities both in the US and in other approved countries in 2021. Management looks forward to sharing those wins as they are completed. Opportunities in 2021 are likely to remain in the transportation, logistics, oil and gas or mining sectors but the Company looks forward to reaching broader markets as the new 5G modem is deployed. The recent successes of Anterix’s private networks deals, CBRS and the C-band auction have all combined to highlight the value for spectrum, especially licensed spectrum, and Globalstar looks forward to deals and deployments in a similar fashion.

While commercialization efforts have picked up, the Company is still proceeding with multiple regulatory efforts around the world. Today, the Company’s terrestrial authorities cover 730 million people with 9.1 billion MHz-POPs and we expect to continue to add more approved countries. The Company is also developing other regulatory strategies to further increase the value of Globalstar’s other spectrum bands and satellite resources after successfully “terrestrializing” Band 53 in Canada, Brazil, Kenya and South Africa in roughly the last year.

Mr. Monroe concluded, “As many of you know, I spend the vast majority of my time trying to maximize the value of Globalstar. Thermo also has venture and late-stage investments outside of Globalstar which have been made to deliberately create synergies intended to benefit Globalstar. Fitting this theme, Thermo has made small, minority investments in Orion Labs, Pivotal Commware, Airspan, Recon Dynamics and XCOM Labs. Each one of these companies is either working directly to create Band 53 opportunities and provides insight into new mission critical networks or is advancing new opportunities in satellite services. Independent profit to Thermo from these investments is a secondary motivation with the primary intention being to back great technologies and management teams whose products and services can improve Globalstar’s prospects.

“These companies are at different stages of their development, but all have increased our conviction that we are entering a substantial secular growth period for new telecom equipment, related software and services. Airspan is building new small cell networks in the US and abroad. Pivotal is driving mmWave deployments that could alter the dynamic between cable and wireless which have direct implications for Band 53. Recon offers operational intelligence through their adaptable sensor technology connected terrestrially or over our satellites. Orion allows the “undesked” worker to communicate effectively with their teams, a vital application in many private networks. XCOM is doing exciting things to allow highly spectrally efficient connectivity in very dense and dynamic environments and providing the network for advanced VR and AR experiences with better mobility. All of these companies are cutting edge and actively helping Globalstar better position the satellite and spectrum resources to maximize their value.

“While 2020 was an exciting year, the Company expects 2021 to be the defining year where our assets are transformed from what were speculative opportunities to producing meaningful revenue.”

FOURTH QUARTER FINANCIAL REVIEW

Revenue

Total revenue for the fourth quarter of 2020 increased $1.3 million, or 4%, from the fourth quarter of 2019 due to an increase in service revenue, offset partially by a decrease in subscriber equipment sales revenue.

Service revenue increased $2.4 million, or 9%, in the fourth quarter of 2020 compared to the fourth quarter of 2019. This increase was due to higher engineering services revenue of $2.4 million, which was related primarily to a network feasibility study. Additionally, in the fourth quarter of 2020, we recognized $2.9 million of revenue associated with a contract that was executed in 2007 for the construction of a gateway in Nigeria. This contract was terminated in December 2020 due to a lack of performance by the partner, and our performance of all obligations in accordance with the terms of the contract. Offsetting these two items was a decrease in subscriber-driven revenue streams totaling $2.9 million, primarily due to lower Duplex and SPOT service revenue.

The decline in Duplex service revenue was due primarily to fewer average subscribers driven by normal churn in the base exceeding gross activations over the last twelve months. Notably, however, gross activations during the fourth quarter of 2020 were up nearly 7% from the prior year’s quarter following a higher volume of Duplex handset sales during 2020. The decline in Duplex service revenue was also impacted by lower ARPU resulting from lower priced service plans and promotional pricing in place during 2020, which contributed to higher activations.

The decline in SPOT service revenue in the fourth quarter of 2020 was due to fewer subscribers and lower ARPU. The decrease in SPOT subscribers during 2020 is due to elevated churn, both voluntary and involuntary. While the involuntary churn is related to subscriber base cleanup and, therefore, not expected to recur, we have various initiatives underway that are focused on reducing voluntary subscriber churn, which has normalized in recent months. Importantly, gross subscriber activations were 22% higher during the fourth quarter of 2020 from the prior year’s fourth quarter. The decrease in SPOT ARPU was due to lower-priced service plans rolled out during mid-2019, including flex plans which allow subscribers to suspend their service when not in use. These competitive pricing and service options contributed to higher activations during 2020.

The decline in Commercial IoT service revenue in the fourth quarter of 2020 was due primarily to lower ARPU. We issued service credits to certain of our largest customers that operate in the oil and gas industry in order to support them and their direct customers following the market downturn in 2020; we do not expect these credits to recur in 2021. Average subscribers were also lower due to the impact of COVID-19, which reduced overall demand in 2020.

Subscriber equipment sales revenue decreased $1.0 million, or 19%, in the fourth quarter of 2020 compared to the fourth quarter of 2019. This decline was due primarily to a decrease in Commercial IoT sales, offset partially by an increase in SPOT equipment sales. We experienced lower demand for our Commercial IoT devices from our customers that operate in the oil and gas industry. To address this concentration risk, we continue to diversify and expand our value-added reseller partnerships to both reduce our exposure to cyclical downturns in any particular industry and broaden our reach to new verticals. Integrated closely with this expansion is an augmented product lineup that addresses the connectivity needs of various customers and deployment strategies.

Offsetting the decline from Commercial IoT sales was an increase in revenue generated from SPOT hardware sales. This increase in volume of SPOT sales is driven primarily by SPOT Gen4^TM, our refreshed SPOT Satellite GPS Messenger, which was launched in August 2020 as well as SPOT X®. Included in fourth quarter of 2020 sales were 8,500 units sold as part of our partnership with monthly subscription box service, Battlbox.

Loss from Operations

Loss from operations decreased $2.0 million, or 12%, to $15.1 million in the fourth quarter of 2020. This decrease was driven by higher revenue of $1.3 million and lower operating expenses of $0.7 million. Lower operating expenses resulted primarily from lower cost of subscriber equipment sales and asset impairment charges. Slightly higher marketing, general and administrative (MG&A) expenses and depreciation, amortization and accretion partially offset these decreases. The decrease in cost of subscriber equipment sales was generally consistent with the decrease in revenue from subscriber equipment sales. Lower asset impairment charges were due to the write-down of the carrying value of our former gateway site in Nicaragua based on the expected selling price of this property as of December 31, 2020.

Net Loss

Net loss was $21.7 million for the fourth quarter of 2020 compared to $37.7 million for the fourth quarter of 2019. Lower interest expense, changes in foreign currency exchange rates, and fluctuations in non-cash derivative valuation adjustments primarily impacted net loss during the respective periods.

Adjusted EBITDA

Adjusted EBITDA of $9.8 million for the quarter ended December 31, 2020 was generally flat from the prior year’s fourth quarter. Lower revenue of $1.9 million was offset by a $1.9 million decrease in operating expenses (both excluding adjustments for non-cash or non-recurring items).

ANNUAL FINANCIAL REVIEW

Revenue

During the twelve months ended December 31, 2020, total revenue increased 1% to $128.5 million from $127.8 million in 2019, after excluding a non-recurring, out-of-period adjustment to Duplex service revenue that was recorded during the third quarter of 2019. The increase in total revenue was driven by higher service revenue of $3.7 million offset by lower revenue generated from subscriber equipment sales of $3.0 million.

This increase was due to higher engineering services revenue of $10.5 million, which was related primarily to a network feasibility study. Additionally, we recognized $2.9 million of revenue associated with a contract that was executed in 2007 for the construction of a gateway in Nigeria (as previously discussed). Lower subscriber-driven revenue totaling $9.8 million negatively impacted service revenue during 2020; this decrease was primarily due to lower Duplex and SPOT service revenue.

Duplex service revenue decreased during 2020 due to fewer average subscribers driven by normal churn in the base exceeding gross activations over the last twelve months. Notably, however, gross activations during 2020 were up from 2019. While lower priced service plans and promotional pricing during 2020 contributed to the increase in activations, these initiatives also lowered ARPU between the respective periods. Unfavorable exchange rate movements also reduced ARPU in 2020.

SPOT service revenue decreased during 2020 due primarily to lower ARPU. The decrease in ARPU was due primarily to lower pricing plans in place during the year that were originally rolled out in mid-2019. These plans include lower entry-level rates, as well as flex plans which attract seasonal users since they allow subscribers to suspend service when not in use. Fewer average subscribers also negatively impacted SPOT service revenue during 2020, consistent with the quarter over quarter discussion above. While churn was temporarily elevated during a portion of 2020, gross activations were 12% higher in 2020 from 2019. Competitive pricing and a change in consumer lifestyle following the start of the pandemic contributed to the record gross activations during the year.

Revenue from subscriber equipment sales was impacted primarily by fewer Commercial IoT sales, contributing $4.2 million to the total decrease in subscriber equipment sales revenue. The decline in Commercial IoT sales was due to the impact on demand from the pandemic and downturn in the oil and gas industry. As previously discussed, we have various initiatives underway to stimulate demand in a diverse range of markets, expand our product offerings, and leverage new reseller partnerships in order to grow sales.

Offsetting the unfavorable impact from Commercial IoT were higher sales of Duplex and SPOT equipment. Hardware pricing and product mix were the primary drivers of the increase in Duplex revenue. The increase in revenue from SPOT equipment was driven by a higher sales volume of SPOT X® and SPOT Gen4^TM, our newest SPOT Satellite GPS Messenger, which was launched in August 2020. As previously discussed, included in our SPOT Gen4^TM sales were 8,500 units sold to Battlbox, a subscription box service, in December 2020. We expect to see an increase in gross subscriber activations during 2021 following distribution of these boxes to Battlbox subscribers.

Loss from Operations

Loss from operations improved by $8.8 million, or 13%, during 2020 due to an $8.1 million decrease in operating expenses and a $0.7 million increase in total revenue (after excluding the out-of-period adjustment to Duplex service revenue previously discussed). The reduction in operating expenses was due to lower cost of services, cost of subscriber equipment sales and MG&A.

The decrease in cost of services was driven by lower maintenance costs due to revisions made with certain contracts to support our network as well as lower research and development costs due to the timing and scope of product development. The decrease in the cost of subscriber equipment sales was due primarily to the decline in volume of Commercial IoT equipment sales. The decrease in MG&A expenses was due to a $3.1 million write-off of certain financing costs during 2019 as well as lower subscriber acquisition costs and travel, both impacted by COVID-19.

Net (Loss) Income

Net loss was $109.6 million for 2020 compared to net income of $11.4 million for 2019 (after excluding the out-of-period adjustment to Duplex service revenue previously discussed). This fluctuation is due primarily to non-cash items, including a $142.2 million decrease in derivative gains, offset partially by an $14.1 million decrease in net interest expense and an $8.1 million decrease in operating expenses (as previously discussed). The conversion of the Thermo loan in February 2020 contributed to the derivative activity in both 2020 and 2019. Lower interest expense was impacted primarily by lower interest on the First Lien Facility Agreement (due to the modification of this agreement in November 2019, which reduced the principal amount outstanding, as well as lower LIBOR rates during 2020) and lower interest on the Thermo loan (due to its conversion in February 2020); these items were offset partially by higher interest expense for the Second Lien Facility Agreement entered into in November 2019.

Adjusted EBITDA

Adjusted EBITDA increased by 12% to $42.2 million in 2020 due primarily to a $2.6 million decrease in total revenue (for reasons previously discussed) and a $7.0 million decrease in operating expenses (both excluding adjustments for non-cash or non-recurring items).

Liquidity

Cash and cash equivalents were $13.3 million as of December 31, 2020, up from $7.6 million at December 31, 2019. We also have $54.7 million in restricted cash, which includes $51.1 million reserved for the final principal and interest payment under our first lien facility agreement in December 2022 and $3.6 million, which are equity proceeds received from warrants exercised through December 31, 2020, and is reserved for our second quarter of 2021 principal payment. Our sources of cash also include operating cash flows generated from the business. We expect our uses of cash over the next twelve months to include primarily operating costs, capital expenditures related to network expenditures and principal and interest payments. Our next scheduled principal payment is due in the second quarter of 2021 and is expected to be funded from the proceeds from the exercise of the remaining warrants issued to our second lien lenders that expire in March 2021. Through today, an additional 5.5 million warrants have been exercised at a price of $0.38 per share.

About Globalstar, Inc.

Globalstar is a leading provider of customizable Satellite IoT Solutions for customers around the world in industries such as oil and gas, transportation, emergency management, government, maritime and outdoor recreation. A pioneer of mobile satellite voice and data services, Globalstar solutions connect people to their devices and allow businesses to streamline operations providing safety and communication and enabling mobile assets to be monitored remotely via the Globalstar Satellite Network. The Company’s Commercial IoT product portfolio includes industry-acclaimed SmartOne asset tracking products, Commercial IoT satellite transmitters and the SPOT® product line for personal safety, messaging and emergency response, all supported on SPOT My Globalstar, a robust cloud-based enhanced mapping solution. Learn more at Globalstar.com.

Note that all SPOT products described in this press release are the products of SPOT LLC, a subsidiary of Globalstar, which is not affiliated in any manner with Spot Image of Toulouse, France or Spot Image Corporation of Chantilly, Virginia.

For more information, visit www.globalstar.com.

Safe Harbor Language for Globalstar Releases

This press release contains certain statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results to differ materially from the forward-looking statements. Forward-looking statements, such as the statements regarding our expectations with respect to the pursuit of terrestrial spectrum authorities globally, future increases in our revenue and profitability, the impact on our business due to unexpected events such as the COVID-19 coronavirus, and other statements contained in this release regarding matters that are not historical facts, involve predictions. Any forward-looking statements made in this press release are believed to be accurate as of the date made and are not guarantees of future performance. Actual results or developments may differ materially from the expectations expressed or implied in the forward-looking statements, and we undertake no obligation to update any such statements. Additional information on factors that could influence our financial results is included in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

GLOBALSTAR, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (unaudited)
		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2020				2019				2020				2019
Revenue:
Service revenue		$	28,781			$	26,415			$	113,191			$	113,386
Subscriber equipment sales		4,391				5,420				15,296				18,332
Total revenue		33,172				31,835				128,487				131,718
Operating expenses:
Cost of services (exclusive of depreciation, amortization and accretion shown separately below)		8,796				8,992				34,751				37,456
Cost of subscriber equipment sales		3,653				4,554				13,268				15,763
Cost of subscriber equipment sales – reduction in the value of inventory		662				416				662				416
Marketing, general and administrative		10,331				9,710				41,738				45,233
Reduction in the value of long-lived assets		416				1,124				416				1,124
Depreciation, amortization and accretion		24,378				24,093				96,815				95,772
Total operating expenses		48,236				48,889				187,650				195,764
Loss from operations		(15,064		)		(17,054		)		(59,163		)		(64,046		)
Other (expense) income:
Interest income and expense, net of amounts capitalized		(11,513		)		(22,315		)		(48,429		)		(62,464		)
Derivative gain		1,333				2,793				2,897				145,073
Gain on legal settlement		—				—				—				120
Foreign currency gain (loss)		6,646				1,292				(727		)		64
Other		(2,643		)		(2,042		)		(3,555		)		(2,878		)
Total other (expense) income		(6,177		)		(20,272		)		(49,814		)		79,915
(Loss) income before income taxes		(21,241		)		(37,326		)		(108,977		)		15,869
Income tax expense		493				421				662				545
Net (loss) income		$	(21,734	)		$	(37,747	)		$	(109,639	)		$	15,324
(Loss) income per common share:
Basic		$	(0.01	)		$	(0.03	)		$	(0.07	)		$	0.01
Diluted		(0.01		)		(0.03		)		(0.07		)		(0.07		)
Weighted-average shares outstanding:
Basic		1,671,561				1,452,614				1,642,359				1,450,768
Diluted		1,671,561				1,452,614				1,642,359				1,655,191

GLOBALSTAR, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP ADJUSTED EBITDA (In thousands) (unaudited)
		Three Months Ended								Twelve Months Ended
		December 31,								December 31,
		2020				2019				2020				2019
Net (loss) income		$	(21,734	)		$	(37,747	)		$	(109,639	)		$	15,324
Interest income and expense, net		11,513				22,315				48,429				62,464
Derivative gain		(1,333		)		(2,793		)		(2,897		)		(145,073		)
Income tax expense		493				421				662				545
Depreciation, amortization, and accretion		24,378				24,093				96,815				95,772
EBITDA		13,317				6,289				33,370				29,032
Non-cash reduction in the value of inventory		662				416				662				416
Non-cash reduction in the value of long-lived assets		416				1,124				416				1,124
Non-cash compensation		1,783				1,595				5,808				6,162
Foreign exchange and other		(5,852		)		(1,157		)		1,629				235
Debt refinancing third party fees		308				2,451				1,113				5,232
Revenue recognition related to terminated contract		(2,915		)		—				(2,915		)		—
Non-cash settlement of pension plan		2,075				455				2,075				455
Non-cash adjustment to international operations		—				334				—				927
Merger and shareholder litigation costs (recovery)						(1,709		)		—				(1,820		)
Gain on legal settlement		—				—				—				(120		)
Change to estimated impact upon adoption of ASC 606						—				—				(3,885		)
Adjusted EBITDA (1)		$	9,794			$	9,798			$	42,158			$	37,758

(1)

EBITDA represents earnings before interest, income taxes, depreciation, amortization, accretion and derivative (gains)/losses. Adjusted EBITDA excludes non-cash compensation expense, reduction in the value of assets, foreign exchange (gains)/losses, and certain other non-recurring charges as applicable. Management uses Adjusted EBITDA in order to manage the Company’s business and to compare its results more closely to the results of its peers. EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to GAAP measurements, such as net income/(loss). These terms, as defined by us, may not be comparable to similarly titled measures used by other companies. The Company uses Adjusted EBITDA as a supplemental measurement of its operating performance. The Company believes it best reflects changes across time in the Company’s performance, including the effects of pricing, cost control and other operational decisions. The Company’s management uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget. The Company believes that Adjusted EBITDA also is useful to investors because it is frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Adjusted EBITDA does not include interest expense on borrowed money or depreciation expense on our capital assets or the payment of income taxes, which are necessary elements of the Company’s operations. Because Adjusted EBITDA does not account for these expenses, its utility as a measure of the Company’s operating performance has material limitations. Because of these limitations, the Company’s management does not view Adjusted EBITDA in isolation and also uses other measurements, such as revenues and operating profit, to measure operating performance.

GLOBALSTAR, INC. SCHEDULE OF SELECTED OPERATING METRICS (In thousands, except subscriber and ARPU data) (unaudited)
	Three Months Ended															Twelve Months Ended
	December 31,															December 31,
	2020							2019								2020							2019
	Service			Equipment				Service			Equipment					Service			Equipment				Service			Equipment
Revenue
Duplex(2)	$	7,703		$	344			$	9,414		$	419				$	33,878		$	1,883			$	39,794		$	1,325
SPOT	11,319			2,472				12,265			1,960					46,417			8,176				50,461			7,617
Commercial IoT	4,146			1,532				4,395			3,074					17,174			5,140				16,972			9,300
Engineering and Other	5,613			43				341			(33		)			15,722			97				2,274			90
	$	28,781		$	4,391			$	26,415		$	5,420				$	113,191		$	15,296			$	109,501		$	18,332
Average Subscribers
Duplex	48,420							54,352								50,116							56,856
SPOT	261,008							275,629								267,816							281,584
Commercial IoT	410,803							417,818								414,452							399,960
IGO and Other	27,373							26,969								27,264							27,481
ARPU (1)
Duplex(2)	$	53.03						$	57.74							$	56.33						$	58.33
SPOT	14.46							14.83								14.44							14.93
Commercial IoT	3.36							3.51								3.45							3.54

(1)

Average monthly revenue per user (ARPU) measures service revenues per month divided by the average number of subscribers during that month. Average monthly revenue per user as so defined may not be similar to average monthly revenue per unit as defined by other companies in the Company’s industry, is not a measurement under GAAP and should be considered in addition to, but not as a substitute for, the information contained in the Company’s statement of operations. The Company believes that average monthly revenue per user provides useful information concerning the appeal of its rate plans and service offerings and its performance in attracting and retaining high value customers.

(2)

We recorded an out-of-period adjustment of $3.9 million during the third quarter of 2019 as a result of a change in the estimated impact of the adoption of ASC 606 on January 1, 2018. This adjustment, which increased Duplex service revenue, is excluded from service revenue and ARPU in the table above.

 

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Investor Contact Information:

Denise Davila

Email: [email protected]

KEYWORDS: United States North America Louisiana

INDUSTRY KEYWORDS: Satellite Mobile Entertainment Data Management Technology Entertainment

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Posted on March 3, 2021 4:18 pm

American Eagle Outfitters Reports Fourth Quarter Results

American Eagle Outfitters Reports Fourth Quarter Results

Aerie revenue up 25%, comp sales up 29%

Digital revenue increased 35%, with Aerie up 75% and AE up 20%

Gross margin expanded 300 basis points, due to higher full-price sales and reduced promotions

Strong liquidity — reinstating quarterly cash dividend at $0.1375 per share

PITTSBURGH–(BUSINESS WIRE)–
American Eagle Outfitters, Inc. (NYSE: AEO) today reported GAAP operating income of $4 million for the quarter ended January 30, 2021, compared to $0.5 million for the quarter ended February 1, 2020. Adjusted operating income of $106 million compared to $77 million in last year’s fourth quarter. The adjusted operating income growth to last year primarily reflected gross margin expansion from higher full-priced sales and lower promotions.

Fourth quarter GAAP EPS of $0.02 compared to $0.03 last year. Adjusted fourth quarter EPS of $0.39 this year compared to $0.37 last year.

Jay Schottenstein, AEO’s Executive Chairman of the Board and Chief Executive Officer commented, “After an unprecedented year, we ended 2020 on a positive note, with fourth quarter adjusted operating income up 38%, driven by strong margins across brands. I’m very proud of the entire organization – our teams executed exceptionally well. We ended the year in a healthy cash position and took bold actions to ensure AEO is well positioned for future success, including steps to right-size and strengthen our store fleet, while also continuing to fuel our robust digital platform.”

“We entered 2021 with momentum, and as reviewed at our January investor meeting, we see significant opportunity to drive Aerie’s growth and deliver strong profit margins in the coming years. The fourth quarter results reflect progress on our Real Power. Real Growth. plan and provide confidence in our value creation opportunity and multi-year financial targets.”

Adjusted amounts represent Non-GAAP results, as described in the accompanying GAAP to Non-GAAP reconciliations.

Fourth Quarter 2020 Results

• Total net revenue decreased $22 million, or 2% to $1.29 billion, compared to $1.31 billion last year. Comparable sales declined 1%. The change in revenue reflected strong online sales, as well as mall traffic declines and store closures related to COVID-19.
• Aerie revenue increased 25% to $337 million and comparable sales increased 29%. American Eagle revenue decreased 9% to $943 million and comparable sales declined 8%.
• AEO’s digital revenue increased 35% and store revenue declined 20%. Aerie digital revenue rose 75% and AE increased 20%.
• Gross profit of $440 million rose 8% from $408 million last year. Gross margin of 34.0% expanded from 31.0% last year. The increase reflected significantly higher merchandise margins across brands, primarily due to higher full-priced sales, lower promotions and inventory optimization initiatives. Lower rent expense also benefited the gross margin. This was partly offset by higher delivery and distribution center costs, due to increased digital mix and higher shipment costs, as well as increased performance-based incentive compensation.
• Selling, general and administrative expense of $292 million increased $5 million from $287 million last year, reflecting higher performance-based incentive compensation, partly offset by reductions in store payroll.
• Depreciation and amortization expense of $42 million decreased $2 million from $44 million last year, due to asset impairments taken in recent quarters, as well as lower capital spending.
• Operating income of $4 million compared to $0.5 million last year. Adjusted operating income of $106 million this year excluded $103 million of impairment and COVID-19 related charges and compared to adjusted operating income of $77 million last year, which excluded $76 million of impairment and restructuring charges. Adjusted operating margin of 8.2% expanded from 5.8% last year, reflecting higher full-priced sales and lower promotions.
• Aerie’s operating income increased 17% to $13 million. Adjusted Aerie operating income increased 52% to $48 million and excluded the impact of impairment charges. American Eagle operating income increased 29% to $92 million. Adjusted American Eagle operating income increased 29% to $145 million and excluded the impact of impairment charges.
• Average diluted shares outstanding of 197 million compared to 168 million last year. The increase primarily reflected 26 million shares of unrealized dilution associated with the company’s convertible notes.
• EPS of $0.02 compared to EPS of $0.03 last year. Adjusted EPS of $0.39 this year excluded $0.36 of impairment charges and expenses related to COVID-19 protocols and $0.01 of non-cash interest expense on the company’s convertible notes. Adjusted EPS of $0.37 last year excluded $0.34 of impairment and restructuring charges.

Impairment, Restructuring and COVID-19 Related Charges

In the fourth quarter of 2020, the company incurred $103 million in pre-tax impairment and COVID-19 related charges. Approximately $96 million of the pre-tax charges related to the non-cash impairment of 59 stores and the remaining $7 million reflected incremental expenses related to COVID-19 protocols.

In the fourth quarter of 2019, the company incurred pre-tax impairment, restructuring and related charges of approximately $76 million. Approximately $65 million of the pre-tax charges related to the non-cash impairment of 20 stores and the remainder primarily reflected severance and other costs.

Inventory

Total ending inventory at cost decreased $41 million or 9% to $405 million. The decline reflected a 21% reduction in American Eagle, due to inventory optimization initiatives and lower clearance levels. Aerie’s inventory increased 10% to support strong demand.

Capital Expenditures

In the fourth quarter of 2020, capital expenditures totaled $35 million. For the full year, capital expenditures were $128 million. For fiscal 2021, the company expects capital expenditures to be in the range of $250 to $275 million, prioritizing strategic customer-facing and supply chain investments.

Cash Flow and Balance Sheet

The company generated $213 million in operating cash flow during the fourth quarter and $202 million for the full year. The company ended the period with total cash and short-term investments of $850 million, an increase from $417 million last year. The quarter-end cash balance included $406 million in proceeds from the April 2020 convertible notes offering.

Quarterly Cash Dividend and Share Repurchase Program

Given its strong balance sheet and liquidity position, AEO’s board of directors has approved reinstating its quarterly cash dividend at $0.1375 per share. The dividend was declared on March 2, 2021 and is payable on March 26, 2021 to stockholders of record at the close of business on March 12, 2021. The company has also unsuspended its share repurchase program.

Conference Call and Supplemental Financial Information

Today, management will host a conference call and real time webcast at 4:30 p.m. Eastern Time. To listen to the call, dial 1-877-407-0789 or internationally dial 1-201-689-8563 or go to www.aeo-inc.com to access the webcast and audio replay. Additionally, a financial results presentation is posted on the company’s website.

Non-GAAP Measures

This press release includes information on non-GAAP financial measures (“non-GAAP” or “adjusted”), including earnings per share information and the consolidated results of operations excluding non-GAAP items. These financial measures are not based on any standardized methodology prescribed by U.S. generally accepted accounting principles (“GAAP”) and are not necessarily comparable to similar measures presented by other companies. Management believes that this non-GAAP information is useful for an alternate presentation of the company’s performance, when reviewed in conjunction with the company’s GAAP financial statements. These amounts are not determined in accordance with GAAP and therefore, should not be used exclusively in evaluating the company’s business and operations.

* * * *

About American Eagle Outfitters, Inc.

American Eagle Outfitters, Inc. (NYSE: AEO) is a leading global specialty retailer offering high-quality, on-trend clothing, accessories and personal care products at affordable prices under its American Eagle® and Aerie® brands. Our purpose is to show the world that there’s REAL power in the optimism of youth. The company operates stores in the United States, Canada, Mexico, and Hong Kong, and ships to 81 countries worldwide through its websites. American Eagle and Aerie merchandise also is available at more than 200 international locations operated by licensees in 28 countries. For more information, please visit www.aeo-inc.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This release and related statements by management contain forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995), which represent our expectations or beliefs concerning future events, including our long-term financial outlook. All forward-looking statements made by the company involve material risks and uncertainties and are subject to change based on many important factors, some of which may be beyond the company’s control. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” “potential,” and similar expressions may identify forward-looking statements. Except as may be required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise and even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. The following factors, in addition to the risks disclosed in Item 1A., Risk Factors, of our Annual Report on Form 10-K for the fiscal year ended February 1, 2020 and in our Quarterly Reports on Form 10-Q for the fiscal quarters ended May 2, 2020, August 1, 2020, and October 31, 2020, and in any other filings that we may make with the Securities and Exchange Commission in some cases have affected, and in the future could affect, the company’s financial performance and could cause actual results to differ materially from those expressed or implied in any of the forward-looking statements included in this release or otherwise made by management: the negative impacts of the COVID-19 pandemic and related operational disruptions; the risk that the company’s operating, financial and capital plans may not be achieved; our inability to anticipate customer demand and changing fashion trends and to manage our inventory commensurately; seasonality of our business; our inability to achieve planned store financial performance; our inability to react to raw material cost, labor and energy cost increases; our inability to gain market share in the face of declining shopping center traffic; our inability to respond to changes in e-commerce and leverage omni-channel demands; our inability to expand internationally; difficulty with our international merchandise sourcing strategies; challenges with information technology systems, including safeguarding against security breaches; and global economic, public health, social, political and financial conditions, and the resulting impact on consumer confidence and consumer spending, as well as other changes in consumer discretionary spending habits, which could have a material adverse effect on our business, results of operations and liquidity.

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(unaudited)
				January 30,				February 1,				February 2,
				2021				2020				2019
ASSETS
	Cash and cash equivalents		$	850,477			$	361,930			$	333,330
	Short-term investments			–				55,000				92,135
	Merchandise inventory			405,445				446,278				424,404
	Accounts receivable			146,102				119,064				93,477
	Prepaid expenses and other			120,619				65,658				102,907
	Total current assets			1,522,643				1,047,930				1,046,253
	Property and equipment, net			623,808				735,120				742,149
	Operating lease right-of-use assets			1,155,965				1,418,916				–
	Intangible assets, including goodwill			70,332				53,004				58,167
	Non-current deferred income taxes			33,045				22,724				14,062
	Other assets			29,013				50,985				42,747
	Total Assets		$	3,434,806			$	3,328,679			$	1,903,378
LIABILITIES AND STOCKHOLDERS’ EQUITY
	Accounts payable		$	255,912			$	285,746			$	240,671
	Current portion of operating lease liabilities			328,624				299,161				–
	Accrued income and other taxes			14,150				9,514				20,064
	Accrued compensation and payroll taxes			142,272				43,537				82,173
	Unredeemed gift cards and gift certificates			62,181				56,974				53,997
	Other current liabilities and accrued expenses			55,343				56,824				145,740
	Total current liabilities			858,482				751,756				542,645
	Long-term debt, net			325,290				–				–
	Non-current operating lease liabilities			1,148,742				1,301,735				–
	Other non-current liabilities			15,627				27,335				73,178
	Total non-current liabilities			1,489,659				1,329,070				73,178
	Commitments and contingencies			–				–				–
	Preferred stock			–				–				–
	Common stock			2,496				2,496				2,496
	Contributed capital			663,718				577,856				574,929
	Accumulated other comprehensive loss			(40,748	)			(33,168	)			(34,832	)
	Retained earnings			1,868,613				2,108,292				2,054,654
	Treasury stock			(1,407,414	)			(1,407,623	)			(1,309,692	)
	Total stockholders’ equity			1,086,665				1,247,853				1,287,555
	Total Liabilities and Stockholders’ Equity		$	3,434,806			$	3,328,679			$	1,903,378
	Current Ratio			1.77				1.39				1.93

AMERICAN EAGLE OUTFITTERS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars and shares in thousands, except per share amounts)
(unaudited)
			GAAP Basis
			13 Weeks Ended
			January 30,			% of				February 1,			% of
			2021			Revenue				2020			Revenue
	Total net revenue	$	1,292,294			100.0	%		$	1,314,631			100.0	%
	Cost of sales, including certain buying,
	occupancy and warehousing expenses		852,429			66.0	%			906,884			69.0	%
	Gross profit		439,865			34.0	%			407,747			31.0	%
	Selling, general and administrative expenses		292,059			22.6	%			286,647			21.8	%
	Impairment, restructuring, and COVID-19 related charges		102,639			7.9	%			76,223			5.8	%
	Depreciation and amortization expense		41,583			3.2	%			44,401			3.4	%
	Operating income		3,584			0.3	%			476			0.0	%
	Interest expense (income), net		7,993			0.6	%			(1,405	)		-0.1	%
	Other (income) expense, net		(2,889	)		-0.2	%			221			0.0	%
	(Loss) Income before income taxes		(1,520	)		-0.1	%			1,660			0.1	%
	(Benefit) from income taxes		(5,056	)		-0.4	%			(3,104	)		-0.3	%
	Net income	$	3,536			0.3	%		$	4,764			0.4	%
	Net income per basic share	$	0.02						$	0.03
	Net income per diluted share	$	0.02						$	0.03
	Weighted average common shares
	outstanding – basic		166,310							167,412
	Weighted average common shares
	outstanding – diluted		196,585							168,282
			GAAP Basis
			52 Weeks Ended
			January 30,			% of				February 1,			% of
			2021			Revenue				2020			Revenue
	Total net revenue	$	3,759,113			100.0	%		$	4,308,212			100.0	%
	Cost of sales, including certain buying,
	occupancy and warehousing expenses		2,610,966			69.5	%			2,785,911			64.7	%
	Gross profit		1,148,147			30.5	%			1,522,301			35.3	%
	Selling, general and administrative expenses		977,264			26.0	%			1,029,412			23.9	%
	Impairment, restructuring, and COVID-19 related charges		279,826			7.4	%			80,494			1.9	%
	Depreciation and amortization		162,402			4.3	%			179,050			4.1	%
	Operating (loss) income		(271,345	)		-7.2	%			233,345			5.4	%
	Interest expense (income), net		24,610			0.7	%			(6,202	)		-0.2	%
	Other (income), net		(3,682	)		-0.1	%			(5,731	)		-0.1	%
	(Loss) income before income taxes		(292,273	)		-7.8	%			245,278			5.7	%
	(Benefit) provision for income taxes		(82,999	)		-2.2	%			54,021			1.3	%
	Net (loss) income	$	(209,274	)		-5.6	%		$	191,257			4.4	%
	Net (loss) income per basic share	$	(1.26	)					$	1.13
	Net (loss) income per diluted share	$	(1.26	)					$	1.12
	Weighted average common shares
	outstanding – basic		166,455							169,711
	Weighted average common shares
	outstanding – diluted		166,455							170,867

AMERICAN EAGLE OUTFITTERS, INC.
GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
		13 Weeks Ended
	January 30, 2021
		Operating Income			Interest Expense, net			Diluted Earnings per Common Share
GAAP Basis		$	3,584		$	7,993		$	0.02
% of Revenue			0.3%			0.6%
Add: Impairment and COVID-19 related charges(1):			102,639			–			0.36
Less: Convertible debt(2):			–			(4,209)			0.01
			102,639			(4,209)			0.37
Non-GAAP Basis		$	106,223		$	3,784		$	0.39
% of Revenue			8.2%			0.3%
(1) $102.6 million pre-tax impairment and COVID-19 related charges:       – $95.5 million of long-lived asset impairment charges       – $7.1 million of incremental COVID-19 related charges
(2) Amortization of the non-cash discount on the Company’s convertible notes

GAAP TO NON-GAAP RECONCILIATION
(Dollars in thousands, except per share amounts)
(unaudited)
		13 Weeks Ended
		February 1, 2020
		Operating Income				Diluted Earnings per Common Share
GAAP Basis		$	476			$	0.03
% of Revenue			0.0%
Add: Impairment and restructuring charges(1):			76,223				0.34
			76,223				0.34
Non-GAAP Basis		$	76,699			$	0.37
% of Revenue			5.8%
(1) $76.2 million pre-tax impairment and restructuring charges.       – $64.5 million of long-lived asset impairment charges       – $1.7 million of goodwill       – $10.0 million of restructuring charges including $4.2M of joint business venture exit charges,         $4.0M of corporate and field severance, and $1.8M of market transition costs in Japan

AMERICAN EAGLE OUTFITTERS, INC.
RESULTS BY SEGMENT
(Dollars in thousands)
(unaudited)
			13 Weeks Ended
			January 30, 2021
			American Eagle			Aerie			Corporate(1)				Total(2)
	Total net revenue		$	942,892		$	336,709		$	12,692			$	1,292,294
	Operating income (loss)		$	91,863		$	13,438		$	(101,717	)		$	3,584
	% of revenue			9.7%			4.0%							0.3%
	Impairment and incremental COVID-19 related expenses		$	53,560		$	34,634		$	14,445			$	102,639
	Adjusted Operating income (loss)		$	145,423		$	48,072		$	(87,272	)		$	106,223
	% of revenue			15.4%			14.3%							8.2%
	Capital expenditures		$	11,245		$	8,915		$	15,223			$	35,383
			13 Weeks Ended
			February 1, 2020
			American Eagle			Aerie			Corporate(1)				Total(2)
	Total net revenue		$	1,035,097		$	270,007		$	9,527			$	1,314,631
	Operating Income (loss)		$	71,260		$	11,467		$	(82,251	)		$	476
	% of revenue			6.9%			4.2%							0.0%
	Impairment and restructuring charges		$	41,657		$	20,261		$	14,305			$	76,223
	Adjusted Operating Income (loss)		$	112,917		$	31,728		$	(67,946	)		$	76,699
	% of revenue			10.9%			11.8%							5.8%
	Capital expenditures		$	25,832		$	13,651		$	20,932			$	60,415
	(1) Corporate includes revenue and operating results of the Todd Snyder brand, which is not material to disclose as a separate reportable segment. Corporate operating costs represents certain costs that are not directly attributable to another reportable segment.
	(2) The difference between Total Operating Income (loss) and (Loss) Income before Taxes includes the following, which are not allocated to our reportable segments:       – Interest expense (income), net of $8.0 million in Fiscal 2020 and ($1.4) million in Fiscal 2019       – Other income (expense), net of $2.9 million in Fiscal 2020 and ($0.2) million in Fiscal 2019

AMERICAN EAGLE OUTFITTERS, INC.
STORE INFORMATION
(unaudited)
				Fourth Quarter		YTD Fourth Quarter
				2020		2020
Consolidated stores at beginning of period				1,105		1,095
	Consolidated stores opened during the period
		AE Brand		2		8
		Aerie stand-alone(3)		9		31
		Todd Snyder		0		1
	Consolidated stores closed during the period
		AE Brand		(36)		(52)
		Aerie stand-alone		(1)		(4)
		Todd Snyder		(1)		(1)
Total consolidated stores at end of period				1,078		1,078
		AE Brand		901
		Aerie stand-alone(3)		175
		Aerie side-by-side(2)		179
		Todd Snyder		2
Stores remodeled and refurbished during the period				3		8
Total gross square footage at end of period (in ‘000)				6,709		6,709
International license locations at end of period (1)				229		229
Aerie Openings
Aerie stand-alone				9		31
Total Aerie side-by-side stores (2)				1		8
Total Aerie Openings				10		39
(1) International license locations are not included in the consolidated store data or the total gross square footage calculation.
(2) Aerie side-by-side and Offline side-by-side stores are included in the AE Brand store count as they are considered part of the AE Brand store to which they are attached.
(3) Aerie stand alone stores include 4 Offline stores and 1 Unsubscribed store

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005898/en/

Olivia Messina

412-432-3300

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Teens Women Children Men Specialty Family Fashion Consumer Retail Online Retail

MEDIA:

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Camden Property Trust Announces Participation in Citi’s 2021 Virtual Global Property CEO Conference

HOUSTON–(BUSINESS WIRE)–
Camden Property Trust (NYSE:CPT) announced today that the Company will participate in the Citi 2021 Virtual Global Property CEO Conference. Camden’s roundtable discussion has been scheduled for Monday, March 8, 2021 at 9:30 AM Central Time. The event will be webcast live in a listen-only mode at camdenliving.com in the Investors section, and an audio archive will be available on the Company’s website shortly after the event concludes.

Camden Property Trust, an S&P 400 Company, is a real estate company primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Camden owns interests in and operates 167 properties containing 56,850 apartment homes across the United States. Upon completion of 7 properties currently under development, the Company’s portfolio will increase to 59,104 apartment homes in 174 properties. Camden has been recognized as one of the 100 Best Companies to Work For® by FORTUNE magazine for 13 consecutive years, most recently ranking #18. The Company also received a Glassdoor Employees’ Choice Award in 2020, ranking #25 for large U.S. companies.

For additional information, please contact Camden’s Investor Relations Department at (713) 354-2787 or access our website at camdenliving.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005781/en/

Kim Callahan, 713-354-2549

KEYWORDS: Texas United States North America

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

MEDIA:

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NANOBIOTIX to Present at the H.C. Wainwright Global Life Sciences Conference

PARIS & CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Regulatory News:

NANOBIOTIX (Paris:NANO) (NASDAQ:NBTX) (Euronext : NANO –– NASDAQ: NBTX – the ‘‘Company’’), a clinical-stage biotechnology company pioneering physics-based approaches to expand treatment possibilities for patients with cancer, today announced that Laurent Levy, Chief Executive Officer, will speak during a fireside chat at the H.C. Wainwright Global Life Science Conference, being held virtually on March 9-10, 2021.

Event Details:

• Title: H.C. Wainwright Global Life Sciences Conference
• Date: Tuesday, March 9, 2021 to Wednesday, March 10, 2021
• Time: Available on Demand
• Registration: https://hcwevents.com/globalconference/

Members of the Nanobiotix management team will also be available to participate in virtual one-on-one meetings with investors who are registered to attend the conference. The Company’s corporate presentation can be downloaded here.

About NBTXR3

NBTXR3 is a first-in-class radioenhancer composed of sterile, functionalized, crystalline hafnium oxide nanoparticles. The product candidate is designed to increase the radiotherapy energy deposit inside tumor cells through the nanoparticles’ high atomic number core packaged in the space for interaction with ionizing radiation, and subsequently increase of tumor cell death when compared to radiotherapy alone—without adding toxicity to adjacent healthy tissues. NBTXR3 requires a single, intratumoral administration before the first radiotherapy treatment session, and has the ability to fit into current worldwide standards of radiation care. The primary physical mechanism of action of NBTXR3 activated by radiotherapy could be universal, making it potentially applicable across any solid tumor indication where radiotherapy is a part of standard of care including head and neck, lung, prostate, liver, colorectal, and esophageal cancers. The biological secondary mechanism of action of NBTXR3 activated by radiotherapy has been shown in preclinical studies to prime adaptive immune response, which would potentially bring a new dimension to cancer immunotherapies.

About NANOBIOTIX: www.nanobiotix.com

Incorporated in 2003, Nanobiotix is a clinical-stage biotechnology company pioneering physics-based approaches to expand treatment possibilities for patients with cancer and other major diseases.

The Nanobiotix philosophy is rooted in bringing highly effective, generalized solutions to address unmet medical needs and challenges.

The Company’s first-in-class, proprietary lead technology, NBTXR3, is being evaluated in an expansive global development program both as a single agent activated by radiotherapy and in combination with other anti-cancer therapies including chemotherapy and immune checkpoint inhibitors.

Nanobiotix is listed on the regulated market of Euronext in Paris (Euronext: NANO / ISIN: FR0011341205; Bloomberg: NANO: FP)and on the Nasdaq Global Select Market (Nasdaq: NBTX). The Company’s headquarters are in Paris, France, with a U.S. affiliate in Cambridge, MA, and European affiliates in France, Spain and Germany

Acadia Realty Trust Appoints Kenneth A. McIntyre to the Board of Trustees

RYE, NY–(BUSINESS WIRE)–
Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) today announced the election by the board of trustees of the Company (the “Board”) of Kenneth A. McIntyre as an independent trustee, effective March 1, 2021. Mr. McIntyre was also appointed to the Nominating and Corporate Governance Committee of the Board. This election expands Acadia’s Board to nine trustees, eight of whom are independent.

Mr. McIntyre has over 25 years of experience in the commercial real estate industry. He is the Chief Executive Officer of the Real Estate Executive Council (REEC), a trade association for minority executives in the commercial real estate industry, and the founder and Managing Principal of PassPort Real Estate, LLC, a New York-based consulting firm focused on commercial real estate, infrastructure and diversity. Mr. McIntyre previously served as the Executive Advisor for the Office of Diversity and Inclusion at the Port Authority of New York and New Jersey, and as the Executive Director for REAP (The Real Estate Associates Program), a non-profit that is focused on increasing the diversity of talent in the commercial real estate industry. Mr. McIntyre was a Senior Vice President and Head of Commercial Real Estate at Hudson City Savings Bank from May 2014 to May 2016. Prior to joining Hudson City Savings Bank, Mr. McIntyre was a Managing Director in MetLife’s Real Estate Investments Group where he was also a voting member of the Investment Committee for Commercial Mortgages. Prior to joining MetLife, Mr. McIntyre held senior origination and relationship management roles at KeyBank, GE Capital, UBS and Chase.

Mr. McIntyre is currently a member of the Board of Directors of Newmark Group, Inc. (Nasdaq: NMRK), where he serves as a member of the ESG, Audit and Compensation Committees, and of The Real Estate Roundtable, where he serves on the Equity, Diversity and Inclusion Committee. Mr. McIntyre is also a Member of the Board of Governors for the Real Estate Board of New York. In addition, Mr. McIntyre serves on the Boards of the National Jazz Museum of Harlem, the Yorkville Youth Athletic Association, and R*E*N*T, and is a member of the Advisory Board for Council of Urban Real Estate (CURE, f/k/a African American Real Estate Professionals of New York).

Mr. McIntyre earned a B.S. in Economics with a concentration in Finance from Florida A&M University.

“Ken brings extensive industry expertise and sophistication, and we are fortunate to welcome him as a Trustee,” stated Lee S. Wielansky, Lead Trustee of the Board. “We believe his experience and perspective will be a valuable addition to the conversation as we continue to thoughtfully execute a differentiated real estate investment strategy focused on delivering attractive growth in an evolving retailing environment.”

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core Portfolio and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.

The Company uses, and intends to use, the Investors page of its website, which can be found at www.acadiarealty.com, as a means of disclosing material nonpublic information and of complying with its disclosure obligations under Regulation FD, including, without limitation, through the posting of investor presentations that may include material nonpublic information. Accordingly, investors should monitor the Investors page, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, the website is not incorporated by reference into, and is not a part of, this document.

Safe Harbor Statement

Certain statements in this press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” or the negative thereof, or other variations thereon or comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause our actual results and financial performance to be materially different from future results and financial performance expressed or implied by such forward-looking statements, including, but not limited to: (i) economic, political and social uncertainty surrounding the COVID-19 Pandemic, including (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, including the Company’s tenants, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 Pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of the Company’s retail tenants recover following the lifting of any such orders or recommendations, (c) temporary or permanent migration out of major cities by customers, including cities where the Company’s properties are located, which may have a negative impact on the Company’s tenants’ businesses, (d) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, (f) the potential adverse impact on returns from development and redevelopment projects, and (g) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants (in particular its major tenants) and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) macroeconomic conditions, such as a disruption of or lack of access to the capital markets; (iv) the Company’s success in implementing its business strategy and its ability to identify, underwrite, finance, consummate and integrate diversifying acquisitions and investments; (v) changes in general economic conditions or economic conditions in the markets in which the Company may, from time to time, compete, and their effect on the Company’s revenues, earnings and funding sources; (vi) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of the London Interbank Offered Rate after 2021; (vii) the Company’s ability to pay down, refinance, restructure or extend its indebtedness as it becomes due; (viii) the Company’s investments in joint ventures and unconsolidated entities, including its lack of sole decision-making authority and its reliance on its joint venture partners’ financial condition; (ix) the Company’s ability to obtain the financial results expected from its development and redevelopment projects; (x) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant; (xi) the Company’s liability for environmental matters; (xii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiii) uninsured losses; (xiv) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (xv) information technology security breaches, including increased cybersecurity risks relating to the use of remote technology during the COVID-19 Pandemic; and (xvi) the loss of key executives. The risks described above are not exhaustive and additional factors could adversely affect the Company’s business and financial performance, including the risk factors discussed under the section captioned “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and other periodic or current reports the Company files with the SEC. Any forward-looking statements in this press release speak only as of the date hereof. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with regard thereto or change in the events, conditions or circumstances on which such forward-looking statements are based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005316/en/

Sunny Holcomb

(914) 288-8100

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Residential Building & Real Estate Commercial Building & Real Estate Finance Construction & Property REIT Banking

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VF Corporation Appoints Susie Mulder as Global Brand President, Timberland^®

DENVER–(BUSINESS WIRE)–
VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, today announced the appointment of Susie Mulder as Global Brand President, Timberland^®. She begins in her new role on April 5 and will report to VF’s Chairman, President and CEO, Steve Rendle. She will also serve on VF’s Executive Leadership Team.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210303005256/en/

Mulder will be responsible for driving the Timberland^® brand’s core strategic priorities related to product diversification across footwear and apparel, and a consumer-led, retail-centric, digital-first approach. She will build on the brand’s new eco-innovation franchises while also ensuring continued success within the Timberland PRO^® business.

Mulder joins the Timberland^® brand from clothing brand NIC+ZOE where she served as CEO since April 2012. During her tenure as CEO, Mulder guided NIC+ZOE’s continued revenue growth through expansion into new points of distribution in the U.S. and internationally, and launched the brand’s direct-to-consumer efforts via e-commerce and its owned stores.

Before serving as CEO of NIC+ZOE, Mulder was a partner at global management consulting firm McKinsey & Company where she was a leader in the global retail and consumer goods practice for 15 years.

“We conducted a very thoughtful and extensive search to find the ideal person to lead our iconic Timberland^® brand globally, and we found that person in Susie,” said Rendle. “She brings a broad mix of experience in apparel, retail and consumer strategies, all of which is complemented by her strong leadership skills and passion for people and active lifestyles. We look forward to working with Susie as we build on the Timberland^® brand’s rich heritage and its recent momentum as it continues to evolve and diversify its go-to-market skills with new and innovative product, consumer-oriented stories and compelling brand experiences.”

Mulder has deep experience in corporate boardrooms. She is currently a Board Member at the Kraft Heinz Company where she serves on the Audit and Nominating and Governance Committees. She is also a Board Member of Sally Beauty Holdings where she serves on the Executive Committee and other committees. In addition, Mulder is a member of the Philanthropic Board of Advisors for the Boston Children’s Hospital.

“I’m thrilled to join VF and have the opportunity to help lead the Timberland^® brand into the future,” said Mulder. “I’ve been both a fan and a consumer of the brand since moving to New England over 25 years ago. During that time, I’ve come to admire the brand not only for its great products, but also its clear commitment to environmental and social responsibility. I’m ready to roll up my sleeves alongside the global Timberland^® community and get to work.”

Originally from Montréal, Canada, Mulder is a graduate of McGill University’s Faculty of Management where she was a University Scholar. She also holds an MBA with distinction from Harvard Business School.

Mulder will partner closely with Martino Scabbia Guerrini, VF’s President of the EMEA Region, to manage this transition of leadership. Scabbia Guerrini has served as the Timberland^® brand’s interim brand president for the past 14 months, in addition to his EMEA responsibilities.

About VF Corporation

Founded in 1899, VF Corporation is one of the world’s largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans^®, The North Face^®, Timberland^® and Dickies^®. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit vfc.com.

About Timberland^®

Founded in 1973, Timberland^® is a global outdoor lifestyle brand based in Stratham, New Hampshire. Best known for its original yellow boot designed for the harsh elements of New England, Timberland^® today offers a full range of footwear, apparel and accessories for people who value purposeful style and share the brand’s passion for enjoying – and protecting – nature.

At the heart of the Timberland^® brand is the core belief that a greener future is a better future.This comes to life through a decades-long commitment tomake products responsibly, protect the outdoors, and strengthen communities around the world. To share in the Timberland^® brand’s mission to step outside, work together and make it better, visit one of our stores, timberland.com or follow us @timberland. Timberland^® is a VF Corporation brand.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210303005256/en/

Craig Hodges

VF Corporation

[email protected]

Leslie Grundy

Timberland^®

[email protected]

KEYWORDS: Colorado United States North America

INDUSTRY KEYWORDS: Manufacturing Fashion Environment Textiles Retail

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Susie Mulder – VF Corporation (Photo: Business Wire)