Market Newsdesk

July 9, 2021 6:33 am

Otis Second Quarter 2021 Earnings Advisory

PR Newswire

FARMINGTON, Conn., July 9, 2021 /PRNewswire/ — Otis Worldwide Corporation (NYSE: OTIS) will host a conference call on Monday, July 26, 2021, at 8:30 a.m. EDT. Otis President & CEO Judy Marks and Executive Vice President & CFO Rahul Ghai will discuss the company’s second quarter results and the outlook for 2021.

Participants are encouraged to listen live via webcast on www.otis.com. To join by phone, dial +1-877-735-3703 and an operator will place you on hold until the conference begins. Please allow 15 minutes before the scheduled start time to connect to the teleconference.

A corresponding presentation and news release as well as additional investor materials will be available on www.otis.com prior to the call and a recording of the call will be made available on the website later in the day.

About Otis

Otis is the world’s leading elevator and escalator manufacturing, installation and service company. We move 2 billion people a day and maintain approximately 2.1 million customer units worldwide, the industry’s largest Service portfolio. Headquartered in Connecticut, USA, Otis is 69,000 people strong, including 40,000 field professionals, all committed to meeting the diverse needs of our customers and passengers in more than 200 countries and territories worldwide. For more information, visit www.otis.com and follow us on LinkedIn, Instagram, Facebook and Twitter @OtisElevatorCo.


Media Contact:	Ray Hernandez
	+1-860-674-3029
	[email protected]

IR Contact:	Michael Rednor
	+1-860-676-6011
	[email protected]

View original content:https://www.prnewswire.com/news-releases/otis-second-quarter-2021-earnings-advisory-301328258.html

SOURCE Otis Worldwide Corporation

July 9, 2021 6:33 am

NextEra Energy Partners, LP announces date for release of second-quarter 2021 financial results

PR Newswire

JUNO BEACH, Fla., July 9, 2021 /PRNewswire/ — NextEra Energy Partners, LP (NYSE: NEP) today announced that it plans to report second-quarter 2021 financial results before the opening of the New York Stock Exchange on Friday, July 23, 2021, in a news release to be posted on its website at www.NextEraEnergyPartners.com/FinancialResults. An advisory news release will be issued over PR Newswire the morning of July 23, with a link to the financial results news release on NextEra Energy Partners’ website. As previously announced, NextEra Energy Partners will make available its financial results only on its website.

Jim Robo, chairman and chief executive officer of NextEra Energy Partners, Rebecca Kujawa, chief financial officer of NextEra Energy Partners, and other members of the senior management team will discuss the second-quarter 2021 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 23. Results for NextEra Energy, Inc. (NYSE: NEE) also will be discussed during the same investor presentation.

The listen-only webcast will be available on NextEra Energy Partners’ website by accessing the following link: www.NextEraEnergyPartners.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergyPartners.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy Partners, LP
NextEra Energy Partners, LP (NYSE: NEP) is a growth-oriented limited partnership formed by NextEra Energy, Inc. (NYSE: NEE). NextEra Energy Partners acquires, manages and owns contracted clean energy projects with stable, long-term cash flows. Headquartered in Juno Beach, Florida, NextEra Energy Partners owns interests in geographically diverse wind and solar projects in the U.S. as well as natural gas infrastructure assets in Texas and Pennsylvania. For more information about NextEra Energy Partners, please visit: www.NextEraEnergyPartners.com.

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SOURCE NextEra Energy Partners, LP

July 9, 2021 6:33 am

NextEra Energy announces date for release of second-quarter 2021 financial results

PR Newswire

JUNO BEACH, Fla., July 9, 2021 /PRNewswire/ — NextEra Energy, Inc. (NYSE: NEE) today announced that it plans to report second-quarter 2021 financial results before the opening of the New York Stock Exchange on Friday, July 23, 2021, in a news release to be posted on the company’s website at www.NextEraEnergy.com/FinancialResults. The company will issue an advisory news release over PR Newswire the morning of July 23, with a link to the financial results news release on the company’s website. As previously communicated, the company will make available its financial results only on its website.

Jim Robo, chairman and chief executive officer of NextEra Energy, Rebecca Kujawa, executive vice president, finance and chief financial officer of NextEra Energy, and other members of the company’s senior management team will discuss the company’s second-quarter 2021 financial results during an investor presentation to be webcast live, beginning at 9 a.m. ET on July 23. Results for NextEra Energy Partners, LP (NYSE: NEP) also will be discussed during the same investor presentation.

The listen-only webcast will be available on NextEra Energy’s website by accessing the following link: www.NextEraEnergy.com/FinancialResults. The financial results news release and the slides accompanying the presentation may be downloaded at www.NextEraEnergy.com/FinancialResults, beginning at 7:30 a.m. ET on the day of the webcast. A replay will be available for 90 days by accessing the same link as listed above.

NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company headquartered in Juno Beach, Florida. NextEra Energy owns Florida Power & Light Company, which is the largest rate-regulated electric utility in the United States as measured by retail electricity produced and sold, and serves more than 5.6 million customer accounts, supporting more than 11 million residents across Florida with clean, reliable and affordable electricity. NextEra Energy also owns a competitive clean energy business, NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world’s largest generator of renewable energy from the wind and sun and a world leader in battery storage. Through its subsidiaries, NextEra Energy generates clean, emissions-free electricity from seven commercial nuclear power units in Florida, New Hampshire and Wisconsin. A Fortune 200 company and included in the S&P 100 index, NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity. NextEra Energy is ranked No. 1 in the electric and gas utilities industry on Fortune’s 2021 list of “World’s Most Admired Companies” and received the S&P Global Platts 2020 Energy Transition Award for leadership in environmental, social and governance. For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.GulfPower.com, www.NextEraEnergyResources.com.

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SOURCE NextEra Energy, Inc.

July 9, 2021 6:33 am

Largest U.S. Healthcare Claims and Utilization Analysis for BPH Procedures Reveals Lowest Overall Complication Rates and Consistent Durability after Treatment with Minimally Invasive UroLift System

Real-World Claims Data Presented at Annual European Association of Urology Congress Reveal Overall Complication Rates are Lowest after Treatment with the UroLift System

WAYNE, Pa., July 09, 2021 (GLOBE NEWSWIRE) — Teleflex Incorporated (NYSE:TFX) today announced that the largest U.S. healthcare claims and utilization analysis for benign prostatic hyperplasia (BPH) surgical and minimally invasive procedures reveals that overall complication rates are lowest after treatment with the UroLift^® System. The research study titled “Analysis of Real-World Healthcare Data of Outcomes of Interventional Procedures in BPH”, which was sponsored by Teleflex, was presented by Dr. Steven Kaplan of Mount Sinai today at the 36^th Annual European Association of Urology (EAU) Congress. Dr. Daniel Rukstalis⁺ of Prisma USC Division of Urology was a co-author of the study.

“Healthcare claims research takes a broad view of real-world treatment outcomes through the evaluation of measures that are typically outside the scope of clinical trial data, including financial and healthcare utilization data. Existing research in the area of surgical or minimally invasive procedures for BPH is sparse,” said Daniel Rukstalis, M.D. “We found the UroLift System had the lowest overall rate of complications at 300 days post-treatment.”

A retrospective observational analysis was performed on a representative sample of U.S. Medicare and commercial medical claims obtained from IBM Watson. The analysis included 18,794 transurethral resection of the prostate (TURP) patients, 9,894 GreenLight patients, 4,639 UroLift System patients and 780 Rezūm patients in the database.

Key findings of the study include:

At 300 days post-treatment, the UroLift System demonstrated the lowest incidence of overall complications (defined as a post-operative procedure performed during a return visit to an outpatient setting): 16.3% for the UroLift System; 19.7% for TURP; 21.6% for GreenLight; and 23.0% for Rezūm.
Among the most commonly reported complications were those associated with catheterization, stone removal, and cystoscopy.
At 1,500 days post-treatment, the UroLift System demonstrated consistent durability, with a low surgical retreatment rate for return of symptoms of 6.8%, which was comparable to the more invasive surgical procedures TURP (6.3%) and GreenLight (7.0%). Rezūm patients had the highest rate of surgical retreatment at 9.5%.

Taken together, this large-scale analysis of U.S. real-world claims data reveals that overall rates of complications are lowest after treatment with the UroLift System and that surgical retreatment rates are similar among the UroLift System, TURP and GreenLight procedures. The surgical retreatment rate is highest for Rezūm.

“This pioneering research sets an even playing field when it comes to comparing minimally invasive procedures for BPH symptoms. The rigorous methodology that includes Medicare and commercial outpatient claims data sets a standard for the industry,” said Kevin Hardage, President of the Teleflex Interventional Urology business unit. “It’s vital for urologists and their BPH patients to have high-quality, high-integrity research to make important decisions about their treatment approach. This is the largest study of its kind within the field of BPH. It provides objective data that demonstrate the comparatively low overall rate of complications and the consistent durability for the UroLift System.”

About the UroLift
^® System
The UroLift^® System is a minimally invasive treatment for lower urinary tract symptoms due to benign prostatic hyperplasia (BPH). It is indicated for the treatment of symptoms of an enlarged prostate up to 100cc in men 45* years or older (*50 years outside U.S.). The UroLift permanent implants, delivered during an outpatient procedure, relieve prostate obstruction without heating, cutting, destruction or removing prostate tissue. The UroLift System is the only leading BPH procedure shown to not cause new onset, sustained erectile or ejaculatory dysfunction.^*^1-3 Most common adverse events are temporary and can include hematuria, dysuria, micturition urgency, pelvic pain, and urge incontinence.¹ Rare side effects, including bleeding and infection, may lead to a serious outcome and may require intervention. Individual results may vary. The Prostatic Urethral Lift procedure (using the UroLift System) is recommended for the treatment of BPH in both the American Urological Association and European Association of Urology clinical guidelines. More than 250,000 men have been treated with the UroLift System in select markets worldwide.^†Learn more at www.UroLift.com.

About Teleflex Interventional Urology

The Teleflex Interventional Urology Business Unit is dedicated to developing innovative, minimally invasive, and clinically effective devices that address unmet needs in the field of urology. Our focus is on improving the standard of care for patients with BPH using the UroLift^® System, a minimally invasive, permanent implant system that treats symptoms while preserving sexual function.*^1-3 Learn more at www.NeoTract.com.

About Teleflex Incorporated

Teleflex is a global provider of medical technologies designed to improve the health and quality of people’s lives. We apply purpose-driven innovation—a relentless pursuit of identifying unmet clinical needs—to benefit patients and healthcare providers. Our portfolio is diverse, with solutions in the fields of vascular and interventional access, surgical, anesthesia, cardiac care, urology, emergency medicine, and respiratory care. Teleflex employees worldwide are united in the understanding that what we do every day makes a difference. For more information, please visit www.Teleflex.com.

Teleflex is the home of Arrow^®, Deknatel^®, LMA^®, Pilling^®, Rusch^®, UroLift^® and Weck^®—trusted brands united by a common sense of purpose.

Contacts:

Teleflex Incorporated:
Lawrence Keusch
Vice President, Investor Relations and Strategy Development

John Hsu, CFA
Vice President, Investor Relations
investors.teleflex.com
610-948-2836

Media:
Nicole Osmer, 650.454.0504
[email protected]

+Daniel Rukstalis, MD is a paid consultant of NeoTract | Teleflex Interventional Urology.

*No instances of new, sustained erectile or ejaculatory dysfunction in the L.I.F.T. pivotal study

† Management estimate based on product sales and average units per procedure

References

1. Roehrborn, J Urology 2013 LIFT Study
2. AUA BPH Guidelines 2003, 2020
3. McVary, J Sex Med 2016

MAC02012-02 Rev B

July 9, 2021 6:33 am

Radian Releases Monthly Operating Statistics for June 2021

Radian Releases Monthly Operating Statistics for June 2021

PHILADELPHIA–(BUSINESS WIRE)–
Radian Guaranty Inc., the mortgage insurance subsidiary of Radian Group Inc., today released monthly operating statistics related to the credit performance of its insured portfolio for the month of June 2021. The information includes total new primary defaults, which include defaults under forbearance programs in response to the COVID-19 pandemic, as well as cures, claims paid and rescissions/denials. The information regarding new defaults and cures is reported to Radian Guaranty from loan servicers. The company considers a loan to be in default for financial statement and internal tracking purposes upon receipt of notification by servicers that a borrower has missed two monthly payments. Default reporting, particularly on a monthly basis, may be affected by several factors, including the date on which the loan servicer’s report is generated and transmitted to Radian Guaranty, the impact of updated information submitted by servicers and the timing of servicing transfers.

	June 2021	May 2021	April 2021

Beginning Primary Default Inventory (# of loans)	42,802	45,689	50,106
New Defaults	2,680	2,714	2,751
Cures	(4,980)	(5,573)	(7,128)
Claims Paid	(29)	(32)	(37)
Rescissions and Claim Denials, net ⁽¹⁾	(9)	4	(3)
Ending Primary Default Inventory	40,464	42,802	45,689

(1)

Net of any previous rescissions and claim denials that were reinstated during the period. Such reinstated rescissions and claim denials may ultimately result in a paid claim.

About Radian

Radian Group Inc. (NYSE: RDN) is ensuring the American dream of homeownership responsibly and sustainably through products and services that include industry-leading mortgage insurance and a comprehensive suite of mortgage, risk, title, valuation, asset management and other real estate services. We are powered by technology, informed by data and driven to deliver new and better ways to transact and manage risk. Visit www.radian.com to learn more about how Radian is shaping the future of mortgage and real estate services.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210709005041/en/

For Investors

John Damian – Phone: 215.231.1383

Email: [email protected]

For the Media

Rashi Iyer – Phone: 215.231.1167

Email: [email protected]

KEYWORDS: United States North America Pennsylvania

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

MEDIA:

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July 9, 2021 6:33 am

UK’s MHRA accepts Humanigen’s submission of Lenzilumab for Marketing Authorization in COVID-19 for expedited rolling review

UK’s MHRA accepts Humanigen’s submission of Lenzilumab for Marketing Authorization in COVID-19 for expedited rolling review

BURLINGAME, Calif.–(BUSINESS WIRE)–
Humanigen, Inc. (Nasdaq: HGEN) (“Humanigen”), today announced its submission for Marketing Authorization for lenzilumab in COVID-19, begun in June 2021, has been accepted by the United Kingdom’s (UK’s) Medicines and Healthcare Products Regulatory Agency (MHRA) for expedited COVID-related rolling review, with assessment expected to occur more rapidly than a standard rolling review.

Leading up to initiating its submission for Marketing Authorization last month, Humanigen held meetings with various authorities in the UK, including a Rapid C-19 multiagency meeting with representatives from the MHRA, the Therapeutics TaskForce, (TTF), the Department of Health and Social Care (DHSC), National Health Service England (NHSE) and the National Institute for Heath and Care Excellence (NICE).

“We are grateful this submission will receive expedited consideration by MHRA,” said Cameron Durrant, CEO of Humanigen. “The global spread of variants of concern, such as the Delta variant, highlights the continued need for proven therapies that are variant-agnostic for millions who remain at risk of COVID-19.”

According to Public Health England, despite the first dose vaccination rate of 86% across the UK, the current seven-day hospitalization rate was nearly 2,500, representing a 45% increase over the prior period. Deaths from COVID in the UK reached 161 over the last seven days, an increase of more than 40% compared to the prior seven-day period.¹

“We continue to work with our partners to prepare for distribution of lenzilumab pending conditional approval of its use to treat hospitalized patients with COVID-19,” noted Timothy E. Morris, COO and CFO of Humanigen. “In the event Emergency Use Authorization in the United States and Marketing Authorization in the UK are awarded concurrently or in parallel, we will work with the relevant authorities to ensure appropriate allocation of lenzilumab in each country.”

About Humanigen, Inc.

Humanigen, Inc. (Nasdaq: HGEN) (“Humanigen”), a clinical-stage biopharmaceutical company focused on preventing and treating an immune hyper-response called ‘cytokine storm’. Lenzilumab is a first-in class antibody that binds to and neutralizes granulocyte-macrophage colony-stimulating factor (GM-CSF). Results of preclinical models indicate GM-CSF is an upstream regulator of many inflammatory cytokines and chemokines involved in the cytokine storm. Early in the COVID-19 pandemic, investigation showed high levels of GM-CSF secreting T cells were associated with disease severity and intensive care unit admission. Humanigen’s Phase 3 LIVE-AIR study suggests early intervention with lenzilumab may prevent consequences of a full-blown cytokine storm in hospitalized patients with COVID-19. Humanigen is developing lenzilumab as a treatment for cytokine storm associated with CD19-targeted CAR-T cell therapies and exploring the effectiveness of lenzilumab in other inflammatory conditions such as acute Graft versus Host Disease (GvHD) in patients undergoing allogeneic hematopoietic stem cell transplantation (HSCT), eosinophilic asthma, and rheumatoid arthritis. Humanigen is also developing a portfolio of clinical and pre-clinical therapies for the treatment of inflammation and immuno-oncology. For more information, visit www.humanigen.com and follow Humanigen on LinkedIn, Twitter, and Facebook.

Humanigen Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements reflect management’s current knowledge, assumptions, judgment, and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, they give no assurance that such expectations will prove to be correct, and you should be aware that actual events or results may differ materially from those contained in the forward-looking statements. Words such as “will,” “expect,” “intend,” “plan,” “potential,” “possible,” “goals,” “accelerate,” “continue,” and similar expressions identify forward-looking statements, including, without limitation, statements regarding the review of our submission for Marketing Authorization for lenzilumab in COVID-19 by the MHRA; our intentions to manage distribution of lenzilumab upon potential receipt of Emergency Use Authorization in the US and Marketing Authorization in the UK; and our other plans to explore the effectiveness of lenzilumab and other candidates in our development portfolio as therapies for other inflammation and immune-oncology indications.

Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, the risks inherent in our lack of profitability and need for additional capital to grow our business; our dependence on partners to further the development of our product candidates; the uncertainties inherent in the development, attainment of the requisite regulatory authorizations and approvals and launch of any new pharmaceutical product; the outcome of pending or future litigation; and the various risks and uncertainties described in the “Risk Factors” sections of our latest annual and quarterly reports and other filings with the SEC.

All forward-looking statements are expressly qualified in their entirety by this cautionary notice. You should not rely upon any forward-looking statements as predictions of future events. We undertake no obligation to revise or update any forward-looking statements made in this presentation to reflect events or circumstances after the date hereof, to reflect new information or the occurrence of unanticipated events, to update the reasons why actual results could differ materially from those anticipated in the forward-looking statements, in each case, except as required by law.

https://coronavirus.data.gov.uk/ accessed July 7, 2020

View source version on businesswire.com: https://www.businesswire.com/news/home/20210709005032/en/

Humanigen Media

Grace Catlett

RXMD

[email protected]

516-318-8563

Humanigen Investor Relations

Ken Trbovich

Humanigen

[email protected]

650-410-3206

KEYWORDS: Europe United States United Kingdom North America California

INDUSTRY KEYWORDS: Health Infectious Diseases Hospitals General Health Pharmaceutical Biotechnology

MEDIA:

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July 9, 2021 6:33 am

ALLETE to Announce Second Quarter Financial Results August 4

ALLETE to Announce Second Quarter Financial Results August 4

DULUTH, Minn.–(BUSINESS WIRE)–
ALLETE Inc. (NYSE:ALE) will announce its financial results for the second quarter before the stock markets open on Wednesday, August 4, 2021.

Following the release, ALLETE Chair, President and Chief Executive Officer Bethany M. Owen, Senior Vice President and Chief Financial Officer Robert J. Adams, and Vice President, Controller and Chief Accounting Officer Steven W. Morris will present an overview of results and discuss other factors affecting performance during a conference call beginning at 10 a.m. Eastern time. Interested parties may listen to the conference live by calling (877) 303-5852 using passcode 9589033, or by accessing the webcast on ALLETE’s website, www.allete.com.

A replay of the call will be available through August 11, 2021, by dialing (855) 859-2056, conference identification number 9589033. The webcast will be accessible for one year at www.allete.com.

ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

View source version on businesswire.com: https://www.businesswire.com/news/home/20210709005021/en/

Investor Contact:

Vince Meyer

218-723-3952

[email protected]

KEYWORDS: United States North America Wisconsin North Dakota Minnesota

INDUSTRY KEYWORDS: Alternative Energy Energy Other Energy Utilities

MEDIA:

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July 9, 2021 6:03 am

ChipMOS REPORTS 32.3% YoY INCREASE IN JUNE 2021 REVENUE; 28.6% YoY INCREASE IN 2Q21 REVENUE; NEW RECORD QUARTERLY AND MONTHLY HIGHS

PR Newswire

HSINCHU, July 9, 2021 /PRNewswire-FirstCall/ — ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS), an industry leading provider of outsourced semiconductor assembly and test services (“OSAT”), today reported new quarterly and monthly record levels for unaudited consolidated revenue for the month of June 2021 and for the second quarter ended June 30, 2021. All U.S. dollar figures cited in this press release are based on the exchange rate of NT$27.91 to US$1.00 as of June 30, 2021.

Revenue for the second quarter of 2021 increased 28.6% on a year over year basis to NT$6,982.3 million or US$250.2 million, representing an increase of 8.0% from the first quarter of 2021. The Company noted its record high revenue level is being driven by strong demand with a high UT level of test lines, and its memory assembly capacity is remaining fully utilized.

Revenue for the month of June 2021 increased 32.3% on a year over year basis to NT$2,360.3 million or US$84.6 million, representing an increase of 0.9% compared to May 2021.

Consolidated Monthly Revenues (Unaudited)
	June 2021	May 2021	June 2020	MoM Change	YoY Change
Revenues (NT$ million)	2,360.3	2,338.6	1,784.5	0.9%	32.3%
Revenues (US$ million)	84.6	83.8	63.9	0.9%	32.3%

Consolidated Quarterly Revenues (Unaudited)
	Second Quarter 2021	First Quarter 2021	Second Quarter 2020	QoQ Change	YoY Change
Revenues (NT$ million)	6,982.3	6,465.3	5,428.1	8.0%	28.6%
Revenues (US$ million)	250.2	231.6	194.5	8.0%	28.6%

About ChipMOS TECHNOLOGIES INC.:

ChipMOS TECHNOLOGIES INC. (“ChipMOS” or the “Company”) (Taiwan Stock Exchange: 8150 and NASDAQ: IMOS) (https://www.chipmos.com) is an industry leading provider of outsourced semiconductor assembly and test services. With advanced facilities in Hsinchu Science Park, Hsinchu Industrial Park and Southern Taiwan Science Park in Taiwan, ChipMOS provide assembly and test services to a broad range of customers, including leading fabless semiconductor companies, integrated device manufacturers and independent semiconductor foundries.

Forward-Looking Statements

This press release may contain certain forward-looking statements. These forward-looking statements may be identified by words such as ‘believes,’ ‘expects,’ ‘anticipates,’ ‘projects,’ ‘intends,’ ‘should,’ ‘seeks,’ ‘estimates,’ ‘future’ or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. These statements may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Actual results may differ materially in the future from those reflected in forward-looking statements contained in this document, due to various factors, including the ongoing impact of COVID-19. Further information regarding these risks, uncertainties and other factors are included in the Company’s most recent Annual Report on Form 20-F filed with the U.S. Securities and Exchange commission (the “SEC”) and in the Company’s other filings with the SEC.

Contact
s
:

In Taiwan

Jesse Huang

ChipMOS TECHNOLOGIES INC.

+886-6-5052388 ext. 7715

[email protected]

In the U.S.

David Pasquale

Global IR Partners

+1-914-337-8801

[email protected]

View original content:https://www.prnewswire.com/news-releases/chipmos-reports-32-3-yoy-increase-in-june-2021-revenue-28-6-yoy-increase-in-2q21-revenue-new-record-quarterly-and-monthly-highs-301328511.html

SOURCE ChipMOS TECHNOLOGIES INC.

July 9, 2021 6:03 am

Four Seasons Education Announces Receipt of NYSE Non-Compliance Letter Regarding ADS Trading Price

PR Newswire

SHANGHAI
, July 9, 2021 /PRNewswire/ — Four Seasons Education (Cayman) Inc. (“Four Seasons Education” or the “Company”) (NYSE: FEDU), a leading Shanghai based educational company dedicated to providing comprehensive after-school education services with a focus on high-quality math education, today announced that it has received a letter from the New York Stock Exchange (the “NYSE”) dated June 22, 2021, notifying Four Seasons Education that it is below compliance standards due to the trading price of Four Seasons Education’s American depositary shares (the “ADSs”).

Pursuant to NYSE rule 802.01C, a company will be considered to be below compliance standards if the average closing price of a security as reported on the consolidated tape is less than $1.00 over a consecutive 30 trading-day period. Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification. The company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the company has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. In the event that at the expiration of the six-month cure period, both a $1.00 closing share price on the last trading day of the cure period and a $1.00 average closing share price over the 30 trading-day period ending on the last trading day of the cure period are not attained, the NYSE will commence suspension and delisting procedures.

To address this issue, Four Seasons Education intends to monitor the market conditions of its listed securities and is still considering its options.

Safe Harbor Statement

This press release contains statements of a forward-looking nature. These statements, including the statements relating to the Company’s future financial and operating results, are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as “will,” “expects,” “believes,” “anticipates,” “intends,” “estimates” and similar statements. Among other things, management’s quotations and the Business Outlook section contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company and the industry. Potential risks and uncertainties include, but are not limited to, those relating to its ability to attract new students and retain existing students, its ability to deliver a satisfactory learning experience and improving their academic performance, PRC regulations and policies relating to the education industry in China, general economic conditions in China, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the NYSE or other stock exchange, including its ability to cure any non-compliance with the NYSE’s continued listing criteria. All information provided in this press release is as of the date hereof, and the Company undertakes no obligation to update any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Further information regarding risks and uncertainties faced by the Company is included in the Company’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 20-F.

About Four Seasons Education (Cayman) Inc.

Four Seasons Education (Cayman) Inc. is a leading Shanghai based educational company dedicated to providing comprehensive after-school education services with a focus on high-quality math education. The Company’s vision is to unlock students’ intellectual potential through high quality and effective education that can profoundly benefit students’ academic, career and life prospects. The Company provides educational programs that are primarily focused on elementary-level math and have expanded in recent years to also include other subjects, including physics, chemistry, and languages, and other grade levels, such as middle school programs, as well as other programs including interest-oriented programs and programs catering for kindergarten students. The Company’s proprietary educational content is designed to cultivate students’ interests and enhance their cognitive and logic abilities. The Company develops its educational content through a systematic development process and updates it regularly based on student performance and feedback. Such process allows the Company to effectively drive better learning outcomes and serve students of different ages, aptitude levels and learning objectives. The Company’s faculty is led by a group of experienced senior educators, including recognized scholars and award-winning teachers. Over the years, the quality of the Company’s education services has been demonstrated by its student outstanding academic performance.

For more information, please visit http://ir.sijiedu.com.

For investor and media inquiries, please contact:

In China:
Four Seasons Education (Cayman) Inc.
Olivia Li
Tel: +86 (21) 6317-6678
E-mail: [email protected]

The Piacente Group, Inc.
Jenny Cai
Tel: +86 (10) 6508-0677
E-mail: [email protected]

In the United States:
The Piacente Group, Inc.
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

View original content:https://www.prnewswire.com/news-releases/four-seasons-education-announces-receipt-of-nyse-non-compliance-letter-regarding-ads-trading-price-301328554.html

SOURCE Four Seasons Education Inc.

July 9, 2021 6:03 am

Greenbrier Reports Third Quarter Results

~ GAAP diluted EPS of $0.59; Adjusted diluted EPS of $0.69

~~ Orders for 3,800 new railcars valued at $400 million – book-to-bill of 1.2x in the quarter

~~ Formation and funding of GBX Leasing finalized in the quarter

~~ Robust liquidity supports increasing operating momentum

PR Newswire

LAKE OSWEGO, Ore., July 9, 2021 /PRNewswire/ — The Greenbrier Companies, Inc. (NYSE: GBX) (“Greenbrier”), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its third fiscal quarter ended May 31, 2021.

Third Quarter Highlights

New railcar orders for 3,800 units valued at $400 million and deliveries of 3,300 units, resulted in a 1.2x book-to-bill. This is the second consecutive quarter that book-to-bill exceeded 1.0x. Orders included intermodal units, tank cars, boxcars and covered hoppers.
Diversified new railcar backlog as of May 31, 2021 was 24,800 units with an estimated value of $2.6 billion.
Liquidity of approximately $850 million, including $628 million in cash and $221 million of available borrowing capacity. Liquidity and $149 million of initiatives in progress total nearly $1 billion.
COVID-19 related expenses for the quarter were $1.9 million (pre-tax) and $8.3 million (pre-tax) for the nine months ended May 31, 2021.
Net earnings attributable to Greenbrier for the quarter were $19.7 million, or $0.59 per diluted share, on revenue of $450 million. Net earnings included $3.6 million ($0.10 per share), of loss on extinguishment of debt, net of tax.
Adjusted net earnings attributable to Greenbrier for the quarter were $23.3 million or $0.69 per diluted share and adjusted EBITDA for the quarter was $53 million.
GBX Leasing was formed in the quarter to create stable, tax-advantaged cash flows with initial railcar funding of nearly $100 million, under a $300 million non-recourse warehouse credit facility. GBX Leasing is consolidated in Greenbrier’s financial statements, see supplemental information in this release.
Debt maturities were extended in the quarter with the issuance of $374 million of senior convertible notes due in 2028 and retirement of $257 million of 2024 senior convertible notes.
Repurchased $20 million of common stock in connection with the convertible note issuance. $100 million remains authorized under the share repurchase plan.
Board declares a quarterly dividend of $0.27 per share, payable on August 18, 2021 to shareholders of record as of July 28, 2021 representing Greenbrier’s 29^th consecutive quarterly dividend.

William A. Furman, Chairman & CEO commented, “Greenbrier’s financial results for the third fiscal quarter reflect the steady recovery in our markets that we forecasted would occur in the second half of our fiscal year. Our COVID strategy launched in March 2020 has been very successful. We are executing well on plans to maintain a liquidity base and strong balance sheet as well as safely operate each of our facilities. All of this has been necessary to prepare for the now emerging recovery. As positive momentum continues, we are seizing opportunities to resume the pursuit of scale we began during the two years prior to the pandemic. In the third fiscal quarter this included the formation of GBX Leasing and completion of a strategic debt refinancing that extended maturities on convertible notes by four years.”

Furman added, “We are benefiting from the economic recovery in railcar manufacturing and leasing as expected. This is playing out through sequential monthly increases in manufacturing revenues and a meaningful increase in new order activity in our core North American markets. The ability to ramp production capacity is integral to protecting Greenbrier’s leadership position in the market. New orders will not increase linearly, but we expect commercial activity to remain strong as our $2.6 billion backlog provides a baseload of orders to support the expanded operation of production lines and our leasing business.”

Business Update & Outlook

Greenbrier’s adherence to its core COVID strategy during the third fiscal quarter produced the best quarterly performance to date in fiscal 2021. Since March 2020, Greenbrier has practiced disciplined management to meet the realities of this once in 100 years pandemic. Operating and commercial momentum is building. In our domestic and international markets, Greenbrier’s core COVID strategy was and continues to be:

Maintain a strong liquidity base and balance sheet
Navigate the COVID-19 pandemic and the related economic crisis by safely operating our factories while generating cash flow
Prepare for emerging economic recovery and forward momentum in our markets. Greenbrier is currently operating in this phase. Greenbrier is well-positioned to navigate the immediate challenges of increasing production rates safely amidst the emerging COVID variants, while ensuring labor and supply chain continuity.

Looking ahead, Greenbrier expects the fourth quarter to be the strongest performance of the year. A full quarter of increased production rates and business activity creates positive momentum into fiscal 2022.

Financial Summary

	Q3 FY21	Q2 FY21	Sequential Comparison – Main Drivers
Revenue	$450.1M	$295.6M	65% higher deliveries reflecting increased production levels and overall improving demand environment
Gross margin	16.7%	6.0%	Primarily increased production rates in Manufacturing and favorable resolution of warranty & other contingencies in international operations
Selling and administrative	$49.2M	$43.4M	Increased consulting and employee-related costs including performance-based compensation expense
Adjusted EBITDA	$52.9M	($1.3M)	Higher operating earnings reflecting improving demand environment; See reconciliation on page 12
Net (earnings) loss attributable to noncontrolling interest	($0.3M)	$4.9M	Increased operating activity at GIMSA joint venture
Adjusted net earnings (loss) attributable to Greenbrier	$23.3M⁽¹⁾	($9.1M)	Primarily increased activity across all business units and tax benefit from lease fleet investments and operating losses carried back to prior years with higher tax rates allowable under the CARES Act
Adjusted diluted EPS	$0.69⁽¹⁾	($0.28)

⁽¹⁾ Excludes $3.6 million ($0.10 per share), net of tax, of loss on debt extinguishment.

Segment Summary

	Q3 FY21	Q2 FY21	Sequential Comparison – Main Drivers
Manufacturing
Revenue	$341.9M	$202.1M	Higher deliveries reflecting improving demand levels
Gross margin	14.5%	0.2%	Higher production & delivery and favorable resolution of warranty and other contingencies; Excluding these items, gross margin would be in the low double digits
Operating margin ⁽¹⁾	9.2%	(8.5%)
Deliveries ⁽²⁾	2,800	1,700	Higher production rates
Wheels, Repair & Parts
Revenue	$80.9M	$71.6M	Increased demand levels across the network
Gross margin	8.9%	6.9%	Higher volumes driving improved performance
Operating margin⁽¹⁾	5.2%	3.4%
Leasing & Services (including GBX Leasing)
Revenue	$27.3M	$21.9M	Revenue and margin include enhanced syndication financing activity
Gross margin	67.6%	56.6%
Operating margin^{(1) (3)}	44.9%	29.3%
Fleet utilization	93.8%	94.8%

⁽¹⁾ See supplemental segment information on page 11 for additional information.

⁽²⁾ Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

⁽³⁾ Includes Net loss (gain) on disposition of equipment, which is excluded from gross margin.

Conference Call

Greenbrier will host a teleconference to discuss its third quarter 2021 results. In conjunction with this news release, Greenbrier has posted a supplemental earnings presentation to our website.
Teleconference details are as follows:

July 9, 2021
8:00 a.m. Pacific Daylight Time
Phone: 1-888-317-6003 (Toll Free) 1-412-317-6061 (International), Entry Number “2776228”
Real-time Audio Access: (“Newsroom” at http://www.gbrx.com)

Please access the site 10-15 minutes prior to the start time.

About Greenbrier

Greenbrier, headquartered in Lake Oswego, Oregon, is a leading international supplier of equipment and services to global freight transportation markets. Through its wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars and marine barges in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, repair, refurbishment and retrofitting services in North America through our wheels, repair & parts business unit. Greenbrier manages 445,000 railcars and offers railcar management, regulatory compliance services and leasing services to railroads and other railcars owners in North America. GBX Leasing (GBXL) is a special purpose subsidiary that owns and manages a portfolio of leased railcars that originate primarily from Greenbrier’s manufacturing operations. Together, GBXL and Greenbrier own a lease fleet of 8,700 railcars. Learn more about Greenbrier at www.gbrx.com.

THE GREENBRIER COMPANIES, INC.
Consolidated Balance Sheets (In thousands, unaudited)

	May 31, 2021	February 28, 2021	November 30, 2020	August 31, 2020	May 31, 2020
Assets
Cash and cash equivalents	$ 628,200	$ 593,499	$ 724,547	$ 833,745	$ 735,258
Restricted cash	8,689	8,614	8,547	8,342	8,704
Accounts receivable, net	274,792	236,171	216,220	230,488	261,629
Income tax receivable	75,135	62,103	24,448	9,109	–
Inventories	553,137	522,984	490,282	529,529	675,442
Leased railcars for syndication	154,017	109,287	51,087	107,671	136,144
Equipment on operating leases, net	446,888	445,451	445,542	350,442	355,841
Property, plant and equipment, net	676,010	687,468	696,333	711,524	719,155
Investment in unconsolidated affiliates	79,420	70,820	72,254	72,354	75,508
Intangibles and other assets, net	180,829	190,283	186,509	190,322	181,315
Goodwill	133,050	132,685	130,315	130,308	130,035
	$ 3,210,167	$ 3,059,365	$ 3,046,084	$ 3,173,834	$ 3,279,031

Liabilities and Equity
Revolving notes	$ 325,150	$ 275,839	$ 276,248	$ 351,526	$ 416,535
Accounts payable and accrued liabilities	480,373	448,571	434,138	463,880	488,969
Deferred income taxes	44,900	24,798	10,120	7,701	4,354
Deferred revenue	43,676	42,572	36,916	42,467	63,536
Notes payable, net	835,027	793,189	797,089	804,088	806,919

Contingently redeemable noncontrolling interest	30,323	30,037	30,711	31,117	30,611

Total equity – Greenbrier	1,286,763	1,268,502	1,280,407	1,293,043	1,291,221
Noncontrolling interest	163,955	175,857	180,455	180,012	176,886
Total equity	1,450,718	1,444,359	1,460,862	1,473,055	1,468,107
	$ 3,210,167	$ 3,059,365	$ 3,046,084	$ 3,173,834	$ 3,279,031

THE GREENBRIER COMPANIES, INC.
Consolidated Statements of Income (In thousands, except per share amounts, unaudited)

	Three Months Ended May 31,		Nine Months Ended May 31,
	2021	2020	2021	2020

Revenue
Manufacturing	$ 341,939	$ 653,007	$ 852,755	$ 1,800,317
Wheels, Repair & Parts	80,871	82,024	218,050	259,857
Leasing & Services	27,333	27,526	77,949	95,590
	450,143	762,557	1,148,754	2,155,764
Cost of revenue
Manufacturing	292,464	562,793	775,125	1,567,014
Wheels, Repair & Parts	73,690	75,001	203,341	241,266
Leasing & Services	8,857	17,232	36,814	61,428
	375,011	655,026	1,015,280	1,869,708

Margin	75,132	107,531	133,474	286,056

Selling and administrative expense	49,239	49,494	136,371	158,455
Net (gain) loss on disposition of equipment	184	(8,775)	(765)	(19,431)
Earnings (loss) from operations	25,709	66,812	(2,132)	147,032

Other costs
Interest and foreign exchange	10,204	7,562	30,875	33,023
Net loss on extinguishment of debt	4,763	–	4,763	–
Earnings (loss) before income tax and earnings from unconsolidated affiliates	10,742	59,250	(37,770)	114,009
Income tax benefit (expense)	6,914	(24,421)	35,998	(37,878)
Earnings (loss) before earnings from unconsolidated affiliates	17,656	34,829	(1,772)	76,131
Earnings from unconsolidated affiliates	2,379	1,040	1,257	3,764
Net earnings (loss)	20,035	35,869	(515)	79,895
Net (earnings) loss attributable to noncontrolling interest	(298)	(8,097)	1,215	(30,825)

Net earnings attributable to Greenbrier	$ 19,737	$ 27,772	$ 700	$ 49,070

Basic earnings per common share:	$ 0.61	$ 0.85	$ 0.02	$ 1.50

Diluted earnings per common share:	$ 0.59	$ 0.83	$ 0.02	$ 1.47

Weighted average common shares:
Basic	32,573	32,690	32,726	32,660
Diluted	33,605	33,478	33,747	33,414

Dividends per common share	$ 0.27	$ 0.27	$ 0.81	$ 0.79

THE GREENBRIER COMPANIES, INC.
Consolidated Statements of Cash Flows (In thousands, unaudited)

		Nine Months Ended May 31,
		2021		2020

Cash flows from operating activities
Net earnings (loss)	$	(515)	$	79,895
Adjustments to reconcile net earnings (loss) provided by (used in) operating activities:
Deferred income taxes		20,197		(11,450)
Depreciation and amortization		75,637		82,452
Net gain on disposition of equipment		(765)		(19,431)
Accretion of debt discount		4,639		4,102
Stock based compensation expense		12,468		8,265
Net loss on extinguishment of debt		4,763		–
Noncontrolling interest adjustments		343		2,826
Other		1,729		568
Decrease (increase) in assets:
Accounts receivable, net		(49,160)		110,431
Income tax receivable		(66,026)		–
Inventories		(92,294)		12,555
Leased railcars for syndication		(55,532)		(38,826)
Other assets		863		(59,212)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities		18,626		(77,243)
Deferred revenue		1,189		(5,900)
Net cash provided by (used in) operating activities		(123,838)		89,032
Cash flows from investing activities
Proceeds from sales of assets		12,156		78,521
Capital expenditures		(62,774)		(55,326)
Investments in and advances to/repayments from unconsolidated affiliates		674		(1,500)
Cash distribution from unconsolidated affiliates and other		652		11,273
Net cash provided by (used in) investing activities		(49,292)		32,968
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less		147,571		214,932
Proceeds from revolving notes with maturities longer than 90 days		112,000		175,000
Repayments of revolving notes with maturities longer than 90 days		(286,000)		–
Proceeds from issuance of notes payable		373,750		–
Repayments of notes payable		(308,468)		(24,002)
Debt issuance costs		(14,067)		–
Repurchase of stock		(20,000)		–
Dividends		(26,882)		(26,344)
Investment by joint venture partner		7,000		–
Cash distribution to joint venture partner		(24,055)		(36,152)
Tax payments for net share settlement of restricted stock		(2,802)		(2,266)
Net cash provided by (used in) financing activities		(41,953)		301,168
Effect of exchange rate changes		9,885		(17,693)
Increase (decrease) in cash, cash equivalents and restricted cash		(205,198)		405,475
Cash and cash equivalents and restricted cash
Beginning of period		842,087		338,487
End of period	$	636,889	$	743,962
Balance Sheet Reconciliation
Cash and cash equivalents	$	628,200	$	735,258
Restricted cash		8,689		8,704
Total cash and cash equivalents and restricted cash as presented above	$	636,889	$	743,962

THE GREENBRIER COMPANIES, INC.
Supplemental Backlog and Delivery Information

	Three Months Ended
	May 31, 2021
Backlog Activity (units) ⁽¹⁾
Beginning backlog		24,900
Orders received		3,800
Production held as Leased railcars for syndication		(800)
Production sold directly to third parties		(3,100)
Ending backlog		24,800

Delivery Information (units) ⁽¹⁾
Production sold directly to third parties		3,100
Sales of Leased railcars for syndication		200
Total deliveries		3,300


⁽¹⁾	Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method

Supplemental Leasing Information

(In thousands, except owned and managed fleet, unaudited)

GBX Leasing (GBXL) was formed in April 2021 as a joint venture with The Longwood Group to own and manage a portfolio of leased railcars primarily built by Greenbrier. Greenbrier owns approximately 90% of GBXL and consolidates it in Greenbrier’s financial statements in the Leasing & Services segment. Longwood was formed in 2018 by D. Stephen Menzies to pursue a range of commercial investments in equipment transportation markets following his successful growth of Trinity Rail’s leasing business over many years. GBXL adds an additional “go to market” element to Greenbrier’s Commercial strategy of direct sales, partnerships with operating leasing companies, origination of leases for syndication partners as well as providing a platform for further growth at scale. GBXL will produce strong tax-advantaged cash flows. The goal is to add at least $200 million in railcar assets annually at about 3:1 debt to equity (or 75%) based on the fair market value of assets. During the quarter, an initial $300 million non-recourse warehouse credit facility was secured, and $129 million in fair market value of assets were acquired from Greenbrier’s transaction flow. Over time the entity is expected to grow by at least $200 million in assets annually with a five year target of $1 billion of assets. The intent is to use the asset-backed securities market to refinance the warehouse facility and to convert to permanent financing before 2025 as scale and portfolio balance are achieved. Considerable tax benefits are generated from these investments, which are included in the consolidated financial results this year.

Key information for the consolidated Leasing & Services segment

(In Units)	May 31, 2021	February 28, 2021
Owned fleet	8,700	8,700
Managed fleet	445,000	445,000
Owned fleet utilization	94%	95%
	May 31, 2021	February 28, 2021
Equipment on operating lease	$ 446,888	$ 445,451

GBX Leasing non-recourse warehouse	$ 96,576	$ –
Leasing non-recourse debt	202,815	204,722
Total Leasing non-recourse debt	$ 299,391	$ 204,722

Fleet leverage %⁽¹⁾	67%	46%


⁽¹⁾	Total Leasing non-recourse debt / Equipment on operating lease

THE GREENBRIER COMPANIES, INC.
Supplemental Information (In thousands, except per share amounts, unaudited)

Operating Results by Quarter for 2021 are as follows:

	First	Second	Third	Total

Revenue
Manufacturing	$ 308,722	$ 202,094	$ 341,939	$ 852,755
Wheels, Repair & Parts	65,556	71,623	80,871	218,050
Leasing & Services	28,711	21,905	27,333	77,949
	402,989	295,622	450,143	1,148,754
Cost of revenue
Manufacturing	280,890	201,771	292,464	775,125
Wheels, Repair & Parts	62,984	66,667	73,690	203,341
Leasing & Services	18,444	9,513	8,857	36,814
	362,318	277,951	375,011	1,015,280

Margin	40,671	17,671	75,132	133,474

Selling and administrative expense	43,707	43,425	49,239	136,371
Net (gain) loss on disposition of equipment	(922)	(27)	184	(765)
Earnings (loss) from operations	(2,114)	(25,727)	25,709	(2,132)

Other costs
Interest and foreign exchange	11,103	9,568	10,204	30,875
Net loss on extinguishment of debt	–	–	4,763	4,763
Earnings (loss) before income tax and earnings (loss) from unconsolidated affiliates	(13,217)	(35,295)	10,742	(37,770)
Income tax benefit	7,332	21,752	6,914	35,998
Earnings (loss) before earnings (loss) from unconsolidated affiliates	(5,885)	(13,543)	17,656	(1,772)
Earnings (loss) from unconsolidated affiliates	(744)	(378)	2,379	1,257

Net earnings (loss)	(6,629)	(13,921)	20,035	(515)
Net (earnings) loss attributable to noncontrolling interest	(3,343)	4,856	(298)	1,215

Net earnings (loss) attributable to Greenbrier	$ (9,972)	$ (9,065)	$ 19,737	$ 700

Basic earnings (loss) per common share ⁽¹⁾	$ (0.30)	$ (0.28)	$ 0.61	$ 0.02

Diluted earnings (loss) per common share ⁽¹⁾	$ (0.30)	$ (0.28)	$ 0.59	$ 0.02

Dividends per common share	$ 0.27	$ 0.27	$ 0.27	$ 0.81


⁽¹⁾	Quarterly amounts may not total to the year to date amount as each period is calculated discretely.

THE GREENBRIER COMPANIES, INC.
Supplemental Information (In thousands, except per share amounts, unaudited)

Operating Results by Quarter for 2020 are as follows:
	First	Second	Third	Fourth	Total

Revenue
Manufacturing	$ 657,367	$ 489,943	$ 653,007	$ 549,654	$ 2,349,971
Wheels, Repair & Parts	86,608	91,225	82,024	64,813	324,670
Leasing & Services	25,384	42,680	27,526	21,958	117,548
	769,359	623,848	762,557	636,425	2,792,189
Cost of revenue
Manufacturing	581,912	422,309	562,793	498,155	2,065,169
Wheels, Repair & Parts	81,892	84,373	75,001	60,923	302,189
Leasing & Services	13,366	30,830	17,232	10,272	71,700
	677,170	537,512	655,026	569,350	2,439,058

Margin	92,189	86,336	107,531	67,075	353,131

Selling and administrative expense	54,364	54,597	49,494	46,251	204,706
Net gain on disposition of equipment	(3,959)	(6,697)	(8,775)	(573)	(20,004)
Earnings from operations	41,784	38,436	66,812	21,397	168,429

Other costs
Interest and foreign exchange	12,852	12,609	7,562	10,596	43,619
Earnings before income tax and earnings (loss) from unconsolidated affiliates	28,932	25,827	59,250	10,801	124,810
Income tax expense	(5,994)	(7,463)	(24,421)	(2,306)	(40,184)
Earnings before earnings (loss) from unconsolidated affiliates	22,938	18,364	34,829	8,495	84,626
Earnings (loss) from unconsolidated affiliates	1,073	1,651	1,040	(804)	2,960

Net earnings	24,011	20,015	35,869	7,691	87,586
Net earnings attributable to noncontrolling interest	(16,342)	(6,386)	(8,097)	(7,794)	(38,619)
Net earnings (loss) attributable to Greenbrier	$ 7,669	$ 13,629	$ 27,772	$ (103)	$ 48,967

Basic earnings (loss) per common share ⁽¹⁾	$ 0.24	$ 0.42	$ 0.85	$ (0.00)	$ 1.50

Diluted earnings (loss) per common share ⁽¹⁾	$ 0.23	$ 0.41	$ 0.83	$ (0.00)	$ 1.46

Dividends per common share	$ 0.25	$ 0.27	$ 0.27	$ 0.27	$ 1.06


⁽¹⁾	Quarterly amounts may not total to the year to date amount as each period is calculated discretely.


THE GREENBRIER COMPANIES, INC.
Supplemental Information (In thousands, unaudited)

Segment Information

Three months ended May 31, 2021:
	Revenue			Earnings (loss) from operations
	External	Intersegment	Total	External	Intersegment	Total
Manufacturing	$ 341,939	$ 7,451	$ 349,390	$ 31,341	$ 492	$ 31,833
Wheels, Repair & Parts	80,871	2,292	83,163	4,173	75	4,248
Leasing & Services	27,333	2,286	29,619	12,280	2,272	14,552
Eliminations	–	(12,029)	(12,029)	–	(2,839)	(2,839)
Corporate	–	–	–	(22,085)	–	(22,085)
	$ 450,143	$ –	$ 450,143	$ 25,709	$ –	$ 25,709

Three months ended February 28, 2021:
	Revenue			Earnings (loss) from operations
	External	Intersegment	Total	External	Intersegment	Total
Manufacturing	$ 202,094	$ 2,425	$ 204,519	$ (17,216)	$ 100	$ (17,116)
Wheels, Repair & Parts	71,623	1,603	73,226	2,433	(14)	2,419
Leasing & Services	21,905	1,113	23,018	6,420	634	7,054
Eliminations	–	(5,141)	(5,141)	–	(720)	(720)
Corporate	–	–	–	(17,364)	–	(17,364)
	$ 295,622	$ –	$ 295,622	$ (25,727)	$ –	$ (25,727)

	Total assets
	May 31, 2021	February 28, 2021
Manufacturing	$ 1,413,590	$ 1,313,819
Wheels, Repair & Parts	265,847	277,788
Leasing & Services	878,743	851,546
Unallocated, including cash	651,987	616,212
	$ 3,210,167	$ 3,059,365

THE GREENBRIER COMPANIES, INC.
Supplemental Information (In thousands, excluding backlog and delivery units, unaudited)

Reconciliation of Net earnings (loss) to Adjusted EBITDA

	Three Months Ended
	May 31, 2021	February 28, 2021
Net earnings (loss)	$ 20,035	$ (13,921)
Interest and foreign exchange	10,204	9,568
Income tax benefit	(6,914)	(21,752)
Depreciation and amortization	24,769	24,822
Net loss on extinguishment of debt	4,763	–
Adjusted EBITDA	$ 52,857	$ (1,283)

Reconciliation of Net earnings (loss) attributable to Greenbrier to Adjusted net earnings (loss) attributable to Greenbrier

	Three Months Ended
	May 31, 2021	February 28, 2021
Net earnings (loss) attributable to Greenbrier	$ 19,737	$ (9,065)
Net loss on extinguishment of debt, net of tax ⁽¹⁾	3,596	–
Adjusted net earnings (loss) attributable to Greenbrier	$ 23,333	$ (9,065)


⁽¹⁾	Net of tax of $1,167

Reconciliation of Diluted earnings (loss) per share to Adjusted diluted earnings (loss) per share

	Three Months Ended
	May 31, 2021	February 28, 2021
Diluted earnings (loss) per share	$ 0.59	$ (0.28)
Net loss on extinguishment of debt, net of tax	0.10	–
Adjusted diluted earnings (loss) per share	$ 0.69	$ (0.28)
Weighted average shares outstanding	33,605	32,810

“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release may contain forward-looking statements, including any statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as “adjust,” “allow,” “anticipate,” “continue,” “estimate” “expect,” “goal,” “intend,” “maintain,” “outlook,” “position,” “prepare,” “reduce,” “will,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about backlog, leasing performance, financing, and future liquidity and cash flow as well as other information regarding future performance and strategies and appear throughout this press release including in the headlines and the sections titled “Third Quarter Highlights,” “Business Update & Outlook” and “Supplemental Leasing Information.” These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following. (1) We are unable to predict when, how, or with what magnitude COVID-19, variants thereof, and governmental reaction thereto, and related economic disruptions will negatively impact our business: we may be prevented from operating our facilities; the operations of our customers may be disrupted increasing the likelihood that our customers may attempt to delay, defer or cancel orders, or cease to operate as going concerns; the operations of our suppliers may be disrupted; our indebtedness may increase; we may breach the covenants in our credit agreement; the market price of our common stock may drop or remain volatile; we may incur significant employee health care costs under our self-insurance programs. We may not be able to effectively participate in the economic recovery following the pandemic, if any. The longer the pandemic continues, the more likely that negative impacts on our business will occur, some of which we cannot now foresee. (2) Our backlog of railcar units and marine vessels is not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. Customers may attempt to cancel or modify orders or refuse to accept and pay for products. The likelihood of cancellations, modifications, rejection and non-payment for our products generally increases during periods of market weakness. The timing of converting backlog to revenue is also materially impacted by our decision whether to lease railcars, sell railcars, or syndicate railcars with a lease attached to an investor. (3) Our joint ventures, including our leasing joint venture, may not perform as anticipated or expected. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company’s filings with the SEC, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic report on Form 10-K and subsequent reports on 10-Q. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof.

Adjusted Financial Metric Definitions

Adjusted EBITDA, Adjusted net earnings (loss) attributable to Greenbrier and Adjusted diluted EPS are not financial measures under generally accepted accounting principles (GAAP). These metrics are performance measurement tools used by rail supply companies and Greenbrier. You should not consider these metrics in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because these metrics are not a measure of financial performance under GAAP and are susceptible to varying calculations, the measures presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define Adjusted EBITDA as Net earnings (loss) before Interest and foreign exchange, Income tax benefit (expense), Depreciation and amortization and excluding the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe the presentation of Adjusted EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s core business. We believe this assists in comparing our performance across reporting periods.

Adjusted net earnings (loss) attributable to Greenbrier and Adjusted diluted EPS excludes the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe this assists in comparing our performance across reporting periods.

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SOURCE Greenbrier Companies, Inc.