Market Newsdesk

BOSTON, May 03, 2021 (GLOBE NEWSWIRE) — Paratek Pharmaceuticals, Inc. (Nasdaq: PRTK), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel life-saving therapies for life-threatening diseases and other public health threats for civilian, government and military use, today announced that on April 30, 2021, the Company granted stock options to seven new employees of the Company. These awards were granted pursuant to the Paratek Pharmaceuticals, Inc. 2017 Inducement Plan, as amended, which was approved by the Company’s board of directors on June 15, 2017, under Rule 5635(c)(4) of the NASDAQ Listing Rules, for equity grants to employees entering into employment or returning to employment after a bona fide period of non-employment with the Company, as an inducement material to such individuals entering into employment with the Company.

The stock options are to acquire, in the aggregate, 14,100 shares of the Company’s common stock at a per share exercise price of $7.65, the closing sales price on April 30, 2021, and shall vest over a four-year vesting period, under which 25% of the shares will vest after 12 months of employment, with the remaining shares vesting monthly thereafter over the remaining 36-month period, subject to the employee’s continuous service. The stock options are subject to the terms and conditions of the Paratek Pharmaceuticals, Inc. 2017 Inducement Plan, as amended, and the terms and conditions of the stock option agreement covering each grant.

About Paratek Pharmaceuticals, Inc.

Paratek Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel life-saving therapies for life-threatening diseases and other public health threats for civilian, government and military use.

The company’s lead commercial product, NUZYRA® (omadacycline), is a once-daily oral and intravenous antibiotic available in the U.S. for the treatment of adults with community-acquired bacterial pneumonia and acute bacterial skin and skin structure infections. Paratek has a collaboration agreement with Zai Lab for the development and commercialization of omadacycline in the greater China region and retains all remaining global rights.

Paratek exclusively licensed U.S. rights and rights to the greater China territory for SEYSARA® (sarecycline), a once-daily oral therapy for the treatment of moderate to severe acne vulgaris, to Almirall, LLC, or Almirall. Paratek retains the development and commercialization rights for sarecycline in the rest of the world.

In 2019, Paratek was awarded a contract from the Biomedical Advanced Research and Development Authority (BARDA) to support the development of NUZYRA for the treatment of pulmonary anthrax.

For more information, visit www.ParatekPharma.com or follow @ParatekPharma on Twitter.

About NUZYRA®
NUZYRA (omadacycline) is a novel antibiotic with both once-daily oral and intravenous formulations for the treatment of community-acquired bacterial pneumonia (CABP) and acute bacterial skin and skin structure infections (ABSSSI). A modernized tetracycline, NUZYRA is specifically designed to overcome tetracycline resistance and exhibits activity across a spectrum of bacteria, including Gram-positive, Gram-negative, atypicals, and other drug-resistant strains.

Please see full Prescribing Information for NUZYRA at www.NUZYRA.com.

For more information, visit www.ParatekPharma.com or follow @ParatekPharma on Twitter.

CONTACT:
Investor and Media Relations:     
Ben Strain     
617-807-6688     
[email protected]

STAMFORD, Conn., May 03, 2021 (GLOBE NEWSWIRE) — Cara Therapeutics, Inc. (Nasdaq: CARA), a biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus by selectively targeting peripheral kappa opioid receptors, today announced that the Company will host a conference call and live audio webcast on Monday, May 10, 2021 at 4:30 p.m. ET to report first quarter 2021 financial results and provide a corporate update.

To participate in the conference call, please dial (855) 445-2816 (domestic) or (484) 756-4300 (international) and refer to conference ID 5789617. A live webcast of the call can be accessed under “Events & Presentations” in the News & Investors section of the Company’s website at www.CaraTherapeutics.com.

An archived webcast recording will be available on the Cara website beginning approximately two hours after the call.

About Cara Therapeutics

Cara Therapeutics is a clinical-stage biopharmaceutical company focused on developing and commercializing new chemical entities designed to alleviate pruritus by selectively targeting peripheral kappa opioid receptors, or KORs. Cara is developing a novel and proprietary class of product candidates, led by KORSUVA™ (CR845/difelikefalin), a first-in-class KOR agonist that targets the body’s peripheral nervous system, as well as certain immune cells. In two Phase 3 trials, KORSUVA Injection has demonstrated statistically significant reductions in itch intensity and concomitant improvement in quality of life measures in hemodialysis patients with moderate-to-severe chronic kidney disease-associated pruritus (CKD-aP). The U.S. Food and Drug Administration (FDA) has accepted and granted Priority Review for the New Drug Application (NDA) for KORSUVA™ (difelikefalin) solution for injection for the treatment of moderate-to-severe pruritus in hemodialysis patients. The PDUFA target action date for KORSUVA is August 23, 2021. Oral KORSUVA™ has completed Phase 2 trials for the treatment of pruritus in patients with CKD and AD and is currently in Phase 2 trials in primary biliary cholangitis and notalgia paresthetica patients with moderate-to-severe pruritus.

The FDA has conditionally accepted KORSUVA™ as the trade name for difelikefalin injection. CR845/difelikefalin is an investigational drug product and its safety and efficacy have not been fully evaluated by any regulatory authority.

MEDIA CONTACT:

Claire LaCagnina
6 Degrees
315-765-1462
[email protected]

INVESTOR CONTACT:

Janhavi Mohite
Stern Investor Relations, Inc.
212-362-1200
[email protected]

All financial figures are in Canadian dollars unless otherwise noted

CALGARY, Alberta, May 03, 2021 (GLOBE NEWSWIRE) — Gibson Energy Inc. announced today its financial and operating results for the three months ended March 31, 2021.

“We are very pleased with the solid start to 2021, with our Infrastructure segment performing in-line with our expected run-rate on a normalized basis and Marketing slightly above our initial outlook,” said Steve Spaulding, President and Chief Executive Officer.  “Importantly, since the start of the year, we have resumed our commercial discussions with customers, having already entered into a long-term MSA with our largest customer at the Edmonton Terminal and sanctioned the related Biofuels Blending Project under a 25-year term.  We continue to advance other opportunities, including tankage at both Hardisty and Edmonton as well as for additional capacity at the DRU.  Since the start of the year, we have also significantly progressed our Sustainability and ESG practice by establishing expanded Sustainability and ESG targets with the ambition of remaining a leader relative to our peers.”

Financial Highlights:

• Revenue of $1,610 million in the first quarter, a $151 million or 10% increase over the first quarter of 2020, a result of higher volumes and commodity prices from the Marketing Segment
• Infrastructure Adjusted EBITDA⁽¹⁾ of $109 million in the first quarter, a $14 million or 14% increase over the first quarter of 2020, due to additional tankage in service at Hardisty and the benefit of a $7 million reversal of an accrual in the current quarter
• Marketing Adjusted EBITDA of $3 million in the first quarter, a $29 million decrease over the first quarter of 2020, driven by reduced margins as well as limited opportunities within the Crude Marketing business and reduced sales volumes in the Refined Products business in the current quarter
• Adjusted EBITDA on a consolidated basis of $103 million, a $15 million or 12% decrease over the first quarter of 2020, due to the factors discussed above with G&A comparable between the two periods
• Net Income of $33 million in the first quarter, a $17 million or 34% decrease over the first quarter of 2020, a result of the factors described above, partly offset by lower income tax expense in the current quarter
• Distributable cash flow of $64 million in the first quarter, a $22 million or 26% decrease over the first quarter of 2020, due to a decreased contribution from the Marketing segment being only partly offset by an increase in the Infrastructure segment
• Payout ratio on a trailing twelve-month basis of 72%, at the bottom end of Gibson’s 70% – 80% target range
• Maintained a strong financial position, with Net Debt to Pro Forma Adjusted EBITDA at March 31, 2021 of 3.1x, within the Company’s 3.0x – 3.5x target range, and remain fully-funded for all sanctioned capital

Strategic Developments and Highlights:

• Entered into a long-term agreement with Suncor Energy Inc. for services at the Company’s Edmonton Terminal, and sanctioned the related Biofuels Blending Project on a fixed-fee basis and a 25-year term to facilitate the storage, blending and transportation of renewable diesel
• Continued to progress the construction of the DRU, which remains on-budget and on-schedule for a mid-year commissioning and start of operations
• Established expanded Sustainability and ESG targets focused around reducing GHG emissions, diversity and inclusion, health and safety as well as community impact as the near-term priorities, with an overarching goal of being a Sustainability and ESG leader relative to Gibson’s peers
• Recognized for its Sustainability and ESG efforts by MSCI ESG Research LLC through their assignment of an “AA” rating of Gibson, which would represent the highest ranking among the Company’s North American peer group
• Subsequent to the end of the quarter, became the first public energy company in North America to fully transition its principal syndicated credit facility into one with sustainability-linked terms, while extending the maturity of the $750 million facility to a full five years into 2026

(1)

Adjusted Earnings before Interest, Tax, Depreciation and Amortization and other adjustments (“Adjusted EBITDA”), Distributable Cash Flow, Interest Coverage Ratio and Dividend Payout Ratio are non-GAAP measures as noted in the section titled “Non-GAAP Financial Measures” section in Gibson’s Management Discussion and Analysis for the three months ended March 31, 2021 (“MD&A”). The applicable definitions and reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are set out in the “Non-GAAP Financial Measures” section of the MD&A. Effective Q1 2021, the Company has updated the manner in which it determines Adjusted EBITDA and prior period comparative figures have been restated to conform to this new presentation. See “Adjusted EBITDA” in this news release and “Non-GAAP Financial Measures” in the MD&A for the definition and reconciliations of Adjusted EBITDA.

Management’s Discussion and Analysis and Financial Statements

The 2021 first quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months ended March 31, 2021, as compared to the three months ended March 31, 2020. These documents are available at www.gibsonenergy.com and at www.sedar.com. 

2021 First Quarter Results Conference Call

A conference call and webcast will be held to discuss the 2021 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, May 4, 2021.

The conference call dial-in numbers are:

• 416-764-8659 / 1-888-664-6392
• Conference ID: 46003156

This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

• https://produceredition.webcasts.com/starthere.jsp?ei=1449861&tp_key=3f6112be3b 

The webcast will remain accessible for a 12-month period at the above URL. Additionally, a digital recording will be available for replay two hours after the call’s completion until May 19, 2021, using the following dial-in numbers:

• 416-764-8677 / 1-888-390-0541
• Replay Entry Code: 137278#

Annual General Meeting & Webcast Details

Gibson is holding its annual meeting of shareholders on Tuesday, May 4, 2021 at 10:00am Mountain Time (12:00 noon Eastern Time). In light of the continued public health concerns regarding COVID-19, shareholders will not be able to attend the meeting in person as it will be held as a virtual-only meeting conducted via live audio webcast. Shareholders will have an equal opportunity to participate at the virtual-only meeting regardless of their geographic location. Participants are encouraged to register for the live audio webcast at least 10 minutes prior to the presentation start time.

Following the conclusion of the formal proceedings of Gibson’s annual shareholder meeting, Mr. Steve Spaulding, President and Chief Executive Officer, will address shareholders and provide brief remarks on the current state of the business and discuss the highlights of the Company’s key initiatives.

The live audio webcast can be accessed using the following URL:

• https://web.lumiagm.com/433617842 
• Password: gibson2021

Additionally, information and materials related to the annual general meeting of shareholders can be accessed using the following URL:

• https://www.gibsonenergy.com/investors/shareholder-information/2021-annual-special-meeting-of-shareholders/ 

The webcast will remain accessible for a 12-month period at the above URL.

Supplementary Information

Gibson has also made available certain supplementary information regarding the 2021 first quarter financial and operating results, available at www.gibsonenergy.com. 

About Gibson

Gibson Energy Inc. (“Gibson” or the “Company”), (TSX: GEI) is a Canadian-based oil infrastructure company with its principal businesses consisting of the storage, optimization, processing, and gathering of crude oil and refined products. Headquartered in Calgary, Alberta, the Company’s operations are focused around its core terminal assets located at Hardisty and Edmonton, Alberta, and also include the Moose Jaw Facility and an infrastructure position in the U.S.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com. 

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information and statements (collectively, “forward-looking statements”). These statements relate to future events or future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “anticipate”, “target”, “ambition”, “remain” “continue”, “expect”, “extend”, “may”, “will”, “progress”, “should”, “would”, and “long-term” and similar expressions are intended to identify forward-looking statements. Forward-looking statements included or referred to in this press release include, but are not limited to, statements with respect to: Gibson’s Sustainability and ESG targets; Gibson’s position as an ESG industry leader; Gibson’s ESG rankings relative to its peers; long-term agreements and the fees payable thereunder; the anticipated commissioning of Gibson’s Hardisty DRU Project and the timing thereof; the maturity date of Gibson’s credit facilities and terms thereof; and Gibson’s annual general meeting.

The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future operating and financial results; general economic and industry trends; future growth in world-wide demand for crude oil and petroleum products; commodity prices; no material defaults by the counterparties to agreements with Gibson; Gibson’s ability to obtain qualified and diverse personnel, owner-operators, lease operators and equipment in a timely and cost-efficient manner or at all; the regulatory framework governing taxes and environmental matters in the jurisdictions in which Gibson conducts and will conduct its business; changes in credit ratings applicable to Gibson; operating and borrowing costs, including those associated with Gibson’s Sustainability programs; the energy transition that is underway as the world shifts toward a lower carbon economy; a maintained industry focus on ESG; Gibson’s ability to achieve its Sustainability and ESG targets and the timing thereof; future capital expenditures to be made by Gibson; Gibson’s ability to obtain financing for its capital programs on acceptable terms; the ability of Gibson to place assets into service as currently planned and scheduled; the Company’s future debt levels; the impact of increasing competition on the Company; the impact of changes in government policies on Gibson; the impact of future changes in accounting policies on the Company’s consolidated financial statements; the impact of the COVID-19 pandemic, including related government responses thereto, on demand for crude oil and petroleum products and Gibson’s operations generally; expectations regarding the sources of funding of growth initiatives; Gibson’s ability to generate sufficient cash flow to meet Gibson’s current and future obligations; Gibson’s dividend policy; product supply and demand; the Company’s ability to successfully implement the plans and programs disclosed in Gibson’s strategy and other assumptions inherent in management’s expectations in respect of the forward-looking statements identified herein.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Gibson believes these statements to be reasonable, no assurance can be given that the results or events anticipated in these forward-looking statements will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. Actual results or events could differ materially from those anticipated in these forward-looking statements as a result of, among other things, risks inherent in the businesses conducted by Gibson; the effect of COVID-19 and governmental responses thereto on Gibson’s business; the severity, transmission rate and resurgence of the COVID-19 virus or any variants thereof; the timing, extent and effectiveness of containment actions, including the approval, availability, effectiveness and distribution rate of vaccines; the speed and extent to which normal economic and operating conditions resume worldwide; the uncertainty of the pace and magnitude of the energy transition and the variation between jurisdictions; competitive factors and economic conditions in the industries in which Gibson operates; prevailing global and domestic financial market and economic conditions; changes in credit ratings applicable to Gibson; world-wide demand for crude oil and petroleum products; volatility of commodity prices, currency and interest rates fluctuations; product supply and demand; operating and borrowing costs and the accuracy of cost estimates, including those associated with Gibson’s ESG and Sustainability programs; the effect of reductions or increases in Gibson’s borrowing costs; exposure to counterparties and partners, including ability and willingness of such parties to satisfy contractual obligations in a timely manner; future capital expenditures; capital expenditures by oil and gas companies; production of crude oil; decommissioning, abandonment and reclamation costs; changes to Gibson’s business plans or strategy; Gibson’s ability to access various sources of debt and equity capital, generally, and on terms acceptable to Gibson; changes in government policies, laws and regulations, including environmental and tax laws and regulations; competition for employees and other personnel, equipment, material and services related thereto; dependence on certain key suppliers and key personnel; reputational risks; acquisition and integration risks; risks associated with the Hardisty DRU project; capital project delivery and success; risks associated with Gibson’s use of technology, including attacks by hackers and/or cyberterrorists or breaches due to employee error, malfeasance or other disruptions, and any increased risk associated with increased remote access to Gibson’s systems; ability to obtain regulatory approvals necessary for the conduct of Gibson’s business; the availability and cost of employees and other personnel, equipment, materials and services; labour relations; seasonality and adverse weather conditions, including its impact on product demand, exploration, production and transportation; inherent risks associated with the exploration, development, production and transportation of crude oil and petroleum products; litigation risk; and political developments around the world, including the areas in which Gibson operates, many of which are beyond the control of Gibson.

Readers are cautioned that the foregoing lists are not exhaustive. For an additional discussion of material risk factors relating to Gibson and its operations, please refer to those included in Gibson’s Annual Information Form dated February 22, 2021 and in other documents Gibson files from time to time with securities regulatory authorities, available on SEDAR at sedar.com and on the Gibson website at www.gibsonenergy.com. These statements speak only as of the date of this press release. Gibson does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Information on, or connected to, the Gibson’s website at www.gibsonenergy.com does not form part of this press release.

Non-GAAP Measures

This news release refers to certain financial measures that are not determined in accordance with GAAP. Adjusted EBITDA, dividend payout ratio, interest coverage ratio and distributable cash flow are not measures recognized under IFRS and do not have standardized meanings prescribed by IFRS and, therefore, may not be comparable to similar measures reported by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

Readers are encouraged to evaluate each adjustment and the reasons the Company considers it appropriate for supplemental analysis. Readers are cautioned, however, that these measures should not be construed as an alternative to net income, cash flow from operating activities, segment profit, gross profit or other measures of financial results determined in accordance with IFRS as an indication of the Company’s performance.

For further information, please contact:

Mark Chyc-Cies
Vice President, Strategy, Planning & Investor Relations
Phone:		(403) 776-3146
Email:		[email protected]

Select Financial Information

	Three months ended March 31,
($ thousands, except where noted)	2021		2020		Change
Revenue	1,609,732		1,458,690		151,042
Segment Profit	115,109		134,111		(19,002	)
Adjusted EBITDA(1,2)	103,062		117,686		(14,624	)
Net income	32,777		50,003		(17,226	)
Cash flow from operating activities	43,577		155,699		(112,122	)
Distributable cash flow(1)	63,753		85,952		(22,199	)
Growth capital including equity investments	28,519		58,932		(30,413	)
Basic income per share ($/share)	0.22		0.34		(0.12	)
Diluted income per share ($/share)	0.22		0.34		(0.12	)
Dividends declared	51,266		49,711		1,555
Dividends ($/share)	0.35		0.34		0.01
	Trailing twelve months ended March 31,
	2021		2020		Change
Ratios (1)
Debt to capitalization ratio	47	%	48	%	(1	%)
Interest coverage ratio	8.7		7.0		1.7
Dividend payout ratio	72	%	62	%	10	%

(1)		Adjusted EBITDA, Distributable Cash Flow, Interest Coverage Ratio and Dividend Payout Ratio are non-GAAP measures as defined in the section entitled “Non-GAAP Financial Measures” in the MD&A.
(2)		Effective Q1 2021, the Company has updated the manner in which it determines Adjusted EBITDA and prior period comparative figures have been restated to conform to this new presentation. See “Adjusted EBITDA” in this news release and “Non-GAAP Financial Measures” in the MD&A for the definition and reconciliations of Adjusted EBITDA.

Adjusted EBITDA

Adjusted EBITDA is defined as earnings before net interest, tax, depreciation, amortization and impairment charges, and specific non-cash charges, including but not limited to unrealized gain/loss on derivative financial instruments, stock based compensation, adjustment for equity accounted investees (to remove non-cash charges), and corporate foreign exchange gain/loss. These adjustments are made to exclude non-cash charges and other items that are not reflective of ongoing earning capacity of the operations.

Effective Q1 2021, the Company has updated the definition of Adjusted EBITDA to remove the corporate foreign exchange gains / losses and interest income, while adding an adjustment for equity accounted investees to remove the depreciation, amortization and other non-cash items that are not reflective of the ongoing earnings capacity of the operations. In accordance with IFRS, certain jointly controlled investments are accounted for using equity method accounting whereby the assets and liabilities of the investment are presented in a single line item in the consolidated balance sheet and net earnings from investments in equity accounted investees are recognized within the infrastructure segment profit or within the gross profit in the statement of operations. Cash contributions and distributions from investments in equity accounted investees represent the Company’s share paid and received in the period to and from the investments in equity accounted investees. To assist in understanding and evaluating the performance of these investments, the Company adjusts for it’s proportionate share of select non-cash expenses, included in equity accounted investees in Adjusted EBITDA.

Prior period comparative figures have been restated in accordance with the updated definition of Adjusted EBITDA set out above.

Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated Adjusted EBITDA for the three months ended March 31, 2021 and 2020:

Three months ended March 31	Infrastructure			Marketing				Corporate & Adjustments				Total
($ thousands)	2021	2020 (1)		2021		2020 (1)		2021		2020 (1)		2021		2020 (1)
Segment Profit	108,275	98,072		6,834		36,039		–		–		115,109		134,111
Unrealized (gain) on derivative financial instruments	–	–		(3,584	)	(4,262	)	–		–		(3,584	)	(4,262	)
General and administrative	–	–		–		–		(8,732	)	(8,923	)	(8,732	)	(8,923	)
Adjustments to share of profit from equity accounted investees	269	(3,240	)	–		–		–		–		269		(3,240	)
Adjusted EBITDA (1)	108,544	94,832		3,250		31,777		(8,732	)	(8,923	)	103,062		117,686

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

	Three Months ended March 31,
($ thousands)	2021		2020 (1)
Net Income	32,777		50,003
Income tax expense	8,084		17,317
Depreciation, amortization, and impairment charges	41,284		40,137
Net finance costs	14,988		19,332
Unrealized gain on derivative financial instruments	(3,584	)	(4,262	)
Stock based compensation	8,952		6,025
Adjustments to share of profit from equity accounted investees	269		(3,240	)
Corporate foreign exchange loss (gain)	292		(7,626	)
Adjusted EBITDA (1)	103,062		117,686

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

Noted below is the reconciliation to the most directly comparable GAAP measure of the Company’s consolidated Adjusted EBITDA, as restated, for the last three years:

	Years ended December 31,
($ thousands)	2020 (1)		2019 (1)		2018 (1)
Net Income	121,309		176,339		81,125
Income tax expense	29,369		20,573		55,613
Depreciation, amortization, and impairment charges	169,422		175,094		217,693
Net finance costs	96,420		78,545		78,492
Unrealized loss (gain) on derivative financial instruments	9,618		(2,661	)	(1,197	)
Stock based compensation	21,144		14,562		19,124
Adjustments to share of profit from equity accounted investees	(669	)	828		–
Non-cash (gain) loss on disposition of businesses	–		(4,990	)	4,974
Corporate foreign exchange (gain) loss	(1,698	)	3,961		(2,089	)
Adjusted EBITDA (1)	444,915		462,251		453,735

(1)   Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

Noted below is the reconciliation to the most directly comparable closest GAAP measure for the Company’s consolidated Adjusted EBITDA, as restated, and comparative information for the addition of Adjusted EBITDA for each of the Infrastructure and Marketing segments as follows:

	Year ended December 31, 2020(1)
($ thousands)	Infrastructure		Marketing	Corporate & Adjustments		Consolidated
Segment Profit	374,424		94,623	–		469,047
General and administrative	–		–	(33,081	)	(33,081	)
Unrealized loss on financial instruments	–		9,618	–		9,618
Adjustments to share of profit from equity accounted investees	(669	)	–	–		(669	)
Adjusted EBITDA (1)	373,755		104,241	(33,081	)	444,915

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

	Year ended December 31, 2019(1)
($ thousands)	Infrastructure	Marketing		Corporate & Adjustments		Consolidated
Segment Profit	299,140	195,110		–		494,250
General and administrative	–	–		(30,166	)	(30,166	)
Unrealized (gain) on financial instruments	–	(2,661	)	–		(2,661	)
Adjustments to share of profit from equity accounted investees	828	–		–		828
Adjusted EBITDA (1)	299,968	192,449		(30,166	)	462,251

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

   

	Year ended December 31, 2018(1)
($ thousands)	Infrastructure	Marketing		Corporate & Adjustments		Consolidated
Segment Profit	283,489	203,598		–		487,087
General and administrative	–	–		(32,155	)	(32,155	)
Unrealized (gain) on financial instruments	–	(1,197	)			(1,197	)
Adjusted EBITDA (1)	283,489	202,401		(32,155	)	453,735

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

Noted below is the reconciliation to the most directly comparable GAAP measure for the addition of Adjusted EBITDA for the Marketing segment for the past eight quarters:

Infrastructure	2021		2020(1)						2019(1)
($ thousands)	Q1		Q4	Q3	Q2		Q1		Q4	Q3	Q2
Segment Profit	108,275		93,239	93,267	89,846		98,072		85,677	81,527	57,348
Adjustments to share of profit from equity accounted investees	269		503	2,662	(594	)	(3,240	)	828	–	–
Adjusted EBITDA (1)	108,544		93,742	95,929	89,252		94,832		86,505	81,527	57,348

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

Noted below is the reconciliation to the closest GAAP measure for the addition of Adjusted EBITDA for the Marketing segment for the past eight quarters:

Marketing	2021		2020(1)							2019(1)
($ thousands)	Q1		Q4		Q3		Q2	Q1		Q4	Q3		Q2
Segment Profit	6,834		(8,894	)	23,437		44,041	36,039		46,338	49,690		37,896
Unrealized (gain) / loss on financial instruments	(3,584	)	4,874		(10,594	)	19,600	(4,262	)	6,315	(12,246	)	6,700
Adjusted EBITDA (1)	3,250		(4,020	)	12,843		63,641	31,777		52,653	37,444		44,596

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

Noted below are the reconciliation to the most directly comparable GAAP measures for the consolidated Adjusted EBITDA for the past eight quarters:

Consolidated	2021		2020(1)								2019(1)
($ thousands)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2
Segment Profit	115,109		84,345		116,704		133,887		134,111		132,015		131,217		95,244
Unrealized (gain) / loss on financial instruments	(3,584	)	4,874		(10,594	)	19,600		(4,262	)	6,315		(12,246	)	6,700
General and administrative	(8,732	)	(7,834	)	(7,947	)	(8,377	)	(8,923	)	(11,598	)	2,562		(10,189	)
Adjustments to share of profit from equity accounted investees	269		503		2,662		(594	)	(3,240	)	828		–		–
Adjusted EBITDA (1)	103,062		81,888		100,825		144,516		117,686		127,560		121,623		91,755

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

 

Consolidated Adjusted EBITDA	2021		2020(1)								2019(1)
($ thousands)	Q1		Q4		Q3		Q2		Q1		Q4		Q3		Q2
Net income	32,777		12,442		17,550		41,314		50,003		37,444		45,525		34,693
Income tax expense	8,084		(2,951	)	1,514		13,489		17,317		4,323		18,106		(12,103	)
Depreciation, amortization, and impairment charges	41,284		44,566		44,416		40,303		40,137		56,758		40,959		40,167
Net finance costs	14,988		15,694		38,063		23,331		19,332		17,621		23,444		19,875
Unrealized (gain) / loss on derivative financial instruments	(3,584	)	4,874		(10,594	)	19,600		(4,262	)	6,315		(12,246	)	6,700
Stock based compensation	8,952		5,726		4,683		4,710		6,025		5,021		4,749		4,186
Adjustments to share of profit from equity accounted investees	269		503		2,662		(594	)	(3,240	)	828		–		–
Non-cash gain on disposition of business	–		–		–		–		–		(2,246	)	–		–
Corporate foreign exchange loss (gain)	292		1,034		2,531		2,363		(7,626	)	1,496		1,086		(1,763	)
Adjusted EBITDA (1)	103,062		81,888		100,825		144,516		117,686		127,560		121,623		91,755

 

(1)

Adjusted EBITDA for the periods prior to March 31, 2021 has been restated on the basis described above. See “Non-GAAP Financial Measures” in the MD&A.

UTRECHT, The Netherlands and CAMBRIDGE, Mass., May 03, 2021 (GLOBE NEWSWIRE) — Merus N.V. (Nasdaq: MRUS) (“Merus”, “the Company”, “we”, or “our”), a clinical-stage oncology company developing innovative, full-length multispecific antibodies (Biclonics® and Triclonics®), today announced that the first patient has been treated in its phase 1/2 dose escalation and expansion trial evaluating MCLA-129 for the treatment of patients with advanced non-small cell lung cancer (NSCLC) and other solid tumors. MCLA-129 is a Biclonics®, which binds to EGFR and c-MET. EGFR is an important oncogenic driver in many cancers, and upregulation of c-MET signaling has been associated with resistance to EGFR inhibition.

“The initiation of our phase 1/2 trial of MCLA-129 is an important step in our goal to provide meaningful treatments to patients with cancer, including NSCLC,” said Dr. Andrew Joe, Chief Medical Officer of Merus. “Despite the successes with targeted therapies, patients will often develop resistance to currently approved treatments. Based on our preclinical data and other data, we are excited to investigate MCLA-129 as a potential new treatment option for patients with lung and other cancers, especially those that do not respond to EGFR inhibitors.”

The phase 1/2, open-label clinical trial of MCLA-129 consists of dose escalation followed by dose expansion. Primary objectives of phase 1 are to determine the maximum tolerated dose and/or the recommended phase 2 dose, and the objectives of phase 2 are to evaluate safety, tolerability and potential clinical activity of the recommended phase 2 dose in patients with advanced solid tumors.

More details of the trial can be found at clinicaltrials.gov.

MCLA-129 is the subject of a collaboration agreement between Merus and Betta Pharmaceuticals Co. Ltd. (Betta). In January 2019, Merus and Betta announced this strategic collaboration to develop MCLA-129, where Merus granted Betta an exclusive license to develop and potentially commercialize MCLA-129 in China, with Merus retaining all rights outside of China. In January 2021, Betta announced that the Chinese National Medical Product Administration accepted its Investigational New Drug application of MCLA-129 injection.

About MCLA-129

MCLA-129 is an antibody-dependent cellular cytotoxicity-enhanced Biclonics® that is designed to inhibit the EGFR and c-MET signaling pathways in solid tumors. Preclinical data have shown that MCLA-129 can effectively treat TKI-resistant NSCLC in xenograft models of cancer. MCLA-129 is designed to have two complementary mechanisms of action: blocking growth and survival pathways to stop tumor expansion and recruitment and enhancement of immune effector cells to eliminate the tumor.

About Merus N.V.

Merus is a clinical-stage oncology company developing innovative full-length human bispecific and trispecific antibody therapeutics, referred to as Multiclonics®. Multiclonics® are manufactured using industry standard processes and have been observed in preclinical and clinical studies to have several of the same features of conventional human monoclonal antibodies, such as long half-life and low immunogenicity. For additional information, please visit Merus’ website and Twitter.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation, statements regarding the design and treatment potential of our bispecific antibody candidate, MCLA-129, the clinical study design and objectives of the phase 1/2 study, our goal to provide meaningful treatments to patients with cancer, including NSCLC the preclinical data; our belief of the potential benefit of MCLA-129 as a potential new treatment option for patients with lung and other cancers, especially those that do not respond to EGFR inhibitors; and the impact and benefit, if any, from our collaboration with Betta, or Betta’s development of MCLA-129 in China. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our need for additional funding, which may not be available and which may require us to restrict our operations or require us to relinquish rights to our technologies or antibody candidates; potential delays in regulatory approval, which would impact our ability to commercialize our product candidates and affect our ability to generate revenue; the lengthy and expensive process of clinical drug development, which has an uncertain outcome; the unpredictable nature of our early stage development efforts for marketable drugs; potential delays in enrollment of patients, which could affect the receipt of necessary regulatory approvals; our reliance on third parties to conduct our clinical trials and the potential for those third parties to not perform satisfactorily; impacts of the COVID-19 pandemic; we may not identify suitable Biclonics® or bispecific antibody candidates under our collaborations or our collaborators may fail to perform adequately under our collaborations; our reliance on third parties to manufacture our product candidates, which may delay, prevent or impair our development and commercialization efforts; protection of our proprietary technology; our patents may be found invalid, unenforceable, circumvented by competitors and our patent applications may be found not to comply with the rules and regulations of patentability; we may fail to prevail in potential lawsuits for infringement of third-party intellectual property; and our registered or unregistered trademarks or trade names may be challenged, infringed, circumvented or declared generic or determined to be infringing on other marks. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2020 filed with the Securities and Exchange Commission, or SEC, on March 16, 2021, and our other reports filed with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change, except as required under applicable law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Investor and Media Inquiries:
Kathleen Farren
Merus N.V.
Communication Specialist
617-230-4165
[email protected]

SANTA MONICA, Calif., May 03, 2021 (GLOBE NEWSWIRE) — Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ: OPNT), a specialty pharmaceutical company developing medicines for addictions and drug overdose, today announced it will report its financial results for the first quarter ended March 31, 2021, after the financial markets close on Tuesday, May 11, 2021.  

The Company’s management team is scheduled to host a conference call and webcast at 4:30 p.m. ET on Tuesday May 11, 2021. To access the call, please dial 877-407-0792 in the U.S. or 201-689-8263 outside the U.S. and provide the conference ID number: 13718590. To access the live webcast, please go to the investors section of Opiant’s website at http://ir.opiant.com/.   Following the live webcast, an archived version of the call will be available on the website.

Tuesday May 11 @ 4:30 pm ET
Domestic:	877-407-0792
International:	201-689-8263
Conference ID:	13718590
Webcast:	http://ir.opiant.com/

About Opiant Pharmaceuticals, Inc.

Opiant Pharmaceuticals, Inc., the company that developed NARCAN® Nasal Spray, is building a leading franchise of new medicines to combat addictions and drug overdose.
For more information visit: www.opiant.com.

For Media and Investor Inquiries:

Ben Atkins, Opiant
(310) 598-5410
[email protected] 

 

SANTA PAULA, Calif., May 03, 2021 (GLOBE NEWSWIRE) — Calavo Growers, Inc. (Nasdaq-GS: CVGW), a global leader in the avocado and value-added fresh food industries, today announced that it will release financial results for the second quarter ended April 30, 2021, after the market closes on Tuesday, June 8, 2021.

A conference call and audio webcast with analysts and investors will be held that afternoon at 5:00 p.m. Eastern Time/2:00 p.m. Pacific Time, to discuss the results and answer questions.

• Live conference call: 877-407-3982 (domestic) or 201-493-6780 (international) with conference ID: 13719525.
• Live and archived webcast will be available on the Events and Presentations page of Calavo’s investor relations website at http://ir.calavo.com.

About Calavo Growers, Inc.

Calavo Growers, Inc. is a global avocado-industry leader and provider of value-added fresh food serving retail grocery, foodservice, club stores, mass merchandisers, food distributors and wholesalers worldwide. The Company’s Fresh segment procures and markets fresh avocados and select other fresh produce, including tomatoes and papayas. The Renaissance Food Group (RFG) segment creates, markets and distributes a portfolio of healthy, fresh foods, including fresh-cut fruit, fresh-cut vegetables and prepared foods. The Foods segment manufactures and distributes guacamole and salsa. Founded in 1924, Calavo’s fresh food products are sold under the respected Calavo brand name as well as Garden Highway, Chef Essentials and several private label and store brands.

Investor Contact:
Financial Profiles, Inc.
Lisa Mueller, Senior Vice President
(310) 622-8231
[email protected]

MIDLAND, Tx., May 03, 2021 (GLOBE NEWSWIRE) — Viper Energy Partners LP (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2021.

FIRST QUARTER HIGHLIGHTS

• Previously announced Q1 2021 average production of 15,500 bo/d (26,066 boe/d)
• Q1 2021 cash distribution of $0.25 per common unit, representing approximately 60% of cash available for distribution; $0.42 per unit of cash available for distribution implies a 9.3% annualized distributable cash flow yield based on the April 30, 2021 unit closing price of $18.01
• Q1 2021 consolidated net income (including non-controlling interest) of $23.9 million; adjusted net income (as defined and reconciled below) of $40.4 million
• Consolidated adjusted EBITDA (as defined and reconciled below) of $73.5 million and cash available for distribution to Viper’s common units (as reconciled below) of $27.6 million
• Repurchased 869,965 common units in Q1 2021 for an aggregate of $13.0 million
• Ended the first quarter of 2021 with net debt of $525.2 million (as defined and reconciled below); total debt down $136.6 million since March 31, 2020, or an approximately 20% reduction over the past twelve months
• 134 total gross (2.5 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2021 with an average lateral length of 10,584 feet
• Initiating average daily production guidance for Q2 2021 and Q3 2021 of 15,000 to 16,000 bo/d (25,000 to 26,500 boe/d)
• Increasing full year 2021 average daily production guidance to 15,000 to 16,250 bo/d (25,000 to 27,000 boe/d)
• As of April 12, 2021, there were approximately 471 gross horizontal wells in the process of active development on Viper’s acreage, in which Viper expects to own an average 1.8% net royalty interest (8.7 net 100% royalty interest wells)
• Approximately 490 gross (8.7 net 100% royalty interest) line-of-sight wells that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third party operators’ permits
• Q4 2020 and Q1 2021 distributions reasonably estimated to not constitute dividends for U.S. federal income tax purposes; instead should generally constitute non-taxable reductions to the tax basis

“Viper produced a strong first quarter with both production and realized pricing exceeding expectations and, as a result, generated almost $55 million in net cash from operating activities. This strong cash flow generation, enhanced by our best-in-class cost structure, enabled us to reduce debt by $27 million during the quarter. We have now reduced total debt by over $136 million, or roughly 20%, over the past twelve months. As a direct result of this, and further supported by our confidence in our forward outlook, we are increasing our distribution to common unitholders to 60% of cash available for distribution for the first quarter of 2021, which continues to be supplemented by additional return of capital through our common unit repurchase program,” stated Travis Stice, Chief Executive Officer of Viper’s General Partner.

Mr. Stice continued, “In addition to increasing our distribution for the first quarter, Viper is also increasing its production outlook for the full year 2021. Our visibility into Diamondback’s expected forward development plan, which includes several large pads where Viper will own a significant royalty interest, underscores our confidence in this increased outlook as well as our ability to continue to generate meaningful free cash flow.”

FINANCIAL UPDATE

Viper’s first quarter 2021 average unhedged realized prices were $56.16 per barrel of oil, $2.77 per Mcf of natural gas and $22.42 per barrel of natural gas liquids, resulting in a total equivalent realized price of $41.14/boe.

During the first quarter of 2021, the Company recorded total operating income of $97.0 million and consolidated net income (including non-controlling interest) of $23.9 million.

As of March 31, 2021, the Company had a cash balance of $11.7 million. During the first quarter of 2021, Viper repaid $27.0 million of outstanding borrowings under its revolving credit facility and, as of March 31, 2021, had $523.0 million available for borrowing under this facility. Since the end of the first quarter of 2020, Viper reduced total debt by $136.6 million, or an approximately 20% reduction over this time period.

FIRST QUARTER 2021 CASH DISTRIBUTION & CAPITAL RETURN PROGRAM

The Board of Directors of Viper’s General Partner declared a cash distribution for the three months ended March 31, 2021 of $0.25 per common unit. The distribution is payable on May 20, 2021 to eligible common unitholders of record at the close of business on May 13, 2021. This distribution represents approximately 60% of total cash available for distribution.

On March 11, 2021, Viper made a cash distribution to its common unitholders and subsequently has reasonably estimated that such distribution, as well as the distribution payable on May 20, 2021, should not constitute dividends for U.S. federal income tax purposes. Rather, these distributions should generally constitute non-taxable reductions to the tax basis of each distribution recipient’s ownership interest in Viper. The Form 8937 containing additional information may be found on www.viperenergy.com under the “Investor Relations” section of the site.

During the first quarter of 2021, Viper repurchased 869,965 common units for an aggregate of $13.0 million. In total through March 31, 2021, the Company had repurchased 2,914,965 common units, utilizing approximately 37.0% of the $100.0 million approved by the Board for the repurchase program.

The repurchase program is authorized to extend through December 31, 2021 and the Company intends to purchase common units under the repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in open market or privately negotiated transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable legal requirements, contractual obligations and other factors. Any common units purchased as part of this program will be retired.

OPERATIONS AND ACQUISITIONS UPDATE

During the first quarter of 2021, Viper estimates that 134 gross (2.5 net 100% royalty interest) horizontal wells with an average royalty interest of 1.9% were turned to production on its existing acreage position with an average lateral length of 10,584 feet. Of these 134 gross wells, Diamondback is the operator of 50 gross wells with an average royalty interest of 4.2%, and the remaining 84 gross wells, with an average royalty interest of 0.5%, are operated by third parties.

During the first quarter of 2021, Viper did not complete any acquisitions or divestitures, leaving the Company’s footprint of mineral and royalty interests as of March 31, 2021 at 24,350 net royalty acres.

The following table summarizes Viper’s gross well information:

	Diamondback Operated			Third Party Operated			Total
Horizontal wells turned to production (first quarter 2021) (1) :
Gross wells	50			84			134
Net 100% royalty interest wells	2.1			0.4			2.5
Average percent net royalty interest	4.2	%		0.5	%		1.9	%
Horizontal producing well count (first quarter 2021):
Gross wells	1,191			3,514			4,705
Net 100% royalty interest wells	90.7			53.4			144.2
Average percent net royalty interest	7.6	%		1.5	%		3.1	%
Horizontal active development well count (as of April 12, 2021):
Gross wells	65			406			471
Net 100% royalty interest wells	5.8			2.9			8.7
Average percent net royalty interest	9.0	%		0.7	%		1.8	%
Line of sight wells (as of April 12, 2021):
Gross wells	101			389			490
Net 100% royalty interest wells	5.2			3.5			8.7
Average percent net royalty interest	5.1	%		0.9	%		1.8	%

(1) Average lateral length of 10,584.

There continues to be active development across Viper’s asset base with near-term activity expected to be driven primarily by Diamondback operations. The 471 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. The 490 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

GUIDANCE UPDATE

Below is Viper’s guidance for the full year 2021, as well as average production guidance for Q2 2021 and Q3 2021.

	Viper Energy Partners
Q2 2021 / Q3 2021 Net Production – MBo/d	15.00 – 16.00
Q2 2021 / Q3 2021 Net Production – MBoe/d	25.00 – 26.50
Full Year 2021 Net Production – MBo/d	15.00 – 16.25
Full Year 2021 Net Production – MBoe/d	25.00 – 27.00
Unit costs ($/boe)
Depletion	$9.50 – $10.50
Cash G&A	$0.60 – $0.80
Non-Cash Unit-Based Compensation	$0.10 – $0.25
Interest Expense(1)	$3.00 – $3.50
Production and Ad Valorem Taxes (% of Revenue) (2)	7%

(1)		Assumes actual interest expense for Q1 2021 plus expected interest for the remainder of 2021 assuming $480.0 million in principal of senior notes and $60.0 million drawn on the revolver.
(2)		Includes production taxes of 4.6% for crude oil and 7.5% for natural gas and NGLs and ad valorem taxes.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2021 on Tuesday, May 4, 2021 at 10:00 a.m. CT. Participants should call (844) 400-1537 (United States/Canada) or (703) 326-5198 (International) and use the confirmation code 1383663. A telephonic replay will be available from 1:00 p.m. CT on Tuesday, May 4, 2021 through Tuesday, May 11, 2021 at 1:00 p.m. CT. To access the replay, call (855) 859-2056 (United States/Canada) or (404) 537-3406 (International) and enter confirmation code 1383663. A live broadcast of the earnings conference call will also be available via the internet at www.viperenergy.com under the “Investor Relations” section of the site. A replay will also be available on the website following the call.

About Viper Energy Partners LP

Viper is a limited partnership formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com. 

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com. 

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including specifically the statements regarding the current adverse industry and macroeconomic conditions, volatile commodity prices, production levels on properties in which Viper has mineral and royalty interests, the effect of the recent presidential and congressional elections on environmental policies and regulations impacting Viper and its operators, any potential regulatory action that may impose production limits on Viper’s mineral and royalty acreage, severe weather conditions (including the impact of the recent severe winter storms on production volumes on Viper’s mineral and royalty acreage), any acquisitions or dispositions, Diamondback’s plans for developing Viper’s acreage discussed above, development activity by other operators, Viper’s cash distribution policy and the impact of the ongoing COVID-19 pandemic. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of Viper. Information concerning these risks and other factors can be found in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov. Viper undertakes no obligation to update or revise any forward-looking statement.

Viper Energy Partners LP
Consolidated Balance Sheets
(unaudited, in thousands, except unit amounts)
	March 31,				December 31,
	2021				2020
Assets
Current assets:
Cash and cash equivalents	$	11,727			$	19,121
Royalty income receivable (net of allowance for credit losses)	41,791				32,210
Royalty income receivable—related party	5,521				1,998
Other current assets	505				665
Total current assets	59,544				53,994
Property:
Oil and natural gas interests, full cost method of accounting ($1,347,832 and $1,364,906 excluded from depletion at March 31, 2021 and December 31, 2020, respectively)	2,895,616				2,895,542
Land	5,688				5,688
Accumulated depletion and impairment	(521,062		)		(496,176		)
Property, net	2,380,242				2,405,054
Other assets	2,018				2,327
Total assets	$	2,441,804			$	2,461,375
Liabilities and Unitholders’ Equity
Current liabilities:
Accounts payable	$	21			$	43
Accrued liabilities	19,679				18,262
Derivative instruments	43,155				26,593
Total current liabilities	62,855				44,898
Long-term debt, net	528,911				555,644
Total liabilities	591,766				600,542
Commitments and contingencies
Unitholders’ equity:
General partner	789				809
Common units (64,949,540 units issued and outstanding as of March 31, 2021 and 65,817,281 units issued and outstanding as of December 31, 2020)	611,172				633,415
Class B units (90,709,946 units issued and outstanding March 31, 2021 and December 31, 2020)	1,006				1,031
Total Viper Energy Partners LP unitholders’ equity	612,967				635,255
Non-controlling interest	1,237,071				1,225,578
Total equity	1,850,038				1,860,833
Total liabilities and unitholders’ equity	$	2,441,804			$	2,461,375

Viper Energy Partners LP
Consolidated Statements of Operations
(unaudited, in thousands, except per unit data)
	Three Months Ended March 31,
	2021				2020
Operating income:
Royalty income	$	96,512			$	76,829
Lease bonus income	325				1,622
Other operating income	139				241
Total operating income	96,976				78,692
Costs and expenses:
Production and ad valorem taxes	6,649				6,147
Depletion	24,886				24,642
General and administrative expenses	2,221				2,666
Total costs and expenses	33,756				33,455
Income (loss) from operations	63,220				45,237
Other income (expense):
Interest expense, net	(7,860		)		(8,963		)
Gain (loss) on derivative instruments, net	(31,504		)		(7,942		)
Gain (loss) on revaluation of investment	—				(10,120		)
Other income, net	38				404
Total other expense, net	(39,326		)		(26,621		)
Income (loss) before income taxes	23,894				18,616
Provision for (benefit from) income taxes	35				142,466
Net income (loss)	23,859				(123,850		)
Net income (loss) attributable to non-controlling interest	26,879				18,319
Net income (loss) attributable to Viper Energy Partners LP	$	(3,020	)		$	(142,169	)
Net income (loss) attributable to common limited partner units:
Basic	$	(0.05	)		$	(2.10	)
Diluted	$	(0.05	)		$	(2.10	)
Weighted average number of common limited partner units outstanding:
Basic	65,360				67,822
Diluted	65,360				67,823

Viper Energy Partners LP
Consolidated Statements of Cash Flows
(unaudited, in thousands)
	Three Months Ended March 31,
	2021				2020
Cash flows from operating activities:
Net income (loss)	$	23,859			$	(123,850	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Deferred income taxes expense (benefit)	—				142,466
Depletion	24,886				24,642
(Gain) loss on derivative instruments, net	31,504				7,942
Net cash payments on derivatives	(14,942		)		(453		)
(Gain) loss on revaluation of investment	—				10,120
Other	901				961
Changes in operating assets and liabilities:
Royalty income receivable	(9,581		)		20,129
Royalty income receivable—related party	(3,523		)		10,576
Accounts payable and accrued liabilities	1,395				3,665
Other	160				(87		)
Net cash provided by (used in) operating activities	54,659				96,111
Cash flows from investing activities:
Acquisitions of oil and natural gas interests	(74		)		(64,626		)
Net cash provided by (used in) investing activities	(74		)		(64,626		)
Cash flows from financing activities:
Proceeds from borrowings under credit facility	—				92,000
Repayment on credit facility	(27,000		)		(15,000		)
Repurchased units as part of unit buyback	(13,043		)		—
Distributions to public	(9,060		)		(30,214		)
Distributions to Diamondback	(12,826		)		(41,173		)
Other	(50		)		(429		)
Net cash provided by (used in) financing activities	(61,979		)		5,184
Net increase (decrease) in cash	(7,394		)		36,669
Cash and cash equivalents at beginning of period	19,121				3,602
Cash and cash equivalents at end of period	$	11,727			$	40,271

Viper Energy Partners LP
Selected Operating Data
(unaudited)
	Three Months Ended March 31, 2021			Three Months Ended December 31, 2020			Three Months Ended March 31, 2020
Production Data:
Oil (MBbls)	1,395			1,597			1,587
Natural gas (MMcf)	3,262			3,032			2,658
Natural gas liquids (MBbls)	407			446			479
Combined volumes (MBOE)(1)	2,346			2,549			2,509
Average daily oil volumes (BO/d)(2)	15,500			17,359			17,441
Average daily combined volumes (BOE/d)(2)	26,066			27,699			27,575
Average sales prices (2) :
Oil ($/Bbl)	$	56.16		$	40.36		$	45.49
Natural gas ($/Mcf)	$	2.77		$	1.36		$	0.13
Natural gas liquids ($/Bbl)	$	22.42		$	14.71		$	8.94
Combined ($/BOE)(3)	$	41.14		$	29.48		$	30.62
Oil, hedged ($/Bbl)(4)	$	45.45		$	30.48		$	45.49
Natural gas, hedged ($/Mcf)(4)	$	2.77		$	0.84		$	(0.04	)
Natural gas liquids ($/Bbl)(4)	$	22.42		$	14.71		$	8.94
Combined price, hedged ($/BOE)(4)	$	34.77		$	22.68		$	30.44
Average Costs ($/BOE):
Production and ad valorem taxes	$	2.83		$	2.17		$	2.45
General and administrative – cash component(5)	0.81			0.66			0.91
Total operating expense – cash	$	3.64		$	2.83		$	3.36
General and administrative – non-cash unit compensation expense	$	0.13		$	0.13		$	0.15
Interest expense, net	$	3.35		$	3.19		$	3.57
Depletion	$	10.61		$	11.10		$	9.82

(1)		Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2)		Average daily volumes and average sales prices presented are based on actual production volumes and not calculated utilizing the rounded production volumes presented in the table above.
(3)		Realized price net of all deducts for gathering, transportation and processing.
(4)		Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.
(5)		Excludes non-cash unit-based compensation expense for the respective periods presented.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy Partners LP plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash unit-based compensation expense, depletion expense, impairment expense, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. Viper defines cash available for distribution generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the board of directors of Viper’s general partner may deem appropriate, cash paid for tax withholding on vested common units, distribution equivalent rights and preferred distributions. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA and cash available for distribution:

Viper Energy Partners LP
(unaudited, in thousands, except per unit data)
	Three Months Ended March 31, 2021
Net income (loss) attributable to Viper Energy Partners LP	$	(3,020	)
Net income (loss) attributable to non-controlling interest	26,879
Net income (loss)	23,859
Interest expense, net	7,860
Non-cash unit-based compensation expense	315
Depletion	24,886
Non-cash (gain) loss on derivative instruments	16,562
Provision for (benefit from) income taxes	35
Consolidated Adjusted EBITDA	73,517
Less: Adjusted EBITDA attributable to non-controlling interest(1)	42,779
Adjusted EBITDA attributable to Viper Energy Partners LP	$	30,738
Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable	$	(35	)
Debt service, contractual obligations, fixed charges and reserves	(3,047		)
Cash paid for tax withholding on vested common units	(20		)
Distribution equivalent rights payments	(24		)
Preferred distributions	(45		)
Cash available for distribution to Viper Energy Partners LP unitholders	$	27,567
Common limited partner units outstanding	64,950
Cash available for distribution per limited partner unit	$	0.42
Cash per unit approved for distribution	$	0.25

(1) Does not take into account special income allocation consideration.

Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to Viper Energy Partners, LP plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for impairment expense, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

The following table presents a reconciliation of net income (loss) attributable to Viper Energy Partners LP to adjusted net income (loss):

Viper Energy Partners LP
Adjusted Net Income (Loss)
(unaudited, in thousands, except per unit data)
	Three Months Ended March 31, 2021
	Amounts				Amounts Per Diluted Unit
Net income (loss) attributable to Viper Energy Partners LP	$	(3,020	)		$	(0.05	)
Net income (loss) attributable to non-controlling interest	26,879				0.41
Net income (loss)	23,859				0.36
Non-cash (gain) loss on derivative instruments, net	16,562				0.25
Adjusted net income (loss) (1)	40,421				0.61
Less: Adjusted net income (loss) attributed to non-controlling interests(1)	45,472				0.69
Adjusted net income (loss) attributable to Viper Energy Partners LP	$	(5,051	)		$	(0.08	)
Weighted average common units outstanding:
Basic					65,360
Diluted					65,472

(1) Calculated using diluted shares (non-GAAP)

RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

The Company defines net debt as debt less cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

	March 31, 2021				Net Q1 Principal Borrowings/ (Repayments)				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
	(in thousands)
Total long-term debt(1)	$	536,938			$	(27,000	)		$	563,938			$	606,438			$	639,438			$	673,500
Cash and cash equivalents	(11,727		)						(19,121		)		(7,374		)		(9,663		)		(40,271		)
Net debt	$	525,211							$	544,817			$	599,064			$	629,775			$	633,229

(1) Excludes debt issuance, discounts & premiums.

Derivatives

As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q2 2021				Q3 2021				Q4 2021
Collars – WTI (Cushing)	10,000				10,000				10,000
Floor Price	$	30.00			$	30.00			$	30.00
Ceiling Price	$	43.05			$	43.05			$	43.05

Investor Contacts:
Adam Lawlis
+1 432.221.7467
[email protected] 

Austen Gilfillian
+1 432.221.7420
[email protected] 

Source: Viper Energy Partners LP; Diamondback Energy, Inc. 

PARSIPPANY, N.J., May 03, 2021 (GLOBE NEWSWIRE) — Avis Budget Group, Inc. (NASDAQ: CAR) today announced first quarter 2021 financial results.

Despite revenue being down 22% for the first quarter compared to prior year, and net loss of $170 million, we achieved Adjusted EBITDA of $47 million in the first quarter through cost discipline and double digit growth in revenue per day in the Americas. This is our best first quarter Adjusted EBITDA since 2015 and is now our third consecutive quarter of positive Adjusted EBITDA since the start of the pandemic.

As demand started to recover in the Americas in the back half of the quarter, we optimized our fleet, resulting in higher utilization, and took advantage of pricing opportunities. We finished the quarter with Revenue per Day increasing 12% from prior year in the Americas. A strengthening Revenue per Day environment combined with our continued cost mitigating actions resulted in the Americas achieving a record first quarter Adjusted EBITDA margin.

Our liquidity position at the end of the quarter was approximately $1.2 billion with an additional $4.8 billion of fleet funding capacity. We have well-laddered corporate debt maturities with no meaningful maturities until 2023.

“Our first quarter results show our continued recovery through cost discipline and fleet optimization driving higher utilization, while reducing global per unit fleet costs,” said Joe Ferraro, Avis Budget Group Chief Executive Officer. “The Americas achieved its best first quarter Adjusted EBITDA margin on one of its lowest first quarter revenue bases and continues to prove that our cost saving initiatives are expected to continue to deliver strong results. These accomplishments are a great way to kick off the 75th anniversary of our Avis brand.”

Q1 Highlights

• Revenues recovered sequentially in the quarter with Revenue per Day increasing 12% in the Americas driven by improving demand.
• Due to our cost discipline and the improving demand environment, the Americas generated record first quarter Adjusted EBITDA margins.
• Our Adjusted EBITDA in International was nearly flat compared to first quarter 2020, excluding a $9 million negative currency exchange rate movement, from strong cost mitigating actions to match demand as international recovery continues.
• We completed senior notes offering of $600 million at 5⅜% and $500 million at 4¾%, and used the proceeds to redeem our 10½% senior secured notes and 6⅜% senior notes, and pay off a portion of the 5¼% senior notes. Our interest rate of 4¾% is the lowest rate achieved on an unsecured notes offering in our Company’s history.
• Our contactless rental experience, Avis Quickpass, is now offered at 20 of our top airport locations across the U.S., for our Avis Preferred customers.

Outlook

The global semiconductor shortage is causing uncertainty in fleet supply and resulting in tighter fleets throughout the industry. We have historically navigated through significant vehicle recalls, and believe we have the logistics in place to effectively manage our fleet during this disruption in supply. We continue to get new car deliveries every day and believe we can increase our fleet utilization efficiency to capture increased demand. We look forward to helping people experience their mobility needs in a safe and efficient way.

While we continue to monitor vehicle availability and the roll out of the vaccine and its impact on the demand for the travel industry, we cannot currently predict the volatility associated with the industry. Due to these continued macro uncertainties, we are not providing guidance at this time.

Investor Conference Call

We will host a conference call to discuss first quarter results on May 4, 2021, at 8:30 a.m. (ET). Investors may access the call at ir.avisbudgetgroup.com or by dialing (877) 407-2991 and a replay will available on our website and at (877) 660-6853 using conference code 13717958.

About Avis Budget Group

Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 10,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group is headquartered in Parsippany, N.J. More information is available at avisbudgetgroup.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements.” Any statements that refer to outlook, expectations or other characterizations of future events, circumstances or results, including all statements related to our future results, impact from the COVID-19 outbreak, cost-saving actions, the global semiconductor shortage and cash flows are forward-looking statements. Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this press release include, but are not limited to, the severity and duration of the COVID-19 outbreak, which is expected to continue to have a significant impact on our operations, and resulting economic conditions and related restrictions, the high level of competition in the mobility industry, changes in our fleet costs, including as a result of a change in the cost of new vehicles, manufacturer recalls and/or the value of used vehicles, disruption in the supply of new vehicles, disposition of vehicles not covered by manufacturer repurchase programs, our ability to realize our estimated cost savings on a timely basis, or at all, the financial condition of the manufacturers that supply our rental vehicles, including as a result of the global semiconductor shortage, which could affect their ability to perform their obligations under our repurchase and/or guaranteed depreciation arrangements, the significant decline in travel demand as a result of COVID-19, including the current and any further disruptions in airline passenger traffic, the absence of an improvement in or any further deterioration in economic conditions generally, particularly during our peak season and/or in key market segments, any occurrence or threat of terrorism, the current and any future pandemic diseases or other natural disasters, any changes to the cost or supply of fuel, risks related to acquisitions or integration of acquired businesses, risks associated with litigation, governmental or regulatory inquiries or investigations, risks related to the security of our information technology systems, disruptions in our communication networks, changes in tax or other regulations, a significant increase in interest rates or borrowing costs, our ability to obtain financing for our global operations, including the funding of our vehicle fleet via asset-backed securities markets, any fluctuations related to the mark-to-market of derivatives which hedge our exposure to exchange rates, interest rates and fuel costs, our ability to meet the covenants contained in the agreements governing our indebtedness, and our ability to accurately estimate our future results and implement our cost savings actions. Other unknown or unpredictable factors could also have material adverse effects on the Company’s performance or achievements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Avis Budget Group’s Annual Report on Form 10-K for the year ended December 31, 2020 and in other filings and furnishings made by the Company with the Securities and Exchange Commission (the “SEC”) from time to time. The Company undertakes no obligation to publicly update any forward-looking statements to reflect subsequent events or circumstances.

Non-GAAP Financial Measures and Key Metrics

This release, including the Outlook section, includes financial measures such as Adjusted EBITDA, Adjusted Net Income and Adjusted Free Cash Flow, as well as other financial measures that are not considered generally accepted accounting principles (“GAAP”) measures as defined under SEC rules. Important information regarding such measures is contained in the financial tables to this release and in Appendix I, including the definitions of these measures and reconciliations to the closest comparable GAAP measures. The Company and its management believe that these non-GAAP measures are useful to investors in measuring the comparable results of the Company period-over-period. The GAAP measures most directly comparable to Adjusted EBITDA, Adjusted Free Cash Flow, Adjusted pretax income (loss), Adjusted net income (loss) and Adjusted diluted earnings (loss) per share are net income (loss), net cash provided by operating activities, income (loss) before income taxes, net income (loss) and diluted earnings (loss) per share, respectively. Foreign currency translation effects on the Company’s results are quantified by translating the current period’s non-U.S. dollar-denominated results using the currency exchange rates of the prior period of comparison including any related gains and losses on currency hedges. Per-unit fleet costs, which represent vehicle depreciation, lease charges and gain or loss on vehicle sales, divided by average rental fleet, are calculated on a per-month basis.

Contact

David Calabria

[email protected]

[email protected]

Tables Follow

Table 1

Avis Budget Group, Inc.

SUMMARY DATA SHEET

(In millions, except per share data)

		Three Months Ended March 31,
		2021				2020				% Change
Income Statement and Other Items
	Revenues	$	1,372			$	1,753			(22	)%
	Loss before income taxes	(250		)		(265		)		6	%
	Net loss	(170		)		(158		)		(8	)%
	Loss per share – diluted	(2.43		)		(2.16		)		(13	)%
	Adjusted Earnings Measures (non-GAAP) (A)
	Adjusted EBITDA	47				(87		)		n/m
	Adjusted pretax loss	(64		)		(191		)		66	%
	Adjusted net loss	(32		)		(103		)		69	%
	Adjusted loss per share – diluted	(0.46		)		(1.40		)		67	%
		As of
		March 31, 2021				December 31, 2020
Balance Sheet Items
	Cash and Cash Equivalents	$	576			$	692
	Vehicles, net	9,101				8,153
	Debt under vehicle programs	7,801				6,857
	Corporate debt	4,283				4,210
	Stockholders’ equity	(316		)		(155		)

Segment Results
	Three Months Ended March 31,
	2021				2020				% Change
Revenues
Americas	$	1,080			$	1,257			(14	)%
International	292				496				(41	)%
Corporate and Other	—				—				n/m
Total Company	$	1,372			$	1,753			(22	)%
Adjusted EBITDA
Americas	$	108			$	(30	)		n/m
International	(50		)		(40		)		(25	)
Corporate and Other	(11		)		(17		)		n/m
Total Company	$	47			$	(87	)		n/m

________

n/m	Not meaningful.
(A)	See Table 5 for reconciliations of non-GAAP measures and Appendix I for definitions.

Table 2

Avis Budget Group, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

		Three Months Ended March 31,
		2021				2020
Revenues		$	1,372			$	1,753
Expenses
	Operating	832				1,058
	Vehicle depreciation and lease charges, net	254				459
	Selling, general and administrative	182				251
	Vehicle interest, net	75				83
	Non-vehicle related depreciation and amortization	68				69
	Interest expense related to corporate debt, net:
	Interest expense	61				48
	Early extinguishment of debt	129				4
	Restructuring and other related charges	20				44
	Transaction-related costs, net	1				2
Total expenses		1,622				2,018
Loss before income taxes		(250		)		(265		)
Benefit from income taxes		(80		)		(107		)
Net loss		$	(170	)		$	(158	)
Earnings (loss) per share – diluted
	Basic	$	(2.43	)		$	(2.16	)
	Diluted	$	(2.43	)		$	(2.16	)
Weighted average shares outstanding
	Basic	69.9				72.9
	Diluted	69.9				72.9

Table 3

Avis Budget Group, Inc.

KEY METRICS SUMMARY

		Three Months Ended March 31,
		2021				2020				% Change
Americas
	Rental Days (000’s)	18,021				23,458				(23	)%
	Revenue per Day, excluding exchange rate effects (A)	$	59.82			$	53.59			12	%
	Average Rental Fleet	294,634				416,937				(29	)%
	Vehicle Utilization	68.0		%		61.8		%		6.2 pps
	Per-Unit Fleet Costs per Month, excluding exchange rate effects (A)	$	207			$	265			(22	)%
International
	Rental Days (000’s)	6,825				11,067				(38	)%
	Revenue per Day, excluding exchange rate effects (A)	$	38.74			$	44.77			(13	)%
	Average Rental Fleet	117,470				192,755				(39	)%
	Vehicle Utilization	64.6		%		63.1		%		1.5 pps
	Per-Unit Fleet Costs per Month, excluding exchange rate effects (A)	$	183			$	219			(16	)%
Total
	Rental Days (000’s)	24,846				34,525				(28	)%
	Revenue per Day, excluding exchange rate effects (A)	$	54.03			$	50.76			6	%
	Average Rental Fleet	412,104				609,692				(32	)%
	Vehicle Utilization	67.0		%		62.2		%		4.8 pps
	Per-Unit Fleet Costs per Month, excluding exchange rate effects (A)	$	200			$	251			(20	)%
_______
Refer to Table 6 for key metrics calculations and Appendix I for key metrics definitions.
(A)	The following metrics include changes in currency exchange rates:
		Three Months Ended March 31,
		2021				2020				% Change
Americas
	Revenue per Day	$	59.92			$	53.59			12	%
	Per-Unit Fleet Costs per Month	$	208			$	265			(22	)%
International
	Revenue per Day	$	42.88			$	44.77			(4	)%
	Per-Unit Fleet Costs per Month	$	199			$	219			(9	)%
Total
	Revenue per Day	$	55.24			$	50.76			9	%
	Per-Unit Fleet Costs per Month	$	205			$	251			(18	)%

Table 4 (page 1 of 2)

Avis Budget Group, Inc.

CONSOLIDATED CONDENSED SCHEDULES OF CASH FLOWS AND ADJUSTED FREE CASH FLOWS

(In millions)

CONSOLIDATED CONDENSED SCHEDULE OF CASH FLOWS

	Three Months Ended March 31, 2021
Operating Activities
Net cash provided by operating activities	$	336
Investing Activities
Net cash used in investing activities exclusive of vehicle programs	$	(14	)
Net cash provided by investing activities of vehicle programs	(1,352		)
Net cash provided by investing activities	$	(1,366	)
Financing Activities
Net cash provided by financing activities exclusive of vehicle programs	$	(32	)
Net cash used in financing activities of vehicle programs	946
Net cash used in financing activities	$	914
Effect of changes in exchange rates on cash and cash equivalents, program and restricted cash	(10		)
Net change in cash and cash equivalents, program and restricted cash	(126		)
Cash and cash equivalents, program and restricted cash, beginning of period (A)	765
Cash and cash equivalents, program and restricted cash, end of period (B)	$	639

CONSOLIDATED SCHEDULE OF ADJUSTED FREE CASH FLOWS (C)

	Three Months Ended March 31, 2021
Loss before income taxes	$	(250	)
Add-back of non-vehicle related depreciation and amortization	68
Add-back of debt extinguishment costs	129
Add-back of restructuring and other related costs	20
Add-back of transaction-related costs	1
Add-back of COVID-19 charges	18
Working capital and other	144
Capital expenditures (D)	(28		)
Vehicle programs and related (E)	(131		)
Adjusted free cash flow	$	(29	)
Acquisition and related payments, net of acquired cash	$	(4	)
Borrowings, net of debt repayments	(1		)
Restructuring and other related payments	(12		)
Transaction-related payments	(1		)
COVID-19 payments, net	(29		)
Repurchases of common stock	(19		)
Change in program cash	(9		)
Foreign exchange effects, financing costs and other	(22		)
Net change in cash and cash equivalents, program and restricted cash (per above)	$	(126	)

Table 4 (page 2 of 2)

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW

	Three Months Ended March 31, 2021
Net cash provided by operating activities (per above)	$	336
Investing activities of vehicle programs	(1,352		)
Financing activities of vehicle programs	946
Capital expenditures	(12		)
Proceeds received on sale of assets and nonmarketable equity securities	2
Change in program cash	9
COVID-19 payments, net	29
Restructuring and other related payments	12
Transaction-related payments	1
Adjusted free cash flow (per above)	$	(29	)

	_______
(A)	Consists of cash and cash equivalents of $692 million, program cash of $72 million and restricted cash of $1 million.
(B)	Consists of cash and cash equivalents of $576 million, program cash of $61 million and restricted cash of $2 million.
(C)	See Appendix I for the definition of Adjusted free cash flow.
(D)	Includes $16 million of cloud computing implementation costs.
(E)	Includes vehicle-backed borrowings (repayments) that are incremental to amounts required to fund incremental (reduced) vehicle and vehicle-related assets.

Table 5

Avis Budget Group, Inc.

DEFINITIONS AND RECONCILIATIONS OF NON-GAAP MEASURES

(In millions, except per share data)

The accompanying press release includes certain non-GAAP (generally accepted accounting principles) financial measures as defined under SEC rules. To the extent not provided in the press release or accompanying tables, we have provided the reasons we present these non-GAAP financial measures and a description of what they represent in Appendix I. For each non-GAAP financial measure a reconciliation to the most comparable GAAP financial measure is calculated and presented below with reconciliations of net income (loss), income (loss) before income taxes and diluted earnings (loss) per share to Adjusted EBITDA and our Adjusted earnings measures.

	Three Months Ended March 31,
Reconciliation of net loss to Adjusted EBITDA:	2021				2020
Net loss	$	(170	)		$	(158	)
Benefit from income taxes	(80		)		(107		)
Loss before income taxes	(250		)		(265		)
Add certain items:
Early extinguishment of debt	129				4
Restructuring and other related charges	20				44
Acquisition-related amortization expense	18				13
COVID-19 charges (A)	18				7
Transaction-related costs, net	1				2
Non-operational charges related to shareholder activist activity (B)	—				4
Adjusted pretax loss	(64		)		(191		)
Add:   Non-vehicle related depreciation and amortization (excluding acquisition-related amortization expense)	50				56
Interest expense related to corporate debt, net (excluding early extinguishment of debt)	61				48
Adjusted EBITDA	$	47			$	(87	)
Reconciliation of net loss to adjusted net loss:
Net loss	(170		)		(158		)
Add certain items, net of tax:
Early extinguishment of debt	96				3
Restructuring and other related charges	15				33
Acquisition-related amortization expense	13				10
COVID-19 charges	13				5
Transaction-related costs, net	1				1
Non-operational charges related to shareholder activist activity	—				3
Adjusted net loss	$	(32	)		$	(103	)
Loss per share – Diluted	$	(2.43	)		$	(2.16	)
Adjusted diluted loss per share	$	(0.46	)		$	(1.40	)
Shares used to calculate Adjusted diluted loss per share	69.9				72.9

_______
(A)	For the three months ended March 31, 2021 consists of $17 million within operating expenses and $1 million within selling, general and administrative expenses in our Consolidated Statements of Operations, primarily consisting of $19 million of minimum annual guaranteed rent in excess of concession fees, $(6) million associated with vehicles damaged in overflow parking lots, net of insurance proceeds and $5 million of other charges. For the three months ended March 31, 2020 consists of $7 million within operating expenses, primarily consisting of $5 million associated with vehicles damaged in overflow parking lots, net of insurance proceeds and $2 million of incremental cleaning supplies to sanitize vehicles and facilities, and overflow parking.
(B)	Reported within selling, general and administrative expenses in our Consolidated Statements of Operations.

Table 6

Avis Budget Group, Inc.

KEY METRICS CALCULATIONS

($ in millions, except as noted)

	Three Months Ended March 31, 2021												Three Months Ended March 31, 2020
	Americas				International				Total				Americas				International				Total
Revenue per Day (RPD)
Revenue	$	1,080			$	292			$	1,372			$	1,257			$	496			$	1,753
Currency exchange rate effects	(2		)		(28		)		(30		)		—				—				—
Revenue excluding exchange rate effects	1,078				264				1,342				1,257				496				1,753
Rental days (000’s)	18,021				6,825				24,846				23,458				11,067				34,525
RPD excluding exchange rate effects (in $’s)	$	59.82			$	38.74			$	54.03			$	53.59			$	44.77			$	50.76
Vehicle Utilization
Rental days (000’s)	18,021				6,825				24,846				23,458				11,067				34,525
Average rental fleet	294,634				117,470				412,104				416,937				192,755				609,692
Number of days in period	90				90				90				91				91				91
Available rental days (000’s)	26,517				10,572				37,089				37,941				17,541				55,482
Vehicle utilization	68.0		%		64.6		%		67.0		%		61.8		%		63.1		%		62.2		%
Per-Unit Fleet Costs
Vehicle depreciation and lease charges, net	$	184			$	70			$	254			$	332			$	127			$	459
Currency exchange rate effects	(1		)		(5		)		(6		)		—				—				—
	$	183			$	65			$	248			$	332			$	127			$	459
Average rental fleet	294,634				117,470				412,104				416,937				192,755				609,692
Per-unit fleet costs (in $’s)	$	621			$	549			$	601			$	796			$	658			$	753
Number of months in period	3				3				3				3				3				3
Per-unit fleet costs per month excluding exchange rate effects (in $’s)	$	207			$	183			$	200			$	265			$	219			$	251

Our calculation of rental days and revenue per day may not be comparable to the calculation of similarly-titled metrics by other companies. Currency exchange rate effects are calculated by translating the current-year results at the prior-period average exchange rates plus any related gains and losses on currency hedges.

Appendix I

Avis Budget Group, Inc.

DEFINITIONS OF NON-GAAP MEASURES AND KEY METRICS

Adjusted EBITDA

The accompanying press release presents Adjusted EBITDA, which represents income (loss) from continuing operations before non-vehicle related depreciation and amortization, any impairment charges, restructuring and other related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related costs, net, charges for unprecedented personal-injury and other legal matters, non-operational charges related to shareholder activist activity, which include third party advisory, legal and other professional service fees, gain on sale of equity method investment in China, COVID-19 charges and income taxes. COVID-19 charges include unusual, direct and incremental costs due to the COVID-19 global pandemic such as minimum annual guaranteed rent in excess of concession fees for the period, overflow parking for idle vehicles and related shuttling costs, incremental cleaning supplies to sanitize vehicles and facilities, and losses associated with vehicles damaged in overflow parking lots, net of insurance proceeds. Adjusted EBITDA includes stock-based compensation expense and deferred financing fee amortization totaling $9 million and $4 million in first quarter 2021 and 2020, respectively.

We believe that Adjusted EBITDA is useful to investors as a supplemental measure in evaluating the aggregate performance of our operating businesses and in comparing our results from period to period. Adjusted EBITDA is the measure that is used by our management, including our chief operating decision maker, to perform such evaluation. Adjusted EBITDA is also a component in the determination of management’s compensation. Adjusted EBITDA should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with GAAP and our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. A reconciliation of Adjusted EBITDA from net income (loss) recognized under GAAP is provided on Table 5.

Adjusted Earnings Non-GAAP Measures

The accompanying press release and tables present Adjusted pretax income (loss), Adjusted net income (loss) and Adjusted diluted earnings (loss) per share, which exclude certain items. We believe that these measures referred to above are useful to investors as supplemental measures in evaluating the aggregate performance of the Company. We exclude restructuring and other related charges, transaction-related costs, costs related to early extinguishment of debt and certain other items as such items are not representative of the results of operations of our business less a provision for income taxes derived utilizing applicable statutory tax rates for each item. A reconciliation of our Adjusted earnings Non-GAAP measures from the appropriate measures recognized under GAAP is provided on Table 5.

Adjusted Free Cash Flow

Represents Net Cash Provided by Operating Activities adjusted to reflect the cash inflows and outflows relating to capital expenditures, the investing and financing activities of our vehicle programs, asset sales, if any, and to exclude debt extinguishment costs, transaction-related costs, restructuring and other related charges, COVID-19 charges and non-operational charges related to shareholder activist activity. We have revised our definition of Adjusted Free Cash Flow to exclude COVID-19 charges and have not revised prior years’ Adjusted Free Cash Flow amounts as there were no other charges similar in nature to these. We believe this change is meaningful to investors as it brings the measurement in line with our other non-GAAP measures. We believe that Adjusted Free Cash Flow is useful to management and investors in measuring the cash generated that is available to be used to repay debt obligations, repurchase stock, pay dividends and invest in future growth through new business development activities or acquisitions. Adjusted Free Cash Flow should not be construed as a substitute in measuring operating results or liquidity, and our presentation of Adjusted Free Cash Flow may not be comparable to similarly-titled measures used by other companies. A reconciliation of Adjusted Free Cash Flow to the appropriate measure recognized under GAAP is provided on Table 4.

Adjusted EBITDA Margin

Represents Adjusted EBITDA as a percentage of revenues.

Available Rental Days

Defined as Average Rental Fleet times the numbers of days in a given period.

Average Rental Fleet

Represents the average number of vehicles in our fleet during a given period of time.

Currency Exchange Rate Effects

Represents the difference between current-period results as reported and current-period results translated at the prior-period average exchange rates plus any related currency hedges.

Net Corporate Debt

Represents corporate debt minus cash and cash equivalents.

Net Corporate Leverage

Represents Net Corporate Debt divided by Adjusted EBITDA for the twelve months prior to the date of calculation.

Per-Unit Fleet Costs

Represents vehicle depreciation, lease charges and gain or loss on vehicles sales, divided by Average Rental Fleet.

Rental Days

Represents the total number of days (or portion thereof) a vehicle was rented during a 24-hour period.

Revenue per Day

Represents revenues divided by Rental Days.

Vehicle Utilization

Represents Rental Days divided by Available Rental Days.