Market Newsdesk

May 3, 2021 4:10 pm

Ramaco Resources, Inc. to Release First Quarter 2021 Financial Results on Wednesday, May 12, 2021 and Host Conference Call and Webcast on Thursday, May 13, 2021

PR Newswire

LEXINGTON, Ky., May 3, 2021 /PRNewswire/ — Ramaco Resources, Inc. (NASDAQ: METC) will report first quarter 2021 financial results on Wednesday, May 12, 2021 after the close of the market. The earnings news release will be available on the Company’s investor relations website at www.ramacoresources.com and through major financial information sites.

At 9 a.m. Eastern Time on Thursday, May 13, 2021, Ramaco Resources will host an investor conference call and webcast where Randall W. Atkins, Chairman and Chief Executive Officer, Christopher L. Blanchard, Chief Operating Officer and Jeremy R. Sussman, Chief Financial Officer will discuss the first quarter 2021 results.

The conference call can be accessed by calling (844) 852-8392 domestically or (703) 639-1226 internationally. The webcast for this release will be accessible by visiting https://edge.media-server.com/mmc/p/vptxpedr.

Ramaco Resources is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, southwestern Virginia and southwestern Pennsylvania. For more information, visit www.ramacoresources.com.

POINT OF CONTACT:
INVESTOR RELATIONS: [email protected] or 859-244-7455

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SOURCE Ramaco Resources, Inc.

May 3, 2021 4:10 pm

Regal Beloit Corporation Announces Record First Quarter 2021 Financial Results

– Sales Growth Accelerates, Up 10.9% Versus PY and Up 9.1% on an Organic Basis

– Record Adjusted Operating Margin of 13.9% Up 310 bps versus PY (GAAP Operating Margin 11.9%)

– Record Adjusted Diluted EPS of $1.98 Up Over 50% versus PY (GAAP Diluted EPS of $1.60)

– Raised Quarterly Dividend in April by 10% to $0.33

– Daily Orders Up 17% in 1Q and Up Almost 90% in April versus PY

– Net Debt to Adjusted EBITDA of 0.9x

– Announced Transformational Merger with Rexnord’s PMC Business; On Track to Close in 4Q 2021

PR Newswire

BELOIT, Wis., May 3, 2021 /PRNewswire/ — Regal Beloit Corporation (NYSE: RBC), a global leader in the engineering and manufacturing of power transmission solutions and high-efficiency electric motors and systems, reported first quarter 2021 diluted earnings per share of $1.60 compared to $1.12 a year ago, up 43%. First quarter 2021 adjusted diluted earnings per share was a record $1.98 compared to $1.31 a year ago, up 51%.

Key financial results for the first quarter 2021 included:

Total net sales of $814.1 million increased 10.9% from the prior year. Excluding the positive impacts of 1.8% from foreign currency, sales increased 9.1% on an organic basis.
Income from operations was $97.1 million or 11.9% of net sales, up 240 bps versus prior year. Adjusted income from operations rose $33.9 million or 42.8% from a year ago, to $113.1 million. Adjusted operating margin of 13.9% – a record quarterly result for Regal – was up 310 basis points versus the prior year’s 10.8%.
Net cash provided by operating activities was $49.5 million and capital expenditures totaled $10.7 million, resulting in free cash flow of $38.8 million, which is 59.1% of adjusted net income.

First quarter 2021 segment results versus the prior year first quarter:

Commercial Systems segment net sales were $237.0 million, an increase of 18.9%. Foreign currency had a positive 2.9% impact. The result was a positive organic sales growth rate of 15.9%, driven by strong growth in China and Asia Pacific, gains in the global commercial HVAC business, and continued solid growth in the pool pump market. Operating margin was 11.6%. After net adjustments of $0.2 million, adjusted operating margin was 11.7% of adjusted net sales.
Industrial Systems segment net sales were $136.4 million, an increase of 5.2%. Foreign currency had a positive 3.7% impact. The result was a positive organic sales growth rate of 1.5%, driven by strength in China, strong demand in India and continued healthy growth in the data center market. Somewhat offsetting these tailwinds were persistent, albeit diminishing, pressures on later cycle N.A. general industrial end markets, combined with ongoing proactive account pruning. Operating margin was 2.7%. After net adjustments of $0.4 million, adjusted operating margin was 3.0% of adjusted net sales.
Climate Solutions segment net sales were $239.1 million, an increase of 13.8%. Foreign currency had a negative 0.2% impact. The result was a positive organic sales growth rate of 14.0%, driven primarily by continued strong demand in N.A. residential HVAC markets, and recovering demand in EMEA, N.A. general industrial markets and the commercial refrigeration business. Notably, orders in the N.A. HVAC business were up 21% in the first quarter on a daily basis, boosted by re-stocking activity, healthy underlying end market demand and weather. Operating margin was 18.1%. After net adjustments of $0.3 million, adjusted operating margin was 18.2% of adjusted net sales.
Power Transmission Solutions segment net sales were $201.6 million, an increase of 3.3%. Foreign currency had a positive 1.5% impact. The result was a positive organic sales growth rate of 1.8% driven by project wins in the aerospace end market, strength in the conveying business, healthy growth in China and recovering shorter cycle N.A. general industrial end markets. Partially offsetting these tailwinds were project timing in the still-healthy solar market, and continued, though moderating, declines in oil & gas end markets. Operating margin was 11.2%. After net adjustments of $15.1 million, adjusted operating margin was a record 18.7% of adjusted net sales.

*This earnings release includes non-GAAP financial measures. Descriptions of why we believe these non-GAAP measures are useful and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included with this earnings release.

Summarizing Regal’s first quarter 2021 performance, CEO Louis Pinkham commented, “Regal delivered a very strong first quarter that solidly beat our internal expectations, with sales growth accelerating into the double digits and adjusted operating margin expanding over 300 basis points versus prior year to a record level, resulting in adjusted earnings per share growth above 50%. Our Regal team is executing at a high level, and all segments are contributing to our strong performance, aided by recovering industrial end markets, particularly in China, continued strong momentum in the HVAC, pool and data center markets, as well as pockets of share gain across the business. We also announced a transformational merger with Rexnord’s PMC business, which will allow Regal to deliver unmatched capabilities across the industrial drive train, and remains on track to close in the fourth quarter of 2021.”

Mr. Pinkham went on to comment, “We raised our dividend by 10% in April and as I contemplate the remainder of 2021, I am optimistic about our performance, perhaps most notably on the top line, given solid recent order momentum. While we are clearly facing commodity inflation, all of our segments continue to execute outgrowth and margin enhancement initiatives, guided by an 80/20 mindset and, increasingly, by using lean tools to remove waste, overburden and variance from all processes. Finally, recently refining our business purpose – To Create a Better Tomorrow by Energy-Efficiently Converting Power into Motion – with the subtle but meaningful addition of ‘Energy’ signals our commitment to be more intentional about leveraging Regal’s differentiated engineering capabilities to meet growing demand for more energy-efficient products, and do our part to help the environment.”

2021 Guidance

The Company is providing guidance for the second quarter of 2021, including sales growth rates in the high-20’s, GAAP diluted earnings per share in a range of $1.50 to $1.70, and adjusted diluted EPS in a range of $1.85 to $2.05. The mid-point of the adjusted diluted EPS range implies over 100% growth versus the prior year.

The Company’s guidance assumes no material decline in its production capacity, or in its ability to conduct commercial operations, either from COVID-related disruptions, or other factors, including supply chain disruptions, versus levels as of the date of this release.

The Company’s guidance does not take into account any costs, expenses or other effects of the transaction with respect to Rexnord’s Process & Motion Control (PMC) business.

A reconciliation of the Company’s GAAP EPS guidance to its adjusted EPS guidance is included in a table later in this release.

Conference Call

Regal will hold a conference call to discuss this earnings release at 9:00 AM CT (10:00 AM ET) on Tuesday, May 4, 2021. To listen to the live audio and view the presentation during the call, please visit Regal’s Investors website: https://investors.regalbeloit.com. To listen by phone or to ask the presenters a question, dial 1.888.317.6003 (U.S. callers) or +1.412.317.6061 (international callers) and enter 1308781# when prompted.

A webcast replay will be available at the link above, and a telephone replay will be available at 1.877.344.7529 (U.S. callers) or +1.412.317.0088 (international callers), using a replay access code of 10154967#. Both will be accessible for three months after the earnings call.

Investor Conference Participation

Regal management will be participating in the following investor conferences during the second quarter of 2021 – the Oppenheimer 16th Annual Industrial Growth Conference on May 5th, the Goldman Sachs Industrials & Materials Conference on May 11th and the KeyBanc Industrials and Basic Materials Conference on June 1st. All conference participation will be virtual.

About the Company

Regal Beloit Corporation (NYSE: RBC) is a global leader in the engineering and manufacturing of electric motors and controls, power generation and power transmission products serving customers throughout the world. Our purpose is to create a better tomorrow by energy-efficiently converting power into motion.

The Company is comprised of four operating segments: Commercial Systems, Industrial Systems, Climate Solutions and Power Transmission Solutions. Regal is headquartered in Beloit, Wisconsin and has manufacturing, sales and service facilities worldwide. For more information, visit RegalBeloit.com.

CAUTIONARY STATEMENT

Certain statements made in this release are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. This release contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company’s current estimates, expectations and projections about the Company’s future results, performance, prospects and opportunities. Such forward-looking statements may include, among other things, statements about the Company’s future operations, anticipated business levels, future earnings, planned activities, anticipated growth, market opportunities, strategies, competition and other expectations and estimates for future periods. Forward-looking statements may also include statements relating to the proposed acquisition of Rexnord Corporation’s (“Rexnord”) Process & Motion Control business (the “PMC Business”) (the “Rexnord Transaction”), the benefits and synergies of the Rexnord Transaction, future opportunities for the Company, the PMC Business and the combined company, and any other statements regarding the Rexnord Transaction or the combined company. Forward-looking statements include statements that are not historical facts and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “plan,” “may,” “should,” “will,” “would,” “project,” “forecast,” and similar expressions. These forward-looking statements are based upon information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ materially from the results referred to in the forward-looking statements the Company makes in this report include:

Operations and Strategy

the continued financial and operational impacts of and uncertainties relating to the COVID-19 pandemic on customers and suppliers and the geographies in which they operate;
uncertainties regarding the ability to execute restructuring plans within expected costs and timing;
our ability to develop new products based on technological innovation, such as the Internet of Things (“IoT”), and marketplace acceptance of new and existing products, including products related to technology not yet adopted or utilized in certain geographic locations in which we do business;
fluctuations in commodity prices and raw material costs;
our dependence on significant customers;
effects on earnings of any significant impairment of goodwill or intangible assets;
prolonged declines or disruption in one or more markets we serve, such as heating, ventilation, air conditioning (“HVAC”), refrigeration, power generation, oil and gas, unit material handling or water heating;
product liability and other litigation, or claims by end users, government agencies or others that our products or our customers’ applications failed to perform as anticipated, particularly in high volume applications or where such failures are alleged to be the cause of property or casualty claims;
our overall debt levels and our ability to repay principal and interest on our outstanding debt, including debt assumed or incurred in connection with the Rexnord Transaction;
our dependence on key suppliers and the potential effects of supply disruptions;
seasonal impact on sales of our products into HVAC systems and other residential applications;

Global Footprint

actions taken by our competitors and our ability to effectively compete in the increasingly competitive global electric motor and controls, power generation and power transmission industries;
risks associated with global manufacturing, including risks associated with public health crises;
economic changes in global markets where we do business, such as reduced demand for the products we sell, currency exchange rates, inflation rates, interest rates, recession, government policies, including policy changes affecting taxation, trade, tariffs, immigration, customs, border actions and the like, and other external factors that we cannot control;

Legal and Regulatory Environment

unanticipated costs or expenses we may incur related to litigation, including product warranty issues;
infringement of our intellectual property by third parties, challenges to our intellectual property and claims of infringement by us of third party technologies;
losses from failures, breaches, attacks or disclosures involving our information technology infrastructure and data;

Mergers, Acquisitions and Divestitures

the possibility that the conditions will not be satisfied or the approvals will not be obtained required to complete the Rexnord Transaction, including shareholder or regulatory approvals, and the possibility that the IRS ruling sought in connection with the Rexnord Transaction will not be received on the terms requested, or at all;
changes in the extent and characteristics of the common shareholders of Rexnord and the Company and its effect pursuant to the merger agreement for the Rexnord Transaction on the number of shares of Company common stock issuable pursuant to the transaction, magnitude of the dividend payable to Company shareholders pursuant to the transaction and the extent of indebtedness to be incurred by the Company in connection with the transaction;
failure to successfully integrate the PMC Business and any other future acquisitions into our business or achieve expected synergies and operating efficiencies, due to factors such as the future financial and operating performance of the acquired business, loss of key executives and employees, and operating costs, customer loss and business disruption being greater than expected;
costs and indemnification obligations related to the Rexnord Transaction;
unanticipated liabilities of acquired businesses, including the PMC Business;
operating restrictions related to the Rexnord Transaction;
unanticipated adverse effects or liabilities from business exits or divestitures;

General

changes in the method of determining London Interbank Offered Rate (“LIBOR”), or the replacement of LIBOR with an alternative reference rate;
cyclical downturns affecting the global market for capital goods;
and other risks and uncertainties including, but not limited, to those described in “Part I – Item 1A – Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 2, 2021 and from time to time in other filed reports.

Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this release are made only as of the date of this release, and the Company undertakes no obligation to update any forward-looking information contained in this release or with respect to the announcements described herein to reflect subsequent events or circumstances. Additional information regarding these and other risks and uncertainties is included in “Part I –Item 1A – Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March 2, 2021 and from time to time in other filed reports, including the Company’s Quarterly Reports on Form 10-Q.

NON-GAAP MEASURES AND OTHER DEFINITIONS
Unaudited
(Dollars in Millions, Except per Share Data)

We prepare financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We also periodically disclose certain financial measures in our quarterly earnings releases, on investor conference calls, and in investor presentations and similar events that may be considered “non-GAAP” financial measures. This additional information is not meant to be considered in isolation or as a substitute for our results of operations prepared and presented in accordance with GAAP.

In this earnings release, we disclose the following non-GAAP financial measures, and we reconcile these measures in the tables below to the most directly comparable GAAP financial measures: adjusted diluted earnings per share (both historical and projected), adjusted income from operations, adjusted operating margin, adjusted net sales, net debt, adjusted EBITDA, adjusted operating leverage, adjusted net income attributable to Regal Beloit Corporation, free cash flow, free cash flow as a percentage of adjusted net income attributable to Regal Beloit Corporation, adjusted income before taxes, adjusted provision for income taxes, adjusted effective tax rate, net sales from ongoing business, adjusted income from operations of ongoing business, ongoing business adjusted operating margin and adjusted diluted earnings per share for ongoing business. We believe that these non-GAAP financial measures are useful measures for providing investors with additional information regarding our results of operations and for helping investors understand and compare our operating results across accounting periods and compared to our peers. Our management primarily uses adjusted income from operations, adjusted operating income, adjusted operating margin, and adjusted operating leverage to help us manage and evaluate our business and make operating decisions, while adjusted diluted earnings per share, net debt, adjusted EBITDA, adjusted net sales, adjusted net income attributable to Regal Beloit Corporation, free cash flow, free cash flow as a percentage of adjusted net income attributable to Regal Beloit Corporation, adjusted income before taxes, adjusted provision for income taxes, adjusted effective tax rate, net sales from ongoing business, adjusted income from operations of ongoing business, ongoing business adjusted operating margin and adjusted diluted earnings per share for ongoing business are primarily used to help us evaluate our business and forecast our future results. Accordingly, we believe disclosing and reconciling each of these measures helps investors evaluate our business in the same manner as management.

In addition to these non-GAAP measures, we also use the term “organic sales” to refer to GAAP sales from existing operations excluding any sales from acquired businesses recorded prior to the first anniversary of the acquisition (“net sales from business acquired”) and excluding any sales from business divested/to be exited (“net sales from business divested/to be exited”) recorded prior to the first anniversary of the exit and excluding the impact of foreign currency translation. The impact of foreign currency translation is determined by translating the respective period’s organic sales using the currency exchange rates that were in effect during the prior year periods. We use the term “organic sales growth” to refer to the increase in our sales between periods that is attributable to organic sales. For further clarification, we may use the term “acquisition growth” to refer to the increase in our sales between periods that is attributable to acquisition sales.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(Dollars in Millions, Except per Share Data)

	Three Months Ended
	Apr 3, 2021		Mar 28, 2020
Net Sales	$	814.1	$	734.2
Cost of Sales	568.7		530.9
Gross Profit	245.4		203.3
Operating Expenses	148.3		131.8
Asset Impairments	—		1.5
Total Operating Expenses	148.3		133.3
Income from Operations	97.1		70.0
Other Income, Net	(1.2)		(1.1)
Interest Expense	12.6		11.6
Interest Income	1.5		1.1
Income before Taxes	87.2		60.6
Provision for Income Taxes	20.2		13.9
Net Income	67.0		46.7
Less: Net Income Attributable to Noncontrolling Interests	1.4		0.9
Net Income Attributable to Regal Beloit Corporation	$	65.6	$	45.8
Earnings Per Share Attributable to Regal Beloit Corporation:
Basic	$	1.62	$	1.13
Assuming Dilution	$	1.60	$	1.12
Cash Dividends Declared Per Share	$	0.30	$	0.30
Weighted Average Number of Shares Outstanding:
Basic	40.6		40.6
Assuming Dilution	41.0		40.8

CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(Dollars in Millions)
	Apr 3, 2021		Jan 2, 2021
ASSETS
Current Assets:
Cash and Cash Equivalents	$	566.4	$	611.3
Trade Receivables, less Allowances of $18.8 million in 2021 and $18.3 million in 2020	483.9		432.0
Inventories	722.2		690.3
Prepaid Expenses and Other Current Assets	153.9		117.7
Total Current Assets	1,926.4		1,851.3

Net Property, Plant, Equipment and Noncurrent Assets	2,700.8		2,737.7
Total Assets	$	4,627.2	$	4,589.0

LIABILITIES AND EQUITY
Current Liabilities:
Accounts Payable	$	412.3	$	360.1
Other Accrued Expenses	227.9		230.9
Current Maturities of Debt	230.8		231.0
Total Current Liabilities	871.0		822.0

Long-Term Debt	786.9		840.4
Other Noncurrent Liabilities	351.5		349.6
Equity:
Total Regal Beloit Corporation Shareholders’ Equity	2,584.1		2,544.4
Noncontrolling Interests	33.7		32.6
Total Equity	2,617.8		2,577.0
Total Liabilities and Equity	$	4,627.2	$	4,589.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
Unaudited
(Dollars in Millions)
	Three Months Ended
	Apr 3, 2021		Mar 28, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	67.0	$	46.7
Adjustments to Reconcile Net Income and Changes in Assets and Liabilities (Net of Acquisitions and Divestitures) to Net Cash Provided by Operating Activities:
Depreciation and Amortization	31.8		32.6
Loss on Disposal of Assets	0.6		0.7
Loss on Businesses Divested and Assets to be Exited	—		1.4
Share-Based Compensation Expense	3.3		2.7
Change in Operating Assets and Liabilities	(53.2)		18.6
Net Cash Provided by Operating Activities	49.5		102.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant and Equipment	(10.7)		(10.9)
Proceeds Received from Sales of Property, Plant and Equipment	0.9		2.7
Business Acquisitions, Net of Cash Acquired	(1.9)		—
Proceeds Received from Disposal of Businesses	—		0.3
Net Cash Used in Investing Activities	(11.7)		(7.9)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Borrowings Under Revolving Credit Facility	—		227.1
Net Repayments of Short-Term Borrowings	(0.2)		—
Repayments of Long-Term Debt	(50.1)		(0.1)
Dividends Paid to Shareholders	(12.2)		(12.2)
Proceeds from the Exercise of Stock Options	0.1		—
Repurchase of Common Stock	—		(25.0)
Shares Surrendered for Taxes	(1.9)		(1.1)
Financing Fees Paid	(12.4)		—
Net Cash (Used in) Provided by Financing Activities	(76.7)		188.7
EFFECT OF EXCHANGE RATES ON CASH AND CASH EQUIVALENTS	(6.0)		(10.4)
Net (Decrease) Increase in Cash and Cash Equivalents	(44.9)		273.1
Cash and Cash Equivalents at Beginning of Period	611.3		331.4
Cash and Cash Equivalents at End of Period	$	566.4	$	604.5

SEGMENT INFORMATION
Unaudited
(Dollars in Millions)
	Three Months Ended
	Commercial Systems						Industrial Systems						Climate Solutions						Power Transmission Solutions						Total Regal
	Apr 3, 2021			Mar 28, 2020			Apr 3, 2021			Mar 28, 2020			Apr 3, 2021			Mar 28, 2020			Apr 3, 2021			Mar 28, 2020			Apr 3, 2021			Mar 28, 2020
Net Sales	$	237.0		$	199.4		$	136.4		$	129.6		$	239.1		$	210.1		$	201.6		$	195.1		$	814.1		$	734.2
Adjusted Net Sales*	$	237.0		$	199.4		$	136.4		$	129.6		$	239.1		$	210.1		$	201.6		$	195.1		$	814.1		$	734.2

GAAP Operating Margin	11.6		%	6.1		%	2.7		%	(0.1)		%	18.1		%	14.0		%	11.2		%	14.6		%	11.9		%	9.5		%
Adjusted Operating Margin*	11.7		%	7.6		%	3.0		%	1.1		%	18.2		%	15.2		%	18.7		%	15.7		%	13.9		%	10.8		%

Components of Net Sales:
Organic Sales Growth*	15.9		%	(12.5)		%	1.5		%	(4.5)		%	14.0		%	(14.8)		%	1.8		%	(4.2)		%	9.1		%	(9.8)		%
Businesses Divested/to be Exited	—		%	(4.5)		%	—		%	—		%	—		%	(5.0)		%	—		%	(2.5)		%	—		%	(3.5)		%
Foreign Currency Impact	2.9		%	(0.7)		%	3.7		%	(1.7)		%	(0.2)		%	(0.4)		%	1.5		%	(0.5)		%	1.8		%	(0.7)		%

ADJUSTED DILUTED EARNINGS PER SHARE	Three Months Ended
	Apr 3, 2021		Mar 28, 2020
GAAP Diluted Earnings Per Share	$	1.60	$	1.12
Restructuring and Related Costs	0.03		0.10
Loss on Businesses Divested and Assets to be Exited	—		0.03
Net Loss from Businesses Divested/to be Exited	—		0.01
Executive Transition Costs	—		0.05
Transaction Costs	0.36		—
Gain on Sale of Assets	(0.01)		—
Adjusted Diluted Earnings Per Share	$	1.98	$	1.31

2021 ADJUSTED SECOND QUARTER GUIDANCE	Minimum		Maximum
2021 Diluted EPS Second Quarter Guidance	$	1.50	$	1.70
Restructuring and Related Costs	0.11		0.11
Transaction and Related Costs	0.24		0.24
2021 Adjusted Diluted EPS Second Quarter Guidance	$	1.85	$	2.05

ADJUSTED INCOME FROM OPERATIONS

	Three Months Ended
	Commercial Systems				Industrial Systems				Climate Solutions				Power Transmission Solutions				Total Regal
	Apr 3, 2021		Mar 28, 2020		Apr 3, 2021		Mar 28, 2020		Apr 3, 2021		Mar 28, 2020		Apr 3, 2021		Mar 28, 2020		Apr 3, 2021		Mar 28, 2020
GAAP Income (Loss) from Operations	$	27.5	$	12.1	$	3.7	$	(0.1)	$	43.3	$	29.5	$	22.6	$	28.5	$	97.1	$	70.0
Restructuring and Related Costs	0.2		1.8		0.5		0.9		0.3		1.1		0.7		1.8		1.7		5.6
Transaction Costs	—		—		—		—		—		—		14.7		—		14.7		—
Loss on Businesses Divested and Assets to be Exited	—		0.7		—		0.2		—		0.5		—		—		—		1.4
Gain on Sale of Assets	—		—		(0.1)		—		—		—		(0.3)		—		(0.4)		—
Operating Loss from Businesses Divested/to be Exited	—		—		—		—		—		0.4		—		—		—		0.4
Executive Transition Costs	—		0.5		—		0.4		—		0.5		—		0.4		—		1.8
Adjusted Income from Operations	$	27.7	$	15.1	$	4.1	$	1.4	$	43.6	$	32.0	$	37.7	$	30.7	$	113.1	$	79.2

GAAP Operating Margin %	11.6%		6.1%		2.7%		(0.1)%		18.1%		14.0%		11.2%		14.6%		11.9%		9.5%
Adjusted Operating Margin %	11.7%		7.6%		3.0%		1.1%		18.2%		15.2%		18.7%		15.7%		13.9%		10.8%

DEBT TO EBITDA	Last Twelve Months
	Apr 3, 2021		Jan 2, 2021
Net Income	$	214.1	$	193.8
Interest Expense	40.8		39.8
Interest Income	(6.3)		(5.9)
Taxes	63.1		56.8
Depreciation and Amortization	130.6		131.4
EBITDA	$	442.3	$	415.9
Restructuring and Related Costs	32.9		36.8
Transactions Costs	15.4		0.7
Impairment and Exit Related Costs	3.8		5.3
Executive Transition Costs	—		1.8
Goodwill Impairment	10.5		10.5
Operating Loss from Businesses Divested/to be Exited	—		0.4
Loss on Sale of Assets	0.2		0.6
Gain on Divestiture of Businesses	—		(0.1)
Adjusted EBITDA	$	505.1	$	471.9

Current Maturities of Long-Term Debt	$	230.8	$	231.0
Long-Term Debt	786.9		840.4
Total Gross Debt	$	1,017.7	$	1,071.4
Cash	(566.4)		(611.3)
Net Debt	$	451.3	$	460.1

Gross Debt/EBITDA	2.3		2.6
Gross Debt/Adjusted EBITDA	2.0		2.3

Net Debt/EBITDA	1.0		1.1
Net Debt/Adjusted EBITDA	0.9		1.0

FREE CASH FLOW	Three Months Ended
	Apr 3, 2021			Mar 28, 2020
Net Cash Provided by Operating Activities	$	49.5		$	102.7
Additions to Property Plant and Equipment	(10.7)			(10.9)
Free Cash Flow	$	38.8		$	91.8

GAAP Net Income Attributable to Regal Beloit Corporation	$	65.6		$	45.8
Loss on Businesses Divested and Impairments	—			1.4
Tax Effect from Loss on Businesses Divested and Impairments	—			(0.3)
Adjusted Net Income Attributable to Regal Beloit Corporation¹	$	65.6		$	46.9

Free Cash Flow as a Percentage of Adjusted Net Income Attributable to Regal Beloit Corporation	59.1		%	195.7		%

¹ The Net Income Attributable to Regal Beloit Corporation is adjusted for the gains and losses on divested businesses and goodwill and asset impairments related to the businesses to be exited and used in the Free Cash Flow Calculation.

ADJUSTED EFFECTIVE TAX RATE	Three Months Ended
	Apr 3, 2021			Mar 28, 2020
Income before Taxes	$	87.2		$	60.6
Provision for Income Taxes	20.2			13.9
Effective Tax Rate	23.2		%	22.9		%

Income before Taxes	$	87.2		$	60.6
Loss on Businesses Divested and Assets to be Exited	—			1.4
Adjusted Income before Taxes	$	87.2		$	62.0

Provision for Income Taxes	$	20.2		$	13.9
Tax Effect from Loss on Businesses Divested and Assets to be Exited	—			0.3
Non-deductible Portion of Executive Transition Costs	—			(0.5)
Adjusted Provision for Income Taxes	$	20.2		$	13.7

Adjusted Effective Tax Rate	23.2		%	22.1		%

ORGANIC SALES GROWTH	Three Months Ended
	April 3, 2021
	Commercial Systems			Industrial Systems			Climate Solutions			Power Transmission Solutions			Total Regal
Net Sales Three Months Ended Apr 3, 2021	$	237.0		$	136.4		$	239.1		$	201.6		$	814.1
Impact from Foreign Currency Exchange Rates	(5.8)			(4.8)			0.4			(2.9)			(13.1)
Organic Sales Three Months Ended Apr 3, 2021	$	231.2		$	131.6		$	239.5		$	198.7		$	801.0

Net Sales Three Months Ended Mar 28, 2020	$	199.4		$	129.6		$	210.1		$	195.1		$	734.2
Adjusted Net Sales Three Months Ended Mar 28, 2020	$	199.4		$	129.6		$	210.1		$	195.1		$	734.2

Three Months Ended Apr 3, 2021 Organic Sales Growth %	15.9		%	1.5		%	14.0		%	1.8		%	9.1		%
Three Months Ended Apr 3, 2021 Net Sales Growth %	18.9		%	5.2		%	13.8		%	3.3		%	10.9		%

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SOURCE Regal Beloit Corporation

May 3, 2021 4:10 pm

Rambus Reports First Quarter 2021 Financial Results

– Delivered strong Q1 results at high end of revenue and profitability targets

– Product revenue of $30.8 million, up 41% quarter over quarter, consisting primarily of memory interface chips

– Generated $39.5 million in cash provided by operating activities

PR Newswire

SAN JOSE, Calif., May 3, 2021 /PRNewswire/ — Rambus Inc. (NASDAQ:RMBS), a provider of industry-leading chips and IP making data faster and safer, today reported financial results for the first quarter ended March 31, 2021. GAAP revenue for the first quarter was $70.4 million; licensing billings were $63.5 million, product revenue was $30.8 million, and contract and other revenue was $10.7 million. The Company also generated $39.5 million in cash provided by operating activities.

“Rambus executed well in the first quarter, with revenue and earnings at the high end of expectations, and strong cash generation fueling investment in our product roadmap,” said Luc Seraphin, chief executive officer of Rambus. “Ongoing share gains for memory interface chips and strong demand in Cloud and other target markets are driving topline growth for the company. We are pleased with our customer momentum and are confident in the Company’s ability to deliver ongoing profitable growth.”

Quarterly Financial Review – GAAP	Three Months Ended March 31,
(In millions, except for percentages and per share amounts)	2021			2020
Revenue
Royalties	$	28.9		$	21.5
Product revenue	30.8			30.7
Contract and other revenue	10.7			13.6
Total revenue	$	70.4		$	65.8
Cost of product revenue	$	11.4		$	10.3
Cost of contract and other revenue	$	1.6		$	1.2
Amortization of acquired intangible assets (included in total cost of revenue)	$	4.4		$	4.4
Total operating expenses (1)	$	56.5		$	59.4
Operating loss	$	(3.5)		$	(9.5)
Operating margin	(5)		%	(14)		%
Net loss	$	(2.6)		$	(6.5)
Diluted net loss per share	$	(0.02)		$	(0.06)
Net cash provided by operating activities	$	39.5		$	37.3


(1)	Includes amortization of acquired intangible assets of approximately $0.2 million and $0.3 million for the three months ended March 31, 2021 and 2020, respectively.

Quarterly Financial Review – Non-GAAP (including operational metric) (1)	Three Months Ended March 31,
(In millions)	2021		2020
Licensing billings (2)	$	63.5	$	67.1
Product revenue	$	30.8	$	30.7
Contract and other revenue	$	10.7	$	13.6
Cost of product revenue	$	11.3	$	10.3
Cost of contract and other revenue	$	1.6	$	1.2
Total operating expenses	$	45.3	$	51.9
Interest and other income (expense), net	$	(0.6)	$	1.2
Diluted share count	116		115


(1)	See “Supplemental Reconciliation of GAAP to Non-GAAP Results” table included below. Note that the applicable non-GAAP measures are presented and that revenue and cost of contract and other revenue are solely presented on a GAAP basis.
(2)	Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences.

GAAP revenue for the quarter was $70.4 million, at the high end of the Company’s expectations. The Company also had licensing billings of $63.5 million, product revenue of $30.8 million, and contract and other revenue of $10.7 million. The Company had total GAAP cost of revenue of $17.4 million and operating expenses of $56.5 million. The Company also had total non-GAAP operating expenses of $58.2 million (which includes non-GAAP cost of revenue), lower than the midpoint of its expectations. The Company had GAAP diluted net loss per share of $0.02. The Company’s basic share count was 112 million shares and its diluted share count would have been 116 million shares. Due to the Company’s strong performance and focus on operational efficiency, the Company delivered a strong first quarter, at the high end of its expectations on revenue and profit.

Cash, cash equivalents, and marketable securities as of March 31, 2021 were $529.1 million, an increase of $26.5 million from December 31, 2020, mainly due to $39.5 million in cash provided by operating activities.

2021 Second Quarter Outlook

The Company will discuss its full revenue guidance for the second quarter of 2021 during its upcoming conference call. The following table sets forth second quarter outlook for other measures.

(In millions)	GAAP	Non-GAAP (1)
Licensing billings (2)	$60 – $66	$60 – $66
Product revenue	$30 – $36	$30 – $36
Contract and other revenue	$8 – $14	$8 – $14
Total operating costs and expenses	$74 – $70	$61 – $57
Interest and other income (expense), net	($1)	($1)
Diluted share count	116	116


(1)	See “Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates” table included below. Note that the applicable non-GAAP measures are presented, and that revenue is solely presented on a GAAP basis.
(2)	Licensing billings is an operational metric that reflects amounts invoiced to our licensing customers during the period, as adjusted for certain differences. This metric is the same for both GAAP and non-GAAP presentations.

For the second quarter of 2021, the Company expects licensing billings to be between $60 million and $66 million. The Company also expects royalty revenue to be between $32 million and $38 million, product revenue to be between $30 million and $36 million and contract and other revenue to be between $8 million and $14 million. Revenue is not without risk and achieving revenue in this range will require that the Company sign customer agreements for various product sales, solutions licensing among other matters.

The Company also expects operating costs and expenses to be between $74 million and $70 million. Additionally, the Company expects non-GAAP operating costs and expenses to be between $61 million and $57 million. These expectations also assume non-GAAP interest and other income (expense), net, of ($1 million), tax rate of 24% and diluted share count of 116 million, and exclude stock-based compensation expense ($8 million), amortization expense ($5 million), non-cash interest expense on convertible notes ($2 million) and interest income related to the significant financing component from fixed-fee patent and technology licensing arrangements ($2 million).

Conference Call

The Company’s management will discuss the results of the quarter during a conference call scheduled for 2:00pm PT today. The call, audio and slides will be available online at investor.rambus.com and a replay will be available for the next week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) with ID# 3985069.

Non-GAAP Financial Information

In the commentary set forth above and in the financial statements included in this earnings release, the Company presents the following non-GAAP financial measures: operating expenses and interest and other income (expense), net. In computing each of these non-GAAP financial measures, the following items were considered as discussed below: stock-based compensation expense, acquisition-related costs and retention bonus expense, amortization of acquired intangible assets, restructuring charges, expense on abandoned operating leases, restatement and shareholder activist costs, facility restoration costs, change in fair value of earn-out liability, non-cash interest expense and certain other one-time adjustments. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from these results should be carefully evaluated. Management believes the non-GAAP financial measures are appropriate for both its own assessment of, and to show investors, how the Company’s performance compares to other periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Reconciliation from GAAP to non-GAAP results is included in the financial statements contained in this release.

The Company’s non-GAAP financial measures reflect adjustments based on the following items:

Stock-based compensation expense. These expenses primarily relate to employee stock options, employee stock purchase plans, and employee non-vested equity stock and non-vested stock units. The Company excludes stock-based compensation expense from its non-GAAP measures primarily because such expenses are non-cash expenses that the Company does not believe are reflective of ongoing operating results. Additionally, given the fact that other companies may grant different amounts and types of equity awards and may use different option valuation assumptions, excluding stock-based compensation expense permits more accurate comparisons of the Company’s results with peer companies.

Acquisition-related/divestiture costs and retention bonus expense. These expenses include all direct costs of certain acquisitions, divestitures and the current periods’ portion of any retention bonus expense associated with the acquisitions. The Company excludes these expenses in order to provide better comparability between periods as they are related to acquisitions and divestitures and have no direct correlation to the Company’s operations.

Amortization of acquired intangible assets. The Company incurs expenses for the amortization of intangible assets acquired in acquisitions. The Company excludes these items because these expenses are not reflective of ongoing operating results in the period incurred. These amounts arise from the Company’s prior acquisitions and have no direct correlation to the operation of the Company’s core business.

Restructuring charges. These charges may consist of severance, contractual retention payments, exit costs and other charges and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Expense on abandoned operating leases. Reflects the expense on building leases that were abandoned. The Company excludes these charges because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Restatement and shareholder activist costs. These charges consist of costs associated with our restatement of our financial statements and certain shareholder activist costs and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Facility restoration costs. These charges consist of exit costs associated with our leased office space and are excluded because such charges are not directly related to ongoing business results and do not reflect expected future operating expenses.

Change in fair value of earn-out liability. This change is due to a reduction of acquisition purchase consideration. This is a non-recurring benefit that has no direct correlation to the operation of the Company’s business.

Non-cash interest expense on convertible notes. The Company incurs non-cash interest expense related to its convertible notes. The Company excludes non-cash interest expense related to its convertible notes to provide more accurate comparisons of the Company’s results with other peer companies and to more accurately reflect the Company’s ongoing operations.

Income tax adjustments. For purposes of internal forecasting, planning and analyzing future periods that assume net income from operations, the Company estimates a fixed, long-term projected tax rate of approximately 24 percent for both 2021 and 2020, which consists of estimated U.S. federal and state tax rates, and excludes tax rates associated with certain items such as withholding tax, tax credits, deferred tax asset valuation allowance and the release of any deferred tax asset valuation allowance. Accordingly, the Company has applied these tax rates to its non-GAAP financial results for all periods in the relevant years to assist the Company’s planning.

On occasion in the future, there may be other items, such as significant gains or losses from contingencies that the Company may exclude in deriving its non-GAAP financial measures if it believes that doing so is consistent with the goal of providing useful information to investors and management.

About Rambus Inc.

Rambus is a provider of industry-leading chips and silicon IP making data faster and safer. With over 30 years of advanced semiconductor experience, we are a pioneer in high-performance memory subsystems that solve the bottleneck between memory and processing for data-intensive systems. Whether in the cloud, at the edge or in your hand, real-time and immersive applications depend on data throughput and integrity. Rambus products and innovations deliver the increased bandwidth, capacity and security required to meet the world’s data needs and drive ever-greater end-user experiences. For more information, visit rambus.com.

Forward-Looking Statements

This release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995, including those relating to drivers of the Company’s topline growth, the Company’s ability to deliver ongoing profitable growth, and the Company’s outlook for the second quarter of 2021. Such forward-looking statements are based on current expectations, estimates and projections, management’s beliefs and certain assumptions made by the Company’s management. Actual results may differ materially. The Company’s business generally is subject to a number of risks which are described more fully in Rambus’ periodic reports filed with the Securities and Exchange Commission, as well as the potential adverse impacts related to, or arising from, the Novel Coronavirus (COVID-19). The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date hereof.

Contact

Rahul Mathur

Senior Vice President, Finance and Chief Financial Officer
Rambus Inc.
(408) 462-8000
[email protected]

Rambus Inc. Condensed Consolidated Balance Sheets (In thousands) (Unaudited)

	March 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	109,554	$	136,146
Marketable securities	419,574		366,503
Accounts receivable	35,937		27,903
Unbilled receivables	137,729		138,813
Inventories	9,926		14,466
Prepaids and other current assets	11,616		15,881
Total current assets	724,336		699,712
Intangible assets, net	31,872		36,487
Goodwill	183,222		183,222
Property, plant and equipment, net	53,687		57,693
Operating lease right-of-use assets	27,214		28,708
Deferred tax assets	4,372		4,353
Unbilled receivables, long-term	207,016		236,699
Other assets	4,061		4,535
Total assets	$	1,235,780	$	1,251,409

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	7,802	$	8,993
Accrued salaries and benefits	14,113		23,326
Deferred revenue	13,534		10,198
Income taxes payable, short-term	20,186		20,064
Operating lease liabilities	7,026		4,724
Other current liabilities	17,741		18,559
Total current liabilities	80,402		85,864
Long-term liabilities:
Convertible notes, long-term	157,905		156,031
Long-term operating lease liabilities	32,535		34,305
Long-term income taxes payable	36,391		41,333
Deferred tax liabilities	14,711		14,276
Other long-term liabilities	4,430		6,894
Total long-term liabilities	245,972		252,839
Total stockholders’ equity	909,406		912,706
Total liabilities and stockholders’ equity	$	1,235,780	$	1,251,409

Rambus Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (Unaudited)

	Three Months Ended March 31,
	2021		2020
Revenue:
Royalties	$	28,859	$	21,482
Product revenue	30,781		30,728
Contract and other revenue	10,742		13,567
Total revenue	70,382		65,777
Cost of revenue:
Cost of product revenue	11,410		10,343
Cost of contract and other revenue	1,556		1,198
Amortization of acquired intangible assets	4,386		4,344
Total cost of revenue	17,352		15,885
Gross profit	53,030		49,892
Operating expenses:
Research and development	32,354		36,664
Sales, general and administrative	23,562		23,306
Amortization of acquired intangible assets	229		348
Restructuring charges	368		836
Change in fair value of earn-out liability	—		(1,800)
Total operating expenses	56,513		59,354
Operating loss	(3,483)		(9,462)
Interest income and other income (expense), net	2,981		6,443
Interest expense	(2,614)		(2,555)
Interest and other income (expense), net	367		3,888
Loss before income taxes	(3,116)		(5,574)
Provision for (benefit from) income taxes	(503)		965
Net loss	$	(2,613)	$	(6,539)
Net loss per share:
Basic	$	(0.02)	$	(0.06)
Diluted	$	(0.02)	$	(0.06)
Weighted average shares used in per share calculation
Basic	112,211		112,907
Diluted	112,211		112,907

Rambus Inc. Supplemental Reconciliation of GAAP to Non-GAAP Results (In thousands) (Unaudited)

	Three Months Ended March 31,
	2021		2020
Cost of product revenue	$	11,410	$	10,343
Adjustment:
Stock-based compensation expense	(89)		—
Non-GAAP cost of product revenue	$	11,321	$	10,343

Total operating expenses	$	56,513	$	59,354
Adjustments:
Stock-based compensation expense	(6,501)		(6,072)
Acquisition-related costs and retention bonus expense	(655)		(1,577)
Amortization of acquired intangible assets	(229)		(348)
Restructuring charges	(368)		(836)
Expense on abandoned operating leases	(521)		—
Restatement and shareholder activist costs	(2,956)		—
Facility restoration costs	—		(411)
Change in fair value of earn-out liability	—		1,800
Non-GAAP total operating expenses	$	45,283	$	51,910

Interest and other income (expense), net	$	367	$	3,888
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(2,842)		(4,437)
Non-cash interest expense on convertible notes	1,874		1,773
Non-GAAP interest and other income (expense), net	$	(601)	$	1,224

Rambus Inc. Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates (In millions) (Unaudited)

2021 Second Quarter Outlook	Three Months Ended June 30, 2021
	Low		High
Forward-looking operating costs and expenses	$	73.7	$	69.7
Adjustments:
Stock-based compensation expense	(8.0)		(8.0)
Amortization of acquired intangible assets	(4.7)		(4.7)
Forward-looking Non-GAAP operating costs and expenses	$	61.0	$	57.0

Forward-looking interest and other income (expense), net	$	(0.5)	$	(0.5)
Adjustments:
Interest income related to significant financing component from fixed-fee patent and technology licensing arrangements	(2.4)		(2.4)
Non-cash interest expense on convertible notes	1.9		1.9
Forward-looking Non-GAAP interest and other income (expense), net	$	(1.0)	$	(1.0)

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SOURCE Rambus Inc.

May 3, 2021 4:10 pm

Brixmor Property Group Reports First Quarter 2021 Results

PR Newswire

NEW YORK, May 3, 2021 /PRNewswire/ — Brixmor Property Group Inc. (NYSE: BRX) (“Brixmor” or the “Company”) announced today its operating results for the three months ended March 31, 2021. For the three months ended March 31, 2021 and 2020, net income was $0.18 per diluted share and $0.20 per diluted share, respectively.

Key highlights for the three months ended March 31, 2021 include:

Continued improvement in rent collections, with 94.2% of billed based rent for the three months ended March 31, 2021 collected (as of April 27, 2021)

Including rent deferral and abatement agreements, total addressed billed base rent was 95.9% for the three months ended March 31, 2021 (as of April 27, 2021)
Approximately 98% of the Company’s annualized base rent (“ABR”) is open and operating
See COVID-19 update below for additional information on rent collection levels

Executed 1.4 million square feet of new and renewal leases, with rent spreads on comparable space of 7.0%, including 0.7 million square feet of new leases, with rent spreads on comparable space of 20.3%
Realized total leased occupancy of 90.8%, anchor leased occupancy of 93.8% and small shop leased occupancy of 84.2%

Leased to billed occupancy spread of 300 basis points, representing $40.4 million of annualized base rent not yet commenced

Reported a decrease in same property NOI of 1.5%
Reported NAREIT FFO of $130.5 million, or $0.44 per diluted share, reflecting $4.3 million of revenues deemed uncollectible and a $1.6 million reversal of straight-line rental income, net primarily related to COVID-19

NAREIT FFO included items that impact FFO comparability, including litigation and other non-routine legal expenses, a loss on extinguishment of debt, net and transaction expenses of ($3.1) million, or ($0.01) per diluted share

Stabilized $28.4 million of reinvestment projects at an average incremental NOI yield of 11%, with the in process reinvestment pipeline now totaling $409.2 million at an expected average incremental NOI yield of 9%
Completed $33.2 million of dispositions and $3.6 million of acquisitions
Issued $350.0 million of Senior Notes due 2028 and repaid a $350.0 million term loan scheduled to mature December 12, 2023

Subsequent events include:

Acquired The Center of Bonita Springs, in the Cape Coral-Fort Myers, Florida MSA, for $48.5 million
Updated previously provided NAREIT FFO per diluted share expectations for 2021 to $1.60 – 1.70 from $1.56 – 1.70 and same property NOI growth expectations for 2021 to 1.0 – 3.0% from (1.0) – 3.0%

“Our balanced business plan and portfolio of well-located shopping centers have not only outperformed through the pandemic, but they position us to continue to outperform through the recovery given our accelerating leasing productivity, our significant signed but not commenced pipeline, our stabilizing reinvestments at highly accretive returns, and our ongoing opportunity to drive both rate and occupancy,” commented James Taylor, Chief Executive Officer and President.

COVID-19 UPDATE

A summary of trends in billed base rent collected, rent deferrals and abatements and total addressed billed base rent follows:

(as of April 27, 2021)	Percent of 2Q20 Billed Base Rent Collected	Percent of 3Q20 Billed Base Rent Collected	Percent of 4Q20 Billed Base Rent Collected	Percent of 1Q21 Billed Base Rent Collected
Essential tenants	99.3%	99.2%	99.4%	99.1%
Hybrid tenants	88.3%	90.9%	92.2%	92.7%
Other retail / services	78.3%	86.1%	89.8%	91.1%
Total	87.9%	91.7%	93.7%	94.2%
Rent deferrals and abatements	7.4%	4.3%	2.8%	1.7%
Total addressed billed base rent	95.3%	96.0%	96.5%	95.9%

Collected 94.2% of billed base rent for April 2021 and entered into rent deferral and abatement agreements representing 0.8% of billed base rent, resulting in total addressed billed base rent of 95.0% for April (as of April 27, 2021)
Net reserves associated with base rent during the three months ended March 31, 2021 represented 85.6% of accrued but uncollected base rent, comprised of net reserves representing 78.2% of rent deferrals (not lease modifications) and 87.0% of accrued but uncollected and unaddressed (under negotiation) base rent
Net reserves associated with base rent during the nine months ended December 31, 2020 represented 82.6% of accrued but uncollected base rent, comprised of net reserves representing 66.0% of rent deferrals (not lease modifications) and 97.1% of accrued but uncollected and unaddressed (under negotiation) base rent

FINANCIAL HIGHLIGHTS

Net Income

For the three months ended March 31, 2021 and 2020, net income was $52.4 million, or $0.18 per diluted share, and $59.8 million, or $0.20 per diluted share, respectively.

NAREIT FFO

For the three months ended March 31, 2021 and 2020, NAREIT FFO was $130.5 million, or $0.44 per diluted share, and $137.5 million, or $0.46 per diluted share, respectively. Results for the three months ended March 31, 2021 and 2020 include items that impact FFO comparability, including litigation and other non-routine legal expenses, a loss on extinguishment of debt, net and transaction expenses of ($3.1) million, or ($0.01) per diluted share, and ($0.5) million, or ($0.00) per diluted share, respectively.

Same Property NOI Performance

For the three months ended March 31, 2021, the Company reported a decrease in same property NOI of 1.5% versus the comparable 2020 period.

Dividend

The Company’s Board of Directors declared a quarterly cash dividend of $0.215 per common share (equivalent to $0.860 per annum) for the second quarter of 2021.
The dividend is payable on July 15, 2021 to stockholders of record on July 6, 2021, representing an ex-dividend date of July 2, 2021.

PORTFOLIO AND INVESTMENT ACTIVITY

Value Enhancing Reinvestment Opportunities

During the three months ended March 31, 2021, the Company stabilized 11 value enhancing reinvestment projects with a total aggregate net cost of approximately $28.4 million at an average incremental NOI yield of 11% and added seven new reinvestment projects to its in process pipeline. Projects added include three anchor space repositioning projects, three outparcel development projects and one redevelopment project, with a total aggregate net estimated cost of approximately $34.3 million at an expected average incremental NOI yield of 7%.
At March 31, 2021, the value enhancing reinvestment in process pipeline was comprised of 57 projects with an aggregate net estimated cost of approximately $409.2 million at an expected average incremental NOI yield of 9%. The in process pipeline includes 20 anchor space repositioning projects with an aggregate net estimated cost of approximately $98.9 million at an expected incremental NOI yield of 9 to 14%; 16 outparcel development projects with an aggregate net estimated cost of approximately $29.5 million at an expected average incremental NOI yield of 11%; and 21 redevelopment projects with an aggregate net estimated cost of approximately $280.8 million at an expected average incremental NOI yield of 9%.
Due to COVID-19, there is inherent uncertainty as it relates to the Company’s reinvestment projects, specifically with respect to expected project scopes, expected stabilization dates and expected NOI yields.

Acquisitions

During the three months ended March 31, 2021, the Company acquired an outparcel adjacent to an existing center and land associated with an existing center and terminated a ground lease and acquired the associated land parcel at an existing center for a combined purchase price of $3.6 million.
Subsequent to March 31, 2021, the Company acquired The Center of Bonita Springs, a 281,000 square foot community shopping center located in the high-income market of Bonita Springs, Florida (Cape Coral-Fort Myers, Florida MSA), for $48.5 million. The Center of Bonita Springs is anchored by a highly-productive Publix and Bealls Outlet|Home Centric and has significant near-term value creation opportunity. The property complements the Company’s four other assets in Southwest Florida, three of which have recently been or currently are in redevelopment, and is ten miles from its 99% leased Park Shore Plaza in Naples, Florida.

Dispositions

During the three months ended March 31, 2021, the Company generated approximately $33.2 million of gross proceeds on the disposition of four shopping centers, as well as four partial properties, comprised of 0.6 million square feet of gross leasable area.

CAPITAL STRUCTURE

As previously announced, during the three months ended March 31, 2021, the Company’s Operating Partnership, Brixmor Operating Partnership LP, issued $350.0 million aggregate principal amount of 2.250% Senior Notes due 2028. The net proceeds from the offering were utilized to repay the Company’s $350.0 million term loan scheduled to mature December 12, 2023.
At March 31, 2021, the Company had $1.6 billion of total liquidity, comprised of $372.7 million of cash, cash equivalents and restricted cash and $1.2 billion of availability under its Revolving Credit Facility. The Company has no debt maturities in 2021 and only $250.0 million of debt maturities in 2022.

GUIDANCE

The Company has updated its previously provided NAREIT FFO per diluted share expectations for 2021 to $1.60 – 1.70 from $1.56 – 1.70 and its same property NOI growth expectations for 2021 to 1.0 – 3.0% from (1.0) – 3.0%.
With respect to future periods, the Company’s updated guidance:

Reflects anticipated transaction activity
Does not contemplate any tenants moving to or from a cash basis of accounting, either of which may result in significant volatility in straight-line rental income
Does not include any additional items that impact FFO comparability, including litigation and other non-routine legal expenses, loss on debt extinguishment, net and transaction expenses, or any one-time items

The following table provides a reconciliation of the range of the Company’s 2021 estimated net income attributable to common stockholders to NAREIT FFO:

(Unaudited, dollars in millions, except per share amounts)	2021E	2021E Per Diluted Share
Net income attributable to common stockholders	$162 – $192	$0.55 – $0.65
Depreciation and amortization	319	1.07
Impairment of real estate assets	1	0.00
Gain on sale of real estate assets	(6)	(0.02)
NAREIT FFO	$476 – $506	$1.60 – $1.70

CONNECT WITH BRIXMOR

For additional information, please visit www.brixmor.com;
Follow Brixmor on:

Twitter at https://twitter.com/Brixmor
Facebook at https://www.facebook.com/Brixmor
Instagram at https://www.instagram.com/brixmorpropertygroup
YouTube at https://www.youtube.com/user/Brixmor; and

Find Brixmor on LinkedIn at www.linkedin.com/company/brixmor.

CONFERENCE CALL AND SUPPLEMENTAL INFORMATION

The Company will host a teleconference on Tuesday, May 4, 2021 at 10:00 AM ET. To participate, please dial 877.705.6003 (domestic) or 201.493.6725 (international) within 15 minutes of the scheduled start of the call. The teleconference can also be accessed via a live webcast at www.brixmor.com in the Investors section. A replay of the teleconference will be available through midnight ET on May 18, 2021 by dialing 844.512.2921 (domestic) or 412.317.6671 (international) (Passcode: 13717945) or via the web through May 4, 2022 at www.brixmor.com in the Investors section.

The Company’s Supplemental Disclosure will be posted at www.brixmor.com in the Investors section. These materials are also available to all interested parties upon request to the Company at [email protected] or 800.468.7526.

NON-GAAP PERFORMANCE MEASURES

The Company presents the non-GAAP performance measures set forth below. These measures should not be considered as alternatives to, or more meaningful than, net income (calculated in accordance with GAAP) or other GAAP financial measures, as an indicator of financial performance and are not alternatives to, or more meaningful than, cash flow from operating activities (calculated in accordance with GAAP) as a measure of liquidity. Non-GAAP performance measures have limitations as they do not include all items of income and expense that affect operations, and accordingly, should always be considered as supplemental financial results to those calculated in accordance with GAAP. The Company’s computation of these non-GAAP performance measures may differ in certain respects from the methodology utilized by other REITs and, therefore, may not be comparable to similarly titled measures presented by such other REITs. Investors are cautioned that items excluded from these non-GAAP performance measures are relevant to understanding and addressing financial performance. A reconciliation of these non-GAAP performance measures to net income is presented in the attached table.

NAREIT FFO

NAREIT FFO is a supplemental, non-GAAP performance measure utilized to evaluate the operating and financial performance of real estate companies. The National Association of Real Estate Investment Trusts (“NAREIT”) defines FFO as net income (loss), calculated in accordance with GAAP, excluding (i) depreciation and amortization related to real estate, (ii) gains and losses from the sale of certain real estate assets, (iii) gains and losses from change in control, (iv) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity and (v) after adjustments for unconsolidated joint ventures calculated to reflect FFO on the same basis. Considering the nature of its business as a real estate owner and operator, the Company believes that NAREIT FFO is useful to investors in measuring its operating and financial performance because the definition excludes items included in net income that do not relate to or are not indicative of the Company’s operating and financial performance, such as depreciation and amortization related to real estate, and items which can make periodic and peer analyses of operating and financial performance more difficult, such as gains and losses from the sale of certain real estate assets and impairment write-downs of certain real estate assets.

Same Property NOI

Same property NOI is a supplemental, non-GAAP performance measure utilized to evaluate the operating performance of real estate companies. Same property NOI is calculated (using properties owned for the entirety of both periods and excluding properties under development and completed new development properties which have been stabilized for less than one year) as total property revenues (base rent, expense reimbursements, adjustments for revenues deemed uncollectible, ancillary and other rental income, percentage rents and other revenues) less direct property operating expenses (operating costs and real estate taxes). Same property NOI excludes (i) corporate level expenses (including general and administrative), (ii) lease termination fees, (iii) straight-line rental income, net, (iv) accretion of below-market leases, net of amortization of above-market leases and tenant inducements, (v) straight-line ground rent expense, and (vi) income / expense associated with the Company’s captive insurance company. Considering the nature of its business as a real estate owner and operator, the Company believes that same property NOI is useful to investors in measuring the operating performance of its property portfolio because the definition excludes various items included in net income that do not relate to, or are not indicative of, the operating performance of the Company’s properties, such as depreciation and amortization and corporate level expenses (including general and administrative), and because it eliminates disparities in NOI due to the acquisition or disposition of properties or the stabilization of completed new development properties during the period presented and therefore provides a more consistent metric for comparing the operating performance of the Company’s real estate between periods.

ABOUT BRIXMOR PROPERTY GROUP

Brixmor (NYSE: BRX) is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 389 retail centers comprise approximately 68 million square feet of prime retail space in established trade areas. The Company strives to own and operate shopping centers that reflect Brixmor’s vision “to be the center of the communities we serve” and are home to a diverse mix of thriving national, regional and local retailers. Brixmor is a proud real estate partner to approximately 5,000 retailers including The TJX Companies, The Kroger Co., Publix Super Markets and Ross Stores.

Brixmor announces material information to its investors in SEC filings and press releases and on public conference calls, webcasts and the “Investors” page of its website at www.brixmor.com. The Company also uses social media to communicate with its investors and the public, and the information Brixmor posts on social media may be deemed material information. Therefore, Brixmor encourages investors and others interested in the Company to review the information that it posts on its website and on its social media channels.

SAFE HARBOR LANGUAGE

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to the Company’s expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “projects,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Currently, one of the most significant factors that could cause actual outcomes or results to differ materially from forward-looking statements is the adverse effect of the current pandemic of the novel coronavirus, or COVID-19, on the financial condition, operating results and cash flows of the Company, the Company’s tenants, the real estate market, the financial markets and the global economy. The COVID-19 pandemic has impacted the Company and its tenants significantly, and the extent to which it continues to impact the Company and its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the speed and effectiveness of vaccine and treatment developments and their deployment, public adoption rates of COVID-19 vaccines, potential mutations of COVID-19, including SARS-CoV-2 and the response thereto, the direct and indirect economic effects of the pandemic and containment measures, and potential sustained changes in consumer behavior, among others. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

CONSOLIDATED BALANCE SHEETS Unaudited, dollars in thousands, except share information

			As of	As of
			3/31/21	12/31/20
Assets
	Real estate
		Land	$ 1,737,338	$ 1,740,263
		Buildings and tenant improvements	7,760,203	7,714,105
		Construction in progress	125,837	142,745
		Lease intangibles	557,470	566,448
			10,180,848	10,163,561
		Accumulated depreciation and amortization	(2,706,805)	(2,659,448)
	Real estate, net		7,474,043	7,504,113
	Cash and cash equivalents		371,402	368,675
	Restricted cash		1,282	1,412
	Marketable securities		18,737	19,548
	Receivables, net		231,461	240,323
	Deferred charges and prepaid expenses, net		136,251	139,260
	Real estate assets held for sale		12,389	18,014
	Other assets		49,521	50,802
Total assets			$ 8,295,086	$ 8,342,147

Liabilities
	Debt obligations, net		$ 5,165,861	$ 5,167,330
	Accounts payable, accrued expenses and other liabilities		458,022	494,116
Total liabilities			5,623,883	5,661,446

Equity
	Common stock, $0.01 par value; authorized 3,000,000,000 shares;
		306,073,386 and 305,621,403 shares issued and 296,946,394 and 296,494,411
		shares outstanding	2,969	2,965
	Additional paid-in capital		3,211,665	3,213,990
	Accumulated other comprehensive loss		(22,486)	(28,058)
	Distributions in excess of net income		(520,945)	(508,196)
Total equity			2,671,203	2,680,701
Total liabilities and equity			$ 8,295,086	$ 8,342,147

CONSOLIDATED STATEMENTS OF OPERATIONS Unaudited, dollars in thousands, except per share amounts

		Three Months Ended
		3/31/21	3/31/20
Revenues
	Rental income	$ 276,461	$ 280,402
	Other revenues	3,285	1,899
Total revenues		279,746	282,301

Operating expenses
	Operating costs	31,385	30,356
	Real estate taxes	42,888	42,864
	Depreciation and amortization	83,420	83,017
	Impairment of real estate assets	1,467	4,598
	General and administrative	24,645	22,597
Total operating expenses		183,805	183,432

Other income (expense)
	Dividends and interest	87	124
	Interest expense	(48,994)	(47,354)
	Gain on sale of real estate assets	5,764	8,905
	Loss on extinguishment of debt, net	(1,197)	(5)
	Other	770	(758)
Total other expense		(43,570)	(39,088)

Net income		$ 52,371	$ 59,781

Net income per common share:
	Basic	$ 0.18	$ 0.20
	Diluted	$ 0.18	$ 0.20
Weighted average shares:
	Basic	297,110	297,841
	Diluted	297,846	298,264

FUNDS FROM OPERATIONS (FFO) Unaudited, dollars in thousands, except per share amounts

		Three Months Ended
		3/31/21	3/31/20

Net income		$ 52,371	$ 59,781
	Depreciation and amortization related to real estate	82,455	82,020
	Gain on sale of real estate assets	(5,764)	(8,905)
	Impairment of real estate assets	1,467	4,598
NAREIT FFO		$ 130,529	$ 137,494

NAREIT FFO per diluted share		$ 0.44	$ 0.46
Weighted average diluted shares outstanding		297,846	298,264

Items that impact FFO comparability
	Litigation and other non-routine legal expenses	$ (1,831)	$ (522)
	Loss on extinguishment of debt, net	(1,197)	(5)
	Transaction expenses	(32)	(12)
Total items that impact FFO comparability		$ (3,060)	$ (539)
Items that impact FFO comparability, net per share		$ (0.01)	$ (0.00)

Additional Disclosures
	Straight-line rental income, net (1)	$ 2,272	$ (2,137)
	Accretion of below-market leases, net of amortization of above-market leases and tenant inducements	984	3,371
	Straight-line ground rent expense (2)	(46)	(35)

Dividends declared per share		$ 0.215	$ 0.285
Dividends declared		$ 63,843	$ 84,488
Dividend payout ratio (as % of NAREIT FFO)		48.9%	61.4%


(1)	Includes straight-line rental income reversals of $1.6 million and $7.9 million for the three months ended March 31, 2021 and 2020, respectively.
(2)	Straight-line ground rent expense is included in Operating costs on the Consolidated Statements of Operations.

SAME PROPERTY NOI ANALYSIS Unaudited, dollars in thousands

	Three Months Ended
	3/31/21	3/31/20	Change
Same Property NOI Analysis
Number of properties	380	380	–
Percent billed	87.9%	89.4%	(1.5%)
Percent leased	90.9%	92.6%	(1.7%)

Revenues
Base rent	$ 201,279	$ 205,397
Expense reimbursements	62,514	62,911
Revenues deemed uncollectible	(4,330)	(5,929)
Ancillary and other rental income / Other revenues	7,554	5,919
Percentage rents	2,291	1,831
	269,308	270,129	(0.3%)
Operating expenses
Operating costs	(30,563)	(29,036)
Real estate taxes	(41,918)	(41,325)
	(72,481)	(70,361)	3.0%
Same property NOI	$ 196,827	$ 199,768	(1.5%)

NOI margin	73.1%	74.0%
Expense recovery ratio	86.2%	89.4%

Percent Contribution to Same Property NOI Performance:
	Change	Percent Contribution
Base rent – excluding COVID-19 rent deferrals (lease modifications) and rent abatements	$ (1,831)	(0.9%)
Base rent – COVID-19 rent deferrals (lease modifications) and rent abatements	(2,287)	(1.2%)
Revenues deemed uncollectible	1,599	0.8%
Net recoveries	(2,517)	(1.2%)
Ancillary and other rental income / Other revenues	1,635	0.8%
Percentage rents	460	0.2%
		(1.5%)

Reconciliation of Net Income to Same Property NOI
Same property NOI	$ 196,827	$ 199,768
Adjustments:
Non-same property NOI	4,052	6,726
Lease termination fees	1,384	1,388
Straight-line rental income, net	2,272	(2,137)
Accretion of below-market leases, net of amortization of above-market leases and tenant inducements	984	3,371
Straight-line ground rent expense	(46)	(35)
Depreciation and amortization	(83,420)	(83,017)
Impairment of real estate assets	(1,467)	(4,598)
General and administrative	(24,645)	(22,597)
Total other expense	(43,570)	(39,088)
Net income	$ 52,371	$ 59,781

View original content to download multimedia:http://www.prnewswire.com/news-releases/brixmor-property-group-reports-first-quarter-2021-results-301282363.html

SOURCE Brixmor Property Group Inc.

May 3, 2021 4:10 pm

Radiant Logistics to Host Investor Call to Discuss Financial Results for Third Fiscal Quarter Ended March 31, 2021

Call Scheduled for Monday, May 10, at 4:30 PM Eastern

PR Newswire

BELLEVUE, Wash., May 3, 2021 /PRNewswire/ — Radiant Logistics, Inc. (NYSE American: RLGT), a third party logistics and multi-modal transportation services company, will host a conference call on Monday, May 10, at 4:30 PM Eastern to discuss the Company’s financial results for the three and nine months ended March 31, 2021.

The conference call is open to all interested parties, including individual investors and press. Bohn Crain, Founder and CEO will host the call.

Conference Call Details

Date/Time:        Monday, May 10, 2021 at 4:30 PM Eastern
DIAL-IN:            US (888) 506-0062; Intl. (973) 528-0011
PASS CODE:    422651
REPLAY:          May 11, 2021 at 9:30 AM Eastern to May 24, 2021 at 4:30 PM Eastern
                        US (877) 481-4010; Intl. (919) 882-2331
                         Replay ID number: 41149

Webcast Details

This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com or at https://www.webcaster4.com/Webcast/Page/2191/41149.

About Radiant Logistics (NYSE American: RLGT)

Radiant Logistics (www.radiantdelivers.com) is a third party logistics and multi-modal transportation services delivering advanced supply chain solutions through a network of company-owned and strategic operating partner locations across North America. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services, including customs brokerage and materials management and distribution solutions to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.

View original content to download multimedia:http://www.prnewswire.com/news-releases/radiant-logistics-to-host-investor-call-to-discuss-financial-results-for-third-fiscal-quarter-ended-march-31-2021-301282304.html

SOURCE Radiant Logistics, Inc.

May 3, 2021 4:10 pm

Harmonic Announces First Quarter 2021 Results

Cable Access revenue up 72% year over year

Video revenue up 29% year over year

PR Newswire

SAN JOSE, Calif., May 3, 2021 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the first quarter of 2021.

“Harmonic delivered another quarter of solid results, including better than expected revenues and earnings driven by strong customer demand in both of our business segments,” said Patrick Harshman, president and chief executive officer of Harmonic. “We saw strong bookings during the first quarter and as a result, we again ended the quarter with near-record backlog and deferred revenue. This solid financial footing, combined with the continued differentiated technology leadership of our video streaming and CableOS^® solutions, positions us well for continued success.”

Q1
Financial and Business Highlights

Financial

Revenue: $111.6 million, up 42.3% year over year

Cable Access segment revenue: $41.3 million, up 72% year over year
Video segment revenue: $70.3 million, up 29% year over year

Gross margin: GAAP 49.4% and non-GAAP 50.4%, compared to GAAP 46.8% and non-GAAP 48.9% in the year ago period

Cable Access segment gross margin: 42.2% compared to 43.3% in the year ago period
Video segment gross margin: 55.1% compared to 51.3% in the year ago period

Operating income (loss): GAAP loss $3.8 million and non-GAAP income $5.1 million, compared to GAAP loss $18.0 million and non-GAAP loss $9.5 million in the year ago period
Adjusted EBITDA: $9.1 million income compared to $7.0 million loss in the year ago period
Net income (loss): GAAP net loss $6.1 million and non-GAAP net income of $4.5 million, compared to GAAP net loss $22.0 million and non-GAAP net loss $9.8 million in the year ago period
EPS: GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.04, compared to GAAP net loss per share of $0.23 and non-GAAP net loss per share of $0.10 in the year ago period
Cash: $100.8 million, up $29.1 million year over year

Business

CableOS solution commercially deployed with 53 customers, up 96% year over year
CableOS deployments scaled to 3.0 million served cable modems, up 127% year over year
7 new VOS^® streaming SaaS customers added during the quarter, total up 72% year over year

Select Financial Information

	GAAP						Non-GAAP
*Key Financial Results*	Q1 2021		Q4 2020		Q1 2020		Q1 2021		Q4 2020		Q1 2020
	(in millions, except per share data)
Net revenue	$	111.6	$	131.5	$	78.4	$	111.6	$	131.5	$	78.4
Net income (loss)	$	(6.1)	$	13.5	$	(22.0)	$	4.5	$	20.0	$	(9.8)
Diluted EPS	$	(0.06)	$	0.13	$	(0.23)	$	0.04	$	0.20	$	(0.10)

*Other Financial Information*							Q1 2021		Q4 2020		Q1 2020
							(in millions)
Adjusted EBITDA for the quarter							$	9.1	$	26.4	$	(7.0)
Bookings for the quarter							$	96.3	$	206.4	$	76.3
Backlog and deferred revenue as of quarter end							$	274.3	$	290.5	$	207.9
Cash and cash equivalents as of quarter end							$	100.8	$	98.6	$	71.7

Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and non-GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations”.

Financial Guidance

	Q2 GAAP Financial Guidance
	Low												High
(Unaudited, in millions, except percentages)	Video			Cable Access			Adjustments ⁽²⁾			Total			Video			Cable Access			Adjustments ⁽²⁾			Total
Net revenue	$	57.0		$	45.0		$	—		$	102.0		$	62.0		$	50.0		$	—		$	112.0
Gross margin %	54.0		%	42.0		%	(0.5)		%	48.2		%	56.0		%	44.0		%	(0.4)		%	50.2		%
Operating expenses	$	34.0		$	18.0		$	4.5		$	56.5		$	35.0		$	19.0		$	4.5		$	58.5
Operating income (loss)	$	(3.2)		$	0.9		$	(5.0)		$	(7.3)		$	(0.3)		$	3.0		$	(5.0)		$	(2.3)
Tax expense ⁽¹⁾										$	(0.7)											$	(0.7)
EPS ⁽¹⁾										$	(0.11)											$	(0.06)
Shares ⁽¹⁾										101.2												101.2
Cash⁽¹⁾										$	90.0											$	100.0

(1) The guidance is provided at the total company level and not by segment.

(2) See “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” below.

	2021 GAAP Financial Guidance
	Low												High
(Unaudited, in millions, except percentages)	Video			Cable Access			Adjustments ⁽²⁾			Total GAAP			Video			Cable Access			Adjustments ⁽²⁾			Total GAAP
Net revenue	$	260.0		$	175.0		$	—		$	435.0		$	280.0		$	200.0		$	—		$	480.0
Gross margin %	55.0		%	44.0		%	(0.6)		%	50.0		%	57.0		%	45.0		%	(0.5)		%	51.5		%
Operating expenses	$	138.0		$	71.0		$	22.5		$	231.5		$	143.0		$	75.0		$	22.5		$	240.5
Operating income (loss)	$	5.0		$	6.0		$	(25.0)		$	(14.0)		$	16.6		$	15.0		$	(25.0)		$	6.6
Tax expense ⁽¹⁾										$	(2.9)											$	(2.9)
EPS ⁽¹⁾										$	(0.27)											$	(0.06)
Shares ⁽¹⁾										101.4												101.4
Cash⁽¹⁾										$	110.0											$	120.0

(1) The guidance is provided at the total company level and not by segment.

(2) See “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” below.

	Q2 2021 Non-GAAP Financial Guidance ⁽²⁾
	Low									High
(Unaudited, in millions, except percentages)	Video			Cable Access			Total			Video			Cable Access			Total
Net revenue	$	57.0		$	45.0		$	102.0		$	62.0		$	50.0		$	112.0
Gross margin %	54.0		%	42.0		%	48.7		%	56.0		%	44.0		%	50.6		%
Operating expenses	$	34.0		$	18.0		$	52.0		$	35.0		$	19.0		$	54.0
Operating income (loss)	$	(3.2)		$	0.9		$	(2.3)		$	(0.3)		$	3.0		$	2.7
Adjusted EBITDA	$	(1.3)		$	2.1		$	0.8		$	1.6		$	4.2		$	5.8
Tax rate ⁽¹⁾							10.0		%							10.0		%
EPS ⁽¹⁾							$	(0.03)								$	0.01
Shares ⁽¹⁾							101.2									104.2
Cash⁽¹⁾							$	90.0								$	100.0

(1) The guidance is provided at the total company level and not by segment.

(2) See “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” below.

	2021 Non-GAAP Financial Guidance ⁽²⁾
	Low									High
(Unaudited, in millions, except percentages)	Video			Cable Access			Total			Video			Cable Access			Total
Net revenue	$	260.0		$	175.0		$	435.0		$	280.0		$	200.0		$	480.0
Gross margin %	55.0		%	44.0		%	50.6		%	57.0		%	45.0		%	52.0		%
Operating expenses	$	138.0		$	71.0		$	209.0		$	143.0		$	75.0		$	218.0
Operating income	$	5.0		$	6.0		$	11.0		$	16.6		$	15.0		$	31.6
Adjusted EBITDA	$	13.5		$	11.6		$	25.1		$	25.1		$	20.6		$	45.7
Tax rate ⁽¹⁾							10.0		%							10.0		%
EPS ⁽¹⁾							$	0.06								$	0.24
Shares ⁽¹⁾							104.7									104.7
Cash⁽¹⁾							$	110.0								$	120.0

(1) The guidance is provided at the total company level and not by segment.

(2) See “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” below.

Conference Call Information

Harmonic will host a conference call to discuss its financial results at 2:00 p.m. Pacific (5:00 p.m. Eastern) on Monday, May 3, 2021. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. An audio version of the webcast will be available by calling +1.574.990.1032 or +1.800.240.9147 (conference ID 8667518). A replay will be available after 5:00 p.m. PT on the same web site or by calling +1.404.537.3406 or +1.855.859.2056 (conference ID 8667518).

About Harmonic Inc.

Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized cable access and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The Company revolutionized cable access networking via the industry’s first virtualized cable access solution, enabling cable operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet cable services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, EPS and cash. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: the market and technology trends underlying our Video and Cable Access businesses will not continue to develop in their current direction or pace; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the potential impact of the Covid-19 pandemic on our operations or the operations of our supply chain or our customers; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; customer concentration and consolidation; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; losses of one or more key customers; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our CableOS and VOS product solutions; dependence on various video and broadband industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the effect on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic’s filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2020, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic’s results of operations in conjunction with the corresponding GAAP measures.

The Company believes that the presentation of non-GAAP measures when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.

The non-GAAP measures presented here are: segment revenue, gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss) (including those amounts as a percentage of revenue), Adjusted EBITDA and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.

Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:

Stock-based compensation – Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.

Amortization of intangibles – A portion of the purchase price of our acquisitions is generally allocated to intangible assets, and is subject to amortization. However, Harmonic does not acquire businesses on a predictable cycle. Additionally, the amount of an acquisition’s purchase price allocated to intangible assets and the term of its related amortization can vary significantly and is unique to each acquisition. Therefore, we believe that the presentation of non-GAAP financial measures that adjust for the amortization of intangible assets provides investors and others with a consistent basis for comparison across accounting periods.

Restructuring and related charges – Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, lease exit costs, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.

Loss on convertible debt extinguishment – In the fourth quarter of fiscal 2020, we recorded a loss of $0.5 million from the conversion and settlement of the remaining $8.1 million of our convertible notes due in December 2020. We have excluded this loss from our non-GAAP financial measures because we do not believe the loss is reflective of our ongoing long-term business and operating results.

Non-cash interest expense and other expenses related to convertible notes and other debt – We record the accretion of the debt discount related to the equity component and amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors’ ability to view the Company’s results from management’s perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.

Discrete tax items and tax effect of non-GAAP adjustments – The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.

Depreciation – Depreciation expense, along with interest, tax and stock-based compensation expense, restructuring charges and amortization of intangible assets, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.

Harmonic Inc.
Preliminary Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except per share data)

	April 2, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	100,777	$	98,645
Accounts receivable, net	85,704		66,227
Inventories	35,539		35,031
Prepaid expenses and other current assets	38,647		38,132
Total current assets	260,667		238,035
Property and equipment, net	43,136		43,141
Operating lease right-of-use assets	25,751		27,556
Other non-current assets	38,308		39,117
Goodwill	241,847		243,674
Total assets	$	609,709	$	591,523

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Convertible notes, current	$	36,143	$	—
Other debts, current	5,405		11,771
Accounts payable	36,148		23,543
Deferred revenue	63,851		54,294
Operating lease liabilities, current	7,032		7,354
Other current liabilities	43,986		50,333
Total current liabilities	192,565		147,295
Convertible notes, non-current	94,884		129,507
Other debts, non-current	15,415		10,086
Operating lease liabilities, non-current	24,548		26,071
Other non-current liabilities	20,963		20,262
Total liabilities	$	348,375	$	333,221

Convertible notes	1,564		—
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding	—		—
Common stock, $0.001 par value, 150,000 shares authorized; 100,993 and 98,204 shares issued and outstanding at April 2, 2021 and December 31, 2020, respectively	101		98
Additional paid-in capital	2,365,129		2,353,559
Accumulated deficit	(2,107,335)		(2,101,211)
Accumulated other comprehensive income	1,875		5,856
Total stockholders’ equity	259,770		258,302
Total liabilities and stockholders’ equity	$	609,709	$	591,523

Harmonic Inc.
Preliminary Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)

	Three months ended
	April 2, 2021		March 27, 2020
Revenue:
Appliance and integration	$	79,976	$	47,752
SaaS and service	31,600		30,665
Total net revenue	111,576		78,417
Cost of revenue:
Appliance and integration	42,619		26,287
SaaS and service	13,812		15,392
Total cost of revenue	56,431		41,679
Total gross profit	55,145		36,738
Operating expenses:
Research and development	23,528		22,123
Selling, general and administrative	34,911		31,218
Amortization of intangibles	507		770
Restructuring and related charges	43		676
Total operating expenses	58,989		54,787
Loss from operations	(3,844)		(18,049)
Interest expense, net	(2,603)		(2,903)
Other income (expense), net	1,019		(273)
Loss before income taxes	(5,428)		(21,225)
Provision for income taxes	696		729
Net loss	$	(6,124)	$	(21,954)

Net loss per share:
Basic and diluted	$	(0.06)	$	(0.23)
Shares used in per share calculations:
Basic and diluted	99,868		95,575

Harmonic Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)

	Three months ended
	April 2, 2021		March 27, 2020
Cash flows from operating activities:
Net loss	$	(6,124)	$	(21,954)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	3,057		2,843
Amortization of intangibles	507		1,655
Stock-based compensation	8,398		6,259
Amortization of convertible debt discount	1,532		1,835
Amortization of warrant	429		434
Foreign currency adjustments	(2,609)		(2,066)
Deferred income taxes	432		653
Provision for doubtful accounts and returns	1,089		331
Provision for excess and obsolete inventories	644		234
Other adjustments	143		121
Changes in operating assets and liabilities:
Accounts receivable	(20,758)		(5,068)
Inventories	(1,119)		(6,281)
Other assets	(1,019)		10,579
Accounts payable	13,527		(242)
Deferred revenues	11,285		12,477
Other liabilities	(7,736)		(12,851)
Net cash provided by (used in) operating activities	1,678		(11,041)
Cash flows from investing activities:
Purchases of property and equipment	(3,645)		(11,224)
Net cash used in investing activities	(3,645)		(11,224)
Cash flows from financing activities:
Payment of convertible debt issuance costs	—		(35)
Repayment of other debts	(108)		(406)
Proceeds from common stock issued to employees	5,685		3,000
Payment of tax withholding obligations related to net share settlements of restricted stock units	(913)		(829)
Net cash provided by financing activities	4,664		1,730
Effect of exchange rate changes on cash and cash equivalents	(565)		(811)
Net increase (decrease) in cash and cash equivalents	2,132		(21,346)
Cash and cash equivalents at beginning of period	98,645		93,058
Cash and cash equivalents at end of period	$	100,777	$	71,712

Harmonic Inc.
Preliminary GAAP Revenue Information
(Unaudited, in thousands, except percentages)

	Three months ended
	April 2, 2021				December 31, 2020				March 27, 2020
Geography
Americas	$	75,062	68	%	$	84,916	65	%	$	37,650	48	%
EMEA	27,607		24	%	34,825		26	%	27,816		35	%
APAC	8,907		8	%	11,787		9	%	12,951		17	%
Total	$	111,576	100	%	$	131,528	100	%	$	78,417	100	%

Market
Service Provider	$	53,660	48	%	$	66,673	51	%	$	43,759	56	%
Broadcast and Media	57,916		52	%	64,855		49	%	34,658		44	%
Total	$	111,576	100	%	$	131,528	100	%	$	78,417	100	%

Harmonic Inc.
Preliminary Segment Information
(Unaudited, in thousands, except percentages)

	Three months ended April 2, 2021
	Video			Cable Access			Total Segment Measures (non-GAAP)			Adjustments ⁽¹⁾		Consolidated GAAP Measures
Net revenue	$	70,331		$	41,245		$	111,576		$	—	$	111,576
Gross profit	38,774			17,408			56,182			(1,037)		55,145
*Gross margin %*	55.1		%	42.2		%	50.4		%			49.4		%
Operating income (loss)	3,772			1,296			5,068			(8,912)		(3,844)
*Operating margin %*	5.4		%	3.1		%	4.5		%			(3.4)		%

	Three months ended December 31, 2020
	Video			Cable Access			Total Segment Measures (non-GAAP)			Adjustments ⁽¹⁾		Consolidated GAAP Measures
Net revenue	$	86,044		$	45,484		$	131,528		$	—	$	131,528
Gross profit	48,336			24,437			72,773			(1,211)		71,562
*Gross margin %*	56.2		%	53.7		%	55.3		%			54.4		%
Operating income (loss)	13,529			9,918			23,447			(6,672)		16,775
*Operating margin %*	15.7		%	21.8		%	17.8		%			12.8		%

	Three months ended March 27, 2020
	Video			Cable Access			Total Segment Measures (non-GAAP)			Adjustments ⁽¹⁾		Consolidated GAAP Measures
Net revenue	$	54,372		$	24,045		$	78,417		$	—	$	78,417
Gross profit	27,907			10,414			38,321			(1,583)		36,738
*Gross margin %*	51.3		%	43.3		%	48.9		%			46.8		%
Operating loss	(6,267)			(3,265)			(9,532)			(8,517)		(18,049)
*Operating margin %*	(11.5)		%	(13.6)		%	(12.2)		%			(23.0)		%

(1) See “Use of Non-GAAP Financial Measures” above and “GAAP to Non-GAAP Reconciliations” below.

Harmonic Inc.
GAAP to Non-GAAP Reconciliations (Unaudited)
(in thousands, except percentages and per share data)

	Three months ended April 2, 2021
	Revenue		Gross Profit			Total Operating Expense			Income (Loss) from Operations			Total Non- operating expense, net			Net Income (Loss)
GAAP	$	111,576	$	55,145		$	58,989		$	(3,844)		$	(1,584)		$	(6,124)
Stock-based compensation	—		1,073			(7,325)			8,398			—			8,398
Amortization of intangibles	—		—			(507)			507			—			507
Restructuring and related charges	—		(36)			(43)			7			—			7
Non-cash interest and other expenses related to convertible notes	—		—			—			—			1,532			1,532
Discrete tax items and tax effect of non-GAAP adjustments	—		—			—			—			—			194
Total adjustments	—		1,037			(7,875)			8,912			1,532			10,638
Non-GAAP	$	111,576	$	56,182		$	51,114		$	5,068		$	(52)		$	4,514
As a % of revenue (GAAP)			49.4		%	52.9		%	(3.4)		%	(1.4)		%	(5.5)		%
As a % of revenue (Non-GAAP)			50.4		%	45.8		%	4.5		%	—		%	4.0		%
Diluted net income (loss) per share:
GAAP															$	(0.06)
Non-GAAP															$	0.04
Shares used to compute diluted net income (loss) per share:
GAAP															99,868
Non-GAAP															103,190

	Three months ended December 31, 2020
	Revenue		Gross Profit			Total Operating Expense			Income from Operations			Total Non- operating expense, net			Net Income
GAAP	$	131,528	$	71,562		$	54,787		$	16,775		$	(3,349)		$	13,465
Stock-based compensation	—		348			(3,955)			4,303			—			4,303
Amortization of intangibles	—		—			(756)			756			—			756
Restructuring and related charges	—		863			(750)			1,613			—			1,613
Loss on convertible debt extinguishment	—		—			—			—			528			528
Non-cash interest and other expenses related to convertible notes	—		—			—			—			1,607			1,607
Discrete tax items and tax effect of non-GAAP adjustments	—		—			—			—			—			(2,262)
Total adjustments	—		1,211			(5,461)			6,672			2,135			6,545
Non-GAAP	$	131,528	$	72,773		$	49,326		$	23,447		$	(1,214)		$	20,010
As a % of revenue (GAAP)			54.4		%	41.7		%	12.8		%	(2.5)		%	10.2		%
As a % of revenue (Non-GAAP)			55.3		%	37.5		%	17.8		%	(0.9)		%	15.2		%
Diluted net income per share:
GAAP															$	0.13
Non-GAAP															$	0.20
Shares used to compute diluted net income per share:
GAAP and Non-GAAP															100,316

	Three months ended March 27, 2020
	Revenue		Gross Profit			Total Operating Expense			Loss from Operations			Total Non- operating expense, net			Net Loss
GAAP	$	78,417	$	36,738		$	54,787		$	(18,049)		$	(3,176)		$	(21,954)
Stock-based compensation	—		771			(5,488)			6,259			—			6,259
Amortization of intangibles	—		885			(770)			1,655			—			1,655
Restructuring and related charges	—		(73)			(676)			603			—			603
Non-cash interest and other expenses related to convertible notes	—		—			—			—			1,835			1,835
Discrete tax items and tax effect of non-GAAP adjustments	—		—			—			—			—			1,816
Total adjustments	—		1,583			(6,934)			8,517			1,835			12,168
Non-GAAP	$	78,417	$	38,321		$	47,853		$	(9,532)		$	(1,341)		$	(9,786)
As a % of revenue (GAAP)			46.8		%	69.9		%	(23.0)		%	(4.1)		%	(28.0)		%
As a % of revenue (Non-GAAP)			48.9		%	61.0		%	(12.2)		%	(1.7)		%	(12.5)		%
Diluted net loss per share:
GAAP															$	(0.23)
Non-GAAP															$	(0.10)
Shares used to compute diluted net loss per share:
GAAP and Non-GAAP															95,575

Harmonic Inc.
Preliminary Adjusted EBITDA Reconciliation (Unaudited)
(In thousands)

	Three months ended
	April 2, 2021		December 31, 2020		March 27, 2020
Net income (loss) – GAAP	$	(6,124)	$	13,465	$	(21,954)
Provision for (benefit from) income taxes	696		(39)		729
Interest expense, net	2,603		2,737		2,903
Depreciation	3,057		3,054		2,843
Amortization of intangibles	507		756		1,655
EBITDA	739		19,973		(13,824)

Adjustments
Stock-based compensation	8,398		4,303		6,259
Loss on convertible debt extinguishment	—		528		—
Restructuring and related charges	7		1,613		603
Adjusted EBITDA	$	9,144	$	26,417	$	(6,962)

Harmonic Inc.
GAAP to Non-GAAP Reconciliations on Financial Guidance
(In millions, except percentages and per share data)

	Q2 2021 Financial Guidance
	Revenue	Gross Profit	Total Operating Expense	Income (Loss) from Operations	Total Non- operating Expense, net	Net Income (Loss)
GAAP	$102.0 to $112.0	$49.2 to $56.2	$56.5 to $58.5	$(7.3) to $(2.3)	$(2.8)	$(10.9) to $(5.9)
Stock-based compensation expense	—	0.2	(4.3)	4.5	—	4.5
Amortization of intangibles	—	—	—	—	—	—
Restructuring and related charges	—	0.3	(0.2)	0.5	—	0.5
Non-cash interest and other expenses related to convertible notes	—	—	—	—	1.5	1.5
Tax effect of non-GAAP adjustments	—	—	—	—	—	$0.6 to $1.1
Total adjustments	—	0.5	(4.5)	5.0	1.5	$7.1 to $7.6
Non-GAAP	$102.0 to $112.0	$49.7 to $56.7	$52.0 to $54.0	$(2.3) to $2.7	$(1.3)	$(3.3) to $1.3
As a % of revenue (GAAP)		48.2% to 50.2%	55.4% to 52.3%	(7.2%) to (2.0)%	(2.8)% to (2.5)%	(10.7)% to (5.2)%
As a % of revenue (Non-GAAP)		48.7% to 50.6%	51.0% to 48.2%	(2.3)% to 2.4%	(1.3)% to (1.2)%	(3.2)% to 1.1%
Diluted net income (loss) per share:
GAAP						$(0.11) to $(0.06)
Non-GAAP						$(0.03) to $0.01
Shares used to compute diluted net income (loss) per share:
GAAP						101.2
Non-GAAP						101.2 to 104.2

	2021 Financial Guidance
	Revenue	Gross Profit	Total Operating Expense	Income (Loss) from Operations	Total Non- operating Expense, net	Net Income (Loss)
GAAP	$435.0 to $480.0	$217.5 to $247.1	$231.5 to $240.5	$(14.0) to $6.6	$(10.2)	$(27.0) to $(6.4)
Stock-based compensation expense	—	2.0	(21.3)	23.3	—	23.3
Amortization of intangibles	—	—	(0.5)	0.5	—	0.5
Restructuring and related charges	—	0.5	(0.7)	1.2	—	1.2
Non-cash interest and other expenses related to convertible notes	—	—	—	—	6.3	6.3
Tax effect of non-GAAP adjustments	—	—	—	—	—	$0.0 to $2.1
Total adjustments	—	2.5	(22.5)	25.0	6.3	$31.3 to $33.4
Non-GAAP	$435.0 to $480.0	$220.0 to $249.6	$209.0 to $218.0	$11.0 to $31.6	$(3.9)	$6.4 to $24.9
As a % of revenue (GAAP)		50.0% to 51.5%	53.2% to 50.1%	(3.2)% to 1.4%	(2.3)% to (2.1)%	(6.2)% to (1.3%)
As a % of revenue (Non-GAAP)		50.6% to 52.0%	48.0% to 45.4%	2.5% to 6.6%	(0.9)% to (0.8)%	1.5% to 5.2%
Diluted net income (loss) per share:
GAAP						$(0.27) to $(0.06)
Non-GAAP						$0.06 to $0.24
Shares used to compute diluted net income (loss) per share:
GAAP						101.4
Non-GAAP						104.7

Harmonic Inc.
Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited)
(In millions)

	Q2 2021 Financial Guidance	2021 Financial Guidance
Net loss – GAAP	$(10.9) to $(5.9)	$(27.0) to $(6.4)
Provision for income taxes	0.7	2.9
Interest expense, net	2.5	10.2
Depreciation	3.5	14.0
Amortization of intangibles	—	0.5
EBITDA	$(4.2) to $0.8	$0.6 to $21.2

Adjustments
Stock-based compensation	4.5	23.3
Restructuring and related charges	0.5	1.2
Adjusted EBITDA	$0.8 to $5.8	$25.1 to $45.7

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SOURCE Harmonic Inc.

May 3, 2021 4:10 pm

BIOLASE Urges Stockholders To Vote “FOR” ALL Proposals At Upcoming Annual Meeting

PR Newswire

FOOTHILL RANCH, Calif., May 3, 2021 /PRNewswire/ — BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today sent the following letter to stockholders regarding the upcoming 2021 annual meeting of stockholders scheduled to be held on May 26, 2021.

The text of the letter is as follows:

May 3, 2021

Dear Fellow BIOLASE Stockholders,

The Board of Directors and management team of BIOLASE, Inc. thank you for your continued support for BIOLASE. Like you, we are only interested in the continued success and growth of BIOLASE.

As we emerge from the impact of COVID-19, we believe it is important to preserve BIOLASE’s strategic flexibility to grow and create shareholder value. As such, the Board is asking for you to vote TODAY “FOR” ALL proposals at the upcoming 2021 annual meeting.

We believe that voting FOR ALL proposals together will:

Help ensure continued listing of BIOLASE common stock on The Nasdaq Capital Market;
Attract institutional investors to BIOLASE;
Attract and retain employees and other service providers; and
Promote greater liquidity for our stockholders

More specifically:

Proposal	Why the Board Believes You Should Vote FOR the Proposal
#3—the amendment to the BIOLASE, Inc. 2018 Long-Term Incentive Plan to increase the number of shares available for issuance under the Plan	Increasing the number of shares available for equity grants will: – Enable us to conserve cash by offering equity-based compensation in lieu of cash compensation to employees and other service providers

#4—the amendment of the BIOLASE, Inc. charter to effect a reverse stock split	A reverse stock split will: – Reduce the likelihood that our common stock will be delisted from the Nasdaq Capital Market – Likely result in a higher stock price, enhancing the marketability of our common stock to institutional and other investors, increasing trading liquidity and helping us to attract and retain employees
#5—the amendment of the BIOLASE, Inc. charter to increase the number of authorized shares	Increasing the number of authorized shares will: – Permit us to amend our equity compensation plan as described above – Provide future flexibility for general corporate purposes and for raising capital (although we do not anticipate needing any additional capital in the near term) Without the increase, we have less than 3 million shares of common stock authorized, unissued and available for general corporate purposes

If you have already submitted a proxy, you may change your vote prior to the annual meeting by voting again using the same materials. Only your latest dated vote counts.

If you have already submitted a proxy by telephone or over the Internet and you would like to change your vote, please call our proxy solicitor, D.F. King & Co., Inc., at (800) 347-4750, or click on the original voting link you used to submit your vote from the email you received with the proxy materials (if you hold at Robinhood, look for an email from Proxydocs.com, and for all other stockholders, check for an email from Proxyvote.com). You can also email D.F. King & Co., Inc. at [email protected].

Thank you,

John R. Beaver

President and Chief Executive Officer

If you need any assistance voting your shares, please contact our proxy solicitor at:

D.F. King & Co, Inc.
48 Wall Street, 22nd Floor
New York, NY 10005
Call Toll-Free: (800) 347-4750
Banks and Brokers Call: (212) 269-5550
[email protected]

About BIOLASE

BIOLASE is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine. BIOLASE’s products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE’s proprietary laser products incorporate approximately 271 patented and 40 patent-pending technologies designed to provide biologically and clinically superior performance with less pain and faster recovery times. BIOLASE’s innovative products provide cutting-edge technology at competitive prices to deliver superior results for dentists and patients. BIOLASE’s principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. BIOLASE has sold over 41,200 laser systems to date in over 80 countries around the world. Laser products under development address BIOLASE’s core dental market and other adjacent medical and consumer applications.

For updates and information on Waterlase iPlus®, Waterlase Express™, and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Instagram at www.instagram.com/waterlase_laserdentistry, and LinkedIn at www.linkedin.com/company/biolase.

BIOLASE®, Waterlase® and Waterlase iPlus® are registered trademarks of BIOLASE, Inc.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements, regarding the anticipated effects of stockholder approval of matters to be voted on at BIOLASE’s 2021 annual meeting of stockholders (the “Annual Meeting”). Forward-looking statements can be identified through the use of words such as may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “continue,” “expect,” “believe,” “anticipate,” “estimate,” “predict,” “outlook,” “potential,” “plan,” “seek,” and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE’s current expectations and speak only as of the date of this communication. Actual results may differ materially from BIOLASE’s current expectations depending upon a number of factors. These factors include, among others, those risks and uncertainties that are described in the definitive proxy statement filed by BIOLASE with the Securities and Exchange Commission (the “SEC”) in connection with the Annual Meeting and in the “Risk Factors” section of BIOLASE’s most recent annual report on Form 10-K filed with the SEC. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.

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SOURCE BIOLASE, Inc.

May 3, 2021 4:10 pm

AudioEye Sets First Quarter 2021 Earnings Call for Thursday, May 13, 2021 at 4:30 p.m. ET

PR Newswire

TUCSON, Ariz., May 3, 2021 /PRNewswire/ — AudioEye, Inc. (NASDAQ: AEYE), the industry-leading digital accessibility platform, will hold a conference call on Thursday, May 13, 2021 at 4:30 p.m. Eastern time to discuss its financial results for the first quarter ended March 31, 2021. Financial results will be issued in a press release prior to the call.

AudioEye management will host the conference call, followed by a question and answer period.

Date: Thursday, May 13, 2021
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
U.S. dial-in number: 1-855-327-6837
International number: 1-631-891-4304

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

The conference call will also be webcast live and available for replay, which will be accessible via the investor relations section of the company’s website. The audio recording will remain available via the investor relations section of the company’s website for 90 days.

A telephonic replay of the conference call will also be available after 7:30 p.m. Eastern time on the same day through May 20, 2021.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 10014505

About AudioEye, Inc.
AudioEye is an industry-leading digital accessibility platform delivering trusted ADA and WCAG accessibility compliance at scale. Through patented technology, subject matter expertise and proprietary processes, AudioEye is eradicating all barriers to digital access, helping creators get accessible and supporting them with ongoing advisory and automated upkeep. Trusted by the FCC, ADP, SSA, Samsung, and more, AudioEye helps everyone identify and resolve issues of accessibility and enhance user experiences, automating digital accessibility for the widest audiences. AudioEye stands out among its competitors because it delivers human-in-the-loop machine learning accessibility remediations without fundamental changes to website architecture, as well as source code audits, browser-based tools, and continuous accessibility monitoring. Join our movement at www.audioeye.com.

Corporate Contact:
AudioEye, Inc.
Dr. Carr Bettis, Executive Chairman
[email protected]

Investor Contact:

Matt Glover or Tom Colton
[email protected]
(949) 574-3860

View original content to download multimedia:http://www.prnewswire.com/news-releases/audioeye-sets-first-quarter-2021-earnings-call-for-thursday-may-13-2021-at-430-pm-et-301281499.html

SOURCE AudioEye, Inc.

May 3, 2021 4:10 pm

Ollie’s Bargain Outlet Holdings, Inc. Announces Hiring of Executive Vice President & Chief Operating Officer

HARRISBURG, Pa., May 03, 2021 (GLOBE NEWSWIRE) — Ollie’s Bargain Outlet Holdings, Inc. (Nasdaq: OLLI) announced the hiring of Eric van der Valk to the position of Executive Vice President and Chief Operating Officer, effective May 3, 2021. Mr. van der Valk will report to John Swygert, President and Chief Executive Officer and will lead the Store Operations, Supply Chain, Real Estate and Asset Protection teams.

John Swygert, President and Chief Executive Officer, stated, “We are delighted to welcome Eric to the Ollie’s family. Eric has a proven track record and brings expertise across several key functional areas including store operations, supply chain, sourcing, planning/allocation, and marketing. We believe that his extensive background, leadership skills and deep knowledge of the discount retail space will be instrumental to the execution of our growth plans as we expand our store base to 1,050 locations. We are excited to have him on board to learn the Ollie’s culture and help drive our continued success.”

Eric most recently served as President and Chief Operating Officer of Christmas Tree Shops (CTS), a discount retailer specializing in seasonal, home decor, consumables, and closeout merchandise. After joining CTS in 2005, shortly after it was purchased by Bed Bath and Beyond, he assumed roles of increasing responsibility, leading to his appointment to Chief Operating Officer in 2018 and President and Chief Operating Officer in 2019. Prior to CTS, he held various financial and merchandising roles at May Department Stores Filene’s and Robinsons-May divisions including VP Planning/Replenishment/MIS and Divisional Controller from 1998 to 2005. Prior to this, he served as head of store operations for KB Toys.

Eric commented, “I’ve been an admirer of Ollie’s for many years. Ollie’s delivers one of the most compelling experiences and strongest value propositions in retail today. I’m thrilled to be joining this talented team and looking forward to contributing to its growth and continued success.”

About Ollie’s

We are a highly differentiated and fast growing, extreme value retailer of brand name merchandise at drastically reduced prices. We are known for our assortment of merchandise offered as Good Stuff Cheap®. We offer name brand products, Real Brands! Real Bargains!®, in every department, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids and other categories. We currently operate 397 stores in 25 states throughout half of the United States. For more information, visit www.ollies.us.

Investor Contact:

Jean Fontana
ICR
646-277-1214
[email protected]

Media Contact:

Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
[email protected]

May 3, 2021 4:10 pm

CNB Financial Announces Quarterly Dividend for Series A Preferred Stock and Related Depositary Shares Distribution

CLEARFIELD, Pa., May 03, 2021 (GLOBE NEWSWIRE) —

The Board of Directors of CNB Financial Corporation (Nasdaq: CCNE) (the “Corporation”) has announced the declaration of a quarterly cash dividend of $0.4453125 per depositary share, resulting from the Corporation’s declaration of a $17.8125 per share dividend on its Series A Preferred Stock. The dividend is payable on June 1, 2021, for holders of record as of May 18, 2021.

CNB Financial Corporation is a financial holding company with consolidated assets of approximately $4.9 billion. CNB Financial Corporation conducts business primarily through its principal subsidiary, CNB Bank. CNB Bank is a full-service bank engaging in a full range of banking activities and services, including trust and wealth management services, for individual, business, governmental, and institutional customers. CNB Bank operations include a private banking division, one loan production office, one drive-up office and 44 full-service offices in Pennsylvania, Ohio, and New York. CNB Bank’s divisions include ERIEBANK, based in Erie, Pennsylvania, with offices in northwest Pennsylvania and northeast Ohio; FCBank, based in Worthington, Ohio, with offices in central Ohio; and BankOnBuffalo, based in Buffalo, New York, with offices in northern New York. CNB Bank is headquartered in Clearfield, Pennsylvania, with offices in central and north central Pennsylvania. Additional information about CNB Financial Corporation may be found at www.CNBBank.bank.

Contact: Tito L. Lima
Treasurer
(814) 765-9621