Market Newsdesk

April 30, 2021 7:00 am

ErosSTX Issues Update on the Release of Financial Results

ErosSTX Issues Update on the Release of Financial Results

DOUGLAS, Isle of Man & BURBANK, Calif.–(BUSINESS WIRE)–
Eros STX Global Corporation (“ErosSTX” or the “Company”) issued on March 31, 2021 its unaudited consolidated income statement and balance sheet as of and for the six months ended September 30, 2020, in accordance with the New York Stock Exchange semi-annual financial statement reporting requirement for foreign private issuers. It also announced that to supplement that required submission, it would file full unaudited consolidated financial statements for that same period by April 30, 2021. The Company will not be making this supplemental filing as previously announced. Alternatively, the Company intends to file its audited annual report on Form 20-F for the fiscal year ended March 31, 2021 consistent with the SEC reporting requirements.

About Eros STX Global Corporation:

Eros STX Global Corporation, (“ErosSTX”) (NYSE: ESGC) is a global entertainment company that acquires, co-produces and distributes films, digital content & music across multiple formats such as theatrical, television and OTT digital media streaming to consumers around the world. Eros International Plc changed its name to Eros STX Global Corporation pursuant to the July 2020 merger with STX Entertainment, merging two international media and entertainment groups. The combination of one of the largest Indian OTT players and premier studio with one of Hollywood’s fastest-growing independent media companies has created an entertainment powerhouse with a presence in over 150 countries. ErosSTX delivers star-driven premium feature film and episodic content across a multitude of platforms at the intersection of the world’s most dynamic and fastest-growing global markets, including US, India, Middle East, Asia and China. The company also owns the rapidly growing OTT platform Eros Now which has rights to over 12,000 films across Hindi and regional languages and had 211.5 million registered users and 36.2 million paying subscribers as of September 30, 2020. For further information, please visit ErosSTX.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005282/en/

Investor:

Drew Borst

EVP, Investor Relations & Business Development

Eros STX Global Corporation

[email protected]

KEYWORDS: California Europe Isle of Man United States North America

INDUSTRY KEYWORDS: General Entertainment Entertainment Film & Motion Pictures

MEDIA:

April 30, 2021 6:58 am

Sempra Energy Named One Of ‘America’s Best Employers For Diversity’ By Forbes

Company’s significant gain over 2020 ranking reflects progress within the company

PR Newswire

SAN DIEGO, April 30, 2021 /PRNewswire/ — Sempra Energy (NYSE: SRE) has been named to Forbes’ “America’s Best Employers for Diversity” list for 2021, marking the third consecutive year that the company has been recognized. Sempra Energy ranked 79^th out of 500 companies this year, up from 328^th last year, and was the second highest-ranking employer in the utility industry.

“At the Sempra family of companies, we are committed to building a high-performance culture that advances the interest of all of our stakeholders,” said Karen Sedgwick, senior vice president and chief human resources officer for Sempra Energy. “Consistent with that commitment, we believe that advancing diversity and inclusion helps to shape an innovative workforce, where employees are encouraged and empowered to be their authentic selves. This is critical to elevating performance and allowing us to partner responsibly with our communities as we look to build North America’s premier energy infrastructure company.”

Promoting a High-Performance Culture Across the Company

Sempra Energy’s focus on building a high-performance culture across its family of companies is underpinned by its long history of promoting safety, advancing workforce training and development, and fostering an inclusive environment where diverse perspectives and backgrounds are embraced. The Sempra Energy family of companies offer a variety of programs to enhance diversity and inclusivity in the workplace, including 16 employee councils, mentorship programs, trainings and an annual Diversity & Inclusion Summit. Understanding that a commitment to diversity and inclusion starts at the top, Sempra Energy is a founding member of the CEO Action for Diversity & Inclusion initiative and a member of the Paradigm for Parity coalition, which promotes gender parity in the workplace.

The company has held dozens of enterprise-wide and department-level conversations and engaged thousands of employees at all levels to actively participate in discussions on the impacts of racism. The feedback from these conversations provided a framework for Sempra Energy’s Racial Equity Action Plan which has been integrated into leadership and company goals. The company also introduced a virtual summit series offering monthly webinars on a variety of topics aimed at advancing the company’s overall performance, including topics such as increasing cultural competency, celebrating diversity, and sustaining personal connections that are critical for an inclusive and engaging workforce.

Advancing Economic Opportunity and Well-Being Within Communities

Sempra Energy serves the basic energy needs of more than 36 million consumers, and with that commitment to service comes opportunities to invest in and promote economic opportunity and well-being within the communities it serves. In 2020, Sempra Energy and the Sempra Energy Foundation launched a giving campaign focused on social justice across communities the company serves, raising more than $700,000 in employee donations and company matches. This campaign was part of a larger set of community investments totaling over $17 million that directly benefitted people of color, immigrants, women- and minority-owned small businesses, the LGBTQ community and other underrepresented populations, including the company’s commitment to a number of STEM programs that work with schools and nonprofits to advance the mentorship of young women who are seeking careers in science, technology, engineering and math.

Additionally, the Sempra Energy family of companies has programs dedicated to advancing supplier opportunities for businesses owned by women, minorities, service-disabled veterans, and members of the LGBTQ community. In 2020, both of the company’s California utilities, San Diego Gas & Electric and Southern California Gas Co., purchased a total of more than $1.7 billion in goods and services from diverse suppliers, marking the eight consecutive year that each company’s supplier diversity spending exceeded 40%, surpassing the California Public Utilities Commission’s goal of 21.5%. In Texas, Oncor’s supplier diversity accounted for nearly $335 million or 12% of its procurement spend, and the company issued $450 million in sustainable bonds with proceeds designated for investments in or expenditures with women- and minority-owned business suppliers.

Recognizing Leading Diversity Practices

Forbes’ ranking was determined from an independent survey of 50,000 employees working for major companies in the U.S. Respondents were asked about their employers’ diversity practices related to age, gender equality, ethnicity, disability, sexual orientation equality and general diversity. The ranking also considered diversity among board and executive teams, as well as the most proactive diversity and inclusion initiatives.

About Sempra Energy

Sempra Energy’s mission is to be North America’s premier energy infrastructure company. The Sempra Energy family of companies have more than 19,000 talented employees who deliver energy with purpose to over 36 million consumers. With more than $66 billion in total assets at the end of 2020, the San Diego-based company is the owner of one of the largest energy networks in North America serving some of the world’s leading economies. The company is helping to advance the global energy transition by enabling the delivery of lower-carbon energy solutions in each market it serves, including California, Texas, Mexico and the LNG export market. Sempra Energy is consistently recognized as a leader in sustainable business practices and for its long-standing commitment to building a high-performing culture including safety, workforce development and training, and diversity and inclusion. Sempra Energy is the only North American utility sector company included on the Dow Jones Sustainability World Index and was also named one of the “World’s Most Admired Companies” for 2021 by Fortune Magazine. For additional information about Sempra Energy, please visit Sempra Energy’s website at sempra.com and on Twitter @SempraEnergy.

View original content to download multimedia:http://www.prnewswire.com/news-releases/sempra-energy-named-one-of-americas-best-employers-for-diversity-by-forbes-301280880.html

SOURCE Sempra Energy

April 30, 2021 6:58 am

Johnson Controls reports solid second quarter results and once again raises full-year guidance; Announces $250 million in new annual run rate COGS savings by fiscal 2023

– GAAP EPS of $0.48; Adjusted EPS of $0.52, up 24% versus prior year

– Sales and order growth inflected positive on both a nominal and organic basis; Backlog of $9.6 billion increases 4% organically year-over-year

– Cash provided by operating activities was $0.6 billion; Free cash flow of $0.5 billion

– Announces COGS cost actions to drive $250 million in annual run rate savings by fiscal 2023

– Provides fiscal 2021 third quarter adjusted earnings per share guidance range of $0.80 to $0.82

– Raises fiscal 2021 adjusted EPS guidance to $2.58 to $2.65, an increase of 15% to 18% year-over-year

PR Newswire

CORK, Ireland, April 30, 2021 /PRNewswire/ — Johnson Controls International plc (NYSE: JCI), the global leader for smart, healthy and sustainable buildings, today reported fiscal second quarter 2021 GAAP earnings per share (“EPS”) from continuing operations, including special items, of $0.48. Excluding these items, adjusted EPS from continuing operations was $0.52, up 24% versus the prior year period (see attached footnotes for non-GAAP reconciliation).

Our performance continues to strengthen…with a sharpened focus on our future. — Johnson Controls CEO George Oliver

Sales of $5.6 billion increased 3% compared to the prior year on a reported basis, and up 1% organically. GAAP net income from continuing operations was $343 million. Adjusted net income from continuing operations of $373 million, increased 18% versus the prior year. Earnings before interest and taxes (“EBIT”) was $650 million and EBIT margin was 11.6%. Adjusted EBIT was $537 million and adjusted EBIT margin was 9.6%, an increase of 150 basis points versus prior year results.

“Our performance continues to strengthen as we emerge from the global pandemic with a sharpened focus on our future,” said chairman and CEO, George Oliver. “I am incredibly proud of our employees’ leadership and commitment through this time. The strategic actions we have taken to address future profitability, expand into key growth markets through disciplined capital allocation, deliver on sustainability, and expand our digital and service offerings, are all evidence of how we are executing our strategy,” Oliver continued.

“Momentum in many of our end markets continues to build. Volumes in our Global Products business are recovering nicely, led by continued strength in Residential, while order activity in our non-residential businesses is accelerating and the pipeline is expanding further as we enter the second half of our year. Based on our year-to-date performance, the strength and resilience of our backlog, and the outlook for the remainder of the year, I am confident we are positioned to deliver on all of our commitments.”

Cost Savings Program

In addition to the multi-year SG&A actions designed to further optimize the overall cost structure and enhance operational efficiency that was announced in February, the company announced this morning the details of its multi-year Cost of Goods Sold (COGS) actions which are expected to deliver annualized net savings of $250 million. Together, these cost savings programs are expected to deliver a net $550 million in annualized net savings by fiscal year-end 2023. Additional details related to the COGS actions are included in the slide presentation.

Income and EPS amounts attributable to Johnson Controls ordinary shareholders

($ millions, except per-share amounts)

The financial highlights presented in the tables below are in accordance with GAAP, unless otherwise indicated. All comparisons are to the second fiscal quarter of 2020.

Organic sales, total segment EBITA, adjusted segment EBITA, adjusted corporate expense, EBIT, adjusted EBIT, adjusted net income from continuing operations, adjusted EPS from continuing operations and free cash flow are non-GAAP financial measures. For a reconciliation of these non-GAAP measures and detail of the special items, refer to the attached footnotes. A slide presentation to accompany the results can be found in the Investor Relations section of Johnson Controls’ website at http://investors.johnsoncontrols.com.

	Fiscal Q2
	GAAP		Adjusted
	2020	2021	2020	2021
Sales	$5,444	$5,594	$5,444	$5,594
Segment EBITA	617	711	619	711
EBIT	308	650	440	537
Net income from continuing operations	213	343	317	373

Diluted EPS from continuing operations	$0.28	$0.48	$0.42	$0.52

SEGMENT RESULTS

Building Solutions North America

	Fiscal Q2
	GAAP		Adjusted
	2020	2021	2020	2021
Sales	$2,175	$2,092	$2,175	$2,092
Segment EBITA	251	266	253	266
Segment EBITA Margin %	11.5%	12.7%	11.6%	12.7%

Sales in the quarter of $2.1 billion decreased 4% versus the prior year. Organic sales also declined 4% versus the prior year, driven by continued weakness in project installations due primarily to the slower order intake experienced throughout much of the pandemic. Strong growth in Performance Solutions resulting from increased demand for our energy savings performance contract business, was more than offset by a decline in Fire & Security and Applied HVAC & Controls.

Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 5% year-over-year. Backlog at the end of the quarter of $6.0 billion increased 3% compared to the prior year, excluding M&A and adjusted for foreign currency.

Adjusted segment EBITA was $266 million, up 5% versus the prior year. Adjusted segment EBITA margin of 12.7% expanded 110 basis points versus the prior year driven by significant cost mitigation actions and restructuring benefits as well as positive mix, which more than offset the impact of the volume decline.

Building Solutions EMEA/LA (Europe, Middle East, Africa/Latin America)

	Fiscal Q2
	GAAP		Adjusted
	2020	2021	2020	2021
Sales	$850	$897	$850	$897
Segment EBITA	85	86	85	86
Segment EBITA Margin %	10.0%	9.6%	10.0%	9.6%

Sales in the quarter of $897 million increased 6% versus the prior year. Organic sales were flat with the prior year as a modest increase in project installations was offset by a modest decline in service. Strength in our Industrial Refrigeration and Applied HVAC & Controls businesses was offset by a low-single digit decline in Fire & Security. Modest growth in Europe, despite continued headwinds related to the pandemic, was offset by declines in the Middle East and Latin America.

Orders in the quarter, excluding M&A and adjusted for foreign currency, increased 5% year-over-year. Backlog at the end of the quarter of $1.9 billion increased 7% year-over-year, excluding M&A and adjusted for foreign currency.

Adjusted segment EBITA was $86 million, up 1% versus the prior year. Adjusted segment EBITA margin of 9.6% declined 40 basis points over the prior year, including a 40 basis point headwind related to foreign currency. Adjusting for foreign currency, EMEALA’s underlying EBITA margin was flat with the prior year, as the benefit of mitigating cost actions was offset by lower equity income.

Building Solutions Asia Pacific

	Fiscal Q2
	GAAP		Adjusted
	2020	2021	2020	2021
Sales	$525	$603	$525	$603
Segment EBITA	65	74	65	74
Segment EBITA Margin %	12.4%	12.3%	12.4%	12.3%

Sales in the quarter of $603 million increased 15% versus the prior year. Organic sales grew 9% versus the prior year with growth in both service and project installations, driven by strong growth in Applied HVAC & Controls. China continues to recover sharply, with the rest of Asia still mixed.

Orders in the quarter, excluding M&A and adjusted for foreign currency, declined 1% year-over-year. Significantly improved demand in China was offset by further declines in countries such as Japan, Korea and South East Asia. Backlog at the end of the quarter of $1.7 billion increased 4% year-over-year, excluding M&A and adjusted for foreign currency.

Adjusted segment EBITA was $74 million, up 14% versus the prior year. Adjusted segment EBITA margin of 12.3% declined 10 basis points versus the prior year including a 20 basis point headwind related to foreign currency and a divestiture. Adjusting for this, Asia Pacific’s underlying EBITA margin increased 10 basis points as the benefit of volume leverage was mostly offset by geographic mix.

Global Products

	Fiscal Q2
	GAAP		Adjusted
	2020	2021	2020	2021
Sales	$1,894	$2,002	$1,894	$2,002
Segment EBITA	216	285	216	285
Segment EBITA Margin %	11.4%	14.2%	11.4%	14.2%

Sales in the quarter of $2.0 billion increased 6% versus the prior year. Organic sales also grew 6% versus the prior year driven by growth in Residential HVAC and to a lesser extent Fire & Security. This growth was partially offset by a moderating decline in Commercial HVAC and Industrial Refrigeration.

Adjusted segment EBITA was $285 million, up 32% versus the prior year. Adjusted segment EBITA margin of 14.2% expanded 280 basis points versus the prior year driven by volume leverage, increased equity income, the benefit of mitigating cost actions, and positive price/cost partially offset by negative mix.

Corporate

	Fiscal Q2
	GAAP		Adjusted
	2020	2021	2020	2021
Corporate Expense	($118)	($70)	($82)	($70)

Adjusted Corporate expense was $70 million in the quarter, a decrease of 15% compared to the prior year, driven primarily by mitigating cost actions and continuous structural cost reductions.

OTHER ITEMS

For the quarter, cash provided by operating activities from continuing operations was $0.6 billion and capital expenditures were $0.1 billion, resulting in free cash flow from continuing operations of $0.5 billion.
During the quarter, the company repurchased approximately 6 million shares for $315 million.
During the quarter, the company increased its regular annual cash dividend to $1.08 per share, and its share repurchase authorization by $4 billion.
During the quarter, the company repaid $257 million, in 4.25% senior notes that matured in March. This was replaced with a zero coupon €200M one-year bank loan.
In early April, Johnson Controls announced an agreement to acquire Silent-Aire for up to $870 million, including an upfront payment of approximately $630 million and additional payments to be made subject to the achievement of post-closing earnout milestones.

FY21 THIRD QUARTER AND FULL YEAR GUIDANCE

Johnson Controls initiated fiscal 2021 third quarter guidance:

Organic revenue growth up mid-teens year-over-year
Adjusted segment EBITA margin up slightly, year-over-year
Adjusted EPS before special items of $0.80 to $0.82; represents 19 to 22% growth year-over-year

The company raised fiscal 2021 full year guidance:

Organic revenue growth up mid-single digits year-over-year
Adjusted segment EBITA margin expansion of 70 to 90 basis points, year-over-year
Adjusted EPS before special items of $2.58 to $2.65; represents 15 to 18% growth year-over-year

CONFERENCE CALL & WEBCAST INFO

Johnson Controls will host a conference call to discuss this quarter’s results at 8:30 a.m. ET today, which can be accessed by dialing 888-324-9610 (in the United States) or 630-395-0255 (outside the United States), or via webcast. The passcode is “Johnson Controls”. A slide presentation will accompany the prepared remarks and has been posted on the investor relations section of the Johnson Controls website at https://investors.johnsoncontrols.com/news-and-events/events-and-presentations. A replay will be made available approximately two hours following the conclusion of the conference call.

About Johnson Controls:

At Johnson Controls (NYSE:JCI) we transform the environments where people live, work, learn and play. As the global leader in smart, healthy and sustainable buildings, our mission is to reimagine the performance of buildings to serve people, places and the planet.

With a history of more than 135 years of innovation, Johnson Controls delivers the blueprint of the future for industries such as healthcare, schools, data centers, airports, stadiums, manufacturing and beyond through its comprehensive digital offering OpenBlue. With a global team of 100,000 experts in more than 150 countries, Johnson Controls offers the world`s largest portfolio of building technology, software as well as service solutions with some of the most trusted names in the industry. For more information, visit www.johnsoncontrols.com or follow us @johnsoncontrols on Twitter.

JOHNSON CONTROLS CONTACTS:

INVESTOR CONTACTS:	MEDIA CONTACTS:

Antonella Franzen	Chaz Bickers
Direct: 609.720.4665	Direct: 224.307.0655
Email: [email protected]	Email: [email protected]

Ryan Edelman	Michael Isaac
Direct: 609.720.4545	Direct: +41 52 6330374
Email: [email protected]	Email: [email protected]

Johnson Controls International plc Cautionary Statement Regarding Forward-Looking Statements

Johnson Controls International plc has made statements in this communication that are forward-looking and therefore are subject to risks and uncertainties. All statements in this document other than statements of historical fact are, or could be, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In this communication, statements regarding Johnson Controls’ future financial position, sales, costs, earnings, cash flows, other measures of results of operations, synergies and integration opportunities, capital expenditures and debt levels are forward-looking statements. Words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “forecast,” “project” or “plan” and terms of similar meaning are also generally intended to identify forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Johnson Controls cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond Johnson Controls’ control, that could cause Johnson Controls’ actual results to differ materially from those expressed or implied by such forward-looking statements, including, among others, risks related to: Johnson Controls’ ability to manage general economic, business, capital market and geopolitical conditions, including the impacts of natural disasters, climate change, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as the COVID-19 pandemic; the strength of the U.S. or other economies; changes or uncertainty in laws, regulations, rates, policies or interpretations that impact Johnson Controls’ business operations or tax status; the ability to develop or acquire new products and technologies that achieve market acceptance; changes to laws or policies governing foreign trade, including increased tariffs or trade restrictions; maintaining the capacity, reliability and security of our enterprise and product information technology infrastructure; the risk of infringement or expiration of intellectual property rights; any delay or inability of Johnson Controls to realize the expected benefits and synergies of recent portfolio transactions such as its merger with Tyco and the disposition of the Power Solutions business; the outcome of litigation and governmental proceedings; the ability to hire and retain key senior management; the tax treatment of recent portfolio transactions; significant transaction costs and/or unknown liabilities associated with such transactions; the availability of raw materials and component products; fluctuations in currency exchange rates; work stoppages, union negotiations, labor disputes and other matters associated with the labor force; the cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Johnson Controls’ business is included in the section entitled “Risk Factors” in Johnson Controls’ Annual Report on Form 10-K for the 2020 fiscal year filed with the SEC on November 16, 2020, which is available at www.sec.gov and www.johnsoncontrols.com under the “Investors” tab. Shareholders, potential investors and others should consider these factors in evaluating the forward-looking statements and should not place undue reliance on such statements. The forward-looking statements included in this communication are made only as of the date of this document, unless otherwise specified, and, except as required by law, Johnson Controls assumes no obligation, and disclaims any obligation, to update such statements to reflect events or circumstances occurring after the date of this communication.

Non-GAAP Financial Information
The Company’s press release contains financial information regarding adjusted earnings per share, which is a non-GAAP performance measure. The adjusting items include restructuring and impairment costs, transaction costs, integration costs, net mark-to-market adjustments, Power Solutions divestiture reserve adjustment and discrete tax items. Financial information regarding organic sales, EBIT, EBIT margin, adjusted EBIT, adjusted EBIT margin, total segment EBITA, adjusted segment EBITA, adjusted segment EBITA margin, adjusted corporate expense, free cash flow, and adjusted net income (loss) from continuing operations are also presented, which are non-GAAP performance measures. Adjusted segment EBITA excludes special items such as integration costs because these costs are not considered to be directly related to the underlying operating performance of its business units. Management believes that, when considered together with unadjusted amounts, these non-GAAP measures are useful to investors in understanding period-over-period operating results and business trends of the Company. Management may also use these metrics as guides in forecasting, budgeting and long-term planning processes and for compensation purposes. These metrics should be considered in addition to, and not as replacements for, the most comparable GAAP measure. For further information on the calculation of thee non-GAAP measures and a reconciliation of these non-GAAP measures, refer to the attached footnotes.

JOHNSON CONTROLS INTERNATIONAL PLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data; unaudited)


		Three Months Ended March 31,
		2021	2020

Net sales		$ 5,594	$ 5,444
Cost of sales		3,651	3,643
	Gross profit	1,943	1,801

Selling, general and administrative expenses		(1,253)	(1,451)
Restructuring and impairment costs		(96)	(62)
Net financing charges		(44)	(59)
Equity income		56	20

Income from continuing operations before income taxes		606	249

Income tax provision		209	13

Income from continuing operations		397	236

Income from discontinued operations, net of tax		–	–

Net income		397	236

Less: Income from continuing operations
	attributable to noncontrolling interests	54	23

Less: Income from discontinued operations
	attributable to noncontrolling interests	–	–

Net income attributable to JCI		$ 343	$ 213

Income from continuing operations		$ 343	$ 213
Income from discontinued operations		–	–

Net income attributable to JCI		$ 343	$ 213

Diluted earnings per share from continuing operations		$ 0.48	$ 0.28
Diluted earnings per share from discontinued operations		–	–
Diluted earnings per share		$ 0.48	$ 0.28

Diluted weighted average shares		721.3	757.1
Shares outstanding at period end		716.7	743.9

JOHNSON CONTROLS INTERNATIONAL PLC

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data; unaudited)


		Six Months Ended March 31,
		2021	2020

Net sales		$ 10,935	$ 11,020
Cost of sales		7,264	7,416
	Gross profit	3,671	3,604

Selling, general and administrative expenses		(2,547)	(2,878)
Restructuring and impairment costs		(96)	(173)
Net financing charges		(103)	(111)
Equity income		114	63

Income from continuing operations before income taxes		1,039	505

Income tax provision		270	78

Income from continuing operations		769	427

Income from discontinued operations, net of tax		124	–

Net income		893	427

Less: Income from continuing operations
	attributable to noncontrolling interests	99	55

Less: Income from discontinued operations
	attributable to noncontrolling interests	–	–


Net income attributable to JCI		$ 794	$ 372

Income from continuing operations		$ 670	$ 372
Income from discontinued operations		124	–

Net income attributable to JCI		$ 794	$ 372

Diluted earnings per share from continuing operations		$ 0.93	$ 0.49
Diluted earnings per share from discontinued operations		0.17	–
Diluted earnings per share		$ 1.10	$ 0.49

Diluted weighted average shares		723.9	765.6
Shares outstanding at period end		716.7	743.9

JOHNSON CONTROLS INTERNATIONAL PLC

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in millions; unaudited)


		March 31,	September 30,
		2021	2020
ASSETS
Cash and cash equivalents		$ 1,883	$ 1,951
Accounts receivable – net		5,167	5,294
Inventories		1,994	1,773
Other current assets		1,160	1,035
	Current assets	10,204	10,053

Property, plant and equipment – net		3,015	3,059
Goodwill		18,124	17,932
Other intangible assets – net		5,259	5,356
Investments in partially-owned affiliates		1,045	914
Noncurrent assets held for sale		179	147
Other noncurrent assets		3,354	3,354
	Total assets	$ 41,180	$ 40,815

LIABILITIES AND EQUITY
Short-term debt and current portion of long-term debt		$ 444	$ 293
Accounts payable and accrued expenses		4,234	3,958
Other current liabilities		4,062	3,997
	Current liabilities	8,740	8,248

Long-term debt		7,323	7,526
Other noncurrent liabilities		6,360	6,508
Shareholders’ equity attributable to JCI		17,698	17,447
Noncontrolling interests		1,059	1,086
	Total liabilities and equity	$ 41,180	$ 40,815

JOHNSON CONTROLS INTERNATIONAL PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)


				Three Months Ended March 31,
				2021	2020
Operating Activities
Net income attributable to JCI from continuing operations				$ 343	$ 213
Income from continuing operations attributable to noncontrolling interests				54	23

Net income from continuing operations				397	236

Adjustments to reconcile net income from continuing operations to cash provided by operating activities:
	Depreciation and amortization			212	207
	Pension and postretirement benefit income			(253)	(40)
	Pension and postretirement contributions			(8)	(15)
	Equity in earnings of partially-owned affiliates, net of dividends received			(55)	(19)
	Deferred income taxes			84	(58)
	Non-cash restructuring and impairment costs			54	62
	Other – net			(7)	40
	Changes in assets and liabilities, excluding acquisitions and divestitures:
		Accounts receivable		(57)	7
		Inventories		(113)	(147)
		Other assets		(20)	(58)
		Restructuring reserves		10	(71)
		Accounts payable and accrued liabilities		419	(107)
		Accrued income taxes		(18)	118
			Cash provided by operating activities from continuing operations	645	155

Investing Activities
Capital expenditures				(106)	(124)
Acquisition of businesses, net of cash acquired				(10)	(10)
Business divestitures, net of cash divested				8	–
Other – net				26	19
			Cash used by investing activities from continuing operations	(82)	(115)

Financing Activities
Decrease in short and long-term debt – net				(13)	(177)
Stock repurchases				(315)	(816)
Payment of cash dividends				(187)	(199)
Dividends paid to noncontrolling interests				(101)	–
Proceeds from the exercise of stock options				102	18
Cash paid to acquire a noncontrolling interest				(14)	–
Employee equity-based compensation withholding				(8)	(12)
Other – net				4	–
			Cash used by financing activities from continuing operations	(532)	(1,186)

Discontinued Operations
Net cash used by operating activities				(1)	(14)
Net cash used by investing activities				–	–
Net cash used by financing activities				–	–
			Net cash flows used by discontinued operations	(1)	(14)

Effect of exchange rate changes on cash, cash equivalents and restricted cash				20	7
Changes in cash held for sale				–	–
Increase (decrease) in cash, cash equivalents and restricted cash				$ 50	$ (1,153)

JOHNSON CONTROLS INTERNATIONAL PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions; unaudited)


				Six Months Ended March 31,
				2021	2020
Operating Activities
Net income attributable to JCI from continuing operations				$ 670	$ 372
Income from continuing operations attributable to noncontrolling interests				99	55

Net income from continuing operations				769	427

Adjustments to reconcile net income from continuing operations to cash provided by operating activities:
	Depreciation and amortization			419	414
	Pension and postretirement benefit income			(299)	(80)
	Pension and postretirement contributions			(25)	(27)
	Equity in earnings of partially-owned affiliates, net of dividends received			(107)	(11)
	Deferred income taxes			25	(61)
	Non-cash restructuring and impairment costs			54	116
	Other – net			(32)	56
	Changes in assets and liabilities, excluding acquisitions and divestitures:
		Accounts receivable		167	244
		Inventories		(211)	(261)
		Other assets		(90)	(150)
		Restructuring reserves		(24)	(38)
		Accounts payable and accrued liabilities		510	(605)
		Accrued income taxes		4	642
			Cash provided by operating activities from continuing operations	1,160	666

Investing Activities
Capital expenditures				(197)	(250)
Acquisition of businesses, net of cash acquired				(10)	(58)
Business divestitures, net of cash divested				19	–
Other – net				69	20
			Cash used by investing activities from continuing operations	(119)	(288)

Financing Activities
Decrease in short and long-term debt – net				(33)	(167)
Stock repurchases				(661)	(1,467)
Payment of cash dividends				(377)	(402)
Proceeds from the exercise of stock options				133	39
Dividends paid to noncontrolling interests				(101)	(5)
Cash paid to acquire a noncontrolling interest				(14)	–
Employee equity-based compensation withholding				(29)	(32)
Other – net				3	(2)
			Cash used by financing activities from continuing operations	(1,079)	(2,036)

Discontinued Operations
Net cash used by operating activities				(37)	(208)
Net cash used by investing activities				–	–
Net cash used by financing activities				–	–
			Net cash flows used by discontinued operations	(37)	(208)

Effect of exchange rate changes on cash, cash equivalents and restricted cash				9	64
Changes in cash held for sale				–	–
Decrease in cash, cash equivalents and restricted cash				$ (66)	$ (1,802)

FOOTNOTES

1.	Financial Summary

	The Company evaluates the performance of its business units primarily on segment earnings before interest, taxes and amortization (EBITA), which represents income from continuing operations before income taxes and noncontrolling interests, excluding general corporate expenses, intangible asset amortization, net financing charges, restructuring and impairment costs, and the net mark-to-market adjustments related to restricted asbestos investments and pension and postretirement plans. The financial results shown below are for continuing operations and exclude the Power Solutions business.


(in millions; unaudited)	Three Months Ended March 31,				Six Months Ended March 31,
	2021		2020		2021		2020
	Actual	Adjusted Non-GAAP	Actual	Adjusted Non-GAAP	Actual	Adjusted Non-GAAP	Actual	Adjusted Non-GAAP
Net sales
Building Solutions North America	$ 2,092	$ 2,092	$ 2,175	$ 2,175	$ 4,126	$ 4,126	$ 4,342	$ 4,342
Building Solutions EMEA/LA	897	897	850	850	1,803	1,803	1,778	1,778
Building Solutions Asia Pacific	603	603	525	525	1,218	1,218	1,154	1,154
Global Products	2,002	2,002	1,894	1,894	3,788	3,788	3,746	3,746
Net sales	$ 5,594	$ 5,594	$ 5,444	$ 5,444	$ 10,935	$ 10,935	$ 11,020	$ 11,020

Segment EBITA (1)
Building Solutions North America	$ 266	$ 266	$ 251	$ 253	$ 521	$ 521	$ 509	$ 512
Building Solutions EMEA/LA	86	86	85	85	181	181	175	175
Building Solutions Asia Pacific	74	74	65	65	153	153	137	137
Global Products	285	285	216	216	498	498	419	420
Segment EBITA	711	711	617	619	1,353	1,353	1,240	1,244
Corporate expenses (2)	(70)	(70)	(118)	(82)	(137)	(137)	(236)	(163)
Amortization of intangible assets	(104)	(104)	(97)	(97)	(208)	(208)	(193)	(193)
Net mark-to-market adjustments (3)	209	–	(32)	–	230	–	(22)	–
Restructuring and impairment costs (4)	(96)	–	(62)	–	(96)	–	(173)	–
EBIT (5)	650	537	308	440	1,142	1,008	616	888
EBIT margin	11.6%	9.6%	5.7%	8.1%	10.4%	9.2%	5.6%	8.1%
Net financing charges	(44)	(44)	(59)	(59)	(103)	(103)	(111)	(111)
Income from continuing operations before income taxes	606	493	249	381	1,039	905	505	777
Income tax provision (6)	(209)	(66)	(13)	(52)	(270)	(122)	(78)	(105)
Income from continuing operations	397	427	236	329	769	783	427	672
Income from continuing operations attributable to
noncontrolling interests	(54)	(54)	(23)	(12)	(99)	(99)	(55)	(49)
Net income from continuing operations attributable to JCI	$ 343	$ 373	$ 213	$ 317	$ 670	$ 684	$ 372	$ 623


	(1) The Company’s press release contains financial information regarding segment EBITA, adjusted segment EBITA and adjusted segment EBITA margins, which are non-GAAP performance measures. The Company’s definition of adjusted segment EBITA excludes special items because these costs are not considered to be directly related to the underlying operating performance of its businesses. Management believes these non-GAAP measures are useful to investors in understanding the ongoing operations and business trends of the Company.

	A reconciliation of segment EBITA to income from continuing operations is shown earlier within this footnote. The following is the three months ended March 31, 2021 and 2020 reconciliation of segment EBITA and segment EBITA margin as reported to adjusted segment EBITA and adjusted segment EBITA margin (unaudited):

(in millions)	Building Solutions North America		Building Solutions EMEA/LA		Building Solutions Asia Pacific		Global Products		Consolidated JCI plc
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
Segment EBITA as reported	$ 266	$ 251	$ 86	$ 85	$ 74	$ 65	$ 285	$ 216	$ 711	$ 617
Segment EBITA margin as reported	12.7%	11.5%	9.6%	10.0%	12.3%	12.4%	14.2%	11.4%	12.7%	11.3%

Adjusting items:
Integration costs	–	2	–	–	–	–	–	–	–	2

Adjusted segment EBITA	$ 266	$ 253	$ 86	$ 85	$ 74	$ 65	$ 285	$ 216	$ 711	$ 619
Adjusted segment EBITA margin	12.7%	11.6%	9.6%	10.0%	12.3%	12.4%	14.2%	11.4%	12.7%	11.4%


	The following is the six months ended March 31, 2021 and 2020 reconciliation of segment EBITA and segment EBITA margin as reported to adjusted segment EBITA and adjusted segment EBITA margin (unaudited):

(in millions)	Building Solutions North America		Building Solutions EMEA/LA		Building Solutions Asia Pacific		Global Products		Consolidated JCI plc
	2021	2020	2021	2020	2021	2020	2021	2020	2021	2020
Segment EBITA as reported	$ 521	$ 509	$ 181	$ 175	$ 153	$ 137	$ 498	$ 419	$ 1,353	$ 1,240
Segment EBITA margin as reported	12.6%	11.7%	10.0%	9.8%	12.6%	11.9%	13.1%	11.2%	12.4%	11.3%

Adjusting items:
Integration costs	–	3	–	–	–	–	–	1	–	4

Adjusted segment EBITA	$ 521	$ 512	$ 181	$ 175	$ 153	$ 137	$ 498	$ 420	$ 1,353	$ 1,244
Adjusted segment EBITA margin	12.6%	11.8%	10.0%	9.8%	12.6%	11.9%	13.1%	11.2%	12.4%	11.3%


	(2) Adjusted Corporate expenses excludes special items because these costs are not considered to be directly related to the underlying operating performance of the Company’s business. Adjusted Corporate expenses for the three months ended March 31, 2020 excludes $36 million of integration costs. Adjusted Corporate expenses for the six months ended March 31, 2020 excludes $73 million of integration costs.

	(3) The three months ended March 31, 2021 exclude the net mark-to-market adjustments on restricted investments and pension and postretirement plans of $209 million. The six months ended March 31, 2021 exclude the net mark-to-market adjustments on restricted investments and pension and postretirement plans of $230 million. The three months ended March 31, 2020 exclude the net mark-to-market adjustments on restricted investments of $32 million. The six months ended March 31, 2020 exclude the net mark-to-market adjustments on restricted investments of $22 million.

	(4) Restructuring and impairment costs for the three and six months ended March 31, 2021 of $96 million are excluded from the adjusted non-GAAP results. Restructuring and impairment costs for the three months ended March 31, 2020 of $62 million are excluded from the adjusted non-GAAP results. Restructuring and impairment costs for the six months ended March 31, 2020 of $173 million are excluded from the adjusted non-GAAP results. The restructuring actions and impairment costs related primarily to workforce reductions, plant closures and asset impairments.

	(5) Management defines earnings before interest and taxes (EBIT) as income (loss) from continuing operations before net financing charges, income taxes and noncontrolling interests. EBIT is a non-GAAP performance measure. Management believes this non-GAAP measure is useful to investors in understanding the ongoing operations and business trends of the Company. A reconciliation of EBIT to income from continuing operations is shown earlier within this footnote.

	(6) Adjusted income tax provision for the three months ended March 31, 2021 excludes tax provisions from a Mexico valuation allowance adjustment of $105 million and net mark-to-market adjustments of $53 million, partially offset by tax benefits related to restructuring and impairment costs of $15 million. Adjusted income tax provision for the six months ended March 31, 2021 excludes tax provisions from a Mexico valuation allowance adjustment of $105 million and net mark-to-market adjustments of $58 million, partially offset by tax benefits related to restructuring and impairment costs of $15 million. Adjusted income tax provision for the three months ended March 31, 2020 excludes tax benefits from tax audit reserve adjustments of $22 million, net mark-to-market adjustments of $7 million, integration costs of $6 million, and restructuring and impairment costs of $4 million. Adjusted income tax provision for the six months ended March 31, 2020 excludes tax benefits from tax audit reserve adjustments of $22 million, restructuring and impairment costs of $20 million, integration costs of $11 million and net mark-to-market adjustments of $4 million, partially offset by tax provisions related to Switzerland tax reform of $30 million.

2.	Diluted Earnings Per Share Reconciliation

	The Company’s press release contains financial information regarding adjusted earnings per share, which is a non-GAAP performance measure. The adjusting items include transaction/integration costs, net mark-to-market adjustments, restructuring and impairment costs, Power Solutions divestiture reserve adjustment and discrete tax items. The Company excludes these items because they are not considered to be directly related to the underlying operating performance of the Company. Management believes these non-GAAP measures are useful to investors in understanding the ongoing operations and business trends of the Company.

	A reconciliation of diluted earnings per share as reported to adjusted diluted earnings per share for the respective periods is shown below (unaudited):

	Net Income Attributable to JCI plc		Net Income Attributable to JCI plc from Continuing Operations		Net Income Attributable to JCI plc		Net Income Attributable to JCI plc from Continuing Operations
	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	March 31,		March 31,		March 31,		March 31,
	2021	2020	2021	2020	2021	2020	2021	2020

Earnings per share as reported for JCI plc	$ 0.48	$ 0.28	$ 0.48	$ 0.28	$ 1.10	$ 0.49	$ 0.93	$ 0.49

Adjusting items:
Integration costs	–	0.05	–	0.05	–	0.10	–	0.10
Related tax impact	–	(0.01)	–	(0.01)	–	(0.01)	–	(0.01)
Net mark-to-market adjustments	(0.29)	0.04	(0.29)	0.04	(0.32)	0.03	(0.32)	0.03
Related tax impact	0.07	(0.01)	0.07	(0.01)	0.08	(0.01)	0.08	(0.01)
Restructuring and impairment costs	0.13	0.08	0.13	0.08	0.13	0.23	0.13	0.23
Related tax impact	(0.02)	(0.01)	(0.02)	(0.01)	(0.02)	(0.03)	(0.02)	(0.03)
NCI impact of restructuring and impairment	–	–	–	–	–	(0.01)	–	(0.01)
Power Solutions divestiture reserve adjustment	–	–	–	–	(0.21)	–	–	–
Related tax impact	–	–	–	–	0.04	–	–	–
Discrete tax items	0.15	(0.03)	0.15	(0.03)	0.15	0.01	0.15	0.01
NCI impact of discrete tax items	–	0.01	–	0.01	–	0.01	–	0.01

Adjusted earnings per share for JCI plc*	$ 0.52	$ 0.42	$ 0.52	$ 0.42	$ 0.94	$ 0.81	$ 0.94	$ 0.81

* May not sum due to rounding


	The following table reconciles the denominators used to calculate basic and diluted earnings per share for JCI plc (in millions; unaudited):

	Three Months Ended		Six Months Ended
	March 31,		March 31,
	2021	2020	2021	2020
Weighted average shares outstanding for JCI plc
Basic weighted average shares outstanding	717.1	754.8	720.1	762.4
Effect of dilutive securities:
Stock options, unvested restricted stock
and unvested performance share awards	4.2	2.3	3.8	3.2
Diluted weighted average shares outstanding	721.3	757.1	723.9	765.6


	The Company has presented forward-looking statements regarding adjusted corporate expense, adjusted EPS, organic revenue, adjusted segment EBITA margin and free cash flow conversion, which are non-GAAP financial measures. These non-GAAP financial measures are derived by excluding certain amounts, expenses, or income from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures are a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period, including but not limited to the high variability of the net mark-to-market adjustments and the effect of foreign currency exchange fluctuations. Our fiscal 2021 full year and third quarter guidance for organic revenue also excludes the effect of acquisitions, divestitures and foreign currency. Our fiscal 2021 full year and third quarter guidance for adjusted segment EBITA margin, adjusted EPS and amortization expense also excludes the effect of the announced acquisition of Silent-Aire. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available and management cannot reliably predict all of the necessary components of such GAAP measures without unreasonable effort or expense. The unavailable information could have a significant impact on the Company’s third quarter and full year 2021 GAAP financial results.

3.	Organic Growth Reconciliation

	The components of the changes in net sales for the three months ended March 31, 2021 versus the three months ended March 31, 2020, including organic growth, is shown below (unaudited):

(in millions)	Net Sales for the Three Months Ended March 31, 2020	Base Year Adjustments – Divestitures and Other		Base Year Adjustments – Foreign Currency		Adjusted Base Net Sales for the Three Months Ended March 31, 2020	Acquisitions		Organic Growth		Net Sales for the Three Months Ended March 31, 2021
Building Solutions North America	$ 2,175	$ –	–	$ 13	1%	$ 2,188	$ –	–	$ (96)	-4%	$ 2,092	-4%
Building Solutions EMEA/LA	850	–	–	42	5%	892	4	–	1	–	897	6%
Building Solutions Asia Pacific	525	(2)	–	30	6%	553	–	–	50	9%	603	15%
Total field	3,550	(2)	–	85	2%	3,633	4	–	(45)	-1%	3,592	1%
Global Products	1,894	(62)	-3%	51	3%	1,883	–	–	119	6%	2,002	6%
Total net sales	$ 5,444	$ (64)	-1%	$ 136	2%	$ 5,516	$ 4	–	$ 74	1%	$ 5,594	3%


	The components of the changes in net sales for the six months ended March 31, 2021 versus the six months ended March 31, 2020, including organic growth, is shown below (unaudited):

(in millions)	Net Sales for the Six Months Ended March 31, 2020	Base Year Adjustments – Divestitures and Other		Base Year Adjustments – Foreign Currency		Adjusted Base Net Sales for the Six Months Ended March 31, 2020	Acquisitions		Organic Growth		Net Sales for the Six Months Ended March 31, 2021
Building Solutions North America	$ 4,342	$ –	–	$ 16	–	$ 4,358	$ –	–	$ (232)	-5%	$ 4,126	-5%
Building Solutions EMEA/LA	1,778	–	–	63	4%	1,841	13	1%	(51)	-3%	1,803	1%
Building Solutions Asia Pacific	1,154	(4)	–	58	5%	1,208	–	–	10	1%	1,218	6%
Total field	7,274	(4)	–	137	2%	7,407	13	–	(273)	-4%	7,147	-2%
Global Products	3,746	(133)	-4%	88	2%	3,701	–	–	87	2%	3,788	1%
Total net sales	$ 11,020	$ (137)	-1%	$ 225	2%	$ 11,108	$ 13	–	$ (186)	-2%	$ 10,935	-1%


4.	Free Cash Flow Reconciliation

	The Company’s press release contains financial information regarding free cash flow which is a non-GAAP performance measure. Free cash flow is defined as cash provided by operating activities less capital expenditures. Management believes this non-GAAP measure is useful to investors in understanding the strength of the Company and its ability to generate cash.

	The following is the three months and six months ended March 31, 2021 and 2020 reconciliation of free cash flow for continuing operations (unaudited):

(in millions)	Three Months Ended March 31, 2021	Three Months Ended March 31, 2020	Six Months Ended March 31, 2021	Six Months Ended March 31, 2020
Cash provided by operating activities from continuing operations	$ 645	$ 155	$ 1,160	$ 666
Capital expenditures	(106)	(124)	(197)	(250)
Reported free cash flow	$ 539	$ 31	$ 963	$ 416


5.	Net Debt to EBITDA

	The Company provides financial information regarding net debt to adjusted EBITDA, which is a non-GAAP performance measure. The Company believes the total net debt to adjusted EBITDA ratio is useful to understanding the Company’s financial condition as it provides a review of the extent to which the Company relies on external debt financing for its funding and is a measure of risk to its shareholders. The following is the March 31, 2021 calculation of net debt to adjusted EBITDA (unaudited):

	(in millions)	March 31, 2021
	Short-term debt and current portion of long-term debt	$ 444
	Long-term debt	7,323
	Total debt	7,767
	Less: cash and cash equivalents	1,883
	Total net debt	$ 5,884

	Last twelve months adjusted EBITDA	$ 3,312

	Total net debt to adjusted EBITDA	1.8x


	The following is the last twelve months ended March 31, 2021 reconciliation of income from continuing operations to adjusted EBIT and adjusted EBITDA, which are non-GAAP performance measures (unaudited):

	(in millions)	Last Twelve Months Ended March 31, 2021
	Income from continuing operations	$ 1,137
	Income tax provision	300
	Net financing charges	223
	EBIT	1,660
	Adjusting items:
	Integration costs	58
	Net mark-to-market adjustments	22
	Restructuring and impairment costs	706
	Acquisition related compensation charge	39
	Adjusted EBIT (1)	2,485
	Depreciation and amortization	827
	Adjusted EBITDA (1)	$ 3,312


	(1) The Company’s definition of adjusted EBIT and adjusted EBITDA excludes special items because these costs are not considered to be directly related to the underlying operating performance of its businesses. Management believes this non-GAAP measure is useful to investors in understanding the ongoing operations and business trends of the Company.

6.	Trade Working Capital as a Percentage of Net Sales

	The Company provides financial information regarding trade working capital as a percentage of net sales, which is a non-GAAP performance measure. Trade working capital is defined as current assets less current liabilities, excluding cash, short-term debt, the current portion of long-term debt, the current portion of assets and liabilities held for sale, accrued compensation and benefits, and other current assets and liabilities. Management believes this non-GAAP measure, which excludes financing-related items, non-trade related items and businesses to be divested, is a more useful measurement of the Company’s operating performance. The following is the March 31, 2021 and March 31, 2020 calculation of trade working capital as a percentage of net sales (unaudited):

(in millions)	March 31, 2021	March 31, 2020
Current assets	$ 10,204	$ 9,955
Current liabilities	(8,740)	(9,509)
Total working capital	1,464	446

Less: cash and cash equivalents	(1,883)	(1,006)
Less: assets held for sale	–	(91)
Less: other current assets	(1,160)	(1,336)
Add: short-term debt	248	344
Add: current portion of long-term debt	196	1,086
Add: accrued compensation and benefits	817	694
Add: liabilities held for sale	–	39
Add: other current liabilities	2,352	2,627
Trade working capital	$ 2,034	$ 2,803

Last twelve months net sales	$ 22,232	$ 23,745

Trade working capital as a percentage of net sales	9.1%	11.8%


7.	Income Taxes

	The Company’s effective tax rate from continuing operations before consideration of transaction/integration costs, net mark-to-market adjustments, restructuring and impairment costs and discrete tax items for the three and six months ending March 31, 2021 and March 31, 2020 is approximately 13.5%.

8.	Restructuring and Impairment Costs

	The three and six months ended March 31, 2021 include restructuring and impairment costs of $96 million related primarily to workforce reductions and asset impairments. The three months ended March 31, 2020 include restructuring and impairment costs of $62 million related to indefinite-lived intangible asset impairments primarily related to the Company’s retail business. The six months ended March 31, 2020 include restructuring and impairment costs of $173 million related primarily to workforce reductions, plant closures and asset impairments.

View original content to download multimedia:http://www.prnewswire.com/news-releases/johnson-controls-reports-solid-second-quarter-results-and-once-again-raises-full-year-guidance-announces-250-million-in-new-annual-run-rate-cogs-savings-by-fiscal-2023-301280815.html

SOURCE Johnson Controls International plc

April 30, 2021 6:58 am

Colgate Announces 1st Quarter 2021 Results

Colgate Announces 1st Quarter 2021 Results

NEW YORK–(BUSINESS WIRE)–
Colgate-Palmolive Company (NYSE:CL):

Net sales increased 6.0%, Organic sales* increased 5.0%
On a GAAP basis, EPS declined 4% to $0.80; On a Base Business basis, EPS* grew 7% to $0.80
GAAP Gross profit margin increased 50 basis points to 60.7%; Base Business Gross profit margin* increased 40 basis points to 60.7%
Net cash provided by operations was $598 million year to date
Colgate’s leadership in toothpaste continued with its global market share at 39.2% year to date
Colgate’s leadership in manual toothbrushes continued with its global market share at 30.6% year to date
The Company reiterated its financial guidance for full year 2021

First Quarter Total Company Results (GAAP)
($ in millions except per share amounts)	2021	2020	Change
Net Sales	$4,344	$4,097	+6.0	%
EPS (diluted)	$0.80	$0.83	-4	%


First Quarter Total Company Results (Base Business – Non-GAAP)*
($ in millions except per share amounts)	2021	2020	Change
Organic Sales Growth			+5.0	%
Base Business EPS (diluted)	$0.80	$0.75	+7	%

*Indicates a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” later in this release for definitions of non-GAAP financial measures and to “Table 5 – Geographic Sales Analysis Percentage Changes” and “Table 6 – Non-GAAP Reconciliations” included with this release for a reconciliation of these non-GAAP financial measures to the related GAAP measures.

Colgate-Palmolive Company (NYSE:CL) today reported results for first quarter 2021. Noel Wallace, Chairman, President and Chief Executive Officer, commented on the first quarter results, “Our growth momentum continued in the first quarter, with net sales increasing 6.0% and organic sales growing 5.0%, even as we lapped significant pantry loading that occurred at the onset of the pandemic. We delivered positive pricing in every division, which helped us drive growth in operating profit, net income and earnings per share in the quarter on a base business basis.

“The strong results reflect the impact of our increased investments in premium innovation, digital transformation and advertising. We continue to strengthen our capabilities in these areas and, while there is more to do, we are pleased with the progress we are making.

“We continue to plan for increased advertising behind our brands and have an exciting pipeline of innovation planned for the balance of the year across all of our product categories.

“Looking ahead, we are seeing volatility in consumer demand and currencies as well as further increases in raw material prices and logistics costs, but remain confident that our investment choices and growth strategies will help us manage through these challenges and emerge even stronger.”

Full Year 2021 Guidance

Based on current spot rates:

The Company expects net sales to be up 4% to 7% including a low-single-digit benefit from foreign exchange.
The Company expects organic sales to be up within its long-term targeted range of 3% to 5%.
On a GAAP basis, the Company expects gross margin expansion, increased advertising investment and low to mid-single-digit earnings-per-share growth.
On a non-GAAP (Base Business) basis, the Company expects gross margin expansion, increased advertising investment and mid to high-single-digit earnings-per-share growth.

Divisional Performance

The following are comments about divisional performance for first quarter 2021 versus the year ago period. See attached “Table 5 – Geographic Sales Analysis Percentage Changes” and “Table 4 – Segment Information” for additional information on net sales and operating profit by division.

First Quarter Sales Growth By Division (% change 1Q 2021 vs. 1Q 2020)
	Net Sales	Organic Sales*	As Reported Volume	Organic Volume	Pricing	FX
North America	-0.5%	-1.5%	-6.5%	-7.0%	+5.5%	+0.5%
Latin America	+2.0%	+9.5%	+1.0%	+1.0%	+8.5%	-7.5%
Europe	+6.0%	-2.0%	-3.5%	-3.5%	+1.5%	+8.0%
Asia Pacific	+16.5%	+11.0%	+10.5%	+10.5%	+0.5%	+5.5%
Africa/Eurasia	+8.5%	+13.0%	+5.0%	+5.0%	+8.0%	-4.5%
Hill’s	+9.5%	+7.0%	+3.0%	+3.0%	+4.0%	+2.5%

Total Company	+6.0%	+5.0%	+0.5%	+0.5%	+4.5%	+1.0%

*Indicates a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” later in this release for definitions of non-GAAP financial measures and to “Table 5 – Geographic Sales Analysis Percentage Changes” included with this release for a reconciliation of these non-GAAP financial measures to the related GAAP measures. The impact of the previously disclosed acquisition of the hello oral care business on as reported volume was 0% for Total Company and 0.5% for North America.

First Quarter Operating Profit By Division ($ in millions)
	1Q 2021	% Change vs 1Q 2020	% to Net Sales	Change in basis points vs 1Q 2020 % to Net Sales
North America	$202	-22%	21.9%	-590
Latin America	$272	10%	30.0%	+210
Europe	$180	17%	25.1%	+230
Asia Pacific	$224	39%	30.3%	+490
Africa/Eurasia	$54	-4%	19.9%	-230
Hill’s	$215	6%	27.4%	-80

Total Company, As Reported	$1,004	5%	23.1%	-10
Total Company, Base Business*	$1,004	5%	23.1%	-30

*Indicates a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” later in this release for definitions of non-GAAP financial measures and to “Table 6 – Non-GAAP Reconciliations” included with this release for a reconciliation of these non-GAAP financial measures to the related GAAP measures.

North America (21% of Company Sales)

An organic sales decline in the United States was partially offset by organic sales growth in Canada.
In the United States, Colgate’s share of the toothpaste market is 34.1% year to date and its share of the manual toothbrush market is 40.1% year to date.
The decrease in Operating profit as a percentage of Net sales was primarily due to higher raw and packaging material costs, higher overhead expenses, primarily driven by higher logistics costs, and increased advertising investment, partially offset by higher pricing and cost savings from the Company’s funding-the-growth initiatives.

Latin America (21% of Company Sales)

Organic sales growth was led by Brazil, Mexico, Argentina and Colombia.
The increase in Operating profit as a percentage of Net sales was primarily due to higher pricing, cost savings from the Company’s funding-the-growth initiatives and decreased advertising investment, partially offset by higher raw and packaging material costs, which included foreign exchange transaction costs, and higher overhead expenses.

Europe (16% of Company Sales)

Organic sales declines in Germany and the United Kingdom were partially offset by organic sales growth in the Nordic region and Switzerland.
The increase in Operating profit as a percentage of Net sales was primarily due to cost savings from the Company’s funding-the-growth initiatives, lower overhead expenses, higher pricing and favorable mix, partially offset by higher raw and packaging material costs.

Asia Pacific (18% of Company Sales)

Organic sales growth was led by the Greater China region, India, the Philippines and Thailand.
The increase in Operating profit as a percentage of Net sales was primarily due to cost savings from the Company’s funding-the-growth initiatives, lower overhead expenses, lower manufacturing costs, higher pricing and lower raw and packaging material costs.

Africa/Eurasia (6% of Company Sales)

Organic sales growth was led by Turkey, Nigeria, South Africa and Russia.
The decrease in Operating profit as a percentage of Net sales was primarily due to higher raw and packaging material costs, which included foreign exchange transaction costs, and higher overhead expenses, primarily driven by higher logistics costs, partially offset by higher pricing, cost savings from the Company’s funding-the-growth initiatives and decreased advertising investment.

Hill’s Pet Nutrition (18% of Company Sales)

Organic sales growth was led by the United States, Europe and Canada.
The decrease in Operating profit as a percentage of Net sales was primarily due to increased advertising investment and higher raw and packaging material costs, partially offset by lower overhead expenses, higher pricing and cost savings from the Company’s funding-the-growth initiatives.

Webcast Information

At 8:30 a.m. ET today, Colgate will host a conference call regarding first quarter results. To access this call as a webcast, please go to Colgate’s website at www.colgatepalmolive.com.

About Colgate-Palmolive

Colgate-Palmolive Company is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition, the Company sells its products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, PCA Skin, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. The Company is recognized for its leadership and innovation in promoting environmental sustainability and community well-being, including its achievements in saving water, reducing waste, promoting recyclability and improving children’s oral health through its Bright Smiles, Bright Futures program, which has reached more than one billion children since 1991. For more information about Colgate’s global business and how the Company is building a future to smile about, visit www.colgatepalmolive.com. CL-E

Market Share Information

Management uses market share information as a key indicator to monitor business health and performance. References to market share in this press release are based on a combination of consumption and market share data provided by third-party vendors, primarily Nielsen, and internal estimates. All market share references represent the percentage of the dollar value of sales of our products, relative to all product sales in the category in the countries in which the Company competes and purchases data (excluding Venezuela from all periods).

Market share data is subject to limitations on the availability of up-to-date information. In particular, market share data is currently not generally available for certain retail channels, such as eCommerce and certain club retailers and discounters. The Company measures year-to-date market shares from January 1 of the relevant year through the most recent period for which market share data is available, which typically reflects a lag time of one or two months. The Company believes that the third-party vendors it uses to provide data are reliable, but it has not verified the accuracy or completeness of the data or any assumptions underlying the data. In certain limited circumstances, the COVID-19 pandemic has impacted the ability of our third-party vendors to provide the Company with reliable updated market share data. In addition, market share information reported by the Company may be different from market share information reported by other companies due to differences in category definitions, the use of data from different countries, internal estimates and other factors.

Cautionary Statement on Forward-Looking Statements

This press release and the related webcast may contain forward-looking statements (as that term is defined in the U.S. Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission (SEC) in its rules, regulations and releases) that set forth anticipated results based on management’s current plans and assumptions. Such statements may relate, for example, to sales or volume growth, net selling price increases, organic sales growth, profit or profit margin growth, earnings per share levels, financial goals, the impact of foreign exchange, the impact of COVID-19, cost-reduction plans, tax rates, new product introductions, commercial investment levels, acquisitions, divestitures, share repurchases, or legal or tax proceedings, among other matters. These statements are made on the basis of the Company’s views and assumptions as of this time and the Company undertakes no obligation to update these statements whether as a result of new information, future events or otherwise, except as required by law or by the rules and regulations of the SEC. Moreover, the Company does not, nor does any other person, assume responsibility for the accuracy and completeness of these statements. The Company cautions investors that any such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from those statements. For more information about factors that could impact the Company’s business and cause actual results to differ materially from forward-looking statements, investors should refer to the Company’s filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q). Copies of these filings may be obtained upon request from the Company’s Investor Relations Department or on the Company’s website at www.colgatepalmolive.com.

Non-GAAP Financial Measures

The following provides definitions and other information regarding the non-GAAP financial measures used in this press release and/or the related webcast, which may not be the same as or comparable to similar measures presented by other companies:

Base Business: Base Business refers to non-GAAP measures of operating results that exclude certain items. Base Business operating results exclude, as applicable, acquisition-related costs and a benefit related to a reorganization of the ownership structure of certain foreign subsidiaries and a new operating structure implemented within one of the Company’s divisions.
Organic sales growth: Net sales growth excluding the impact of foreign exchange, acquisitions and divestments.
Free cash flow before dividends: Net cash provided by operations less Capital expenditures.

This press release discusses Net sales growth (GAAP) and Organic sales growth (non-GAAP). Management believes the organic sales growth measure provides investors and analysts with useful supplemental information regarding the Company’s underlying sales trends by presenting sales growth excluding the external factor of foreign exchange as well as the impact from acquisitions and divestments. See “Geographic Sales Analysis Percentage Changes” for the three months ended March 31, 2021 versus 2020 included with this release for a comparison of Organic sales growth to Net sales growth in accordance with GAAP.

Worldwide Gross profit, Gross profit margin, Selling, general and administrative expenses, Selling, general and administrative expenses as a percentage of Net sales, Other (income) expense, net, Operating profit, Operating profit margin, Non-service related postretirement costs, Effective income tax rate, Net income attributable to Colgate-Palmolive Company and Diluted earnings per common share are disclosed on both an as reported (GAAP) and Base Business (non-GAAP) basis. These non-GAAP financial measures exclude items that, either by their nature or amount, management would not expect to occur as part of the Company’s normal business on a regular basis, such as restructuring charges, charges for certain litigation and tax matters, gains and losses from certain divestitures and certain unusual, non-recurring items. Investors and analysts use these financial measures in assessing the Company’s business performance, and management believes that presenting these financial measures on a non-GAAP basis provides them with useful supplemental information to enhance their understanding of the Company’s underlying business performance and trends. These non-GAAP financial measures also enhance the ability to compare period-to-period financial results. See “Non-GAAP Reconciliations” for the three months ended March 31, 2021 and 2020 included with this release for a reconciliation of these financial measures to the related GAAP measures.

The Company uses these financial measures internally in its budgeting process, to evaluate segment and overall operating performance and as factors in determining compensation. While the Company believes that these financial measures are useful in evaluating the Company’s underlying business performance and trends, this information should be considered as supplemental in nature and is not meant to be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.

As management uses free cash flow before dividends to evaluate the Company’s ability to satisfy current and future obligations, pay dividends, fund future business opportunities and repurchase stock, the Company believes that it provides useful information to investors. Free cash flow before dividends is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. See “Condensed Consolidated Statements of Cash Flows” for the three months ended March 31, 2021 and 2020 for a comparison of free cash flow before dividends to Net cash provided by operations as reported in accordance with GAAP.

(See attached tables for first quarter results.)


				Table 1
Colgate-Palmolive Company

Condensed Consolidated Statements of Income

For the Three Months Ended March 31, 2021 and 2020

(Dollars in Millions Except Per Share Amounts) (Unaudited)

	2021			2020

Net sales	$	4,344		$	4,097

Cost of sales	1,707			1,632

Gross profit	2,637			2,465

Gross profit margin	60.7		%	60.2		%

Selling, general and administrative expenses	1,605			1,473

Other (income) expense, net	28			40

Operating profit	1,004			952

Operating profit margin	23.1		%	23.2		%

Non-service related postretirement costs	18			21

Interest (income) expense, net	29			36

Income before income taxes	957			895

Provision for income taxes	229			147

Effective tax rate	23.9		%	16.4		%

Net income including noncontrolling interests	728			748

Less: Net income attributable to noncontrolling interests	47			33

Net income attributable to Colgate-Palmolive Company	$	681		$	715

Earnings per common share
Basic	$	0.80		$	0.83
Diluted	$	0.80		$	0.83

Supplemental Income Statement Information
Average common shares outstanding
Basic	848.6			856.9
Diluted	851.4			858.4

Advertising	$	535		$	484


							Table 2
Colgate-Palmolive Company

Condensed Consolidated Balance Sheets

As of March 31, 2021, December 31, 2020 and March 31, 2020

(Dollars in Millions) (Unaudited)

	March 31,			December 31,			March 31,
	2021			2020			2020
Cash and cash equivalents	$	995		$	888		$	854
Receivables, net	1,402			1,264			1,551
Inventories	1,676			1,673			1,301
Other current assets	490			513			542
Property, plant and equipment, net	3,609			3,716			3,487
Goodwill	3,701			3,824			3,559
Other intangible assets, net	2,787			2,894			2,822
Other assets	1,141			1,148			954
Total assets	$	15,801		$	15,920		$	15,070

Total debt	$	7,833		$	7,601		$	7,846
Other current liabilities	4,276			4,137			3,933
Other non-current liabilities	3,029			3,081			2,950
Total liabilities	15,138			14,819			14,729
Total Colgate-Palmolive Company shareholders’ equity	262			743			(113		)
Noncontrolling interests	401			358			454
Total liabilities and equity	$	15,801		$	15,920		$	15,070

Supplemental Balance Sheet Information
Debt less cash, cash equivalents and marketable securities⁽¹⁾	$	6,776		$	6,676		$	6,949
Working capital % of sales	(4.4		)%	(4.4		)%	(3.5		)%

Note:

(1) Marketable securities of $62, $37 and $43 as of March 31, 2021, December 31, 2020 and March 31, 2020, respectively, are included in Other current assets.

				Table 3
Colgate-Palmolive Company

Condensed Consolidated Statements of Cash Flows

For the Three Months Ended March 31, 2021 and 2020

(Dollars in Millions) (Unaudited)

	2021			2020
Operating Activities
Net income including noncontrolling interests	$	728		$	748
Adjustments to reconcile Net income including noncontrolling interests to Net cash provided by operations:
Depreciation and amortization	137			133
Restructuring and termination benefits, net of cash	(13		)	(30		)
Stock-based compensation expense	38			16
Deferred income taxes	6			(99		)
Cash effects of changes in:
Receivables	(170		)	(211		)
Inventories	(40		)	29
Accounts payable and other accruals	(75		)	220
Other non-current assets and liabilities	(13		)	(38		)
Net cash provided by (used in) operations	598			768

Investing Activities
Capital expenditures	(107		)	(82		)
Purchases of marketable securities and investments	(29		)	(42		)
Proceeds from sale of marketable securities and investments	—			16
Payment for acquisitions, net of cash acquired	—			(351		)
Other investing activities	(6		)	—
Net cash provided by (used in) investing activities	(142		)	(459		)

Financing Activities
Short-term borrowing (repayment) less than 90 days, net	365			17
Proceeds from issuance of debt	25			—
Purchases of treasury shares	(372		)	(220		)
Proceeds from exercise of stock options	30			297
Other financing activities	(6		)	(29		)
Net cash provided by (used in) financing activities	(334		)	(308		)

Effect of exchange rate changes on Cash and cash equivalents	(15		)	(30		)
Net increase (decrease) in Cash and cash equivalents	107			(29		)
Cash and cash equivalents at beginning of the period	888			883
Cash and cash equivalents at end of the period	$	995		$	854

Supplemental Cash Flow Information
Free cash flow before dividends (Net cash provided by operations less Capital expenditures)
Net cash provided by operations	$	598		$	768
Less: Capital expenditures	(107		)	(82		)
Free cash flow before dividends	$	491		$	686


Income taxes paid	$	227		$	128

				Table 4
Colgate-Palmolive Company

Segment Information

For the Three Months Ended March 31, 2021 and 2020

(Dollars in Millions) (Unaudited)

	Three Months Ended March 31,
	2021			2020
Net Sales
Oral, Personal and Home Care

North America	$	923		$	929
Latin America	907			889
Europe	717			675
Asia Pacific	739			633
Africa/Eurasia	272			252

Total Oral, Personal and Home Care	3,558			3,378

Pet Nutrition	786			719

Total Net Sales	$	4,344		$	4,097


	Three Months Ended March 31,
	2021			2020
Operating Profit
Oral, Personal and Home Care

North America	$	202		$	258
Latin America	272			248
Europe	180			154
Asia Pacific	224			161
Africa/Eurasia	54			56

Total Oral, Personal and Home Care	932			877

Pet Nutrition	215			203
Corporate⁽¹⁾	(143		)	(128		)

Total Operating Profit	$	1,004		$	952

Note:

(1) Corporate operations include costs related to stock options and restricted stock units, research and development costs, Corporate overhead costs and gains and losses on sales of non-core product lines and assets.

Corporate Operating profit (loss) for the three months ended March 31, 2020 included acquisition-related costs of $6.

Table 5
Colgate-Palmolive Company

Geographic Sales Analysis Percentage Changes

For the Three Months Ended March 31, 2021 vs. 2020

(Unaudited)


					COMPONENTS OF SALES CHANGE

									Pricing
									Coupons
	Sales								Consumer &
	Change		Organic		As Reported		Organic		Trade		Foreign
Region	As Reported		Sales Change		Volume		Volume		Incentives		Exchange

Total Company⁽¹⁾	6.0	%	5.0	%	0.5	%	0.5	%	4.5	%	1.0	%

North America⁽¹⁾	(0.5)	%	(1.5)	%	(6.5)	%	(7.0)	%	5.5	%	0.5	%

Latin America	2.0	%	9.5	%	1.0	%	1.0	%	8.5	%	(7.5)	%

Europe	6.0	%	(2.0)	%	(3.5)	%	(3.5)	%	1.5	%	8.0	%

Asia Pacific	16.5	%	11.0	%	10.5	%	10.5	%	0.5	%	5.5	%

Africa/Eurasia	8.5	%	13.0	%	5.0	%	5.0	%	8.0	%	(4.5)	%

Total CP Products⁽¹⁾	5.5	%	4.5	%	—	%	—	%	4.5	%	1.0	%

Hill’s	9.5	%	7.0	%	3.0	%	3.0	%	4.0	%	2.5	%


Emerging Markets⁽²⁾	8.5	%	11.5	%	5.5	%	5.5	%	6.0	%	(3.0)	%

Developed Markets⁽¹⁾	4.0	%	—	%	(3.5)	%	(3.5)	%	3.5	%	4.0	%

Notes:

(1) The impact of the previously disclosed acquisition of the hello oral care business on as reported volume was 0% for Total Company, 0.5% for North America, 0% for Total CP Products and 0% for Developed Markets.

(2) Emerging Markets include Latin America, Asia (excluding Japan), Africa/Eurasia and Central Europe.

Table 6
Colgate-Palmolive Company

Non-GAAP Reconciliations

For the Three Months Ended March 31, 2021 and 2020

(Dollars in Millions Except Per Share Amounts) (Unaudited)

Gross Profit								2021			2020
Gross profit, GAAP								$	2,637		$	2,465
Acquisition-related costs								—			4
Gross profit, non-GAAP								$	2,637		$	2,469

														Basis Point
Gross Profit Margin								2021			2020			Change
Gross profit margin, GAAP								60.7		%	60.2		%	50
Acquisition-related costs								—		%	0.1		%
Gross profit margin, non-GAAP								60.7		%	60.3		%	40


Other (Income) Expense, Net								2021			2020
Other (income) expense, net, GAAP								$	28		$	40
Acquisition-related costs								—			(2		)
Other (income) expense, net, non-GAAP								$	28		$	38


Operating Profit								2021			2020			% Change
Operating profit, GAAP								$	1,004		$	952		5		%
Acquisition-related costs								—			6
Operating profit, non-GAAP								$	1,004		$	958		5		%

														Basis Point
Operating Profit Margin								2021			2020			Change
Operating profit margin, GAAP								23.1		%	23.2		%	(10		)
Acquisition-related costs								—		%	0.2		%
Operating profit margin, non-GAAP								23.1		%	23.4		%	(30		)


	2020
	Income Before Income Taxes		Provision For Income Taxes⁽¹⁾		Net Income Including Noncontrolling Interests			Net Income Attributable To Colgate-Palmolive Company			Effective Income Tax Rate⁽²⁾			Diluted Earnings Per Share
As Reported GAAP	$	895	$	147	$	748		$	715		16.4		%	$	0.83
Subsidiary and operating structure initiatives	—		71		(71		)	(71		)	7.9		%	(0.08		)
Acquisition-related costs	6		2		4			4			0.1		%	—
Non-GAAP	$	901	$	220	$	681		$	648		24.4		%	$	0.75

The impact of non-GAAP adjustments may not necessarily equal the difference between “GAAP” and “non-GAAP” as a result of rounding.

Notes:

(1) The income tax effect on non-GAAP items is calculated based upon the tax laws and statutory income tax rates applicable in the tax jurisdiction(s) of the underlying non-GAAP adjustment.

(2) The impact of non-GAAP items on the Company’s effective tax rate represents the difference in the effective tax rate calculated with and without the non-GAAP adjustment on Income before income taxes and Provision for income taxes.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005073/en/

John Faucher 212-310-3653

Hope Spiller 212-310-2291

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Other Consumer Teens Women Parenting Seniors Pets Men Family Consumer

MEDIA:

April 30, 2021 6:53 am

Eagle Pharmaceuticals Announces TREAKISYM (bendamustine) Ready-to-Dilute (“RTD”) Formulation, in Combination with Rituximab for Treatment of Relapsed or Refractory Diffuse Large B-cell Lymphoma Receives PMDA Approval in Japan

Eagle Pharmaceuticals Announces TREAKISYM (bendamustine) Ready-to-Dilute (“RTD”) Formulation, in Combination with Rituximab for Treatment of Relapsed or Refractory Diffuse Large B-cell Lymphoma Receives PMDA Approval in Japan

-Eagle believes new indication could allow for a significant expansion of the overall market opportunity-

-RTD and Rapid Infusion (“RI”) formulations anticipated to generate approximately $25 million of combined royalty and milestone revenue at peak-

WOODCLIFF LAKE, N.J.–(BUSINESS WIRE)–
Eagle Pharmaceuticals, Inc. (“Eagle” or the “Company”) (NASDAQ: EGRX) today announced that TREAKISYM ready-to-dilute (“RTD”) (bendamustine hydrochloride 120 mg/m²) liquid formulation has been approved for a new indication in combination with rituximab (“BR therapy”) as treatment for relapsed or refractory diffuse large B-cell lymphoma (“r/r DLBCL”) by the Pharmaceuticals and Medical Devices Agency (“PMDA”) in Japan.

“This latest approval is another meaningful extension of our bendamustine franchise. We believe this expanded label will significantly increase the market opportunity for TREAKISYM in Japan. Based on this additional indication, as well as the anticipated approval of the ten-minute RI liquid formulation, we are reiterating our belief that the combined royalty and milestones revenue from these products will generate $25 million at peak,” stated Scott Tarriff, Chief Executive Officer.

In September 2017, Eagle licensed to SymBio intellectual property necessary to develop, market and sell RTD and RI formulations of bendamustine under the trade name TREAKISYM in Japan utilizing Eagle’s proprietary technology. As part of the agreement, SymBio assumed responsibility for securing regulatory approval of the TREAKISYM RTD and RI products using the licensed technology in Japan.

SymBio received approval for the TREAKISYM RTD (250 ml) liquid formulation in September 2020 and is currently conducting a clinical safety trial for the ten-minute RI (50 ml) liquid formulation, for which it plans to seek approval in the second half of 2022.

Key benefits to patients and healthcare providers of these products include eliminating the need for manual reconstitution and significantly reducing preparation time as compared to the lyophilized formulation.

About Eagle Pharmaceuticals, Inc.

Eagle is a fully integrated pharmaceutical company with research and development, clinical, manufacturing and commercial expertise. Eagle is committed to developing innovative medicines that result in meaningful improvements in patients’ lives. Eagle’s commercialized products include RYANODEX^®, BENDEKA^®, BELRAPZO^®, and its oncology and CNS/metabolic critical care pipeline includes product candidates with the potential to address underserved therapeutic areas across multiple disease states. Additional information is available on Eagle’s website at www.eagleus.com.

Forward-Looking Statements

This press release contains forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws. Forward-looking statements are statements that are not historical facts. Words and phrases such as “anticipated,” “forward,” “will,” “would,” “may,” “remain,” “potential,” “prepare,” “expected,” “believe,” “plan,” “near future,” “belief,” “guidance,” and similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding future events including: the ability to advance TREAKISYM RTD in combination with BR therapy as a treatment for r/r/ DLBCL; the future commercial success of TREAKISYM RTD and TREAKISYM RI, including anticipated royalty and milestone revenue and potential market opportunity; the timing of regulatory approvals for the TREAKISYM RI formulation, if ever; expectations regarding the potential benefits of TREAKISYM RTD and TREAKISYM RI for patients and healthcare providers; and the Company’s ability to successfully collaborate with Symbio with respect to the commercialization of TREAKISYM RTD and RI formulations. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the Company’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Such risks and uncertainties include, but are not limited to: risks that the Company’s or its partners’ business, financial condition and results of operations will be impacted by the spread of COVID-19 in the geographies where such parties operate; whether the Company will incur unforeseen expenses or liabilities or other market factors in connection with COVID-19; the success of the Company’s collaborations with its strategic partners; successful compliance with governmental regulations applicable to product approvals, manufacturing facilities, products and/or businesses; general economic conditions, including the potential adverse effects of public health issues, including the COVID-19 pandemic, on economic activity and the performance of the financial markets generally; the strength and enforceability of the Company’s intellectual property rights or the rights of third parties; competition from other pharmaceutical and biotechnology companies and the potential for competition from generic entrants into the market; the risks inherent in the early stages of drug development and in conducting clinical trials; and those risks and uncertainties identified in the “Risk Factors” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 5, 2021 and its other subsequent filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and the Company does not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005136/en/

Investor Relations for Eagle Pharmaceuticals, Inc.:

Lisa M. Wilson

In-Site Communications, Inc.

T: 212-452-2793

E: [email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Oncology Health Other Health Physical Therapy Clinical Trials Pharmaceutical

MEDIA:

Logo

April 30, 2021 6:52 am

Lazard Ltd Reports First-Quarter 2021 Results

Lazard Ltd Reports First-Quarter 2021 Results

Operating revenue up 15% with strong momentum across our businesses

Record quarter-end assets under management of $265 billion

Returned $237 million of capital to shareholders in first quarter

NEW YORK–(BUSINESS WIRE)–
Lazard Ltd (NYSE: LAZ) today reported operating revenue¹ of $648 million for the quarter ended March 31, 2021. Net income, as adjusted², was $101 million, or $0.87 per share (diluted) for the quarter.

First-quarter 2021 net income on a U.S. GAAP basis was $87 million, or $0.75 per share (diluted).

“We are well positioned for the year ahead with record assets under management and high levels of activity across Financial Advisory in a strengthening macroeconomic environment,” said Kenneth M. Jacobs, Chairman and Chief Executive Officer of Lazard. “As the rollout of COVID-19 vaccines expands, and fiscal and monetary stimulus take effect, confidence is growing among business leaders and investors globally.”


($ in millions, except per share data and AUM)	Quarter Ended March 31,
	2021	2020	%’21-’20
Net Income
U.S. GAAP	$87	$64	36%
Per share, diluted	$0.75	$0.56	34%
Adjusted²	$101	$67	52%
Per share, diluted	$0.87	$0.58	50%
Operating Revenue¹
Total operating revenue	$648	$563	15%
Financial Advisory	$317	$295	8%
Asset Management	$328	$269	22%
AUM ($ in billions)
Period End	$265	$193	37%
Average	$261	$222	18%

Note: Endnotes are on page 6 of this release. A reconciliation of adjusted GAAP to U.S. GAAP is on pages 11-12.

OPERATING REVENUE

Operating revenue was $648 million for the quarter ended March 31, 2021, 15% higher than the first quarter of 2020.

Financial Advisory

Our Financial Advisory results include M&A Advisory, Capital Advisory, Capital Raising, Restructuring, Shareholder Advisory, Sovereign Advisory, and other strategic advisory work for clients.

Financial Advisory operating revenue was $317 million for the first quarter of 2021, 8% higher than the first quarter of 2020.

During and since the first quarter of 2021, Lazard has been engaged in significant and complex M&A transactions and other advisory assignments globally, including the following (clients are in italics): The Special Committee of the Board of Brookfield Property Partners in Brookfield Asset Management’s acquisition of 100% of BPY units, valuing BPY at $71.8 billion; The Special Committee of the Board of VMware in Dell’s $52.5 billion spin-off of its 81% equity stake in the company and VMware’s payment of a special cash dividend; Altice Europe in the $48.5 billion take-private offer by Patrick Drahi, and its $6.3 billion sale of its French towers to Cellnex; The Special Committee of the Board of Athene in Athene’s $11 billion merger with Apollo; Stonepeak’s $8.1 billion acquisition of Astound Broadband from TPG; M&T Bank’s $7.6 billion acquisition of People’s United Financial; Kimco Realty in its $5.9 billion merger with Weingarten Realty Investors; G4S on the £3.8 billion recommended cash offer from Allied Universal; Natixis in the€3.7 billion acquisition of the remaining 29.3% stake in the company by BPCE; Goodyear Tire & Rubber’s $2.5 billion acquisition of Cooper Tire & Rubber; Servier’s $2.0 billion acquisition of Agios Pharmaceuticals’ oncology business; and Five Prime Therapeutics’ $1.9 billion sale to Amgen.

Lazard has one of the world’s preeminent restructuring practices, with a long track record of successfully advising businesses and governments. During and since the first quarter of 2021, we have been engaged in a broad range of highly visible and complex restructuring and debt advisory assignments for debtors or creditors, including roles involving: Abengoa; AccorInvest; Assured Guaranty in connection with Puerto Rico’s restructuring; Belk; Cinepolis; CorpGroup; Debenhams; Diamond Offshore Drilling; Europcar; Express; Garrett Motion; NMC Health; Peabody; Premier Oil; Seadrill Limited; Ursa Piceance; and Valaris.

Our Capital and Shareholder Advisory practices remain active globally, advising on a broad range of public and private assignments. Our Sovereign Advisory practice continues to be active advising governments, sovereign and sub-sovereign entities across developed and emerging markets.

For a list of publicly announced Financial Advisory transactions on which Lazard advised in the first quarter of 2021, or continued to advise or completed since March 31, 2021, please visit our website at www.lazard.com/businesses/transactions.

Asset Management

In the text portion of this press release, we present our Asset Management results as 1) Management fees and other revenue, and 2) Incentive fees.

Asset Management operating revenue was $328 million for the first quarter of 2021, 22% higher than the first quarter of 2020.

Management fees and other revenue was $295 million, 10% higher than the first quarter of 2020, and 4% higher than the fourth quarter of 2020.

Average AUM for the first quarter of 2021 was $261 billion, 18% higher than the first quarter of 2020, and 6% higher than the fourth quarter of 2020.

AUM as of March 31, 2021, was $265 billion, up 2% from December 31, 2020, and up 37% from March 31, 2020. The sequential increase from December 31, 2020 was driven by market appreciation of $12.5 billion, partially offset by foreign exchange depreciation of $4.6 billion and net outflows of $1.7 billion.

Incentive fees during the period were $33 million, compared to $2 million for the first quarter of 2020.

OPERATING EXPENSES

Compensation and Benefits

In managing compensation and benefits expense, we focus on annual awarded compensation (cash compensation and benefits plus deferred incentive compensation with respect to the applicable year, net of estimated future forfeitures and excluding charges). We believe annual awarded compensation reflects the actual annual compensation cost more accurately than the GAAP measure of compensation cost, which includes applicable-year cash compensation and the amortization of deferred incentive compensation principally attributable to previous years’ deferred compensation. We believe that by managing our business using awarded compensation with a consistent deferral policy, we can better manage our compensation costs, increase our flexibility in the future and build shareholder value over time.

For the first quarter of 2021, we accrued adjusted compensation and benefits expense¹at an adjusted compensation ratio of 59.5%, compared to the first-quarter 2020 ratio of 60.0%. This resulted in $385 million of compensation and benefits expense, compared to $338 million for the first quarter of 2020.

We manage our compensation and benefits expense based on awarded compensation with a consistent deferral policy. We take a disciplined approach to compensation, and our goal is to maintain a compensation-to-operating revenue ratio over the cycle in the mid- to high-50s percentage range on both an awarded and adjusted basis, with consistent deferral policies.

Non-Compensation Expense

For the first quarter of 2021, adjusted non-compensation expense¹ was $102 million, 9% lower than the first quarter of 2020, primarily reflecting lower travel and business development expenses.

The ratio of adjusted non-compensation expense to operating revenue was 15.8% for the first quarter of 2021, compared to 20.0% for the first quarter of 2020.

Our goal remains to achieve an adjusted non-compensation expense-to-operating revenue ratio over the cycle of 16% to 20%.

TAXES

The provision for taxes, on an adjusted basis¹, was $41 million for the first quarter of 2021. The effective tax rate, on an adjusted basis, was 28.6% for the first quarter of 2021, compared to 28.8% for the first quarter of 2020 and 20.2% for the full year of 2020.

CAPITAL MANAGEMENT AND BALANCE SHEET

Our primary capital management goals include managing debt and returning capital to shareholders through dividends and share repurchases.

In the first quarter of 2021, Lazard returned $237 million to shareholders, which included: $49 million in dividends; $123 million in share repurchases of our common stock; and $65 million in satisfaction of employee tax obligations in lieu of share issuances upon vesting of equity grants.

As of March 31, 2021, we have repurchased 2.9 million shares of our common stock at an average price of $42.30 per share.

On April 29, 2021, our Board of Directors authorized additional share repurchases of up to $300 million, which expires as of December 31, 2022, bringing our total outstanding share repurchase authorization to $439 million.

On April 29, 2021, Lazard declared a quarterly dividend of $0.47 per share on its outstanding common stock. The dividend is payable on May 21, 2021, to stockholders of record on May 10, 2021.

Lazard’s financial position remains strong. As of March 31, 2021, our cash and cash equivalents were $975 million, and stockholders’ equity related to Lazard’s interests was $765 million.

***

CONFERENCE CALL

Lazard will host a conference call at 8:00 a.m. EDT on Friday, April 30, 2021, to discuss the company’s financial results for the first quarter of 2021. The conference call can be accessed via a live audio webcast available through Lazard’s Investor Relations website at www.lazard.com, or by dialing 1 (800) 458-4121 (U.S. and Canada) or +1 (323) 794-2093 (outside of the U.S. and Canada), 15 minutes prior to the start of the call.

A replay of the conference call will be available by 10:00 a.m. EDT, Friday, April 30, 2021, via the Lazard Investor Relations website at www.lazard.com, or by dialing 1 (888) 203-1112 (U.S. and Canada) or +1 (719) 457-0820 (outside of the U.S. and Canada). The replay access code is 6389433.

ABOUT LAZARD

Lazard, one of the world’s preeminent financial advisory and asset management firms, operates from more than 40 cities across 25 countries in North America, Europe, Asia, Australia, Central and South America. With origins dating to 1848, the firm provides advice on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments and individuals. For more information on Lazard, please visit www.lazard.com. Follow Lazard at @Lazard.

***

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements. In some cases, you can identify these statements by forward-looking words such as “may”, “might”, “will”, “should”, “could”, “would”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “target,” “goal”, or “continue”, and the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies, business plans and initiatives and anticipated trends in our business. These forward-looking statements, including with respect to the current COVID-19 pandemic, are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by these forward-looking statements.

These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K under Item 1A “Risk Factors,” and also discussed from time to time in our reports on Forms 10-Q and 8-K, including the following:

A decline in general economic conditions or the global or regional financial markets;

A decline in our revenues, for example due to a decline in overall mergers and acquisitions (M&A) activity, our share of the M&A market or our assets under management (AUM);

Losses caused by financial or other problems experienced by third parties;

Losses due to unidentified or unanticipated risks;

A lack of liquidity, i.e., ready access to funds, for use in our businesses; and

Competitive pressure on our businesses and on our ability to retain and attract employees at current compensation levels.

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date of this release to conform our prior statements to actual results or revised expectations and we do not intend to do so.

Lazard Ltd is committed to providing timely and accurate information to the investing public, consistent with our legal and regulatory obligations. To that end, Lazard and its operating companies use their websites, Lazard’s Twitter account (twitter.com/Lazard) and other social media sites to convey information about their businesses, including the anticipated release of quarterly financial results, quarterly financial, statistical and business-related information, and the posting of updates of assets under management in various mutual funds, hedge funds and other investment products managed by Lazard Asset Management LLC and Lazard Frères Gestion SAS. Investors can link to Lazard and its operating company websites through www.lazard.com.

***

ENDNOTES

¹ A non-U.S. GAAP measure. See attached financial schedules and related notes for a detailed explanation of adjustments to corresponding U.S. GAAP results. We believe that presenting our results on an adjusted basis, in addition to the U.S. GAAP results, is the most meaningful and useful way to compare our operating results across periods.

²First-quarter 2021 adjusted results¹ exclude pre-tax charges of $1.4 million relating to office space reorganization and $9.6 million relating to expenses associated with restructuring and closing of certain offices. On a U.S. GAAP basis, these resulted in a net charge of $13.9 million, or $0.12 (diluted) per share, in the first quarter of 2021.

LAZ-EPE

LAZARD LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(U.S. GAAP)

Three Months Ended

% Change From

March 31,

December 31,

March 31,

December 31,

March 31,

($ in thousands, except per share data)
2021

2020

2020

2020

2020

Total revenue
$679,904

$898,326

$558,157

(24%)

22%

Interest expense
(19,797)

(20,172)

(20,143)

Net revenue
660,107

878,154

538,014

(25%)

23%

Operating expenses:

Compensation and benefits
401,546

524,736

319,755

(23%)

26%

Occupancy and equipment
34,748

33,592

32,198

Marketing and business development
6,651

8,161

20,186

Technology and information services
33,670

36,100

31,358

Professional services
14,948

20,330

14,545

Fund administration and outsourced services
29,279

26,431

26,390

Amortization of intangible assets related to acquisitions
15

436

446

Other
4,960

11,308

9,039

Subtotal
124,271

136,358

134,162

(9%)

(7%)

Benefit pursuant to tax receivable agreement
–

(439)

–

Operating expenses
525,817

660,655

453,917

(20%)

16%

Operating income
134,290

217,499

84,097

(38%)

60%

Provision for income taxes
43,464

22,729

25,766

91%

69%

Net income
90,826

194,770

58,331

(53%)

56%

Net income (loss) attributable to noncontrolling interests
3,526

4,881

(5,691)

Net income attributable to Lazard Ltd
$87,300

$189,889

$64,022

(54%)

36%

Attributable to Lazard Ltd Common Stockholders:

Weighted average shares outstanding:

Basic
107,291,560

107,316,315

106,303,962

0%

1%

Diluted
115,822,294

115,144,030

114,120,179

1%

1%

Net income per share:

Basic
$0.80

$1.73

$0.59

(54%)

36%

Diluted
$0.75

$1.64

$0.56

(54%)

34%

LAZARD LTD

UNAUDITED CONDENSED CONSOLIDATED

STATEMENT OF FINANCIAL CONDITION

(U.S. GAAP)

March 31,

December 31,

($ in thousands)
2021

2020

ASSETS

Cash and cash equivalents
$974,696

$1,389,876

Deposits with banks and short-term investments
1,014,145

1,134,463

Restricted cash
615,090

44,488

Receivables
739,615

743,141

Investments
782,351

658,532

Goodwill and other intangible assets
381,947

384,071

Operating lease right-of-use assets
492,089

513,923

Deferred tax assets
506,836

538,448

Other assets
702,790

564,919

Total Assets
$6,209,559

$5,971,861

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS & STOCKHOLDERS’ EQUITY

Liabilities

Deposits and other customer payables
$1,239,716

$1,201,150

Accrued compensation and benefits
485,739

734,544

Operating lease liabilities
582,178

606,963

Tax receivable agreement obligation
211,236

221,451

Senior debt
1,683,362

1,682,741

Other liabilities
565,629

525,579

Total liabilities
4,767,860

4,972,428

Commitments and contingencies

Redeemable noncontrolling interests
575,000

–

Stockholders’ equity

Preferred stock, par value $.01 per share
–

–

Common stock, par value $.01 per share
1,128

1,128

Additional paid-in capital
–

135,439

Retained earnings
1,278,907

1,295,386

Accumulated other comprehensive loss, net of tax
(255,711

)

(238,368)

Subtotal
1,024,324

1,193,585

Class A common stock held by subsidiaries, at cost
(259,319

)

(281,813)

Total Lazard Ltd stockholders’ equity
765,005

911,772

Noncontrolling interests
101,694

87,661

Total stockholders’ equity
866,699

999,433

Total liabilities, redeemable noncontrolling interests and stockholders’ equity
$6,209,559

$5,971,861

LAZARD LTD

SELECTED SUMMARY FINANCIAL INFORMATION (a)

(Non-GAAP – unaudited)

Three Months Ended % Change From

March 31,

December 31,

March 31,

December 31,

March 31,

($ in thousands, except per share data)
2021

2020

2020

2020

2020

Revenues:

Financial Advisory
$317,300

$508,626

$294,773

(38%)

8%

Asset Management
327,914

336,152

268,953

(2%)

22%

Corporate
2,648

3,990

(915)

(34%)

NM

Operating revenue (b)
$647,862

$848,768

$562,811

(24%)

15%

Expenses:

Adjusted compensation and benefits expense (c)
$385,478

$497,260

$337,686

(22%)

14%

Ratio of adjusted compensation to operating revenue
59.5%

58.6%

60.0%

Non-compensation expense (d)
$102,480

$116,568

$112,632

(12%)

(9%)

Ratio of non-compensation to operating revenue
15.8%

13.7%

20.0%

Earnings:

Earnings from operations (e)
$159,904

$234,940

$112,493

(32%)

42%

Operating margin (f)
24.7%

27.7%

20.0%

Adjusted net income (g)
$101,221

$192,444

$66,552

(47%)

52%

Diluted adjusted net income per share
$0.87

$1.66

$0.58

(48%)

50%

Diluted weighted average shares (h)
115,857,922

115,831,033

114,160,044

0%

1%

Effective tax rate (i)
28.6%

11.1%

28.8%

This presentation includes non-U.S. GAAP (“non-GAAP”) measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for the corresponding U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to the corresponding U.S. GAAP measures, see Reconciliation of U.S. GAAP to Selected Summary Financial Information and Notes to Financial Schedules.

LAZARD LTD

ASSETS UNDER MANAGEMENT (“AUM”)

(unaudited)

($ in millions)

As of

Variance

March 31,

December 31,

March 31,

1Q 2021 vs

2021

2020

2020

Qtr to Qtr

1Q 2020

Equity:

Emerging Markets
$32,700

$33,254

$27,716

(1.7%)

18.0%

Global
58,560

56,246

39,094

4.1%

49.8%

Local
51,246

48,672

37,496

5.3%

36.7%

Multi-Regional
72,953

71,560

50,335

1.9%

44.9%

Total Equity
215,459

209,732

154,641

2.7%

39.3%

Fixed Income:

Emerging Markets
12,708

13,651

11,424

(6.9%)

11.2%

Global
14,177

11,962

9,100

18.5%

55.8%

Local
5,556

5,600

5,421

(0.8%)

2.5%

Multi-Regional
11,808

12,571

8,376

(6.1%)

41.0%

Total Fixed Income
44,249

43,784

34,321

1.1%

28.9%

Alternative Investments
3,141

2,748

1,902

14.3%

65.1%

Private Equity
1,324

1,420

1,406

(6.8%)

(5.8%)

Cash Management
679

958

778

(29.1%)

(12.7%)

Total AUM
$264,852

$258,642

$193,048

2.4%

37.2%

Year Ended

Three Months Ended March 31,

December 31,

2021

2020

2020

AUM – Beginning of Period
$258,642

$248,239

$248,239

Net Flows
(1,679)

(4,913)

(11,368)

Market and foreign exchange appreciation (depreciation)
7,889

(50,278)

21,771

AUM – End of Period
$264,852

$193,048

$258,642

Average AUM
$261,463

$221,534

$225,361

% Change in average AUM
18.0%

Note: Average AUM generally represents the average of the monthly ending AUM balances for the period.

LAZARD LTD

RECONCILIATION OF U.S. GAAP TO SELECTED SUMMARY FINANCIAL INFORMATION (a)

(unaudited)

Three Months Ended

March 31,

December 31,

March 31,

($ in thousands, except per share data)
2021

2020

2020

Operating Revenue

Net revenue – U.S. GAAP Basis
$660,107

$878,154

$538,014

Adjustments:

(Revenue) loss related to noncontrolling interests (j)
(6,361)

(8,054)

2,772

(Gains) losses related to Lazard Fund Interests (“LFI”) and other similar arrangements
(7,487)

(25,207)

19,637

Distribution fees, reimbursable deal costs, bad debt expense and other (k)
(16,710)

(14,647)

(16,384)

Interest expense
18,313

18,522

18,772

Operating revenue, as adjusted (b)
$647,862

$848,768

$562,811

Compensation and Benefits Expense

Compensation and benefits expense – U.S. GAAP Basis
$401,546

$524,736

$319,755

Adjustments:

(Charges) credits pertaining to LFI and other similar arrangements
(7,487)

(25,207)

19,637

Expenses associated with restructuring and closing of certain offices (l)
(6,623)

–

–

Compensation related to noncontrolling interests (j)
(1,958)

(2,269)

(1,706)

Compensation and benefits expense, as adjusted (c)
$385,478

$497,260

$337,686

Non-Compensation Expense

Non-compensation expense – Subtotal – U.S. GAAP Basis
$124,271

$136,358

$134,162

Adjustments:

Expenses related to office space reorganization (m)
(1,416)

(4,184)

(3,664)

Distribution fees, reimbursable deal costs, bad debt expense and other (k)
(16,710)

(14,647)

(16,384)

Amortization of intangible assets related to acquisitions
(15)

(436)

(446)

Expenses associated with restructuring and closing of certain offices (l)
(2,971)

–

–

Non-compensation expense related to noncontrolling interests (j)
(679)

(523)

(1,036)

Non-compensation expense, as adjusted (d)
$102,480

$116,568

$112,632

Pre-Tax Income and Earnings From Operations

Operating Income – U.S. GAAP Basis
$134,290

$217,499

$84,097

Adjustments:

Reduction of tax receivable agreement obligation (“TRA”)
–

(439)

–

Expenses related to office space reorganization (m)
1,416

4,184

3,664

Expenses associated with restructuring and closing of certain offices (l)
9,594

–

–

Net (income) loss related to noncontrolling interests (j)
(3,526)

(4,881)

5,691

Pre-tax income, as adjusted
141,774

216,363

93,452

Interest expense
18,313

18,522

18,772

Expenses associated with Special Purpose Acquisition Company and amortization (LAZ only)
(183)

55

269

Earnings from operations, as adjusted (e)
$159,904

$234,940

$112,493

Net Income attributable to Lazard Ltd

Net income attributable to Lazard Ltd – U.S. GAAP Basis
$87,300

$189,889

$64,022

Adjustments:

Reduction of tax receivable agreement obligation (“TRA”)
–

(439)

–

Expenses related to office space reorganization (m)
1,416

4,184

3,664

Expenses associated with restructuring and closing of certain offices (l)
9,594

–

–

Tax expense (benefit) allocated to adjustments
2,911

(1,190)

(1,134)

Net income, as adjusted (g)
$101,221

$192,444

$66,552

Diluted Weighted Average Shares Outstanding

Diluted Weighted Average Shares Outstanding – U.S. GAAP Basis
115,822,294

115,144,030

114,120,179

Adjustment: participating securities including profits interest participation rights
35,628

687,003

39,865

Diluted Weighted Average Shares Outstanding, as adjusted (h)
115,857,922

115,831,033

114,160,044

Diluted net income per share:

U.S. GAAP Basis
$0.75

$1.64

$0.56

Non-GAAP Basis, as adjusted
$0.87

$1.66

$0.58

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to comparable U.S. GAAP measures, see Notes to Financial Schedules.

See Notes to Financial Schedules

LAZARD LTD

RECONCILIATION OF NON-COMPENSATION U.S. GAAP TO ADJUSTED (a)

(unaudited)

Three Months Ended

March 31,

December 31,

March 31,

($ in thousands)
2021

2020

2020

Non-compensation expense – U.S. GAAP Basis:

Occupancy and equipment
$34,748

$33,592

$32,198

Marketing and business development
6,651

8,161

20,186

Technology and information services
33,670

36,100

31,358

Professional services
14,948

20,330

14,545

Fund administration and outsourced services
29,279

26,431

26,390

Amortization of intangible assets related to acquisitions
15

436

446

Other
4,960

11,308

9,039

Non-compensation expense – Subtotal – U.S. GAAP Basis
$124,271

$136,358

$134,162

Non-compensation expense – Adjustments:

Occupancy and equipment (j) (l) (m)
($4,185)

($3,419)

($3,733)

Marketing and business development (j) (k) (l)
(205)

(383)

(2,691)

Technology and information services (j) (k) (l)
(14)

155

(435)

Professional services (j) (k) (l) (m)
(1,461)

(4,101)

(1,778)

Fund administration and outsourced services (j) (k)
(15,270)

(12,114)

(12,120)

Amortization of intangible assets related to acquisitions
(15)

(436)

(446)

Other (j) (k) (m)
(641)

508

(327)

Subtotal Non-compensation adjustments
($21,791)

($19,790)

($21,530)

Non-compensation expense, as adjusted:

Occupancy and equipment
$30,563

$30,173

$28,465

Marketing and business development
6,446

7,778

17,495

Technology and information services
33,656

36,255

30,923

Professional services
13,487

16,229

12,767

Fund administration and outsourced services
14,009

14,317

14,270

Amortization of intangible assets related to acquisitions
–

–

–

Other
4,319

11,816

8,712

Non-compensation expense, as adjusted (d)
$102,480

$116,568

$112,632

This presentation includes non-GAAP measures. Our non-GAAP measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures, and should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP. For a detailed explanation of the adjustments made to comparable U.S. GAAP measures, see Notes to Financial Schedules.

See Notes to Financial Schedules

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005115/en/

Media Contact: Judi Frost Mackey +1 212 632 1428 [email protected]

Investor Contact: Alexandra Deignan +1 212 632 6886 [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo

Posted on April 30, 2021 6:48 am
DuPont Appoints Deanna M. Mulligan to Board of Directors

PR Newswire

WILMINGTON, Del., April 30, 2021 /PRNewswire/ — DuPont (NYSE: DD) today announced the appointment of Deanna M. Mulligan to its Board of Directors, effective April 27, 2021. Following appointment, Ms. Mulligan was elected to the Board at the Company’s Annual Meeting of Stockholders on April 28, 2021.

“We are pleased to welcome Deanna Mulligan to DuPont’s Board of Directors,” said, Ed Breen, DuPont Executive Chairman and Chief Executive Officer. “As a veteran CEO, Deanna brings a wealth of experience in leadership, risk management and workforce strategies. Her strong commitment to corporate governance, social impact, and experience on numerous boards will provide DuPont with diverse and valuable insight.”

Ms. Mulligan served as CEO of The Guardian Life Insurance Company of America, a mutual life insurance company (Guardian), from 2011 to October 2020. She served as a member of Guardian’s Board of Directors from 2011 to 2020, serving as Board Chair for the last quarter of 2020 until her retirement. Prior to joining Guardian in 2008, Ms. Mulligan founded DMM Management Solutions LLC and previously, she held several other consulting and management positions at McKinsey & Company, AXA Financial, Inc., and New York Life Insurance Company.

Ms. Mulligan currently serves as a director of The Vanguard Group, Inc., Trustee of the Vanguard Funds, Trustee of the Economic Club of New York, Trustee of New York Presbyterian Hospital, Director of Chief Executives for Corporate Purpose, Director of Partnership for New York City and Trustee of the Bruce Museum.

About DuPont
DuPont (NYSE: DD) is a global innovation leader with technology-based materials and solutions that help transform industries and everyday life. Our employees apply diverse science and expertise to help customers advance their best ideas and deliver essential innovations in key markets including electronics, transportation, construction, water, healthcare and worker safety. More information about the company, its businesses and solutions can be found at www.dupont.com. Investors can access information included on the Investor Relations section of the website at investors.dupont.com.

DuPont™, the DuPont Oval Logo, and all trademarks and service marks denoted with ™, ^SM or ^®are owned by affiliates of DuPont de Nemours, Inc. unless otherwise noted.

View original content to download multimedia:http://www.prnewswire.com/news-releases/dupont-appoints-deanna-m-mulligan-to-board-of-directors-301280720.html

SOURCE DuPont

Posted on April 30, 2021 6:48 am
Vista Gold Corp. Announces First Quarter Financial Results and Corporate Update

DENVER, April 30, 2021 (GLOBE NEWSWIRE) — Vista Gold Corp. (NYSE American and TSX: VGZ) (“Vista” or the “Company”) today announced its unaudited financial results for the quarter ended March 31, 2021, which are highlighted by reported cash and cash equivalents of $7.2 million. All dollar amounts in this press release are in U.S. dollars.

Looking south at the nearly dewatered Batman pit. Scale varies with perspective.

https://www.globenewswire.com/NewsRoom/AttachmentNg/258368dd-1f05-4090-8734-815a891de4cb

Frederick H. Earnest, President and Chief Executive Officer of Vista, commented, “Our management team achieved solid cost and capital management performance and strong execution toward our core objectives, including the advancement of the Mt Todd Mining Management Plan to the final stage of review and approval and excellent results from our ongoing drilling program. Additionally, we continued efforts to seek a strategic partner for the development of Mt Todd, maintained our outstanding safety record having achieved 1,437 days without a lost time incident, substantially dewatered the Batman pit, and held the first meeting of the newly-formed Leaders Forum with the Jawoyn Association Aboriginal Corporation.

“We anticipate approval of the Mining Management Plan in the very near future, and see a tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by continuing our drilling program to demonstrate the potential to significantly expand gold resources and by advancing our feasibility studies. Both activities are aligned with our continuing efforts to bring value to our shareholders and establish a strategic partnership. We remain committed to achieving a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution.”

First Quarter Highlights and Recent Developments

Advanced the Mt Todd Mining Management Plan to the final stage of review and approval;

Ended 1Q 2021 with cash and cash equivalents of $7.2 million;

Received a $1.1 million payment from Prime Mining Corp. related to the Guadalupe de los Reyes gold / silver project in Mexico and expect a final $1.0 million payment no later than July 2021;

Reported positive results from ongoing exploration activities;

Expanded the current drill program to include an additional 10 holes to focus on deep drilling along the 1.8 km strike area from the Batman deposit north to the Golf–Tollis/Penguin targets;

Held the first meeting of the newly-formed Leaders Forum with the Jawoyn Association Aboriginal Corporation; and

Substantially dewatered the Batman pit, with only 0.5 GL remaining.

Summary of Q1 2021 Financial Results

At March 31, 2021, cash and cash equivalents totaled $7.2 million. We benefited during the quarter from receipt of $1.1 million related to Guadalupe de los Reyes and continued control over our base expenditures. This allowed us to commit additional funds to the drilling program. For consideration, Vista extended the due date for the remaining $2.5 million option payment payable to Vista for cancellation of the Awak Mas royalty until not later than January 31, 2022.

Vista reported a net loss of $3.1 million or $0.03 per share for the three months ended March 31, 2021, compared to a loss of $3.5 million or $0.03 per share reported for the three months ended March 31, 2020. The loss for the current quarter was in line with management’s expectations.

Summary of Drilling Results

The Company made the decision to expand its drilling program during the quarter and is planning an additional 10 holes (approx. 3,000 meters). The first phase of drilling provided our geologists with greater understanding of the location and inter-relation of mineralized structures and cross-structures connecting the Batman deposit and the Golf-Tollis targets. Ongoing drilling is focused on hinge points and intersections of these structures which typically provide the best conditions for the deposition of gold in quartz-calcite-sulfide veins.

The initial program of nine holes totaled 2,640 meters and was completed during Q1. Results of eight holes have been announced to date, with each hole intersecting mineralized structures approximately as targeted. Intercepts were generally thicker than anticipated intervals and encountered higher than expected gold grades. Refer to Figure 1 for drill hole locations to date.

Figure 1:
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa1f1ca8-75b0-4797-bf03-40e96d4ff391

Mr. Earnest commented, “Our historical success in significantly increasing the known size of the Batman deposit through deep drilling and our recent success drilling deep holes along known, but undrilled structural targets reaffirms our belief that there is excellent opportunity for significant resource growth at Mt Todd. We believe that the potential to significantly extend the life of Mt Todd is important to potential partners. Our present drilling program is planned to demonstrate that potential and unlock the door to greater value recognition.”

Highlights from first phase of drilling include:

Confirmation of the South Cross Structure projecting northeast from the Batman deposit. The drill intercept returned 60 meters of 0.72 grams of Au/tonne and demonstrated higher-grade mineralization within several intervals of this intercept. The South Cross Structure is believed to be a connection between the Batman and Golf-Tollis structures.

Six drill holes targeting the Batman North Extension demonstrated continuity of mineralization immediately north of the defined Batman deposit. Again, drill intercepts were thicker than previously expected and generally returned higher grades in the center portions. Intercepted veining, mineralogy and gold grades are comparable to what is observed in the Batman deposit and suggest no material differences in metallurgical behavior. These results present an opportunity to develop classified resources both from material that is currently interpreted as waste within the planned Batman pit and material outside the pit to the north.

The first step-out hole, drilled 500 meters north-northeast, intercepted 30 meters of 1.23 grams gold/tonne. This hole was the first deep step-out hole demonstrates the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend. A second step-out hole has been drilled further to the east to better understand the orientation of the Golf-Tollis structural trend – assay results for this hole will be announced as part of a future comprehensive announcement including the results of additional holes to be drilled in this vicinity.

The drilling program has been expanded to include an additional 10 holes to focus on deep drilling along the 1.8 Km strike length from the Batman deposit north to the Golf-Tollis/Penguin targets.

Table 1 – Summary of Assay Results Announced to Date

Hole No. Grid Co-ordinates Survey Data Intersections

Target Structure MGA94 Grid Easting MGA94 Grid Northing RL (m) Azimuth (°) Dip (°) Depth (m) From (m) To (m) Interval (m) True Thickness (m) Grade (g/t Au)

VB20-001 South Cross Lode 187603.0 8435654.0 148.0 270.0 -58.0 326.8 84.0 144.0 60.0 30.0 0.72

Including 84.0 104.0 20.0 10.0 0.94

Including 122.0 144.0 22.0 11.0 1.01

Including 134.0 139.0 5.0 3.0 2.39

VB20-002 Batman North 187287.0 8435936.0 143.0 270.0 -58.0 280.0 8.0 164.0 156.0 113.0 0.55

including 8.0 19.0 11.0 8.0 0.88

including 101.0 130.0 29.0 20.0 1.00

and 203.0 220.0 17.0 12.0 0.72

including 219.0 220.0 1.0 0.7 3.72

VB20-003 Batman North 187272.0 8435933.0 140.0 266.0 -54.0 299.8 15.0 160.0 145.0 92.0 0.44

including 81.0 160.0 79.0 50.0 0.51

including 155.0 160.0 5.0 3.0 1.47

VB20-004 Batman North 187251.0 8435933.0 144.0 270.0 -48.0 146.0 15.0 21.0 6.0 4.5 0.57

and 33.0 40.0 7.0 5.0 0.60

and 52.0 59.0 7.0 5.0 0.47

and 84.0 88.0 4.0 3.0 1.26

VB20-005 Batman North 187263.0 8435898.0 151.0 269.9 -61.0 197.9 26.0 35.0 9.0 6.4 1.16

and 49.0 87.0 38.0 27.1 0.57

and 93.2 154.0 60.8 43.5 0.54

VB21-001 Batman North 187287.0 8435900.0 152.0 269.9 -58.0 234.5 27.0 38.0 11.0 9.2 1.14

and 103.0 145.0 42.0 35.0 0.97

including 121.4 141.0 19.6 16.3 1.36

VB21-002 North Cross Lode 187662.0 8436402.0 164.0 269.9 -50.0 458.6 224.0 254.0 30.0 25.0 1.23

including 224.0 232.0 8.0 6.7 1.74

and 268.0 271.0 3.0 2.5 1.73

VB21-003 Batman North 187322.0 8435849.0 158.8 271.9 -62.0 285.7 157.0 163.0 6.0 5.0 1.58

and 174.0 248.0 74.0 61.7 0.87

including 178.0 183.0 5.0 4.2 1.60

including 220.0 227.0 7.0 5.8 2.60

John Rozelle, Vista’s Sr. Vice President, a Qualified Person (“QP”) as defined by Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has verified the data underlying the information contained in and has approved this press release. The information contained in this press release does not change any of the mineral resources or reserves estimates contained in Vista’s October 7, 2019 NI 43-101 Technical Report, Mt Todd Gold Project, 50,000 tpd Preliminary Feasibility Study, Northern Territory, Australia. The information contained in this press release is provided to inform the reader of the growth of our geologic understanding of the Project. There has been insufficient exploration to define a mineral resource with respect to the exploration target areas and it is uncertain if further exploration will result in the exploration target areas being delineated as a mineral resource.

Data Verification and QA/QC

The sampling method and approach for the drillholes are as follows:

The drill core, upon removal from the core barrel, is placed into plastic core boxes;

The plastic core boxes are transported to the sample preparation building;

The core is marked, geologically logged, geotechnically logged, photographed, and sawn into halves. One-half is placed into sample bags as one-meter sample lengths, and the other half retained for future reference. The only exception to this is when a portion of the remaining core has been flagged for use in metallurgical testwork;

The bagged samples have sample tags placed both inside and on the outside of the sample bags. The individual samples are grouped into “lots” for submission to Northern Analytical Laboratories Pty. Ltd. (“NAL”), an independent ISO 9000 certified lab, for preparation and analytical testing; and

All of this work was done under the supervision of a Vista geologist.

Processing of the core included photographing, geotechnical and geologic logging, and marking the core for sampling. The nominal sample interval was one meter. When this process was completed, the core was moved into the core cutting/storage area where it was laid out for sampling. The core was laid out using the following procedures:

One meter depth intervals were marked out on the core by a member of the geologic staff;

Core orientation (bottom of core) was marked with a solid line when at least three orientation marks aligned and used for structural measurements. When orientation marks were insufficient an estimated orientation was indicated by a dashed line;

Geologic logging was then done by a member of the geologic staff. Assay intervals were selected at that time and a cut line marked on the core. The standard sample interval was one meter, with a minimum of 0.2 m and a maximum of 1.2 m;

Blind sample numbers were then assigned based on pre-labeled sample bags. Sample intervals were then indicated in the core tray at the appropriate locations; and

Each core tray was photographed and restacked on pallets pending sample cutting and stored on site indefinitely.

The core was then cut using diamond saws with each interval placed in sample bags. At this time, the standards and blanks were also placed in plastic bags for inclusion in the shipment. A reference standard or a blank was inserted at a minimum ratio of 1 in 10 and at suspected high grade intervals additional blanks sample were added. Standard reference material was sourced from Ore Research & Exploration Pty Ltd and provided in 60 g sealed packets. When a sequence of five samples was completed, they were placed in a shipping bag and closed with a zip tie. All of these samples were kept in the secure area until crated for shipping.

Samples were placed in crates for shipping with 100 samples per crate (20 shipping bags). The crates were stacked outside the core shed until picked up for transport and shipped to NAL in Pine Creek, Northern Territory, for standard fire assays. At the lab, the samples are pulverized and split down to 50-gram assay samples prior to assaying. The industry-standard 3 assay-ton fire assay is followed by an atomic absorption (AA) finish, except where results report a result of greater than 3 g Au/tonne, and then a gravimetric finish is used to report final results.

The QP is satisfied that sample security measures meet industry standards. Statistical analysis of the various drilling populations and quality assurance/quality control (QA/QC) samples has not identified or highlighted any reasons to not accept the data as representative of the tenor and grade of the mineralization estimated at the Batman deposit.

Management Conference Call

Management’s quarterly conference call to review financial results for the quarter ended March 31, 2021 and to discuss corporate and project activities is scheduled for Tuesday, May 4, 2021 at 10:00 am MDT (12:00 pm EDT).

Participant Toll Free: (844) 898-8648
Participant International: (647) 689-4225
Conference ID: 1336038

This call will also be archived and available at www.vistagold.com after May 4, 2021. Audio replay will be available for 21 days by calling toll-free in North America (800) 585-8367 or (404) 537-3406.

If you are unable to access the audio or phone-in on the day of the conference call, please email your questions to [email protected].

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

About Vista Gold Corp.

The Company is a gold project developer. Our principal asset is our flagship Mt Todd gold project in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia.

For further information, please contact Pamela Solly, Vice President of Investor Relations, at (720) 981-1185.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such things as our belief that there is tremendous opportunity over the next 12 months to close the gap between our market cap and the intrinsic value of Mt Todd by completing a feasibility study and drilling to demonstrate the potential for resource growth north of the Batman deposit; our plan to achieve a structure that provides appropriate opportunity for value creation by recognizing the intrinsic value of Mt Todd and minimizes the potential for future dilution; our belief that there is tremendous opportunity for significant resource growth at Mt Todd and the potential to significantly extend the life of mine; our belief that the South Cross Structure is a connection between the Batman and Golf-Tollis structures; our belief that the Batman North Extension intercepted veining, mineralogy and gold grades are comparable to the Batman deposit and suggest no material differences in metallurgical behavior; our belief that the results of the six drill holes targeting the Batman North Extension present opportunity to develop classified resources both within the planned Batman pit from material currently interpreted as waste and externally to the north; our belief that the results of the first step-out hole drilled 500 meters north-northeast demonstrate the strong potential for continuity of gold mineralization along the Batman-Driffield Structural Trend; and our belief that Mt Todd is the largest undeveloped gold project in Australia are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: our approved business plans, exploration and assay results, results of our test work for process area improvements, mineral resource and reserve estimates and results of preliminary economic assessments, prefeasibility studies and feasibility studies on our projects, if any, our experience with regulators, and positive changes to current economic conditions and the price of gold. When used in this press release, the words “optimistic,” “potential,” “indicate,” “expect,” “intend,” “hopes,” “believe,” “may,” “will,” “if,” “anticipate,” and similar expressions are intended to identify forward-looking statements and forward-looking information. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, uncertainties inherent in the exploration of mineral properties, the possibility that future exploration results will not be consistent with the Company’s expectations; there being no assurance that the exploration program or programs of the Company will result in expanded mineral resources; uncertainty of resource and reserve estimates, uncertainty as to the Company’s future operating costs and ability to raise capital; risks relating to cost increases for capital and operating costs; risks of shortages and fluctuating costs of equipment or supplies; risks relating to fluctuations in the price of gold; the inherently hazardous nature of mining-related activities; potential effects on our operations of environmental regulations in the countries in which it operates; risks due to legal proceedings; risks relating to political and economic instability in certain countries in which it operates; uncertainty as to the results of bulk metallurgical test work; and uncertainty as to completion of critical milestones for Mt Todd; as well as those factors discussed under the headings “Note Regarding Forward-Looking Statements” and “Risk Factors” in the Company’s latest Annual Report on Form 10-K as filed February 25, 2021 and other documents filed with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities. Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Except as required by law, we assume no obligation to publicly update any forward-looking statements or forward-looking information; whether as a result of new information, future events or otherwise.

Cautionary Note to United States Investors

The United States Securities and Exchange Commission (“SEC”) limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. The technical reports referenced in this press release uses the terms defined in Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Definition Standards”). These standards are not the same as reserves under the SEC’s Industry Guide 7 and may not constitute reserves or resources under the SEC’s newly adopted disclosure rules to modernize mineral property disclosure requirements (“SEC Modernization Rules”), which became effective February 25, 2019 and will be applicable to the Company in its annual report for the fiscal year ending December 31, 2021. Under the currently applicable SEC Industry Guide 7 standards, a “final” or “bankable” feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and all necessary permits and government approvals must be filed with the appropriate governmental authority. Additionally, the technical reports uses the terms “measured resources”, “indicated resources”, and “measured & indicated resources”. We advise U.S. investors that while these terms are Canadian mining terms as defined in accordance with NI 43-101, such terms are not recognized under SEC Industry Guide 7 and normally are not permitted to be used in reports and registration statements filed with the SEC. Mineral resources described in the technical reports have a great amount of uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade, without reference to unit measures. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that any or all part of an inferred resource will ever be upgraded to a higher category. U.S. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into SEC Industry Guide 7 reserves.

Under the SEC Modernization Rules, the definitions of “proven mineral reserves” and “probable mineral reserves” have been amended to be substantially similar to the corresponding CIM Definition Standards and the SEC has added definitions to recognize “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources” which are also substantially similar to the corresponding CIM Definition Standard. However there are differences between the definitions and standards under the SEC Modernization Rules and those under the CIM Definition Standards and therefore once the Company begins reporting under the SEC Modernization Rules there is no assurance that the Company’s mineral reserve and mineral estimates will be the same as those reported under CIM Definition Standards as contained in the technical reports prepared under CIM Definition Standards or that the economics for the Mt Todd project estimated in such technical reports will be the same as those estimated in any technical report prepared by the Company under the SEC Modernization Rules in the future.

Posted on April 30, 2021 6:48 am
NuStar Energy L.P. Declares First Quarter 2021 Common Unit Distribution and Series A, Series B and Series C Preferred Units Distributions

NuStar Energy L.P. Declares First Quarter 2021 Common Unit Distribution and Series A, Series B and Series C Preferred Units Distributions

SAN ANTONIO–(BUSINESS WIRE)–
NuStar Energy L.P. (NYSE: NS) today announced that its Board of Directors has declared a first quarter 2021 common unit distribution of $0.40 per unit. The first quarter common unit distribution will be paid on May 14, 2021 to holders of record as of May 10, 2021.

NuStar Energy L.P.’s Board of Directors also declared a first quarter 2021 Series A preferred unit distribution of $0.53125 per unit, a Series B preferred unit distribution of $0.47657 per unit and a Series C preferred unit distribution of $0.56250 per unit. The preferred unit distributions will be paid on June 15, 2021 to holders of record as of June 1, 2021.

A conference call with management is scheduled for 9:00 a.m. CT on Tuesday, May 4, 2021, to discuss the financial and operational results for the first quarter of 2021. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 1971125. International callers may access the discussion by dialing 661/378-9931, passcode 1971125. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 1971125. International callers may access the playback by dialing 404/537-3406, passcode 1971125. The playback will be available until 12:00 p.m. CT on June 3, 2021.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/ngcf7ru6 or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and our Sustainability page at www.nustarenergy.com/Sustainability.

This release serves as qualified notice to nominees under Treasury Regulation Sections 1.1446-4(b)(4) and (d). Please note that 100% of NuStar Energy L.P.’s distributions to foreign investors are attributable to income that is effectively connected with a United States trade or business. Accordingly, all of NuStar Energy L.P.’s distributions to foreign investors are subject to federal income tax withholding at the highest effective tax rate for individuals and corporations, as applicable. Nominees, and not NuStar Energy L.P., are treated as the withholding agents responsible for withholding on the distributions received by them on behalf of foreign investors.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005144/en/

NuStar Energy, L.P., San Antonio

Investors, Tim Delagarza, Manager, Investor Relations

Investor Relations: 210-918-INVR (4687)

or

Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,

Corporate Communications: 210-918-2314

website: http://www.nustarenergy.com

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Energy Utilities Oil/Gas

MEDIA:

Logo

Posted on April 30, 2021 6:43 am
Nordic American Tankers Ltd (NYSE: NAT) – Filing of Annual 20-F 2020 and intended AGM date

Friday, April 30, 2021

Dear Shareholders and Investors,

Nordic American Tankers Limited (“NAT”), filed its 2020 Annual Report on Form 20-F with the United States Securities and Exchange Commission on April 29, 2021. The report is available for download on the SEC website at www.sec.gov.

The Annual Report on Form 20-F, which includes NAT’s complete 2020 audited financial statements, is also available for download on our website at www.nat.bm. Any shareholder may receive a hard copy of NAT’s complete 2020 Form 20-F, free of charge upon request to [email protected]

NAT is planning to arrange its Annual General Meeting of shareholders on Monday, July 19, 2021. An announcement will follow later.



Sincerely,

Herbjorn Hansson
Founder, Chairman & CEO

Nordic American Tankers Ltd.      www.nat.bm



CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “pending” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker market, as a result of changes in OPEC’s petroleum production levels and worldwide oil consumption and storage, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission, including the prospectus and related prospectus supplement, our Annual Report on Form 20-F, and our reports on Form 6-K.

NAT is a Bermuda based company.

Contacts:

Gary J. Wolfe
Seward & Kissel LLP
New York, USA
Tel: +1 212 574 1223

Bjørn Giæver, CFO
Nordic American Tankers Ltd
Tel: +1 888 755 8391 or +47 91 35 00 91

Herbjørn Hansson, Founder, Chairman & CEO
Nordic American Tankers Ltd
Tel: +1 866 805 9504 or +47 90 14 62 91

Posts pagination

Previous page Page 1 … Page 36,287 Page 36,288 Page 36,289 … Page 46,897 Next page