Market Newsdesk

April 30, 2021 7:32 am

ExxonMobil Earns $2.7 Billion in First Quarter 2021

ExxonMobil Earns $2.7 Billion in First Quarter 2021

First Quarter 2021 Results and Management Perspectives

Cash flow from operating activities of $9.3 billion fully funded dividend and capital expenditures, and drove debt reduction of over $4 billion
Lowered cash operating expenses versus the first and fourth quarters of 2020; on pace to deliver additional structural cost savings
Advanced several initiatives to reduce emissions and launched Low Carbon Solutions business to commercialize extensive low-carbon technology portfolio
Added three new directors to strengthen board experience in energy, capital allocation and complex business transitions

IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM):


	First Quarter	First Quarter	Fourth Quarter
	2021	2020	2020
Results Summary
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)	2,730	(610)	(20,070)
Earnings/(Loss) Per Common Share
Assuming Dilution	0.64	(0.14)	(4.70)
Identified Items Per Common Share
Assuming Dilution	(0.01)	(0.67)	(4.73)
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution	0.65	0.53	0.03

Capital and Exploration Expenditures	3,133	7,143	4,771

Exxon Mobil Corporation today announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution, compared with a loss of $610 million in the first quarter of 2020. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution. First quarter capital and exploration expenditures were $3.1 billion, $4 billion lower than the first quarter of 2020.

Oil-equivalent production was 3.8 million barrels per day, up 3 percent from the fourth quarter of 2020. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2 percent.

“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” said Darren Woods, chairman and chief executive officer. “Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonize industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society’s net-zero ambitions.”

During severe winter weather in Texas in February, ExxonMobil cogeneration facilities generated 400 megawatts of electricity, helping to power about 200,000 homes. The severe weather event reduced first quarter earnings by nearly $600 million across all businesses from decreased production and lower sales volumes, repair costs, and the net impact of energy purchases and sales. All affected facilities have resumed normal operations.

First Quarter 2021 Results and Business Highlights

Upstream

Average realizations for crude oil increased 42 percent from the fourth quarter. Natural gas realizations rose by 33 percent in the quarter.
Total production volumes increased 98,000 oil-equivalent barrels per day from the fourth quarter. Excluding entitlement effects, government mandates and divestments, liquids volumes were down 3 percent including impacts from higher maintenance and the winter storm. Natural gas volumes increased 12 percent driven by higher seasonal demand in Europe.
During the quarter, production volumes in the Permian averaged 394,000 oil-equivalent barrels per day, an increase of 12 percent from the prior year. The focus remains on continuing to grow positive free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.

Downstream

Industry fuels margins improved from the fourth quarter, but remained below 10-year-lows driven by market oversupply and high product inventory levels. Lubricants delivered strong performance, underpinned by lower costs and improved margins.
Despite winter storm disruptions, overall refining throughput was essentially flat with the fourth quarter as the company managed refinery operations in line with fuel demand and integrated chemical manufacturing needs.

Chemical

Industry margins improved further in the quarter reflecting continued strong demand, global shipping constraints, and ongoing supply disruptions, particularly in North America, where the polyethylene and polypropylene markets were affected by severe winter weather in Texas.
Strong first quarter Chemical earnings performance of $1.4 billion was supported by robust base operations capturing high margins and continued delivery of cost efficiencies.
ExxonMobil announced it is pursuing three new advanced recycling initiatives in the U.S. and Europe that further advance our commitment to sustainability and capture value from plastic waste at scale. The company plans to begin marketing certified circular plastics products later this year.

Strengthening the Portfolio

ExxonMobil signed an agreement valued at more than $1 billion for the sale of most of its non-operated upstream assets in the United Kingdom central and northern North Sea. The sale price, subject to closing adjustments, has potential additional upside of up to $300 million based on contingent payments associated with future commodity price increases. The transaction is expected to close near mid-year 2021, subject to regulatory and third-party approvals.
The company is progressing plans to convert both its Altona, Australia refinery, and Slagen refinery in Norway to fuel import terminals, ensuring ongoing, reliable fuel supply for their respective local markets. Final decisions were made following local consultation processes with employees and their representatives as part of extensive reviews of the long-term economic viability of both facilities.

Capital Allocation and Structural Cost Improvement

The company’s long-term capital allocation priorities remain investing in advantaged projects to drive cash flow, strengthening the balance sheet and maintaining a reliable dividend.
ExxonMobil’s 2021 capital program remains at $16 billion to $19 billion. If market conditions continue above the company’s planning basis, additional cash will be used to accelerate deleveraging.
In addition to $3 billion in structural cost reductions already achieved in 2020, the company is on pace to achieve $3 billion of further structural efficiencies through 2023 for a total of $6 billion relative to 2019. Efforts to identify additional structural savings resulting from the reorganizations completed in 2019 are continuing.

Reducing Emissions and Advancing Low Carbon Solutions

The company announced the creation of ExxonMobil Low Carbon Solutions, a new business to commercialize its extensive low-carbon technology portfolio, with an initial focus on carbon capture and storage (CCS), the process of sequestering industrial emissions and safely storing them permanently underground. CCS is considered one of the critical technologies required to achieve society’s net-zero ambitions and the climate goals outlined in the Paris Agreement.
In April, ExxonMobil introduced the innovative concept of a multi-industry CCS hub along the Houston Ship Channel and surrounding industrial areas to capture CO2 emissions from area industry, including petrochemical, manufacturing and power generation facilities. The concept would require large-scale collaboration and policy advancements among governments, private industry, and local communities.
ExxonMobil became the first company to file an application with the U.S. Environmental Protection Agency (EPA) to use new aerial technologies to detect methane emissions at oil and natural gas sites.
ExxonMobil and Porsche are testing advanced biofuels and renewable, lower-carbon eFuels, as part of a new agreement to find pathways toward potential future consumer adoption of fuels that could significantly reduce emissions.

Ongoing Board Refreshment

During the quarter, ExxonMobil announced the elections of Michael Angelakis, Jeffrey Ubben, and Wan Zulkiflee to its board of directors. With the addition of the new members, the ExxonMobil board increased to 13 directors, 12 of whom are independent. The company has added six new independent directors since 2017 with specific experience in the areas of climate science, asset and risk management, capital allocation, energy and business transition, investor perspectives, and additional energy industry experience.


Results and Volume Summary
Millions of Dollars	1Q	1Q
(unless noted)	2021	2020	Change	Comments
Upstream
U.S.	363	(704)	+1,067	Winter storm impact more than offset by higher prices and reduced expenses; prior quarter unfavorable identified items (impairment +315, inventory valuation +45)
Non-U.S.	2,191	1,240	+951	Higher prices and reduced expenses, partly offset by lower volumes and unfavorable foreign exchange; prior quarter unfavorable identified items (inventory valuation +218, impairment +41)
Total	2,554	536	+2,018	Winter storm -240, prices +1,690, volume -320, expenses +430, identified items +620, other -160
Production (koebd)	3,787	4,046	-259	Liquids -222 kbd: government mandates, lower entitlements, and winter storm impact (-25) Gas -223 mcfd: decline, higher downtime/maintenance, winter storm impact (-105), and Groningen production limit, partly offset by higher demand and project growth
Downstream
U.S.	(113)	(101)	-12	Winter storm impact and lower margins driven by weaker industry refining conditions, partly offset by reduced expenses and favorable other impacts; prior quarter unfavorable identified items (+411, mainly inventory valuation)
Non-U.S.	(277)	(510)	+233	Lower margins including net unfavorable mark to market impact on unsettled derivatives, net unfavorable one-time items, and unfavorable foreign exchange, partly offset by reduced expenses; prior quarter unfavorable identified items (inventory valuation +1,196, impairments +335)
Total	(390)	(611)	+221	Winter storm -130, margins -1,880, expenses +410, identified items +1,940, forex/other -120
Petroleum Product Sales (kbd)	4,881	5,287	-406
Chemical
U.S.	715	288	+427	Winter storm impact more than offset by higher margins, stronger demand, and reduced expenses; prior quarter unfavorable identified item (+90, impairment)
Non-U.S.	700	(144)	+844	Higher margins, stronger demand, reduced expenses, and favorable foreign exchange; prior quarter unfavorable identified items (+232, mainly inventory valuation)
Total	1,415	144	+1,271	Winter storm -230, margins +740, demand +130, expenses +240, identified items +320, forex/other +70
Prime Product Sales (kt)	6,446	6,237	+209
Corporate and financing	(849)	(679)	-170	Higher retirement-related expenses

Results and Volume Summary
Millions of Dollars	1Q	4Q
(unless noted)	2021	2020	Change	Comments
Upstream
U.S.	363	(16,803)	+17,166	Higher prices and reduced expenses, partly offset by winter storm impact and lower volumes; prior quarter unfavorable identified item (impairment +16,777)
Non-U.S.	2,191	(1,729)	+3,920	Higher prices and seasonal gas volumes; prior quarter unfavorable identified items (impairment +2,203, tax item +297)
Total	2,554	(18,532)	+21,086	Winter storm -240, prices +2,070, volume -80, expenses +170, identified items +19,280, other -110
Production (koebd)	3,787	3,689	+98	Liquids -67 kbd: lower entitlements, winter storm impact (-25), and increased downtime/maintenance, partly offset by reduced government mandates Gas +988 mcfd: higher seasonal demand, reduced downtime/maintenance, and net growth, partly offset by winter storm impact (-105)
Downstream
U.S.	(113)	(514)	+401	Higher margins on improved industry refining conditions, reduced expenses, and prior quarter unfavorable LIFO inventory impact (+78), partly offset by winter storm impact, lower manufacturing volumes, and net unfavorable one-time items
Non-U.S.	(277)	(697)	+420	Reduced expenses and higher margins driven by more favorable industry refining conditions, offset by prior quarter favorable LIFO inventory impact (-207), unfavorable foreign exchange, terminal conversion costs, and lower demand; prior quarter unfavorable identified items (impairment +258, tax item +262)
Total	(390)	(1,211)	+821	Winter storm -130, margins +490, demand -40, expenses +380, manufacturing -40, identified items +520, LIFO/forex -210, other -150
Petroleum Product Sales (kbd)	4,881	4,833	+48
Chemical
U.S.	715	461	+254	Winter storm more than offset by stronger margins, demand, and reduced expenses
Non-U.S.	700	230	+470	Higher margins, reduced expenses, and prior quarter unfavorable LIFO inventory impact (+84) and other charges
Total	1,415	691	+724	Winter storm -230, margins +500, demand +100, expenses +150, identified items +20, LIFO/other +180
Prime Product Sales (kt)	6,446	6,643	-197
Corporate and financing	(849)	(1,018)	+169	Absence of identified items (mainly severance +330), partly offset by net unfavorable tax impacts and retirement-related expenses

Cash Flow from Operations and Asset Sales excluding Working Capital
Millions of Dollars			1Q
			2021	Comments
Net income (loss) including noncontrolling interests			2,796	Including $66 million noncontrolling interests
Depreciation and depletion			5,004
Changes in operational working capital			1,953	Higher net payables and inventory draw
Other			(489)
Cash Flow from Operating			9,264
Activities (U.S. GAAP)
Asset sales			307	Including U.K. upstream divestment deposit and U.S. upstream asset sales
Cash Flow from Operations			9,571
and Asset Sales
Changes in operational working capital			(1,953)
Cash Flow from Operations			7,618
and Asset Sales excluding Working Capital

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 30, 2021. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; progressing carbon capture projects and results; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; and accounting and financial reporting effects resulting from market developments and ExxonMobil’s responsive actions, could differ materially due to a number of factors. These include the continuity of our board of directors and their strategic oversight; global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 and government responses on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; government policies and support for low carbon technologies like carbon capture; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies while maintaining future competitive positioning; unforeseen technical or operating difficulties; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs; the ability to bring new technologies to commercial scale on a cost-competitive basis; general economic conditions including the occurrence and duration of economic recessions; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2020 Form 10-K.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V.

This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2021 and 2020 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales‑based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash operating expenses”, “Cash flow from operations and asset sales”, and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

Important Additional Information Regarding Proxy Solicitation

Exxon Mobil Corporation (“ExxonMobil”) has filed a definitive proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Proxy Statement. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders can also obtain, without charge, a copy of the Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at [email protected] or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor.

Estimated Key Financial and Operating Data

Attachment I

Exxon Mobil Corporation

First Quarter 2021

(millions of dollars, unless noted)

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Earnings (Loss) / Earnings (Loss) Per Share

Total revenues and other income

59,147

56,158

46,540

Total costs and other deductions

55,555

56,416

73,153

Income (loss) before income taxes

3,592

(258)

(26,613)

Income taxes

796

512

(6,010)

Net income (loss) including noncontrolling interests

2,796

(770)

(20,603)

Net income (loss) attributable to noncontrolling interests

66

(160)

(533)

Net income (loss) attributable to ExxonMobil (U.S. GAAP)

2,730

(610)

(20,070)

Earnings (loss) per common share (dollars)

0.64

(0.14)

(4.70)

Earnings (loss) per common share

– assuming dilution (dollars)

0.64

(0.14)

(4.70)

Exploration expenses, including dry holes

164

288

595

Other Financial Data

Dividends on common stock

Total

3,720

3,719

3,715

Per common share (dollars)

0.87

0.87

0.87

Millions of common shares outstanding

At period end

4,234

4,228

4,233

Average – assuming dilution

4,272

4,270

4,272

ExxonMobil share of equity at period end

156,974

182,079

157,150

ExxonMobil share of capital employed at period end

222,610

244,026

227,137

Income taxes

796

512

(6,010)

Total other taxes and duties

7,283

7,497

7,344

Total taxes

8,079

8,009

1,334

Sales-based taxes

4,662

4,485

4,364

Total taxes including sales-based taxes

12,741

12,494

5,698

ExxonMobil share of income taxes of

equity companies

600

460

285

Attachment II-a

Exxon Mobil Corporation

First Quarter 2021

First

First

Fourth

$ Millions

Quarter

Quarter

Quarter

2021

2020

2020

Earnings/(Loss) (U.S. GAAP)

2,730

(610)

(20,070)

Identified Items Included in Earnings/(Loss)

Noncash inventory valuation – lower of cost or market

—

(2,096)

—

Impairments

—

(787)

(19,273)

Tax

—

—

(581)

Other items (severance – global workforce review)

(31)

—

(326)

Corporate total

(31)

(2,883)

(20,180)

Earnings Excluding Identified Items

2,761

2,273

110

$ Per Common Share¹

Earnings/(Loss) Per Common Share

Assuming Dilution (U.S. GAAP)

0.64

(0.14)

(4.70)

Identified Items Included in Earnings/(Loss) Per Common Share

Assuming Dilution

Noncash inventory valuation – lower of cost or market

—

(0.49)

—

Impairments

—

(0.18)

(4.51)

Tax

—

—

(0.14)

Other items (severance – global workforce review)

(0.01)

—

(0.08)

Corporate total

(0.01)

(0.67)

(4.73)

Earnings Excluding Identified Items Per Common Share

Assuming Dilution

0.65

0.53

0.03

¹ Computed using the average number of shares outstanding during each period.

Attachment II-b

Exxon Mobil Corporation

First Quarter 2021

(millions of dollars)

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Earnings/(Loss) (U.S. GAAP)

Upstream

United States

363

(704)

(16,803)

Non-U.S.

2,191

1,240

(1,729)

Downstream

United States

(113)

(101)

(514)

Non-U.S.

(277)

(510)

(697)

Chemical

United States

715

288

461

Non-U.S.

700

(144)

230

Corporate and financing

(849)

(679)

(1,018)

Net income (loss) attributable to ExxonMobil

2,730

(610)

(20,070)

Identified Items Included in Earnings/(Loss)

U.S. Upstream

Impairments

—

(315)

(16,777)

Other items (Inventory valuation)

—

(45)

—

Non-U.S. Upstream

Impairments

—

(41)

(2,203)

Tax Items

—

—

(297)

Other Items (Inventory valuation)

—

(218)

—

U.S. Downstream

Other Items (Inventory valuation, Impairment)

—

(411)

—

Non-U.S. Downstream

Impairments

—

(335)

(258)

Tax Items

—

—

(262)

Other Items (Inventory valuation)

—

(1,196)

—

U.S. Chemical

Impairment

—

(90)

—

Non-U.S. Chemical

Tax Items

—

—

(22)

Other Items (Inventory valuation, Impairment)

—

(232)

—

Corporate and financing

Other Items (Severance – global workforce review, Impairment)

(31)

—

(361)

Corporate total

(31)

(2,883)

(20,180)

Earnings/(Loss) Excluding Identified Items

Upstream

United States

363

(344)

(26)

Non-U.S.

2,191

1,499

771

Downstream

United States

(113)

310

(514)

Non-U.S.

(277)

1,021

(177)

Chemical

United States

715

378

461

Non-U.S.

700

88

252

Corporate and financing

(818)

(679)

(657)

Corporate total

2,761

2,273

110

Attachment III

Exxon Mobil Corporation

First Quarter 2021

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Net production of crude oil, natural gas

liquids, bitumen and synthetic oil,

thousand barrels per day (kbd)

United States

665

699

719

Canada / Other Americas

575

558

619

Europe

35

30

32

Africa

253

360

258

Asia

691

795

658

Australia / Oceania

39

38

39

Worldwide

2,258

2,480

2,325

Natural gas production available for sale,

million cubic feet per day (mcfd)

United States

2,767

2,825

2,686

Canada / Other Americas

216

317

253

Europe

1,403

1,293

848

Africa

24

7

12

Asia

3,599

3,710

3,225

Australia / Oceania

1,164

1,244

1,161

Worldwide

9,173

9,396

8,185

Oil-equivalent production (koebd)¹

3,787

4,046

3,689

¹ Natural gas converted to an oil-equivalent basis at 6 million cubic feet per 1 thousand barrels.

Attachment IV

Exxon Mobil Corporation

First Quarter 2021

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Refinery throughput (kbd)

United States

1,532

1,558

1,594

Canada

364

383

359

Europe

1,153

1,295

1,130

Asia Pacific

545

637

522

Other

157

187

150

Worldwide

3,751

4,060

3,755

Petroleum product sales (kbd)

United States

2,077

2,231

2,128

Canada

409

456

415

Europe

1,272

1,403

1,227

Asia Pacific

665

708

645

Other

458

489

418

Worldwide

4,881

5,287

4,833

Gasolines, naphthas

1,996

2,122

2,039

Heating oils, kerosene, diesel

1,692

1,867

1,739

Aviation fuels

183

383

172

Heavy fuels

257

256

237

Specialty products

753

659

646

Worldwide

4,881

5,287

4,833

Chemical prime product sales,

thousand metric tons (kt)

United States

2,190

2,195

2,467

Non-U.S.

4,256

4,042

4,176

Worldwide

6,446

6,237

6,643

Attachment V

Exxon Mobil Corporation

First Quarter 2021

(millions of dollars)

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Capital and Exploration Expenditures

Upstream

United States

810

2,798

1,122

Non-U.S.

1,547

2,328

1,812

Total

2,357

5,126

2,934

Downstream

United States

271

747

488

Non-U.S.

199

487

674

Total

470

1,234

1,162

Chemical

United States

208

597

435

Non-U.S.

98

185

240

Total

306

782

675

Other

—

1

—

Worldwide

3,133

7,143

4,771

Cash Flow from Operations and Asset Sales excluding Working Capital

Net cash provided by operating activities

(U.S. GAAP)

9,264

6,274

4,005

Proceeds associated with asset sales

307

86

770

Cash flow from operations and asset sales

9,571

6,360

4,775

Changes in operational working capital

(1,953)

942

114

Cash flow from operations and asset sales

7,618

7,302

4,889

excluding working capital

Attachment VI

Exxon Mobil Corporation

Earnings/(Loss)

$ Millions

$ Per Common Share¹

2017

First Quarter

4,010

0.95

Second Quarter

3,350

0.78

Third Quarter

3,970

0.93

Fourth Quarter

8,380

1.97

Year

19,710

4.63

2018

First Quarter

4,650

1.09

Second Quarter

3,950

0.92

Third Quarter

6,240

1.46

Fourth Quarter

6,000

1.41

Year

20,840

4.88

2019

First Quarter

2,350

0.55

Second Quarter

3,130

0.73

Third Quarter

3,170

0.75

Fourth Quarter

5,690

1.33

Year

14,340

3.36

2020

First Quarter

(610)

(0.14)

Second Quarter

(1,080)

(0.26)

Third Quarter

(680)

(0.15)

Fourth Quarter

(20,070)

(4.70)

Year

(22,440)

(5.25)

2021

First Quarter

2,730

0.64

¹Computed using the average number of shares outstanding during each period.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005293/en/

ExxonMobil

Media Relations, 972-940-6007

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

Logo

Posted on April 30, 2021 7:29 am
So-Young International Inc. Files Its Annual Report on Form 20-F

BEIJING, April 30, 2021 (GLOBE NEWSWIRE) — So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the Securities and Exchange Commission on April 30, 2021. The annual report is available on the Company’s investor relations website at http://ir.soyoung.com/.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be submitted to [email protected].

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”) is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.

For more information, please contact:

So-Young

Investor Relations
Ms. Vivian XU
Phone: +86-10-8790-2012
E-mail: [email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

Posted on April 30, 2021 7:23 am
Phillips 66 Partners reports first-quarter 2021 financial results

Phillips 66 Partners reports first-quarter 2021 financial results

Reported a first-quarter loss of $18 million and adjusted EBITDA of $289 million

Announced quarterly distribution of $0.875 per common unit

Reached agreement to exit the Liberty Pipeline joint venture

South Texas Gateway Terminal commissioned additional storage, completing the project

Progressed C2G Pipeline construction

HOUSTON–(BUSINESS WIRE)–
Phillips 66 Partners LP (NYSE: PSXP) announces a first-quarter 2021 loss of $18 million, or $0.13 per diluted common unit. Cash from operations was $227 million, and distributable cash flow was $233 million. Adjusted EBITDA was $289 million in the first quarter, compared with $318 million in the prior quarter.

“Our first-quarter results reflect winter storm impacts and our decision to exit the Liberty Pipeline project,” said Greg Garland, Phillips 66 Partners Chairman and CEO. “We operated our assets safely despite the weather-related challenges. The South Texas Gateway Terminal commissioned additional storage, and we are nearing completion of the C2G Pipeline construction. We remain focused on operating excellence, a strong balance sheet and disciplined capital allocation.”

On April 20, 2021, the general partner’s board of directors declared a first-quarter 2021 cash distribution of $0.875 per common unit, or $3.50 per unit on an annualized basis.

Financial Results

Phillips 66 Partners’ first-quarter 2021 loss was $18 million, compared with earnings of $104 million in the fourth quarter. The decrease was mainly due to a $198 million impairment in the first quarter of 2021 resulting from the Partnership’s decision to exit the Liberty Pipeline project, compared with impairments of $96 million in the fourth quarter of 2020. The Partnership reported adjusted EBITDA of $289 million in the first quarter, compared with $318 million in the prior quarter. The decrease in adjusted EBITDA was primarily due to reduced volumes and higher utility costs at the Partnership’s wholly owned and joint venture assets, largely due to the severe winter storms impacting the Central and Gulf Coast regions in the first quarter of 2021.

Liquidity, Capital Expenditures and Investments

As of March 31, 2021, total debt outstanding was $3.9 billion. The Partnership had $3 million in cash and cash equivalents and $299 million available under its revolving credit facility.

The Partnership’s capital expenditures and investments for the quarter were $58 million. Growth capital included spend on the C2G Pipeline project and investment in the South Texas Gateway Terminal.

On April 1, 2021, Phillips 66 Partners repaid the two remaining $25 million tranches of tax-exempt bonds, totaling $50 million. Also in April, the Partnership borrowed $450 million under a new term loan agreement. Proceeds were primarily used to repay amounts borrowed under the Partnership’s $750 million revolving credit facility.

Strategic Update

The South Texas Gateway Terminal commissioned additional storage capacity, bringing total capacity to 8.6 million barrels and marking completion of the final construction phase. The marine export terminal has two deepwater docks with up to 800,000 barrels per day of export capacity. Phillips 66 Partners owns a 25% interest in the terminal.

Phillips 66 Partners continued construction of the C2G Pipeline, a 16 inch ethane pipeline that will connect its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The project is backed by long-term commitments and is expected to be completed in mid-2021.

Investor Webcast

Members of Phillips 66 Partners executive management will host a webcast today at 2 p.m. EDT to discuss the Partnership’s first-quarter performance. To listen to the conference call and view related presentation materials, go to www.phillips66partners.com/events. For detailed supplemental information, go to www.phillips66partners.com/reports.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

^{CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS}

^{This news release contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements; the volume of crude oil, refined petroleum products and NGL we or our equity affiliates transport, fractionate, terminal and store; the tariff rates with respect to volumes transported through our regulated assets, which are subject to review and possible adjustment by federal and state regulators; fluctuations in the prices for crude oil, refined petroleum products and NGL; the continuing effects of the COVID-19 pandemic and its negative impact on the demand for refined products; changes in governmental policies relating to crude oil, refined petroleum products or NGL pricing, regulation, taxation, or exports; liabilities associated with the risks and operational hazards inherent in transporting, fractionating, terminaling and storing crude oil, refined petroleum products and NGL; curtailment of operations due to accidents, severe weather (including as a result of climate change) or natural disasters, riots, strikes or lockouts; the inability to obtain or maintain permits, in a timely manner or at all, and the possible revocation or modification of permits; our ability to successfully execute growth strategies; the operation, financing and distribution decisions of our equity affiliates; costs to comply with environmental laws and safety regulations; failure of information technology due to various causes, including unauthorized access or attacks; changes to the costs to deliver and transport crude oil, refined petroleum products and NGL; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; the failure to complete construction of capital projects on time and within budget; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues; our ability to comply with our debt covenants and to incur additional indebtedness on favorable terms; changes in tax, environmental and other laws and regulations; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 Partners is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

^{Use of Non-GAAP Financial Information}^{—This news release includes the terms “EBITDA,” “adjusted EBITDA,” “distributable cash flow” and “coverage ratio.” These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance of the Partnership with other companies in our industry. EBITDA and distributable cash flow help facilitate an assessment of our ability to generate sufficient cash flow to make distributions to our partners. We believe that the presentation of EBITDA, adjusted EBITDA and distributable cash flow provides useful information to investors in assessing our financial condition and results of operations. Our coverage ratio is calculated as distributable cash flow divided by total cash distributions and is included to help indicate the Partnership’s ability to pay cash distributions from current earnings. The GAAP performance measure most directly comparable to EBITDA and adjusted EBITDA is net income (loss). The GAAP liquidity measure most comparable to EBITDA and distributable cash flow is net cash provided by operating activities. The GAAP financial measure most comparable to our coverage ratio is calculated as net cash provided by operating activities divided by total cash distributions. These non-GAAP financial measures should not be considered as alternatives to their comparable GAAP measures. They have important limitations as analytical tools because they exclude some but not all items that affect their corresponding GAAP measures. They should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because EBITDA, adjusted EBITDA, distributable cash flow and coverage ratio may be defined differently by other companies in our industry, our definition of those measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.}

^{Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in this release.}

^{References in the release to earnings or losses refer to net income or losses attributable to the Partnership. References to EBITDA refer to earnings before interest, income taxes, depreciation and amortization.}

Results of Operations (Unaudited)

Summarized Financial Statement Information

Millions of Dollars

Except as Indicated

Q1 2021

Q4 2020

Selected Income Statement Data

Total revenues and other income

$

376

390

Net income (loss)

(11)

111

Net income (loss) attributable to the Partnership

(18)

104

Adjusted EBITDA

289

318

Distributable cash flow

233

240

Net Income (Loss) Attributable to the Partnership Per Limited Partner Unit—Diluted (Dollars)

Common units

$

(0.13)

0.40

Selected Balance Sheet Data

Cash and cash equivalents

$

3

7

Equity investments

3,029

3,244

Total assets

7,053

7,258

Total debt

3,944

3,909

Equity held by public

Preferred units

749

749

Common units

2,647

2,706

Equity held by Phillips 66

Common units

(828)

(656)

Statement of Income (Loss)

Millions of Dollars

Q1 2021

Q4 2020

Revenues and Other Income

Operating revenues—related parties

$

245

258

Operating revenues—third parties

7

7

Equity in earnings of affiliates

124

124

Other income

—

1

Total revenues and other income

376

390

Costs and Expenses

Operating and maintenance expenses

95

85

Depreciation

34

39

Impairments

198

96

General and administrative expenses

17

16

Taxes other than income taxes

10

10

Interest and debt expense

33

32

Total costs and expenses

387

278

Income (loss) before income taxes

(11)

112

Income tax expense

—

1

Net Income (Loss)

(11)

111

Less: Net income attributable to noncontrolling interest

7

7

Net Income (Loss) Attributable to the Partnership

(18)

104

Less: Preferred unitholders’ interest in net income (loss) attributable to the Partnership

12

12

Limited Partners’ Interest in Net Income (Loss) Attributable to the Partnership

$

(30)

92

Selected Operating Data

Q1 2021

Q4 2020

Wholly Owned Operating Data

Pipelines

Pipeline revenues (millions of dollars)

$

104

111

Pipeline volumes⁽¹⁾(thousands of barrels daily)

Crude oil

796

843

Refined petroleum products and natural gas liquids

809

877

Total

1,605

1,720

Average pipeline revenue per barrel (dollars)

$

0.71

0.70

Terminals

Terminal revenues (millions of dollars)

$

39

41

Terminal throughput (thousands of barrels daily)

Crude oil⁽²⁾

374

283

Refined petroleum products

657

711

Total

1,031

994

Average terminaling revenue per barrel (dollars)

$

0.41

0.44

Storage, processing and other revenues (millions of dollars)

$

109

113

Total Operating Revenues (millions of dollars)

$

252

265

Joint Venture Operating Data⁽³⁾

Crude oil, refined petroleum products and natural gas liquids (thousands of barrels daily)

1,052

1,102

^{(1) Represents the sum of volumes transported through each separately tariffed pipeline segment.}

^{(2) Bayway and Ferndale rail rack volumes included in crude oil terminals.}

^{(3) Proportional share of total pipeline and terminal volumes of joint ventures consistent with recognized equity in earnings of affiliates.}

Cash Distributions

Millions of Dollars

Except as Indicated

Q1 2021

Q4 2020

Cash Distributions^†

Common units—public

$

52

51

Common units—Phillips 66

148

149

Total

$

200

200

Cash Distribution Per Common Unit (Dollars)

$

0.875

0.875

Coverage Ratio*

1.17

1.20

^{†Cash distributions declared attributable to the indicated periods.}

^{*Calculated as distributable cash flow divided by total cash distributions. Used to indicate the Partnership’s ability to pay cash distributions from current earnings. Net cash provided by operating activities divided by total cash distributions was 1.14x and 0.85x at Q1 2021 and Q4 2020, respectively.}

Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Income (Loss) Attributable to the Partnership

Millions of Dollars

Q1 2021

Q4 2020

Net Income (Loss) Attributable to the Partnership

$

(18)

104

Plus:

Net income attributable to noncontrolling interest

7

7

Net Income (Loss)

(11)

111

Plus:

Depreciation

34

39

Net interest expense

33

32

Income tax expense

—

1

EBITDA

56

183

Plus:

Proportional share of equity affiliates’ net interest, taxes, depreciation and amortization, and impairments

49

54

Expenses indemnified or prefunded by Phillips 66

—

1

Impairments

198

96

Less:

Adjusted EBITDA attributable to noncontrolling interest

14

16

Adjusted EBITDA

289

318

Plus:

Deferred revenue impacts*^†

9

4

Less:

Equity affiliate distributions less than proportional adjusted EBITDA

14

5

Maintenance capital expenditures^†

6

33

Net interest expense

33

32

Preferred unit distributions

12

12

Distributable Cash Flow

$

233

240

^*^{Difference between cash receipts and revenue recognition.}

^{†Excludes Merey Sweeny capital reimbursements and turnaround impacts.}

Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Cash Provided by Operating Activities

Millions of Dollars

Q1 2021

Q4 2020

Net Cash Provided by Operating Activities

$

227

170

Plus:

Net interest expense

33

32

Income tax expense

—

1

Changes in working capital

(11)

75

Undistributed equity earnings

5

2

Impairments

(198)

(96)

Deferred revenues and other liabilities

—

1

Other

—

(2)

EBITDA

56

183

Plus:

Proportional share of equity affiliates’ net interest, taxes, depreciation and amortization, and impairments

49

54

Expenses indemnified or prefunded by Phillips 66

—

1

Impairments

198

96

Less:

Adjusted EBITDA attributable to noncontrolling interest

14

16

Adjusted EBITDA

289

318

Plus:

Deferred revenue impacts*^†

9

4

Less:

Equity affiliate distributions less than proportional adjusted EBITDA

14

5

Maintenance capital expenditures^†

6

33

Net interest expense

33

32

Preferred unit distributions

12

12

Distributable Cash Flow

$

233

240

^*^{Difference between cash receipts and revenue recognition.}

^{†Excludes Merey Sweeny capital reimbursements and turnaround impacts.}

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005077/en/

Jeff Dietert (investors)

832-765-2297

[email protected]

Shannon Holy (investors)

832-765-2297

[email protected]

Thaddeus Herrick (media)

855-841-2368

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Professional Services Chemicals/Plastics Oil/Gas Manufacturing Energy Finance

MEDIA:

Logo

Posted on April 30, 2021 7:16 am
Boqii to Open Its First Offline Store in Shanghai on May 1

PR Newswire

SHANGHAI, April 30, 2021 /PRNewswire/ — Boqii Holding Limited (“Boqii” or the “Company”) (NYSE: BQ), a leading pet-focused platform in China, today announced the Company will celebrate the opening of its first offline store on Saturday, May 1, 2021 at Jing’an IMIX Park, one of the busiest shopping mall in Shanghai. Targeting at providing truly one-stop experience for pets and pet parents, such offline layout will provide Boqii users with a more complete service offering and comprehensive care for pet life.

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is China’s largest pet-focused platform. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: [email protected]

The Blueshirt Group
Ms. Susie Wang
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/boqii-to-open-its-first-offline-store-in-shanghai-on-may-1-301281119.html

SOURCE Boqii Holding Limited

Posted on April 30, 2021 7:08 am
Kraig Biocraft Laboratories Celebrates Arbor Day by Funding Planting of more than 100,000 Mulberry Trees

Kraig Labs honors its commitment to eco-responsible Spider Silk production with significant expansion of tree planting

ANN ARBOR, Mich., April 30, 2021 (GLOBE NEWSWIRE) — Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company” or “Kraig Labs”), the biotechnology company focused on the development and commercialization of spider silk, honors Arbor Day by funding the planting of more than 100,000 mulberry trees.   While playing a vital role in purifying our air and stabilizing the soil, these trees also serve as a valuable, sustainable resource for the production of the Company’s proprietary spider silk technology.

The Company believes that in pledging to do what is right for the environment, it can strengthen its business and expand future opportunities. Kraig Labs’ business model is built on the utilization of renewable and sustainable mulberry leaves for the production of recombinant spider silk. Under the care of Prodigy Textiles, the Company’s Vietnamese subsidiary, these trees are already supporting production operations and will continue to play a significant role in the commercialization of Company’s recombinant spider silk technologies.

“Through thoughtful design of our production systems, with an eye towards energy efficiency, a reduction in inorganic materials, and a low carbon footprint, we created a system that is in line with long honored cultural traditions, where eco-responsibly is a valuable byproduct of doing what is best for our business and our shareholders,” said Jon Rice, COO. “I am proud of the work our team has done to contribute to the more than two million acres of mulberry trees planted globally, as part of our efforts to bring materials of unparalleled performance to the textile markets.”

To view the most recent news from Kraig Labs, including recent mulberry tree pictures at one of its co-op tree farms, and/or to sign up for Company alerts, please go to www.KraigLabs.com/news.

About Kraig Biocraft Laboratories, Inc.

Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a reporting biotechnology company, is a developer of genetically engineered spider silk based fiber technologies.

Cautionary Statement Regarding Forward Looking Information

Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.

Ben Hansel, Hansel Capital, LLC
(720) 288-8495
[email protected]

Posted on April 30, 2021 7:08 am
FreightHub, Inc. Customer Base Increases by 155% in Past Six Months

NEW YORK, April 30, 2021 (GLOBE NEWSWIRE) — Hudson Capital Inc. (NASDAQ: HUSN) (Hudson Capital) announced that FreightHub, Inc. (Fr8Hub), a North American transportation logistics technology platform company focused on US-Mexico cross-border shipping with which Hudson Capital has signed a definitive Merger Agreement, reported its expanded customer base has resulted in Fr8Hub delivering more than 15,000 loads since its inception in 2015.

Fr8Hub customers grew 155% from 130 in October 2020 to more than 330 in April 2021, including one of the world’s largest snack and food manufacturers and one of North America’s largest retailers. More than 15,000 loads have been delivered for Fr8Hub’s customers since the company’s inception in 2015, with approximately half of those occurring in the past six months. The loads are being delivered by a more efficiently organized carrier base that has grown to 1,963 from 1,700 in October 2020.

Javier Selgas, CEO of Fr8Hub, said, “We are encouraged by the significant growth in our customer base, who are using our industry leading transportation logistics platform to deliver more loads than ever before and on an increasingly repetitive basis as they become more familiar with our platform and its ease-of-use. Already in 2021, we have enhanced our technology with new offerings like our Broker Portal and upgraded offerings in our platform such as our Load Board 2.0, which we believe will drive even more usage from our existing customer base and attract new customers.”

About FreightHub, Inc.
FreightHub, Inc. (Fr8Hub) makes shipping simple, transparent, and efficient. A transportation logistics platform company, Fr8Hub focuses on truckload freight for domestic and cross-border markets in Mexico, the US and Canada. As an innovative digital freight marketplace, broker, transportation management system (TMS) and public API, Fr8Hub uses its proprietary technology platform to connect carriers and shippers that significantly improves matching and operation efficiency via innovative technologies such as live pricing and real-time tracking.

About Hudson Capital Inc.
Incorporated in 2014, Hudson Capital Inc. (formerly known as China Internet Nationwide Financial Services Inc. (NASDAQ: HUSN)) commenced its business by providing financial advisory services to small and medium size companies. The traditional business segments include commercial payment advisory, intermediary bank loan advisory and international corporate financing advisory services which help clients to meet their commercial payment and investment needs. For more information, about Hudson Capital, please see the documents filed by Hudson Capital with the SEC at www.sec.gov.

Important Information About the Proposed Merger Transaction and Where to Find It
In connection with the proposed merger, Hudson Capital intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a Registration Statement on Form S-4 (the “Form S-4”) which was filed with the SEC on November 12, 2020, as amended on December 31, 2020 and February 8, 2021, and includes and serves as a proxy statement/prospectus for Hudson Capital’s shareholders and a prospectus for Fr8Hub’s stockholders. Promptly after the Form S-4 is declared effective by the SEC, Hudson Capital will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the special meeting on the merger and the other proposals set forth in the proxy statement. SHAREHOLDERS OF HUDSON CAPITAL ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE MERGER THAT HUDSON CAPITAL WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HUDSON CAPITAL, FREIGHTHUB AND THE MERGER. The definitive proxy statement/prospectus and other relevant materials in connection with the merger (when they become available), and any other documents filed by Hudson Capital with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov).

Participants in the Solicitation
Hudson Capital and its directors and executive officers may be deemed participants in the solicitation of proxies from Hudson Capital’s shareholders with respect to the merger. A list of the names of those directors and executive officers and a description of their interests in Hudson Capital are included in the prospectus/proxy statement for the proposed merger and are available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the prospectus/proxy statement for the proposed merger when available. Information about Hudson Capital’s directors and executive officers and their ownership of ordinary shares of Hudson Capital is set forth in Hudson Capital’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on June 15, 2020. These documents can be obtained free of charge from the sources indicated above.

Fr8Hub and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Hudson Capital in connection with the proposed merger. A list of the names of such directors and executive officers and information regarding their interests in the proposed merger are included in the prospectus/proxy statement for the proposed merger, and are available at www.sec.gov.

Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Hudson Capital’s and Fr8Hub’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Hudson Capital’s and Fr8Hub’s expectations with respect to future performance and anticipated financial impacts of the proposed acquisition, the satisfaction of the closing conditions to the proposed acquisition, and the timing of the completion of the proposed acquisition.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Hudson Capital’s and Fr8Hub’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the definitive merger agreement (the “Agreement”); (2) the outcome of any legal proceedings that may be instituted against Hudson Capital or Fr8Hub following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed acquisition, including due to failure to obtain approval of the shareholders of Hudson Capital and stockholders of Fr8Hub, certain regulatory approvals, or satisfy other conditions to closing in the Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 pandemic on Fr8Hub’s business and/or the ability of the parties to complete the proposed acquisition; (6) the inability to obtain or maintain the listing of Hudson Capital’s shares of common stock on Nasdaq following the proposed merger; (7) the risk that the proposed acquisition disrupts current plans and operations as a result of the announcement and consummation of the proposed merger; (8) the ability to recognize the anticipated benefits of the proposed merger, which may be affected by, among other things, competition, the ability of Fr8Hub to grow and manage growth profitably, and retain its key employees; (9) costs related to the proposed merger; (10) changes in applicable laws or regulations; (11) the possibility that Hudson Capital or Fr8Hub may be adversely affected by other economic, business, and/or competitive factors; (12) risks relating to the uncertainty of the projected financial information with respect to Fr8Hub; (13) risks related to the organic and inorganic growth of Fr8Hub’s business and the timing of expected business milestones; and (14) other risks and uncertainties indicated from time to time in the prospectus/proxy statement on the Form S-4, relating to the proposed merger, including those under “Risk Factors” therein, to be filed by Hudson Capital and in Hudson Capital’s other filings with the SEC. Hudson Capital cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Hudson Capital and Fr8Hub caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Hudson Capital and Fr8Hub do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.

No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed merger. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Fr8Hub Contact:

Moriah Shilton or Kirsten Chapman, LHA Investor Relations, [email protected], 415.433.3777

Hudson Capital Contact:

Hon Man Yun, Chief Financial Officer, [email protected], (852) 98047102

Posted on April 30, 2021 7:08 am
4D Molecular Therapeutics to Participate in BofA Securities 2021 Virtual Health Care Conference

EMERYVILLE, Calif., April 30, 2021 (GLOBE NEWSWIRE) — 4D Molecular Therapeutics (Nasdaq: FDMT), a clinical-stage gene therapy company harnessing the power of directed evolution for targeted gene therapies, announced that management will present at the BofA Securities 2021 Virtual Health Care Conference on Thursday, May 13 at 2:00 p.m. PT.

A live audio webcast of the presentation will be available by visiting the “Investors & Media” section of the 4DMT website at www.4dmoleculartherapeutics.com. A replay of the webcast will be available for at least two weeks following the live event.

About 4DMT

4DMT is a clinical-stage company harnessing the power of directed evolution for targeted gene therapies. 4DMT seeks to unlock the full potential of gene therapy using its platform, Therapeutic Vector Evolution, which combines the power of directed evolution with approximately one billion synthetic capsid sequences to invent evolved vectors for use in targeted gene therapy products. The company is initially focused in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The 4DMT targeted and evolved vectors are invented with the goal of being delivered through clinically routine, well-tolerated and minimally invasive routes of administration, transducing diseased cells in target tissues efficiently, having reduced immunogenicity and, where relevant, having resistance to pre-existing antibodies. 4DMT is currently conducting three clinical trials: 4D-125 is in a Phase 1/2 clinical trial for XLRP patients, 4D-110 is in a Phase 1 clinical trial for choroideremia patients and 4D-310 is in a Phase 1/2 clinical trial for Fabry disease patients.

4D Molecular Therapeutics™, 4DMT™, Therapeutic Vector Evolution™, and the 4DMT logo are trademarks of 4DMT.

Contacts:

Media:

Theresa Janke
[email protected]

Investors:

Mike Zanoni
Endurance Advisors
[email protected]

Posted on April 30, 2021 7:04 am
Noah Holdings Limited Files FY2020 Annual Report on Form 20-F

PR Newswire

SHANGHAI, April 30, 2021 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission on April 30, 2021.

The annual report can be accessed on Noah’s investor relations website at http://ir.noahgroup.com.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises. In the full year 2020, Noah distributed RMB94.7 billion (US$14.5 billion) of financial products. Through its subsidiary, Gopher Asset Management Co., Ltd. (“Gopher Asset Management”), Noah had assets under management of RMB152.8 billion (US$23.4 billion) as of December 31, 2020.

Noah’s wealth management business primarily distributed private equity, public securities, credit and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,231 relationship managers across 80 cities in mainland China, and serves the international investment needs of its clients through subsidiaries in Hong Kong, Taiwan, United States, Canada, Australia and Singapore. The Company’s wealth management business had 360,637 registered clients as of December 31, 2020. As a leading alternative asset manager in China, Gopher Asset Management manages private equity, real estate, public securities, credit and multi-strategies investments denominated in RMB and foreign currencies. The Company also provides lending services and other businesses.

For more information, please visit Noah at ir.noahgroup.com.

View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-files-fy2020-annual-report-on-form-20-f-301281106.html

SOURCE Noah Holdings Limited

Posted on April 30, 2021 7:04 am
Willis Lease Announces Offering of $336.7 Million in Fixed Rate Notes

COCONUT CREEK, Fla., April 30, 2021 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis”), a leading lessor of commercial jet engines, announced today that its wholly-owned subsidiary, Willis Engine Structured Trust VI (“WEST”), proposes to offer $336.7 million in aggregate principal amount of fixed rate notes (the “Notes”). It is expected that the Notes will be issued in three series, with the Series A Notes to be issued in an aggregate principal amount of approximately $278.6 million, the Series B Notes in an aggregate principal amount of approximately $38.7 million and the Series C Notes in an aggregate principal amount of approximately $19.4 million. The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 29 aircraft engines and one airframe, which WEST will acquire from Willis pursuant to an asset purchase agreement.

The net proceeds of the Notes will be primarily applied to (i) pay fees and expenses related to the issuance of the Notes and (ii) pay Willis periodically over a 270-day delivery period as consideration for the aircraft engines and the airframe acquired by WEST from Willis in connection with the financing. Willis will apply any net proceeds it receives for general corporate purposes.

The Notes being offered by WEST have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Notes are being offered only to qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Willis Lease Finance Corporation

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activity and the COVID-19 pandemic; changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

CONTACT: Scott B. Flaherty

Chief Financial Officer

(561) 349-9989

Posted on April 30, 2021 7:04 am
Charter Announces First Quarter 2021 Results

PR Newswire

STAMFORD, Conn., April 30, 2021 /PRNewswire/ — Charter Communications, Inc. (along with its subsidiaries, the “Company” or “Charter”) today reported financial and operating results for the three months ended March 31, 2021.

Key highlights:

First quarter total residential and small and medium business (“SMB”) customer relationships increased by 302,000. As of March 31, 2021, Charter served a total of 31.4 million residential and SMB customers, with 1.7 million net new customer relationships added over the last twelve months.

First quarter total residential and SMB Internet customers increased by 355,000. As of March 31, 2021, Charter served a total of 29.2 million residential and SMB Internet customers, with 2.0 million total Internet customers added over the last twelve months.

First quarter total residential and SMB mobile lines increased by 300,000. As of March 31, 2021, Charter served a total of 2.7 million mobile lines, with 1.3 million mobile lines added over the last twelve months.

First quarter revenue of $12.5 billion grew by 6.7% year-over-year, driven by residential revenue growth of 5.8% and mobile revenue growth of 90.7%.

First quarter Adjusted EBITDA¹ of $4.9 billion grew by 12.5% year-over-year.

Net income attributable to Charter shareholders totaled $807 million in the first quarter.

First quarter capital expenditures totaled $1.8 billion and included $112 million of mobile-related capital expenditures.

First quarter free cash flow¹ of $1.9 billion grew by 35.3% year-over-year.

During the first quarter, Charter purchased approximately 6.3 million shares of Charter Class A common stock and Charter Communications Holdings, LLC (“Charter Holdings”) common units for approximately $4.0 billion.

“We continue to execute well in a market environment that has not yet returned to normal. We added 355,000 Internet customers in the first quarter, and 2 million over the last year, for year-over-year growth of 7.3%,” said Tom Rutledge, Chairman and CEO of Charter. “Our value-driven operating strategy of providing multiple high-quality products at lower prices than sold individually continues to drive our growth.”

^1.

Adjusted EBITDA and free cash flow are non-GAAP measures defined in the “Use of Adjusted EBITDA and Free Cash Flow Information” section and are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the addendum of this news release.

Key Operating Results

Approximate as of

March 31, 2021 (a)

March 31, 2020 (a)

March 31, 2019 (a)

Footprint (b)

Estimated Passings

53,592

52,418

51,384

Customer Relationships (c)

Residential

29,361

27,745

26,591

SMB

2,071

1,976

1,863

Total Customer Relationships

31,432

29,721

28,454

Residential

282

468

321

SMB

20

18

30

Total Customer Relationships Quarterly Net Additions

302

486

351

Total Customer Relationship Penetration of Estimated Passings (d)

58.7

%

56.7

%

55.4

%

Monthly Residential Revenue per Residential Customer (e)

$

112.18

$

112.73

$

112.47

Monthly SMB Revenue per SMB Customer (f)

$

163.79

$

168.83

$

170.64

Residential Customer Relationships Penetration

Single Play Penetration (g)

45.2

%

43.6

%

42.1

%

Double Play Penetration (g)

32.6

%

31.2

%

27.9

%

Triple Play Penetration (g)

22.2

%

25.2

%

30.0

%

% Residential Non-Video Customer Relationships

47.3

%

44.0

%

40.0

%

Internet

Residential

27,357

25,471

24,023

SMB

1,877

1,775

1,664

Total Internet Customers

29,234

27,246

25,687

Residential

334

563

398

SMB

21

19

30

Total Internet Quarterly Net Additions

355

582

428

Video

Residential

15,483

15,550

15,952

SMB

579

524

509

Total Video Customers

16,062

16,074

16,461

Residential

(156)

(70)

(152)

SMB

18

—

7

Total Video Quarterly Net Additions

(138)

(70)

(145)

Voice

Residential

9,113

9,360

10,015

SMB

1,238

1,162

1,072

Total Voice Customers

10,351

10,522

11,087

Residential

(102)

(83)

(120)

SMB

14

18

21

Total Voice Quarterly Net Additions

(88)

(65)

(99)

Mobile Lines

Residential

2,605

1,359

310

SMB

70

13

—

Total Mobile Lines

2,675

1,372

310

Residential

285

281

176

SMB

15

9

—

Total Mobile Lines Quarterly Net Additions

300

290

176

Enterprise (h)

Enterprise Primary Service Units (“PSUs”)

276

269

253

Enterprise Quarterly Net Additions

2

2

5

Footnotes

– In thousands, except per customer and penetration data. See footnotes to unaudited summary of operating statistics on page 5 of the addendum of this news release. The footnotes contain important disclosures regarding the definitions used for these operating statistics. All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

During the first quarter of 2021, Charter’s residential customer relationships grew by 282,000, compared to growth of 468,000 in the first quarter of 2020 and 321,000 in the first quarter of 2019. As of March 31, 2021, Charter had 29.4 million residential customer relationships, with year-over-year growth of 1.6 million, or 5.8%.

During the first quarter of 2021, Charter added 334,000 residential Internet customers, compared to 563,000 during the first quarter of 2020 and 398,000 during the first quarter of 2019. The lower net additions relative to 2020 and 2019 is a function of a lower market churn environment, resulting in fewer selling opportunities in the first quarter of 2021. During the first quarter, Charter doubled its starting download speed to 200 Mbps in 17 additional markets at no extra cost to customers. Currently, 200 Mbps is the minimum speed offered to new Spectrum Internet^® customers in nearly 85% of Charter’s footprint, with 100 Mbps the minimum speed offered in the remainder of its footprint. As of March 31, 2021, over 70% of customers subscribed to Internet tiers that provided 200 Mbps or more of speed. Charter also offers Spectrum Internet Gig across its entire footprint. Additionally, Charter’s Advanced In-Home WiFi, a managed WiFi service that provides customers an optimized home network while providing greater control of their connected devices, has now been launched across more than 90% of Charter’s footprint for new Internet connects.

Residential video customers decreased by 156,000 in the first quarter of 2021, compared to decreases of 70,000 in the first quarter of 2020 and 152,000 in the first quarter of 2019. As of March 31, 2021, Charter had 15.5 million residential video customers.

During the first quarter of 2021, residential wireline voice customers declined by 102,000, compared to declines of 83,000 in the first quarter of 2020 and 120,000 in the first quarter of 2019. As of March 31, 2021, Charter had 9.1 million residential wireline voice customers.

First quarter 2021 residential revenue per residential customer (excluding mobile) totaled $112.18, and declined by 0.5% compared to the prior year period, given a higher percentage of non-video customers, a higher mix of lower priced video packages within Charter’s video customer base, lower pay-per-view and video on demand revenue and lower installation revenue, partly offset by promotional rate step-ups and rate adjustments.

SMB customer relationships grew by 20,000 in the first quarter of 2021, while first quarter 2020 and 2019 SMB customer relationships grew by 18,000 and 30,000, respectively. During the first quarter of 2021, enterprise PSUs grew by 2,000, compared to growth of 2,000 in the first quarter of 2020 and 5,000 in the first quarter of 2019.

During the first quarter of 2021, Charter added 300,000 mobile lines, compared to growth of 290,000 during the first quarter of 2020 and 176,000 during the first quarter of 2019. Spectrum Mobile^TM is available to all new and existing Spectrum Internet customers and runs on America’s most awarded LTE network combined with SpectrumWiFi. Spectrum Mobile customers can choose one of two simple ways to pay for data, “Unlimited” or “By the Gig.” All plans include 4G and 5G access, with no added taxes, fees or contracts.

First Quarter Financial Results

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA

(dollars in millions, except per share data)

Three Months Ended March 31,

2021

2020

% Change

REVENUES:

Internet

$

5,086

$

4,407

15.4

%

Video

4,344

4,422

(1.8)

%

Voice

399

457

(12.6)

%

Residential revenue

9,829

9,286

5.8

%

Small and medium business

1,012

996

1.6

%

Enterprise

638

622

2.5

%

Commercial revenue

1,650

1,618

2.0

%

Advertising sales

344

365

(5.8)

%

Mobile

492

258

90.7

%

Other

207

211

(2.0)

%

Total Revenue

12,522

11,738

6.7

%

COSTS AND EXPENSES:

Total operating costs and expenses

7,577

7,342

3.2

%

Adjusted EBITDA

$

4,945

$

4,396

12.5

%

Adjusted EBITDA margin

39.5

%

37.4

%

Capital Expenditures

$

1,821

$

1,461

% Total Revenue

14.5

%

12.4

%

Net income attributable to Charter shareholders

$

807

$

396

Earnings per common share attributable to Charter shareholders:

Basic

$

4.22

$

1.91

Diluted

$

4.11

$

1.86

Net cash flows from operating activities

$

3,751

$

3,220

Free cash flow

$

1,855

$

1,371

Revenues

First quarter revenue increased by 6.7% year-over-year to $12.5 billion, driven primarily by growth in Internet and mobile revenues. Excluding advertising revenue, which benefited from political spend in the first quarter of 2020, revenue grew by 7.1% year-over-year.

Internet revenue grew by 15.4% year-over-year to $5.1 billion, driven by growth in Internet customers during the last year, promotional rate step-ups, rate adjustments and higher bundled revenue allocation.

Video revenue totaled $4.3 billion in the first quarter, a decrease of 1.8% compared to the prior year period, driven by a higher mix of lower priced video packages within Charter’s video customer base, lower bundled revenue allocation, lower pay-per-view and video on demand revenue and lower installation revenue, partly offset by promotional rate step-ups and rate adjustments.

Voice revenue totaled $399 million in the first quarter, a decrease of 12.6% compared to the first quarter of 2020. Factors impacting the year-over-year change in voice revenue included value-based pricing, a decline in wireline voice customers over the last twelve months and changes in bundled revenue allocation.

Residential revenue totaled $9.8 billion in the first quarter, an increase of 5.8% year-over-year.

Commercial revenue increased by 2.0% year-over-year to $1.7 billion, driven by enterprise and SMB revenue growth of 2.5% and 1.6% year-over-year, respectively. Enterprise revenue growth was impacted by lower cell tower backhaul revenue. Enterprise retail revenue excluding wholesale revenue increased by 7.2% year-over-year, reflecting PSU growth. SMB revenue growth was partly reduced by some continuing COVID-19 related seasonal plans.

First quarter advertising sales revenue of $344 million declined by 5.8% compared to the year-ago quarter, driven by lower political revenue, partly offset by higher advanced advertising revenue. Excluding political revenue in both periods, advertising sales revenue increased by 5.3% year-over-year.

First quarter mobile revenue totaled $492 million, an increase of 90.7% year-over-year.

Other revenue totaled $207 million in the first quarter, a decrease of 2.0% year-over-year, driven by lower processing fees, partly offset by higher regional sports network revenue.

Operating Costs and Expenses

First quarter total operating costs and expenses increased by $235 million, or 3.2% year-over-year.

First quarter programming costs increased by $96 million, or 3.3% as compared to the first quarter of 2020, reflecting contractual programming increases and renewals, partly offset by a higher mix of lower cost packages within Charter’s video customer base and lower pay-per-view expenses.

Regulatory, connectivity and produced content expenses increased by $49 million, or 8.9% year-over-year, primarily driven by higher sports rights costs as a result of more games played in the first quarter of 2021 compared to 2020.

Costs to service customers decreased by $44 million, or 2.4% year-over-year, despite year-over-year residential and SMB customer growth of 5.8%. The year-over-year decrease in costs to service customers was primarily driven by lower bad debt as a result of stimulus packages and lower market churn, partly offset by previously announced wage increases for hourly field operations and call center employees as Charter meets its commitment to a minimum $20 per hour wage in 2022.

Marketing expenses decreased by $15 million, or 2.0% year-over-year.

First quarter mobile costs totaled $572 million, an increase of 52.8% year-over-year, and were comprised of device costs, customer acquisition costs, and service and operating costs.

Other expenses decreased by $49 million, or 5.5% as compared to the first quarter of 2020, primarily driven by a non-recurring adjustment to bonuses related to COVID-19.

Adjusted EBITDA

First quarter Adjusted EBITDA of $4.9 billion grew by 12.5% year-over-year, reflecting growth in revenue and operating expenses of 6.7% and 3.2%, respectively.

Net Income Attributable to Charter Shareholders

Net income attributable to Charter shareholders totaled $807 million in the first quarter of 2021, compared to $396 million in the first quarter of 2020. The year-over-year increase in net income attributable to Charter shareholders was primarily driven by higher Adjusted EBITDA, with a benefit from non-cash changes in the value of financial instruments as reflected in other income (expenses), net, largely offset by a tentative litigation settlement charge in other operating expenses, net.

Net income per basic common share attributable to Charter shareholders totaled $4.22 in the first quarter of 2021 compared to $1.91 during the same period last year. The increase was primarily the result of the factors described above in addition to a 7.9% decrease in basic weighted average common shares outstanding versus the prior year period.

Capital Expenditures

Property, plant and equipment expenditures totaled $1.8 billion in the first quarter of 2021, compared to $1.5 billion during the first quarter of 2020, primarily driven by increases in scalable infrastructure and line extensions. The year-over-year increase in scalable infrastructure spending was primarily related to augmentation of network capacity for customer growth and usage, with incremental spending to reclaim network headroom maintained prior to COVID-19. The increase in line extensions was driven by continued network expansion, including to rural areas. First quarter capital expenditures included $112 million of mobile costs, most of which related to retail stores and IT systems, and are included in support capital.

Charter currently expects 2021 cable capital expenditures, excluding Rural Digital Opportunity Fund investments which will begin later this year, to be relatively consistent as a percentage of cable revenue versus 2020.

Cash Flow and Free Cash Flow

During the first quarter of 2021, net cash flows from operating activities totaled $3.8 billion, compared to $3.2 billion in the prior year quarter. The year-over-year increase in net cash flows from operating activities was primarily due to higher Adjusted EBITDA.

Free cash flow in the first quarter of 2021 totaled $1.9 billion, compared to $1.4 billion during the same period last year. The year-over-year increase in free cash flow was driven by an increase in net cash flows from operating activities.

Liquidity & Financing

As of March 31, 2021, total principal amount of debt was $84.3 billion and Charter’s credit facilities provided approximately $4.7 billion of additional liquidity in excess of Charter’s $772 million cash position.

In March 2021, Charter Communications Operating, LLC and Charter Communications Operating Capital Corp. jointly issued $1.5 billion aggregate principal amount of 3.500% senior secured notes due June 2041 at a price of 99.544% of the aggregate principal amount, $1.0 billion aggregate principal amount of 3.900% senior secured notes due June 2052 at a price of 99.951% of the aggregate principal amount and an additional $500 million aggregate principal amount of 3.850% senior secured notes due April 2061 at a price of 94.668% of the aggregate principal amount. The net proceeds were used to pay related fees and expenses and for general corporate purposes, including funding buybacks of Charter Class A common stock and Charter Holdings common units as well as repaying certain indebtedness, including $750 million aggregate principal amount of CCO Holdings 5.750% notes due February 2026.

In April 2021, CCO Holdings, LLC and CCO Holdings Capital Corp. jointly issued $1.0 billion of 4.500% senior unsecured notes due 2033 at par. The net proceeds will be used for general corporate purposes, including to fund potential buybacks of Charter Class A common stock and Charter Holdings common units, to repay certain indebtedness and to pay related fees and expenses.

Share Repurchases

During the three months ended March 31, 2021, Charter purchased approximately 6.3 million shares of Charter Class A common stock and Charter Holdings common units for approximately $4.0 billion.

Conference Call

Charter will host a conference call on Friday, April 30, 2021 at 8:30 a.m. Eastern Time (ET) related to the contents of this release.

The conference call will be webcast live via the Company’s investor relations website at ir.charter.com. The call will be archived under the “Events & Webcasts” section two hours after completion of the call. Participants should go to the webcast link no later than 10 minutes prior to the start time to register.

Those participating via telephone should dial 866-919-0894 no later than 10 minutes prior to the call. International participants should dial 706-679-9379. The conference ID code for the call is 3359178.

A replay of the call will be available at 855-859-2056 or 404-537-3406 beginning two hours after the completion of the call through the end of business on May 26, 2021. The conference ID code for the replay is 3359178.

Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2021, which will be posted on the “Results & SEC Filings” section of the Company’s investor relations website at ir.charter.com, when it is filed with the Securities and Exchange Commission (the “SEC”). A slide presentation to accompany the conference call and a trending schedule containing historical customer and financial data will also be available in the “Results & SEC Filings” section.

Use of Adjusted EBITDA and Free Cash Flow Information

The company uses certain measures that are not defined by U.S. generally accepted accounting principles (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA and free cash flow are non-GAAP financial measures and should be considered in addition to, not as a substitute for, net income attributable to Charter shareholders and net cash flows from operating activities reported in accordance with GAAP. These terms, as defined by Charter, may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and free cash flow are reconciled to net income attributable to Charter shareholders and net cash flows from operating activities, respectively, in the Addendum to this release.

Adjusted EBITDA is defined as net income attributable to Charter shareholders plus net income attributable to noncontrolling interest, net interest expense, income taxes, depreciation and amortization, stock compensation expense, other (income) expenses, net and other operating expenses, net, such as special charges and (gain) loss on sale or retirement of assets. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s businesses as well as other non-cash or special items, and is unaffected by the Company’s capital structure or investment activities. However, this measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the cash cost of financing. These costs are evaluated through other financial measures.

Free cash flow is defined as net cash flows from operating activities, less capital expenditures and changes in accrued expenses related to capital expenditures.

Management and Charter’s board of directors use Adjusted EBITDA and free cash flow to assess Charter’s performance and its ability to service its debt, fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the leverage ratio calculation under the Company’s credit facilities or outstanding notes to determine compliance with the covenants contained in the facilities and notes (all such documents have been previously filed with the SEC). For the purpose of calculating compliance with leverage covenants, the Company uses Adjusted EBITDA, as presented, excluding certain expenses paid by its operating subsidiaries to other Charter entities. The Company’s debt covenants refer to these expenses as management fees, which were $277 million and $311 million for the three months ended March 31, 2021 and 2020, respectively.

About Charter

Charter Communications, Inc. (NASDAQ:CHTR) is a leading broadband connectivity company and cable operator serving more than 31 million customers in 41 states through its Spectrum brand. Over an advanced communications network, the company offers a full range of state-of-the-art residential and business services including Spectrum Internet^®, TV, Mobile and Voice.

For small and medium-sized companies, Spectrum Business^® delivers the same suite of broadband products and services coupled with special features and applications to enhance productivity, while for larger businesses and government entities, Spectrum Enterprise provides highly customized, fiber-based solutions. Spectrum Reach^® delivers tailored advertising and production for the modern media landscape. The company also distributes award-winning news coverage, sports and high-quality original programming to its customers through Spectrum Networks and Spectrum Originals. More information about Charter can be found at corporate.charter.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things, our plans, strategies and prospects, both business and financial. Although we believe that our plans, intentions and expectations as reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions including, without limitation, the factors described under “Risk Factors” from time to time in our filings with the SEC. Many of the forward-looking statements contained in this communication may be identified by the use of forward-looking words such as “believe,” “expect,” “anticipate,” “should,” “planned,” “will,” “may,” “intend,” “estimated,” “aim,” “on track,” “target,” “opportunity,” “tentative,” “positioning,” “designed,” “create,” “predict,” “project,” “initiatives,” “seek,” “would,” “could,” “continue,” “ongoing,” “upside,” “increases,” “focused on” and “potential,” among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this communication are set forth in our annual report on Form 10-K, and in other reports or documents that we file from time to time with the SEC, and include, but are not limited to:

our ability to sustain and grow revenues and cash flow from operations by offering Internet, video, voice, mobile, advertising and other services to residential and commercial customers, to adequately meet the customer experience demands in our service areas and to maintain and grow our customer base, particularly in the face of increasingly aggressive competition, the need for innovation and the related capital expenditures;

the impact of competition from other market participants, including but not limited to incumbent telephone companies, direct broadcast satellite (“DBS”) operators, wireless broadband and telephone providers, digital subscriber line (“DSL”) providers, fiber to the home providers and providers of video content over broadband Internet connections;

general business conditions, unemployment levels and the level of activity in the housing sector and economic uncertainty or downturn, including the impacts of the Novel Coronavirus (“COVID-19”) pandemic to our customers, our vendors and local, state and federal governmental responses to the pandemic;

our ability to obtain programming at reasonable prices or to raise prices to offset, in whole or in part, the effects of higher programming costs (including retransmission consents and distribution requirements);

our ability to develop and deploy new products and technologies including mobile products and any other consumer services and service platforms;

any events that disrupt our networks, information systems or properties and impair our operating activities or our reputation;

the effects of governmental regulation on our business including subsidies to consumers, subsidies and incentives for competitors, costs, disruptions and possible limitations on operating flexibility related to, and our ability to comply with, regulatory conditions applicable to us;

the ability to hire and retain key personnel;

the availability and access, in general, of funds to meet our debt obligations prior to or when they become due and to fund our operations and necessary capital expenditures, either through (i) cash on hand, (ii) free cash flow, or (iii) access to the capital or credit markets; and

our ability to comply with all covenants in our indentures and credit facilities, any violation of which, if not cured in a timely manner, could trigger a default of our other obligations under cross-default provisions.

All forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. We are under no duty or obligation to update any of the forward-looking statements after the date of this communication.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND OPERATING DATA

(dollars in millions, except per share data)

Three Months Ended March 31,

2021

2020

% Change

REVENUES:

Internet

$

5,086

$

4,407

15.4

%

Video

4,344

4,422

(1.8)

%

Voice

399

457

(12.6)

%

Residential revenue

9,829

9,286

5.8

%

Small and medium business

1,012

996

1.6

%

Enterprise

638

622

2.5

%

Commercial revenue

1,650

1,618

2.0

%

Advertising sales

344

365

(5.8)

%

Mobile

492

258

90.7

%

Other

207

211

(2.0)

%

Total Revenue

12,522

11,738

6.7

%

COSTS AND EXPENSES:

Programming

2,988

2,892

3.3

%

Regulatory, connectivity and produced content

600

551

8.9

%

Costs to service customers

1,804

1,848

(2.4)

%

Marketing

751

766

(2.0)

%

Mobile

572

374

52.8

%

Other expense

862

911

(5.5)

%

Total operating costs and expenses (exclusive of items shown separately below)

7,577

7,342

3.2

%

Adjusted EBITDA

4,945

4,396

12.5

%

Adjusted EBITDA margin

39.5

%

37.4

%

Depreciation and amortization

2,441

2,497

Stock compensation expense

134

90

Other operating expenses, net

302

7

Income from operations

2,068

1,802

OTHER INCOME (EXPENSES):

Interest expense, net

(983)

(980)

Other income (expenses), net

52

(326)

(931)

(1,306)

Income before income taxes

1,137

496

Income tax expense

(216)

(29)

Consolidated net income

921

467

Less: Net income attributable to noncontrolling interests

(114)

(71)

Net income attributable to Charter shareholders

$

807

$

396

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO CHARTER SHAREHOLDERS:

Basic

$

4.22

$

1.91

Diluted

$

4.11

$

1.86

Weighted average common shares outstanding, basic

191,404,527

207,831,305

Weighted average common shares outstanding, diluted

205,872,536

212,810,613

Adjusted EBITDA is a non-GAAP term. See page 6 of this addendum for the reconciliation of Adjusted EBITDA to net income attributable to Charter shareholders as defined by GAAP.

All percentages are calculated using whole numbers. Minor differences may exist due to rounding.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

March 31,

December 31,

2021

2020

ASSETS

(unaudited)

CURRENT ASSETS:

Cash and cash equivalents

$

772

$

1,001

Accounts receivable, net

2,395

2,539

Prepaid expenses and other current assets

496

369

Total current assets

3,663

3,909

INVESTMENT IN CABLE PROPERTIES:

Property, plant and equipment, net

34,184

34,357

Customer relationships, net

5,185

5,615

Franchises

67,322

67,322

Goodwill

29,554

29,554

Total investment in cable properties, net

136,245

136,848

OTHER NONCURRENT ASSETS

3,531

3,449

Total assets

$

143,439

$

144,206

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable and accrued liabilities

$

8,911

$

8,867

Current portion of long-term debt

1,005

1,008

Total current liabilities

9,916

9,875

LONG-TERM DEBT

83,882

81,744

DEFERRED INCOME TAXES

18,227

18,108

OTHER LONG-TERM LIABILITIES

4,233

4,198

SHAREHOLDERS’ EQUITY:

Controlling interest

20,997

23,805

Noncontrolling interests

6,184

6,476

Total shareholders’ equity

27,181

30,281

Total liabilities and shareholders’ equity

$

143,439

$

144,206

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)

Three Months Ended March 31,

2021

2020

CASH FLOWS FROM OPERATING ACTIVITIES:

Consolidated net income

$

921

$

467

Adjustments to reconcile consolidated net income to net cash flows from operating activities:

Depreciation and amortization

2,441

2,497

Stock compensation expense

134

90

Noncash interest income, net

(7)

(12)

Deferred income taxes

156

(14)

Other, net

(5)

315

Changes in operating assets and liabilities, net of effects from acquisitions and dispositions:

Accounts receivable

144

99

Prepaid expenses and other assets

(182)

(67)

Accounts payable, accrued liabilities and other

149

(155)

Net cash flows from operating activities

3,751

3,220

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(1,821)

(1,461)

Change in accrued expenses related to capital expenditures

(75)

(388)

Real estate investments through variable interest entities

(50)

(38)

Other, net

(10)

37

Net cash flows from investing activities

(1,956)

(1,850)

CASH FLOWS FROM FINANCING ACTIVITIES:

Borrowings of long-term debt

5,289

4,339

Repayments of long-term debt

(3,164)

(3,589)

Payments for debt issuance costs

(22)

(41)

Issuance of equity

—

23

Purchase of treasury stock

(3,652)

(2,352)

Proceeds from exercise of stock options

9

93

Purchase of noncontrolling interest

(507)

(393)

Distributions to noncontrolling interest

(39)

(39)

Borrowings for real estate investments through variable interest entities

50

—

Other, net

12

(24)

Net cash flows from financing activities

(2,024)

(1,983)

NET DECREASE IN CASH AND CASH EQUIVALENTS

(229)

(613)

CASH AND CASH EQUIVALENTS, beginning of period

1,001

3,549

CASH AND CASH EQUIVALENTS, end of period

$

772

$

2,936

CASH PAID FOR INTEREST

$

1,017

$

1,050

CASH PAID FOR TAXES

$

20

$

19

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED SUMMARY OF OPERATING STATISTICS

(in thousands, except per customer and penetration data)

Approximate as of

March 31, 2021
(a)

March 31, 2020
(a)

March 31, 2019
(a)

Footprint (b)

Estimated Passings

53,592

52,418

51,384

Customer Relationships (c)

Residential

29,361

27,745

26,591

SMB

2,071

1,976

1,863

T otal Customer Relationships

31,432

29,721

28,454

Residential

282

468

321

SMB

20

18

30

Total Customer Relationships Quarterly Net Additions

302

486

351

Total Customer Relationship Penetration of Estimated Passings (d)

58.7

%

56.7

%

55.4

%

Monthly Residential Revenue per Residential Customer (e)

$

112.18

$

112.73

$

112.47

Monthly SMB Revenue per SMB Customer (f)

$

163.79

$

168.83

$

170.64

Residential Customer Relationships Penetration

Single Play Penetration (g)

45.2

%

43.6

%

42.1

%

Double Play Penetration (g)

32.6

%

31.2

%

27.9

%

Triple Play Penetration (g)

22.2

%

25.2

%

30.0

%

% Residential Non-Video Customer Relationships

47.3

%

44.0

%

40.0

%

Internet

Residential

27,357

25,471

24,023

SMB

1,877

1,775

1,664

Total Internet Customers

29,234

27,246

25,687

Residential

334

563

398

SMB

21

19

30

Total Internet Quarterly Net Additions

355

582

428

Video

Residential

15,483

15,550

15,952

SMB

579

524

509

Total Video Customers

16,062

16,074

16,461

Residential

(156)

(70)

(152)

SMB

18

—

7

Total Video Quarterly Net Additions

(138)

(70)

(145)

Voice

Residential

9,113

9,360

10,015

SMB

1,238

1,162

1,072

Total Voice Customers

10,351

10,522

11,087

Residential

(102)

(83)

(120)

SMB

14

18

21

Total Voice Quarterly Net Additions

(88)

(65)

(99)

Mobile Lines

Residential

2,605

1,359

310

SMB

70

13

—

Total Mobile Lines

2,675

1,372

310

Residential

285

281

176

SMB

15

9

—

Total Mobile Lines Quarterly Net Additions

300

290

176

Enterprise (h)

Enterprise Primary Service Units (“PSUs”)

276

269

253

Enterprise Quarterly Net Additions

2

2

5

(a)

We calculate the aging of customer accounts based on the monthly billing cycle for each account. On that basis, at March 31, 2021, March 31, 2020 and March 31, 2019, customers included approximately 125,100, 140,800 and 171,100 customers, respectively, whose accounts were over 60 days past due, approximately 26,500, 12,500 and 19,500 customers, respectively, whose accounts were over 90 days past due and approximately 20,000, 8,200 and 20,800 customers, respectively, whose accounts were over 120 days past due. Included in the March 31, 2021 aging statistics are approximately 26,900 residential voice customers that would have been disconnected under our normal collection policies, but were not due to certain state mandates in place.

(b)

Passings represent our estimate of the number of units, such as single family homes, apartment and condominium units and SMB and enterprise sites passed by our cable distribution network in the areas where we offer the service indicated. These estimates are based upon the information available at this time and are updated for all periods presented when new information becomes available.

(c)

Customer relationships include the number of customers that receive one or more levels of service, encompassing Internet, video and voice services, without regard to which service(s) such customers receive. Customers who reside in residential multiple dwelling units (“MDUs”) and that are billed under bulk contracts are counted based on the number of billed units within each bulk MDU. Total customer relationships exclude enterprise and mobile-only customer relationships.

(d)

Penetration represents residential and SMB customers as a percentage of estimated passings. Penetration excludes mobile-only customers.

(e)

Monthly residential revenue per residential customer is calculated as total residential quarterly revenue divided by three divided by average residential customer relationships during the respective quarter and excludes mobile revenue and customers.

(f)

Monthly SMB revenue per SMB customer is calculated as total SMB quarterly revenue divided by three divided by average SMB customer relationships during the respective quarter and excludes mobile revenue and customers.

(g)

Single play, double play and triple play penetration represents the number of residential single play, double play and triple play cable customers, respectively, as a percentage of residential customer relationships, excluding mobile.

(h)

Enterprise PSUs represents the aggregate number of fiber service offerings counting each separate service offering at each customer location as an individual PSU.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED RECONCILIATION OF NON-GAAP MEASURES TO GAAP MEASURES

(dollars in millions)

Three Months Ended March 31,

2021

2020

Net income attributable to Charter shareholders

$

807

$

396

Plus: Net income attributable to noncontrolling interest

114

71

Interest expense, net

983

980

Income tax expense

216

29

Depreciation and amortization

2,441

2,497

Stock compensation expense

134

90

Other expenses, net

250

333

Adjusted EBITDA (a)

$

4,945

$

4,396

Net cash flows from operating activities

$

3,751

$

3,220

Less: Purchases of property, plant and equipment

(1,821)

(1,461)

Change in accrued expenses related to capital expenditures

(75)

(388)

Free cash flow

$

1,855

$

1,371

(a)
See page 1 of this addendum for detail of the components included within Adjusted EBITDA.

The above schedule is presented in order to reconcile Adjusted EBITDA and free cash flow, non-GAAP measures, to the most directly comparable GAAP measures in accordance with Section 401(b) of the Sarbanes-Oxley Act.

CHARTER COMMUNICATIONS, INC. AND SUBSIDIARIES

UNAUDITED CAPITAL EXPENDITURES

(dollars in millions)

Three Months Ended March 31,

2021

2020

Customer premise equipment (a)

$

489

$

463

Scalable infrastructure (b)

411

170

Line extensions (c)

399

343

Upgrade/rebuild (d)

145

129

Support capital (e)

377

356

   Total capital expenditures

$

1,821

$

1,461

Capital expenditures included in total related to:

Commercial services

$

333

$

261

Mobile

$

112

$

87

(a)

Customer premise equipment includes costs incurred at the customer residence to secure new customers and revenue generating units, including customer installation costs and customer premise equipment (e.g., digital receivers and cable modems).

(b)

Scalable infrastructure includes costs, not related to customer premise equipment, to secure growth of new customers and revenue generating units, or provide service enhancements (e.g., headend equipment).

(c)

Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).

(d)

Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including betterments.

(e)

Support capital includes costs associated with the replacement or enhancement of non-network assets due to technological and physical obsolescence (e.g., non-network equipment, land, buildings and vehicles).

View original content to download multimedia:http://www.prnewswire.com/news-releases/charter-announces-first-quarter-2021-results-301280918.html

SOURCE Charter Communications, Inc.

Posts pagination

Previous page Page 1 … Page 36,325 Page 36,326 Page 36,327 … Page 46,940 Next page