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MediaAlpha Announces Third Quarter 2020 Financial Results

MediaAlpha Announces Third Quarter 2020 Financial Results

  • Revenue of $152 million, growing 37% year-over-year
    • Revenue from Property & Casualty grew 73% year-over-year
  • Transaction Value reaches a record $218 million, with 44% growth year-over-year

LOS ANGELES–(BUSINESS WIRE)–
MediaAlpha, Inc. (NYSE: MAX), today announced its financial results for the third quarter ended September 30, 2020.

“We are pleased to announce a strong start to our journey as a public company, with record Transaction Value surpassing $200 million, driven by continued growth in our Property & Casualty insurance vertical,” said Steve Yi, Co-founder and CEO. “We continue to benefit from positive secular trends in the insurance industry, and our transparent, data science-based approach continues to drive outstanding results for our demand and supply partners. Customer acquisition investment from our Top 10 demand partners increased 95% year-over-year, which enabled us to expand our partnerships with existing suppliers as well as to attract new supply partners. With a robust ecosystem, we confidently expect to reach record revenue for the year, as reflected in our fourth quarter and full year revenue guidance.”

Third Quarter 2020 Financial Results

  • Revenue of $151.5 million, an increase of 37% year-over-year;
  • Transaction Value of $217.6 million, an increase of 44% year-over-year;
  • Gross margin of 13.7%, as compared to 16.0% from the same period in 2019;
  • Contribution Margin of 14.3%, as compared to 16.9% from the same period in 2019;
  • Net income was $4.8 million, as compared to $7.8 million in the third quarter of 2019; and
  • Adjusted EBITDA was $14.0 million, compared to Adjusted EBITDA of $11.7 million in the third quarter of 2019

A reconciliation of GAAP to Non-GAAP financial measures has been provided at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”

Financial Outlook

For the fourth quarter of 2020, MediaAlpha currently expects the following:

  • Transaction Value between $223 – $225 million, representing 32% year-over-year growth at the midpoint of the guidance range
  • Revenue between $163 – $165 million, representing 30% year-over-year growth at the midpoint of the guidance range
  • Contribution between $24.5 – $25.5 million, representing 16% year-over-year growth at the midpoint of the guidance range
  • Adjusted EBITDA between $15.0 – $15.5 million, representing 9% year-over-year growth at the midpoint of the guidance range

For the full year 2020, MediaAlpha currently expects the following:

  • Transaction Value between $782 – $784 million, representing 40% year-over-year growth at the midpoint of the guidance range
  • Revenue between $558 – $560 million, representing 37% year-over-year growth at the midpoint of the guidance range
  • Contribution between $86 – $87 million, representing 25% year-over-year growth at the midpoint of the guidance range
  • Adjusted EBITDA between $54.5 – $55.5 million, representing 28% year-over-year growth at the midpoint of the guidance range

We expect total shares outstanding to be 58.5 million and 64.5 million on a common and fully diluted basis at the end of Q4 2020.

With respect to the Company’s projections of Contribution and adjusted EBITDA under “Financial Discussion – Q4 and FY 2020 Outlook”, MediaAlpha is not providing a reconciliation of Contribution or adjusted EBITDA to the respective GAAP measures because the Company is unable to predict with reasonable certainty the reconciling items that may affect gross profit and net income without unreasonable effort, including equity-based compensation, transaction expenses and income tax expense. These reconciling items are uncertain, depend on various factors and could significantly impact, either individually or in the aggregate, the GAAP measures for the applicable period.

For a detailed explanation of the Company’s non-GAAP measures, please refer to the appendix section of this press release.

As of and for the three and nine months ended September 30, 2020, the periods covered by this release, MediaAlpha, Inc. had engaged solely in activities incidental to its formation. QL Holdings LLC and its subsidiaries have been determined to represent the predecessor entity to MediaAlpha, Inc. prior to the IPO. As such, the interim unaudited condensed consolidated financial statements and related notes of QL Holdings LLC and its subsidiaries as of and for the three and nine months ended September 30, 2020 and 2019 have been included in this release and on the Form 10-Q.

Conference Call Information

MediaAlpha will host a Q&A conference call today to discuss the Company’s Q3 2020 results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time). A live audio webcast of the call will be available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com. To register for the webcast, click here. Participants may also dial-in, toll-free, at (833) 350-1346 or internationally at (236) 389-2445 with Conference ID#2271129. An audio replay of the conference call will be available for two weeks following the call and available on the MediaAlpha Investor Relations website at https://investors.mediaalpha.com.

We have also posted to our investor relations website a letter to shareholders. We have used, and intend to continue to use, our investor relations website at https://investors.mediaalpha.com as a means of disclosing material nonpublic information and for complying with our disclosure obligations under Regulation FD.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “would,” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause our actual results to differ materially from those indicated in these forward-looking statements, including those more fully described in MediaAlpha’s filings with the Securities and Exchange Commission (“SEC”), including the final prospectus filed with the SEC pursuant to Rule 424(b) promulgated under the Securities Act of 1933, as amended (the “Securities Act”), on October 29, 2020 and the Quarterly Report on Form 10-Q that will be filed following this earnings release. These factors should not be construed as exhaustive. MediaAlpha disclaims any obligation to update any forward-looking statements to reflect events or circumstances that occur after the date of this release.

Non-GAAP Financial Measures and Operating Metrics

This press release includes Adjusted EBITDA, Contribution, and Contribution Margin, which are non-GAAP financial measures. The Company also presents Transaction Value, which is an operating metric not presented in accordance with GAAP. See the appendix for definitions of Adjusted EBITDA, Contribution, Contribution Margin and Transaction Value, as well as reconciliations to the corresponding GAAP financial metrics, as applicable.

We present Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin because they are used extensively by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage. Accordingly, the Company believes that Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin provide useful information to investors and others in understanding and evaluating its operating results in the same manner as its management team and board of directors. Each of Transaction Value, Adjusted EBITDA, Contribution, and Contribution Margin has limitations as a financial measure and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

QL Holdings LLC and subsidiaries

Unaudited condensed consolidated balance sheets

(In thousands, except unit and per unit data)
 

 

 

September 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

12,005

 

 

$

10,028

 

Accounts receivable, net of allowance for doubtful accounts

 

 

63,084

 

 

 

56,012

 

Prepaid expenses and other current assets

 

 

1,623

 

 

 

1,448

 

Total current assets

 

 

76,712

 

 

 

67,488

 

Property and equipment, net

 

 

701

 

 

 

755

 

Intangible assets, net

 

 

16,350

 

 

 

18,752

 

Goodwill

 

 

18,402

 

 

 

18,402

 

Other assets

 

 

21,665

 

 

 

—

 

Total assets

 

$

133,830

 

 

$

105,397

 

Liabilities, redeemable Class A units and Members’ Deficit

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

61,697

 

 

$

40,455

 

Accrued expenses

 

 

12,651

 

 

 

6,532

 

Current portion of long-term debt

 

 

6,262

 

 

 

873

 

Current portion of deferred rent

 

 

71

 

 

 

52

 

Total current liabilities

 

 

80,681

 

 

 

47,912

 

Long-term debt, net of current portion

 

 

199,146

 

 

 

96,665

 

Deferred rent, net of current portion

 

 

331

 

 

 

319

 

Other long-term liabilities

 

 

276

 

 

 

—

 

Total liabilities

 

 

280,434

 

 

 

144,896

 

Commitments and contingencies (Note 9)

 

 

 

 

 

 

 

 

Redeemable Class A units, 284,211 at redemption value of approximately

$637.08 and $260.71 per unit as of September 30, 2020 and

December 31, 2019, respectively

 

 

181,066

 

 

 

74,097

 

Members’ (deficit) equity

 

 

 

 

 

 

 

 

Class A units, 1,136,842 units authorized; 852,631 units issued

and outstanding (excluding 284,211 units subject to possible

redemption) as of September 30, 2020 and December 31,

2019, respectively

 

 

73,003

 

 

 

73,003

 

Class B units, 177,300 units authorized; 177,300 and 163,800

issued and outstanding as of September 30, 2020 and

December 31, 2019, respectively

 

 

9,097

 

 

 

6,544

 

Accumulated deficit

 

 

(409,770

)

 

 

(193,143

)

Total members’ deficit

 

 

(327,670

)

 

 

(113,596

)

Total liabilities, redeemable Class A units and members’ deficit

 

$

133,830

 

 

$

105,397

 

QL Holdings LLC and subsidiaries

Unaudited condensed consolidated statements of operations

(In thousands)
 

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

151,548

 

 

$

110,397

 

 

$

394,609

 

 

$

281,857

 

Cost and operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

130,830

 

 

 

92,707

 

 

 

335,692

 

 

 

237,130

 

Sales and marketing

 

 

2,916

 

 

 

3,227

 

 

 

8,866

 

 

 

10,586

 

Product development

 

 

1,766

 

 

 

1,609

 

 

 

5,482

 

 

 

5,174

 

General and administrative

 

 

7,595

 

 

 

3,171

 

 

 

13,897

 

 

 

16,265

 

Total cost and operating expenses

 

 

143,107

 

 

 

100,714

 

 

 

363,937

 

 

 

269,155

 

Income from operations

 

 

8,441

 

 

 

9,683

 

 

 

30,672

 

 

 

12,702

 

Other expense

 

 

1,998

 

 

 

—

 

 

 

1,998

 

 

 

—

 

Interest expense

 

 

1,594

 

 

 

1,920

 

 

 

4,844

 

 

 

5,259

 

Total other expense

 

 

3,592

 

 

 

1,920

 

 

 

6,842

 

 

 

5,259

 

Provision for income taxes

 

 

20

 

 

 

—

 

 

 

20

 

 

 

—

 

Net income

 

$

4,829

 

 

$

7,763

 

 

$

23,810

 

 

$

7,443

 

QL Holdings LLC and subsidiaries

Unaudited condensed consolidated statements of cash flows

(In thousands)
 

 

 

Nine months ended

September 30,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net income

 

$

23,810

 

 

$

7,443

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Non-cash equity-based compensation expense

 

 

1,762

 

 

 

1,795

 

Depreciation expense on property and equipment

 

 

210

 

 

 

208

 

Amortization of intangible assets

 

 

2,402

 

 

 

4,158

 

Amortization of deferred debt issuance costs

 

 

334

 

 

 

551

 

Loss on extinguishment of debt

 

 

1,998

 

 

 

—

 

Bad debt expense

 

 

356

 

 

 

263

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(7,428

)

 

 

(16,799

)

Prepaid expenses and other current assets

 

 

(147

)

 

 

47

 

Other assets

 

 

(11,665

)

 

 

—

 

Accounts payable

 

 

21,242

 

 

 

14,038

 

Accrued expenses

 

 

6,395

 

 

 

(341

)

Deferred rent

 

 

31

 

 

 

(70

)

Net cash provided by operating activities

 

 

39,300

 

 

 

11,293

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(156

)

 

 

(109

)

Purchase of cost method investment

 

 

(10,000

)

 

 

—

 

Net cash used in investing activities

 

 

(10,156

)

 

 

(109

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Proceeds from revolving line of credit

 

 

7,500

 

 

 

—

 

Repayments on revolving line of credit

 

 

(7,500

)

 

 

—

 

Proceeds from issuance of long-term debt

 

 

210,000

 

 

 

100,000

 

Repayments on long-term debt

 

 

(100,023

)

 

 

(14,823

)

Payments of debt issuance costs

 

 

(4,467

)

 

 

(2,303

)

Cash paid to repurchase Class B units up to fair value

 

 

(1,453

)

 

 

(4,467

)

Cash paid for repurchases of Class A units

 

 

—

 

 

 

(62,806

)

Member contributions

 

 

—

 

 

 

62,806

 

Member distributions

 

 

(131,224

)

 

 

(88,934

)

Net cash used in financing activities

 

 

(27,167

)

 

 

(10,527

)

Net increase in cash and cash equivalents

 

 

1,977

 

 

 

657

 

Cash and cash equivalents, beginning of period

 

 

10,028

 

 

 

5,662

 

Cash and cash equivalents, end of period

 

$

12,005

 

 

$

6,319

 

Supplemental disclosures of cash flow information

 

 

 

 

 

 

 

 

Cash paid for interest

 

$

4,503

 

 

$

4,750

 

Cash paid for repurchase of Class B units in excess of fair value

 

$

791

 

 

$

1,286

 

Transaction Value

We define “Transaction Value” as the total gross dollars transacted by our partners on our platform. Transaction Value is a direct driver of revenue, with differing revenue recognition based on the economic relationship we have with our partners. Our partners use our platform to transact via open and private platform transactions. In our open platform model, revenue recognized represents the Transaction Value and revenue share payments to our supply partners represent costs of revenue. In our private platform model, revenue recognized represents a platform fee billed to the demand partner or supply partner based on an agreed-upon percentage of the Transaction Value for the Consumer Referrals transacted, and accordingly there are no associated costs of revenue. We utilize Transaction Value to assess revenue and to assess the overall level of transaction activity through our platform. We believe it is useful to investors to assess the overall level of activity on our platform and to better understand the sources of our revenue across our different transaction models and verticals.

The following table presents Transaction Value by platform model for the three months ended September 30, 2020 and 2019, and the nine months ended September 30, 2020 and 2019:

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

(dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Open platform transactions

 

$

148,240

 

 

$

108,146

 

 

$

386,224

 

 

$

275,991

 

Percentage of total Transaction Value

 

 

68.1

%

 

 

71.7

%

 

 

69.1

%

 

 

70.7

%

Private platform transactions

 

 

69,320

 

 

 

42,654

 

 

 

172,590

 

 

 

114,493

 

Percentage of total Transaction Value

 

 

31.9

%

 

 

28.3

%

 

 

30.9

%

 

 

29.3

%

Total Transaction Value

 

$

217,560

 

 

$

150,800

 

 

$

558,814

 

 

$

390,484

 

The following table presents Transaction Value by vertical for the three months ended September 30, 2020 and 2019, and the nine months ended September 30, 2020 and 2019:

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

(dollars in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Property & casualty insurance

 

$

161,323

 

 

$

94,770

 

 

$

390,955

 

 

$

233,746

 

Percentage of total Transaction Value

 

 

74.2

%

 

 

62.8

%

 

 

70.0

%

 

 

59.9

%

Health insurance

 

 

33,650

 

 

 

25,683

 

 

 

98,739

 

 

 

68,168

 

Percentage of total Transaction Value

 

 

15.5

%

 

 

17.0

%

 

 

17.7

%

 

 

17.5

%

Life insurance

 

 

11,628

 

 

 

8,735

 

 

 

31,717

 

 

 

26,841

 

Percentage of total Transaction Value

 

 

5.3

%

 

 

5.8

%

 

 

5.7

%

 

 

6.9

%

Other(1)

 

 

10,959

 

 

 

21,612

 

 

 

37,403

 

 

 

61,729

 

Percentage of total Transaction Value

 

 

5.0

%

 

 

14.3

%

 

 

6.7

%

 

 

15.8

%

Total Transaction Value

 

$

217,560

 

 

$

150,800

 

 

$

558,814

 

 

$

390,484

 

Contribution and Contribution Margin

The following table reconciles Contribution and Contribution Margin with gross profit, the most directly comparable financial measure calculated and presented in accordance with GAAP, the three months ended September 30, 2020 and 2019, and the nine months ended September 30, 2020 and 2019:

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

(in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenue

 

$

151,548

 

 

$

110,397

 

 

$

394,609

 

 

$

281,857

 

Less cost of revenue

 

 

(130,830

)

 

 

(92,707

)

 

 

(335,692

)

 

 

(237,130

)

Gross profit

 

 

20,718

 

 

 

17,690

 

 

 

58,917

 

 

 

44,727

 

Adjusted to exclude the following (as related to cost of revenue):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-based compensation

 

 

18

 

 

 

19

 

 

 

58

 

 

 

158

 

Salaries, wages, and related

 

 

434

 

 

 

302

 

 

 

1,175

 

 

 

1,027

 

Internet and hosting

 

 

107

 

 

 

116

 

 

 

328

 

 

 

393

 

Other expenses

 

 

69

 

 

 

66

 

 

 

205

 

 

 

194

 

Amortization

 

 

—

 

 

 

170

 

 

 

—

 

 

 

510

 

Depreciation

 

 

6

 

 

 

5

 

 

 

17

 

 

 

18

 

Other services

 

 

189

 

 

 

193

 

 

 

616

 

 

 

523

 

Merchant-related fees

 

 

130

 

 

 

105

 

 

 

447

 

 

 

273

 

Contribution

 

$

21,671

 

 

$

18,666

 

 

$

61,763

 

 

$

47,823

 

Gross margin

 

 

13.7

%

 

 

16.0

%

 

 

14.9

%

 

 

15.9

%

Contribution Margin

 

 

14.3

%

 

 

16.9

%

 

 

15.7

%

 

 

17.0

%

Adjusted EBITDA

The following table reconciles Adjusted EBITDA with net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, for the three months ended September 30, 2020 and 2019, and the nine months ended September 30, 2020 and 2019.

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

(in thousands)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

4,829

 

 

$

7,763

 

 

$

23,810

 

 

$

7,443

 

Equity-based compensation expense

 

 

606

 

 

 

520

 

 

 

2,553

 

 

 

3,081

 

Interest expense

 

 

1,594

 

 

 

1,920

 

 

 

4,844

 

 

 

5,259

 

Income tax expense

 

 

20

 

 

 

—

 

 

 

20

 

 

 

—

 

Depreciation expense on property and equipment

 

 

73

 

 

 

65

 

 

 

210

 

 

 

208

 

Amortization of intangible assets

 

 

799

 

 

 

1,385

 

 

 

2,402

 

 

 

4,158

 

Transaction expenses(1)

 

 

6,049

 

 

 

—

 

 

 

6,049

 

 

 

8,831

 

Adjusted EBITDA

 

$

13,970

 

 

$

11,653

 

 

$

39,888

 

 

$

28,980

 

(1)

For the nine months ended September 30, 2019, transaction expenses included $7.2 million in legal, investment banking and other consulting fees and $1.6 million in transaction bonuses related to a transaction with Insignia in February 2019. For the months ended September 30, 2020, transaction expenses included $4.0 million in legal, and other consulting fees and $2.0 million in loss on debt related to the termination of the 2019 Credit Facilities.

Key business and operating metrics

“Transaction Value” represents the total gross dollars transacted by our partners on our platform. Transaction Value is a direct driver of revenue, with differing revenue recognition based on the economic relationship we have with our partners. We utilize Transaction Value to assess revenue and to assess the overall level of transaction activity through our platform.

“Contribution” represents revenue less revenue share payments and online advertising costs, or, as reported in our consolidated statement of operations, revenue less cost of revenue, as adjusted to exclude the following items from cost of revenue: equity-based compensation; salaries, wages, and related; internet and hosting; amortization; depreciation; other services; and merchant-related fees. “Contribution Margin” represents Contribution expressed as a percentage of revenue for the same period. We use Contribution and Contribution Margin to measure the return on our relationships with our supply partners (excluding certain fixed costs), the financial return on our online advertising, and our operating leverage. We do not use Contribution and Contribution Margin as measures of overall profitability. We present Contribution and Contribution Margin because they are used extensively by our management and board of directors to manage our operating performance, including evaluating our operational performance against budget and assessing our overall operating efficiency and operating leverage.

“Adjusted EBITDA” represents net income excluding interest expense, income tax benefit (expense), depreciation expense on property and equipment, and amortization of intangible assets, as well as equity-based compensation expense and transaction expenses. Adjusted EBITDA is a key measure used by our management to understand and evaluate our operating performance, to establish budgets and to develop operational goals for managing our business. In addition, presenting Adjusted EBITDA provides investors with a metric to evaluate the capital efficiency of our business.

Investors

Denise Garcia

Hayflower Partners

[email protected]

Press

SHIFT

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Professional Services Data Management Advertising Communications Technology Insurance Software

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VICI Properties Inc. Declares Regular Quarterly Dividend

VICI Properties Inc. Declares Regular Quarterly Dividend

NEW YORK–(BUSINESS WIRE)–
VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or the “Company”) announced today that its Board of Directors has declared a regular quarterly cash dividend of $0.33 per share of common stock for the period from October 1, 2020 to December 31, 2020. The dividend will be payable on January 7, 2021 to stockholders of record as of the close of business on December 23, 2020.

About VICI Properties

VICI Properties is an experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including the world-renowned Caesars Palace. VICI Properties’ national, geographically diverse portfolio consists of 28 gaming facilities comprising 47 million square feet and features approximately 18,000 hotel rooms and more than 200 restaurants, bars and nightclubs. Its properties are leased to industry leading gaming and hospitality operators, including Caesars, Century Casinos, Hard Rock International, JACK Entertainment and Penn National Gaming. VICI Properties also owns four championship golf courses and 34 acres of undeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. You can identify these statements by our use of the words “assumes,” “believes,” “estimates,” “expects,” “guidance,” “intends,” “plans,” “projects,” and similar expressions that do not relate to historical matters. All statements other than statements of historical fact are forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors which are, in some cases, beyond the Company’s control and could materially affect actual results, performance, or achievements. Important risk factors that may affect the Company’s business, results of operations and financial position (including those stemming from the COVID-19 pandemic and changes in the economic conditions as a result thereof) are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required by applicable law.

Investors:

[email protected]

(646) 949-4631

Or

David Kieske

EVP, Chief Financial Officer

[email protected]

Danny Valoy

Vice President, Finance

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Residential Building & Real Estate Lodging Banking Commercial Building & Real Estate Construction & Property REIT Travel Professional Services Casino/Gaming Entertainment Finance

MEDIA:

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Trinity Industries, Inc. Increases Quarterly Dividend

Trinity Industries, Inc. Increases Quarterly Dividend

DALLAS–(BUSINESS WIRE)–
Trinity Industries, Inc. (NYSE:TRN) has declared an increase in its quarterly dividend to 21 cents per share on its $0.01 par value common stock. The new dividend reflects an increase of 11% compared to the most recent quarterly dividend of 19 cents per share. The quarterly cash dividend, representing Trinity’s 227th consecutively paid dividend, is payable January 29, 2021 to stockholders of record on January 15, 2021.

About Trinity Industries

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control, as well as a logistics business that primarily provides support services to Trinity. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and the All Other Group. For more information, visit: www.trin.net.

Investor Contact:

Jessica L. Greiner

Vice President, Investor Relations and Communications

Trinity Industries, Inc.

(Investors) 214/631-4420

Media Contact:

Jack L. Todd

Vice President, Public Affairs

Trinity Industries, Inc.

(Media Line) 214/589-8909

 

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Rail Transport Other Manufacturing Manufacturing

MEDIA:

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Cherry Hill Mortgage Investment Corporation Announces Common and Preferred Dividends for the Fourth Quarter 2020

Cherry Hill Mortgage Investment Corporation Announces Common and Preferred Dividends for the Fourth Quarter 2020

FARMINGDALE, N.J.–(BUSINESS WIRE)–
Cherry Hill Mortgage Investment Corporation (NYSE: CHMI) today announced that its Board of Directors has declared a dividend of $0.27 per share on the Company’s common stock for the fourth quarter of 2020. The dividend will be payable in cash on January 26, 2021 to holders of the common stock of record as of the close of business on December 31, 2020.

Additionally, Cherry Hill announced that its Board of Directors has declared a dividend of $0.5125 per share on the Company’s 8.20% Series A Cumulative Redeemable Preferred Stock and a dividend of $0.515625 per share on the Company’s 8.250% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for the fourth quarter of 2020. The dividends will be payable in cash on January 15, 2021 to holders of the applicable Series of Preferred Stock of record as of the close of business on December 31, 2020.

About Cherry Hill Mortgage Investment Corporation

Cherry Hill Mortgage Investment Corporation is a real estate finance company that acquires, invests in and manages residential mortgage assets in the United States. For additional information, visit www.chmireit.com.

Forward-Looking Statements

This press release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including, among others, statements relating to the Company’s long-term growth opportunities and strategies, and its ability to generate sustainable and attractive risk-adjusted returns for stockholders. These forward looking statements are based upon the Company’s present expectations, but these statements are not guaranteed to occur. For a description of factors that may cause the Company’s actual results or performance to differ from its forward-looking statements, please review the information under the heading “Risk Factors” included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and other documents filed by the Company with the Securities and Exchange Commission.

Investor Relations

(877) 870 – 7005

[email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Construction & Property Professional Services REIT Finance

MEDIA:

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IFF Champions Gender Equality in the Workplace, Becomes First Company to Achieve Global EDGE Move Certification

IFF Champions Gender Equality in the Workplace, Becomes First Company to Achieve Global EDGE Move Certification

NEW YORK–(BUSINESS WIRE)–
Regulatory  News:

IFF (NYSE:IFF) (Euronext Paris: IFF) (TASE: IFF), a leading innovator of taste, scent, and nutrition & ingredients, has earned Economic Dividend for Gender Equality (EDGE) Move level certification, globally, making it the first – and currently the only – company to earn this level of recognition.

EDGE is the leading global assessment and business certification for gender equality. Earning certification entails a rigorous third-party review of gender representation, pay equity, the effectiveness of policies and practices and the inclusiveness of an organization’s culture. As part of the assessment, a global survey is also distributed to employees to gauge perception of gender equity in the workplace.

“Knowing IFF is the first company to receive global certification at the EDGE Move level shows that we are aligned with our overarching goals of creating a supportive and empowering environment for all employees,” said IFF Chairman & CEO Andreas Fibig. “Occupations in STEM have historically been a challenging experience for women. With this third-party verification, IFF has created a momentum of accountability and transparency to bolster our efforts for full gender parity.”

Having achieved EDGE Assess in the U.S. last year, IFF went on to achieve EDGE Move globally in 2020 with the certification of 21 countries, making this the largest number of countries ever certified by EDGE at one time. Findings from the assessments led to IFF formalizing policies and procedures supporting gender inclusivity and equality. And results from the 2020 global certification verified that IFF provides equal pay for equivalent work in the 21 countries assessed.

“This certification identified our areas of strength and also highlighted opportunities of growth,” said IFF CHRO and Chief Diversity & Inclusion Officer Susana Suarez. “We are certainly proud of our accomplishments, however our assessment gave us a clear idea of where we can go from here. By focusing on core areas, such as flexible work and recruitment and advancement, among others, we know IFF will be in a better position to support the women and men who call us home today and who will do so in the future.”

As part of IFF’s upcoming 2021 combination with Dupont Nutrition & Biosciences, it is projected that post-merger women will represent 40% of the Executive Committee and 50% of the business unit leads.

“IFF’s milestone achievement of Global EDGE Move certification is a powerful and unambiguous step towards a more inclusive, equitable and prosperous future powered by gender equality,” said EDGE Co-Founder Aniela Unguresan. “Change requires leaders with vision, courage, and resolve. IFF is that kind of leader, leveraging gender equality as a key driver of sustainable business success.”

Welcome to IFF

At IFF (NYSE:IFF) (Euronext Paris: IFF) (TASE: IFF), we’re using Uncommon Sense to create what the world needs. As a collective of unconventional thinkers and creators, we put science and artistry to work to create unique and unexpected scents, tastes, experiences and ingredients for the products our world craves. Learn more at iff.com, Twitter , Facebook, Instagram, and LinkedIn.

Michael DeVeau

Head of Investor Relations and Communications

212.708.7164

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Food/Beverage Manufacturing Cosmetics Retail Chemicals/Plastics

MEDIA:

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PGIM Global High Yield Fund, Inc. Reports Unaudited Earnings and Financial Position for Quarter Ended October 31, 2020

PGIM Global High Yield Fund, Inc. Reports Unaudited Earnings and Financial Position for Quarter Ended October 31, 2020

NEWARK, N.J.–(BUSINESS WIRE)–
PGIM Global High Yield Fund, Inc.(NYSE: GHY) (the “Fund”), a diversified, closed-end management investment company, announced today its unaudited investment results for the quarter ended Oct. 31, 2020.

 

As of

October 31, 2020

As of

July 31, 2020

As of

October 31, 2019

Net Assets

$623,779,334

$634,169,633

$662,682,885

Loan Outstanding

$234,000,000

$224,000,000

$229,000,000

Shares Outstanding

40,923,879

40,923,879

40,923,879

Net Asset Value (“NAV”) Per Share (a)

$15.24

$15.50

$16.19

Market Price Per Share (b)

$12.73

$13.18

$14.40

Premium / (Discount) to NAV (c)

(16.5)%

(15.0)%

(11.1)%

 

 

 

 

Undistributed / (Overdistributed) Net Investment Income (d)

$635,381

$3,042,733

$4,536,733

Undistributed / (Overdistributed) Net Investment Income Per Share (e)

$0.02

$0.07

$0.11

 

 

 

 

 

Quarter Ended

October 31, 2020

Quarter Ended

July 31, 2020

Quarter Ended

October 31, 2019

Quarterly Earnings

 

 

 

Net Investment Income

$10,274,454

$9,269,657

$11,653,296

Net Realized and Unrealized Gain (Loss)

($7,773,731)

$84,905,587

($17,185,594)

Net Increase / (Decrease) in Net Assets From Operations

$2,500,723

$94,175,244

($5,532,298)

 

 

 

 

Quarterly Earnings Per Common Share Outstanding

 

 

 

Net Investment Income

$0.25

$0.23

$0.28

Net Realized and Unrealized Gain / (Loss)

($0.19)

$2.07

($0.42)

Net Increase / (Decrease) in Net Assets From Operations

$0.06

$2.30

($0.14)

This financial data is unaudited. Amounts do not reflect adjustments for Generally Accepted Accounting Principles, including those relating to amortization of premiums on securities held, and may be updated periodically.

Notes:

(a)

Net Asset Value (“NAV”) Per Share is total assets less total liabilities divided by the number of shares outstanding.

(b)

Market Price Per Share is the closing price on the New York Stock Exchange.

(c)

Premium / (Discount) to NAV is the % difference between the market price and the NAV price.

(d)

Overdistributed amounts may be funded by capital gains on portfolio securities or through return of stockholders’ capital. Undistributed / (Overdistributed) Net Investment Income (“UNII”) (“ONII”) represents the balance to date of a fund’s net investment income less its distributions. Includes prior year UNII of $3,042,733 for the fiscal year ended July 31, 2020 and the UNII of $5,569,839 for the fiscal year ended July 31, 2019.

(e)

The UNII information provided treats amounts relating to foreign currency transactions as net realized and unrealized gain (loss). However, these amounts are treated as net investment income (loss) for federal income tax purposes. In accordance with federal income tax treatment, the UNII balances would have been $4,927,421/$0.12 per share, $3,042,733/$0.07 per share, and $962,979/$0.02 per share, as of the current quarter, prior quarter, and year-ago quarter, respectively. While not required to do so, the Fund may attempt to hedge its foreign currency exposure, which may offset all or a portion of the foreign currency exposure included in the table above. As of the date of this press release, the Fund believes that it has significantly hedged its foreign currency exposure.

The Fund files its annual and semiannual stockholders reports on Form N-CSR with the Securities and Exchange Commission (the “Commission”), which includes its complete schedule of investments. The Fund also files Form N-PORT with the Commission within 60 days of the end of each fiscal quarter, including the Fund’s complete schedule of investments as of its first and third fiscal quarters. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month. The Fund’s filings on Form N-PORT and stockholder reports on Form N-CSR are available on the Commission’s website at sec.gov. To obtain additional information or to make other inquiries pertaining to the Fund, stockholders can call (800) 451-6788 (toll-free).

About PGIM and Prudential Financial, Inc.

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with more than $1.4 trillion in assets under management as of Sept. 30, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.

Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.

*Prudential Financial, Inc. (PFI) is the 10th largest investment manager (out of 527 firms surveyed) in terms of global assets under management based on Pensions & Investments’ Top Money Managers list published on June 1, 2020. This ranking represents global assets under management by PFI as of March 31, 2020.

Data and commentary provided in this press release are for informational purposes only. PGIM Investments LLC, the Investment Manager of the Fund, and its affiliates do not engage in selling shares of the Fund. The Fund is subadvised by PGIM Fixed Income, a business unit of PGIM, Inc. and an affiliate of the investment manager.

The Fund invests in high yield (“junk”) bonds, which are subject to greater credit and market risks, including greater risk of default; derivative securities, which may carry market, credit, and liquidity risks; foreign securities, which are subject to currency fluctuation and political uncertainty; and emerging markets securities, which are subject to greater volatility and price declines. Fixed income investments are subject to interest rate risk, where their value will decline as interest rates rise. There are fees and expenses involved with investing in these Funds. Diversification does not assure a profit or protect against a loss in declining markets. There is no guarantee that dividends or distributions will be paid.

An investment in closed-end fund’s common stock may be speculative in that it involves a high degree of risk, should not constitute a complete investment program, and may result in loss of principal. Each closed-end fund will have its own unique investment strategy, risks, charges and expenses that need to be considered before investing.

This material is being provided for informational or educational purposes only and does not take into account the investment objectives or financial situation of any client or prospective clients. The information is not intended as investment advice and is not a recommendation. Clients seeking information regarding their particular investment needs should contact a financial professional. Please consult with a qualified investment professional if you wish to obtain investment advice.

PGIM Fixed Income is a unit of PGIM, Inc., which is a registered investment advisor and Prudential Financial company. © 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

Investment products are not insured by the FDIC or any federal government agency, may lose value, and are not a deposit of or guaranteed by any bank or any bank affiliate.

1014200-00009-00 Expiration: 6/30/2022

MEDIA:

Kylie Scott

(973)-367-6873

[email protected]

KEYWORDS: New Jersey United States North America

INDUSTRY KEYWORDS: Banking Professional Services Insurance Finance

MEDIA:

Victory Capital Holdings, Inc. and Subsidiaries

Assets Under Management1

(unaudited; in millions)

 

 

 

 

 

 

 

As of:

By Asset Class

November 30, 2020

 

October 31, 2020

Fixed Income

$

36,324

 

$

35,634

Solutions

 

32,695

 

 

29,922

U.S. Mid Cap Equity

 

25,106

 

 

22,373

U.S. Small Cap Equity

 

17,341

 

 

14,978

U.S. Large Cap Equity

 

14,070

 

 

12,737

Global / Non-U.S. Equity

 

13,199

 

 

11,641

Other

 

240

 

 

211

Total Long-Term Assets

$

138,976

 

 

$

127,496

 

Money Market / Short Term Assets

 

3,571

 

 

3,627

Total Assets Under Management

$

142,548

 

$

131,123

 

 

 

 

 

 

 

 

 

 

 

 

By Vehicle

 

 

 

 

 

Mutual Funds2

$

109,545

 

$

101,534

Separate Accounts and Other Vehicles3

 

29,185

 

 

26,146

ETFs

 

3,818

 

 

3,443

Total Assets Under Management

$

142,548

 

$

131,123

 

 

 

 

 

 

 

 

 

 

 

 

1Due to rounding, numbers presented in these tables may not add up precisely to the totals provided.

2Includes institutional and retail share classes, money market and VIP funds.

3Includes collective trust funds, wrap program accounts and unified managed accounts.

About Victory Capital

Victory Capital is a diversified global asset management firm with $142.5 billion in assets under management as of November 30, 2020. The Company operates a next-generation business model combining boutique investment qualities with the benefits of a fully integrated, centralized operating and distribution platform.

Victory Capital provides specialized investment strategies to institutions, intermediaries, retirement platforms and individual investors. With nine autonomous Investment Franchises and a Solutions Platform, Victory Capital offers a wide array of investment styles and investment vehicles including, actively managed mutual funds, separately managed accounts, active ETFs, multi-asset class strategies, custom-designed solutions and a 529 College Savings Plan.

For more information, please visit www.vcm.com or follow us: Twitter and LinkedIn

Investors:

Matthew Dennis, CFA

Chief of Staff

Director, Investor Relations

216-898-2412

[email protected]

Media:

Tricia Ross

310-622-8226

[email protected]

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Other Consumer Construction & Property Human Resources Finance Banking REIT Professional Services Family Consumer Other Professional Services

MEDIA:

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Greetham, Zeller Retire from AXIS Board of Directors

Greetham, Zeller Retire from AXIS Board of Directors

PEMBROKE, Bermuda–(BUSINESS WIRE)–
AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), today announced the retirement of Christopher V. Greetham and Wilhelm Zeller, two longtime members of the Company’s Board of Directors, effective December 31, 2020.

“We are grateful for the tremendous leadership and invaluable counsel that Chris and Willie provided to AXIS, particularly in helping the Company navigate through a period of significant transformation,” said Henry Smith, Chairman of AXIS Capital. “Their wisdom and knowledge have made AXIS a stronger company, as over the years we have particularly benefited from Willie’s deep reinsurance expertise and Chris’ expansive knowledge in the finance and risk arenas.”

Albert A. Benchimol, AXIS President and CEO added, “I want to express my deep appreciation to Chris and Willie for all of their contributions, insights and counsel over many years. Chris and Willie’s leadership on the Board will be greatly missed, and I am deeply grateful for their significant contributions.”

Mr. Greetham has served as a member of the AXIS Board of Directors since October of 2006 and Mr. Zeller joined the Board in July of 2009. Since 2018, the Company has added five new directors to its Board.

About AXIS Capital

AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at September 30, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com. Follow AXIS Capital on LinkedIn and Twitter.

Investor Contact

Matt Rohrmann

AXIS Capital Holdings Limited

[email protected]

(212) 940-3339

Media Contact

Anna Kukowski

AXIS Capital Holdings Limited

[email protected]

(212) 715-3574

KEYWORDS: Europe Caribbean United Kingdom Bermuda

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

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November AMK Report

CONCORD, Calif., Dec. 10, 2020 (GLOBE NEWSWIRE) — AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today.

Company highlights for the month of November 2020 include:

  • Platform assets of $71.8 billion at the end of November, up 18.5% year-over-year.
  • Net flows were $501 million in the month of November, down 8.4% year-over-year.
  • AssetMark Trust Company client cash was $2.50 billion, up 43.7% year-over-year.
  • Number of households increased 13.8% year-over-year to 184,935 at the end of November.
                                     
                              Change    
                              Mo. Yr.    
 
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
 		         
PLATFORM METRICS                                    
Platform Assets (in $B) 60.6 61.6   61.8 61.7 56.0 59.8 62.0 63.2 65.6 68.0 67.3 66.5 71.8   8.0 % 18.5 %    
Net Flows (in $M) 547 (194 ) 472 703 659 414 137 357 319 541 349 396 501   26.5 % -8.4 %    
CASH METRIC                                    
Ending ATC Client Cash (in $B) 1.74 1.88   1.75 1.81 2.99 3.04 2.84 2.96 2.60 2.63 2.66 2.47 2.50   1.2 % 43.7 %    
OTHER                                    
Number of Households 162,503 162,225   163,644 175,026 176,681 177,975 178,284 179,166 181,115 181,977 182,683 183,774 184,935   0.6 % 13.8 %    
                                     
                                     

This monthly data is being provided on a supplemental basis and should not be taken as a substitute for the Company’s financial statements filed with the Securities and Exchange Commission as part of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020. This monthly data is preliminary and subject to revision and should not be taken as an indication of the financial performance of AssetMark for the quarter ending December 31, 2020 or any future period. AssetMark undertakes no obligation to publicly update or review previously reported monthly data. Any updates to previously reported monthly data will be reflected in the historical data that can be found on the Investor Relations page of the Company’s corporate website at ir.assetmark.com. AssetMark reserves the right to discontinue the availability of the data in this monthly report. By filing this press release, AssetMark makes no admission as to the materiality of any information contained herein.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings we make with the Securities and Exchange Commission. AssetMark undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

About AssetMark Financial Holdings, Inc.

AssetMark is a leading provider of extensive wealth management and technology solutions that power independent financial advisors and their clients. Through AssetMark, Inc., its investment adviser subsidiary registered with the U.S. Securities and Exchange Commission, AssetMark operates a platform that comprises fully integrated technology, personalized and scalable service, and curated investment platform solutions designed to make a difference in the lives of advisors and their clients.

Contacts

Investors:
Taylor J. Hamilton, CFA
Head of Investor Relations
[email protected]

Media: 
Chris Blake
MSR Communications
[email protected]

SOURCE: AssetMark Financial Holdings, Inc.



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Uniti Group Inc. Announces Refinancing of its Revolving Credit Facility

LITTLE ROCK, Ark., Dec. 10, 2020 (GLOBE NEWSWIRE) — Uniti Group Inc. (“Uniti” or the “Company”) (Nasdaq: UNIT) announced today that it has entered into an amendment to its credit agreement that upsizes commitments from new and existing lenders under its senior secured revolving credit facility to $500 million. Under these commitments, the covenants have been revised to provide Uniti greater flexibility in pursuing its strategic initiatives, and, subject to certain conditions, the maturity date has been extended to December 10, 2024 with substantially improved pricing.

The amended credit facility provides that (i) upon receipt of routine regulatory approvals, new and extended commitments under Uniti’s amended credit facility will bear interest at a rate of LIBOR plus 375 to 450 basis points, with 0% LIBOR floor, depending on the Company’s secured leverage ratio, and (ii) certain limitations that were included in previous amendments to our credit agreement have been modified or removed, including restrictions relating to debt incurrence, restricted payments, and permitted investments.

“We are pleased to successfully complete the extension and expansion of our revolving credit facility. This marks another important advancement to improve Uniti’s financial profile, and we appreciate our lending institutions continued support,” commented Mark Wallace, Executive Vice President, Chief Financial Officer and Treasurer.

The amended credit facility will be subject to an earlier maturity date of 91 days prior to the maturity of any outstanding debt with a principal amount of at least $200 million, unless the Company’s unrestricted cash balance plus remaining revolving credit facility commitments exceeds the principal amount of such debt at all times following such 91st day until maturity. Certain non-extending lender commitments of approximately $60 million will mature on April 24, 2022 and will continue to bear interest at rates previously in effect. Prior to the expiration of these commitments, the aggregate facility will be $560 million from all lenders.

Bank of America acted as Left Lead Arranger and Bookrunner on the transaction.

ABOUT UNITI

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of September 30, 2020, Uniti owns 6.7 million fiber strand miles and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended from time to time. Those forward-looking statements include all statements that are not historical statements of fact, including,
without limitation,
those
regarding the refinancing of our senior secured revolving credit facility.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “estimate(s),” “foresee(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained. Factors which could materially alter our expectations include, but are not limited to,
the future prospects of Windstream
;
changes in the accounting treatment of our settlement with Windstream;
our ability to delever and achieve the ‘covenant reversion date’ under our secured notes due 2025, which would permit us to pay additional dividends to shareholders
;
the ability and willingness of our customers to meet and/or perform their obligations under any contractual arrangements entered into with us, including master lease arrangements; the ability of our customers to comply with laws, rules and regulations in the operation of the assets we lease to them; the ability and willingness of our customers to renew their leases with us upon their expiration, and the ability to reposition our properties on the same or better terms in the event of nonrenewal or in the event we replace an existing tenant; the adverse impact of litigation affecting us or our customers; our ability to renew, extend or obtain contracts with significant customers (including customers of the businesses we acquire); the availability of and our ability to identify suitable acquisition opportunities and our ability to acquire and lease the respective properties on favorable terms; the risk that we fail to fully realize the potential benefits of acquisitions or have difficulty integrating acquired companies;
our ability to generate sufficient cash flows to service our outstanding indebtedness; our ability to access debt and equity capital markets
(including to fund required payments pursuant to our settlement with Windstream)
; the impact on our business or the business of our customers as a result of credit rating downgrades and fluctuating interest rates; our ability to retain our key management personnel; our ability to qualify or maintain our status as a real estate investment trust (“REIT”); changes in the U.S. tax law and other state, federal or local laws, whether or not specific to REITs; covenants in our debt agreements that may limit our operational flexibility;
our expectations regarding the effect of the COVID-19 pandemic on our results of operations and financial condition;
other risks inherent in the communications industry and in the ownership of communications distribution systems, including potential liability relating to environmental matters and illiquidity of real estate investments; and additional factors described in our reports filed with the SEC.

Uniti expressly disclaims any obligation to release publicly any updates or revisions to any of the forward-looking statements set forth in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which any statement is based.

INVESTOR AND MEDIA CONTACTS:

Mark A. Wallace, 501-850-0866
Executive Vice President, Chief Financial Officer & Treasurer
[email protected]

Bill DiTullio, 501-850-0872
Vice President, Finance and Investor Relations
[email protected]