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BROOMFIELD, Colo., Dec. 10, 2020 /PRNewswire/ — Vail Resorts, Inc. (NYSE: MTN) today reported results for the first quarter of fiscal 2021 ended October 31, 2020, which were negatively impacted by COVID-19 related limitations, restrictions and closures, and provided season pass sales results.

Highlights

• Net loss attributable to Vail Resorts, Inc. was $153.8 million for the first fiscal quarter of 2021, a decrease of 44.4% compared to the first fiscal quarter of 2020, primarily as a result of the negative impacts of COVID-19.
• Resort Reported EBITDA loss was $94.8 million for the first fiscal quarter of 2021, compared to a Resort Reported EBITDA loss of $76.7 million for the first fiscal quarter of 2020, primarily as a result of the negative impacts of COVID-19 and partially offset by disciplined cost management and $15.4 million of lift revenue recognized in the first fiscal quarter of 2021 associated with the expiration of the credit offers to 2019/2020 pass product holders.
• Season pass sales through December 6, 2020 for the upcoming 2020/2021 North American ski season increased approximately 20% in units and were flat in sales dollars as compared to the period in the prior year through December 8, 2019, with sales dollars for this year reduced by the value of the redeemed credits provided to 2019/2020 North American pass holders. Without deducting for the value of the redeemed credits, sales dollars increased approximately 19% compared to the prior year. Pass sales are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.78 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales.
• We continue to maintain significant liquidity with $614 million of cash on hand as of November 30, 2020 and $587 million of availability under our U.S. and Whistler Blackcomb revolving credit facilities.

Commenting on the Company’s fiscal 2021 first quarter results, Rob Katz, Chief Executive Officer, said, “Our first fiscal quarter historically operates at a loss, given that our North American mountain resorts are generally not open for ski season operations during the period. The quarter’s results are primarily driven by winter operating results from our Australian resorts and our North American resorts’ summer activities, dining, retail/rental and lodging operations, and administrative expenses. Our results for the first quarter continued to be negatively impacted by COVID-19. In Australia, Hotham and Falls Creek remained closed for the entire quarter following the issuance of stay at home orders by the Victorian government on July 8, 2020, resulting in a significant decline in revenue compared to the prior year period. At Perisher, visitation trends improved relative to July 2020 as available terrain increased, but results continued to be negatively impacted by COVID-19 and related capacity constraints. In North America, our U.S. resorts experienced improved demand from leisure travelers throughout the quarter relative to the fourth quarter of fiscal 2020, but summer visitation remained well below historical levels. At Whistler Blackcomb, demand remained significantly below prior year levels due in part to travel restrictions, with the Canadian border remaining closed the entire quarter to international guests, including guests from the U.S.

“We continued to maintain disciplined and rigorous cost controls throughout the quarter to partially mitigate the reduced revenue levels. Resort net revenue for the first quarter declined $132.1 million compared to the prior year while Resort Reported EBITDA declined only $18.1 million over the same time period, reflecting cost reductions driven by a combination of reduced seasonal labor and expenses as well as significant overhead cost saving actions. First quarter Resort net revenue includes the recognition of approximately $15.4 million of lift revenue related to the September 17, 2020 expiration of unredeemed credits offered to 2019/2020 North American pass holders (the “Credit Offer”), for which we deferred a total of $120.9 million of revenue from our prior year pass sales and which would have otherwise been recognized during fiscal 2020. We expect to recognize the remainder of the deferred revenue associated with the Credit Offer as lift revenue primarily during the second and third quarters of fiscal 2021.”

Commenting on the Company’s liquidity, Katz stated, “Our total cash and revolver availability as of November 30, 2020 was approximately $1.2 billion, with $614 million of cash on hand, $419 million of U.S. revolver availability under the Vail Holdings Credit Agreement and $169 million of revolver availability under the Whistler Credit Agreement. As of October 31, 2020, our Net Debt was 4.1 times trailing twelve months Total Reported EBITDA. We continue to expect to have sufficient liquidity to fund operations through at least the 2021/2022 ski season, even in the event of extended resort shutdowns.”

Moving on to season pass results, Katz said, “As we approach the end of our selling period, season pass sales for the North American ski season increased approximately 20% in units and were flat in sales dollars through December 6, 2020 compared to the prior year period ended December 8, 2019, with sales dollars for this year reduced by the value of the redeemed credits provided to 2019/2020 North American pass holders. Without deducting for the value of the redeemed credits, sales dollars increased approximately 19% compared to the prior year. Pass sales results are adjusted to eliminate the impact of foreign currency by applying an exchange rate of $0.78 between the Canadian dollar and U.S. dollar in both periods for Whistler Blackcomb pass sales. Pass sales are reduced by the amount of Epic Coverage refund requests processed through December 6, 2020, but do not include any estimated reductions for future Epic Coverage refunds.

“We are very pleased with the growth in our season pass program, particularly given the challenging circumstances surrounding the impacts of COVID-19.  We expect that the total number of guests on all advanced purchase passes this year will exceed 1.4 million including all passes for our North American and Australian resorts, demonstrating the significant loyalty of our guest base and the strong demand for our mountain resorts. Since September, pass sales exceeded our expectations primarily driven by continued strong demand from destination guests and significant growth in pass sales to guests who were not previously in our database, particularly in lower frequency Epic Day Pass products.”

Katz continued, “For the full pass sales season, we saw very strong unit growth broadly across our Destination markets. We also saw solid unit growth in our Utah, Northern California and Whistler markets and in Colorado saw comparable performance to last year. The primary driver of our unit growth was from renewing pass holders given the credit incentive offered for renewing guests, but we also saw strong growth in new pass holders, with particularly strong growth in pass sales to guests who were not previously in our guest database. We saw strong growth in our Epic Pass and Epic Local Pass products and very strong growth in our Epic Day Pass products, demonstrating both the guest loyalty we have created in our core programs and the success of our long-term strategy to move new and less frequent guests into our pass products. While we expect that some of our Epic Day Pass growth may be a result of the circumstances surrounding this season, we also believe that the growth from new guests into our pass products this year will accelerate our ability to move guests into advanced commitment in the future. The success of our total program this year has been supported by the value proposition of our pass products and the steps taken to address the current environment, including our pass holder credits, extended deadlines, reservation system, new Epic Coverage program included with the purchase of every pass product for no additional charge, continued data-driven marketing efforts, inclusion of Peak Resorts in our network, and a second year offering our broader Epic Day Pass products.”

Katz continued, “The safety of our guests, employees and communities continues to be our top priority. As previously mentioned, we implemented operating procedures that we believe will enable us to operate safely across our 34 North American ski resorts throughout the season, including the implementation of a reservation system for our guests. Currently, the reservation system, which opened to pass holders on November 6, 2020 and lift ticket purchasers on December 8, 2020, continues to have available capacity for almost all days during the core season across our resorts.  The reservation systems and our contingency planning around our operations has positioned us to react quickly to the changing circumstances surrounding COVID-19 restrictions across our resort jurisdictions, which we expect will continue throughout the season.”

Operating Results

A more complete discussion of our operating results can be found within the Management’s Discussion and Analysis of Financial Condition and Results of Operations section of the Company’s Form 10-Q for the first fiscal quarter ended October 31, 2020, which was filed today with the Securities and Exchange Commission. The following are segment highlights:

Mountain Segment

• Mountain segment net revenue decreased $86.1 million, or 47.6%, to $94.7 million for the three months ended October 31, 2020 as compared to the same period in the prior year, which was negatively impacted by COVID-19 related limitations, restrictions and closures for our North American summer operations and at our Australian ski areas, partially offset by $15.4 million of lift revenue associated with the expiration of the Credit Offer.
• Mountain Reported EBITDA loss was $87.4 million for the three months ended October 31, 2020, which represents an incremental loss of $7.4 million, or 9.3%, as compared to the Mountain Reported EBITDA loss for the same period in the prior year, and was negatively impacted by COVID-19 related limitations and incremental Peak Resorts operating losses for the respective period it was not owned in the prior year, partially offset by disciplined cost management and $15.4 million of lift revenue associated with the expiration of the Credit Offer.

Lodging Segment

• Lodging segment net revenue (excluding payroll cost reimbursements) decreased $44.0 million, or 55.2%, to $35.6 million for the three months ended October 31, 2020 as compared to the same period in the prior year, primarily due to the operational restrictions and limitations of our North American lodging properties as a result of COVID-19.
• Lodging Reported EBITDA loss was $7.4 million for the three months ended October 31, 2020, which represents a decrease of $10.7 million, as compared to the same period in the prior year, primarily due to the operational restrictions and limitations of our North American lodging properties as a result of COVID-19.

Resort – Combination of Mountain and Lodging Segments

• Resort net revenue was $131.5 million for the three months ended October 31, 2020, a decrease of $132.1 million as compared to resort net revenue of $263.6 million for the same period in the prior year.
• Resort Reported EBITDA loss was $94.8 million for the three months ended October 31, 2020, which included $0.3 million of acquisition and integration related expenses; estimated incremental off-season losses of $6.3 million from Peak Resorts for the respective period it was not owned in the prior year; and approximately $2 million of favorability from currency translation, which the Company calculated on a constant currency basis by applying current period foreign exchange rates to the prior period results. In the same period in the prior year, Resort Reported EBITDA loss was $76.7 million, which included $9.0 million of acquisition and integration related expenses.

Total Performance

• Total net revenue decreased $136.0 million, or 50.8%, to $131.8 million for the three months ended October 31, 2020 as compared to the same period in the prior year.
• Net loss attributable to Vail Resorts, Inc. was $153.8 million, or a loss of $3.82 per diluted share, for the first quarter of fiscal 2021 compared to a net loss attributable to Vail Resorts, Inc. of $106.5 million, or a loss of $2.64 per diluted share, in the prior year. Fiscal 2021 first quarter net loss included the after-tax effect of estimated incremental off-season losses of approximately $9.5 million from Peak Resorts for the respective period it was not owned in the prior year, and approximately $2 million of favorability from currency translation, which the Company calculated on a constant currency basis by applying current period foreign exchange rates to the prior period results. Fiscal 2020 first quarter net loss included the after-tax effect of acquisition and integration related expenses of approximately $6.8 million.

Capital Investments

Commenting on the Company’s capital investments for calendar year 2021, Katz said, “We remain committed to reinvesting in our resorts, creating an experience of a lifetime for our guests and generating strong returns for our shareholders.  We plan to maintain a disciplined approach to capital investments, keeping our core capital at reduced levels given the continued uncertainty due to COVID-19. We will announce our complete capital plan for calendar year 2021 in March 2021, but we are pleased to highlight several signature investments planned for the 2021/2022 North American ski season, which were previously deferred from calendar year 2020 as a result of COVID-19 and are subject to regulatory approvals.

“In Colorado, we plan to move forward with the 250-acre lift-served terrain expansion in the McCoy Park area of Beaver Creek. The new lift accessed beginner and intermediate bowl experience is a rare opportunity to expand with highly accessible terrain in one of the most idyllic settings in Colorado and will further differentiate the high-end, family focused experience at Beaver Creek.

“At Breckenridge, we plan to install a new four-person high speed lift to serve the popular Peak 7. This additional lift will further enhance the guest experience at the most visited resort in the U.S. and will significantly increase guest access and circulation for the intermediate terrain on Peaks 6 and 7. At Keystone, we plan to replace the four-person Peru lift with a six-person high speed chairlift in order to increase capacity out of a key base area of the resort and improve guest access, circulation and experience at one of the top performing resorts in the U.S.

“At Crested Butte, we plan to replace the two-person fixed-grip Peachtree chairlift with a new three-person fixed-grip lift that services beginner terrain at the base of the resort and will improve uplift capacity. Additionally, we plan to improve the grading of the terrain serviced by the Peachtree lift to create a more consistent experience for our beginner and ski school guests.

“At Okemo, we plan to complete a transformational investment including upgrading the Quantum lift from a four-person to a six-person high speed chairlift, relocating the existing four-person Quantum lift to replace the Green Ridge three-person fixed-grip chairlift. These investments will greatly improve uplift capacity, further enhance the guest experience and complete our $35 million capital plan for Triple Peaks.

“We will also continue to invest in company-wide technology enhancements to support our data driven approach and corporate infrastructure which improve our scalability and efficiency as we work to optimize our processes, business analytics and cost discipline across the network.  In particular, we intend to invest in a number of upgrades to the infrastructure of our guest contact centers and bring a best-in-class approach to how we service our guests through these channels. Our call centers and chat functionality were not well suited to handle the more than fourfold increase in call and chat volume we saw over the past six months, which created a challenging experience for our guests.  We will also continue to invest in ongoing maintenance capital to support our infrastructure across our resorts.

“We plan to spend approximately $4 million on integration activities, primarily related to Peak Resorts. 

“We expect our capital plan for calendar 2021 will be approximately $110 million to $115 million, excluding one-time items associated with integrations and $11 million of reimbursable investments.  Including these one-time items, we expect our total capital plan will be approximately $125 million to $130 million.  We will continue evaluating our calendar year 2021 capital plan as the season progresses including potential opportunities to increase the planned level of investments and will be providing further detail and updates in March 2021.”

Outlook

Commenting on the Company’s outlook for the 2020/2021 North American ski season, Katz said, “Given the uncertainty COVID-19 has created for travel demand, operating restrictions and the ultimate visitation to and spending at our resorts, the Company will not be providing full year guidance for fiscal 2021 at this time. That said, we are very pleased with the results of our season pass sales and the strong foundation of visitation and revenue that creates heading into the season.  Given the challenging dynamics associated with COVID-19, we continue to expect material declines in visitation to our resorts and associated revenue declines in fiscal 2021 relative to our original expectations for fiscal 2020, primarily as a result of expected declines in visitation from non-pass, lift ticket purchases due to reduced destination visitation, with more material declines specifically among international guests.  While we expect that mandated capacity limitations will have a negative impact on our visitation during peak periods, we expect the primary driver of visitation declines for the North American ski season to be a result of reduced travel demand.  We expect additional negative impacts to visitation in select regions where heightened restrictions exist, including Whistler Blackcomb, given Canadian border closures and domestic travel guidance, and Vermont as a result of the quarantine policy for out-of-state travelers.  We also expect significant negative financial impacts on our ancillary lines of business, materially in excess of the decline in visitation, as a result of significant COVID-19 limitations and restrictions, particularly in food and beverage and ski school. In food and beverage, we have recently reduced capacity at our restaurants and have limited many of our on-mountain restaurants to grab-and-go options. In ski school, we have reduced group sizes and at many resorts eliminated full day and other select lesson types in response to COVID-19 limitations and restrictions.

“Since the start of COVID-19, disciplined cost management has been a primary focus, with significant actions taken to date to tightly manage our costs with reduced revenue expectations. We have implemented operating plans that actively manage our expenses, while maintaining a high-quality experience for our guests, and we remain confident in our ability to deliver against the cost structure variability previously outlined in our September 2020 earnings release.”

Earnings Conference Call

The Company will conduct a conference call today at 5:00 p.m. eastern time to discuss the financial results. The call will be webcast and can be accessed at www.vailresorts.com in the Investor Relations section, or dial (800) 367-2403 (U.S. and Canada) or (334) 777-6978 (international). A replay of the conference call will be available two hours following the conclusion of the conference call through December 24, 2020, at 8:00 p.m. eastern time. To access the replay, dial (888) 203-1112 (U.S. and Canada) or (719) 457-0820 (international), pass code 2470991. The conference call will also be archived at www.vailresorts.com.

About Vail Resorts, Inc. (NYSE: MTN)

Vail Resorts, Inc., through its subsidiaries, is the leading global mountain resort operator. Vail Resorts’ subsidiaries operate 37 destination mountain resorts and regional ski areas, including Vail, Beaver Creek, Breckenridge, Keystone and Crested Butte in Colorado; Park City in Utah; Heavenly, Northstar and Kirkwood in the Lake Tahoe area of California and Nevada; Whistler Blackcomb in British Columbia, Canada; Perisher, Falls Creek and Hotham in Australia; Stowe, Mount Snow, and Okemo in Vermont; Hunter Mountain in New York; Mount Sunapee, Attitash, Wildcat and Crotched in New Hampshire; Stevens Pass in Washington; Liberty, Roundtop, Whitetail, Jack Frost and Big Boulder in Pennsylvania; Alpine Valley, Boston Mills, Brandywine and Mad River in Ohio; Hidden Valley and Snow Creek in Missouri; Wilmot in Wisconsin; Afton Alps in Minnesota; Mt. Brighton in Michigan; and Paoli Peaks in Indiana. Vail Resorts owns and/or manages a collection of casually elegant hotels under the RockResorts brand, as well as the Grand Teton Lodge Company in Jackson Hole, Wyoming. Vail Resorts Development Company is the real estate planning and development subsidiary of Vail Resorts, Inc. Vail Resorts is a publicly held company traded on the New York Stock Exchange (NYSE: MTN). The Vail Resorts company website is www.vailresorts.com and consumer website is www.snow.com.

Forward-Looking Statements

Certain statements discussed in this press release and on the conference call, other than statements of historical information, are forward-looking statements within the meaning of the federal securities laws, including our expectations regarding our future liquidity; the effects of the COVID-19 pandemic on, among other things, our operations and the travel patterns of our current and potential customers; sales patterns and expectations related to our season pass products; our expectations regarding visitation for the 2020/2021 ski season; our planned capital expenditures for calendar year 2021; and our expectations regarding our ancillary lines of business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Such risks and uncertainties include but are not limited to the ultimate duration of COVID-19 and its short-term and long-term impacts on consumer behaviors, the economy generally and our business and results of operations, including the ultimate amount of refunds that we would be required to refund to our pass product holders for qualifying circumstances under our recently launched Epic Coverage program; prolonged weakness in general economic conditions, including adverse effects on the overall travel and leisure related industries; willingness or ability of our guests to travel due to terrorism, the uncertainty of military conflicts or outbreaks of contagious diseases (such as the current outbreak of COVID-19), and the cost and availability of travel options and changing consumer preferences; unfavorable weather conditions or the impact of natural disasters; risks related to our reliance on information technology, including our failure to maintain the integrity of our customer or employee data and our ability to adapt to technological developments or industry trends; risks related to cyber-attacks; the seasonality of our business combined with adverse events that occur during our peak operating periods; competition in our mountain and lodging businesses; high fixed cost structure of our business; our ability to fund resort capital expenditures; risks related to a disruption in our water supply that would impact our snowmaking capabilities and operations; our reliance on government permits or approvals for our use of public land or to make operational and capital improvements; risks associated with obtaining governmental or third party approvals; risks related to federal, state, local and foreign government laws, rules and regulations; risks related to changes in security and privacy laws and regulations which could increase our operating costs and adversely affect our ability to market our products and services effectively; risks related to our workforce, including increased labor costs; loss of key personnel and our ability to hire and retain a sufficient seasonal workforce; adverse consequences of current or future legal claims; a deterioration in the quality or reputation of our brands, including our ability to protect our intellectual property and the risk of accidents at our mountain resorts; our ability to successfully integrate acquired businesses, or that acquired businesses may fail to perform in accordance with expectations, including Falls Creek, Hotham, Peak Resorts or future acquisitions; our ability to satisfy the requirements of Section 404 of the Sarbanes-Oxley Act of 2002, with respect to acquired businesses; risks associated with international operations; fluctuations in foreign currency exchange rates where the Company has foreign currency exposure, primarily the Canadian and Australian dollars; changes in accounting judgments and estimates, accounting principles, policies or guidelines or adverse determinations by taxing authorities as well as risks associated with uncertainty of the impact of tax reform legislation in the United States; risks related to our indebtedness and our ability to satisfy our debt service requirements under our outstanding debt including our unsecured senior notes, which could reduce our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities and other purposes; a materially adverse change in our financial condition; and other risks detailed in the Company’s filings with the Securities and Exchange Commission, including the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2020, which was filed on September 24, 2020.

All forward-looking statements attributable to us or any persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. All guidance and forward-looking statements in this press release are made as of the date hereof and we do not undertake any obligation to update any forecast or forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by law.

Statement Concerning Non-GAAP Financial Measures

When reporting financial results, we use the terms Resort Reported EBITDA, Total Reported EBITDA, Resort EBITDA Margin, Net Debt and Net Real Estate Cash Flow, which are not financial measures under accounting principles generally accepted in the United States of America (“GAAP”). Resort Reported EBITDA, Total Reported EBITDA, Net Debt and Net Real Estate Cash Flow should not be considered in isolation or as an alternative to, or substitute for, measures of financial performance or liquidity prepared in accordance with GAAP. In addition, we report segment Reported EBITDA (i.e. Mountain, Lodging and Real Estate), the measure of segment profit or loss required to be disclosed in accordance with GAAP. Accordingly, these measures may not be comparable to similarly-titled measures of other companies. Additionally, with respect to discussion of impacts from currency, the Company calculates the impact by applying current period foreign exchange rates to the prior period results, as the Company believes that comparing financial information using comparable foreign exchange rates is a more objective and useful measure of changes in operating performance.

Reported EBITDA (and its counterpart for each of our segments) has been presented herein as a measure of the Company’s performance. The Company believes that Reported EBITDA is an indicative measurement of the Company’s operating performance, and is similar to performance metrics generally used by investors to evaluate other companies in the resort and lodging industries. The Company believes that Net Debt is an important measurement of liquidity as it is an indicator of the Company’s ability to obtain additional capital resources for its future cash needs. Additionally, the Company believes Net Real Estate Cash Flow is important as a cash flow indicator for its Real Estate segment. See the tables provided in this release for reconciliations of our measures of segment profitability and non-GAAP financial measures to the most directly comparable GAAP financial measures.

 

 

 

 

 

 

 

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SOURCE Vail Resorts, Inc.

SAN FRANCISCO, Dec. 10, 2020 /PRNewswire/ — Prologis, Inc. (NYSE: PLD), the global leader in logistics real estate, has been recognized for leadership in corporate sustainability by global environmental nonprofit CDP (formerly the Carbon Disclosure Project), which has named the company to its 2020 Climate Change A List. 

Prologis and its listed entities FIBRA Prologis and Nippon Prologis REIT, which were included in the company’s submission to CDP, have been honored for their collective actions to mitigate climate risks and contribute to a low-carbon economy.

Following two prior superior A- rankings, Prologis’ first appearance on the A List places it among high-performing companies that are leading on corporate environmental ambition, action and transparency worldwide.    

“From the buildings we develop and operate to the customer-centric solutions we offer, environmental stewardship has been a foundational part of our success, and we are proud to make CDP’s A List for the first time,” said Ying Yu, Prologis’ senior vice president of ESG. “Our score is a recognition of our longstanding commitment to sustainability and the tremendous work carried out by our employees as we advance our climate-related goals.”

CDP’s annual environmental disclosure and scoring process is widely recognized as the gold standard of corporate environmental transparency. In 2020, more than 515 investors with over US$106 trillion in assets and 150+ major purchasers with US$4 trillion in procurement spend requested that companies disclose their data on environmental impacts, risks and opportunities through CDP’s platform. More than 9,600 disclosed – the highest ever. The full list of companies on the 2020 A List, along with other publicly available company scores, is here: https://www.cdp.net/en/companies/companies-scores.

More information about Prologis’ ESG programs and its 2019 ESG Impact Report can be found at: https://prolo.gs/esg.

ABOUT PROLOGIS

Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high growth markets. As of September 30, 2020, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 976 million square feet (91 million square meters) in 19 countries. Prologis leases modern logistics facilities to a diverse base of approximately 5,500 customers principally across two major categories: business-to-business and retail/online fulfillment.

FORWARD-LOOKING STATEMENTS
The statements in this document that are not historical facts are 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. These forward-looking statements are based on current expectations, estimates and projections about the industry and markets in which we operate as well as management’s beliefs and assumptions. Such statements involve uncertainties that could significantly impact our financial results. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” and “estimates,” including variations of such words and similar expressions, are intended to identify such forward-looking statements, which generally are not historical in nature. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future — including statements relating to rent and occupancy growth, development activity, contribution and disposition activity, general conditions in the geographic areas where we operate, our debt, capital structure and financial position, our ability to form new co-investment ventures and the availability of capital in existing or new co-investment ventures — are forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Although we believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, we can give no assurance that our expectations will be attained and, therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Some of the factors that may affect outcomes and results include, but are not limited to: (i) national, international, regional and local economic and political climates; (ii) changes in global financial markets, interest rates and foreign currency exchange rates; (iii) increased or unanticipated competition for our properties; (iv) risks associated with acquisitions, dispositions and development of properties; (v) maintenance of real estate investment trust status, tax structuring and changes in income tax laws and rates; (vi) availability of financing and capital, the levels of debt that we maintain and our credit ratings; (vii) risks related to our investments in our co-investment ventures, including our ability to establish new co-investment ventures; (viii) risks of doing business internationally, including currency risks; (ix) environmental uncertainties, including risks of natural disasters; (x) risk related to the current coronavirus pandemic, and (xi) those additional factors discussed in reports filed with the Securities and Exchange Commission by us under the heading “Risk Factors.” We undertake no duty to update any forward-looking statements appearing in this document except as may be required by law.

 

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SOURCE Prologis, Inc.

GREENWICH, Conn., Dec. 10, 2020 /PRNewswire/ — Sarissa Capital Acquisition Corp. (the “Company”) announced today that, commencing December 11, 2020, holders of the 20,000,000 units sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares and warrants included in the units. Class A ordinary shares and warrants that are separated will trade on The Nasdaq Capital Market under the symbols “SRSA” and “SRSAW,” respectively. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Those units not separated will continue to trade on The Nasdaq Capital Market under the symbol “SRSAU.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.

The Company is a new blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on the healthcare industry in the United States and other developed countries.

The units were initially offered by the Company in an underwritten offering. Cantor Fitzgerald & Co. acted as the sole book-running manager for the offering. A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (“SEC”) on October 20, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering, the anticipated use of the net proceeds and search for an initial business combination. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk factors” section of the Company’s registration statement and prospectus for the Company’s offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

About Sarissa Capital Acquisition Corp.

Sarissa Capital Acquisition Corp. (the “Company”) is a new blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company’s sponsor, Sarissa Capital Acquisition Sponsor LLC, was capitalized by investment funds managed by Sarissa Capital Management LP, which was founded by Alex Denner, Ph.D. While the Company may pursue an acquisition opportunity in any industry or sector, it intends to focus on the healthcare industry in the United States and other developed countries.

Contact

Eric Vincent

Sarissa Capital Acquisition Corp.
203-302-2460

Media Contacts:

Steve Bruce / Taylor Ingraham
ASC Advisors
203-992-1230
[email protected] / [email protected]

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SOURCE Sarissa Capital Acquisition Corp.

WASHINGTON and CARLSBAD, Calif., Dec. 10, 2020 /PRNewswire/ — Despite the Department of Defense (DoD) making strategic moves to improve its communications technologies, a new study finds challenges still exist in fulfilling a successful military communications technology strategy for the multi-domain battlefield. Concerns regarding the DoD’s acquisition process and cybersecurity were revealed in the study, conducted by the Government Business Council (GBC), the research division of Government Executive Media Group, in partnership with Viasat Inc., (NASDAQ: VSAT) a global communications company.

According to the second annual State of Military Communications study, respondents reported the top three causes of defense communications technology deficiencies in their agencies include: limited funding, incompatibilities with legacy architectures and cultural complacency. Cultural complacency was also reported as the number one reason why defense agencies continue to contract with companies from the Traditional Defense Industrial Base (TDIB) over companies from the New Defense Industrial Base (NDIB).

Other key findings from the study include:

Despite technology improvements, communications technology strategy is still not seen as an agency priority, with communication technology blackouts still common

• 97% of respondents reported a complete loss in connectivity at some point while working in the military.
• The majority (60%) of respondents think U.S communications technology is either behind or only on par with their adversaries, suggesting potentially dire implications relative to near-peer adversaries.
• 76% of respondents believe that a focus on improvements to defense communications is much lower, or just on par, with other top priorities in their agency.

Secure connectivity was seen as the number one improvement need in defense communications technology

• When asked about their agency’s preparedness for a cyberattack on defense communications infrastructure, confidence levels were low across the board. The highest percentage (39%) of respondents indicated they were ‘moderately confident’ in their agency’ preparedness, while 16% said they were ‘not at all confident’ and only 8% reported feeling ‘extremely confident.’

Acquisition remains a barrier to a U.S. military lead in defense technologies 

• 67% of respondents agree there is room for the military to improve its adoption of communications technology.
• Increased commercial sector engagement could help boost the pace of improvements to the military’s communications technology portfolio, according to the majority (63%) of respondents.
• Respondents (52%) also suggest that increased participation from non-traditional companies — including those from the NDIB — in DoD’s acquisition process could expose the military to the latest and greatest technology and business processes.

Investments in cloud, analytics and communications are being made to support the next-gen warfighter

• Though challenges exist with developing and acquiring advanced communications technology, respondents did report their agencies are upgrading equipment to minimize challenges created by outdated legacy IT.
• Advanced satellite communications, analytics and 5G technology were flagged by respondents as the top next-gen technologies their agency must leverage to advance defense communications capabilities.
• Respondents also believe cloud computing is worthy of investment, noting their organizations were prioritizing it in order to outpace competitive adversaries. Specifically, 36% of respondents reported a concerted agency push for cloud computing technologies within the past 12 months.

“As the defense landscape evolves, global military prowess will no longer be determined by artillery alone; command over information — and the digital channels that convey it — will determine the victor,” said Daniel Thomas, director, Research & Strategic Insights, Government Business Council. “This year’s State of Military Communications survey continued to highlight the need for the DoD to increase its communications modernization efforts to remain competitive against global adversaries to drive real-time decision making and information sharing.”

“In its second year, the State of Military Communications survey once again spotlighted the need for enhanced communications to help bridge the multi-domain battlefield and support our warfighters,” said Ken Peterman, president, Government Systems, Viasat. “Status-quo acquisition models anchored in cultural complacency must evolve, the pace of technology deployment must align with the speed of relevancy and a focus on security, cloud computing, communications and analytics are all needed to ensure our U.S. competitive military advantage does not erode. Viasat is at the vanguard of the New Defense Industrial Base, focused on bringing innovative business models and game-changing technologies to the defense sector with the goal of creating unprecedented warfighter capabilities and mission outcomes.”

A complete copy of the Second Annual State of Military Communications Study can be found here.

About the research and methodology
Government Business Council, the research division of Government Executive Media Group, in partnership with Viasat, conducted the State of Military Communications survey, an in-depth study of senior military decision-makers. The study, now in its second year, was fielded from September-October 2020, to a random sample of U.S. active military and DoD civilians from across the nation. Responses of 195 defense employees were captured after quality control and screening, with about 40% of respondents identifying as GS/GM-13 level or above (including Senior Executive Service). Respondents represented all branches of the military, with the greatest input from the Air Force, Navy, and Army in the 2020 survey.

About Government Business Council
As Government Executive Media Group’s research division, Government Business Council (GBC) is dedicated to advancing the business of government through analysis, insight and analytical independence. An extension of Government Executive’s 50 years of exemplary editorial standards, GBC produces over 100 research initiatives each year, studying influential decision-makers across all sectors in government to provide invaluable insights, thought leadership content and marketing intelligence for government contractors.

About Viasat
Viasat is a global communications company that believes everyone and everything in the world can be connected. For nearly 35 years, Viasat has helped shape how consumers, businesses, governments and militaries around the world communicate. Today, the Company is developing the ultimate global communications network to power high-quality, secure, affordable, fast connections to impact people’s lives anywhere they are—on the ground, in the air or at sea. To learn more about Viasat, visit: www.viasat.com, go to Viasat’s Corporate Blog, or follow the Company on social media at: Facebook, Instagram, LinkedIn, Twitter or YouTube.

Copyright © 2020 Viasat, Inc. All rights reserved. Viasat, the Viasat logo and the Viasat signal are registered trademarks of Viasat, Inc. All other product or company names mentioned are used for identification purposes only and may be trademarks of their respective owners.

 

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SOURCE Viasat, Inc.

EMERYVILLE, Calif., Dec. 10, 2020 /PRNewswire/ — Dynavax Technologies Corporation (Nasdaq: DVAX), a biopharmaceutical company focused on developing and commercializing novel vaccines, today announced that the European Medicines Agency (EMA) Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion on the company’s Marketing Authorization Application, recommending the granting of marketing authorization for HEPLISAV-B [Hepatitis B Vaccine (Recombinant), Adjuvanted] for the active immunization against hepatitis B virus infection (HBV) caused by all known subtypes of hepatitis B virus in adults 18 years of age and older. The CHMP recommendation was based on the assessment of HEPLISAV-B demonstrated by the safety and immunogenicity results from three Phase 3 clinical trials and post-marketing safety results.

“Hepatitis B is a highly infectious and potentially deadly virus with increasing infection rates, and over 250 million people infected worldwide. Thankfully, it can be prevented with effective vaccination,” commented Ryan Spencer, Chief Executive Officer of Dynavax. “With a regimen of only two doses in just one-month, HEPLISAV-B provides a unique opportunity to address known challenges with patient compliance, while delivering faster and higher rates of seroprotection compared to the three dose regimen over 6 months for the comparator vaccine. The positive CHMP opinion is an important step to extending the benefits of HEPLISAV-B beyond the United States, where it was approved in 2017.”

In the European Union (EU), HEPLISAV-B is not yet approved. Under the EU regulatory process, the European Commission will now review the CHMP recommendation and the final decision on Marketing Authorization is expected in the first quarter of 2021. If approved by the European Commission, Dynavax would receive marketing authorization for HEPLISAV-B in all EU Member States.

Please see Important Safety Information below.

About Hepatitis B
Hepatitis B is a viral disease of the liver that can become chronic and lead to cirrhosis, liver cancer and death. The hepatitis B virus is 50 to 100 times more infectious than HIV, and transmission is on the rise. There is no cure for hepatitis B, but effective vaccination can prevent the disease.  In adults, hepatitis B is spread through contact with infected blood and through unprotected sex with an infected person.

About HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted]
HEPLISAV-B is an adult hepatitis B vaccine that combines hepatitis B surface antigen with Dynavax’s proprietary Toll-like Receptor (TLR) 9 agonist CpG 1018 to enhance the immune response. Dynavax has worldwide commercial rights to HEPLISAV-B.

Indication and Use in Approved U.S. Label
HEPLISAV-B is indicated for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older.

For full U.S. Prescribing Information for HEPLISAV-B, click here.

Important Safety Information (ISI)
Do not administer HEPLISAV-B to individuals with a history of severe allergic reaction (e.g., anaphylaxis) after a previous dose of any hepatitis B vaccine or to any component of HEPLISAV-B, including yeast. Appropriate medical treatment and supervision must be available to manage possible anaphylactic reactions following administration of HEPLISAV-B. Immunocompromised persons, including individuals receiving immunosuppressant therapy, may have a diminished immune response to HEPLISAV-B. Hepatitis B has a long incubation period. HEPLISAV-B may not prevent hepatitis B infection in individuals who have an unrecognized hepatitis B infection at the time of vaccine administration. The most common patient reported adverse reactions reported within 7 days of vaccination were injection site pain (23% to 39%), fatigue (11% to 17%) and headache (8% to 17%).

About Dynavax
Dynavax is a commercial stage biopharmaceutical company developing and commercializing novel vaccines. The Company’s first commercial product, HEPLISAV-B® [Hepatitis B Vaccine (Recombinant), Adjuvanted], is approved in the U.S. for prevention of infection caused by all known subtypes of hepatitis B virus in adults age 18 years and older. Dynavax is also advancing CpG 1018 as a premier vaccine adjuvant through research collaborations and partnerships. Current collaborations are focused on adjuvanted vaccines for COVID-19, pertussis and universal influenza. For more information, visit www.dynavax.com and follow the company on LinkedIn.

Forward-Looking Statements
This press release contains “forward-looking” statements, including statements regarding the potential for HEPLISAV-B to be approved for marketing in the EU in the first quarter of 2021.  Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in our business, including, whether and when HEPLISAV-B will be approved for marketing in the EU, and if approved, whether we will successfully commercialize it in the EU, as well as other risks detailed in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, as well as discussions of potential risks, uncertainties and other important factors in our other filings with the U.S. Securities and Exchange Commission. We undertake no obligation to revise or update information herein to reflect events or circumstances in the future, even if new information becomes available. Information on Dynavax’s website at www.dynavax.com is not incorporated by reference in our current periodic reports with the SEC.

In the EU, HEPLISAV-B is investigational and not approved. Its efficacy and safety have not been established. More information about clinical trials with HEPLISAV-B is available at www.clinicaltrials.gov.

Contacts:

Nicole Arndt, Senior Manager, Investor Relations
[email protected]
510-665-7264

Derek Cole, President
Investor Relations Advisory Solutions
[email protected]

 

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SOURCE Dynavax Technologies

FAIRPORT, N.Y., Dec. 10, 2020 /PRNewswire/ — Manning & Napier, Inc. (NYSE: MN), (“Manning & Napier” or “the Company”) today reported preliminary assets under management (“AUM”) as of November 30, 2020 of $19.9 billion, compared with $18.5 billion at October 31, 2020 and $19.2 billion at September 30, 2020.  AUM by investment vehicle and by portfolio are set forth in the table below.

 

About Manning & Napier, Inc.
Manning & Napier (NYSE: MN) provides a broad range of investment solutions through separately managed accounts, mutual funds, and collective investment trust funds, as well as a variety of consultative services that complement our investment process. Founded in 1970, we offer equity, fixed income and alternative strategies, as well as a range of blended asset portfolios, including life cycle funds. We serve a diversified client base of high-net-worth individuals and institutions, including 401(k) plans, pension plans, Taft-Hartley plans, endowments and foundations. For many of these clients, our relationship goes beyond investment management and includes customized solutions that address key issues and solve client-specific problems. We are headquartered in Fairport, NY.

Safe Harbor Statement
This press release and other statements that the Company may make may contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which reflect the Company’s current views with respect to, among other things, its operations and financial performance. Words like “believes,” “expects,” “may,” “estimates,” “will,” “should,” “intends,” “plans,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, are used to identify forward-looking statements, although not all forward-looking statements contain these words. Although the Company believes that it is basing its expectations and beliefs on reasonable assumptions within the bounds of what it currently knows about its business and operations, there can be no assurance that its actual results will not differ materially from what the Company expects or believes. Some of the factors that could cause the Company’s actual results to differ from its expectations or beliefs include, without limitation: changes in securities or financial markets or general economic conditions; a decline in the performance of the Company’s products; client sales and redemption activity; changes of government policy or regulations; and other risks discussed from time to time in the Company’s filings with the Securities and Exchange Commission.

Contacts

Investor Relations Contact

Sean Silva

Prosek Partners
646-818-9122
[email protected]

Public Relations Contact

Nicole Kingsley Brunner

Manning & Napier, Inc.
585-325-6880
[email protected]

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SOURCE Manning & Napier, Inc.

MILPITAS, Calif., Dec. 10, 2020 /PRNewswire/ — Today KLA Corporation (NASDAQ: KLAC) announced two new products: the PWG5™ wafer geometry system and the Surfscan® SP7^XP wafer defect inspection system. The new systems are designed to address exceedingly difficult issues in the manufacture of leading-edge memory and logic integrated circuits.

Stacked ever higher, like molecular skyscrapers, the most capable flash memory is built in an architecture called 3D NAND. Today’s 96-layer top-of-the line memory chips, already on the market in the most advanced mobile devices, will soon be superseded by 3D NAND structures with 128 or more layers in the ongoing quest for increased space-efficiency and cost-effectiveness. To manufacture these complex structures requires depositing hundreds of thin films of multiple materials, and then creating memory cells by etching and filling holes several microns deep and one-hundredth of a micron across. As these film stacks grow higher, they induce stress on the wafer, ultimately distorting the surface planarity of the wafer. These warped wafers impact the uniformity of downstream processes and patterning integrity, ultimately affecting final device performance and yield. The PWG5 metrology system can measure minute distortions of wafer geometry with unprecedented resolution to identify and correct patterned wafer distortion at the source. Moreover, these critical wafer geometry measurements can now be accomplished for large warp ranges at inline speeds.

“The complex multilayer construction of 3D NAND has moved wafer geometry measurements to the forefront,” said Jijen Vazhaeparambil, general manager of the Surfscan and ADE division at KLA. “Our new patterned wafer geometry system, the PWG5, has the sensitivity to measure any deviations from planarity on the front side and back side of the wafer simultaneously. Its first-of-a-kind inline speed and exceptional resolution support not only 3D NAND, but also advanced DRAM and logic applications. Coupled with KLA’s 5D Analyzer^® data analytics system, the PWG5 helps our customers drive decisions, such as wafer re-work, process tool re-calibration, or alerting the lithography system so that best possible patterning corrections can be applied. The PWG5 system plays a critical role in process control, helping grow advanced memory and logic yield, performance and fab profitability.”

On the leading-edge logic side of the semiconductor industry, high volume manufacturing of 5nm node devices is rising while the 3nm node is under development.* EUV lithography has become nearly universal for the most critical layers within these nodes, and device manufacturing is further complicated by novel geometries like finFET or gate all around (GAA) transistor architectures. Patterning such small, complex features in a repeatable way, billions of times across a wafer, requires exquisite defectivity control, including use of unpatterned wafer inspectors for careful qualification of starting substrates and materials, and frequent monitoring of processes and tools. The new Surfscan SP7^XP unpatterned wafer defect inspection system features advancements to sensitivity and throughput, and introduces machine learning-based defect classification that together enable capture and identification of an even wider range of defect types on an even wider range of blanket films and substrate types than the benchmark Surfscan SP7.

Vazhaeparambil added, “The Surfscan design team focused not only on technical advances to support sensitivity and defect classification, but also on improving the cost of ownership.” As a result, the Surfscan SP7^XP represents a single-tool solution for unpatterned wafer inspection applications from R&D to high volume manufacturing of leading-edge design node substrates and devices. It is in use at silicon wafer manufacturers, semiconductor equipment manufacturers developing defect-free processes, and semiconductor fabs for ensuring incoming wafer, process and tool quality.

To maintain their high performance and productivity, Surfscan SP7^XP and PWG5 systems are backed by KLA’s global comprehensive service network. For more information about the technology advances that enable the PWG5 and Surfscan SP7^XP systems’ new capabilities, and to read about applications of the systems beyond those described here, visit the KLA Advance newsroom.

*The node nomenclature used by the semiconductor industry correlates to the smallest dimension of the transistor. For comparison 3nm is about half the diameter of the DNA double-helix.

Surfscan and 5D Analyzer are registered trademarks of KLA Corporation. 

About KLA:

KLA Corporation develops industry-leading equipment and services that enable innovation throughout the electronics industry. We provide advanced process control and process-enabling solutions for manufacturing wafers and reticles, integrated circuits, packaging, printed circuit boards and flat panel displays. In close collaboration with leading customers across the globe, our expert teams of physicists, engineers, data scientists and problem-solvers design solutions that move the world forward. Additional information may be found at kla.com (KLAC-P).

Forward Looking Statements:

Statements in this press release other than historical facts, such as statements regarding the expected performance of the Surfscan SP7^XP and PWG5 systems and the economic effects of defect reduction for wafer, equipment, materials and chip manufacturing facilities, are forward-looking statements, and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current information and expectations and involve risks and uncertainties. Actual results may differ materially from those projected in such statements due to various factors, including delays in the adoption of new technologies (whether due to cost or performance issues or otherwise), the introduction of competing products by other companies or unanticipated technology challenges or limitations that affect the implementation, performance or use of KLA’s products, and other risk factors included in KLA’s annual report on Form 10-K for the year ended June 30, 2020, KLA’s quarterly report on Form 10-Q for the quarter ended September 30, 2020 and other filings by KLA with the Securities and Exchange Commission (including, without limitation, the risk factors described therein). KLA assumes no obligation to, and do not currently intend to, update these forward-looking statements.

 

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SOURCE KLA Corporation