Market Newsdesk

November 18, 2020 5:03 pm

Stryker announces pricing of $600 million senior notes offering

Kalamazoo, Michigan, Nov. 18, 2020 (GLOBE NEWSWIRE) — Stryker (NYSE:SYK) (the “Company”) announced today that it has priced an offering of $600 million aggregate principal amount of its 0.600% Notes due 2023 (the “Notes”). Unless previously redeemed pursuant to their terms, the Notes will mature on December 1, 2023. The offering of the Notes is expected to settle on November 23, 2020, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include payments in connection with the redemption of Wright Medical Group N.V.’s (“Wright”) convertible debt, which the Company assumed upon completion of the acquisition of Wright.

Citigroup Global Markets Inc., BofA Securities, Inc. and Wells Fargo Securities, LLC are acting as active joint book-running managers for the offering. The offering is being made pursuant to a preliminary prospectus supplement, filed today, to the Company’s prospectus, dated February 7, 2019, filed as part of the Company’s effective shelf registration statement. Copies of the preliminary prospectus supplement and accompanying prospectus relating to the Notes may be obtained by contacting: Citigroup Global Markets Inc. toll-free at 1-800-831-9146, BofA Securities, Inc. toll-free at 1-800-294-1322 and Wells Fargo Securities, LLC toll-free at 1-800-645-3751 or [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

Forward-looking statements

This press release contains information that includes or is based on forward-looking statements within the meaning of the federal securities laws that are subject to various risks and uncertainties that could cause our actual results to differ materially from those expressed or implied in such statements. Such factors include, but are not limited to: the impact on our operations and financial results of the COVID-19 pandemic and any related policies and actions by governments or other third parties; unexpected liabilities, costs, charges or expenses in connection with the acquisition of Wright; the effects of the Wright transaction on the parties’ relationships with employees, customers, other business partners or governmental entities; weakening of economic conditions that could adversely affect the level of demand for our products; pricing pressures generally, including cost-containment measures that could adversely affect the price of or demand for our products; changes in foreign exchange markets; legislative and regulatory actions; unanticipated issues arising in connection with clinical studies and otherwise that affect U.S. Food and Drug Administration approval of new products, including Wright products; potential supply disruptions; changes in reimbursement levels from third-party payors; a significant increase in product liability claims; the ultimate total cost with respect to recall-related matters; the impact of investigative and legal proceedings and compliance risks; resolution of tax audits; the impact of the federal legislation to reform the United States healthcare system; costs to comply with medical device regulations; changes in financial markets; changes in the competitive environment; our ability to integrate and realize the anticipated benefits of acquisitions in full or at all or within the expected timeframes, including the acquisition of Wright; and our ability to realize anticipated cost savings. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in our expectations or in events, conditions or circumstances on which those expectations may be based, or that affect the likelihood that actual results will differ from those contained in the forward-looking statements.

About Stryker

Stryker is one of the world’s leading medical technology companies and, together with its customers, is driven to make healthcare better. The company offers innovative products and services in Orthopaedics, Medical and Surgical, and Neurotechnology and Spine that help improve patient and hospital outcomes.

Contacts

For investor inquiries please contact:

Preston Wells, Vice President, Investor Relations at 269-385-2600 or [email protected]

For media inquiries please contact:

Yin Becker, Vice President, Communications, Public Affairs and Corporate Marketing at 269-385-2600 or [email protected]

November 18, 2020 5:03 pm

Expanded Market Share to 20.8%, Grew Volume 51.2% to 4.6 Billion Parcels

PR Newswire

Achieved RMB1.2 Billion Adjusted Net Income Amidst Fierce Competition

ZTO Reports Third Quarter 2020 Unaudited Financial Results

SHANGHAI, Nov. 18, 2020 /PRNewswire/ — ZTO Express (Cayman) Inc. (NYSE: ZTO and HKEX: 2057), a leading and fast-growing express delivery company in China (“ZTO” or the “Company”), today announced its unaudited financial results for the third quarter ended September 30, 2020⁽¹⁾. The Company maintained high quality of service and customer satisfaction, and expanded parcel volume market share by 1.9 percentage points to 20.8%.

Third Quarter 2020 Financial Highlights

Revenues were RMB6,638.8 million (US$977.8 million), an increase of 26.1% from RMB5,265.8 million in the same period of 2019.
Gross profit was RMB1,391.0 million (US$204.9 million), a decrease of 12.9% from RMB1,596.9 million in the same period of 2019.
Net income was RMB1,210.3 million (US$178.3 million), a decrease of 7.4% from RMB1,307.7 million in the same period of 2019.
Adjusted EBITDA⁽²⁾ was RMB1,675.4 million (US$246.8 million), a decrease of 11.2% from RMB1,887.5 million in the same period of 2019.
Adjusted net income⁽³⁾ was RMB1,210.3 million (US$178.3 million), a decrease of 8.2% from RMB1,318.5 million in the same period of 2019.
Basic and diluted earnings per American depositary share (“ADS”⁽⁴⁾) were RMB1.53(US$0.23), a decrease of 8.4% from RMB1.67 in the same period of 2019.
Adjusted basic and diluted earnings per American depositary share⁽⁵⁾ attributable to ordinary shareholders were RMB1.53(US$0.23), a decrease of 9.5% from RMB1.69 in the same period of 2019.
Net cash provided by operating activities was RMB1,480.4 million (US$218.0 million), compared with RMB1,417.7 million in the same period of 2019.

Operational Highlights for Third Quarter 2020

Parcel volume was 4,623 million, an increase of 51.2% from 3,058 million in the third quarter of 2019.
Number of pickup/delivery outlets was approximately 30,000 as of September 30, 2020.
Number of direct network partners was over 5,150 as of September 30, 2020.
Number of line-haul vehicles was over 10,100 as of September 30, 2020, which included approximately 9,250 self-owned vehicles, increased from 9,900 as of June 30, 2020, and approximately 850 vehicles owned and operated by Tonglu Tongze Logistics Ltd., a transportation operator that works exclusively for ZTO.
Out of the self-owned trucks, over 7,400 were high capacity 15 to 17-meter-long models as of September 30, 2020, compared to over 7,100 as of June 30, 2020.
Number of line-haul routes between sorting hubs was approximately 3,400 as of September 30, 2020, compared to over 3,400 as of June 30, 2020.
Number of sorting hubs was 91 as of September 30, 2020, among which 82 are operated by the Company and 9 by the Company’s network partners.

(1) An investor relations presentation accompanies this earnings release and can be found at http://zto.investorroom.com.
(2) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as the gain on disposal of equity investees and subsidiary which management aims to better represent the underlying business operations.
(3) Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as gain on disposal of equity investees and subsidiary in which management aims to better represent the underlying business operations.
(4) One ADS represents one Class A ordinary share.
(5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income divided by weighted average number of basic and diluted shares, respectively.

Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented “During the third quarter, driven by a steady economic recovery, China express delivery industry maintained its strong growth momentum from previous quarter and achieved a 37.8% parcel volume increase over last year. ZTO grew 51.2% with 4.6 billion parcels and expanded its market share by 1.9 percentage points to 20.8%. Our 3Q performance resulted from consistent focus on investing in infrastructure, improving capacity and operating efficiency on one hand, and at the same time, addressing our network partners’ interest and needs fairly so that our entire network can remain stable and thrive.”

Mr. Lai added, “ZTO’s recent secondary listing on Hong Kong stock exchange gave us an opportunity to review what contributed to our success in the past and think deep and clear about what’s crucial for us to expand our competitive edge and transform ultimately into a world-class comprehensive logistic service provider. We firmly believe in the long-term growth prospects of the express delivery market as well as the tremendous opportunities in the logistic industries in China and overseas. Express delivery has increasingly become an essential part of our daily lives for its ability and potential to efficiently connect a vast array of supply and demand with wide coverage and deep penetration. We are preparing for that pinnacle moment to arrive when the express delivery industry can start to receive deserved payback.”

Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, “Impacted by competition that remained fierce during the period, ZTO’s adjusted net income was RMB1.2 billion and the 8.2% decrease was relatively moderate given an 18.4% price decline which was at the low end of the market range of price decline. We were more effective in managing competing priorities of accelerated volume growth and market share gain, sustained network partners’ confidence and trust in our brand, and solid corporate earnings. Meanwhile, scale leverage and cost productivity initiatives continued to dampen the impact of price decline where our combined sorting and transportation costs per unit dropped 9.0% or 8 cents, and corporate SG&A cost as a percentage of total revenues remained low at 5.6%.”

Ms. Yan added, “Cash from operating activities increased 4.4% to RMB1.48 billion for the quarter. The cumulative capital spending for the year was RMB6.2 billion as we have accelerated infrastructure development in response to the steady increase in demand. Together with the proceeds received this quarter for our secondary listing in Hong Kong, ZTO has RMB 22.7 billionavailable cash including those on deposits. With a strong balance sheet, we intend to further build-out scale and capacity, to support our network partners to expand and grow with us, and to form advantages in comprehensive logistic service capabilities.

Third Quarter 2020 Financial Results

	Three Months Ended September 30,					Nine Months Ended September 30,
	2019		2020			2019		2020
	RMB	%	RMB	US$	%	RMB	%	RMB	US$	%
	(in thousands, except percentages)
Express delivery services	4,675,993	88.8	5,780,410	851,362	87.1	13,499,267	88.4	14,727,484	2,169,124	86.9
Freight forwarding services	274,356	5.2	481,188	70,871	7.2	913,758	6.0	1,243,759	183,186	7.3
Sale of accessories	276,452	5.3	298,871	44,019	4.5	777,859	5.1	797,084	117,398	4.7
Others	38,959	0.7	78,367	11,543	1.2	72,546	0.5	188,819	27,810	1.1
Total revenues	5,265,760	100	6,638,836	977,795	100	15,263,430	100	16,957,146	2,497,518	100

Total Revenues were RMB6,638.8 million (US$977.8 million), an increase of 26.1% from RMB5,265.8 million in the same period of 2019. Revenue from the core express delivery business increased by 23.4% compared to the same period of 2019, as a combined result of an increase of 51.2% in parcel volume and a decrease of 18.4% in parcel unit price mainly driven by competition and the decrease in average parcel weight. Revenue from freight forwarding services increased by 75.4% compared to the same period of 2019, driven by increased cross border e-commerce demand and improved pricing as a result of the COVID-19 outbreak globally. Revenue from sales of accessories, largely consisting of the sales of thermal paper used for digital waybills’ printing, increased by 8.1% due to increased usage of lower-priced single-sheet digital waybill since second half of last year. Other revenues were mainly derived from financing services and advertising services.

	Three Months Ended September 30.					Nine Months Ended September 30.
	2019		2020			2019		2020
	RMB	% of	RMB	US$	% of	RMB	% of	RMB	US$	% of
	RMB	revenues	RMB	US$	revenues	RMB	revenues	RMB	US$	revenues
	(in thousands, except percentages)
Line-haul transportation cost	1,783,180	33.9	2,446,793	360,373	36.9	5,073,052	33.2	5,740,772	845,524	33.9
Sorting hub operating cost	978,417	18.6	1,353,754	199,386	20.4	2,823,387	18.5	3,573,787	526,362	21.1
Freight forwarding cost	265,426	5.0	447,047	65,843	6.7	893,823	5.9	1,151,319	169,571	6.8
Cost of accessories sold	138,112	2.6	95,007	13,993	1.4	414,169	2.7	281,965	41,529	1.7
Other costs	503,686	9.6	905,283	133,335	13.6	1,433,901	9.4	2,230,528	328,521	13.0
Total cost of revenues	3,668,821	69.7	5,247,884	772,930	79.0	10,638,332	69.7	12,978,371	1,911,507	76.5

Total cost of revenues was RMB5,247.9 million (US$772.9 million), an increase of 43.0% from RMB3,668.8 million in the same period last year.

Line haul transportation cost was RMB2,446.8 million (US$360.4 million), an increase of 37.2% from RMB1,783.2 million in the same period last year. The line-haul transportation cost per parcel declined 9.2% to RMB0.53. The decrease resulted mainly from increased usage of self-owned vehicles with a greater number of higher-capacity trailer trucks. Approximately 86.0% of the line-haul transportation costs were associated with self-owned fleet compared to that of 66.2% in the same period last year.

Sorting hub operating cost was RMB1,353.8 million (US$199.4 million), an increase of 38.4% from RMB978.4 million in the same period last year. The increase was primarily due to (i) an RMB274.0 million (US$40.4 million) increase in labor associated costs, and (ii) an RMB80.3 million (US$11.8 million) increase in depreciation and amortization costs due to the increased number of installed automated sorting equipment. As of September 30, 2020, 300 sets of automated sorting equipment have been placed into service, compared to 208 sets as of September 30, 2019. The sorting hub operating cost per parcel decreased 8.5% to RMB0.29 as a result of increased level of automation and improved economies of scale.

Cost of accessories sold was RMB95.0 million (US$14.0 million), a decrease of 31.2% from RMB138.1 million in the same period last year. The decrease was mainly driven by the increased use of lower-cost single-sheet digital waybills since the second half of 2019.

Other costs were RMB905.3 million (US$133.3 million), an increase of RMB401.6 million (US$59.1 million) compared to the same period last year. The increase was mainly consisted of (i) an increase of RMB304.8 million (US$44.9 million) in dispatching costs serving enterprise customers associatedwith a similar level of volume increase of 99.7%, and (ii) an increase of RMB80.2million (US$11.8 million) in technology related expenses.

Gross Profit was RMB1,391.0 million (US$204.9 million), a decrease of 12.9% from RMB1,596.9 million in the same period last year. Gross margin rate was 21.0% compared to 30.3% in the same period last year as a net result of competition-led core express delivery ASP decline of 18.4% and related unit cost decline of 6.7%.

Total Operating Expenses were RMB221.8 million (US$32.7 million), compared to RMB196.4 million in the same period last year.

Selling, general and administrative expenses were RMB373.7 million (US$55.0 million), increased by 28.5% from RMB290.9 million in the same period last year. The increase was mainly due to (i) an increase of RMB70.1 million (US$10.3 million) in salaries and accrued performance-based bonuses, and (ii) an increase of RMB9.7 million (US$1.4 million) in depreciation and amortization expenses.

Other operating income, net was RMB151.8 million (US$22.4 million), compared to RMB94.5 million in the same period last year. Other operating income mainly consisted of (i) RMB69.0 million (US$10.2 million) ADR fee adjustment, (ii) RMB43.5 million (US$6.4 million) of VAT super deduction recognized, and (iii) government subsidies and tax rebates of RMB24.5 million (US$3.6 million) received.

Income from operations was RMB1,169.1 million (US$172.2 million), a decrease of 16.5% from RMB1,400.5 million for the same period last year. Operating margin rate decreased to 17.6% from 26.6% in the same period last year, derived from the 9.4 percentage points decrease in gross margin rate.

Interest income was RMB96.7 million (US$14.2 million), compared with RMB146.4 million in the same period last year.

Foreign currency exchange loss, before tax was RMB64.4 million (US$9.5 million) in the third quarter of 2020.

Income tax expenses were negative RMB27.8 million (US$4.1 million) compared to RMB266.3 million in the same period last year. An income tax refund of RMB200.7 million (US$29.6 million) was received during the quarter by Shanghai Zhongtongji Network, a wholly-owned subsidiary, for being recognized as a “Key Software Enterprise” that qualified for a preferential tax rate of 10% fortax year 2019.

Net income was RMB1,210.3 million (US$178.3 million), which decreased by 7.4% from RMB1,307.7 million year over year mainly due to intensified price competition while the Company’s scale and cost leverage remained strong.

Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.53(US$0.23), compared to RMB1.67 in the same period last year.

Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB1.53(US$0.23), compared with RMB1.69 in the same period last year.

Adjusted net income was RMB1,210.3 million (US$178.3 million), compared with RMB1,318.5 million during the same period last year.

EBITDA was RMB1,675.4 million (US$246.8 million), compared with RMB1,876.7 million in the same period last year.

Adjusted EBITDA was RMB1,675.4 million (US$246.8 million), compared to RMB1,887.5 million in the same period last year.

Net cash provided by operating activities
was RMB1,480.4 million (US$218.0 million), compared with RMB1,417.7 million in the same period last year.

Business Outlook

The Company makes no changes to its previously stated annual guidance: parcel volume for 2020 is expected to be in the range of 16.2 billion to 17.0 billion, representing a 33.7% to 40.3% increase year over year, and the Company’s adjusted net income is expected to be in the range of RMB4.8 billion to RMB5.2 billion, representing a 1.7% to 9.3% decrease year over year. These above estimates are based on management’s current and preliminary view and subject to change.

Company Share Purchase

On November 15, 2018, the Company announced a share repurchase program whereby ZTO was authorized to repurchase its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US$500 million during an 18-month period thereafter. On March 13, 2020, the board of directors of the Company approved the extension of the current share repurchase program to June 30, 2021. The Company expects to fund the repurchases out of its existing cash balance. As of September 30, 2020, the Company has purchased an aggregate of 7,716,436 ADSs at an average purchase price of US$17.33, including repurchase commissions.

Initial Public Offering in Hong Kong

On September 29, 2020, the Company successfully listed on the Main Board of the Hong Kong Stock Exchange (“HKEX”) under the stock code of “2057” with a global offering of 51,750,000 Class A ordinary shares (including the exercise of the over-allotment option on October 22, 2020) at the public offering price of HK$218 per share (the “Global Offering”). The Hong Kong-listed shares are fully fungible with the Company’s American depositary shares (ADSs) listed on the New York Stock Exchange (“NYSE”) (one ADS representing one Class A ordinary share). Gross proceeds from the Global Offering before any underwriting fees and other offering expenses, were HK$11,281.5 million (US$1,455.7 million).

Exchange Rate

This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.7896 to US$1.00, the noon buying rate on September 30, 2020 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.

Use of Non-GAAP Financial Measures

The Company uses adjusted EBITDA and adjusted net income, each a non-GAAP financial measure, in evaluating ZTO’s operating results and for financial and operational decision-making purposes.

Reconciliations of the Company’s non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

The Company believes that adjusted EBITDA and adjusted net income help identify underlying trends in ZTO’s business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in income from operations and net income. The Company believes that adjusted EBITDA and adjusted net income provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by ZTO’s management in its financial and operational decision-making.

Adjusted EBITDA and adjusted net income should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA and adjusted net income presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO’s data. ZTO encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure.

Conference Call Information

ZTO’s management team will host an earnings conference call at 8:00 PM U.S. Eastern Time on Wednesday, November 18, 2020 (9:00 AM Beijing Time on November 19, 2020).

Dial-in details for the earnings conference call are as follows:

United States:	1-888-317-6003
Hong Kong:	852-5808-1995
Mainland China:	4001-206-115
Singapore:	800-120-5863
International:	1-412-317-6061
Passcode:	2473190

Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.

A replay of the conference call may be accessed by phone at the following numbers until November 25, 2020:

United States:	1-877-344-7529
International:	1-412-317-0088
Passcode:	10149585

Additionally, a live and archived webcast of the conference call will be available at http://zto.investorroom.com.

About ZTO Express (Cayman) Inc.

ZTO Express (Cayman) Inc. (NYSE: ZTO and HKEX:2057) (“ZTO” or the “Company”) is a leading and fast-growing express delivery company in China. ZTO provides express delivery service as well as other value-added logistics services through its extensive and reliable nationwide network coverage in China.

ZTO operates a highly scalable network partner model, which the Company believes is best suited to support the significant growth of e-commerce in China. The Company leverages its network partners to provide pickup and last-mile delivery services, while controlling the mission-critical line-haul transportation and sorting network within the express delivery service value chain.

For more information, please visit http://zto.investorroom.com.

Safe Harbor Statement

This news release contains “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, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to the Company’s unaudited results for the third quarter of 2020, ZTO management quotes and the Company’s financial outlook.

These forward-looking statements are not historical facts but instead represent only the Company’s belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of its control. The Company’s actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the third quarter of 2020 are preliminary, unaudited and subject to audit adjustment. In addition, the Company may not meet its financial outlook included in this news release and may be unable to grow its business in the manner planned. The Company may also modify its strategy for growth. In addition, there are other risks and uncertainties that could cause the Company’s actual results to differ from what it currently anticipates, including those relating to the development of the e-commerce industry in China, its significant reliance on the Alibaba ecosystem, risks associated with its network partners and their employees and personnel, intense competition which could adversely affect the Company’s results of operations and market share, any service disruption of the Company’s sorting hubs or the outlets operated by its network partners or its technology system. For additional information on these and other important factors that could adversely affect the Company’s business, financial condition, results of operations, and prospects, please see its filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.

UNAUDITED CONSOLIDATED FINANCIAL DATA

Summary of Unaudited Consolidated Comprehensive Income Data:

	Three Months Ended Sept 30,			Nine Months Ended Sept 30.
	2019	2020		2019	2020
	RMB	RMB	US$	RMB	RMB	US$
	(in thousands, except for share and per share data)

Revenues	5,265,760	6,638,836	977,795	15,263,430	16,957,146	2,497,518
Cost of revenues	(3,668,821)	(5,247,884)	(772,930)	(10,638,332)	(12,978,371)	(1,911,507)
Gross profit	1,596,939	1,390,952	204,865	4,625,098	3,978,775	586,011
Operating income (expenses):				–
Selling, general and administrative	(290,893)	(373,668)	(55,035)	(1,154,021)	(1,246,140)	(183,537)
Other operating income, net	94,469	151,836	22,363	182,102	455,106	67,030
Total operating expenses	(196,424)	(221,832)	(32,672)	(971,919)	(791,034)	(116,507)
Income from operations	1,400,515	1,169,120	172,193	3,653,179	3,187,741	469,504
Other income (expenses):
Interest income	146,372	96,654	14,236	437,313	337,138	49,655
Interest expense	–	(13,707)	(2,019)	–	(23,132)	(3,407)
Loss on disposal of equity investees and subsidiary	–	–	–	(529)	–	–
Foreign currency exchange gain/(loss), before tax	28,511	(64,354)	(9,478)	24,850	(45,307)	(6,673)
Income before income tax, and share of loss in equity method investments	1,575,398	1,187,713	174,932	4,114,813	3,456,440	509,079
Income tax expense	(266,297)	27,845	4,101	(746,958)	(400,228)	(58,947)
Share of loss in equity method investments	(1,420)	(5,268)	(776)	(13,433)	(21,378)	(3,149)
Net income	1,307,681	1,210,290	178,257	3,354,422	3,034,834	446,983
Net loss (income) attributable to noncontrolling interests	(153)	(9,271)	(1,365)	(6,700)	(10,762)	(1,585)
Net income attributable to ZTO Express (Cayman) Inc.	1,307,528	1,201,019	176,892	3,347,722	3,024,072	445,398
Net income attributable to ordinary shareholders
Basic	1.67	1.53	0.23	4.27	3.86	0.57
Diluted	1.67	1.53	0.23	4.26	3.86	0.57
Weighted average shares used in calculating net earnings per ordinary share/ADS
Basic	782,011,037	784,872,994	784,872,994	784,701,835	783,711,509	783,711,509
Diluted	782,389,377	784,872,994	784,872,994	784,981,054	783,778,138	783,778,138
Other comprehensive income, net of tax of nil:
Foreign currency translation adjustment	480,712	(326,880)	(48,144)	429,859	(173,511)	(25,555)
Comprehensive income	1,788,393	883,410	130,113	3,784,281	2,861,323	421,428
Comprehensive income attributable to noncontrolling interests	(153)	(9,271)	(1,365.47)	(6,700)	(10,762)	(1,585)
Comprehensive income attributable to ZTO Express (Cayman) Inc.	1,788,240	874,139	128,748	3,777,581	2,850,561	419,843

Unaudited Consolidated Balance Sheets Data:

	As of
	December 31,	Sept 30, 2020
	2019	Sept 30, 2020
	RMB	RMB	US$
	(in thousands)

ASSETS
Current assets:
Cash and cash equivalents	5,270,204	16,408,906	2,416,771
Restricted cash	7,210	8,070	1,189
Accounts receivable, net	675,567	606,462	89,322
Financing receivables, net	511,124	1,046,286	154,101
Short-term investment	11,113,217	4,804,528	707,630
Inventories	43,845	49,929	7,354
Advances to suppliers	438,272	711,853	104,845
Prepayments and other current assets	1,964,506	2,224,856	327,688
Amounts due from related parties	74,312	63,620	9,370
Total current assets	20,098,257	25,924,510	3,818,270
Investments in equity investee	3,109,494	3,271,612	481,856
Property and equipment, net	12,470,632	16,477,106	2,426,815
Land use rights, net	2,508,860	4,105,231	604,635
Intangible assets, net	48,029	43,381	6,389
Operating lease right-of-use assets	901,956	844,208	124,338
Goodwill	4,241,541	4,241,541	624,711
Deferred tax assets	403,587	701,942	103,385
Long-term investment	946,180	1,472,960	216,944
Long-term financing receivables, net	549,775	1,355,041	199,576
Other non-current assets	612,191	465,375	68,542
TOTAL ASSETS	45,890,502	58,902,907	8,675,461


LIABILITIES AND EQUITY
Current liabilities
Short-term bank borrowing	–	2,084,430	307,003
Accounts payable	1,475,258	1,468,675	216,312
Notes payable	–	720,420	106,106
Advances from customers	1,210,887	1,137,709	167,566
Income tax payable	80,272	39,269	5,784
Amounts due to related parties	38,943	21,082	3,105
Operating lease liabilities	298,728	267,348	39,376
Acquisition consideration payable	22,942	22,942	3,379
Dividends payable	1,629	12,304	1,812
Other current liabilities	3,552,288	4,083,074	601,372
Total current liabilities	6,680,947	9,857,253	1,451,815
Non-current operating lease liabilities	504,442	459,518	67,680
Deferred tax liabilities	207,896	214,382	31,575
Other non-current liabilities	93,820	–	–
TOTAL LIABILITIES	7,487,105	10,531,153	1,551,070


Shareholders’ equity
Ordinary shares (US$0.0001 par value; 10,000,000,000 shares authorized, 803,551,115 shares issued and 781,947,464 shares outstanding as of December 31, 2019; 848,551,115 shares issued and 828,894,733 shares outstanding as of September 30, 2020)	517	548	81
Additional paid-in capital	22,336,594	29,357,326	4,323,867
Treasury shares, at cost	(1,436,767)	(1,350,529)	(198,911)
Retained earnings	16,726,540	19,750,612	2,908,951
Accumulated other comprehensive income	675,720	502,207	73,967
ZTO Express (Cayman) Inc. shareholders’ equity	38,302,604	48,260,164	7,107,955
Noncontrolling interests	100,793	111,590	16,435
Total Equity	38,403,397	48,371,754	7,124,390
TOTAL LIABILITIES AND EQUITY	45,890,502	58,902,907	8,675,460

In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326), which requires all entities to disclose their current estimate of all expected credit losses. The Group adopted this ASU on January 1, 2020 using the modified retrospective transition method and no material adjustment to the opening balance of retained earnings of 2020 was necessary. The adoption of this new ASU has no material impact on its consolidated financial position, results of operations or cashflow.

Summary of Unaudited Consolidated Cash Flow Data:

	Three Months Ended September 30.			Nine Months Ended September 30.
	2019	2020		2019	2020
	RMB	RMB	US$	RMB	RMB	US$
	(in thousands)

Net cash provided by operating activities	1,417,706	1,480,429	218,044	4,043,780	2,910,490	428,669
Net cash (used in) provided by/ investing activities	(4,015,458)	1,179,946	173,787	(1,621,341)	(632,608)	(93,173)
Net cash / provided by (used in) financing activities	511,528	8,602,624	1,267,030	(1,995,524)	8,965,576	1,320,487
Effect of exchange rate changes on cash, cash equivalents and restricted cash	33,113	(109,243)	(16,090)	9,683	(89,783)	(13,224)
Net (decrease) / increase in cash, cash equivalents and restricted cash	(2,053,111)	11,153,756	1,642,771	436,598	11,153,675	1,642,759
Cash, cash equivalents and restricted cash at beginning of period	7,112,663	5,277,333	777,267	4,622,954	5,277,414	777,279
Cash, cash equivalents and restricted cash at end of period	5,059,552	16,431,089	2,420,038	5,059,552	16,431,089	2,420,038

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows:

As of

September 30, 2019

September 30, 2020

RMB

US$

(in thousands)

Cash and cash equivalents

5,058,640

16,408,906

2,416,771

Restricted cash, current

912

8,070

1,189

Restricted cash, non-current

–

14,113

2,079

Total cash, cash equivalents and restricted cash

5,059,552

16,431,089

2,420,038

Reconciliations of GAAP and Non-GAAP Results

	Three Months Ended Sept 30,			Nine Months Ended Sept 30.
	2019	2020		2019	2020
	RMB	RMB	US$	RMB	RMB	US$
	(in thousands, except for share and per share data)

Net income	1,307,681	1,210,290	178,257	3,354,422	3,034,834	446,983
Add:
Share-based compensation expense	10,800	–	–	305,865	264,154	38,906
Loss on disposal of equity investees and subsidiary, net of income taxes	–	–	–	529	–	–
Adjusted net income	1,318,481	1,210,290	178,257	3,660,816	3,298,988	485,889

Net income	1,307,681	1,210,290	178,257	3,354,422	3,034,834	446,983
Add:
Depreciation	288,749	453,818	66,840	843,581	1,254,824	184,816
Amortization	13,951	25,390	3,740	39,920	58,640	8,637
Interest expenses	–	13,707	2,019	–	23,132	3,407
Income tax expenses	266,297	(27,845)	(4,101)	746,958	400,228	58,947
EBITDA	1,876,678	1,675,360	246,755	4,984,881	4,771,658	702,790

Add:
Share-based compensation expense	10,800	–	–	305,865	264,154	38,906
Loss on disposal of equity investees and subsidiary, before income taxes	–	–	–	529	–	–
Adjusted EBITDA	1,887,478	1,675,360	246,755	5,291,275	5,035,812	741,696

	Three Months Ended Sept 30,			Nine Months Ended Sept 30.
	2019	2020		2019	2020
	RMB	RMB	US$	RMB	RMB	US$
	(in thousands, except for share and per share data)
Net income attributable to ordinary
shareholders	1,307,528	1,201,019	176,892	3,347,722	3,024,072	445,398
Add:
Share-based compensation expense	10,800	–	–	305,865	264,154	38,906
Impairment of investment in equity
Loss on disposal of equity investees and subsidiary, net of income taxes	–	–	–	529	–	–
Adjusted Net income attributable to ordinary shareholders	1,318,328	1,201,019	176,892	3,654,116	3,288,226	484,304

Weighted average shares used in calculating net earnings per ordinary share/ADS
Basic	782,011,037	784,872,994	784,872,994	784,701,835	783,711,509	783,711,509
Diluted	782,389,377	784,872,994	784,872,994	784,981,054	783,778,138	783,778,138

Net earnings per share/ADS attributable to ordinary shareholders
Basic	1.67	1.53	0.23	4.27	3.86	0.57
Diluted	1.67	1.53	0.23	4.26	3.86	0.57

Adjusted net earnings per share/ADS attributable to ordinary shareholders
Basic	1.69	1.53	0.23	4.66	4.20	0.62
Diluted	1.69	1.53	0.23	4.66	4.20	0.62

For investor and media inquiries, please contact:

ZTO Express (Cayman) Inc.
Investor Relations
E-mail: [email protected]
Phone: +86 21 5980 4508

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SOURCE ZTO Express Cayman Inc.

November 18, 2020 5:03 pm

Lowe’s Invites You to Listen to Its 2020 Investor Update Webcast

PR Newswire

MOORESVILLE, N.C., Nov. 18, 2020 /PRNewswire/ — Lowe’s Companies, Inc. (NYSE: LOW) announces that Marvin R. Ellison, president and chief executive officer, and David M. Denton, chief financial officer, will host a virtual investor update, on Wednesday, December 9^th, from 8:00 a.m. – 10:00 a.m. Eastern Time. They will discuss the company’s strategic growth and productivity initiatives, as well as provide an update on its financial targets. Following their prepared remarks, the company will host a virtual Q&A session.

What:	Lowe’s 2020 Virtual Investor Update

When:	8:00 a.m. Eastern Time on Wednesday, Dec. 9, 2020

Where:	Visit Lowe’s Investor Relations website at ir.lowes.com
	A link will be displayed under “Events and Presentations”

How:	Listen live online – the archived webcast will be available at the same location approximately shortly after the conclusion of the live event

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe’s and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates. Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

LOW-IR

Contacts:	Shareholder /Analyst Inquiries:	Media Inquiries:
	Kate Pearlman	Jackie Pardini Hartzell
	704-775-3856	704-758-4317
	[email protected]	[email protected]

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SOURCE Lowe’s Companies, Inc.

November 18, 2020 5:03 pm

AbbVie Announces Expiration and Final Results of Registered Exchange Offers

PR Newswire

NORTH CHICAGO, Ill., Nov. 18, 2020 /PRNewswire/ — AbbVie Inc. (NYSE:ABBV) (“AbbVie“) announced today the expiration and final results of its offers to exchange (the “Registered Exchange Offers“) any and all of its outstanding (i) $30,000,000,000 aggregate principal amount of senior unsecured notes previously issued on November 21, 2019 (the “2019 USD Notes“), (ii) $13,251,781,000 aggregate principal amount of senior unsecured notes previously issued on May 14, 2020 (the “2020 USD Notes” and, together with the 2019 USD Notes, the “USD Notes“) and (iii) €2,517,066,000 aggregate principal amount of senior unsecured notes previously issued on May 14, 2020 (the “Euro Notes” and, together with the USD Notes, the “Original Notes“), each issued pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act“), for an equal principal amount of new notes in a transaction registered under the Securities Act (the “Registered Notes“).

The Registered Exchange Offer expired at 5:00 p.m., New York City time, on November 17, 2020 (the “Expiration Date“). As of the Expiration Date, the aggregate principal amounts of Original Notes set forth in the table below had been validly tendered and not validly withdrawn. AbbVie has accepted for exchange all such tendered Original Notes in the Registered Exchange Offers.

Title of Series of Original Notes	Amount Outstanding at Commencement	Amount Tendered as of the Expiration Date	Percentage
Senior Floating Rate Notes due May 2021	$750,000,000	$749,997,000	99.99%
Senior Floating Rate Notes due November 2021	$750,000,000	$750,000,000	100.00%
2.150% Senior Notes due 2021	$1,750,000,000	$1,747,810,000	99.87%
5.000% Senior Notes due 2021	$1,175,701,000	$1,167,612,000	99.31%
3.450% Senior Notes due 2022	$2,627,036,000	$2,621,596,000	99.79%
3.250% Senior Notes due 2022	$1,462,358,000	$1,460,974,000	99.91%
Senior Floating Rate Notes due 2022	$750,000,000	$739,760,000	98.63%
2.300% Senior Notes due 2022	$3,000,000,000	$2,989,850,000	99.66%
2.800% Senior Notes due 2023	$244,575,000	$242,174,000	99.02%
3.850% Senior Notes due 2024	$945,394,000	$944,278,000	99.88%
2.600% Senior Notes due 2024	$3,750,000,000	$3,739,140,000	99.71%
3.800% Senior Notes due 2025	$2,890,467,000	$2,889,199,000	99.96%
2.950% Senior Notes due 2026	$4,000,000,000	$3,990,755,000	99.77%
3.200% Senior Notes due 2029	$5,500,000,000	$5,437,485,000	98.86%
4.550% Senior Notes due 2035	$1,681,354,000	$1,681,353,000	99.99%
4.050% Senior Notes due 2039	$4,000,000,000	$4,000,000,000	100.00%
4.625% Senior Notes due 2042	$389,217,000	$389,217,000	100.00%
4.850% Senior Notes due 2044	$1,008,583,000	$1,008,483,000	99.99%
4.750% Senior Notes due 2045	$827,096,000	$827,091,000	99.99%
4.250% Senior Notes due 2049	$5,750,000,000	$5,745,050,000	99.91%
0.500% Senior Notes due 2021	€539,018,000	€525,068,000	97.41%
1.500% Senior Notes due 2023	€433,228,000	€409,028,000	94.41%
1.250% Senior Notes due 2024	€603,389,000	€577,719,000	95.75%
2.625% Senior Notes due 2028	€427,893,000	€427,793,000	99.98%
2.125% Senior Notes due 2029	€513,538,000	€506,088,000	98.55%

Upon the settlement of the Registered Exchange Offers, holders of Original Notes who validly tendered and did not validly withdraw such Original Notes prior to the Expiration Date will receive a like principal amount of Registered Notes of the applicable series. AbbVie expects that such settlement will occur on or about November 19, 2020.

The terms of the Registered Notes to be issued in the Registered Exchange Offers are substantially identical to the terms of the corresponding series of Original Notes, except that the offering of the Registered Notes will be registered under the Securities Act and the transfer restrictions, registration rights and additional interest provisions applicable to the Original Notes will not apply to the Registered Notes. AbbVie will issue the Registered Notes under the same indentures that govern the applicable series of Original Notes. The Registered Exchange Offers do not represent a new financing transaction.

A Registration Statement on Form S-4 (File No. 333-249277) (the “Registration Statement“) relating to the Registered Exchange Offers was filed with the Securities and Exchange Commission on October 2, 2020 and was declared effective on October 16, 2020. The Registered Exchange Offers were made pursuant to the terms and subject to the conditions set forth in a prospectus dated October 19, 2020 (as the same may be amended or supplemented, the “Prospectus“), which has been filed with the Securities and Exchange Commission and forms a part of the Registration Statement.

This press release is not an offer to sell or exchange or a solicitation of an offer to buy or exchange any of the securities described herein.

About AbbVie

AbbVie’s mission is to discover and deliver innovative medicines that solve serious health issues today and address the medical challenges of tomorrow. We strive to have a remarkable impact on people’s lives across several key therapeutic areas: immunology, oncology, neuroscience, eye care, virology, women’s health and gastroenterology, in addition to products and services across its Allergan Aesthetics portfolio. For more information about AbbVie, please visit us at www.abbvie.com.

Follow @abbvie on Twitter, Facebook, Instagram, YouTube and LinkedIn.

Cautionary Statement Regarding Forward-Looking Statements

Some statements in this press release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “project,” and similar expressions, among others, generally identify forward-looking statements. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties, including the impact of the COVID-19 pandemic on AbbVie’s operations, results and financial results, which may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the failure to realize the expected benefits of AbbVie’s acquisition of Allergan (the “Acquisition”), the failure to promptly and effectively integrate Allergan’s businesses, significant transaction costs and/or unknown or inestimable liabilities, potential litigation associated with the Acquisition, challenges to intellectual property, competition from other products, difficulties inherent in the research and development process, adverse litigation or government action and changes to laws and regulations applicable to our industry. These forward-looking statements are based on numerous assumptions and assessments made in light of AbbVie’s experience and perception of historical trends, current conditions, business strategies, operating environment, future developments and other factors it believes appropriate. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. The factors described in the context of such forward-looking statements in this press release could cause AbbVie’s plans with respect to Allergan or AbbVie’s actual results, performance or achievements, industry results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and persons reading this press release herein are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this press release. Additional information about economic, competitive, governmental, technological and other factors that may affect AbbVie is set forth in the Prospectus under “Risk Factors” and in AbbVie’s filings with the Securities and Exchange Commission, including the risk factors discussed in AbbVie’s most recent Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and in other documents that AbbVie subsequently files with the Securities and Exchange Commission that update, supplement or supersede such information. AbbVie notes these factors for investors as permitted by the Private Securities Litigation Reform Act of 1995.

Any forward-looking statements in this press release are based upon information available to AbbVie as of the date of this press release and, while believed to be true when made, may ultimately prove to be incorrect. Subject to any obligations under applicable law, AbbVie undertakes no obligation to update any forward-looking statement whether as a result of new information, future developments or otherwise, or to conform any forward-looking statement to actual results, future events, or to changes in expectations. All subsequent written and oral forward-looking statements attributable to AbbVie or any person acting on its behalf are expressly qualified in their entirety by this paragraph.

Please carefully review and consider the various disclosures made in this press release, the Prospectus and the documents incorporated by reference therein that attempt to advise interested parties of the risks and factors that may affect our business, prospects and results of operations.

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SOURCE AbbVie

November 18, 2020 5:03 pm

Endo to Participate In Upcoming Investor Conferences

PR Newswire

DUBLIN, Nov. 18, 2020 /PRNewswire/ — Endo International plc (NASDAQ: ENDP) announced today that the Company will participate in two investor conferences.

Members of management will participate in the 2020 Bank of America Leveraged Finance Virtual Conference on Monday, November 30, 2020 at 8:15 a.m. ET and the Piper Sandler 32^nd Annual Virtual Healthcare Conference being held November 30 – December 3, 2020.

2020 Bank of America Leveraged Finance Virtual Conference
A live webcast and audio archive for the Bank of America Leveraged Finance Virtual Conference fireside chat will be available on the Company’s website at http://investor.endo.com/events-and-presentations. Participants should allow approximately 10 minutes prior to the presentation’s start time to visit the site and download any streaming media software needed to listen to the Internet webcast.

Piper Sandler 32^nd Annual Virtual Healthcare Conference
Beginning November 23, 2020, the Piper Sandler Virtual Healthcare Conference pre-recorded fireside chat will be available on the Company’s website at http://investor.endo.com/events-and-presentations for 90 days. Participants should download any streaming media software needed to listen to the Internet webcast.

About Endo International plc
Endo International plc (NASDAQ: ENDP) is a specialty pharmaceutical company committed to helping everyone we serve live their best life through the delivery of quality, life-enhancing therapies. Our decades of proven success come from a global team of passionate employees collaborating to bring the best treatments forward. Together, we boldly transform insights into treatments benefiting those who need them, when they need them. Endo has global headquarters in Dublin, Ireland and U.S. headquarters in Malvern, Pennsylvania. Learn more at www.endo.com or connect with us on LinkedIn.

View original content:http://www.prnewswire.com/news-releases/endo-to-participate-in-upcoming-investor-conferences-301176088.html

SOURCE Endo International plc

November 18, 2020 5:03 pm

UGI Reports Strong Fiscal 2020 Results

Issues Fiscal 2021 Guidance

VALLEY FORGE, Pa.–(BUSINESS WIRE)–
UGI Corporation (NYSE:UGI) today reports financial results for the fiscal year ended September 30, 2020 and provides guidance for fiscal year 2021.

HEADLINES

GAAP net income of $532 million and adjusted net income of $561 million compared to GAAP net income of $256 million and adjusted net income of $413 million in the prior year.
GAAP EPS of $2.54 per diluted share and adjusted EPS of $2.67 per diluted share compared to GAAP EPS of $1.41 per diluted share and adjusted EPS of $2.28 per diluted share in the prior year.
Reportable segments earnings before interest expense and income tax¹ (“EBIT”) of $1,029 million compared to $978 million in the prior year.
Strong fourth quarter performance relative to updated guidance provided on August 3, 2020, driven by better than anticipated business results, a slightly lower than anticipated COVID-19 impact, and higher than expected tax benefits.
AmeriGas increased total investment in the LPG business transformation project to $200 million and now expects to realize $140 million in permanent annual benefits by the end of Fiscal 2022.
Announced transformation project for UGI’s corporate support functions for Finance, Procurement, HR, and IT. Expected investment cost of $40 million over the next 2-3 years and expect ongoing savings of $15 million.
Issued adjusted EPS guidance range of $2.65 – $2.95² per diluted share for the fiscal year ending September 30, 2021. The midpoint of the Fiscal 2021 guidance range is approximately 12% higher than UGI’s Fiscal 2020 adjusted earnings per share of $2.67 excluding $0.17 of tax benefits specific to Fiscal 2020.

ESG HIGHLIGHTS

Announced that its subsidiary, UGI Energy Services, LLC, entered into a definitive agreement to invest in a utility-scale renewable natural gas (“RNG”) project in Idaho.
Created the Belonging, Inclusion, Diversity and Equity (“BIDE”) Initiative to strengthen UGI’s commitment to promote diversity.
Disclosed ESG data using the Sustainability Accounting Standards Board Framework.
Launched a new ESG website (https://ugiesg.com/).

“We are pleased to report very strong Fiscal 2020 results despite the challenges that both warm weather and the COVID-19 pandemic placed on our operations,” said John L. Walsh, President and Chief Executive Officer of UGI Corporation. “UGI delivered adjusted earnings per share of $2.67, continued to demonstrate the resiliency of our business, and made progress on our key growth, environmental, and social initiatives. Our earnings include approximately $0.17 of tax benefits that were specific to Fiscal 2020. Looking ahead to Fiscal 2021, the midpoint of our guidance range is $2.80 per share, approximately 12% higher than our Fiscal 2020 adjusted EPS, excluding the Fiscal 2020 tax benefits, of $2.50 per share.

“Utilities deployed near-record levels of capital and met pipeline replacement goals despite nearly two months of inactivity due to COVID-19. We expect to deploy approximately $430 million of capital in Fiscal 2021, a new record. Also, we settled a rate case in October that will increase our base rates by $20 million. At Energy Services, our strategy to build out our natural gas asset network continued to benefit the business as UGI Appalachia delivered solid results. Earlier this month, we completed construction of the Bethlehem LNG facility, on time and on budget, which will add approximately 70,000 dekatherms per day to our peaking portfolio. In July, we completed the acquisition of GHI, a renewable natural gas business, that strengthens our platform to deliver renewable energy solutions. Earlier this week, we took another important step in this process by entering into a definitive agreement to make a small investment in a utility-scale RNG project in Idaho. We anticipate investing in more projects like this in the coming years.

“At our Global LPG businesses, we delivered on the first phase of our LPG business transformation initiatives by realizing over $30 million and €5 million of benefits at AmeriGas and UGI International, respectively, in Fiscal 2020. We are making key investments to improve operational efficiency and create an even better customer experience that will result in increased overall cash flow from our LPG businesses for Fiscal 2021 and beyond. Lastly, our UGI International team did an outstanding job managing expenses and margins to offset the impact of both warm weather and COVID-19.

“In Fiscal 2020, UGI also initiated a transformation project to review and improve processes at its support functions, including Finance, Procurement, HR, and IT. This project will provide us an opportunity to standardize activities, incorporate best practices, and increase efficiency across our business.

“Turning to our environmental and social commitments, earlier this year we announced methane and greenhouse gas emissions reduction targets for the Utilities business. These targets are in line with our commitment to grow our business responsibly, and we look forward to updating you on our progress. In alignment with UGI’s commitment to promote diversity, I am proud of our recently launched BIDE Initiative. As part of this initiative, UGI established new partnerships with the Urban Affairs Coalition and Big Brothers Big Sisters, further demonstrating UGI’s commitment to the communities it serves.

“Fiscal 2020 was a challenging year for both our customers and the communities we serve, but UGI continued to deliver on its commitments to stakeholders. We continue to strengthen our core operations and identify areas where we can push the boundaries and grow our business both organically and inorganically. As we enter Fiscal 2021, we are confident that we can build on the momentum from late in the year and deliver on our Fiscal 2021 guidance. As we enter the winter heating months and COVID-19 cases are increasing again, we want to reiterate that the safety and well-being of our employees, customers, and the communities we serve remain our top priority,” Mr. Walsh concluded.

STRATEGIC ACCOMPLISHMENTS

UGI Utilities invested $348 million of capital, added approximately 12,000 residential and commercial heating customers, and successfully settled its second combined Gas Utility rate case, increasing base rate revenue by approximately $20 million for Fiscal 2021.
Midstream & Marketing completed its fourth expansion of the Auburn system in November 2019, completed the construction of the Bethlehem LNG facility in November 2020, and acquired GHI, a renewable natural gas business, in July 2020.
UGI International delivered on its goal to achieve €5 million in annual savings from the LPG business transformation initiatives, established commercial and operational centers of excellence, and continued to deploy technology and best practices that emphasize continuous improvement of the customer experience and safe operations.
AmeriGas achieved record volumes from its ACE and National Accounts programs, expanded its innovative cylinder vending solutions with large volume customers and home delivery service territories, and delivered on its goal by achieving over $30 million in annual benefits from the LPG business transformation initiatives.

2021 OUTLOOK

UGI provides an adjusted EPS guidance range of $2.65 – $2.95² per diluted share for the fiscal year ending September 30, 2021. This guidance range assumes normal weather, based upon a rolling 10-year average, includes a negative first quarter impact of approximately $0.10 per diluted share from the COVID-19 pandemic, excludes business transformation expenses related to the Global LPG businesses and the corporate support functions, and mark-to-market gains and losses on commodity and certain foreign currency derivative instruments.

EARNINGS CALL and WEBCAST

UGI Corporation will hold a live Internet Audio Webcast of its conference call to discuss fiscal 2020 earnings and other current activities at 9:00 AM ET on Thursday, November 19, 2020. Interested parties may listen to the audio webcast both live and in replay on the Internet at https://edge.media-server.com/mmc/p/9r7ezwun or by visiting the company website https://www.ugicorp.com and clicking on Investor Relations. A telephonic replay will be available from 12:00 PM ET on November 19 through 11:59 PM ET on November 26. The replay may be accessed at (855) 859-2056, and internationally at 1-404-537-3406, conference ID 1794805.

ABOUT UGI

UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas, in twelve states and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

USE OF NON-GAAP MEASURES

Management uses “adjusted net income attributable to UGI Corporation” and “adjusted diluted earnings per share,” both of which are non-GAAP financial measures, when evaluating UGI’s overall performance. Management believes that these non-GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate the impacts of (1) gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions and (2) other significant discrete items that can affect the comparison of period-over-period results. Volatility in net income at UGI can occur as a result of gains and losses on commodity and certain foreign currency derivative instruments not associated with current-period transactions but included in earnings in accordance with U.S. generally accepted accounting principles (“GAAP”).

Non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures.

Tables on the last page reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to above.

¹Reportable segments earnings before interest expense and income taxes represents an aggregate of our segment level EBIT as determined in accordance with GAAP.

²Because we are unable to predict certain potentially material items affecting diluted earnings per share on a GAAP basis, principally mark-to-market gains and losses on commodity and certain foreign currency derivative instruments we cannot reconcile fiscal year 2021 adjusted diluted earnings per share, a non-GAAP measure, to diluted earnings per share, the most directly comparable GAAP measure, in reliance on the “unreasonable efforts” exception set forth in SEC rules.

USE OF FORWARD-LOOKING STATEMENTS

This press release contains statements, estimates and projections that are forward-looking statements (as defined in Section 21E of the Securities and Exchange Act of 1934, as amended). Management believes that these are reasonable as of today’s date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management’s control. You should read UGI’s Annual Report on Form 10-K and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020 for a more extensive list of factors that could affect results. Among them are adverse weather conditions and the seasonal nature of our business, cost volatility and availability of all energy products, including propane, natural gas, electricity and fuel oil, increased customer conservation measures, the impact of pending and future legal proceedings, liability for uninsured claims and for claims in excess of insurance coverage, domestic and international political, regulatory and economic conditions in the United States and in foreign countries, including the current conflicts in the Middle East and the withdrawal of the United Kingdom from the European Union, and foreign currency exchange rate fluctuations (particularly the euro), the timing of development of Marcellus Shale gas production, the availability, timing and success of our acquisitions, commercial initiatives and investments to grow our business, our ability to successfully integrate acquired businesses and achieve anticipated synergies, the interruption, disruption, failure, malfunction, or breach of our information technology systems, including due to cyber-attack, the inability to complete pending or future energy infrastructure projects, our ability to achieve the operational benefits and cost efficiencies expected from the completion of pending and future transformation initiatives at our business units, and uncertainties related to the global pandemic, including the duration and/or impact of the COVID-19 pandemic.

SEGMENT RESULTS ($ in millions, except where otherwise indicated)

AmeriGas Propane

For the year ended September 30,	2020			2019			Increase (Decrease)
Revenues	$	2,381		$	2,682		$	(301	)	(11	)%
Total margin (a)	$	1,421		$	1,491		$	(70	)	(5	)%
Operating and administrative expenses	$	890		$	929		$	(39	)	(4	)%
Operating income / earnings before interest expense and income taxes	$	373		$	404		$	(31	)	(8	)%
Retail gallons sold (millions)	987			1,054			(67		)	(6	)%
Heating degree days – % (warmer) colder than normal	(1.2		)%	3.6		%
Capital expenditures	$	135		$	107		$	28		26	%

Retail gallons sold decreased 6% compared to Fiscal 2019 primarily due to the effects of COVID-19, structural conservation, and the effects of warmer weather on heating-related sales.
Total margin decreased $70 million primarily reflecting lower retail volumes sold ($82 million) partially offset by slightly higher average retail unit margins ($14 million) compared to Fiscal 2019.
Operating and administrative expenses decreased by $39 million in Fiscal 2020 primarily due to benefits achieved from the LPG transformation initiatives, lower litigation expenses, and lower business travel expenses.

UGI International

For the year ended September 30,	2020			2019			Increase (Decrease)
Revenues	$	2,127		$	2,372		$	(245	)	(10	)%
Total margin (a)	$	936		$	956		$	(20	)	(2	)%
Operating and administrative expenses	$	573		$	611		$	(38	)	(6	)%
Operating income	$	241		$	229		$	12		5	%
Earnings before interest expense and income taxes	$	259		$	234		$	25		11	%
LPG retail gallons sold (millions)	757			833			(76		)	(9	)%
Heating degree days – % (warmer) than normal	(12.1		)%	(5.8		)%
Capital expenditures	$	89		$	106		$	(17	)	(16	)%

Base-currency results are translated into U.S. dollars based upon exchange rates experienced during the reporting periods. The functional currency of a significant portion of our UGI International results is the euro and, to a much lesser extent, the British pound sterling. During Fiscal 2020 and Fiscal 2019, the average unweighted euro-to-dollar translation rates were $1.12 and $1.13, respectively, and the average unweighted British pound sterling-to-dollar translation rate was $1.28 in both periods presented.

Total LPG retail gallons sold decreased 9% in Fiscal 2020 due to warm weather during the peak heating months, the impacts of COVID-19 on commercial and industrial volumes, and the termination of a low-margin autogas contract in Italy.
Total margin decreased $20 million compared to Fiscal 2019 due to lower retail LPG gallons sold and the translation effects of the weaker euro (approximately $14 million) partially offset by higher average LPG unit margins including the effects of margin management efforts and lower LPG product costs.
Operating and administrative expenses decreased $38 million in Fiscal 2020 reflecting, among other things, lower employee compensation and benefits related costs, decreased distribution costs and business travel expenses, and the translation effects of the weaker euro (approximately $8 million).
Earnings before interest expense and income taxes (“EBIT”) increased $25 million compared to Fiscal 2019 largely reflecting the higher operating income and increased pre-tax realized gains on foreign currency exchange contracts entered into in order to reduce volatility in UGI International net income resulting from the translation effects of changes in foreign currency exchange rates ($10 million).

Midstream & Marketing

For the year ended September 30,	2020			2019			Increase (Decrease)
Revenues	$	1,247		$	1,516		$	(269	)	(18	)%
Total margin (a)	$	355		$	275		$	80		29	%
Operating and administrative expenses	$	140		$	120		$	20		17	%
Operating income	$	140		$	105		$	35		33	%
Earnings before interest expense and income taxes	$	168		$	114		$	54		47	%
Heating degree days – % (warmer) than normal	(7.9		)%	(1.6		)%
Capital expenditures	$	93		$	138		$	(45	)	(33	)%

Total margin increased $80 million in Fiscal 2020 reflecting higher natural gas gathering total margin ($84 million) largely attributable to incremental margin from UGI Appalachia and, to a much lesser extent, increased peaking ($5 million) and capacity margins ($4 million) including a refund received in the current year in connection with contracted pipeline rates. The effect of these increases was partially offset by lower electric generation margin ($5 million) largely related to lower volumes at the Conemaugh generating facility in Fiscal 2020 and lower retail commodity margin ($5 million), which reflects lower volumes attributable to the warmer weather compared to the prior year.
Operating and administrative expenses and depreciation and amortization expenses increased $20 million and $24 million, respectively, versus Fiscal 2019 largely attributable to UGI Appalachia.
Operating income increased $35 million compared to the prior year due to the increase in total margin partially offset by the higher operating and administrative expenses and depreciation and amortization expenses.
EBIT increased $54 million primarily due to an increase in operating income and higher equity income ($18 million) primarily attributable to Pennant, a natural gas gathering and processing equity interest that was acquired as part of UGI Appalachia.

UGI Utilities

For the year ended September 30,	2020			2019			Increase (Decrease)
Revenues	$	1,030		$	1,049		$	(19	)	(2	)%
Total margin (a)	$	577		$	563		$	14		2	%
Operating and administrative expenses	$	239		$	244		$	(5	)	(2	)%
Operating income	$	229		$	224		$	5		2	%
Earnings before interest expense and income taxes	$	229		$	226		$	3		1	%
Gas Utility system throughput – billions of cubic feet
Core market	75			80			(5		)	(6	)%
Total	310			294			16			5	%
Gas Utility Heating degree days – % (warmer) than normal	(11.0		)%	(5.0		)%
Capital expenditures	$	348		$	355		$	(7	)	(2	)%

Gas Utility core market throughput decreased 6% reflecting the effects of weather that was nearly 6% warmer than the prior year and reduced volumes attributable to COVID-19.
Total margin increased $14 million during Fiscal 2020 reflecting higher margin from Gas Utility ($16 million) partially offset by slightly lower Electric Utility margin ($2 million). The increase in total Gas Utility margin reflects higher core market margin including the effects of the increase in base rates that became effective October 11, 2019, partially offset by the lower core market volumes.
Operating and administrative expenses decreased $5 million in Fiscal 2020 reflecting, among other things, decreases in contractor costs and transportation expenses, partially offset by higher IT maintenance and consulting expenses.
Depreciation expense increased $12 million due to increased distribution system and IT capital expenditure activity.
EBIT increased $3 million reflecting increased total margin ($14 million) and lower operating and administrative expenses ($5 million), partially offset by higher depreciation expense ($12 million) and the absence of a non-service pension benefit reflected in the prior year.

(a)

Total margin represents total revenue less total cost of sales. In the case of UGI Utilities, total margin is also reduced by certain revenue-related taxes.

REPORT OF EARNINGS – UGI CORPORATION

(Millions of dollars, except per share) Unaudited	Three Months Ended September 30,						Twelve Months Ended September 30,
	2020			2019			2020			2019
Revenues:
AmeriGas Propane	$	398		$	411		$	2,381		$	2,682
UGI International	401			391			2,127			2,372
Midstream & Marketing	230			247			1,247			1,516
UGI Utilities	129			133			1,030			1,049
Corporate & Other (a)	(34		)	(32		)	(226		)	(299		)
Total revenues	$	1,124		$	1,150		$	6,559		$	7,320
Earnings (loss) before interest expense and income taxes:
AmeriGas Propane	$	(17	)	$	(9	)	$	373		$	404
UGI International	12			16			259			234
Midstream & Marketing	7			14			168			114
UGI Utilities	—			7			229			226
Total reportable segments	2			28			1,029			978
Corporate & Other (a)	56			(102		)	(40		)	(319		)
Total earnings (loss) before interest expense and income taxes	58			(74		)	989			659
Interest expense:
AmeriGas Propane	(40		)	(41		)	(164		)	(167		)
UGI International	(8		)	(8		)	(31		)	(25		)
Midstream & Marketing	(8		)	(7		)	(42		)	(9		)
UGI Utilities	(13		)	(13		)	(54		)	(50		)
Corporate & Other, net (a)	(6		)	(7		)	(31		)	(7		)
Total interest expense	(75		)	(76		)	(322		)	(258		)
(Loss) income before income taxes	(17		)	(150		)	667			401
Income tax benefit (expense)	27			19			(135		)	(93		)
Net income (loss) including noncontrolling interests	10			(131		)	532			308
(Deduct net income) add net loss attributable to noncontrolling interests, principally in AmeriGas Partners, L.P. prior to the AmeriGas Merger	(1		)	79			—			(52		)
Net income (loss) attributable to UGI Corporation	$	9		$	(52	)	$	532		$	256
Earnings (loss) per share attributable to UGI Corporation shareholders:
Basic	$	0.05		$	(0.27	)	$	2.55		$	1.44
Diluted	$	0.05		$	(0.27	)	$	2.54		$	1.41
Weighted Average common shares outstanding (thousands) (b):
Basic	208,655			189,905			208,928			178,417
Diluted	209,357			189,905			209,869			181,111
Supplemental information:
Net income (loss) attributable to UGI Corporation:
AmeriGas Propane	$	(42	)	$	(8	)	$	156		$	68
UGI International	36			4			173			145
Midstream & Marketing	(1		)	7			92			78
UGI Utilities	(11		)	(6		)	136			133
Corporate & Other (a)	27			(49		)	(25		)	(168		)
Total net income (loss) attributable to UGI Corporation	$	9		$	(52	)	$	532		$	256

(a)		Corporate & Other includes specific items attributable to our reportable segments that are not included in profit measures used by our chief operating decision maker in assessing our reportable segments’ performance or allocating resources. These specific items are shown in the section titled “Non-GAAP Financial Measures – Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share” below. Corporate & Other also includes the elimination of certain intercompany transactions.
(b)		Earnings per share for Fiscal 2020 reflect 34.6 million incremental shares of UGI Common Stock issued in conjunction with UGI’s buy-in of the outstanding common units of AmeriGas Partners, L.P. (“AmeriGas Merger”).

Non-GAAP Financial Measures – Adjusted Net Income Attributable to UGI and Adjusted Diluted Earnings Per Share

(unaudited)

The following tables reconcile net income attributable to UGI Corporation, the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted earnings per share, the most comparable GAAP measure, to adjusted diluted earnings per share, to reflect the adjustments referred to previously:

*Fiscal Year Ended September 30,*	2020			2019
Adjusted net income attributable to UGI Corporation (millions):
Net income attributable to UGI Corporation	$	532		$	256
Net (gains) losses on commodity derivative instruments not associated with current-period transactions (net of tax of $35 and $(60), respectively)	(82		)	148
Unrealized losses (gains) on foreign currency derivative instruments (net of tax of $(10) and $9, respectively)	26			(23		)
Loss on extinguishments of debt (net of tax of $0 and $(2), respectively)	—			4
AmeriGas Merger expenses (net of tax of $0 and $0, respectively)	—			1
Acquisition and integration expenses associated with the CMG Acquisition (net of tax of $(1) and $(5), respectively)	1			11
LPG business transformation expenses (net of tax of $(17) and $(5), respectively)	45			16
Loss on disposals of Conemaugh and HVAC (net of tax of $(15) and $0, respectively)	39			—
Total adjustments (1) (2)	29			157
Adjusted net income attributable to UGI Corporation	$	561		$	413

Adjusted diluted earnings per share (3):
UGI Corporation earnings per share – diluted	$	2.54		$	1.41
Net (gains) losses on commodity derivative instruments not associated with current-period transactions	(0.39		)	0.82
Unrealized losses (gains) on foreign currency derivative instruments	0.12			(0.13		)
Loss on extinguishments of debt	—			0.02
AmeriGas Merger expenses	—			0.01
Acquisition and integration expenses associated with the CMG Acquisition (a)	0.01			0.06
LPG business transformation expenses	0.21			0.09
Loss on disposals of Conemaugh and HVAC	0.18			—
Total adjustments (1) (3)	0.13			0.87
Adjusted diluted earnings per share (3)	$	2.67		$	2.28

(1)		Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to UGI Corporation, including the impact of the tax benefits resulting from tax law changes for Fiscal 2020. These adjustments have been excluded from the segment results to align with the measure used by our chief operating decision maker in assessing segment performance and allocating resources.
(2)		Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.
(3)		Earnings per share for Fiscal 2020 reflect 34.6 million in incremental shares of UGI common stock issued in conjunction with the AmeriGas Merger.
(a)		“CMG Acquisition” refers to the acquisition of Columbia Midstream Group, LLC and Columbia Pennant, LLC by UGI Energy Services, LLC on August 1, 2019.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118006090/en/

INVESTOR RELATIONS

610-337-1000

Brendan Heck, ext. 6608

Alanna Zahora, ext. 1004

Shelly Oates, ext. 3202

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Utilities Energy

MEDIA:

Logo

November 18, 2020 5:03 pm

Greenbrook TMS Announces Participation in Upcoming Investor Conferences

Greenbrook TMS Announces Participation in Upcoming Investor Conferences

TORONTO–(BUSINESS WIRE)–
Greenbrook TMS Inc. (TSX: GTMS) (“Greenbrook” or the “Company”), a leading provider of Transcranial Magnetic Stimulation (“TMS”) therapy in the United States, is pleased to announce that Bill Leonard, Chief Executive Officer, will participate in two upcoming virtual investor conferences.

Presentation Details:

Event: Canaccord Health & Wellness Virtual Conference 2020

Format: Panel- Mental Health Services

Date: Monday, November 23, 2020

Time: 11:00 a.m. (Eastern Time)

Event: Desjardins Digital Healthcare Conference 2020

Format: Corporate Presentation

Date: Tuesday, November 24, 2020

Time: 2:30 p.m. (Eastern Time)

About Greenbrook TMS Inc.

Operating through 125 Company-operated treatment centers, Greenbrook is a leading provider of TMS therapy, an FDA-cleared, non-invasive therapy for the treatment of Major Depressive Disorder and other mental health disorders, in the United States. TMS therapy provides local electromagnetic stimulation to specific brain regions known to be directly associated with mood regulation. Greenbrook has provided more than 510,000 TMS treatments to over 14,000 patients struggling with depression.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201118005761/en/

Glen Akselrod

Investor Relations

Greenbrook TMS Inc.

Contact Information:

[email protected]

1-855-797-4867

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Managed Care Health Mental Health Other Health

MEDIA:

November 18, 2020 5:03 pm

BERJAYA GROUP SIGNS STRATEGIC TELEMEDICINE COOPERATION AGREEMENT WITH LYTUS TECHNOLOGIES

Jacksonville, Florida, Nov. 18, 2020 (GLOBE NEWSWIRE) — British Virgin Island headquartered Lytus Technologies Holdings Private Limited (Lytus), a technology-platforms company that offers streaming and telemedicine services with business operations in the United States and India, has signed a strategic business cooperation agreement with Singapore based True Healthcare Pte Limited (True Health). True Health is a leader in next generation healthcare, diagnostic devices, and AI based health ecosystems.

Telemedicine and the remote management of health needs are now the fastest growing segment of the multi-trillion-dollar international healthcare industry impacted by the market reality of the Covid-19 pandemic. “Lytus and True Health have agreed to work together in fulfilment of Lytus’ ongoing plans to scale up the telemedicine business in India. This initiative clearly aligns with the mission of both organizations. That is, to effectively and efficiently leverage the use of technology and ensure that patients and healthcare providers have access to vital resources and the best practices to implement much needed telehealth solutions in the reality of this Global Pandemic” added Dharmesh Pandya, Florida based Founder and Global CEO of Lytus Technologies. “Recognizing the potential of the United States healthcare market and the rapidly-growing Indian market which is adapting to the changing delivery model of receiving telehealth services, we are excited to partner with True Health and the Berjaya Group in this significant initiative.”

Pradeep Unni, True Healthcare’s Chief Executive Officer, said that “our extensive partnerships with medical institutions and partner companies have enabled us to earn the opportunity to provide our state-of-the-art affordable digital healthcare solutions to the world. Connected healthcare allowing patients to receive medical services anywhere anytime will be at the center of the future healthcare industry. We are delighted to support Lytus in its nationwide deployment of True Healthcare’s ecosystem and will closely work together to service India.”

True Healthcare (Singapore) Pte Ltd is a subsidiary of the Berjaya Corporation Berhad, Malaysia (www.berjaya.com) and provides an advanced healthcare ecosystem encompassing a platform that works with and collates medical diagnostic data from its state-of-the-art medical devices. True Healthcare (Singapore) provides its solutions in India through its wholly owned subsidiary, True Healthcare (India) Limited.

Contact:
Lytus Technologies USA
(305)496-4009

November 18, 2020 5:03 pm

IGNITE International Brands, Ltd. Enters National Distribution Agreement With Radicle Medical Marijuana Inc.

VAUGHAN, Ontario, Nov. 18, 2020 (GLOBE NEWSWIRE) — IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods brand, is pleased to announce that it has entered into a national distribution agreement with Radicle Medical Marijuana Inc. (“Radicle”), a leading white label producer of craft cannabis. Radicle operates a 40,000 square foot hydroponic facility, focused on producing small batch, high quality cannabis and brings an established distribution network that will help ensure IGNITE products continue to be accessible to all Canadian consumers.

“A partnership with Radicle is a strategic move that brings like-minded, industry leading experts together to form a collaboration that will solidify IGNITE’s position in the Canadian Cannabis market,” said Gene Bernaudo, Global Head of Cannabis at IGNITE. “Curating premium craft cannabis and delivering consistent products are goals IGNITE shares with Radicle and are defining characteristics of the IGNITE brand. Our goal is to bring IGNITE’s product portfolio to the next level by working with Radicle, utilizing their expertise to research and develop genetics that will be exclusive to IGNITE in Canada.”

About
IGNITE

IGNITE is a global consumer brand, operating in the premium product segment of the market. Founded by Dan Bilzerian, the Company’s ‘quality‐first’ approach is fundamental to the brand and its products. Originally operating in the cannabis and hemp‐derived cannabidiol (CBD) wellness space, IGNITE was able to establish its brand awareness. IGNITE product categories now include a full line of CBD oil tinctures, CBD topicals, CBD pet products and CBD vape devices, nicotine and synthetic nicotine vape products, a line of premium performance drinks, named Z‐RO as well as a gluten‐free, seven‐time distilled vodka, and apparel produced by various partners and sold through select distributors, brick and mortar retailers, and online through the Company’s website, ignite.co. The IGNITE THC product line, which was launched subsequent to the CBD product line, incorporates quality, locally sourced, cannabis products.

Shares of IGNITE are listed on the CSE under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.

Further information on IGNITE can be found on the Company’s website at ignite.co.

For further information, please contact:

Linda K. Menzel, General Counsel
Tel: 310‐867‐3859
Email: [email protected]

About
Radicle Medical Marijuana Inc.

Founded in Hamilton, Ontario in 2014 Radicle Cannabis Inc. is a licenced producer under the Cannabis Act. The company received its cultivation license in 2017, and its sales license in 2018. The company has positioned itself as a premium white label producer and is working with the biggest and best cannabis brands in the world. The company’s mission is to distribute and cultivate premium craft cannabis to match the needs of the market, and to be beloved by customers remains the centre of the company’s core values. For more information, visit www.radiclecannabis.ca

For more information, please visit https://radiclecannabis.ca

CAUTIONARY STATEMENT REGARDING FORWARD
‐
LOOKING INFORMATION

This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation, including statements with respect to the future distribution arrangement with Radicle and its ability to distribute IGNITE’s products. Forward‐looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties and the effects and impacts of the coronavirus disease (COVID‐19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets. There can be no assurance that any of the forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether because of new information, future events or otherwise, except as required by law.

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

November 18, 2020 5:03 pm

Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Precigen, Royal Caribbean, Mesoblast, and Loop Industries and Encourages Investors to Contact the Firm

NEW YORK, Nov. 18, 2020 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Precigen, Inc. f/k/a Intrexon Corporation (NASDAQ: PGEN; XON), Royal Caribbean Group (NYSE: RCL), Mesoblast Limited (NASDAQ: MESO), and Loop Industries, Inc. (NASDAQ: LOOP). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link.

Precigen
, Inc. f/k/a
Intrexon
Corporation (NASDAQ: PGEN; XON)

Class Period: May 10, 2017 to September 25, 2020

Lead Plaintiff Deadline: December 4, 2020

On September 25, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued a cease and desist order against Precigen. The cease and desist order involved “inaccurate reports concerning the company’s purported success converting relatively inexpensive natural gas into more expensive industrial chemicals using a proprietary methane bioconversion (‘MBC’) program.” The order noted that the Company was “primarily using significantly more expensive pure methane for the relevant laboratory experiments but was indicating that the results had been achieved using natural gas.” The cease-and-desist order further stated that although the Company “pitched the MBC program privately to numerous potential business partners over the course of 2017 and 2018” and “[a] number of these potential partners performed due diligence on the MBC program including reviewing lab results and plans for commercialization. [The Company] has not yet found a partner for the MBC program.”

The complaint, filed on October 5, 2020, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) the Company was using pure methane as feedstock for its announced yields for its methanotroph bioconversion platform instead of natural gas; (2) yields from natural gas as a feedstock were substantially lower than the aforementioned pure methane yields; (3) due to the substantial price difference between pure methane and natural gas, pure methane was not a commercially viable feedstock; (4) the Company’s financial statements for the quarter ended March 31, 2018 were false and could not be relied upon; (5) the Company had material weaknesses in its internal controls over financial reporting; (6) the Company was under investigation by the SEC since October 2018; and (7) as a result of the foregoing, defendants’ public statements were materially false and misleading at all relevant times.

For more information on the Precigen class action go to: https://bespc.com/cases/PGEN

Royal Caribbean Group (NYSE: RCL)

Class Period: February 4, 2020 to March 17, 2020

Lead Plaintiff Deadline: December 7, 2020

The complaint, filed on October 7, 2020, alleges that throughout the Class Period defendants failed to disclose material facts about the Company’s decrease in bookings outside China, instead maintaining that it was only experiencing a slowdown in bookings from China. The Action further alleges that defendants failed to disclose material facts about the Company’s inadequate policies and procedures to prevent the spread of COVID-19 on its ships. The truth about the scope of the impact that COVID-19 had on the Company’s overall bookings and the inability of Royal Caribbean to prevent the virus’ spread on its ships was revealed through a series of disclosures.

First, on February 13, 2020, Royal Caribbean issued a press release stating that it had canceled 18 voyages in Southeast Asia due to recent travel restrictions and further warning that recent bookings had been softer for its broader business.

On this news, Royal Caribbean shares fell over 3 percent.

Second, on February 25, 2020, Royal Caribbean filed its 2019 Form 10-K, indicating that COVID-19 concerns were negatively impacting its overall business.

On this news, Royal Caribbean shares fell over 14 percent.

Third, on March 10, 2020, Royal Caribbean withdrew its 2020 financial guidance, increased its revolving credit facility by $550 million, and announced that it would take cost-cutting actions due to the proliferation of COVID-19, further revealing that COVID-19 was severely impacting Royal Caribbean’s 2020 customer booking and that its safety measures were inadequate to prevent the spread of the virus on its ships.

On this news, Royal Caribbean shares fell over 14 percent.

Fourth, on March 11, 2020, Royal Caribbean’s largest competitor, Carnival, announced a 60-day suspension of all operations, prompting concern that Royal Caribbean would follow suit. At the same time, Royal Caribbean also cancelled two cruises, beginning a series of cancellations and suspensions to follow.

On this news, Royal Caribbean shares fell almost 32 percent.

Fifth, on March 14, 2020, Royal Caribbean announced a suspension of all global cruises for 30 days.

On this news, Royal Caribbean stock fell over 7 percent.

Sixth, on March 16, 2020, the Company revealed that global operations could be suspended longer than anticipated, announcing the cancellations of two additional cruises throughout April and into May.

On this news, Royal Caribbean shares fell over 7 percent.

Finally, on March 18, 2020, analysts downgraded Royal Caribbean’s stock and slashed their price targets.

On this news, Royal Caribbean shares fell more than 19 percent.

For more information on the Royal Caribbean class action go to: https://bespc.com/cases/RCL

Mesoblast Limited (NASDAQ: MESO)

Class Period: April 16, 2019 to October 1, 2020

Lead Plaintiff Deadline: December 7, 2020

Mesoblast develops allogeneic cellular medicines using its proprietary mesenchymal lineage cell therapy platform. Its lead product candidate, RYONCIL (remestemcel-L), is an investigational therapy comprising mesenchymal stem cells derived from bone marrow. In February 2018, the Company announced that remestemcel-L met its primary endpoint in a Phase 3 trial to treat children with steroid refractory acute graft versus host disease (“aGVHD”).

In early 2020, Mesoblast completed its rolling submission of its Biologics License Application (“BLA”) with the FDA to secure marketing authorization to commercialize remestemcel-L for children with steroid refractory aGVHD.

On August 11, 2020, the FDA released briefing materials for its Oncologic Drugs Advisory Committee (“ODAC”) meeting to be held on August 13, 2020. Therein, the FDA stated that Mesoblast provided post hoc analyses of other studies “to further establish the appropriateness of 45% as the null Day-28 ORR” for its primary endpoint. The briefing materials stated that, due to design differences between these historical studies and Mesoblast’s submitted study, “it is unclear that these study results are relevant to the proposed indication.”

On this news, the Company’s share price fell $6.09, or approximately 35%, to close at $11.33 per share on August 11, 2020.

On October 1, 2020, Mesoblast disclosed that it had received a Complete Response Letter (“CRL”) from the FDA regarding its marketing application for remestemcel-L for treatment of SR-aGVHD in pediatric patients. According to the CRL, the FDA recommended that the Company “conduct at least one additional randomized, controlled study in adults and/or children to provide further evidence of the effectiveness of remestemcel-L for SR-aGVHD.” The CRL also “identified a need for further scientific rationale to demonstrate the relationship of potency measurements to the product’s biologic activity.”

On this news, the Company’s share price fell $6.56, or 35%, to close at $12.03 per share on October 2, 2020.

The complaint, filed on October 8, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that comparative analyses between Mesoblast’s Phase 3 trial and three historical studies did not support the effectiveness of remestemcel-L for steroid refractory aGVHD due to design differences between the four studies; (2) that, as a result, the FDA was reasonably likely to require further clinical studies; (3) that, as a result, the commercialization of remestemcel-L in the U.S. was likely to be delayed; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the Mesoblast class action go to: https://bespc.com/cases/MESO

Loop Industries, Inc. (NASDAQ: LOOP)

Class Period: September 24, 2018 to October 12, 2020

Lead Plaintiff Deadline: December 14, 2020

On October 13, 2020, Hindenburg Research published a report alleging, among other things, that “Loop’s scientists, under pressure from CEO Daniel Solomita, were tacitly encouraged to lie about the results of the company’s process internally.” The report also stated that “Loop’s previous claims of breaking PET down to its base chemicals at a recovery rate of 100% were ‘technically and industrially impossible,’” according to a former employee. Moreover, the report alleged that “Executives from a division of key partner Thyssenkrupp, who Loop entered into a ‘global alliance agreement’ with in December 2018, told us their partnership is on ‘indefinite’ hold and that Loop ‘underestimated’ both costs and complexities of its process.”

On this news, the Company’s share price fell $3.78, or over 32%, to close at $7.83 per share on October 13, 2020.

The complaint, filed on October 13, 2020, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) that Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) that, as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

For more information on the Loop class action go to: https://bespc.com/cases/Loop

About
Bragar
Eagel
& Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com