Market Newsdesk

December 17, 2020 5:08 pm

Antero Resources Announces Pricing of $500 Million Offering of Senior Notes

PR Newswire

DENVER, Dec. 17, 2020 /PRNewswire/ — Antero Resources Corporation (NYSE: AR) (“Antero Resources”) announced today the pricing of its private placement to eligible purchasers of $500 million in aggregate principal amount of 8.375% senior unsecured notes due 2026 at par (the “Notes”). The offering is expected to close on January 4, 2021, subject to customary closing conditions.

Antero Resources estimates that it will receive net proceeds of approximately $494 million, after deducting the initial purchasers’ discounts and estimated expenses. Antero Resources intends to use a portion of the net proceeds from the offering to fund the redemption of $350 million aggregate principal amount of its 5.125% senior notes due 2022 (the “2022 Notes”) at par plus accrued interest and to use the remaining net proceeds to repay borrowings under its credit facility. The partial redemption of the 2022 Notes is conditioned on the completion of the offering of the Notes. The offering of the Notes is not contingent upon the completion of such redemption.

The Notes to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States pursuant to Regulation S under the Securities Act.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release shall not constitute a notice of redemption of the 2022 Notes.

Antero Resources is an independent natural gas and natural gas liquids company engaged in the acquisition, development and production of unconventional properties located in the Appalachian Basin in West Virginia and Ohio. In conjunction with its affiliate, Antero Midstream (NYSE: AM), Antero is one of the most integrated natural gas producers in the U.S.

This release includes “forward-looking statements.” Such forward-looking statements are subject to a number of risks and uncertainties, many of which are not under Antero Resources’ control. All statements, except for statements of historical fact, made in this release regarding activities, events or developments Antero Resources expects, believes or anticipates will or may occur in the future, such as statements regarding the proposed offering and the intended use of proceeds, including to fund the partial redemption of the 2022 Notes, are forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements speak only as of the date of this release. Although Antero Resources believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements. Except as required by law, Antero Resources expressly disclaims any obligation to and does not intend to publicly update or revise any forward-looking statements.

Antero Resources cautions you that these forward-looking statements are subject to all of the risks and uncertainties, incident to the exploration for and development, production, gathering and sale of natural gas, NGLs and oil most of which are difficult to predict and many of which are beyond the Antero Resources’ control. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flows and access to capital, the timing of development expenditures, impacts of world health events, including the COVID-19 pandemic, potential shut-ins of production due to lack of downstream demand or storage capacity, and the other risks described under the heading “Item 1A. Risk Factors” in Antero Resources’ Annual Report on Form 10-K for the year ended December 31, 2019 and in its subsequently filed Quarterly Reports on Form 10-Q.

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SOURCE Antero Resources Corporation

December 17, 2020 5:08 pm

BlackBerry Reports Sequential Software and Services Revenue Growth, Non-GAAP Profitability and Positive Free Cash Flow for Fiscal 2021 Third Quarter

PR Newswire

– Total company non-GAAP revenue of $224 million; total company GAAP revenue of $218 million.

– Non-GAAP earnings per basic and diluted share of $0.02; GAAP loss per basic and diluted share of $0.23.

– Net cash generated from operating activities of $29 million.

WATERLOO, ON, Dec. 17, 2020 /PRNewswire/ — BlackBerry Limited (NYSE: BB; TSX: BB) today reported financial results for the three months ended November 30, 2020 (all figures in U.S. dollars and U.S. GAAP, except where otherwise indicated).

“We are pleased to report solid financial results this quarter, delivering sequential software and services revenue growth in line with our outlook. This quarter we delivered exciting new technology releases, especially our AI-driven BlackBerry® Cyber Suite. We also made significant progress with partnerships,” Said John Chen, Executive Chairman & CEO, BlackBerry. “Our recently-announced multi-year, exclusive partnership with AWS to co-develop and co-market BlackBerry IVY, is both strategic and unique. This new platform will create a recurring-revenue business, bringing together BlackBerry’s extensive experience and footprint in embedded automotive with AWS’ unparalleled cloud reach, consumer experience and interface.”

Third Quarter Fiscal 2021 Financial Highlights

Total company non-GAAP revenue for the third quarter of fiscal 2021 was $224 million. Total company GAAP revenue for the third quarter of fiscal 2021 was $218 million.
Software and Services non-GAAP revenue for the third quarter of fiscal 2021 was $168 million. Software and Services GAAP revenue for the third quarter of fiscal 2021 was $162 million.
Non-GAAP gross margin was 70% and GAAP gross margin was 68%.
Non-GAAP operating earnings were $14 million. GAAP operating loss was $127 million, primarily due to fair value adjustments to long-term debt.
Non-GAAP earnings per share was $0.02 (basic and diluted). GAAP net loss per share was $0.23 (basic and diluted).
Total cash, cash equivalents, short-term and long-term investments were $757 million.
Net cash generated from operating activities was $29 million.

Third Quarter Business Highlights & Strategic Announcements

AWS and BlackBerry join forces to accelerate innovation with new intelligent vehicle data platform, BlackBerry IVY.
BlackBerry QNX has design wins with 19 of the top 25 Electric Vehicle OEMs, who together have 61% of EV market.
BlackBerry unveils industry’s first Unified Endpoint Security (UES) solution for AI-powered Cybersecurity, BlackBerry Cyber Suite. Cyber Suite will Integrate with all leading UEMs, including Microsoft Intune.
BlackBerry launches industry’s first user behavior AI technology for Cybersecurity, BlackBerry Persona® Desktop.
BlackBerry launches new AI-powered Mobile Threat Defense (MTD) solution to protect against mobile malware and phishing attacks, BlackBerry® Protect Mobile.
BlackBerry® Unified Endpoint Manager (UEM) software has achieved National Security Agency (NSA) Commercial Solutions for Classified Program (CSfC) approval.
Announced new global BlackBerry Partner Program that combines the award-winning BlackBerry Enterprise Partner Program and BlackBerry Cylance Partner Programs into one unified comprehensive structure.
BlackBerry uncovered massive hack-for-hire group, BAHAMUT, targeting governments, businesses, human rights groups and influential individuals.
Launched QNX® OS for Safety 2.2, a new release of the trusted, safety-certified operating system certified by the independent auditors at TÜV Rheinland to IEC 61508 SIL3 (Industrial), ISO 26262 ASIL D (Automotive), and IEC 62304 Class C (Medical devices) functional safety standards.

Outlook

BlackBerry will provide fiscal year 2021 outlook in connection with the quarterly earnings announcement on its earnings conference call. The earnings call transcript will be made available on our website and on SEDAR.

Use of Non-GAAP Financial Measures
The tables at the end of this press release include a reconciliation of the non-GAAP financial measures used by the company to comparable U.S. GAAP measures and an explanation of why the company uses them.

Conference Call and Webcast
A conference call and live webcast will be held today beginning at 5:30 p.m. ET, which can be accessed by dialing +1 (877) 682-6267 or by logging on at BlackBerry.com/Investors. Slides relating to the recent BlackBerry IVY announcement will be shown during the live webcast. These slides will be made available on the BlackBerry.com/Investors website at 5:30 p.m. ET.
A replay of the conference call will also be available at approximately 8:30 p.m. ET by dialing +1 (800) 585-8367 and entering Conference ID #7510319 and at the link above.

About BlackBerry
BlackBerry (NYSE: BB; TSX: BB) provides intelligent security software and services to enterprises and governments around the world. The company secures more than 500M endpoints including more than 175M cars on the road today. Based in Waterloo, Ontario, the company leverages AI and machine learning to deliver innovative solutions in the areas of cybersecurity, safety and data privacy solutions, and is a leader in the areas of endpoint security management, encryption, and embedded systems. BlackBerry’s vision is clear – to secure a connected future you can trust.

BlackBerry. Intelligent Security. Everywhere.
For more information, visit BlackBerry.com and follow @BlackBerry.

Investor Contact:
BlackBerry Investor Relations
+1 (519) 888-7465
[email protected]

Media Contact:
BlackBerry Media Relations
+1 (519) 597-7273
[email protected]

This news release contains forward-looking statements within the meaning of certain securities laws, including under the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including statements regarding BlackBerry’s plans, strategies and objectives including its expectations with respect to BlackBerry IVY and increasing and enhancing its product and service offerings.

The words “expect”, “anticipate”, “estimate”, “may”, “will”, “should”, “could”, “intend”, “believe”, “target”, “plan” and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by BlackBerry in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that BlackBerry believes are appropriate in the circumstances, including but not limited to, BlackBerry’s expectations regarding its business, strategy, opportunities and prospects, the launch of new products and services, general economic conditions particularly in light of COVID-19, competition, and BlackBerry’s expectations regarding its financial performance. Many factors could cause BlackBerry’s actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following factors: BlackBerry’s ability to enhance, develop, introduce or monetize products and services for the enterprise market in a timely manner with competitive pricing, features and performance; BlackBerry’s ability to maintain or expand its customer base for its software and services offerings to grow revenue or achieve sustained profitability; the intense competition faced by BlackBerry; the occurrence or perception of a breach of BlackBerry’s network cybersecurity measures, or an inappropriate disclosure of confidential or personal information; the failure or perceived failure of BlackBerry’s solutions to detect or prevent security vulnerabilities; the outbreak of the COVID-19 coronavirus; BlackBerry’s continuing ability to attract new personnel, retain existing key personnel and manage its staffing effectively; BlackBerry’s dependence on its relationships with resellers and channel partners; BlackBerry’s ability to obtain rights to use third-party software and its use of open source software; failure to protect BlackBerry’s intellectual property and to earn revenues from intellectual property rights; litigation against BlackBerry; the substantial asset risk faced by BlackBerry, including the potential for charges related to its long-lived assets and goodwill; BlackBerry’s indebtedness; acquisitions, divestitures and other business initiatives; BlackBerry’s products and services being dependent upon interoperability with rapidly changing systems provided by third parties; BlackBerry being found to have infringed on the intellectual property rights of others; the use and management of user data and personal information; network disruptions or other business interruptions; government regulations applicable to BlackBerry’s products and services, including products containing encryption capabilities; foreign operations, including fluctuations in foreign currencies; the failure of BlackBerry’s suppliers, subcontractors, channel partners and representatives to use acceptable ethical business practices or comply with applicable laws; BlackBerry’s ability to generate revenue and profitability through the licensing of security software and services or the BlackBerry brand to device manufacturers; BlackBerry’s reliance on third parties to manufacture and repair its hardware products; fostering an ecosystem of third-party application developers; regulations regarding health and safety, hazardous materials usage and conflict minerals, and to product certification risks; tax provision changes, the adoption of new tax legislation or exposure to additional tax liabilities; the fluctuation of BlackBerry’s quarterly revenue and operating results; the volatility of the market price of BlackBerry’s common shares; and adverse economic and geopolitical conditions.

These risk factors and others relating to BlackBerry are discussed in greater detail in BlackBerry’s Annual Report on Form 10-K and the “Cautionary Note Regarding Forward-Looking Statements” section of BlackBerry’s MD&A (copies of which filings may be obtained at www.sedar.com or www.sec.gov). All of these factors should be considered carefully, and readers should not place undue reliance on BlackBerry’s forward-looking statements. Any statements that are forward-looking statements are intended to enable BlackBerry’s shareholders to view the anticipated performance and prospects of BlackBerry from management’s perspective at the time such statements are made, and they are subject to the risks that are inherent in all forward-looking statements, as described above, as well as difficulties in forecasting BlackBerry’s financial results and performance for future periods, particularly over longer periods, given changes in technology and BlackBerry’s business strategy, evolving industry standards, intense competition and short product life cycles that characterize the industries in which BlackBerry operates. BlackBerry has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions except share and per share amounts) (unaudited)

Consolidated Statements of Operations
	Three Months Ended									Nine Months Ended
	November 30, 2020			August 31, 2020			November 30, 2019			November 30, 2020			November 30, 2019
Revenue	$	218		$	259		$	267		$	683		$	758
Cost of sales	69			60			69			192			207
Gross margin	149			199			198			491			551
Gross margin %	68.3		%	76.8		%	74.2		%	71.9		%	72.7		%
Operating expenses
Research and development	53			57			66			167			199
Selling, marketing and administration	83			79			129			252			380
Amortization	45			46			49			137			146
Impairment of goodwill	—			—			—			594			—
Impairment of long-lived assets	—			21			3			21			5
Debentures fair value adjustment	95			18			(20)			114			(71)
	276			221			227			1,285			659
Operating loss	(127)			(22)			(29)			(794)			(108)
Investment income (loss), net	(1)			(5)			(1)			(6)			2
Loss before income taxes	(128)			(27)			(30)			(800)			(106)
Provision for (recovery of) income taxes	2			(4)			2			(11)			5
Net loss	$	(130)		$	(23)		$	(32)		$	(789)		$	(111)
Loss per share
Basic	$	(0.23)		$	(0.04)		$	(0.06)		$	(1.41)		$	(0.20)
Diluted	$	(0.23)		$	(0.04)		$	(0.07)		$	(1.41)		$	(0.27)

Weighted-average number of common shares outstanding (000s)
Basic	562,443			558,882			554,585			559,732			552,931
Diluted	562,443			558,882			615,085			559,732			613,431
Total common shares outstanding (000s)	562,016			556,468			552,132			562,016			552,132

BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions) (unaudited)

Consolidated Balance Sheets
	As at
	November 30, 2020		February 29, 2020
Assets
Current
Cash and cash equivalents	$	223	$	377
Short-term investments	451		532
Accounts receivable, net of allowance of $13 and $9, respectively	212		215
Other receivables	21		14
Income taxes receivable	10		6
Other current assets	54		52
	971		1,196
Restricted cash and cash equivalents	50		49
Long-term investments	33		32
Other long-term assets	19		65
Operating lease right-of-use assets, net	91		124
Property, plant and equipment, net	54		70
Goodwill	849		1,437
Intangible assets, net	803		915
	$	2,870	$	3,888
Liabilities
Current
Accounts payable	$	29	$	31
Accrued liabilities	173		202
Income taxes payable	8		18
Debentures	—		606
Deferred revenue, current	217		264
	427		1,121
Deferred revenue, non-current	75		109
Operating lease liabilities	99		120
Other long-term liabilities	7		9
Long-term debentures	459		—
	1,067		1,359
Shareholders’ equity
Capital stock and additional paid-in capital	2,803		2,760
Deficit	(991)		(198)
Accumulated other comprehensive loss	(9)		(33)
	1,803		2,529
	$	2,870	$	3,888

BlackBerry Limited
Incorporated under the Laws of Ontario
(United States dollars, in millions) (unaudited)

Consolidated Statements of Cash Flows
	Nine Months Ended
	November 30, 2020		November 30, 2019
Cash flows from operating activities
Net loss	$	(789)	$	(111)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization	149		160
Stock-based compensation	33		46
Impairment of goodwill	594		—
Impairment of long-lived assets	21		5
Non-cash consideration received from contracts with customers	—		(8)
Debentures fair value adjustment	114		(71)
Operating leases	(4)		(12)
Other	(4)		11
Net changes in working capital items
Accounts receivable, net	(1)		17
Other receivables	(7)		6
Income taxes receivable	(4)		(1)
Other assets	51		3
Accounts payable	(2)		(21)
Accrued liabilities	(27)		(24)
Income taxes payable	(13)		2
Deferred revenue	(81)		(10)
Net cash provided by (used in) operating activities	30		(8)
Cash flows from investing activities
Acquisition of long-term investments	(1)		(1)
Acquisition of property, plant and equipment	(5)		(9)
Acquisition of intangible assets	(23)		(24)
Business acquisitions, net of cash acquired	—		1
Acquisition of short-term investments	(770)		(829)
Proceeds on sale or maturity of short-term investments	851		830
Net cash provided by (used in) investing activities	52		(32)
Cash flows from financing activities
Issuance of common shares	10		8
Payment of finance lease liability	(1)		(2)
Repurchase of 3.75% Debentures	(610)		—
Issuance of 1.75% Debentures	365		—
Net cash provided by (used in) financing activities	(236)		6
Effect of foreign exchange gain (loss) on cash, cash equivalents, restricted cash, and restricted cash equivalents	1		(1)
Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents during the period	(153)		(35)
Cash, cash equivalents, restricted cash, and restricted cash equivalents, beginning of period	426		582
Cash, cash equivalents, restricted cash, and restricted cash equivalents, end of period	$	273	$	547

As at	November 30, 2020		February 29, 2020
Cash and cash equivalents	$	223	$	377
Restricted cash and cash equivalents	50		49
Short-term investments	451		532
Long-term investments	33		32
	$	757	$	990

Reconciliations of Non-GAAP Measures with the Nearest Comparable U.S. GAAP Measures

In the Company’s internal reports, management evaluates the performance of the Company’s business on a non-GAAP basis by excluding the impact of certain items below from the Company’s U.S. GAAP financial results. The Company believes that these non-GAAP measures provide readers of the Company’s financial statements with a consistent basis for comparison across accounting periods and is useful in helping readers understand the Company’s operating results and underlying operational trends.

Readers are cautioned that adjusted revenue, adjusted gross margin, adjusted gross margin percentage, adjusted operating expense, adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage, adjusted EBITDA margin percentage, adjusted net income (loss), adjusted income (loss) per share, adjusted research and development expense, adjusted selling, marketing and administrative expense, adjusted amortization expense and free cash flow and similar measures do not have any standardized meaning prescribed by U.S. GAAP and are therefore unlikely to be comparable to similarly titled measures reported by other companies. These non-GAAP financial measures should be considered in the context of the U.S. GAAP results.

Reconciliation of non-GAAP based measures with most directly comparable U.S. GAAP based measures for the three months ended November 30, 2020 and November 30, 2019

A reconciliation of the most directly comparable U.S. GAAP financial measures for the three months ended November 30, 2020 and November 30, 2019 to adjusted financial measures is reflected in the tables below:

For the Three Months Ended (in millions)	November 30, 2020			November 30, 2019
Revenue	$	218		$	267
Software deferred revenue acquired ⁽¹⁾	6			13
Adjusted revenue	$	224		$	280

Gross margin	$	149		$	198
Software deferred revenue acquired ⁽¹⁾	6			13
Restructuring charges	—			3
Stock compensation expense	1			1
Adjusted gross margin	$	156		$	215

Gross margin %	68.3		%	74.2		%
Software deferred revenue acquired ⁽¹⁾	0.9		%	1.1		%
Restructuring charges	—		%	1.1		%
Stock compensation expense	0.4		%	0.4		%
Adjusted gross margin %	69.6		%	76.8		%

^{______________________________}

⁽¹⁾See Reconciliation of U.S. GAAP Software and Services revenue to adjusted Software and Services revenue

Reconciliation of operating expense for the three months ended November 30, 2020 and November 30, 2019 to adjusted operating expense is reflected in the tables below:

For the Three Months Ended (in millions)	November 30, 2020		November 30, 2019
Operating expense	$	276	$	227
Restructuring charges	—		4
Stock compensation expense	11		14
Debenture fair value adjustment	95		(20)
Software deferred commission expense acquired	(4)		(4)
Acquired intangibles amortization	32		35
LLA impairment charge	—		3
Adjusted operating expense	$	142	$	195

Reconciliation of U.S. GAAP net loss and U.S. GAAP basic loss per share for the three months ended November 30, 2020 and November 30, 2019 to adjusted net income and adjusted basic earnings per share is reflected in the tables below:

For the Three Months Ended (in millions, except per share amounts)	November 30, 2020			November 30, 2019
			Basic earnings (loss) per share			Basic earnings (loss) per share
Net loss	$	(130)	$(0.23)	$	(32)	$(0.06)
Software deferred revenue acquired	6			13
Restructuring charges	—			7
Stock compensation expense	12			15
Debenture fair value adjustment	95			(20)
Software deferred commission expense acquired	(4)			(4)
Acquired intangibles amortization	32			35
LLA impairment charge	—			3
Adjusted net income	$	11	$0.02	$	17	$0.03

Reconciliation of U.S. GAAP Software and Services revenue for the three months ended November 30, 2020 and November 30, 2019 to adjusted Software and Services revenue is reflected in the tables below:

For the Three Months Ended (in millions)	November 30, 2020		November 30, 2019
Software and Services Revenue	$	162	$	185
Software deferred revenue acquired	6		13
Adjusted Software and Services revenue	$	168	$	198

Reconciliation of U.S. GAAP research and development, selling, marketing and administration, and amortization expense for the three months ended November 30, 2020 and November 30, 2019 to adjusted research and development, selling, marketing and administration, and amortization expense is reflected in the tables below:

For the Three Months Ended (in millions)	November 30, 2020		November 30, 2019
Research and development	$	53	$	66
Stock compensation expense	3		4
Adjusted research and development	$	50	$	62

Selling, marketing and administration	$	83	$	129
Restructuring charges	—		4
Software deferred commission expense acquired	(4)		(4)
Stock compensation expense	8		10
Adjusted selling, marketing and administration	$	79	$	119

Amortization	$	45	$	49
Acquired intangibles amortization	32		35
Adjusted amortization	$	13	$	14

Adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage and adjusted EBITDA margin percentage for the three months ended November 30, 2020 and November 30, 2019 are reflected in the table below.

For the Three Months Ended (in millions)	November 30, 2020		November 30, 2019
Operating loss	$	(127)	$	(29)
Non-GAAP adjustments to operating loss
Software deferred revenue acquired	6		13
Restructuring charges	—		7
Stock compensation expense	12		15
Debenture fair value adjustment	95		(20)
Software deferred commission expense acquired	(4)		(4)
Acquired intangibles amortization	32		35
LLA impairment charge	—		3
Total non-GAAP adjustments to operating loss	141		49
Adjusted operating income	14		20
Amortization	49		53
Acquired intangibles amortization	(32)		(35)
Adjusted EBITDA	$	31	$	38

Adjusted revenue (per above)	$	224	$	280
Adjusted operating income margin % ⁽¹⁾	6%		7%
Adjusted EBITDA margin % ⁽²⁾	14%		14%

^{______________________________}

⁽¹⁾Adjusted operating income margin % is calculated by dividing adjusted operating income by adjusted revenue

⁽²⁾Adjusted EBITDA margin % is calculated by dividing adjusted EBITDA by adjusted revenue

Reconciliation of non-GAAP based measures with most directly comparable U.S. GAAP based measures for the nine months ended November 30, 2020 and November 30, 2019

A reconciliation of the most directly comparable U.S. GAAP financial measures for nine months ended November 30, 2020 and November 30, 2019 to adjusted financial measures is reflected in the tables below:

For the Nine Months Ended (in millions)	November 30, 2020			November 30, 2019
Revenue	$	683		$	758
Software deferred revenue acquired ⁽¹⁾	21			50
Adjusted revenue	$	704		$	808

Gross margin	$	491		$	551
Software deferred revenue acquired ⁽¹⁾	21			50
Restructuring charges	—			5
Stock compensation expense	4			3
Adjusted gross margin	$	516		$	609

Gross margin %	71.9		%	72.7		%
Software deferred revenue acquired ⁽¹⁾	0.8		%	1.6		%
Restructuring charges	—		%	0.7		%
Stock compensation expense	0.6		%	0.4		%
Adjusted gross margin %	73.3		%	75.4		%

Operating expense	$	1,285		$	659
Restructuring charges	2			4
Stock compensation expense	31			43
Debenture fair value adjustment	114			(71)
Software deferred commission expense acquired	(10)			(13)
Acquired intangibles amortization	97			106
Business acquisition and integration costs	—			3
Goodwill impairment charge	594			—
LLA impairment charge	21			5
Adjusted operating expense	$	436		$	582

^{______________________________}

⁽¹⁾See Reconciliation of U.S GAAP Software and Services revenue to adjusted Software and Service revenue

Reconciliation of U.S. GAAP net loss and U.S. GAAP basic loss per share for the nine months ended November 30, 2020 and November 30, 2019 to the adjusted net income and basic earnings per share is reflected in the tables below:

For the Nine Months Ended (in millions, except per share amounts)	November 30, 2020				November 30, 2019
			Basic earnings (loss) per share				Basic earnings (loss) per share
Net loss	$	(789)	$	(1.41)	$	(111)	$	(0.20)
Software deferred revenue acquired	21				50
Restructuring charges	2				9
Stock compensation expense	35				46
Debenture fair value adjustment	114				(71)
Software deferred commission expense acquired	(10)				(13)
Acquired intangibles amortization	97				106
Business acquisition and integration costs	—				3
Goodwill impairment charge	594				—
LLA impairment charge	21				5
Acquisition valuation allowance	—				(1)
Adjusted net income	$	85	$0.15		$	23	$0.04

Reconciliation of U.S. GAAP Software and Services revenue for the nine months ended November 30, 2020 and November 30, 2019 to adjusted Software and Services revenue is reflected in the tables below:

For the Nine Months Ended (in millions)	November 30, 2020		November 30, 2019
Software and Services Revenue	$	461	$	521
Software deferred revenue acquired	21		50
Adjusted Software and Services Revenue	$	482	$	571

Reconciliation of U.S. GAAP research and development, selling, marketing and administration, and amortization expense for the nine months ended November 30, 2020 and November 30, 2019 to adjusted research and development, selling, marketing and administration, and amortization expense is reflected in the tables below:

For the Nine Months Ended (in millions)	November 30, 2020		November 30, 2019
Research and development	$	167	$	199
Stock compensation expense	8		10
Adjusted research and development	$	159	$	189

Selling, marketing and administration	$	252	$	380
Restructuring charges	2		4
Software deferred commission expense acquired	(10)		(13)
Stock compensation expense	23		33
Business acquisition and integration costs	—		3
Adjusted selling, marketing and administration	$	237	$	353

Amortization	$	137	$	146
Acquired intangibles amortization	97		106
Adjusted amortization	$	40	$	40

Adjusted operating income, adjusted EBITDA, adjusted operating income margin percentage and adjusted EBITDA margin percentage for the nine months ended November 30, 2020 and November 30, 2019 are reflected in the table below.

For the Nine Months Ended (in millions)	November 30, 2020			November 30, 2019
Operating loss	$	(794)		$	(108)
Non-GAAP adjustments to operating loss
Software deferred revenue acquired	21			50
Restructuring charges	2			9
Stock compensation expense	35			46
Debenture fair value adjustment	114			(71)
Software deferred commission expense acquired	(10)			(13)
Acquired intangibles amortization	97			106
Business acquisition and integration costs	—			3
Goodwill impairment charge	594			—
LLA impairment charge	21			5
Total non-GAAP adjustments to operating loss	874			135
Adjusted operating income	80			27
Amortization	149			160
Acquired intangibles amortization	(97)			(106)
Adjusted EBITDA	$	132		$	81

Adjusted revenue (per above)	$	704		$	808
Adjusted operating income margin % ⁽¹⁾	11		%	3		%
Adjusted EBITDA margin % ⁽²⁾	19		%	10		%

^{______________________________}

⁽¹⁾Adjusted operating income margin % is calculated by dividing adjusted operating income by adjusted revenue

⁽²⁾Adjusted EBITDA margin % is calculated by dividing adjusted EBITDA by adjusted revenue

View original content:http://www.prnewswire.com/news-releases/blackberry-reports-sequential-software-and-services-revenue-growth-non-gaap-profitability-and-positive-free-cash-flow-for-fiscal-2021-third-quarter-301195582.html

SOURCE BlackBerry Limited

December 17, 2020 5:08 pm

VEREIT® Completes One-for-Five Reverse Stock Split

PR Newswire

PHOENIX, Dec. 17, 2020 /PRNewswire/ — VEREIT, Inc. (NYSE: VER) (“VEREIT” or the “Company”), a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S., announced today that the Company has completed its previously announced one-for-five reverse stock split of its outstanding shares of common stock.

Pursuant to the reverse stock split, every five shares of VEREIT’s issued and outstanding shares of common stock, $0.01 par value per share, were converted into one share of common stock, $0.01 par value per share. Fractional shares resulting from the reverse stock split will be paid in cash based on the trailing average closing price of the Company’s common stock on the New York Stock Exchange for a period of three trading days prior to the effective date of the reverse stock split. The previously announced quarterly dividend of $0.077 per common share for stockholders of record as of December 31, 2020 will now be $0.385 per share after accounting for the one-for-five reverse stock split. The shares will begin trading on a split-adjusted basis on the NYSE at the opening of trading on December 18, 2020 under the same ticker, “VER,” with a new CUSIP number of 92339V 308.

The reverse stock split affected all record holders of the Company’s common stock uniformly and did not affect any record holder’s percentage ownership interest in the Company, except for de minimis changes as a result of the elimination of fractional shares. The reverse stock split did not affect the number of the Company’s authorized shares of common stock.

About VEREIT
VEREIT is a full-service real estate operating company which owns and manages one of the largest portfolios of single-tenant commercial properties in the U.S. VEREIT has total real estate investments of $14.6 billion including approximately 3,800 properties and 88.9 million square feet. VEREIT’s business model provides equity capital to creditworthy corporations in return for long-term leases on their properties. VEREIT is a publicly traded Maryland corporation listed on the New York Stock Exchange. VEREIT uses, and intends to continue to use, its Investor Relations website, which can be found at www.VEREIT.com, as a means of disclosing material nonpublic information and for complying with its disclosure obligations under Regulation FD. Additional information about VEREIT can be found through social media platforms such as Twitter and LinkedIn.

View original content to download multimedia:http://www.prnewswire.com/news-releases/vereit-completes-one-for-five-reverse-stock-split-301195604.html

SOURCE VEREIT, Inc.

December 17, 2020 5:08 pm

Synovus Announces 2021 CEO Transition

Synovus Announces 2021 CEO Transition

Stelling to become executive chairman, Blair to succeed as CEO next year

COLUMBUS, Ga.–(BUSINESS WIRE)–
Synovus today announced that Chairman and CEO Kessel Stelling will move into the role of executive chairman of the board on or about April 21, 2021, in conjunction with the company’s annual shareholders meeting. President and COO Kevin Blair has been named to succeed Stelling as CEO on that same date and has also been named to the Synovus Board, effective immediately. Stelling will serve as executive chairman of Synovus Financial Corp. and Synovus Bank until January 1, 2023, then continue in an advisory role until January 1, 2025.

“The Board is pleased to announce these next steps in our succession management plan that will ensure a seamless and stable leadership transition for our team members, customers, and shareholders,” said Elizabeth Camp, lead independent director of Synovus’ Board. “We believe Kevin is more than prepared to take on the added responsibilities of CEO and we are grateful to Kessel for his steadfast and transformational leadership for more than a decade. We also appreciate Kessel’s willingness to serve in an active executive role for an extended period, partnering with and supporting Kevin in his new role as they together guide the company forward.”

“I am thrilled we have reached this significant milestone where we unveil our plans for future leadership,” said Stelling. “Kevin and I, along with our entire executive leadership team, have worked closely together over the past several years to grow our company and to effectively navigate and overcome challenges. Kevin’s leadership strengths, innovative mindset, and commitment to our people-first culture and communities make him the right leader for this company at the right time.”

Blair was promoted to president and COO in December 2019, having served as senior executive vice president and COO since December 2018. He currently leads all major core banking and specialty business lines, technology, operations, credit, HR, marketing, customer experience, and the strategy office. He joined the company as CFO in 2016, having previously served in various finance and line of business roles throughout his 24-year banking career.

Stelling has led Synovus through some of the most challenging and impactful times in the company’s history, including the consolidation of 30 bank charters into one, an unprecedented global recession, and the recent pandemic and social unrest. After assuming his role as executive chairman next year, Stelling’s responsibilities will include board leadership as well as support and guidance of the company’s strategic and operational initiatives, leadership programs, and ESG activities. Stelling has been in his current role as chairman since January 2012. He was named CEO in October 2010 and president and COO in February 2010.

Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $53 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 289 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, has been recognized as one of the country’s “Most Reputable Banks” by American Banker and the Reputation Institute. Synovus is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217005889/en/

Lee Underwood

Media Relations

(706) 644-0528

KEYWORDS: Georgia United States North America

INDUSTRY KEYWORDS: Banking Professional Services

MEDIA:

December 17, 2020 5:07 pm

ROSEN, A LONGSTANDING LAW FIRM, Reminds Pinterest, Inc. Investors of Important January 22 Deadline in Securities Class Action – PINS

NEW YORK, Dec. 17, 2020 (GLOBE NEWSWIRE) — Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Pinterest, Inc. (NYSE: PINS) between May 16, 2019 and November 1, 2019, inclusive (the “Class Period”), of the January 22, 2021 lead plaintiff deadline in the securities class action. The lawsuit seeks to recover damages for Pinterest investors under the federal securities laws.

To join the Pinterest class action, go to http://www.rosenlegal.com/cases-register-1995.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Pinterest’s addressable market in the U.S. was reaching its maximum capacity; (2) as a result, Pinterest’s future ability to monetize on U.S. average revenue per user decelerated significantly; (3) Pinterest was at an increased risk of losing advertising revenue; and (4) as a result, defendants’ public statements were materially false and misleading at all relevant times or lacked a reasonable basis and omitted material facts. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 22, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1995.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

——————————-

Contact Information:

        Laurence Rosen, Esq.
        Phillip Kim, Esq.
        The Rosen Law Firm, P.A.
        275 Madison Avenue, 40th Floor
        New York, NY 10016
        Tel: (212) 686-1060
        Toll Free: (866) 767-3653
        Fax: (212) 202-3827
        [email protected]
        [email protected]
        [email protected]
        www.rosenlegal.com

December 17, 2020 5:07 pm

Rio Tinto’s 2020 Argyle Pink Diamonds Tender delivers a dazzling set of results

Rio Tinto’s 2020 Argyle Pink Diamonds Tender delivers a dazzling set of results

MELBOURNE, Australia–(BUSINESS WIRE)–
Rio Tinto’s 2020 Argyle Pink Diamonds Tender collection of 62 rare pink, red, blue and violet diamonds from its Argyle mine in Australia has delivered a record result, reflecting their extraordinary rarity and unique provenance.

The 2020 collection continued its trajectory of double digit price growth and a record number of participants with successful bidders from eight countries. Whilst bids and values remain confidential, Lot Number 1, the 2.24 carat Argyle Eternity™, the most valuable diamond in the collection and the most valuable Fancy Vivid diamond in the Tender’s 37 year history, was sold to Hong Kong fancy coloured diamond specialist, Kunming Diamonds. Kunming Diamonds was also the successful bidder of other lots in the Tender.

Harsh Maheshwari, Director of Kunming Diamonds said “It is an extraordinary opportunity and a privilege to be part of the history making Argyle diamond mine. We are humbled to be the custodians of these iconic rare jewels and are delighted to be part of their enduring legacy.”

Other record breaking diamonds from the 2020 Argyle Pink Diamonds Tender included Lot Number 6, Argyle Infinite™, a 0.70 carat oval Fancy Dark Violet-Gray diamond which will take its place in Argyle history as the most valuable diamond in this colour category ever produced at the mine and presented at the annual Tender.

Almost the entire world’s supply of rare pink, red and violet diamonds come from Rio Tinto’s Argyle diamond mine which ceased production on 3 November, 2020, after 37 years of production. Shaped by the forces of supply and demand, the value of Argyle pink diamonds sold at Tender has appreciated over 500 per cent over the past two decades, outperforming all major equity markets.

Patrick Coppens, General Manager of sales and marketing for Rio Tinto’s diamonds business said “We are delighted with the results of the 2020 Argyle Pink Diamonds Tender, a testament to the unique Argyle ore body and its place in the history of the world’s most famous diamonds.”

The COVID-19 pandemic presented challenges for the 2020 Argyle Pink Diamonds Tender, delaying the launch and reducing the number of face to face viewings due to travel restrictions. To overcome this, live streaming and an exclusive virtual portal allowed bidders from around the world see the display of the dazzling gems, supported by technology to enable exacting colour calibration and magnification of the diamonds.

Also included in the 2020 offering were 12 additional lots of carefully curated and never to be repeated sets of miniature rare Argyle pink, red, blue and violet diamonds, weighing 13.90 carats in total. Titled The Petite Suites, the diamonds were meticulously collected over a five-year period, with each highly-considered parcel designed to strike a harmonious balance between size, shape, colour and clarity. Demand for The Petite Suites was competitive particularly amongst luxury jewellers with a strong design sensibility. Famed Australian jeweller, John Calleija who successfully bid on several lots of The Petite Suites said “I am thrilled with my success at this year’s Tender and the exciting design possibilities unleashed by these colourful and uniquely Australian jewels.”

The 2020 Argyle Pink Diamonds Tender was the penultimate showcase with a final Argyle Pink Diamonds Tender occurring in 2021, drawing upon the 2020 production from the now shuttered Argyle mine.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217006153/en/

[email protected]

riotinto.com

Follow @RioTinto on Twitter

Communications Manager, Rio Tinto Diamonds

Robyn Ellison

M +61 417 968 359

E [email protected]

Media Relations, United Kingdom

Illtud Harri

M +44 7920 503 600

David Outhwaite

T +44 20 7781 1623

M +44 7787 597 493

Media Relations, Americas

Matthew Klar

T +1 514 608 4429

Media Relations, Asia

Grant Donald

T +65 6679 9290

M +65 9722 6028

Media Relations, Australia

Jonathan Rose

T +61 3 9283 3088

M +61 447 028 913

Matt Chambers

T +61 3 9283 3087

M +61 433 525 739

Jesse Riseborough

T +61 8 6211 6013

M +61 436 653 412

Rio Tinto plc

6 St James’s Square

London SW1Y 4AD

United Kingdom

T +44 20 7781 2000

Registered in England

No. 719885

Rio Tinto Limited

Level 7, 360 Collins Street

Melbourne 3000

Australia

T +61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

Category:Argyle

KEYWORDS: Australia/Oceania Europe Australia United Kingdom

INDUSTRY KEYWORDS: Mining/Minerals Natural Resources

MEDIA:

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December 17, 2020 5:06 pm

Poshmark, Inc. Files Registration Statement for Proposed Initial Public Offering

PR Newswire

REDWOOD CITY, Calif., Dec. 17, 2020 /PRNewswire/ — Poshmark, Inc. (Poshmark) today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) relating to a proposed initial public offering of shares of its Class A common stock. The number of shares to be offered and the price range for the proposed offering have not yet been determined. Poshmark has applied to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “POSH.”

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, and Barclays Capital Inc. are acting as lead book-running managers for the offering. Stifel, Nicolaus & Company, Incorporated, William Blair & Company, L.L.C, Raymond James & Associates, Inc., Cowen and Company, LLC, and JMP Securities LLC are acting as book-running managers.

The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 or by telephone at (866) 718-1649; Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471-2526; and Barclays Capital Inc., c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (888) 603-5847.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or 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 jurisdiction.

About Poshmark, Inc.:
Poshmark is a leading social marketplace for new and secondhand style for women, men, kids, home, and more. By combining the human connection of physical shopping with the scale, ease, and selection benefits of ecommerce, Poshmark makes buying and selling simple, social, and fun. Its community of more than 70 million registered users across the U.S. and Canada is driving the future of commerce while promoting more sustainable consumption.

CONTACTS:

Media Contact

[email protected]

Investor Contact

[email protected]

View original content:http://www.prnewswire.com/news-releases/poshmark-inc-files-registration-statement-for-proposed-initial-public-offering-301195633.html

SOURCE Poshmark

December 17, 2020 5:06 pm

Exela Technologies Secures Term Loan of $145 Million

Retires debt under existing facility and replaces with a new facility
Substantially achieves liquidity strategic initiative

IRVING, Texas, Dec. 17, 2020 (GLOBE NEWSWIRE) — Exela Technologies, Inc. (“Exela”) (NASDAQ: XELA), a location-agnostic global business process automation leader, announced that it has entered into a 5-year, $145 million term loan facility with Angelo Gordon, a global alternative investment firm. The facility provides for an initial funding of approximately $92 million and subject to certain conditions a further funding of approximately $53 million. A portion of the proceeds from the initial funding will be used to retire all debt outstanding under Exela’s accounts receivables securitization facility of approximately $83 million. Liquidity, as determined in accordance with the First Lien Credit Agreement, dated as of July 12, 2017, as amended, to which Exela’s subsidiaries are party, will be greater than $140 million assuming full funding under the new facility. On that basis, the Company’s previously announced strategic initiative to improve liquidity to approximately $150 million will be substantially achieved. The company’s filed 8-K includes additional transaction details.

About Exela Technologies

Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of expertise operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune^® 100. With foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry department solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and public sectors. Through cloud-enabled platforms, built on a configurable stack of automation modules, and over 21,000 employees operating in 23 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

About Angelo Gordon

Angelo, Gordon & Co., L.P. (“Angelo Gordon”) is a privately held limited partnership founded in November 1988. The firm currently manages approximately $41 billion with a primary focus on credit and real estate strategies. Angelo Gordon has over 500 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.

Forward-Looking Statements: Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, including without limitation those discussed under the heading “Risk Factors” in the Annual Report and other securities filings. In addition, forward-looking statements provide Exela’s expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela’s assessments to change. These forward-looking statements should not be relied upon as representing Exela’s assessments as of any date subsequent to the date of this press release.

Media Contact: Kevin McLaughlin
E: [email protected]
T: 646-277-1234

Investor Contact: William Maina
E: [email protected]
T: 646-277-1236

December 17, 2020 5:05 pm

PIMCO Canada Corp. Announces Estimated Monthly Distributions for PIMCO Canada Exchange Traded Series

Not for distribution to United States newswire services or for dissemination in the United States

TORONTO, Dec. 17, 2020 (GLOBE NEWSWIRE) — PIMCO Canada Corp. (“PIMCO Canada”) today announced the estimated 2020 December and annual cash distributions for the ETF series (“ETF Series”) of the PIMCO Canada mutual funds that distribute monthly (“Funds”). The estimated distribution amounts may differ from the actual amounts.

Unitholders of record of the ETF Series, at the close of business on December 24, 2020, will receive a per-unit cash distribution payable on or about December 31, 2020.

Details of the per-unit cash distribution amounts are as follow:

Fund Name	Ticker	Cash Distribution per Unit
PIMCO Monthly Income Fund (Canada)	PMIF	$ 0.22036
PIMCO Monthly Income Fund (Canada) US$	PMIF.U	US$ 0.25284
PIMCO Investment Grade Credit Fund (Canada)	IGCF	$ 0.05683
PIMCO Global Short Maturity Fund (Canada)	PMNT	$ 0.01233
PIMCO Low Duration Monthly Income Fund (Canada)	PLDI	$ 0.57078

Final distribution amounts will be announced by PIMCO Canada on or about December 22, 2020

The Manager, PIMCO Canada, administers and manages the PIMCO Canada ETFs, and retains Pacific Investment Management Company, LLC (“PIMCO”) to provide sub-advisory services to the Funds.

About PIMCO

PIMCO is one of the world’s premier fixed income investment managers. With our launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 45+ years since, we have continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. Today we have offices across the globe and 2,850+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

Forward-Looking Statements

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions “expect”, “intend”, “will” and similar expressions to the extent they relate to the Funds. The forward-looking statements are not historical facts but reflect the Funds’, PIMCO Canada’s and/or PIMCO’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations, including, but not limited to, market factors. Although the Funds, PIMCO Canada and/or PIMCO believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Funds, PIMCO Canada and/or PIMCO undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other factors which affect this information, except as required by law.

No offering is being made by this material. Interested investors should obtain a copy of the prospectus, which is available from your Financial Advisor.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

All investments contain risk and can lose value. For a summary of the risks of an investment in a specific fund, please see the risks of mutual funds section of the prospectus.

Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.

Funds can offer different series, which are subject to different fees and expenses (which may affect performance), having different minimum investment requirements and are entitled to different services.

The products and services provided by PIMCO Canada may only be available in certain provinces or territories of Canada and only through dealers authorized for that purpose.

PIMCO Canada has retained PIMCO LLC as sub-adviser. PIMCO Canada will remain responsible for any loss that arises out of the failure of its sub-adviser.

PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2020, PIMCO

PIMCO Canada Corp. 199 Bay Street, Suite 2050, Commerce Court Station, P.O. Box 363, Toronto, ON, M5L 1G2, 416-368-3350

Contact:
Agnes Crane
PIMCO – Media Relations
Phone: +212 597.1054

December 17, 2020 5:05 pm

Granite REIT Declares Distribution for December 2020

Granite REIT Declares Distribution for December 2020

TORONTO–(BUSINESS WIRE)–
Granite Real Estate Investment Trust (“Granite”) (TSX: GRT.UN / NYSE: GRP.U) announced today that its board of trustees has declared a distribution of CAD $0.250 per stapled unit for the month of December 2020. The distribution will be paid by Granite on January 15, 2021 to stapled unitholders of record at the close of trading on December 31, 2020. The stapled units will begin trading on an ex-dividend basis at the opening of trading on Wednesday, December 30, 2020 on the Toronto Stock Exchange and on the New York Stock Exchange.

Granite confirms that no portion of the distribution constitutes effectively connected income for U.S. federal tax purposes. A qualified notice providing the breakdown of the sources of the distribution will be issued to the Depository Trust & Clearing Corporation subsequent to the record date of December 31, 2020, pursuant to United States Treasury Regulation Section 1.1446-4.

ABOUT GRANITE

Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns over 110 investment properties representing approximately 47 million square feet of leasable area.

OTHER INFORMATION

Copies of financial data and other publicly filed documents about Granite are available through the internet on the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) which can be accessed at www.sedar.com and on the United States Securities and Exchange Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) which can be accessed at www.sec.gov. For further information, please see our website at www.granitereit.com or contact Teresa Neto, Chief Financial Officer, at 647-925-7560 or Andrea Sanelli, Manager, Legal & Investor Services, at 647-925-7504.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201217006142/en/

Teresa Neto

Chief Financial Officer

647-925-7560

or

Andrea Sanelli

Manager, Legal & Investor Services

647-925-7504

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: REIT Finance Banking Professional Services Construction & Property

MEDIA: