Catch.com.au to Digitally Transform Supply Chain with Blue Yonder
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Illumina to Webcast Upcoming Investor Conference
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Statement of the American Dental Education Association on Faculty, Staff, Students and Residents of Oral Health Professions Schools Receiving the COVI
Altabancorp™ Reports Second Quarter 2021 Financial Results
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Rent-A-Center Wins Comparably Award for Best Company for Career Growth
PLANO, Texas--(BUSINESS WIRE)--Rent-A-Center, Inc. (NASDAQ: RCII) (“Rent-A-Center” or the “Company”), an industry-leading, omni-channel lease-to-own provider for the cash and credit constrained customer, has been ranked by Comparably as one of the top 25 large companies across North America for Best Career Growth. Comparably surveyed Rent-A-Center coworkers, who anonymously shared feedback on a combination of questions, providing a comprehensive view of what it is like to work for the company. The coworkers’ ratings were then compared against thousands of other large companies across a wide range of industries, and determined the final rankings. “Our company is undergoing an extraordinary evolution, and our coworkers are focused on innovation, which is vital to our sustained success. My commitment, with the support of our full leadership team, is to continue to provide our coworkers with resources and opportunities to build a long-term career with us,” said Rent-A-Center CEO Mitch Fadel. “We are honored to receive the Best Company for Career Growth award as it demonstrates we are not just a job but a great place for a career,” said Tran Taylor, EVP and CHRO of Rent-A-Center. “It is a challenging time in the job market, which underscores the importance of the coworker experience and professional development to support their career goals and aspirations.” Rent-A-Center is proud to offer careers that provide purpose with an award-winning culture. Learn more at raccareers.com. About Rent-A-Center, Inc. Rent-A-Center, Inc. (NASDAQ: RCII) is a leading provider of technology driven, flexible, no debt obligation leasing solutions that offer underserved consumers access to and potential ownership of high-quality durable goods that enhance the quality of life. The company’s omni-channel model utilizes proprietary data and technology to facilitate transactions across a wide range of retail channels including its own Acima virtual lease-to-own platform, Rentacenter.com, e-commerce partner platforms, partner retail stores, and Rent-A-Center branded stores. For additional information about the Company, please visit our website Rentacenter.com or Investor.rentacenter.com. View source version on businesswire.com: https://www.businessinsider.com/best-large-companies-for-career-growth-according-to-employees-2021-7 Contacts Rent-A-Center, Inc. Lynn Jenkins Sr. Director – Human Resources (972) 801-1156 Lynn.Jenkins@Rentacenter.com
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DŌST Bikes & PeopleForBikes: Partnership and eBike Giveaway
VANCOUVER, British Columbia--(BUSINESS WIRE)--Canadian eBike manufacturer DŌST Bikes is excited to announce joining the PeopleForBikes Coalition and a new partnership. The joining of forces between industry and advocacy is aimed at getting more people riding bikes in North America through a new campaign — #RideSomeGood. The campaign will run throughout the summer with prizes for completing monthly challenges, including a DŌST ebike. “We design ebikes that enable more people to ride more often, which is critically important for climate change.” said DŌST Co-Director of Sustainability Cory Leis. “But we recognize that advocacy organizations also play a critical role, so we’re proud to be supporting them with funding this summer.” #RideSomeGood has two distinct components: The 1,000,000 Kilometer Challenge This collective group challenge is an opportunity for riders to raise money for advocacy. Participants will join the 1,000,000 Kilometer Challenge on PeopleForBikes’ free Ride Spot app to track their rides, which are then automatically added to the group kilometer total. DŌST will donate $1,000 for every 100,000 kilometers ridden (maximum donation $10,000). Monthly Challenges With Prizes Monthly challenges on Ride Spot will give riders the chance to win prizes from DŌST’s new line of eco-apparel including t-shirts and socks when they complete a unique monthly challenge. For every challenge a rider completes, they’ll receive a ticket in the grand prize draw for a new eBike from DŌST. “It’s great to see PeopleForBikes member companies using creative Ride Spot incentives like #RideSomeGood to get more people riding more often,” said PeopleForBikes Director of Membership and Industry Engagement Rod Judd. “We’re glad to be working with supporters like DŌST that share our belief that bikes will help build a better future.” For more information, please contact Cory Leis by email: cory@dostbikes.com About DŌST Bikes DŌST Bikes are sold directly to consumers across North America and are best known for their long range thanks to a dual battery system. To find out more please visit DOSTBikes.com. About PeopleForBikes PeopleForBikes is making biking better for everyone by uniting millions of Americans, thousands of businesses and hundreds of communities to make every bike ride safer, more accessible and more fun. When people ride bikes, great things happen. Join us at PeopleForBikes.org. Join a Challenge and find your next great bike ride today on RideSpot.org. Contacts Cory Leis cory@dostbikes.com
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Dun & Bradstreet Expands Its Board of Directors and Welcomes Banking Industry Veteran Ellen R. Alemany
JACKSONVILLE, Fla.--(BUSINESS WIRE)--Dun & Bradstreet Holdings, Inc. (“Dun & Bradstreet”) (NYSE: DNB), a leading global provider of business decisioning data and analytics, announced today the appointment of Ellen R. Alemany to the company’s Board of Directors, effective immediately. Alemany’s appointment follows the Company’s adoption of a resolution to increase its Board of Directors to ten members. “Ellen’s well-regarded leadership and her richness of perspectives to the direction and growth of the organizations she has led will be especially valuable to the Board as we unlock additional growth opportunities,” said William P. Foley II, Chairman, Dun & Bradstreet. “With vast business and financial industry experience, Ellen is an accomplished and inspiring executive who will have a strong, impactful voice on the decisions we make. It is my honor to welcome Ellen to our Board of Directors.” “Dun & Bradstreet’s mission — that has stood the test of time for 180 years — resonates with me because helping businesses succeed has been a large focus of my entire career,” said Ellen Alemany. “I look forward to being connected with a Board and leadership team who are shaping and guiding a company that is so critical to the global business world, and who make it a priority to lead with integrity and purpose to ensure all stakeholders realize the greatest value.” Background on Ellen Alemany Alemany currently serves as the Chairwoman and CEO of CIT Group Inc. (NYSE: CIT), and as the Chairwoman, CEO and President of CIT Bank, N.A., a subsidiary of CIT. Pending regulatory approval, CIT is expected to merge with First Citizens BancShares Inc. in the third quarter of 2021, at which time Alemany will join the board of First Citizens. Alemany joined the CIT Board of Directors in October 2015 and was named Chairwoman and CEO in 2016. Previously, Alemany was the Chairwoman and CEO of The Royal Bank of Scotland (RBS) Citizens Financial Group from 2008 until October 2013. She served as the CEO of Global Transaction Services at Citibank/Citigroup from 2006 until 2007, after holding various roles in her twenty-year career with Citibank/Citigroup. Alemany served on the Board of Automatic Data Processing (ADP) from August 2012 until October 2016. She currently serves as a director of Fidelity National Information Services, Inc. and CIT. Alemany is also a member of the Committee for Economic Development of The Conference Board, a nonprofit, nonpartisan, business-led public policy organization. Alemany’s leadership has been recognized by American Banker, where she was named the second most powerful banker on the publication’s annual list of Most Powerful Women in Banking. In 2020, Alemany was the recipient of the Leadership Legacy Award from the Center for Executive Succession at the University of South Carolina's Darla Moore School of Business. The award honors building a legacy of leadership talent and delivering strong business, reputational and social performance. About Dun & Bradstreet Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity. Twitter: @DunBradstreet Contacts Dun & Bradstreet Media Contact:Lisette Kwong kwongl@dnb.com+1 973.713.4750 Dun & Bradstreet Investor Relations:Debra McCann IR@dnb.com+1 973. 921.6008
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Media Alert: Intel at Black Hat 2021 and DEF CON 29
Intel experts present talks and take part in panel discussions at this year’s Black Hat USA 2021, DEF CON 29 and BSides events SANTA CLARA, Calif.--(BUSINESS WIRE)--Join Intel experts for panel discussions and talks at this year’s Black Hat USA 2021, DEF CON 29 and BSides Las Vegas, taking place virtually and in Las Vegas starting July 31. Black Hat USA 2021 When: July 31-Aug. 5, 2021 Where: Virtual Event and in Las Vegas PCIe Device Attacks: Beyond DMA. Exploiting PCIe Switches, Messages and Errors Hareesh Khattri, security researcher; Nagaraju N Kodalapura, offensive security researcher; and Nam N Nguyen, offensive security researcher, all from Intel, will present a new class of threats and attacks by targeting the capabilities and features of PCIe switches instead of endpoint devices, and will discuss attacks made possible using different types of translation layer packets (TLPs) from the memory and IO read/write commonly used in previously known attacks. When: Thursday, Aug. 5, 3:20-4 p.m. PDT (Virtual) Where: Black Hat Virtual Platform, Swapcard Registration: https://www.blackhat.com/us-21/registration.html Securing Open Source Software - End-to-End, at Massive Scale, Together In this presentation, Jennifer Fernick, senior vice president and global head of research, NCC Group, and Christopher Robinson, director of security communications, Intel, will share key lessons learned in coordinating the industry-wide remediation of some of the most impactful vulnerabilities ever disclosed (Heartbleed, Shellshock, Rowhammer and BlueZ), present a threat model of the many unmitigated challenges to securing the open source ecosystem, share new data that illustrates just how fragile and interdependent the security of core infrastructure can be, debate the challenges to securing OSS at scale, and speak unspoken truths of coordinated disclosure and where it can fail. When: Thursday, Aug. 5, 1:30-2:10 p.m. PDT (Virtual) Where: Black Hat Virtual Platform, Swapcard Registration: https://www.blackhat.com/us-21/registration.html Intel’s Security Innovation is Building the Trusted Foundation for Computing As cyberattacks move down the layers of the system stack, software-only security is no longer sufficient. Intel’s product security starts at the foundational layer, architected to deliver advanced hardware-enabled security that helps protect potential attack surfaces. Join Suzy Greenberg, vice president, Communications and Incident Response at Intel, to learn more about the security practices, technologies and solutions Intel uses to help create a trusted computing foundation that customers can depend on. When: Wednesday, Aug. 4, 8-8:15 a.m. PDT (Virtual) Where: Black Hat Virtual Platform, Swapcard Registration: https://www.blackhat.com/us-21/registration.html Enabling the Holy Grail of Cryptography: Accelerating Homomorphic Encryption with Intel Platforms Homomorphic encryption (HE) is at an inflection point with overall performance suitable for use cases in regulated industries where preserving data privacy is paramount. Join Flavio Bergamaschi, director and lead technologist, Private AI and Analytics at Intel, to learn more about software and hardware platforms for HE computation, using Intel's full systems approach to meet acceleration, reliability, availability, serviceability and security requirements. When: Thursday, Aug. 5, 1:10-1:30 p.m. PDT (Virtual) Where: Black Hat Virtual Platform, Swapcard Registration: https://www.blackhat.com/us-21/registration.html DEF CON 29 When: Aug. 5-8, 2021 Where: Virtual Event and in Las Vegas D0 N0 H4RM: A Healthcare Security Conversation Physician hackers Christian “quaddi” Dameff, M.D. (UCSD), and Jeff “r3plicant” Tully, M.D. (UCSD), will moderate a panel of healthcare experts including Stephanie Domas, director of Cybersecurity Strategy and Communications at Intel, Josh Corman (I am The Cavalry), Gabrielle Hempel (cloud security engineer and medical security researcher) and Jessica Wilkerson (U.S. FDA). When: Friday, Aug. 6, 5 p.m. PDT (In-person and Virtual) Where: Onsite at DEF CON; virtual stream through conference platform Registration: https://shop.defcon.org/ Ethics at the Edge: IoT as the Embodiment of AI for Rampant Intelligence Actuation In the eyes of a smart device and its human controllers, the world is an immense source of data and power. The expanding Internet of Things ecosystem only adds fuel to this, empowering real-time automatic sensing and actuation, posing regulatory dilemmas, easily exploitable definitions of trusted entities and measurements of security, robustness and ethics that change apropos data in the blink of an eye. In this talk, Ria Cheruvu, AI ethics lead architect at Intel, will dive into what the sociotechnical problem of ethics means at the edge in the context of machine learning/artificial intelligence. When: Saturday, Aug. 7, 3:45-4:15 p.m. and 6:45-7:15 p.m. PDT (Virtual) Where: https://www.twitch.tv/iotvillage Registration: Free The Journey of Establishing IoT Trustworthiness and IoT Security Foundation The Internet of Things (IoT) ecosystem holds tremendous promise to promote innovation, productivity and societal benefits. Yet, with increased connectivity, concerns remain with the growing attack surface. This talk, by Dr. Anahit Tarkhanyan, principal engineer at Intel, Dr. Amit Elazari, director of Global Cybersecurity Policy and Government Affairs at Intel, and Ria Cheruvu, AI ethics lead architect at Intel, will introduce the latest developments in the IoT security policy landscape, proposals for confidence/certifications mechanisms emerging globally, and key IoT security baseline standards developments, while exploring the connection to the IoT trustworthiness concept across the IoT Supply Chain. When: Saturday, Aug. 7, 5:15-6 p.m. and 8:15-9 p.m. PDT (Virtual) Where: https://www.twitch.tv/iotvillage Registration: Free BSides Las Vegas When: July 30-Aug. 1, 2021 Where: Virtual Event Ghost DMA Attack & The SeDeFuS Conundrum In this talk, Dr. Raghudeep Kannavara, security tech lead at Intel and Alan Sheng, software architect at Intel, will present a new class of DMA attack, i.e., Ghost DMA attack, that does not require physical access to the computer. When: Saturday, July 31, 11 a.m. PDT (Virtual) Where: https://www.bsideslv.org/talks#1046305 Registration: Free About Intel Intel (NASDAQ: INTC), a leader in the semiconductor industry, is shaping the data-centric future with computing and communications technology that is the foundation of the world’s innovations. The company’s engineering expertise is helping address the world’s greatest challenges as well as helping secure, power and connect billions of devices and the infrastructure of the smart, connected world – from the cloud to the network to the edge and everything in between. Find more information about Intel at newsroom.intel.com and intel.com. Intel and the Intel logo are trademarks of Intel Corporation in the United States and other countries. *Other names and brands may be claimed as the property of others. Contacts Jennifer Foss 425-765-3485 jennifer.foss@intel.com
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National Capital Bancorp, Inc. Reports Second Quarter Earnings
WASHINGTON--(BUSINESS WIRE)--National Capital Bancorp, Inc. (the “Company”) (OTC Pink: NACB), the holding company for The National Capital Bank of Washington (“NCB” or the “Bank") reported net income of $1,164,000, or $4.06 per common share, for the three months ended June 30, 2021, compared to net income of $357,000 or $1.25 per common share, for the quarter ended June 30, 2020. For the six months ended June 30, 2021, the Company reported net income of $2,119,000, or $7.40 per share, compared to $594,000, or $2.08 for the six months ended June 30, 2020. The prior year-to-date results included a $1.2 million build-up in the Bank’s allowance for loan losses in an aggressive response to the uncertain economic and other factors relating to the COVID-19 pandemic. In addition, the Bank has been an active lender in support of the SBA-guaranteed Paycheck Protection Program (PPP) which has resulted in strong balance sheet growth and improved operating leverage. Total assets increased year-over-year to $652,729,000 on June 30, 2021 compared to $590,137,000 on June 30, 2020. Total loans of $465,630,000 on June 30, 2021 decreased by $13.8 million during the quarter but, have increased from $445,090,000 the year before. Total deposits increased during the quarter by $20.0 million to $571,755,000 on June 30, 2021 and have increased from $512,354,000 the year before. As noted earlier, the Company has been an active participant in PPP lending which resulted in new loans exceeding $45 million under the 2021 program and totaling over $108 million overall when combined with the 2020 program. The remaining combined balance was $65 million on June 30, 2021, compared with a balance of $83 million and $60 million on March 31, 2021 and June 30, 2020, respectively. PPP loan forgiveness received during the second quarter of 2021 accounted for the overall decline in loans for the quarter. The Company has collected $3.9 million of processing fees on the PPP loans, which were deferred and are being recognized in income over the life of the loans. Of these fees $623,000 was recognized in interest income during the second quarter of 2021 and $1,054,000 for the first six months of 2021 leaving remaining deferred fees of $1.9 million on June 30, 2021. The Company’s net interest margin remained stable at 3.33% during the second quarter of 2021 compared to 3.33% in the first quarter of 2021 and 3.19% in second quarter of 2020. Total shareholders’ equity increased to $54,256,000 on June 30, 2021 from $51,844,000 a year ago. The increase resulted primarily from retained earnings for the past twelve months. For the six-month period ended June 30, 2021 the return on average assets and return on average equity was 0.67% and 7.91%, respectively. Richard B. (Randy) Anderson, Jr. President and Chief Executive Officer said, “The most noteworthy activity in the second quarter was the Company’s successful May issuance of $14 million in sub-debt at a very favorable rate and terms. These funds will be down streamed to the Bank as needed to support growth and for other corporate purposes.” Anderson continued “It was also gratifying to see normal business activity continue to pick up as our non-PPP lending activities gained momentum and the business community return to health as loans under payment deferrals continued to decline falling to $1.7 million as of quarter end.” The Company also announced today that its Board of Directors has declared a dividend of $0.55 per share for shareholders of record as of August 13, 2021. The dividend payout of $157,551.35 on 286,457 shares is payable August 31, 2021. National Capital Bancorp, Inc. is the holding company for The National Capital Bank of Washington which was founded in 1889 and is Washington’s Oldest Bank. NCB is headquartered on Capitol Hill with offices in the Friendship Heights community in Northwest D.C., the Courthouse/Clarendon community in Arlington, Virginia and the Fox Hill senior living community of Bethesda, Maryland. NCB also operates residential mortgage and commercial lending offices and a wealth management services division. NCB product and service offerings include personal and business deposit accounts, robust eBanking, sophisticated treasury management solutions, remote deposit capture and merchant processing – all delivered with top-rated personal service. NCB is well-positioned to serve all the banking needs of those in our communities. For more information about NCB, visit www.nationalcapitalbank.com. The Bank trades under the symbol NACB. Forward Looking Statements This news release may contain certain forward-looking statements, such as statements of the Company’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified using words such as “expects,” “subject,” “will,” “intends,” “will be” or “would,” These statements are subject to change based on various important factors (some of which are beyond the Company’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of the Company to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive. National Capital Bancorp, Inc. Financial Highlights (In thousands, except share data) Three Months Ended Six Months Ended (Unaudited) June 30 June 30 Condensed Statement of Income: 2021 2020 2021 2020 Interest income $5,421 $4,988 $10,558 $9,918 Interest expense 249 427 450 1,078 Net interest income 5,172 4,561 10,108 8,840 Provision for loan losses 52 658 197 1,312 Net interest income after provision 5,120 3,903 9,911 7,528 Non-interest income 626 483 1,324 985 Non-interest expense 4,203 3,933 8,433 7,759 Income before taxes 1,544 453 2,802 754 Income tax provision 380 96 683 159 Net income $1,164 $357 $2,119 $594 Share Data: Weighted avg no. of shares outstanding 286,334 286,057 286,196 285,940 Period end shares outstanding 286,457 286,057 286,457 286,057 Per Common Share Data: Net income $4.06 $1.25 $7.40 $2.08 Closing Stock Price $189.40 $173.75 Book Value $189.40 $181.24 Profitability Ratios, Annualized: Return on average stockholders' equity 8.68% 2.77% 7.91% 2.34% Return on average total assets 0.72% 0.24% 0.67% 0.21% Average equity to average total assets 8.31% 8.68% 8.45% 9.03% Condensed Balance Sheets: June 30 December 31 June 30 2021 2020 2020 Assets Cash and equivalents $41,823 $31,009 $23,652 Securities, available for sale 123,389 122,130 104,333 Loans, held for sale 2,067 1,444 0 Loans, held in portfolio 465,630 440,819 445,090 Allowance for loan losses (6,251) (6,111) (5,340) Premises and equipment, net 8,375 8,558 6,125 Bank owned life insurance 12,286 12,174 12,051 Other assets 5,410 5,271 4,226 Total assets $652,729 $615,294 $590,137 Liabilities and stockholders' equity Deposits $571,755 $532,444 $512,354 Securities sold under agreement to repurchase 10,423 4,782 13,302 FHLB advances 0 0 10,000 Paycheck Protection Program Liquidity Facility 0 20,795 0 Subordinated notes, net of issuance cost 13,597 0 0 Other liabilities 2,698 3,825 2,637 Stockholders' equity 54,256 53,449 51,844 Total liabilities and stockholders' equity $652,729 $615,294 $590,137 Other Data: Non-performing loans to total loans (1) 0.28% 0.32% 0.03% Allowance to total loans 1.34% 1.39% 1.20% Net charge-offs (recoveries) to average loans 0.02% 0.02% 0.03% Net interest margin for the quarter 3.33% 3.26% 3.19% Net interest margin for the year 3.33% 3.29% 3.28% (1) NPL's exclude accruing TDR's Contacts Richard B. Anderson, Jr., President & CEO or Randal J. Rabe, EVP, Chief Financial Officer 202-546-8000 randy.anderson@ncbwash.com or rrabe@ncbwash.com
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Starlight Hybrid Global Real Assets Trust (NEO: SCHG.UN) Announces Unitholder Approval of Strategic Reorganization
TORONTO--(BUSINESS WIRE)--Starlight Hybrid Global Real Assets Trust (the “Trust”) held a special meeting of holders (the “Unitholders”) of series A units (“Series A Units”) and series C units (“together with Series A Units, the “Units”) of the Trust to consider the proposal to reorganize the Trust into a private investment trust (the “Reorganization”) as described in the management information circular dated June 22, 2021 (the “Circular”) sent to Unitholders on June 30, 2021. At the special meeting, Unitholders approved the special resolution to authorize the Reorganization. The Reorganization is expected to be implemented on or about August 20, 2021. Further information regarding the Reorganization was outlined in the Circular. The Circular is also available on SEDAR at www.sedar.com. About Starlight Hybrid Global Real Assets Trust The Trust’s investment objective is to provide unitholders with stable cash distributions and long-term capital appreciation through exposure to institutional quality real assets in the global real estate and global infrastructure sectors. About Starlight Capital and Starlight Investments Starlight Capital is an independent asset management firm offering mutual funds, exchange-traded funds, offering memorandum funds and structured products. Our goal is to deliver superior risk adjusted returns to investors through a disciplined investment approach, Focused Business Investing. Starlight Capital is a wholly owned subsidiary of Starlight Investments. Starlight Investments is a privately held, full service, real estate investment and asset management company. The firm manages over $20.0 billion of assets on behalf of institutional joint ventures as well as publicly listed REITs, closed-end funds and investment funds and is driven by an experienced team of over 300 professionals. Please visit us at www.starlightcapital.com and connect with us on LinkedIn. Contacts For more information: Dennis MitchellChief Executive Officer & Chief Investment Officer 416-855-2642 dmitchell@starlightcapital.com Graeme LlewellynChief Financial Officer & Chief Operating Officer 1-416-855-2643 gllewellyn@starlightcapital.com
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1st Colonial Announces New Additions to Board of Directors
CHERRY HILL, N.J.--(BUSINESS WIRE)--1st Colonial Bancorp, Inc. (FCOB), holding company of 1st Colonial Community Bank, announces the addition of Shelley Simms and Thomas Brugger to the Board of Directors. Shelley Simms is General Counsel and Chief Compliance Officer of Xponance, a registered investment advisor based in Philadelphia, Pennsylvania. Prior to joining Xponance, Simms was independent counsel to ARAMARK Corporation and also held legal positions at Comcast Corporation and the law firm of Ballard Spahr LLP. Additionally, she served as law clerk to the Honorable Theodore A. McKee, United States Court of Appeals for the Third Circuit. Simms is a graduate of Brown University, received her Juris Doctorate from Harvard Law School, where she was a Supervising Editor of the Harvard Law Review, and has bar admissions in Pennsylvania and New Jersey. Thomas Brugger brings over 30 years of experience in the banking industry and most recently served as the Chief Financial Officer of Orrstown Bank of Harrisburg, Pennsylvania, until his retirement in April 2021. Prior to this role, Brugger held the position of Chief Financial Officer for Sun National Bank of Mount Laurel, New Jersey, as well as Chief Financial Officer for Customers Bank of Wyomissing, Pennsylvania. He also served as Executive Vice President & Corporate Treasurer of Sovereign Bank of Wyomissing, Pennsylvania. Brugger is a graduate of the Pennsylvania State University with a B.S. in Accounting. “We’re thrilled to welcome both Shelley and Tom to our Board of Directors. Their robust experience and industry knowledge will be a tremendous asset to the organization, as we execute upon our growth strategy.” – Robert White, President & CEO About 1st Colonial Community Bank 1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, Inc. provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, the Bank has branches in Westville, New Jersey and Limerick, Pennsylvania. The Bank also has a loan production office in Haddonfield, New Jersey and administrative offices in Cherry Hill, New Jersey. To learn more, call (877) 785-8550 or visit www.1stcolonial.com. Contacts Investor Relations: Mary Kay Shea at 856-885-2391
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GreenSky, Inc. Reports Record Net Income and Adjusted EBITDA; Raises Full Year Net Income and Adjusted EBITDA Guidance
Revenue of $136.5 million Net Income of $46.7 million; Diluted EPS of $0.22 Adjusted EBITDA of $60.8 million with an Adjusted EBITDA Margin of 45% ATLANTA--(BUSINESS WIRE)--$GSKY--GreenSky, Inc. (NASDAQ: GSKY), a leading financial technology company Powering Commerce at the Point of Sale®, reported financial results today for the second quarter ended June 30, 2021. “GreenSky set company records for Net Income and Adjusted EBITDA in the second quarter, and our strong performance has enabled us to materially raise our full-year 2021 profitability guidance,” said David Zalik, GreenSky’s Chairman and Chief Executive Officer. “We delivered on a number of key initiatives this quarter that positions GreenSky for continued success in the second half of the year, 2022 and beyond.” Zalik continued, “We expanded our technology advantages with the release of an updated mobile application providing borrowers with enhanced access to credit through GreenSky’s platform. Our unparalleled commitment to technology, service and innovation led to the win of several new or expanded strategic merchant and sponsor partnerships, including an exclusive five‑year, first‑look agreement with EGIA, one of the nation’s largest association of HVAC contractors. Looking ahead, we are excited to announce the launch of a new residential solar program later this year, which will further contribute to our continued strong momentum.” GreenSky grew second quarter transaction volume by 14% year-over-year, notwithstanding recent challenges in the home improvement supply chain and labor market. Consumer demand remained strong, with approved credit lines at an all-time record high at the end of the second quarter. “Our margins increased substantially in the second quarter, reflecting lower cost of operations, lower cost of funds and strong portfolio performance. Net Income increased by $33 million and Adjusted EBITDA increased by $21 million, compared to the prior year,” said Andrew Kang, GreenSky’s Chief Financial Officer. “Our Adjusted EBITDA margin was 45% in the second quarter, and we now expect to outperform the long-term profitability goals we set out at the beginning of this year,” Mr. Kang added. In addition to achieving record profitability, GreenSky’s unrestricted cash position improved to over $200 million at the end of the quarter. The Company also increased its existing bank partner and forward flow commitments by a combined $1.1 billion in the quarter and sold an additional $547 million in loans, contributing to the Company’s lower cost of funds and higher margins. Second Quarter Financial Highlights: Transaction Volume: Second quarter transaction volume was $1.5 billion, an increase of 14% when compared to the second quarter of 2020. Approved credit lines for the quarter were the highest in Company history and are a positive leading indicator of momentum as home improvement supply chain and labor market shortages ease. Transaction Fee Rate and APR at Origination: When compared to the first quarter of 2021, the average transaction fee rate increased 2 bps to 6.63%. APR at origination for the second quarter was 13.5%. Revenue: Second quarter total revenue was $136.5 million, compared to $133.0 million during the same period in the prior year. Transaction fee revenue was $102.4 million compared to $101.8 million in the second quarter of 2020 with the increase attributable to 14% growth in transaction volume. Total servicing revenue was $31.4 million in the second quarter compared to $28.5 million in the same period of the prior year. Cost of Revenue: Total cost of revenue decreased $21.4 million, or 33%, compared to the second quarter of 2020. This improvement includes $16.8 million related to strong credit performance in our bank waterfall and reflects the current benefit of prior loan sales. Credit Quality: Credit performance was stable, with thirty-day plus delinquencies of 0.70% at June 30, 2021, an improvement of 29 basis points versus 0.99% at year end December 31, 2020. Net Income and Diluted Earnings per Share: For the second quarter of 2021, the Company recognized net income of $46.7 million compared to net income of $13.4 million for the same period of 2020, resulting in diluted earnings per share of $0.22, compared to diluted earnings per share of $0.06 in the second quarter of 2020. Adjusted Pro Forma Net Income and Adjusted Earnings per Share(1): For the second quarter of 2021, the Company recognized adjusted pro forma net income of $44.6 million, compared to $12.7 million for the second quarter of 2020, which resulted in adjusted pro forma diluted earnings per share of $0.25, compared to $0.07 for the second quarter of 2020. Adjusted EBITDA(1): Second quarter Adjusted EBITDA was a company record $60.8 million, an increase of 53% from $39.8 million in the second quarter in 2020. Adjusted EBITDA margin improved to 45% in the second quarter of 2021, up from 30.0% in the second quarter of 2020. The Company’s year-to-date Adjusted EBITDA margin is 36.6%. (1) Adjusted Pro Forma Net Income, Adjusted Pro Forma Diluted Earnings per Share, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. Refer to “Non-GAAP Financial Measures” for important additional information. Business Updates: Merchants and Sponsors: During the second quarter, GreenSky added or expanded several significant merchant and sponsor partnerships including: An exclusive five-year contract with existing merchant sponsor, Electric & Gas Industries Association (“EGIA”), which reflects a market share win against our competitors. The relationship is expected to generate an incremental $300 million in 2022 transaction volumes and to reach up to $1 billion in annual transaction volumes during the exclusivity period; An innovative new alliance with a leading digital marketplace for home services; and New merchant agreements with two national manufacturers in the kitchens and bathrooms category. Our total merchant and sponsor additions in the second quarter are expected to contribute up to $500 million in incremental 2022 annual transaction volumes, with the opportunity for additional significant growth. Funding: During the second quarter, GreenSky increased existing bank partner commitments by $640 million and increased our forward flow commitments by $500 million for a combined increase of $1.1 billion; and completed $547 million in forward flow and other asset sales. Liquidity: At June 30, 2021, the Company had $303 million available corporate liquidity, consisting of unrestricted cash of $203 million and $100 million undrawn and available under a revolving credit facility. Resolution of Regulatory Inquiry: In July, the Company entered into an agreement with the Consumer Financial Protection Bureau to resolve its inquiry regarding consumer complaints related to allegedly unauthorized loans initiated by certain merchants. As of June 30, 2021, the Company was fully reserved with respect to the agreement, which had a $6.5 million impact on second quarter pre-tax income, with such amount reflected as a non‑recurring item in deriving the Company’s adjusted EBITDA. Updated 2021 Guidance: Transaction volume of $6.0 billion to $6.2 billion Revenue of $520 million to $540 million Net Income of $100 million to $110 million Adjusted EBITDA of $160 million to $175 million Adjusted EBITDA Margin of 30% to 35% Conference call and webcast: As previously announced, the Company’s management will host a conference call to discuss second quarter 2021 results at 9:00 a.m. ET on July 29, 2021. A live webcast of the conference call, together with a slide presentation that includes supplemental financial information and reconciliation of non-GAAP measures to their most directly comparable GAAP measure, can be accessed through the Company's Investor Relations website at http://investors.greensky.com. A replay of the webcast will be available within 2 hours of the completion of the call and will be archived at the same location for one year. About GreenSky, Inc. GreenSky, Inc. (NASDAQ: GSKY), headquartered in Atlanta, is a leading technology company Powering Commerce at the Point of Sale® for a growing ecosystem of merchants, consumers and banks. Our highly scalable, proprietary and patented technology platform enables merchants to offer frictionless promotional payment options to consumers, driving increased sales volume and accelerated cash flow. Banks leverage our technology to provide loans to super-prime and prime consumers nationwide. We currently service a $9 billion loan portfolio, and since our inception, approximately 4 million consumers have financed more than $30 billion of commerce using our paperless, real time “apply and buy” technology. For more information, visit https://www.greensky.com. Forward-Looking Statements This press release contains forward-looking statements that reflect the Company's current views with respect to, among other things, its operations; strategic initiatives; and 2021 performance and financial guidance. You generally can identify these statements by the use of words such as “outlook,” “potential,” “continue,” “may,” “seek,” “approximately,” “predict,” “believe,” “expect,” “plan,” “intend,” “estimate” or “anticipate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in GreenSky's filings with the Securities and Exchange Commission and include, but are not limited to, risks related to the extent and duration of the COVID-19 pandemic and its impact on the Company, its bank partners, merchants and sponsors, GreenSky program borrowers, loan demand (including, in particular, for elective healthcare procedures), the capital markets (including the Company's ability to obtain additional funding or facilitate additional whole loan or loan participation sales) and the economy in general; the Company's ability to retain existing, and attract new, merchants and bank partners or other funding sources, including the risk that one or more bank partners do not renew their funding commitments or reduce existing commitments; its future financial performance, including trends in revenue, cost of revenue, gross profit or gross margin, operating expenses, and free cash flow; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company's ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, GreenSky disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements. Non-GAAP Financial Measures This press release presents information about the Company’s Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Pro Forma Net Income and Adjusted Pro Forma Diluted Earnings Per Share, which are non-GAAP financial measures provided as supplements to the results provided in accordance with accounting principles generally accepted in the United States of America (“GAAP”). We believe that Adjusted EBITDA and Adjusted EBITDA Margin are key financial indicators of our business performance over the long term and provide useful information regarding whether cash provided by operating activities is sufficient to maintain and grow our business. We believe that the methodology for determining Adjusted EBITDA and Adjusted EBITDA Margin can provide useful supplemental information to help investors better understand the economics of our platform. We believe that Adjusted Pro Forma Net Income is a useful measure because it makes our results more directly comparable to public companies that have the vast majority of their earnings subject to corporate income taxation. We are presenting these non-GAAP measures to assist investors in evaluating our financial performance and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. These non-GAAP measures are presented for supplemental informational purposes only. These non-GAAP measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. The non-GAAP measures GreenSky uses may differ from the non-GAAP measures used by other companies. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure is provided below for each of the fiscal periods indicated. GreenSky, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands, except share data) June 30, 2021 December 31, 2020 Assets Cash and cash equivalents $ 203,289 $ 147,775 Restricted cash 266,529 319,879 Loan receivables held for sale, net 309,383 571,415 Accounts receivable, net of allowance of $196 and $313, respectively 17,337 21,958 Property, equipment and software, net 22,350 21,452 Deferred tax assets, net 382,672 387,951 Other assets 109,407 52,643 Total assets $ 1,310,967 $ 1,523,073 Liabilities and Equity (Deficit) Liabilities Accounts payable $ 15,905 $ 15,418 Accrued compensation and benefits 11,824 13,666 Other accrued expenses 16,939 5,207 Finance charge reversal liability 141,605 185,134 Term loan 451,731 452,806 Warehouse facility 256,628 502,830 Tax receivable agreement liability 307,595 310,425 Financial guarantee liability 115,073 131,894 Other liabilities 112,133 81,169 Total liabilities 1,429,433 1,698,549 Commitments, Contingencies and Guarantees Equity (Deficit) Class A common stock, $0.01 par value and 94,251,161 shares issued and 78,792,505 shares outstanding at June 30, 2021 and 91,317,225 shares issued and 76,734,106 shares outstanding at December 31, 2020 942 912 Class B common stock, $0.001 par value and 105,451,261 shares issued and outstanding at June 30, 2021 and 106,165,105 shares issued and outstanding at December 31, 2020 106 107 Additional paid-in capital 115,309 110,938 Retained earnings 53,827 33,751 Treasury stock (149,490) (147,360) Accumulated other comprehensive income (loss) (3,335) (4,340) Noncontrolling interests (135,825) (169,484) Total equity (deficit) (118,466) (175,476) Total liabilities and equity (deficit) $ 1,310,967 $ 1,523,073 GreenSky, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Dollars in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenue Transaction fees $ 102,440 $ 101,777 $ 188,097 $ 191,661 Servicing 31,375 28,481 66,042 59,764 Interest and other 2,703 2,704 7,551 3,394 Total revenue 136,518 132,962 261,690 254,819 Costs and expenses Cost of revenue (exclusive of depreciation and amortization shown separately below) 43,935 65,377 107,932 137,682 Compensation and benefits 21,918 21,724 44,391 43,888 Property, office and technology 4,529 4,178 8,988 8,099 Depreciation and amortization 3,479 2,762 6,795 5,207 Sales, general and administrative 10,881 8,526 25,523 18,455 Financial guarantee expense (benefit) (5,880) 10,248 (9,763) 28,656 Related party 452 477 904 954 Total costs and expenses 79,314 113,292 184,770 242,941 Operating profit 57,204 19,670 76,920 11,878 Other income (expense), net Interest and dividend income 140 246 277 868 Interest expense (6,721)
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A Quarter of the Members of Veolia's Executive Committee (ExCom) Will Be From Suez as of the Closing Date of the Merger Between the Two Groups
PARIS--(BUSINESS WIRE)--Regulatory News: In accordance with the commitments made by Antoine Frérot on behalf of Veolia (Paris:VIE) last autumn, a recruitment proposal for positions involving appointment to the ExCom of Veolia has been sent to four Suez executives: Isabelle Calvez, currently Director of Group Human Resources at Suez, who will become Director of Human Resources at Veolia; Sébastien Daziano, currently Director of Executive Coordination, Surety and Institutional Relations at Suez, to become Director of Strategy and Innovation at Veolia; Azad Kibarian, currently CEO of IWS (Industrial Waste Specialities) Europe, who will become Director of the Italy and Africa-Middle East zone; Angel Simon, currently Executive Vice President of the Group's Southern Europe and Latin America region, who will become Director of the Iberia and Latin America zone. These proposals have been accepted, which, after obtaining the necessary authorizations and closing the transaction, will bring the number of members of Veolia's Executive Committee to 16 as of the closing date of the merger between Veolia and Suez. A quarter of the members of the Executive Committee will therefore come from Suez. The composition of Veolia's Management Committee, which will include around 40 members, will be announced at the end of October. The appointment of all “country” managers and support functions of the Veolia group, bringing together around one hundred people, will be decided and announced when the transaction closes, i.e. by the end of the year. Antoine Frérot, Chairman and CEO of Veolia, declared: “With these announcements, I wanted to demonstrate that we have met our commitments and to testify to all Suez employees who are called upon to join us that they will have their rightful place within Veolia. The schedule we are announcing today illustrates our desire not to waste a day in making the merger between Veolia and Suez concrete. I am particularly happy to be able to count on talented personalities who will enrich our collective and build with us the world champion of ecological transformation ”. Veolia group aims to be the benchmark company for ecological transformation. With nearly 179,000 employees worldwide, the Group designs and provides game-changing solutions that are both useful and practical for water, waste and energy management. Through its three complementary business activities, Veolia helps to develop access to resources, preserve available resources, and replenish them. In 2020, the Veolia group supplied 95 million people with drinking water and 62 million people with wastewater service, produced nearly 43 million megawatt hours of energy and treated 47 million metric tons of waste. Veolia Environnement (listed on Paris Euronext: VIE) recorded consolidated revenue of €26.010 billion in 2020. www.veolia.com Contacts Veolia Group Media RelationsLaurent Obadia - Edouard de La Loyère Tel.+ 33 1 85 57 85 23 edouard.de-la-loyere@veolia.com Analysts and InvestorsRonald Wasylec - Ariane de Lamaze Tél. +33 1 85 57 84 76 / 84 80 investor-relations@veolia.com
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Enviva Partners Announces 24th Consecutive Quarterly Distribution Increase, Reports Second-Quarter 2021 Results, and Reaffirms Guidance
BETHESDA, Md.--(BUSINESS WIRE)--Enviva Partners, LP (NYSE: EVA) (“Enviva,” the “Partnership,” “we,” “us,” or “our”) today announced the declaration of its 24th consecutive quarterly distribution increase and reported financial and operating results for the second quarter of 2021. Additionally, the Partnership reaffirmed its previously announced full-year 2021 and 2022 guidance. Highlights: For the second quarter of 2021, the Partnership declared a distribution of $0.815 per common unit, a 6.5% increase over the second quarter of 2020 and its 24th consecutive quarterly distribution increase since its IPO For the second quarter of 2021, the Partnership reported net income of $2.6 million, adjusted net income of $9.8 million, and adjusted EBITDA of $48.9 million. Adjusted EBITDA increased by 30.7% over the same period in 2020 The Partnership completed the previously announced acquisitions of the fully contracted Lucedale plant and Pascagoula terminal and associated equity financing The Partnership reaffirmed full-year 2021 and 2022 financial guidance, which includes per-unit distributions of at least $3.30 and $3.62, respectively, each before considering the benefit of any additional drop-downs or other acquisitions The Partnership’s sponsor announced the signing of a new 17-year take-or-pay off-take contract to supply a major Japanese trading house with 210,000 metric tons per year (“MTPY”) of wood pellets. Deliveries under the contract are expected to commence in 2025 The Partnership’s sponsor also announced the signing of a memorandum of understanding (“MOU”) with a major European utility for the supply of approximately 60,000 MTPY of wood pellets to a facility in the Netherlands for a term of 12 years starting in early 2024 “During the second quarter of 2021, Enviva delivered results in line with our expectations for the quarter and laid the foundation for a very strong back half of the year,” said John Keppler, Chairman and Chief Executive Officer. “With the benefit of the commissioning and ramp of our Northampton, Southampton, and Greenwood plant expansions, continued progress on our Multi-Plant Expansions, and the substantial contracted cash flow acquired with the drop-downs of the Lucedale plant and Pascagoula terminal, we were pleased to increase our guidance for 2021, announce guidance for 2022, and complete a sizeable equity raise. We believe Enviva is firmly on track to deliver a strong full-year 2021 and an even more robust 2022.” Second-Quarter 2021 Financial Results $ millions, unless noted Second Quarter 2021 Second Quarter 2020 % Change Net Revenue 285.0 167.7 70.0 Gross Margin 27.3 27.7 (1.3) Adjusted Gross Margin 56.1 42.0 33.4 Net Income 2.6 8.5 (69.4) Adjusted Net Income 9.8 8.7 12.7 Adjusted EBITDA 48.9 37.4 30.7 Distributable Cash Flow Attributable to Enviva Partners, LP 32.9 25.9 27.1 Adjusted Gross Margin $/metric ton 41.02 49.55 (17.2) The financial results for the second quarter of 2021 outlined above, which were substantially in line with management's expectations, benefited from incremental production and sales related to acquisitions and operational improvements executed in 2020. Similar to previous years, the Partnership expects net income, adjusted EBITDA, and distributable cash flow attributable to Enviva Partners, LP (“DCF”) for the second half of 2021 to be significantly higher than for the first half of the year and for the fourth quarter to be a significant step up from the third. Select financial highlights for the second quarter include: Net revenue increased by $117.3 million, or 70.0%, for the second quarter of 2021 as compared to the second quarter of 2020, substantially as a result of an increase in product sales Gross margin for the second quarter of 2021 decreased by $0.4 million, or 1.3%, as compared to the second quarter of 2020 principally due to higher revenue being offset by higher cost of goods sold. The Partnership recognized higher cost of goods sold during the second quarter of 2021 as compared to the second quarter of 2020 primarily as a result of (i) higher finished product costs given increased sales volumes, (ii) a greater percentage of the sales volumes being volumes procured from third parties, (iii) costs incurred during the commissioning of expansion projects, and (iv) an increase in depreciation and amortization expense associated with the Greenwood plant drop-down and Waycross plant acquisition in July of 2020 Adjusted gross margin for the second quarter of 2021 increased by $14.1 million, or 33.4%, as compared to the second quarter of 2020. The increase in adjusted gross margin is primarily attributable to higher sales volumes and higher pricing due to customer contract mix, which were partially offset by higher cost of goods sold as described above Adjusted gross margin per metric ton (“MT”) for the second quarter of 2021 decreased by $8.53, or 17.2%, as compared to the second quarter of 2020. The decrease in adjusted gross margin per MT is primarily attributable to the factors impacting adjusted gross margin noted above The Partnership generated net income of $2.6 million for the second quarter of 2021 as compared to net income of $8.5 million for the corresponding period in 2020. Adjusted net income for the second quarter of 2021 increased by $1.1 million, or 12.7%, as compared to the corresponding period in 2020 Adjusted EBITDA for the second quarter of 2021 increased by $11.5 million, or 30.7%, as compared to the second quarter of 2020, primarily due to higher sales volumes. DCF increased by $7.0 million, or 27.1%, for the second quarter of 2021 as compared to the corresponding period in 2020 The Partnership’s liquidity as of June 30, 2021, which included cash on hand and availability under our $525.0 million revolving credit facility, was $567.6 million The Partnership continues to report that, during the first half of 2021 and to date, our operating and financial results have not been materially impacted by the ongoing coronavirus pandemic (“COVID-19”) and all of our customers have performed in accordance with their contracts with us Acquisition and Financing Activities On July 1, 2021, the Partnership completed the previously announced transaction to purchase from Enviva Holdings, LP (our “sponsor”) a wood pellet production plant in Lucedale, Mississippi (the “Lucedale plant”), a deep-water marine terminal in Pascagoula, Mississippi (the “Pascagoula terminal”), and three long-term, take-or-pay off-take contracts with creditworthy Japanese counterparties (the “Associated Off-Take Contracts”), which we refer to collectively as the “Acquisitions.” The Partnership purchased the Lucedale plant for cash consideration of $156 million and expects to further invest $59 million in remaining construction capital expenditures. The Lucedale plant is expected to commence operations during the second half of 2021. The acquisition of the Lucedale plant includes an embedded, fully permitted option to expand production capacity by approximately 300,000 MTPY for around $60 million in estimated capital costs. This expansion project, if executed by the Partnership, is expected to generate incremental annual adjusted EBITDA of approximately $15 million, which represents an attractive adjusted EBITDA investment multiple of approximately four times. The Partnership purchased the Pascagoula terminal for cash consideration of $104 million and expects to further invest $26 million in remaining construction capital expenditures and for the terminal to commence operations during the third quarter of 2021. The Pascagoula terminal is expected to have total throughput capacity of 3 million MTPY when fully constructed, allowing for throughput from multiple plants. Three long-term, take-or-pay off-take contracts were assigned to the Partnership as part of the Acquisitions. These contracts are with creditworthy Japanese counterparties, have maturities ranging between 2034 and 2045, represent aggregate annual deliveries of 630,000 MTPY, and add a total of $1.9 billion to Enviva’s fully contracted sales backlog. To support the Partnership during completion and ramp-up of the Acquisitions, our sponsor has agreed to (i) waive $53 million of certain management services and other fees that otherwise would be owed by the Partnership from the third quarter of 2021 through the fourth quarter of 2023, (ii) provide protection against construction delays, cost overruns, and production shortfalls, and (iii) guarantee a minimum throughput volume at the Pascagoula terminal for 20 years. Similar to the previously executed drop-down transactions of our Hamlet and Greenwood plants, we expect this support will significantly de-risk the financial performance of the Acquisitions and provide us with enhanced cash flow certainty. In 2022, we expect the Acquisitions to generate a net loss in the range of $6.4 million to $8.4 million and adjusted EBITDA in the range of $40.0 million to $42.0 million. Once the Associated Off-Take Contracts are fully ramped in 2025, we expect the Acquisitions to generate net income in the range of $18.9 million to $20.9 million and adjusted EBITDA in the range of $43.0 million to $45.0 million. Consistent with Enviva’s conservative financial policy of financing acquisitions and growth initiatives with 50% equity and 50% debt, the Partnership issued a total of 4,925,000 common units for approximately $224 million of gross proceeds to partially finance the Acquisitions as well as the Partnership’s previously announced expansions of its wood pellet production plants in Sampson, North Carolina, Hamlet, North Carolina, and Cottondale, Florida (collectively the “Multi-Plant Expansions”). The Partnership expects to fund the remainder of the total investment in the Acquisitions and Multi-Plant Expansions with borrowings under its revolving credit facility. Distribution On July 27, 2021, the board of directors of the Partnership’s general partner (the “Board”) declared a distribution of $0.815 per common unit for the second quarter of 2021, an increase of 6.5% over the corresponding period in 2020. This distribution represents the 24th consecutive distribution increase since the Partnership’s IPO. The Partnership’s DCF, net of amounts attributable to incentive distribution rights, of $22.2 million for the second quarter of 2021 covered the distribution for the quarter at 0.61 times. The quarterly distribution will be paid on Friday, August 27, 2021, to unitholders of record as of the close of business on Friday, August 13, 2021. When determining the distribution for a quarter, the Board evaluates the Partnership’s distribution coverage ratio on a forward-looking annual basis, after taking into consideration its expected DCF, net of expected amounts attributable to incentive distribution rights, for the full year. On this basis, the Partnership continues to target a distribution coverage ratio of 1.2 times on a forward-looking annual basis. 2021 and 2022 Guidance Reaffirmed On the basis of the financial results of the first six months of 2021 and the Partnership’s expectations for full-year 2021 and 2022, the Partnership reaffirms the guidance previously issued on June 3, 2021 in conjunction with the announcement of the Acquisitions. Specifically, after accounting for the expected benefit of the Acquisitions, the Partnership expects: $ millions, unless noted 2021 2022 Net Income 29.4 - 49.4 96.0 - 116.0 Adjusted EBITDA 250.0 - 270.0 310.0 - 330.0 DCF 180.0 - 200.0 242.0 - 262.0 Distribution per Common Unit ≥$3.30/unit ≥$3.62/unit Distribution Coverage Ratio (on a forward-looking annual basis) ≥1.2 times ≥1.2 times The guidance amounts provided above include the benefit of the recently completed Acquisitions, but do not include the impact of any additional acquisitions by the Partnership from our sponsor or third parties. The Partnership’s quarterly income and cash flow are subject to seasonality and the mix of customer shipments made, which vary from period to period. Similar to previous years, the Partnership expects net income, adjusted EBITDA, and DCF for the second half of 2021 to be significantly higher than for the first half of the year, and for the fourth quarter to be a significant step up from the third quarter. Drivers of this expected growth are primarily comprised of (i) increased revenue generated from Japanese customers as deliveries commence under previously signed contracts, (ii) increased adjusted gross margin per MT due to seasonality benefits, (iii) increased production capabilities as the Mid-Atlantic and Greenwood expansions continue to ramp, and (iv) the adjusted EBITDA contribution from the Acquisitions. Market and Contracting Update Global commitments and significant progress made by regulators, policymakers, utilities, and power generators to achieve net-zero emissions, combined with favorable legislative and policy recommendations supporting incremental utilization of sustainably sourced biomass, continue to reinforce the growing long-term market opportunity for the Partnership’s product around the world. Global Market In May of 2021, the International Energy Agency (“IEA”) released the world’s first comprehensive study of how to transition to a net-zero energy system by 2050. The “Net Zero by 2050 Roadmap” sets out more than 400 milestones to achieve carbon neutrality by 2050, including an immediate end to new fossil fuel supply projects and a phase-out of all coal-fired power plants by 2040. The report once again highlights the pivotal role to be played by biomass in achieving the target. The IEA foresees modern bioenergy (of which solid biomass is a subset) meeting almost 20% of total global energy supply by 2050, with solid bioenergy (of which woody biomass is a subset) growing to the equivalent of 14% of total global energy supply. In the electricity sector alone, solid biomass is forecasted to contribute 5% of total global power generation. European Market On July 14, 2021, the European Commission (the “Commission”) proposed an update to the 2018 Renewable Energy Directive. This is part of the “Fit for 55” package, which is intended to deliver a 55% reduction in carbon dioxide (“CO2”) emissions from 1990 levels by 2030, a key milestone needed to reach carbon neutrality by 2050. In the package, the Commission continues to recognize the importance of sustainable biomass in meeting aggressive emissions-reductions goals and its indispensable role in mitigating climate change. As drafted, the proposals for further defining sustainability criteria for biomass are generally in line with Enviva’s existing practices and, as the political process progresses towards binding legislation, we will work with key stakeholders to ensure the European Union (“EU”) only sources biomass that provides a positive contribution to our climate and sustainable forest growth and management. The EU’s commitment to ambitious emissions-reductions goals continues to drive higher carbon prices, and new EU Emissions Trading System (“EU-ETS”) reforms included in the Fit for 55 package suggest that trend will continue. Since November 2020, EU-ETS prices have more than doubled, allowing biomass to be more profitable in energy generation than carbon-intensive feedstocks such as coal and natural gas, even in markets where there are no direct incentives or subsidies for renewable energy generation. Today, prices have stabilized around the 50 €/MT mark and, given this attractive economic backdrop, we have seen increased momentum around fuel-switching decisions. In Germany, regulations for long-term financial support to decarbonize district heating networks with renewable alternatives including biomass are expected to be finalized during the third quarter as part of the priority initiatives of the Federal Ministry for Economic Affairs and Energy, with similar regulations for electricity generation conversions from fossil fuels to biomass expected thereafter. The finalization of these regulations should provide a clear path for Enviva and its sponsor to complete commercial discussions currently underway with multiple major utility operators of heating networks and power generation facilities. As noted above, with current carbon pricing at levels where energy generated with biomass can be more profitable than fossil fuel alternatives, additional subsidy frameworks potentially will become less influential on end-user’s decisions to transition to biomass usage. In the Netherlands, where the Partnership and our sponsor have been serving customers since 2012, we continue to advance new long-term contracts with European utilities and generators to deliver wood pellets into the Dutch power and heating markets. Recently, the Partnership’s sponsor signed an MOU with a major European utility regarding the supply of approximately 60,000 MTPY, for a term of 12 years starting in early 2024, to an industrial customer in the Netherlands. Utilities have long been the prime consumers of biomass in Europe, but the global industrial sector is becoming an emerging market for the Partnership and our sponsor, where energy-intensive industrial companies are evaluating both coal-to-biomass conversions and adding carbon capture and storage infrastructure to their energy supply chain. We recently delivered test volumes to a number of large European industrial companies to pilot biomass as a solution for reducing their enterprise-wide carbon footprint. Poland, which has one of the highest per-capita rates of coal usage in the EU, is moving swiftly to decarbonize in order to meet 2030 and 2050 renewable energy targets. In the Polish National Energy and Climate Plan, the government declared that “by 2030, the consumption of biomass for heat production in heating plants must grow almost 10 times.” The government is consolidating coal plants to manage the transformation of its asset base, and is in the process of amending renewable energy regulation, which we believe will support the conversion of coal plants to biomass usage. Following a similar approach employed to develop the Japanese market, our sponsor has formed a local business development team in Warsaw. United Kingdom Market According to recent research conducted by Imperial College London and Drax, biomass accounted for 11% of the United Kingdom’s (“U.K.”) power generation in 2020, the highest of any country in the world. Citing conversion to biomass as one of the key factors contributing to coal plant closures, the report estimates that coal-to-biomass conversions reduced carbon emissions by 10 million tons of CO2 in 2019 compared to 2012, even surpassing the carbon-emissions reduction achieved by the eight gigawatts of onshore wind farms installed during the same period. The report added that bioenergy with carbon capture and storage (“BECCS”) could remove up to 40 million tons of CO2 per year by the middle of this decade. The U.K. government is currently evaluating a new biomass strategy, which is the first step in the process for developing a support framework for BECCS projects that could be a prerequisite for the U.K. to meet its commitment to net zero by 2050, prompting further long-term demand for our product in this market. Asian Market Today, our sponsor announced the signing of a new 17-year take-or-pay off-take contract to supply a major Japanese trading house with 210,000 MTPY of wood pellets. The contract is subject to certain conditions precedent, which our sponsor expects to be met during 2021. Deliveries related to the contract are expected to commence in 2025. This contract brings the total contracted volumes for long-term deliveries to Japanese customers to approximately 4 million MTPY under agreements which extend out in many cases to the 2040s. The rapidly growing Japanese market remains a core growth segment for the Partnership and our sponsor. We remain in ongoing negotiations for additional long-term volumes with customers in the industrial segment as well as in other key market segments, which include projects that benefit from the 20-year government-sponsored feed-in-tariff in Japan and other projects designed to utilize biomass to improve overall thermal efficiency in co-firing power plant opportunities. Along with Japan, Taiwan is currently one of the largest coal consumers in Asia. Taiwan has implemented the Renewable Energy Act and the Greenhouse Gas Reduction and Management Act (the “GHG Act”), which provide financial and tax incentives to encourage the development of renewable energy sources needed to achieve carbon-neutrality goals. A forthcoming update to the GHG Act is expected to include biomass as a solution to reduce coal consumption. As with Japan and recently Poland, our sponsor has engaged a local business development team based in Taipei to develop this emerging biomass market. Corporate Summary As of July 1, 2021, the Partnership’s current production capacity is matched with a portfolio of firm, take-or-pay off-take contracts that has a total weighted-average remaining term of approximately 13.2 years and a total product sales backlog of approximately $16.0 billion. Assuming all volumes under the firm and contingent off-take contracts held by our sponsor and the Partnership were included, our total weighted-average remaining term and product sales backlog would increase to approximately 14.4 years and approximately $20.4 billion, respectively. Sustainability Sustainability is the core of our value proposition in our mission to displace coal, grow more trees, and fight climate change. This is because healthy, growing forests remain one of the most critical tools in the fight to mitigate climate change, and sustainable forest management is part of every plan outlined by the UN Intergovernmental Panel on Climate Change (the “IPCC”) to limit global warming to less than 1.5 degrees Celsius. Specifically, the IPCC’s Special Report on Climate Change and Land, which is considered by global policymakers to be one of the key science-based blueprints for climate change mitigation, declared that “a sustainable forest management strategy aimed at maintaining or increasing forest carbon stocks, while producing an annual sustained yield of timber, fiber, or energy from the forest, will generate the largest sustained [climate change] mitigation benefit.” One of the ways in which we demonstrate leadership in sustainable forestry is through rigorous third-party audits of our forestry activities and supply chain and maintenance of stringent, internationally recognized sustainable forestry certifications like Forest Stewardship Council (FSC®), Sustainable Forestry Initiative (SFI®), Programme for the Endorsement of Forest Certification (PEFC®), and the Sustainable Biomass Program (SBP). These certifications have been consistently reviewed and renewed and we have never had a notable deficiency under these audits or certifications. Every customer delivery we have made since we commenced shipments over a decade ago has arrived within the agreed upon timeframe and has met or exceeded the sustainability specifications required. This unparalleled track record is a result of our intense and ongoing investment in supply chain management and transparency to ensure that our procurement activities do the right thing, the right way, all of the time. We maintain the data set to demonstrate this commitment, which we then share transparently on our website and directly with key stakeholders. For instance, our proprietary, industry-leading Tr Contacts Investor Contact: Kate WalshVice President, Investor Relationsir@envivapartners.com Read full story here
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Hyliion Announces Long-Range Version of Hypertruck ERX™ Targeting Zero-Emission Vehicle Credits
The long-range Hypertruck ERX™ will offer 75 miles of all-electric range and more than 1,000 miles of total range at product launch Increased all-electric range will meet California’s Advanced Clean Truck Rule regulations and enable the production vehicle to qualify for zero-emission vehicle sales credits Hypertruck ERX™ enables fleets to potentially achieve net-negative emissions while utilizing renewable natural gas (RNG) to recharge the battery AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced a long-range variant of the Hypertruck ERX™, which will be the first version brought to market. This enhanced option, which will offer 75 miles of all-electric range, will enable Hypertruck ERX™ equipped production trucks to qualify for zero-emission vehicle (ZEV) credits by meeting California’s Advanced Clean Truck (ACT) Rule. The Hypertruck ERX™ will offer more than 1,000 miles of total range, enabling freight hauling capabilities that are comparable to diesel. The innovative electric powertrain system uses an onboard generator to continually recharge the battery pack while driving, eliminating the significant range and charging infrastructure challenges that battery-only electric trucks now face. The Hypertruck ERX™ is also plug-in capable, allowing fleets the operational flexibility to recharge with low-cost renewable electricity from the grid. “At Hyliion, we agree that climate protection and air quality improvement can’t wait. But, for long-haul fleet operators whose success centers around reliable freight delivery, there is no room for error as they look for viable alternatives to diesel,” said Thomas Healy, Founder and CEO of Hyliion. “That is why Hyliion is collaborating with major truck manufacturers to offer the long-range iteration of the Hypertruck ERX™ and assist freight transportation fleets to achieve the critical emission reduction mandates California and other states require without compromising range, operating costs or performance.” Taking a modular approach to the platform to meet OEM demand, address fleet needs and satisfy government mandates, the production Hypertruck ERX™ will be available in multiple iterations, including a reduced electric range model that will follow the release of the long-range version. The ACT rule, approved by the California Air Resources Board in June 2020, requires Class 8 truck tractor manufacturers to sell ZEVs in California, beginning with Model Year 2024. The sale of a battery or fuel cell vehicle earns one credit towards an OEM’s ACT obligation. Based on this rule, truck manufacturers will be able to achieve up to a 75% ZEV sales credit by selling a Class 8 truck with the Hypertruck ERX™ electric powertrain. While California was the first state to introduce a ZEV sales requirement for medium- and heavy-duty trucks, both New Jersey and Washington have initiated formal regulatory processes to adopt the ACT Rule. Massachusetts, Rhode Island, New York, and Connecticut have also considered adoption of California’s ACT regulation. A Hypertruck ERX™ validation unit will be on display for the first time in Hyliion’s booth at the Advanced Clean Transportation Expo on August 31 and September 1 at the Long Beach Convention Center. About Hyliion Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com. Forward Looking Statements The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings Contacts Hyliion Holdings Corp.Ryann Malonepress@hyliion.com(833) 495-446
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Customers Bancorp Reports Second Quarter 2021 Results
Record Net Income of $58.0 million, or $1.72 Per Diluted Share, ROAA of 1.27% and ROCE of 23.22% Top 5 Bank PPP Lender in U.S. by Loan Count ~325,000 Loans Funded Totaling $9.5 billion ~$335 million of Deferred Origination Fees Earned Tangible Book Value Increased 29% over Q2 2020 Q2 2021 net income available to common shareholders was $58.0 million, or $1.72 per diluted share, up 182% over Q2 2020. Q2 2021 core earnings (a non-GAAP measure) were $59.3 million, or $1.76 per diluted share, up 177% over Q2 2020. Q2 2021 ROAA was 1.27% and Core ROAA (a non-GAAP measure) was 1.30%. Q2 2020 ROAA was 0.62% and Core ROAA (a non-GAAP measure) was 0.68%. Q2 2021 ROCE was 23.22% and Core ROCE (a non-GAAP measure) was 23.72%. Q2 2020 ROCE was 9.97% and Core ROCE (a non-GAAP measure) was 11.16%. Adjusted pre-tax pre-provision net income (a non-GAAP measure) for Q2 2021 was $86.5 million, an increase of 60% over Q2 2020. Q2 2021 adjusted pre-tax pre-provision return on average assets (a non-GAAP measure) was 1.80% compared to 1.48% for Q2 2020. Q2 2021 results include a provision for credit losses on loans and leases of $3.3 million, compared to a benefit of $2.9 million in Q1 2021. At June 30, 2021, the coverage of credit loss reserves for loans and leases held for investment, excluding Paycheck Protection Program ("PPP") loans (a non-GAAP measure), was 1.61% compared to 1.71% at March 31, 2021. Non-performing assets were 0.24% of total assets at June 30, 2021 compared to 0.26% at March 31, 2021. Allowance for credit losses equaled 270% of non-performing loans at June 30, 2021, up from 264% at March 31, 2021. Net interest income for Q2 2021 grew $6.0 million, or 4.5%, over Q1 2021 and $46.8 million, or 50.9%, over Q2 2020. Q2 2021 net interest margin (a non-GAAP measure) remained stable at 2.98%. Q2 2021 net interest margin, excluding the impact of PPP loans (a non-GAAP measure), increased by 31 basis points to 3.30% from Q1 2021. Total loans and leases increased $1.7 billion, or 11.0% year-over-year. Total loans and leases, excluding PPP loans (a non-GAAP measure), increased $132.2 million, or 1.3% year-over-year, as growth in the core commercial and industrial (C&I), consumer and loans to mortgage companies portfolios was offset in part by runoff in the multi-family loan portfolio. Total deposits increased $2.9 billion, or 26.5% year-over-year, which included a $2.4 billion or 51.9% increase in demand deposits. The total cost of deposits dropped 44 basis points from 0.91% in the year-ago quarter. Total deferments declined to $98.2 million, or 0.9% of total loans and leases excluding PPP loans (a non-GAAP measure) at June 30, 2021, down from $189.1 million, or 1.7% of total loans and leases excluding PPP loans (a non-GAAP measure) at March 31, 2021. Q2 2021 efficiency ratio was 46.59% compared to 50.73% for Q2 2020. Q2 2021 core efficiency ratio was 44.33% compared to 47.84% in Q2 2020 (non-GAAP measures). Fully divested foreign equity holdings in Q2 2021 reducing overall taxable capital gains resulting from BankMobile divestiture in Q1 2021. On track to soft launch a private real-time, blockchain-based B2B payments platform with integration of digital and legacy payment rails within the next 60 days. The platform will deliver enhanced payments functionality for our business clients and is expected to generate additional deposit growth in targeted niches, such as real estate, monetary and currency exchanges and institutional investments. Preferred stock redemption planned prior to year-end. WEST READING, Pa.--(BUSINESS WIRE)--$CUBI #Earnings--Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (collectively "Customers" or "CUBI"), today reported second quarter 2021 ("Q2 2021") net income to common shareholders of $58.0 million, or $1.72 per diluted share, up from first quarter 2021 ("Q1 2021") net income to common shareholders of $33.2 million, or $1.01 per diluted share. Q1 2021 results included a net loss from discontinued operations of $38.0 million, which reduced GAAP earnings by $1.16 per diluted share, resulting from the divestiture of BankMobile Technologies, Inc. on January 4, 2021. Core earnings for Q2 2021 totaled $59.3 million, or $1.76 per diluted share compared to Q1 2021 core earnings of $70.3 million, or $2.14 per diluted share (non-GAAP measures). Adjusted pre-tax pre-provision net income was $86.5 million for Q2 2021 compared to $86.8 million for Q1 2021 (non-GAAP measures). Net interest margin, tax equivalent ("NIM") remained stable at 3% for Q2 2021 and Q1 2021. Excluding PPP loans, NIM expanded 31 basis points in Q2 2021 as compared to Q1 2021, largely benefiting from the balance sheet restructuring that occurred in Q1 2021, further reductions in deposit costs and disciplined pricing strategy (non-GAAP measures). “As the Paycheck Protection Program ("PPP") comes to a close, we couldn't be happier with our overall execution and results in this program,” remarked Customers Bancorp Chairman and CEO, Jay Sidhu. “Not only have we supported hundreds of thousands of small businesses, not-for-profits, and the communities we serve, we leveraged our technology expertise to build valuable fintech partnerships, established hundreds of thousands of new customer accounts ripe for in-house analytics and cross-selling and significantly improved our capital position and tangible book value at the same time. All of this was achieved while decreasing the risk profile of Customers Bank. At June 30, 2021, we have strong capital and reserves, exceptional asset quality and expect to report the highest full year earnings in our company's history. This leaves us very well positioned to support future growth and to redeem a portion of our preferred stock later this year, an EPS enhancing action which was approved by our Board earlier today. We remain optimistic about our future.” Mr. Sidhu concluded. Key Balance Sheet Trends Total loans and leases increased $1.7 billion, or 11.0%, to $17.0 billion at June 30, 2021 compared to the year-ago period. PPP loans were $6.3 billion at June 30, 2021, an increase of $1.5 billion compared to the year-ago period, driven by $4.1 billion and $0.2 billion in originations from the new round and earlier rounds of PPP loans, respectively. This increase in PPP loans was offset by $2.8 billion in forgiveness from the earlier rounds of PPP loans. Additionally, the loan mix improved year-over-year as commercial and industrial loans and leases increased $233.2 million to $2.3 billion, commercial real estate owner occupied loans increased $108.9 million to $653.6 million, commercial loans to mortgage companies increased $90.1 million to $2.9 billion, and consumer installment loans increased $319.8 million to $1.6 billion. These increases in loans and leases were partially offset by decreases in multi-family loans of $526.1 million to $1.5 billion, commercial real estate non-owner occupied loans of $55.7 million to $1.2 billion and residential mortgages of $79.4 million to $273.5 million. “Looking ahead, we see continued growth in core C&I and consumer loans offsetting some of the expected decreases in loans to mortgage companies in the second half of this year," stated Sidhu. Total deposits increased $2.9 billion, or 26.5%, to $13.9 billion at June 30, 2021 compared to the year-ago period. Total demand deposits increased $2.4 billion, or 51.9%, to $6.9 billion, money market deposits increased $1.5 billion, or 44.2%, to $4.9 billion, and savings deposits increased $287.0 million, or 25.1%, to $1.4 billion. These increases were offset, in part, by a decrease in time deposits of $1.2 billion, or 66.5%, to $627.2 million. The total cost of deposits declined by 44 basis points to 0.47% in Q2 2021 from 0.91% in the year-ago quarter. At July 15, 2021, the spot cost of deposits was 0.44%. "We expect our deposit costs to be at or below 40 basis points by September 30, 2021," stated Sidhu. Very Strong Growth in Tangible Common Equity and Tangible Book Value Per Share Customers experienced significant improvements in regulatory capital ratios in Q2 2021 as compared to a year ago. Customers Bancorp's tangible common equity (a non-GAAP measure) increased by $253.6 million to $1.0 billion at June 30, 2021 from $775.8 million at June 30, 2020, and the tangible book value per common share (a non-GAAP measure) increased to $31.82 at June 30, 2021 from $24.62 at June 30, 2020, an increase of 29.2%. Customers remains well capitalized by all regulatory measures, leaving us well positioned to redeem a portion of the preferred stock prior to year end subject to routine and customary regulatory approval. At the Customers Bancorp level, the total risk based capital ratio (estimate) and tangible common equity to tangible assets ratio ("TCE ratio"), excluding PPP loans (a non-GAAP measure), were 13.2% and 7.7%, respectively, at June 30, 2021. At March 31, 2021, Customers Bancorp's total risk based capital ratio and TCE ratio, excluding PPP loans (a non-GAAP measure), were 12.4% and 7.1%, respectively." As a consequence of PPP related income and a potential cyclical decline in mortgage warehouse loans, we expect our capital levels to increase sharply in the second half of 2021 with the TCE ratio excluding PPP loans to be close to 9% by December 31, 2021," commented Customers Bancorp CFO, Carla Leibold. Loan Portfolio Management During the COVID-19 Crisis Over the last decade, Customers has developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s C&I, mortgage warehouse, specialty finance lines of business, and multi-family loans for example, are characterized by conservative underwriting standards and low loss rates. Because of this emphasis, the Bank’s credit quality to-date has been healthy despite a highly adverse economic environment. Maintaining strong asset quality also requires a highly active portfolio monitoring process. In addition to frequent client outreach and monitoring at the individual loan level, Customers employs a bottom-up data driven approach to analyze its commercial portfolio. Strong commercial loan portfolio with very low concentration in COVID-19 impacted industries and CRE Total commercial deferments declined to $89.8 million, or 0.8% of total loans and leases, excluding PPP loans (a non-GAAP measure), at June 30, 2021, down from $176.1 million, or 1.6% of total loans and leases, excluding PPP loans, at March 31, 2021. Customers' commercial deferments peaked at about $1.2 billion in July 2020. Exposure to industry segments significantly impacted by COVID-19 is not substantial. At June 30, 2021, Customers had $82.8 million in energy and utilities exposure (with no deferments); $62.0 million in colleges and universities (with no deferments); $62.2 million in CRE retail sales exposure (mostly auto sales; with no deferments); $29.9 million in franchise restaurants and dining (with no deferments); and $26.1 million in entertainment only businesses (with no deferments). At June 30, 2021, the hospitality portfolio was $399.3 million, or 3.8% of total loans and leases, excluding PPP loans, with $59.2 million in deferment. Approximately 79.5% ($317.4 million) represents “flagged” facilities, with the majority of the non-flagged being high-end destination hotels in Cape May (NJ), Avalon (NJ), and Long Island (NY). We believe the majority of the hotels have sufficient cash resources to get through the COVID-19 crisis. At June 30, 2021, the healthcare portfolio was approximately $460 million, comprised predominantly of skilled nursing, which has been deemed an essential business and through a number of federal and state actions has been provided immunity from liability for COVID-19 related deaths. No deferments have been requested and there are no delinquencies. The multi-family portfolio is highly seasoned, with a weighted average loan to value of 61.7% as of quarter-end. 55.77% of the portfolio was in New York City, of which 70.53% was in rent controlled/regulated properties. As of June 30, 2021, no deferments have been requested. At June 30, 2021, investment CRE had a weighted average loan to value of 63.2%, with approximately 52% of the portfolio housed in New York, Philadelphia and surrounding markets. As of June 30, 2021, $4.4 million of the portfolio was on deferment, with minimal exposure to the office market. Consumer installment, mortgage and home equity loan portfolios continue to perform well Total consumer-related deferments declined to $8.4 million, or 0.1% of total loans and leases, excluding PPP loans (a non-GAAP measure), at June 30, 2021, down from $13.0 million at March 31, 2021. The $1.6 billion consumer installment loan portfolio outperformed industry peers with deferments dropping to 0.31% and 30+ day delinquency at only 0.66%. Strong credit quality (avg. FICO at origination: 740), low concentration in at-risk job segments, and outstanding performance of CB Direct originations have resulted in solid results through the end of Q2 2021. The consumer installment portfolio has been managed to moderate growth and strengthening credit quality, by replacing run-off with CB Direct originations with higher FICO scores. Key Profitability Trends Net Interest Income Net interest income totaled $138.8 million in Q2 2021, an increase of $6.0 million from Q1 2021, primarily due to a $755.1 million net increase in average interest-earning assets and a decrease in the cost of interest-bearing liabilities. Interest-earning asset growth was driven by increases in consumer loans and the latest round of PPP loans, offset in part by PPP loan forgiveness from the first two rounds, which accelerated the recognition of net deferred loan origination fees, and decreases in commercial loans to mortgage companies and multi-family loans. Compared to Q1 2021, total loan yields decreased 28 basis points to 3.74%. The decrease is attributable to lower yields on commercial and industrial loans and leases, increased originations of PPP loans in the latest round and lower forgiveness of PPP loans from the first two rounds, offset in part by higher yields on consumer loans. Total borrowing costs decreased by 23 basis points to 0.77% primarily due to the balance sheet restructuring completed in Q1 2021 and lower utilization of the FRB PPP Liquidity Facility, costing 0.35%, due to the PPP loan forgiveness from the first two rounds and excess cash available to fund additional PPP round 3 originations. FHLB advances and federal funds purchased were also paid off during Q2 2021 due to sufficient liquidity. "It is difficult to predict net interest income in future periods because the timing of PPP forgiveness results in the accelerated recognition of net deferred fees and also affects the amount of net interest income expected to be earned while the PPP loans are held on our balance sheet," commented Mr. Sidhu. Provision for Credit Losses The provision for credit losses on loans and leases in Q2 2021 was $3.3 million, compared to a $2.9 million benefit (release) in Q1 2021. The provision in Q2 2021 primarily resulted from an increase in provision for consumer installment loans from continued growth, offset in part by the benefit (release) to the provision for commercial loans resulting from continuing improvement in forecasts of macroeconomic conditions since Q4 2020. The allowance for credit losses on loans and leases represented 1.6% of total loans and leases receivable, excluding PPP loans (a non-GAAP measure) at June 30, 2021, compared to 1.7% at March 31, 2021, and 2.2% at June 30, 2020. Customers' non-performing loans at June 30, 2021 were only 0.27% of total loans and leases, a significant improvement from 0.56% at June 30, 2020. Non-Interest Income Non-interest income totaled $16.8 million for Q2 2021, a decrease of $1.6 million compared to Q1 2021. The decrease in non-interest income primarily resulted from decreases of $21.8 million in gain on sale of investment securities and $3.0 million in unrealized gain on derivatives, offset in part by a $24.5 million decrease in loss on cash flow hedge derivative terminations recorded in Q1 2021. In Q2 2021, the change in the fair value of foreign equity securities and the sale of the foreign subsidiaries that held those securities resulted in a net loss of $1.1 million. Non-Interest Expense Non-interest expense totaled $70.8 million for Q2 2021, an increase of $8.9 million compared to Q1 2021. The increase was primarily due to approximately $2.5 million of compensation expense associated with an executive's retirement and other one-time benefits, $2.4 million of increased PPP-related costs primarily due to outside professional services used to support the PPP forgiveness process and our participation in the latest round of PPP, increased consumer installment servicing expense of $1.0 million, increased stock-based compensation of $0.9 million related to new awards, and a benefit (release) to credit losses for unfunded commitments of $1.3 million recorded in Q1 2021. "Looking ahead, we expect non-interest expenses to be lower in Q3 2021," stated Ms. Leibold. Taxes Income tax expense from continuing operations increased by $2.5 million to $20.1 million in Q2 2021 from $17.6 million in Q1 2021 primarily due to an increase in compensation expense associated with an executive's retirement that exceeded the limit for tax deduction purposes, along with an increase in projected pre-tax income from continuing operations. Customers expects the full-year 2021 effective tax rate from continuing operations to be approximately 23% to 25%, which is comparable to previous years. Net Loss From Discontinued Operations The divestiture of BankMobile Technologies, Inc. was completed on January 4, 2021, and its historical financial results are presented as discontinued operations. Outlook “Looking ahead, we are very optimistic about the prospects of our company. The best in class tech agility of Customers Bancorp has allowed us to be a major participant in the third round of PPP and to incubate new lines of businesses that leverage our fintech relationships. We expect to launch a private real-time, blockchain-based B2B payments platform with integration of digital and legacy payment rails. The platform will deliver enhanced payments functionality for our business clients and is expected to generate additional deposit growth in targeted niches, such as real estate, monetary and currency exchanges and institutional investments. We also expect our tangible common equity and regulatory capital levels to achieve targeted levels within the next 12 months and our credit quality to remain in line with or better than peers. The financial benefits of PPP aside, we project our recurring earnings power to expand to at least the $4.00 level during 2021 and 2022 and expect to achieve $6.00 in core EPS in 2025 rather than 2026,” concluded Mr. Sidhu. Our updated financial guidance is as follows: Loan growth, excluding PPP and mortgage warehouse balances, is expected to average in the mid-to-high single digits over the next several quarters. The balance of commercial loans to mortgage companies is expected to decline to $1.6 billion - $2.4 billion at December 31, 2021. The Total Capital Ratio is expected to be about 14.0% by year-end 2021. The TCE ratio excluding PPP loans is expected to be close to 9.0% by year-end 2021. We project the NIM, excluding PPP loans, to remain within the 3.25% - 3.50% range for the second half of 2021. We project an effective tax rate from continuing operations for 2021 of 23.0% - 25.0%. We now expect to earn at least $6.00 in core EPS in 2021 and 2022. Our core EPS guidance includes the net interest income expected to be earned on the PPP loans. Excluding PPP loans, we expect to earn at least $4 in core EPS in 2021 and 2022 and expect to achieve $6 in core EPS by 2025 rather than 2026. 2021 NIM expansion is expected to be achieved by: Remixing the loan portfolio away from commercial loans to mortgage companies toward other C&I categories and consumer installment loans. Restructuring of the asset and liability side of the balance sheet that was completed in Q1 2021. Bringing our total cost of deposits down to around 35 basis points by year-end 2021. Webcast Date: Thursday, July 29, 2021 Time: 9:00 AM EDT The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com/investor-relations/ and at the Customers Bancorp 2nd Quarter Earnings Webcast. You may submit questions in advance of the live webcast by emailing Customers' Communications & Marketing Director, David Patti at dpatti@customersbank.com; questions may also be asked during the webcast through the webcast application. The webcast will be archived for viewing on the Customers Bancorp Investor Relations page and available beginning approximately two hours after the conclusion of the live event. Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is a bank holding company located in West Reading, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank, a full-service bank with $19.6 billion in assets at June 30, 2021. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches. “Safe Harbor” Statement In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Customers Bancorp, Inc.’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Customers Bancorp, Inc.’s control). Numerous competitive, economic, regulatory, legal and technological events and factors, among others, could cause Customers Bancorp, Inc.’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements, including: the adverse impact on the U.S. economy, including the markets in which we operate, of the coronavirus outbreak, and the impact of a slowing U.S. economy and increased unemployment on the performance of our loan and lease portfolio, the market value of our investment securities, the demand for our products and services and the availability of sources of funding; the effects of actions by the federal government, including the Board of Governors of the Federal Reserve System and other government agencies, that affect market interest rates and the money supply; actions that we and our customers take in response to these developments and the effects such actions have on our operations, products, services and customer relationships; and the effects of any changes in accounting standards or policies. Contacts Jay Sidhu, Chairman & CEO 610-935-8693Sam Sidhu, President 484-744-8985Carla Leibold, CFO 484-923-8802 Read full story here
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Horizon Global to Present Virtually and Host Investor Meetings at Jefferies Virtual Industrials Conference August 4
PLYMOUTH, Mich.--(BUSINESS WIRE)--Horizon Global Corporation (NYSE: HZN) announced today that Terry Gohl, President and Chief Executive Officer, and Dennis Richardville, Chief Financial Officer, will participate in the Jefferies Virtual Industrials Conference on August 4, 2021. Horizon Global’s presentation is scheduled to be available at 8:00 am ET on August 4th on the Company website and the conference website. Management’s formal presentation will also be webcast through the conference website and available for approximately 30 days following the conference. The presentation will also be available in the investor relations section of the Company's website at investors.horizonglobal.com. About Horizon Global Headquartered in Plymouth, MI, Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company's commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver best in-class products for our customers, engage with our employees and realize value creation for our shareholders. Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: Draw-Tite, Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has approximately 4,350 employees. For more information, please visit www.horizonglobal.com. Contacts Jeff Tryka, CFA Investor Relations, Lambert & Co. (616) 295-2509 jtryka@horizonglobal.com
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Federman & Sherwood Announces the Filing of a Class Action On Behalf of ClearBalance Data Breach Victims
OKLAHOMA CITY--(BUSINESS WIRE)--#Breach--Federman & Sherwood announces that it has filed a class action on behalf of ClearBalance customers whose confidential information was disclosed to cybercriminals during a data breach involving ClearBalance’s email accounts. ClearBalance services loans made by banks to patients of healthcare providers. On March 8, 2021, cybercriminals infiltrated ClearBalance’s email account through a successful phishing attack. ClearBalance was unaware of the security breach until April 26, 2021, after the criminals had already attempted to commit wire fraud. The subsequent investigation into the breach revealed that cybercriminals were able to access the following highly confidential information: Names, tax IDs, Social Security numbers, dates of birth, government-issued ID numbers, telephone numbers, healthcare account numbers, balance amounts, dates of service, ClearBalance loan numbers and balances, personal banking information, clinical information, health insurance information, and full-face photographic images. If you received notice of the data breach or have determined that your personal information was comprised, please contact Federman & Sherwood. To learn how to participate in this action, please visit https://www.federmanlaw.com/blog/federman-sherwood-announces-the-filing-of-a-class-action-on-behalf-of-clearbalance-data-breach-victims/ The lawsuit seeks to recover damages on behalf of all ClearBalance customers who were affected by the data breach. If you wish to discuss this action, obtain further information and participate in this litigation, or should you have any questions regarding this notice or preservation of your rights, please contact: Priscilla Scoggins at pms@federmanlaw.com or visit the firm’s website at www.federmanlaw.com. Contacts Priscilla Scoggins pms@federmanlaw.com
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Starboard Value Acquisition Corp. Announces Stockholder Approval of Business Combination with Cyxtera Technologies, Inc.; Record Date Announcement for
Class A Common Stock of the Combined Company Expected to Begin Trading on Nasdaq Under the Symbol “CYXT” on July 30, 2021 NEW YORK--(BUSINESS WIRE)--Starboard Value Acquisition Corp. (“SVAC”) (NASDAQ: SVAC), a U.S. publicly-traded special purpose acquisition company, today announced that its stockholders voted to approve the previously announced business combination (the “Business Combination”) with Cyxtera Technologies, Inc. (“Cyxtera”), a global data center leader in retail colocation and interconnection services. Stockholders voted to approve the Business Combination during a Special Meeting held earlier today, and a Form 8-K disclosing the final voting results is expected to soon be filed with the Securities and Exchange Commission. Upon consummation of the Business Combination, 106,100,000 shares of Class A common stock will be issued to SIS Holdings LP, 10,105,863 shares of Class A common stock will be issued to SVAC’s initial stockholders, an aggregate of 25,000,000 shares of Class A common stock will be issued to the PIPE investors and 10,526,315 shares of Class A common stock will be issued to the forward purchasers. Holders of 26,176,891 shares of SVAC Class A common stock have elected to redeem in connection with the Business Combination. As a result of the Business Combination, the post-Business Combination company will have 165,978,740 shares of Class A common stock outstanding and $493,000,000 in total cash from the transaction available before fees, expenses and debt amortization. The closing of the Business Combination is anticipated to take place on July 29, 2021, subject to the satisfaction or waiver of customary closing conditions under the merger agreement entered into in connection with the Business Combination. In accordance with SVAC’s amended and restated certificate of incorporation, SVAC will effect a distribution of 6,737,242 warrants (the “Warrant Distribution”) immediately prior to the consummation of the Business Combination as described in the Proxy Statement. Public stockholders who exercised their redemption rights in connection with the Business Combination are not entitled to receive any Warrant Distribution in respect of such redeemed public shares. SVAC has set 5:00 p.m. Eastern Time on the date immediately prior to the consummation of the Business Combination as the record date (the “Record Date”) for the Warrant Distribution and only holders of public shares on the Record Date will be entitled to participate in the Warrant Distribution. Assuming the Business Combination is consummated on July 29, 2021, the Record Date for the Warrant Distribution will be 5:00 p.m. Eastern Time on July 28, 2021, and eligible public stockholders will receive approximately .34 warrants per share of common stock as a result of the Warrant Distribution. Following the consummation of the Business Combination, the combined company will be renamed Cyxtera Technologies, Inc. and its Class A common stock and warrants are expected to begin trading on the Nasdaq Global Select Market beginning on July 30, 2021 under the ticker symbols “CYXT” and “CYXTW” respectively. About Starboard Value Acquisition Corp. Starboard Value Acquisition Corp. is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company’s sponsor, SVAC Sponsor LLC, is an affiliate of Starboard Value LP. For more information, please go to StarboardSVAC.com. About Cyxtera Cyxtera is a global leader in data center colocation and interconnection services. The company operates a footprint of more than 60 data centers around the world, providing services to more than 2,300 leading enterprises and U.S. federal government agencies. Cyxtera brings proven operational excellence, global scale, flexibility and customer-focused innovation together to provide a comprehensive portfolio of data center and interconnection services. Advisors Citi served as lead financial advisor and Latham & Watkins LLP as legal advisor to Cyxtera, BC Partners, and Medina Capital. Morgan Stanley served as financial advisor to Cyxtera, and J.P. Morgan served as financial advisor to BC Partners. UBS Investment Bank, Stifel, Nicolaus & Company, and Cowen and Company, LLC are serving as capital markets advisors to SVAC. Akin Gump Strauss Hauer & Feld LLP is serving as legal advisor to SVAC. Hughes Hubbard & Reed LLP is serving as legal advisor to SVAC Sponsor LLC. J.P. Morgan Securities LLC is serving as lead placement agent with Citi, RBC Capital Markets, LLC and UBS Investment Bank as co-placement agents on the PIPE. Forward-Looking Statements This press release includes “forward-looking statements” within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “expects,” “will,” “projected,” “continue,” “increase,” and/or similar expressions that concern Cyxtera’s or SVAC’s strategy, plans or intentions, but the absence of these words does not mean that a statement is not forward-looking. Such statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are based on management’s belief or interpretation of information currently available. Because forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Cyxtera’s or SVAC’s control. Actual results and condition (financial or otherwise) may differ materially from those indicated in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results and conditions to differ materially from those indicated in the forward-looking statements, including, but not limited to, changes in domestic and foreign business, market, financial, political and legal conditions; the ability of the parties to successfully or timely consummate the Transactions, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Transactions, the risk that legal or regulatory developments (such as the SEC’s recently released statement on accounting and reporting considerations for warrants in SPACs) could cause unforeseen delays in the timing of the Transactions and negatively impact the trading price of SVAC’s securities and the attractiveness of the Transactions to investors; failure to realize the anticipated benefits of the Transactions; the risk that the market price of the combined company’s securities may decline following the consummation of the Transactions if the Transaction’s benefits do not meet the expectations of investors or securities analysts; risks relating to the uncertainty of Cyxtera’s projected operating and financial information; the impact of Cyxtera’s substantial debt on its future cash flows and its ability to raise additional capital in the future; adverse global economic conditions and credit market uncertainty; the regulatory, currency, legal, tax and other risks related to Cyxtera’s international operations; the United Kingdom’s withdrawal from the European Union and the potential negative effect on global economic conditions, financial markets and Cyxtera’s business; the effects of the COVID-19 pandemic on Cyxtera’s business or future results; the ability to access external sources of capital on favorable terms or at all, which could limit Cyxtera’s ability to execute its business and growth strategies; fluctuations in foreign currency exchange rates in the markets in which Cyxtera operates internationally; physical and electronic security breaches and cyber-attacks which could disrupt Cyxtera’s operations; Cyxtera’s dependence upon the demand for data centers; Cyxtera’s products and services having a long sales cycle that may harm its revenues and operating results; any failure of Cyxtera’s physical infrastructure or negative impact on its ability to provide its services, or damage to customer infrastructure within its data centers, which could lead to significant costs and disruptions that could reduce Cyxtera’s revenue and harm its business reputation and financial results; inadequate or inaccurate external and internal information, including budget and planning data, which could lead to inaccurate financial forecasts and inappropriate financial decisions; maintaining sufficient insurance coverage; environmental regulations and related new or unexpected costs; climate change and responses to it; prolonged power outages, shortages or capacity constraints; the combined company’s ability to recruit or retain key executives and qualified personnel; the ability to compete successfully against current and future competitors; Cyxtera’s fluctuating operating results; incurring substantial losses, as Cyxtera has previously; Cyxtera’s ability to renew its long-term data center leases on acceptable terms, or at all; Cyxtera’s government contracts, which are subject to early termination, audits, investigations, sanctions and penalties; failure to attract, grow and retain a diverse and balanced customer base; future consolidation and competition in Cyxtera’s customers’ industries, which could reduce the number of Cyxtera’s existing and potential customers and make it dependent on a more limited number of customers; Cyxtera’s reliance on third parties to provide internet connectivity to its data centers; disruption or termination of connectivity; government regulation; the non-realization of the financial or strategic goals related to acquisitions that were contemplated at the time of any transaction; Cyxtera’s ability to protect its intellectual property rights; Cyxtera’s ability to continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate it from its competitors; disruptions associated with events beyond its control, such as war, acts of terror, political unrest, public health concerns, labor disputes or natural disasters; sales or issuances of shares of the combined company’s common stock may adversely affect the market price of the combined company’s common stock; the requirements of being a public company, including maintaining adequate internal control over financial and management systems; risks related to corporate social responsibility; Cyxtera’s ability to lease available space to existing or new customers, which could be constrained by its ability to provide sufficient electrical power; Cyxtera’s ability to adapt to changing technologies and customer requirements; Cyxtera’s ability to manage its growth; risks related to litigation, securities class action or threatened litigation which may divert management time and attention, require Cyxtera to pay damages and expenses or restrict the operation of its business; the volatility of the market price of the combined company’s stock; the incurrence of goodwill and other intangible asset impairment charges, or impairment charges to Cyxtera’s property, plant and equipment, which could result in a significant reduction to its earnings; U.S. and foreign tax legislation and future changes to applicable U.S. or foreign tax laws and regulations and/or their interpretation may have an adverse effect on Cyxtera’s business, financial condition and results of operations and tax rules and regulations are subject to interpretation and require judgment by Cyxtera that may be successfully challenged by the applicable taxation authorities upon audit, which could result in additional tax liabilities; and Cyxtera’s ability to use its United States federal and state net operating losses to offset future United States federal and applicable state taxable income may be subject to certain limitations which could accelerate or permanently increase taxes owed. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of SVAC’s final prospectus related to its initial public offering, SVAC’s Annual Report on Form 10-K/A for the year ended December 31, 2020, the proxy statement related to the business combination under the heading “Additional Information and Where to Find It” and other documents filed by SVAC from time to time with the SEC. There may be additional risks that Cyxtera and SVAC do not presently know or that they currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Cyxtera’s and SVAC’s expectations, plans or forecasts of future events and views as of the date of this press release. Accordingly, you should not place undue reliance upon any such forward-looking statements in this press release. Neither Cyxtera, SVAC nor any of their affiliates assume any obligation to update this press release, except as required by law. Contacts Starboard Value Acquisition Corp.Dan Gagnier / Jeffrey Matthews Gagnier Communications 646-569-5897 SVAC@gagnierfc.com
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SHAREHOLDER ALERT: Robbins LLP Announces that CorMedix Inc. (CRMD) is Being Sued for Misleading Shareholders
SAN DIEGO--(BUSINESS WIRE)--$CRMD #CRMD--Shareholder rights law firm Robbins LLP announces that a class action has been filed on behalf of all purchasers of CorMedix Inc. (NASDAQ: CRMD) between July 8, 2020 and May 13, 2021, for violations of the Securities Exchange Act of 1934. CorMedix is a biopharmaceutical company that develops and commercializes therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the U.S. and internationally. CorMedix's lead product candidate is DefenCath, a novel antibacterial and antifungal solution designed to prevent costly and dangerous catheter-related bloodstream infections ("CRBSIs"). If you suffered a loss due to CorMedix Inc.'s misconduct, click here. CorMedix Inc. (CRMD) Failed to Disclose Deficiencies in the Manufacturing Process of its Lead Product Candidate According to the complaint, CorMedix completed submission of a New Drug Application ("NDA") to the U.S. Food and Drug Administration ("FDA") for DefenCath. On March 1, 2021, CorMedix announced "that the [FDA] cannot approve the [NDA] for DefenCath … in its present form due to "concerns at the third-party manufacturing facility" that were currently unknown to CorMedix. The announcement also revealed that the "FDA is requiring a manual extraction study to demonstrate that the labeled volume can be consistently withdrawn from the vials despite an existing in-process control to demonstrate fill volume within specifications." On this news, CorMedix's stock price fell $5.98, or almost 40%, to close at $9.02 per share on March 1, 2021. Over the next several months, the Company revealed additional set-backs, including the need to make "adjustments in the process" and finally, the need to generate additional data "to address the deficiencies identified by the FDA." These disclosures have led to a further decline in the stock price, which trades at around $6.23 per share. If you purchased shares of CorMedix Inc. (CRMD) between July 8, 2020 and May 13, 2021, you have until September 20, 2021, to ask the court to appoint you lead plaintiff for the class. All representation is on a contingency fee basis. Shareholders pay no fees or expenses. Contact us to learn more: Lauren Levi (800) 350-6003 llevi@robbinsllp.com Shareholder Information Form Robbins LLP is a nationally recognized leader in shareholder rights law. To be notified if a class action against CorMedix Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. Contacts Lauren Levi Robbins LLP 5040 Shoreham Place San Diego, CA 92122 llevi@robbinsllp.com(800) 350-6003 www.robbinsllp.com
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Triton International Announces Pricing of $600 Million of Senior Secured Notes
HAMILTON, Bermuda--(BUSINESS WIRE)--(July 28, 2021) —Triton International Limited (NYSE: TRTN) (“Triton” or the “Company”) today announced that its subsidiary Triton Container International Limited (“TCIL”) has priced an offering of $600 million aggregate principal amount of 0.800% Senior Secured Notes due 2023 (the “Notes”) at an offering price of 99.929% of the principal amount thereof. The Notes will be guaranteed on a senior unsecured basis by the Company. The offering is expected to close on August 6, 2021, subject to the satisfaction of customary closing conditions. The net proceeds from the offering are expected to be used to repay all of TCIL’s outstanding institutional notes. Any remaining net proceeds from the offering will be used for general corporate purposes, including, but not limited to the expansion of the Company’s container fleet and repayment of other existing secured debt. The Notes and the related guarantee have not been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. The Notes are being offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A of the Securities Act and to non-U.S. persons outside of the United States in compliance with Regulation S of the Securities Act. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Important Cautionary Information Regarding Forward-Looking Statements Certain statements in this release, other than purely historical information, including statements about the offering and the intended use of proceeds of the offering, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “anticipate,” “will,” “may,” “would” and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton’s control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. These factors include, without limitation, those risk factors included in the offering memorandum for the Notes and the impact of COVID-19 on the Company’s business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in releasing containers after their initial fixed-term leases; customers’ decisions to buy rather than lease containers; dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of the Company’s businesses; decreases in demand for international trade; disruption to the Company’s operations resulting from political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars. duties and tariffs; disruption to the Company’s operations from failure of, or attacks on, the Company’s information technology systems; disruption to the Company’s operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; ability to obtain sufficient capital to support growth; restrictions imposed by the terms of the Company’s debt agreements; the achievement of our capital structure plans and related timing; changes in the tax laws in Bermuda, the United States and other countries; and other risks and uncertainties, including those risk factors set forth in the section entitled “Risk Factors” in our Form 10-K filed with the SEC on February 16, 2021. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. About Triton International Limited Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.9 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis. Contacts Andrew Greenberg Senior Vice President Business Development & Investor Relations (914) 697-2900
