Market Newsdesk

January 19, 2021 6:10 am

AIR Worldwide Collaborates with experts at the Brookings Institution and AXIS Capital to Quantify the Impact from Climate Change on Hurricane Risk

BOSTON, Jan. 19, 2021 (GLOBE NEWSWIRE) — Catastrophe modeling firm AIR Worldwide (AIR), in collaboration with experts from the Brookings Institution and AXIS Capital Holdings Limited, released a report which explores how climate change may affect hurricane risk in the United States by 2050, specifically related to financial losses to residential and commercial properties. AIR Worldwide is a Verisk (Nasdaq:VRSK) business.

“Climate-related risks are among the most serious issues facing the world today and insurers have a critical role to play in mitigating them. Investing in ongoing research like today’s, in partnership with AIR and Brookings scholars, is essential,” said Albert Benchimol, President & CEO at AXIS. “While climate change is likely to affect hurricanes in multiple ways, the report highlights two important aspects: an increase in the frequency of the strongest storms, and additional storm surge flooding due to sea level rise.”

The analysis relies on the AIR Hurricane Model for the United States, which considers wind, storm surge, and precipitation-induced flooding, and AIR’s database of property exposure. The model features a catalog of simulated hurricane seasons, containing multiple events of different strength making landfall along the Gulf and Atlantic coastlines. The baseline catalog is developed to reflect today’s climate and AIR created a new set of catalogs that reflect both the frequency and severity changes resulting from the future climate.

The report explores future hurricane-generated storm surge losses for selected study areas around New York, Houston, and Miami, as indicators of the additional risk created by rising sea levels. The results of the analysis show that increased event frequency and sea level rise will have a meaningful impact on future damage. The growth in the number of stronger storms, and landfalling storms overall, increases modeled losses by approximately 20%, with slightly larger changes in areas such as the Gulf and Southeast coasts where major landfalls are already more likely today. The loss increases extend to inland areas as well, as stronger storms may penetrate farther from the coast. The impacts from sea level rise, using the analysis of storm surge for New York, Miami, and Houston suggests that by 2050, sea level rise may increase storm surge losses by anywhere from one-third to a factor of almost two, with larger impacts possible when combined with increases in the number of major storms. The actual losses in 2050 could be higher; while the analysis holds property exposure constant at today’s levels, coastal exposure is currently growing at a 4% annual rate and are likely to continue growing.

“This analysis points to increased damage and losses from hurricanes without factoring in any changes to the concentration of property exposure along the coast,” said Dr. Peter Sousounis, vice president and director of climate change research, AIR Worldwide. “With more intense hurricanes making landfall, and storm surges from more strong storms on top of a higher sea level, the results presented in this study are only the first step. Additional research into a wider range of impacts is necessary to complete what is surely a more complex picture, particularly related to how risk may change geographically.”

Critical factors include whether the strongest storms become not only more frequent, but also more intense; whether storms could remain stronger at higher latitudes; how much additional rainfall hurricanes might produce, and whether storms are slowing down at landfall and maintaining their intensity longer after landfall. Accounting for the full range of impacts for coastal and inland areas is important to identify how populations will be affected and how public policy might adapt to address what is likely to be a widening insurance protection gap.

“The work follows on from related AIR research that considers the climatic effects on atmospheric perils responsible for multiple billion-dollar disasters that occur annually around the world,” concluded Bill Churney, president, AIR Worldwide. “The modeling tools and data presented in this report can be extended for additional perils, including inland flooding, wildfires, and convective and extratropical storms. While there is considerable uncertainty in how extreme event risk may evolve in a warmer climate, these models are a practical approach to assessing the potential impacts.”

Download “Quantifying the Impact from Climate Change on U.S. Hurricane Risk” here: https://airww.co/climateimpact

About AIR Worldwide

AIR Worldwide (AIR) provides risk modeling solutions that make individuals, businesses, and society more resilient to extreme events. In 1987, AIR Worldwide founded the catastrophe modeling industry and today models the risk from natural catastrophes, supply chain disruptions, terrorism, pandemics, casualty catastrophes, and cyber incidents. Insurance, reinsurance, financial, corporate, and government clients rely on AIR’s advanced science, software, and consulting services for catastrophe risk management, insurance-linked securities, longevity modeling, site-specific engineering analyses, and agricultural risk management. AIR Worldwide, a Verisk (Nasdaq:VRSK) business, is headquartered in Boston, with additional offices in North America, Europe, and Asia. For more information, please visit www.air-worldwide.com. For more information about Verisk, a leading data analytics provider serving customers in insurance, energy and specialized markets, and financial services, please visit www.verisk.com.

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For more information, contact:
Kevin Long
AIR Worldwide
01-617-267-6645
[email protected]

January 19, 2021 6:04 am

Mercantile Bank Corporation Announces Strong Fourth Quarter and Full Year 2020 Results

Substantial increase in mortgage banking income and sustained strength in asset quality metrics highlight 2020

PR Newswire

GRAND RAPIDS, Mich., Jan. 19, 2021 /PRNewswire/ — Mercantile Bank Corporation (NASDAQ: MBWM) (“Mercantile”) reported net income of $14.1 million, or $0.87 per diluted share, for the fourth quarter of 2020, compared with net income of $13.3 million, or $0.81 per diluted share, for the respective prior-year period. For the full year 2020, Mercantile reported net income of $44.1 million, or $2.71 per diluted share, compared with net income of $49.5 million, or $3.01 per diluted share, for the full year 2019.

“We are very pleased to report another year of strong financial performance, especially when considering the unprecedented operating environment posed by the ongoing COVID-19 pandemic,” said Robert B. Kaminski, Jr., President and Chief Executive Officer of Mercantile. “The strategic initiatives we implemented to address the challenges stemming from the pandemic have proven to be effective, and we continue to monitor economic conditions to ensure potential future risks are appropriately managed. The remarkable efforts of the entire Mercantile team enabled us to continue to effectively assist and support our clients with their banking needs during this period of uncertainty.”

Full year highlights include:

Solid capital position
Continued strong asset quality metrics
Paycheck Protection Program loan fundings of approximately $555 million
Sustained strength in commercial loan and residential mortgage loan pipelines
Significant increase in mortgage banking income and growth in certain other key fee income categories
Robust local deposit growth
Controlled overhead costs
Opened new mortgage lending centers in Midland, Michigan and Cincinnati, Ohio
Announced first quarter 2021 regular cash dividend of $0.29 per common share, an increase of 3.6 percent from the regular cash dividend paid during the fourth quarter of 2020

Write-downs of former branch facilities decreased net income during the fourth quarter of 2020 by approximately $1.1 million, or $0.06 per diluted share, and net gains and losses on sales and write-downs of former branch facilities decreased net income during the fourth quarter of 2019 by approximately $0.3 million, or $0.02 per diluted share. Excluding the impacts of these transactions, diluted earnings per share increased $0.10, or 12.0 percent, during the fourth quarter of 2020 compared to the respective 2019 period.

A combination of a gain on sale and write-downs of former branch facilities decreased net income during 2020 by approximately $1.1 million, or $0.07 per diluted share. Bank owned life insurance claims and the net impact of gains and losses on sales and write-downs of former branch facilities increased net income during 2019 by approximately $2.7 million, or $0.16 per diluted share. Excluding the impacts of these transactions, diluted earnings per share decreased $0.07, or 2.5 percent, during 2020 compared to 2019.

Operating Results

Total revenue, which consists of net interest income and noninterest income, was $46.2 million during the fourth quarter of 2020, up $7.7 million, or 20.0 percent, from the prior-year fourth quarter. Net interest income during the fourth quarter of 2020 was $31.8 million, up $0.7 million, or 2.2 percent, from the fourth quarter of 2019, reflecting the positive impact of earning asset growth, which more than offset a decreased net interest margin. Noninterest income totaled $14.3 million during the fourth quarter of 2020, up $7.0 million from the respective 2019 period, mainly due to increased mortgage banking income. Total revenue was $167 million during the full year 2020, up $15.9 million, or 10.5 percent, from 2019. Net interest income was $122 million in 2020, down $2.3 million, or 1.8 percent, from the prior year, depicting a reduced net interest margin, which more than offset the positive impact of earning asset growth. Noninterest income totaled $45.2 million during 2020, up $18.2 million from 2019, mainly due to a higher level of mortgage banking income.

The net interest margin was 3.00 percent in the fourth quarter of 2020, compared to 3.63 percent in the fourth quarter of 2019. The yield on average earning assets was 3.55 percent during the fourth quarter of 2020, down from 4.61 percent during the prior-year fourth quarter, mainly due to a decreased yield on commercial loans, which equaled 4.41 percent in the current-year fourth quarter compared to 5.12 percent in the respective 2019 period. The decreased yield on commercial loans primarily reflected reduced interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee significantly lowering the targeted federal funds rate by a total of 175 basis points during the fourth quarter of 2019 and first three months of 2020. A significant volume of excess on-balance sheet liquidity consisting of low-yielding deposits with the Federal Reserve Bank of Chicago and a correspondent bank negatively impacted the yield on average earning assets during the fourth quarter of 2020. The excess funds are mainly a product of federal government stimulus programs as well as lower business and consumer investing and spending. Lower yields on interest-earning deposits and securities, reflecting the decreasing interest rate environment, also contributed to the reduced yield on average earning assets.

The cost of funds declined from 0.98 percent during the fourth quarter of 2019 to 0.55 percent during the current-year fourth quarter, primarily due to lower rates paid on local deposit accounts and borrowings, reflecting the declining interest rate environment. A change in funding mix, consisting of an increase in lower-costing non-time deposits as a percentage of total funding sources, also contributed to the decrease in the cost of funds.

The net interest margin was 3.15 percent in 2020, compared to 3.75 percent in 2019. The yield on average earning assets was 3.82 percent during 2020, down from 4.77 percent during 2019, primarily due to a decreased yield on commercial loans, which equaled 4.35 percent in 2020 compared to 5.21 percent in 2019. The decreased yield on commercial loans mainly reflected reduced interest rates on variable-rate commercial loans resulting from the Federal Open Market Committee significantly lowering the targeted federal funds rate by a total of 225 basis points during the last six months of 2019 and the first three months of 2020. A substantial volume of excess on-balance sheet liquidity consisting of low-yielding deposits with the Federal Reserve Bank of Chicago and a correspondent bank negatively impacted the yield on average earning assets during 2020. The excess funds are primarily a product of federal government stimulus programs as well as lower business and consumer investing and spending. A lower yield on interest-earning deposits, reflecting the decreasing interest rate environment, also contributed to the reduced yield on average earning assets. Accelerated discount accretion on called U.S. Government agency bonds totaling $3.0 million was recorded as interest income during 2020. The accelerated discount accretion positively impacted the net interest margin during 2020 by eight basis points.

The cost of funds equaled 0.67 percent during 2020, down from 1.02 percent during 2019, mainly due to reduced rates paid on local deposit accounts and borrowings, reflecting the declining interest rate environment. A change in funding mix, consisting of an increase in lower-costing non-time deposits as a percentage of total funding sources, also contributed to the decrease in the cost of funds.

Mercantile recorded provision expense of $2.5 million during the fourth quarter of 2020, compared to negative $0.7 million during the fourth quarter of 2019. During 2020 and 2019, Mercantile recorded provision expense of $14.1 million and $1.8 million, respectively. Approximately 80 percent of the provision expense recorded during 2020 is reflective of increased allocations associated with qualitative factors, namely economic conditions, loan review and value of underlying collateral dependent commercial loans, as well as the creation of a COVID-19 pandemic environmental factor. The COVID-19 pandemic environmental factor, developed during the second quarter, is designed to address the unique challenges and economic uncertainty resulting from the pandemic and its potential impact on the collectability of the loan portfolio. The provision expense recorded during the fourth quarter of 2020 was fully reflective of increased allocations associated with qualitative factors. The provision expense recorded during 2020 also reflected the downgrading of certain non-impaired commercial loan relationships, most of which occurred during the third quarter. The negative provision expense during the prior-year fourth quarter mainly reflected certain commercial loan paydowns and net loan recoveries being recorded during the period. The provision expense recorded during 2019 primarily reflected ongoing net loan growth.

Noninterest income during the fourth quarter of 2020 was $14.3 million, compared to $7.3 million during the prior-year fourth quarter. Noninterest income during the fourth quarter of 2019 included a $0.3 million gain on the sale of a former branch facility. Excluding the aforementioned transaction, noninterest income increased $7.3 million, or approximately 103 percent, during the fourth quarter of 2020 compared to the respective 2019 period. Noninterest income during 2020 was $45.2 million, compared to $27.0 million during 2019. Noninterest income during 2019 included bank owned life insurance claims totaling $2.6 million and gains on the sales of former branch facilities totaling $0.8 million. Excluding these transactions, noninterest income increased $21.7 million, or 92.1 percent, during 2020 compared to 2019. The improved level of noninterest income in both 2020 periods primarily resulted from increased mortgage banking income stemming from a sizeable upturn in refinance activity spurred by a decrease in residential mortgage loan interest rates, an increase in purchase activity, and the continuing success of strategic initiatives that were implemented to gain market share. Fee income generated from an interest rate swap program that was implemented during the fourth quarter of 2020 and growth in credit and debit card income also contributed to the improved noninterest income during both 2020 periods. The interest rate swap program provides certain commercial borrowers with a longer-term fixed-rate option and assists Mercantile in managing associated longer-term interest rate risk. In addition, increased payroll processing fees contributed to the higher level of noninterest income during the full year 2020 period.

Noninterest expense totaled $25.9 million during the fourth quarter of 2020, compared to $23.3 million during the fourth quarter of 2019. Noninterest expense totaled $98.5 million during 2020, compared to $89.3 million during 2019. Overhead costs during the fourth quarter of 2020 and full year 2020 included write-downs of former branch facilities totaling $1.4 million, while overhead costs during the prior-year fourth quarter and full year 2019 included a loss on the sale of a former branch facility of $0.5 million and a write-down of a former branch facility of $0.1 million. Excluding these transactions, noninterest expense increased $1.8 million, or 8.1 percent, during the fourth quarter of 2020 compared to the respective 2019 period, and $8.5 million, or 9.6 percent, during 2020 compared to 2019. The higher level of expense in both 2020 periods primarily resulted from increased compensation costs, mainly reflecting higher residential mortgage lender commissions and related incentives, annual employee merit pay increases, and an increased bonus accrual. The higher level of commissions and associated incentives primarily depicted the significant increase in residential mortgage loan originations during the fourth quarter of 2020 and full year 2020, which were up nearly 98 percent and 135 percent compared to the respective 2019 periods. Occupancy and equipment and furniture costs were up $1.7 million on a combined basis during 2020 compared to 2019, mainly reflecting increased depreciation expense associated with an expansion of Mercantile’s main office that was completed during the latter part of 2019. Federal Deposit Insurance Corporation insurance premiums increased $0.4 million in the fourth quarter of 2020 compared to the fourth quarter of 2019, and $0.9 million in 2020 compared to 2019, mainly as a result of deposit insurance assessment credits being applied against regular assessments during the last three quarters of 2019.

Mr. Kaminski commented, “The record-breaking level of mortgage banking income during 2020 reflects strong residential mortgage loan production and the ongoing success of our strategic initiatives that were designed to boost market share and increase revenue. We remain focused on positioning ourselves to produce solid mortgage banking income in future periods, as evidenced by the opening of mortgage lending centers in Midland, Michigan and Cincinnati, Ohio during 2020. We are also continually exploring options to enhance other noninterest income revenue streams, and are pleased with the growth in certain key fee income categories during 2020. We are committed to meeting growth objectives in a cost-conscious, efficient manner and continue to monitor our branch network and associated customer behaviors and preferences, which may have been altered as a result of the COVID-19 pandemic. As part of a branch network efficiency plan, we closed three branch facilities during the fourth quarter of 2020, which is expected to generate annual pre-tax savings of approximately $0.7 million.”

Balance Sheet

As of December 31, 2020, total assets were $4.44 billion, up $804 million, or 22.1 percent, from December 31, 2019. Total loans increased $360 million during 2020, primarily reflecting Paycheck Protection Program loan originations of $555 million during the second and third quarters. Paycheck Protection Program loans totaled approximately $365 million as of December 31, 2020, reflecting forgiveness payments received from the Small Business Administration during the fourth quarter. Commercial lines of credit remained relatively steady during the last six months of 2020 after having declined $109 million during the second quarter of 2020 largely due to the impacts of the COVID-19 pandemic environment and federal government stimulus programs. As of December 31, 2020, unfunded commitments on commercial construction and development loans totaled approximately $99 million, which are expected to be largely funded over the next 12 to 18 months. Interest-earning deposits increased $383 million during 2020, mainly resulting from growth in local deposits.

Ray Reitsma, President of Mercantile Bank of Michigan, noted, “Although economic conditions deteriorated as a result of the COVID-19 pandemic, our asset quality metrics remained strong throughout 2020. The sustained strength in our asset quality metrics reflects our unwavering commitment to sound underwriting, along with the relationships we have forged with solid companies that have strong management teams that are working diligently to enable the entities to successfully navigate through the challenges posed by the pandemic. Our past due loan and nonperforming asset levels remain low, and virtually all commercial and retail loan customers that were granted loan payment deferrals are now making full contractual loan payments.”

Mr. Reitsma added, “We were very successful in helping customers obtain funds under the Paycheck Protection Program, as depicted by the over 2,000 loans, totaling approximately $555 million, closed during 2020. The efforts of our team were recognized in the marketplace, providing us with many new loan and deposit relationship opportunities. Over the past few months, we have been focused on assisting loan recipients in the gathering and submitting of the required information to allow for the rendering of forgiveness determinations by the Small Business Administration. Although our team devoted a significant amount of time assisting customers in meeting pandemic-related challenges, we remained focused on identifying and attracting new client relationships and meeting the traditional needs of our existing customers. We are pleased with the ongoing strength of our commercial loan and residential mortgage loan pipelines.”

Excluding the impact of Paycheck Protection Program loan originations, commercial and industrial loans and owner-occupied commercial real estate loans together represented approximately 55 percent of total commercial loans as of December 31, 2020, a level that has remained relatively consistent and in line with internal expectations.

Total deposits at December 31, 2020, were $3.41 billion, up $721 million, or 26.8 percent, from December 31, 2019. Local deposits were up $808 million during 2020, while brokered deposits were down $86.5 million. The growth in local deposits mainly reflected federal government stimulus payments and reduced business and consumer investing and spending, along with Paycheck Protection Program loan proceeds being deposited into customers’ accounts at the time the loans were originated and remaining on deposit as of December 31, 2020. Wholesale funds were $441 million, or approximately 11 percent of total funds, as of December 31, 2020, compared to $487 million, or approximately 15 percent of total funds, as of December 31, 2019.

Asset Quality

Nonperforming assets at December 31, 2020, were $4.1 million, or 0.1 percent of total assets, compared to $2.7 million, or 0.1 percent of total assets, at December 31, 2019. During the fourth quarter of 2020, loan charge-offs totaled $0.3 million while recoveries of prior period loan charge-offs equaled $0.2 million, providing for net loan charge-offs of $0.1 million, or 0.01 percent of average total loans. During 2020, recoveries of prior period loan charge-offs totaling $0.9 million slightly exceeded loan charge-offs, providing for a nominal level of net loan recoveries.

Capital Position

Shareholders’ equity totaled $442 million as of December 31, 2020, an increase of $25.0 million from year-end 2019. The Bank’s capital position remains above “well-capitalized” with a total risk-based capital ratio of 13.5 percent as of December 31, 2020, compared to 13.0 percent at December 31, 2019. At December 31, 2020, the Bank had approximately $118 million in excess of the 10.0 percent minimum regulatory threshold required to be considered a “well-capitalized” institution. Mercantile reported 16,330,476 total shares outstanding at December 31, 2020.

As part of a $20 million common stock repurchase program announced in May 2019, Mercantile repurchased approximately 222,000 shares for $6.3 million, or a weighted average all-in cost per share of $28.25, during the first quarter of 2020. After electing to temporarily cease stock repurchases in March 2020 to preserve capital for lending and other purposes while management assessed the potential impacts of the COVID-19 pandemic, Mercantile reinstated the buyback program during the fourth quarter of 2020; fourth quarter repurchases totaled about 14,000 shares for $0.3 million, or a weighted average all-in cost per share of $22.05.

Mr. Kaminski concluded, “We are focused on positioning our company to remain a consistent high performer that provides steady and profitable growth and an attractive return to our investors. Our strong operating performance during 2020 enabled us to continue the cash dividend program and provide our shareholders with a cash return on their investments in spite of the challenges presented by the COVID-19 pandemic and associated weakened economic conditions. We were pleased to announce earlier today that our Board of Directors declared an increased first quarter 2021 regular cash dividend. We are passionate about our Environmental, Social, and Governance initiatives and the opportunities that exist in that space going forward. During 2020, we established new Diversity, Equity, and Inclusion initiatives in light of the racial justice discussions taking place in our country and communities, including ongoing conversations among our staff members, and we look forward to continuing our social awareness efforts in future periods. We are excited about Mercantile’s future and believe we are positioned to produce solid operating results in 2021.”

Investor Presentation

Mercantile has prepared presentation materials (the “Conference Call & Webcast Presentation”) that management intends to use during its previously announced fourth quarter 2020 conference call on Tuesday, January 19, 2021, at 10:00 a.m. Eastern Time, and from time to time thereafter in presentations about the Company’s operations and performance. The Investor Presentation also contains more detailed information relating to Mercantile’s COVID-19 pandemic response plan. These materials have been furnished to the U.S. Securities and Exchange Commission concurrently with this press release, and are also available on Mercantile’s website at www.mercbank.com.

About Mercantile Bank Corporation

Based in Grand Rapids, Michigan, Mercantile Bank Corporation is the bank holding company for Mercantile Bank of Michigan. Mercantile provides banking services to businesses, individuals and governmental units, and differentiates itself on the basis of service quality and the expertise of its banking staff. Mercantile has assets of approximately $4.4 billion and operates 44 banking offices. Mercantile Bank Corporation’s common stock is listed on the NASDAQ Global Select Market under the symbol “MBWM.”

Forward-Looking Statements

This news release contains comments or information that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such comments are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and nontraditional competitors; changes in banking regulation or actions by bank regulators; our participation in the Paycheck Protection Program administered by the Small Business Administration; changes in tax laws; changes in prices, levies, and assessments; the impact of technological advances; potential cyber-attacks, information security breaches and other criminal activities; litigation liabilities; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in local real estate values; changes in the national and local economies, including the significant disruption to financial market and other economic activity caused by the outbreak of COVID-19; and other factors, including risk factors, disclosed from time to time in filings made by Mercantile with the Securities and Exchange Commission. Mercantile undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION:

Robert B. Kaminski, Jr.	Charles Christmas
President and CEO	Executive Vice President and CFO
616-726-1502	616-726-1202
[email protected]	[email protected]

Mercantile Bank Corporation
Fourth Quarter 2020 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED BALANCE SHEETS
(Unaudited)

		DECEMBER 31,		DECEMBER 31,		DECEMBER 31,
		2020		2019		2018
ASSETS
Cash and due from banks	$	62,832,000	$	53,262,000	$	64,872,000
Interest-earning deposits		563,174,000		180,469,000		10,482,000
Total cash and cash equivalents		626,006,000		233,731,000		75,354,000

Securities available for sale		387,347,000		334,655,000		337,366,000
Federal Home Loan Bank stock		18,002,000		18,002,000		16,022,000

Loans		3,216,358,000		2,856,667,000		2,753,085,000
Allowance for loan losses		(37,967,000)		(23,889,000)		(22,380,000)
Loans, net		3,178,391,000		2,832,778,000		2,730,705,000

Premises and equipment, net		58,959,000		57,327,000		48,321,000
Bank owned life insurance		72,131,000		70,297,000		69,647,000
Goodwill		49,473,000		49,473,000		49,473,000
Core deposit intangible, net		2,436,000		3,840,000		5,561,000
Other assets		44,599,000		32,812,000		31,458,000

Total assets	$	4,437,344,000	$	3,632,915,000	$	3,363,907,000


LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing	$	1,433,403,000	$	924,916,000	$	889,784,000
Interest-bearing		1,978,150,000		1,765,468,000		1,573,924,000
Total deposits		3,411,553,000		2,690,384,000		2,463,708,000

Securities sold under agreements to repurchase		118,365,000		102,675,000		103,519,000
Federal Home Loan Bank advances		394,000,000		354,000,000		350,000,000
Subordinated debentures		47,563,000		46,881,000		46,199,000
Accrued interest and other liabilities		24,309,000		22,414,000		25,232,000
Total liabilities		3,995,790,000		3,216,354,000		2,988,658,000

SHAREHOLDERS’ EQUITY
Common stock		302,029,000		305,035,000		308,005,000
Retained earnings		134,039,000		107,831,000		75,483,000
Accumulated other comprehensive income/(loss)		5,486,000		3,695,000		(8,239,000)
Total shareholders’ equity		441,554,000		416,561,000		375,249,000

Total liabilities and shareholders’ equity	$	4,437,344,000	$	3,632,915,000	$	3,363,907,000

Mercantile Bank Corporation
Fourth Quarter 2020 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED REPORTS OF INCOME
(Unaudited)

	THREE MONTHS ENDED		THREE MONTHS ENDED		TWELVE MONTHS ENDED		TWELVE MONTHS ENDED
	December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
INTEREST INCOME
Loans, including fees	$	35,971,000	$	36,257,000	$	137,399,000	$	145,816,000
Investment securities		1,484,000		2,563,000		10,038,000		10,150,000
Other interest-earning assets		165,000		744,000		876,000		2,371,000
Total interest income		37,620,000		39,564,000		148,313,000		158,337,000

INTEREST EXPENSE
Deposits		3,176,000		5,358,000		14,984,000		21,264,000
Short-term borrowings		41,000		51,000		173,000		295,000
Federal Home Loan Bank advances		2,072,000		2,226,000		8,571,000		8,977,000
Other borrowed money		482,000		761,000		2,339,000		3,267,000
Total interest expense		5,771,000		8,396,000		26,067,000		33,803,000

Net interest income		31,849,000		31,168,000		122,246,000		124,534,000

Provision for loan losses		2,500,000		(700,000)		14,050,000		1,750,000

Net interest income after
provision for loan losses		29,349,000		31,868,000		108,196,000		122,784,000

NONINTEREST INCOME
Service charges on accounts		1,177,000		1,178,000		4,578,000		4,584,000
Mortgage banking income		9,600,000		3,194,000		29,346,000		8,485,000
Credit and debit card income		1,602,000		1,528,000		5,973,000		5,925,000
Payroll services		399,000		399,000		1,745,000		1,626,000
Earnings on bank owned life insurance		281,000		319,000		1,214,000		3,886,000
Interest rate swap income		932,000		0		932,000		0
Other income		342,000		694,000		1,384,000		2,450,000
Total noninterest income		14,333,000		7,312,000		45,172,000		26,956,000

NONINTEREST EXPENSE
Salaries and benefits		15,411,000		13,851,000		59,799,000		53,833,000
Occupancy		2,006,000		1,972,000		7,950,000		7,061,000
Furniture and equipment		850,000		698,000		3,350,000		2,583,000
Data processing costs		2,647,000		2,381,000		10,440,000		9,235,000
Other expense		5,027,000		4,433,000		16,981,000		16,568,000
Total noninterest expense		25,941,000		23,335,000		98,520,000		89,280,000

Income before federal income
tax expense		17,741,000		15,845,000		54,848,000		60,460,000

Federal income tax expense		3,659,000		2,528,000		10,710,000		11,004,000

Net Income	$	14,082,000	$	13,317,000	$	44,138,000	$	49,456,000

Basic earnings per share		$0.87		$0.81		$2.71		$3.01
Diluted earnings per share		$0.87		$0.81		$2.71		$3.01

Average basic shares outstanding		16,279,052		16,373,458		16,268,689		16,405,159
Average diluted shares outstanding		16,279,243		16,375,740		16,269,319		16,409,135

Mercantile Bank Corporation
Fourth Quarter 2020 Results
MERCANTILE BANK CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)

		Quarterly					Year-To-Date
(dollars in thousands except per share data)		2020	2020	2020	2020	2019
		4th Qtr	3rd Qtr	2nd Qtr	1st Qtr	4th Qtr	2020	2019
EARNINGS
Net interest income	$	31,849	29,509	30,571	30,317	31,168	122,246	124,534
Provision for loan losses	$	2,500	3,200	7,600	750	(700)	14,050	1,750
Noninterest income	$	14,333	13,307	10,984	6,550	7,312	45,172	26,956
Noninterest expense	$	25,941	26,423	23,216	22,940	23,335	98,520	89,280
Net income before federal income
tax expense	$	17,741	13,193	10,739	13,177	15,845	54,848	60,460
Net income	$	14,082	10,686	8,698	10,673	13,317	44,138	49,456
Basic earnings per share	$	0.87	0.66	0.54	0.65	0.81	2.71	3.01
Diluted earnings per share	$	0.87	0.66	0.54	0.65	0.81	2.71	3.01
Average basic shares outstanding		16,279,052	16,233,196	16,212,500	16,350,281	16,373,458	16,268,689	16,405,159
Average diluted shares outstanding		16,279,243	16,233,666	16,213,264	16,351,559	16,375,740	16,269,319	16,409,135

PERFORMANCE RATIOS
Return on average assets		1.25%	0.98%	0.85%	1.19%	1.45%	1.07%	1.39%
Return on average equity		12.75%	9.86%	8.26%	10.20%	12.87%	10.32%	12.52%
Net interest margin (fully tax-equivalent)		3.00%	2.86%	3.17%	3.63%	3.63%	3.15%	3.75%
Efficiency ratio		56.17%	61.71%	55.87%	62.22%	60.64%	58.85%	58.93%
Full-time equivalent employees		621	618	637	626	619	621	619

YIELD ON ASSETS / COST OF FUNDS
Yield on loans		4.34%	4.03%	4.18%	4.69%	5.01%	4.31%	5.11%
Yield on securities		1.69%	2.26%	3.37%	4.73%	2.90%	3.00%	2.89%
Yield on other interest-earning assets		0.12%	0.12%	0.15%	1.22%	1.65%	0.25%	2.07%
Yield on total earning assets		3.55%	3.45%	3.85%	4.54%	4.61%	3.82%	4.77%
Yield on total assets		3.35%	3.25%	3.62%	4.23%	4.31%	3.59%	4.45%
Cost of deposits		0.37%	0.41%	0.48%	0.70%	0.79%	0.48%	0.81%
Cost of borrowed funds		1.75%	1.78%	1.91%	2.31%	2.36%	1.93%	2.39%
Cost of interest-bearing liabilities		0.91%	0.99%	1.11%	1.36%	1.47%	1.09%	1.50%
Cost of funds (total earning assets)		0.55%	0.59%	0.68%	0.91%	0.98%	0.67%	1.02%
Cost of funds (total assets)		0.51%	0.56%	0.64%	0.85%	0.91%	0.63%	0.95%

PURCHASE ACCOUNTING ADJUSTMENTS
Loan portfolio – increase interest income	$	158	332	169	285	316	944	1,423
Trust preferred – increase interest expense	$	171	171	171	171	171	684	684
Core deposit intangible – increase overhead	$	318	318	371	397	397	1,404	1,721

MORTGAGE BANKING ACTIVITY
Total mortgage loans originated	$	218,904	237,195	275,486	132,859	110,611	864,444	368,600
Purchase mortgage loans originated	$	99,490	93,068	58,015	46,538	49,407	297,111	183,123
Refinance mortgage loans originated	$	119,414	144,127	217,471	86,321	61,204	567,333	185,477
Mortgage loans originated to sell	$	159,942	191,318	225,665	95,327	81,590	672,252	257,378
Net gain on sale of mortgage loans	$	9,476	10,199	7,760	2,086	3,062	29,521	8,065

CAPITAL
Tangible equity to tangible assets		8.89%	8.69%	8.74%	10.14%	10.15%	8.89%	10.15%
Tier 1 leverage capital ratio		9.77%	9.80%	10.21%	11.47%	11.28%	9.77%	11.28%
Common equity risk-based capital ratio		11.34%	11.37%	11.34%	10.92%	11.00%	11.34%	11.00%
Tier 1 risk-based capital ratio		12.68%	12.74%	12.74%	12.28%	12.36%	12.68%	12.36%
Total risk-based capital ratio		13.80%	13.82%	13.73%	13.03%	13.09%	13.80%	13.09%
Tier 1 capital	$	430,146	420,225	412,526	406,445	405,148	430,146	405,148
Tier 1 plus tier 2 capital	$	468,113	455,797	444,772	431,273	429,038	468,113	429,038
Total risk-weighted assets	$	3,391,563	3,298,047	3,238,444	3,309,336	3,276,754	3,391,563	3,276,754
Book value per common share	$	27.04	26.59	26.20	25.82	25.36	27.04	25.36
Tangible book value per common share	$	23.86	23.37	22.96	22.55	22.12	23.86	22.12
Cash dividend per common share	$	0.28	0.28	0.28	0.28	0.27	1.12	1.06

ASSET QUALITY
Gross loan charge-offs	$	340	124	335	40	112	839	883
Recoveries	$	234	250	153	229	287	866	642
Net loan charge-offs (recoveries)	$	106	(126)	182	(189)	(175)	(27)	241
Net loan charge-offs to average loans		0.01%	(0.02%)	0.02%	(0.03%)	(0.02%)	(0.01%)	0.01%
Allowance for loan losses	$	37,967	35,572	32,246	24,828	23,889	37,967	23,889
Allowance to loans		1.18%	1.06%	0.97%	0.86%	0.84%	1.18%	0.84%
Allowance to loans excluding PPP loans		1.33%	1.27%	1.16%	0.86%	0.84%	1.33%	0.84%
Nonperforming loans	$	3,384	4,141	3,212	3,469	2,284	3,384	2,284
Other real estate/repossessed assets	$	701	512	198	271	452	701	452
Nonperforming loans to total loans		0.11%	0.12%	0.10%	0.12%	0.08%	0.11%	0.08%
Nonperforming assets to total assets		0.09%	0.11%	0.08%	0.10%	0.08%	0.09%	0.08%

NONPERFORMING ASSETS – COMPOSITION
Residential real estate:
Land development	$	35	36	36	37	34	35	34
Construction	$	0	198	198	283	0	0	0
Owner occupied / rental	$	2,607	2,597	2,750	2,922	2,364	2,607	2,364
Commercial real estate:
Land development	$	0	0	0	43	0	0	0
Construction	$	0	0	0	0	0	0	0
Owner occupied	$	1,232	1,576	275	287	326	1,232	326
Non-owner occupied	$	22	23	25	0	0	22	0
Non-real estate:
Commercial assets	$	172	198	98	156	0	172	0
Consumer assets	$	17	25	28	12	12	17	12
Total nonperforming assets		4,085	4,653	3,410	3,740	2,736	4,085	2,736

NONPERFORMING ASSETS – RECON
Beginning balance	$	4,653	3,410	3,740	2,736	2,887	2,736	4,952
Additions	$	972	1,615	220	1,344	30	4,151	934
Other activity	$	0	0	0	(31)	135	(31)	226
Return to performing status	$	0	(72)	(26)	(7)	0	(105)	(126)
Principal payments	$	(1,064)	(249)	(278)	(110)	(232)	(1,701)	(2,140)
Sale proceeds	$	(245)	0	(49)	(192)	(36)	(486)	(792)
Loan charge-offs	$	(231)	(51)	(173)	0	(48)	(455)	(289)
Valuation write-downs	$	0	0	(24)	0	0	(24)	(29)
Ending balance	$	4,085	4,653	3,410	3,740	2,736	4,085	2,736

LOAN PORTFOLIO COMPOSITION
Commercial:
Commercial & industrial	$	1,145,423	1,321,419	1,307,456	873,679	846,551	1,145,423	846,551
Land development & construction	$	55,055	50,941	52,984	62,908	56,118	55,055	56,118
Owner occupied comm’l R/E	$	529,953	549,364	567,621	579,229	579,004	529,953	579,004
Non-owner occupied comm’l R/E	$	917,436	878,897	841,145	823,366	835,345	917,436	835,345
Multi-family & residential rental	$	146,095	137,740	132,047	133,148	124,526	146,095	124,526
Total commercial	$	2,793,962	2,938,361	2,901,253	2,472,330	2,441,544	2,793,962	2,441,544
Retail:
1-4 family mortgages	$	360,776	348,460	367,060	356,338	339,749	360,776	339,749
Home equity & other consumer	$	61,620	63,723	64,743	72,875	75,374	61,620	75,374
Total retail	$	422,396	412,183	431,803	429,213	415,123	422,396	415,123
Total loans	$	3,216,358	3,350,544	3,333,056	2,901,543	2,856,667	3,216,358	2,856,667

END OF PERIOD BALANCES
Loans	$	3,216,358	3,350,544	3,333,056	2,901,543	2,856,667	3,216,358	2,856,667
Securities	$	405,349	330,426	325,663	330,149	352,657	405,349	352,657
Other interest-earning assets	$	563,174	495,308	386,711	186,938	180,469	563,174	180,469
Total earning assets (before allowance)	$	4,184,881	4,176,278	4,045,430	3,418,630	3,389,793	4,184,881	3,389,793
Total assets	$	4,437,344	4,420,610	4,314,379	3,657,387	3,632,915	4,437,344	3,632,915
Noninterest-bearing deposits	$	1,433,403	1,449,879	1,445,620	956,290	924,916	1,433,403	924,916
Interest-bearing deposits	$	1,978,150	1,922,155	1,816,660	1,689,126	1,765,468	1,978,150	1,765,468
Total deposits	$	3,411,553	3,372,034	3,262,280	2,645,416	2,690,384	3,411,553	2,690,384
Total borrowed funds	$	562,360	600,892	611,298	576,996	506,301	562,360	506,301
Total interest-bearing liabilities	$	2,540,510	2,523,047	2,427,958	2,266,122	2,271,769	2,540,510	2,271,769
Shareholders’ equity	$	441,554	431,900	425,221	418,389	416,561	441,554	416,561

AVERAGE BALANCES
Loans	$	3,288,845	3,315,741	3,294,883	2,861,047	2,871,674	3,190,742	2,853,021
Securities	$	365,631	327,668	333,843	344,906	362,347	343,032	359,512
Other interest-earning assets	$	559,593	457,598	251,833	153,638	176,034	356,501	114,527
Total earning assets (before allowance)	$	4,214,069	4,101,007	3,880,559	3,359,591	3,410,055	3,890,275	3,327,060
Total assets	$	4,459,370	4,346,624	4,119,573	3,602,784	3,650,087	4,133,568	3,561,645
Noninterest-bearing deposits	$	1,478,616	1,454,887	1,304,986	923,827	948,602	1,291,542	902,180
Interest-bearing deposits	$	1,936,069	1,863,302	1,767,985	1,724,030	1,759,377	1,823,266	1,722,535
Total deposits	$	3,414,685	3,318,189	3,072,971	2,647,957	2,707,979	3,114,808	2,624,715
Total borrowed funds	$	588,100	583,994	607,074	517,961	509,932	574,347	525,745
Total interest-bearing liabilities	$	2,524,169	2,447,296	2,375,059	2,241,991	2,269,309	2,397,613	2,248,280
Shareholders’ equity	$	438,171	429,865	422,230	419,612	410,593	427,505	394,913

MBWM-ER

View original content:http://www.prnewswire.com/news-releases/mercantile-bank-corporation-announces-strong-fourth-quarter-and-full-year-2020-results-301210424.html

SOURCE Mercantile Bank of Michigan

January 19, 2021 6:03 am

Lattice Semiconductor Schedules Fourth Quarter and Full Year 2020 Results Conference Call

Lattice Semiconductor Schedules Fourth Quarter and Full Year 2020 Results Conference Call

HILLSBORO, Ore.–(BUSINESS WIRE)–
Lattice Semiconductor Corporation (NASDAQ: LSCC), the low power programmable leader, announced that it will hold its fourth quarter and full year 2020 conference call on Tuesday, February 16, 2021. Jim Anderson, President and Chief Executive Officer, and Sherri Luther, Chief Financial Officer, will discuss Lattice Semiconductor’s financial results and business outlook.

The dial-in number for the live audio call beginning on Tuesday, February 16, 2021 at 5:00 p.m. Eastern Time is 1-888-684-5603 or 1-918-398-4852 with conference identification number 4589457. A live webcast of the conference call will also be available on the investor relations section of www.latticesemi.com.

About Lattice Semiconductor

Lattice Semiconductor (NASDAQ: LSCC) is the low power programmable leader. We solve customer problems across the network, from the Edge to the Cloud, in the growing communications, computing, industrial, automotive, and consumer markets. Our technology, long-standing relationships, and commitment to world-class support lets our customers quickly and easily unleash their innovation to create a smart, secure and connected world.

For more information about Lattice, please visit www.latticesemi.com. You can also follow us via LinkedIn, Twitter, Facebook, YouTube, WeChat, Weibo or Youku.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005347/en/

MEDIA CONTACT:

Bob Nelson

Lattice Semiconductor Corporation

408-826-6339

[email protected]

INVESTOR CONTACT:

Rick Muscha

Lattice Semiconductor Corporation

408-826-6000

[email protected]

KEYWORDS: Oregon United States North America

INDUSTRY KEYWORDS: Technology Networks Semiconductor

MEDIA:

January 19, 2021 6:03 am

Cher-Ae Heights Casino Celebrates Successful Launch of Konami’s SYNKROS Casino Management System

Cher-Ae Heights Casino Celebrates Successful Launch of Konami’s SYNKROS Casino Management System

Northern California gaming and entertainment venue moves ahead with top systems technology through SYNKROS

LAS VEGAS–(BUSINESS WIRE)–
Cher-Ae Heights Casino and Konami Gaming, Inc. announced the completed launch of SYNKROS® at the seaside gaming destination in Trinidad, CA. Konami’s award-winning casino management system brings a strong mix of marketing solutions to engage guests at Cher-Ae Heights Casino—including floor-wide bonusing events, random drawings, personalized rewards, offers, and more. From Cher-Ae Heights’ 800-seat bingo hall to its 50,000 square foot gaming floor filled with more than 300 slots, guests can earn, discover, redeem, and enjoy a casino loyalty experience catered to their preferences and spend.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005292/en/

“This is an exciting time for us and our valued guests, as we introduce a robust new mix of system-delivered promotions to make each visit memorable,” said Ryan Sundberg, general manager at Cher-Ae Heights Casino. “SYNKROS provides a long-term, comprehensive casino systems solution with U.S.-based support, so our casino continues to operate at the highest level of efficiency and achievement for years to come.”

With SYNKROS, Cher-Ae Heights Casino enjoys access to hundreds of promotional capabilities and options to tailor campaigns to diverse player segments, with tools including Advanced Incentives, random giveaways—or hot seats—, drawing tickets, SuperSeries™ system-delivered bonusing, and more.

“Cher-Ae Heights Casino offers a great mix of entertainment options to guests. It’s a privilege to work with their team to highlight the casino’s fantastic offering even further, by tapping into the latest systems tools and technology,” said Jay Bertsch, senior vice president & chief commercial officer at Konami Gaming, Inc.

Those interested in learning more about SYNKROS’ award-winning product suite are encouraged to visit www.konamigaming.com.

About Konami Gaming, Inc.

Konami Gaming, Inc. is a Las Vegas-based subsidiary of KONAMI HOLDINGS CORPORATION (TSE: 9766). The company is a leading designer and manufacturer of slot machines and casino management systems for the global gaming market. For more information about Konami Gaming, Inc. or the SYNKROS® gaming enterprise management system, please visit www.gaming.konami.com.

About Cher-Ae Heights Casino

Located on the cliffs overlooking the breathtaking Northern California shore and just five minutes off Highway 101 in beautiful Trinidad, Cher-Ae Heights Casino is home to the finest gaming, dining and live entertainment on the North Coast. Its casino floor offers over 50,000 square feet of exciting entertainment, including more than 300 slots, table games, and an 800-seat bingo hall. With two unique in-house restaurants spanning casual to fine dining, Cher-Ae Heights is home to some of the most satisfy culinary experiences in Humboldt Country. And there is always something exciting going on at Cher-Ae Heights Casino’s Firewater Lounge, such as great live bands, karaoke nights, and more. For more information, please visit www.cheraeheights.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005292/en/

Tashina Wortham

Marketing Communications Manager

702.419.6025

[email protected]

KEYWORDS: California Nevada United States North America

INDUSTRY KEYWORDS: Marketing Entertainment Communications Technology Software Hardware Casino/Gaming

MEDIA:

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January 19, 2021 6:03 am

Citrix to Acquire Wrike, Delivering Modern Digital Workspace and Advancing Future of Work

Citrix to Acquire Wrike, Delivering Modern Digital Workspace and Advancing Future of Work

Transaction unites leading workspace delivery platform with best-in-class SaaS work management solution, ushering in new era of employee productivity

Combination accelerates Citrix’s business model transformation strategy and enhances overall future growth expectations

Company to host conference call and webcast to provide transaction details and discuss fourth quarter and fiscal year 2020 financial results at 8:15 a.m. ET today

FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Citrix Systems, Inc. (NASDAQ:CTXS), today announced that it has entered into a definitive agreement to acquire Wrike, a rapidly growing, recognized leader in the SaaS collaborative work management space, for $2.25 billion in cash. Citrix today also reported earnings for the fourth quarter and fiscal year ended December 31, 2020 and has posted additional materials, including an earnings letter and investor presentation, on its Investor Relations website at http://www.citrix.com/investors.

The combination will bring together Citrix’s powerful digital work platform, which securely delivers the resources an employee needs to be productive in one unified experience, and Wrike’s innovative work management solution, which streamlines collaboration and work execution, providing employees with additional tools to work efficiently and securely wherever they may be. The addition of Wrike’s cloud-delivered capabilities will accelerate Citrix’s business model transition to the cloud and strategy to become a complete SaaS-based work platform addressing the needs of various functional groups within the enterprise.

The combined company will offer customers an enhanced value proposition through complementary solutions, unlocking new revenue opportunities both within existing installed customer bases and new lines of business buying centers, including marketing, professional services, and HR. Together, Citrix and Wrike will serve over 400,000 customers across 140 countries. In addition, upon closing, Wrike will gain access to Citrix’s robust ecosystem of partners, creating new opportunities within the ecosystem to drive additional value for customers.

Headquartered in San Jose, California, and employing more than 1,000 employees, Wrike, a Vista Equity Partners portfolio company, provides approximately 18,000 customers globally with solutions that empower teams and distributed workers to plan, manage and efficiently complete work at scale. Wrike is expected to have approximately 30 percent stand-alone growth to between $180 million and $190 million in unaudited SaaS annualized recurring revenue (ARR¹) in 2021, with the opportunity to accelerate growth over time under Citrix’s ownership.

Delivering the Future of Work

“Work today is happening everywhere – at home, in the office and on the road. We believe that in the future, success will go to those companies that can support flexible and hybrid work models and provide a consistent, secure and efficient experience that removes the complexity and noise from work so employees can focus and perform at their best, wherever they happen to be,” said David Henshall, President and CEO, Citrix. “Together, Citrix and Wrike will deliver the solutions needed to power a cloud-delivered digital workspace experience that enables teams to securely access the resources and tools they need to collaborate and get work done in the most efficient and effective way possible across any channel, device or location.”

Expanding the Digital Workspace

Citrix provides a market-leading digital work platform from which companies can deliver unified, secure and reliable access to the systems, information and tools people need to get work done wherever they may be working. With the addition of Wrike’s offerings, Citrix will expand its platform to include new, collaborative work management capabilities that enable companies to simplify work execution and boost employee effectiveness and productivity by automating and streamlining team collaboration as well as unifying workflows across all employees and work styles.

“When it comes to the future of work, Citrix and Wrike share a common vision and mission: to reduce the complexity and chaos of work and empower every person, team, and organization to achieve their very best. Together, we will unlock the workspace of the future, truly transforming the work experience and equipping people with an innovative set of solutions they can use to exceed goals and keep business moving forward,” said Andrew Filev, Founder and CEO, Wrike.

Financial Details

Wrike ended calendar year 2020 with more than $140 million in unaudited SaaS ARR, reflecting more than 30 percent CAGR in SaaS ARR over the prior two years. The company is expected to have approximately 30 percent stand-alone growth to between $180 million and $190 million in SaaS ARR1 in 2021, with the opportunity to accelerate growth over time under Citrix’s ownership. The addition of Wrike is highly complementary to Citrix’s existing customer base and is expected to accelerate Citrix’s SaaS ARR growth.

Financing and purchase accounting impacts to deferred revenue will affect 2021 non-GAAP earnings per share. Integration and other costs related to the acquisition are expected to be modestly dilutive to non-GAAP earnings per share in 2021. The transaction is expected to be neutral to Citrix’s fiscal year 2022 non-GAAP earnings per share and free cash flow, and accretive thereafter.

Citrix expects to fund the transaction with a combination of new debt and existing cash and investments. Citrix is committed to its investment grade credit ratings and plans to return to historical leverage levels within 24 months. Citrix has obtained a commitment from JPMorgan Chase Bank, N.A. for a $1.45 billion senior unsecured 364-day bridge loan facility.

The transaction, which has been unanimously approved by the board of directors of both Citrix and Wrike, is expected to close in the first half of 2021, subject to regulatory approvals and other customary closing conditions. Until close, the companies will continue to operate independently. Upon closing, Filev will continue to lead the Wrike team and report to Arlen Shenkman, EVP and Chief Financial Officer, Citrix.

Advisors

J.P. Morgan Securities LLC is serving as financial advisor to Citrix on the transaction and Shearman & Sterling LLP as legal counsel. The financial advisor to Wrike is Goldman Sachs Group & Co. LLC, and legal counsel is Kirkland & Ellis LLP.

Conference Call Information

Citrix will host a call for financial analysts and investors at 8:15 a.m. ET today to discuss this transaction and its earnings for the fourth quarter and fiscal year ended December 31, 2020. The call will be accessible by visiting the Investor Relations section of the Citrix corporate website at http://www.citrix.com/investors, where the fourth quarter and fiscal year 2020 earnings letter discussing financial results, quarterly highlights, and business outlook, and an investor presentation have been posted.

About Citrix

Citrix (NASDAQ: CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments.

For Citrix Investors:

This press release contains forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this press release do not constitute guarantees of future performance. Those statements, which are not strictly historical statements, including, without limitation, statements regarding the proposed business combination; the benefits of the business combination including, the expansion of Citrix’s platform, acceleration of Citrix’s business model transformation, enhancement of growth expectations, the solutions that the combined companies can deliver, the ability to transform the work experience, the potential customers that the combined companies can serve, the potential expansion of Citrix’s partner ecosystem, the potential value creation as a result of combined offerings and expected growth in Annualized Recurring Revenue; expectations regarding new debt; commitment to investment grade credit ratings and plans to return to historical leverage ratios; expectations regarding the impact of the transaction on Citrix’s non-GAAP earnings per share and free cash flow; and the expected timing of the proposed transactions, constitute forward-looking statements. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, including, without limitation, the ability of Citrix and Wrike to close the announced transaction; the ability of Citrix to realize the potential benefits of the acquisition of Wrike; the possibility that the closing of the transaction may be delayed; customer acceptance of Citrix and Wrike offerings; potential disruptions to Citrix’s and Wrike’s operations, distraction of management and other risks related to Citrix’s integration of Wrike’s business, team, and technology; the ability of Citrix’s sales professionals and distribution partners to sell Wrike’s product and service offerings; the ability of Wrike to retain key customers post-transaction, and to achieve the anticipated rate of growth in Annualized Recurring Revenue; risks related to the debt financing of the acquisition consideration; the impact of the global economy, political environment, and uncertainty in IT spending; revenue growth and recognition of revenue; products and services, their development and distribution; demand and pipeline risks; economic and competitive factors, risks related to Citrix’s key strategic relationships; and other risks detailed in Citrix’s filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.

About non-GAAP financial measures

Free cash flow is operating cash flow determined in accordance with accounting principles generally accepted in the United States (GAAP) less capital expenditures. Free cash flow is not a measure of cash available for discretionary expenditures. Non-GAAP earnings per share differs from GAAP earnings per share in that it excludes certain GAAP measurements in accordance with Citrix’s past practices, including stock-based compensation, amortization of product and other intangible assets, and restructuring charges.

¹ ARR does not reflect adjustments to revenue or future committed revenue that may arise in accounting for a business combination, and is not intended to be a forecast of future revenue.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005249/en/

Media Contact:

Karen Master

+1 216-396-4683

[email protected]

Investor Contact:

Traci Tsuchiguchi

[email protected]

+1 408 790 8467

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Software Technology Data Management

MEDIA:

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January 19, 2021 6:03 am

Maxar Technologies Appoints The University of Texas at El Paso President, Former Congresswoman and Former Air Force Secretary Dr. Heather Wilson to Its Board of Directors

Maxar Technologies Appoints The University of Texas at El Paso President, Former Congresswoman and Former Air Force Secretary Dr. Heather Wilson to Its Board of Directors

WESTMINSTER, Colo.–(BUSINESS WIRE)–
Maxar Technologies (NYSE:MAXR) (TSX:MAXR), a trusted partner and innovator in Earth Intelligence and Space Infrastructure, today announced the appointment of Dr. Heather Wilson to serve on the Company’s Board of Directors. Dr. Wilson will serve as a Director for a term expiring at the Company’s 2021 Annual Meeting of Stockholders when she will stand for election by the stockholders.

Dr. Wilson, age 60, has served as President of The University of Texas at El Paso since 2019. Previously, she was the Secretary of the United States Air Force from May 2017 through May 2019. From 1998 to 2009, Dr. Wilson represented Albuquerque, New Mexico in the U.S. House of Representatives, where she was a senior member of the House Energy and Commerce Committee and Chair of the House Intelligence Subcommittee on Technical and Tactical Intelligence. Before becoming Secretary of the Air Force, Dr. Wilson served on the boards of Peabody Energy (NYSE:BTU) and Raven Industries (NASDAQ:RAVN).

Dr. Wilson is a member of the National Science Board and chairs the Women in Aviation Advisory Board of the Federal Aviation Administration. She holds a Bachelor of Science Degree from the U.S. Air Force Academy and earned her Master’s and Doctoral degrees from Oxford University in England as a Rhodes Scholar. She is a former U.S. Air Force officer.

“We are extraordinarily pleased to welcome Dr. Wilson to Maxar’s Board,” said Maxar Chairman Gen. (Ret.) Howell Estes III. “Her knowledge and experience from a distinguished career of service to this nation will be incredibly valuable as we provide oversight and guidance for Maxar’s next phase.”

“Dr. Wilson’s deep understanding of the national security and intelligence communities make her an ideal choice as Maxar applies its unique Earth Intelligence and Space Infrastructure capabilities to a growing array of U.S. Government missions,” said Maxar CEO Dan Jablonsky. “We are also passionate about and committed to creating an inclusive environment and building the workforce of the future, and Dr. Wilson’s experience leading the University of Texas at El Paso gives her a unique and valuable perspective in that regard.”

About Maxar

Maxar is a trusted partner and innovator in Earth Intelligence and Space Infrastructure. We deliver disruptive value to government and commercial customers to help them monitor, understand and navigate our changing planet; deliver global broadband communications; and explore and advance the use of space. Our unique approach combines decades of deep mission understanding and a proven commercial and defense foundation to deploy solutions and deliver insights with unrivaled speed, scale and cost effectiveness. Maxar’s 4,300 team members in over 20 global locations are inspired to harness the potential of space to help our customers create a better world. Maxar trades on the New York Stock Exchange and Toronto Stock Exchange as MAXR. For more information, visit www.maxar.com.

Forward-Looking Statements

Certain statements and other information included in this release constitute “forward-looking information” or “forward-looking statements” (collectively, “forward-looking statements”) under applicable securities laws. Statements including words such as “may”, “will”, “could”, “should”, “would”, “plan”, “potential”, “intend”, “anticipate”, “believe”, “estimate” or “expect” and other words, terms and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties, as well as other statements referring to or including forward-looking information included in this presentation.

Forward-looking statements are subject to various risks and uncertainties which could cause actual results to differ materially from the anticipated results or expectations expressed in this presentation. As a result, although management of the Company believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, the risk factors and other disclosures about the Company and its business included inthe Company’s continuous disclosure materials filed from time to time with U.S. securities and Canadian regulatory authorities, which are available online under the Company’s EDGAR profile at www.sec.gov, under the Company’s SEDAR profile at www.sedar.com or on the Company’s website at www.maxar.com.

The forward-looking statements contained in this release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this presentation or other specified date and speak only as of such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this presentation as a result of new information or future events, except as may be required under applicable securities legislation.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005210/en/

Investor Relations Contact:

Jason Gursky

Maxar VP, Investor Relations and Corporate Treasurer

1-303-684-2207

[email protected]

Media Contact:

Turner Brinton

Maxar Media Relations

1-303-684-4545

[email protected]

KEYWORDS: Texas Colorado United States North America Canada

INDUSTRY KEYWORDS: Technology Other Defense Satellite Other Technology Aerospace Manufacturing Networks Science Defense Other Science

MEDIA:

Posted on January 19, 2021 6:03 am
Walmart and Western Union Enter Agreement to Offer Western Union Money Transfers at Walmart

Walmart and Western Union Enter Agreement to Offer Western Union Money Transfers at Walmart

Services to begin rolling out in the Spring of 2021 enabling U.S. customers to send money locally and globally

DENVER & BENTONVILLE, Ark.–(BUSINESS WIRE)–
Walmart (NYSE:WMT), the world’s largest retailer, and Western Union (NYSE: WU), a global leader in cross-border, cross-currency money movement and payments, today announced a new agreement that will, for the first time, enable Western Union money transfer services at Walmart locations across the U.S. bringing greater choice and value to millions of customers. The services will include domestic and international money transfers, bill payments and money orders. Services will be offered at more than 4,700 Walmart stores with a rollout planned to begin in the spring of 2021.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210119005285/en/

Walmart and Western Union Enter Agreement to Offer Western Union Money Transfers at Walmart (Photo: Business Wire)

Through Western Union’s global cross-border, cross-currency platform reaching 200 countries and territories worldwide, Walmart customers will have the ability to move money to family and loved ones almost anywhere across the world. Customers will have the option of their money transfer being paid out in minutesⁱ across more than 550,000 retail locations or into billions of bank accounts, wallets or cards.

Millions of Americans rely on Walmart’s transparent, Every Day Low Price strategy to help customers conduct essential financial activities through a marketplace offering. With the addition of Western Union, Walmart customers will be presented with more choice, convenience and access than ever before.

“Walmart is much more than a place where customers shop. To millions, it’s also a place they trust for their financial needs as well,” Wilbert Noronha, vice president of financial services at Walmart, said. “We’re thrilled to soon begin offering Western Union money transfer services at Walmart locations nationwide and, together, continue connecting family and friends worldwide through Western Union’s global money movement platform.”

Jean Claude Farah, president, global network at Western Union, said, “We are excited to work together with the world’s largest retailer, Walmart, and bring the best of our money movement and payments service capabilities to even more customers in the U.S. and worldwide.”

Farah added, “Together with Walmart, we have a shared purpose of supporting our customers who rely on us to send money to make everyday purchases including essentials like health care and groceries. In an age when speed, security, convenience and trust mean everything, we are offering customers greater ease, reliability, access and confidence with every transaction.”

For more than 20 years, Walmart has worked to provide the financial services their customers need through the providers they want, all at transparent prices. Since 2014, Walmart has also saved customers more than $1.5 billion across its marketplace financial services offerings.

The collaboration between Walmart and Western Union continues the two companies’ long-standing commitment to provide value and further financial inclusion for customers.

About Walmart

Walmart Inc. (NYSE: WMT) helps people around the world save money and live better – anytime and anywhere – in retail stores, online and through their mobile devices. Each week, over 265 million customers and members visit approximately 11,400 stores under 55 banners in 26 countries and eCommerce websites. With fiscal year 2020 revenue of $524 billion, Walmart employs over 2.2 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy, and employment opportunity. Additional information about Walmart can be found by visiting https://corporate.walmart.com, on Facebook at https://facebook.com/walmart and on Twitter at https://twitter.com/walmart.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement and payments. The company’s omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of September 30, 2020, the Western Union network included over 550,000 retail agent locations offering branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, the fastest-growing channel in 2019, is available in over 75 countries, plus additional territories, to move money worldwide. Western Union moves money for better with our global reach, connecting family, friends, and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

ⁱ Service and funds availability depend on certain factors including the Service selected, the selection of delayed delivery options, special terms applicable to each Service, amount sent, destination country, currency availability, regulatory issues, consumer protection issues, identification requirements, delivery restrictions, agent location hours, and differences in time zones.

WU-G

View source version on businesswire.com: https://www.businesswire.com/news/home/20210119005285/en/

Western Union Global Communications; Pia De Lima; [email protected]

Walmart Corporate Communications; Camille Dunn; , 1-800-331-0085, news.walmart.com/reporter

KEYWORDS: United States North America Colorado New York Arkansas

INDUSTRY KEYWORDS: Discount/Variety Department Stores Finance Other Retail Banking Supermarket Professional Services Retail Online Retail

MEDIA:

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Walmart and Western Union Enter Agreement to Offer Western Union Money Transfers at Walmart (Photo: Business Wire)

Posted on January 19, 2021 6:03 am
Discovery Announces 2021 Work Program & Budget at Cordero

TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) — Discovery Metals Corp. (TSX-V: DSV, OTCQX: DSVMF) (“Discovery” or the “Company”) is pleased to outline its 2021 work program and budget for its flagship Cordero project (“Cordero” or “the Project”) located in Chihuahua State, Mexico. All amounts are presented in Canadian dollars unless otherwise stated.

Taj Singh, President and CEO, states: “We anticipate 2021 will be a transformative year where we firmly establish Cordero as one of the few silver projects globally that offers margin, size and scaleability. Our focus is to both de-risk the Project by delivering a technically robust PEA, and to deliver resource growth, by expanding known zones and making new discoveries. We plan to complete 66,000 m of drilling outlined as follows:

2021 Drill Program – 66,000 m

Phase 1 drilling – 20,000 m Phase 2 drilling – 46,000 m

1Q 2021 – 2Q 2021 2Q 2021 – 4Q 2021

Bulk-tonnage mineralization
Resource definition – deliver new resource estimate followed by revamped PEA Reserve definition – upgrade resource for inclusion in PFS

Resource expansion – target ‘blue sky’ potential

High-grade veins Resource development – initial testing of grades & continuity Resource definition – initial infill drilling

Property-wide targets Discovery – initiate scout drilling on property-wide targets

“Other key project development milestones for 2021 include completion of social baseline assessment and progress on environmental baseline studies. Our planned work for metallurgy, processing, geotech and hydrology will go above and beyond what is typically included in a PEA study and will identify areas where we can accelerate pre-feasibility work.

“Our current cash balance of approximately $82 million places us in a very strong position to fund our planned expenditures at Cordero this year of approximately $26 million. Recent investment in on-site infrastructure will allow us to maintain strict COVID-19 protocols and should ensure we can complete our proposed work program in a safe and efficient manner. We will continue to closely monitor the health and safety situation at site and if practicable, we will look to expand our drill program if it is deemed safe to do so.
”

2021 DRILL PLANS

We plan on completing 66,000 m of drilling in 2021 based on four drill rigs operating throughout the year. This program and the number of drill rigs may be expanded when the Company is confident that the health and safety risks related to COVID-19 can be managed effectively.

Further details on the allocation of 2021 drill metres are provided in the table below. Based on the excellent results from drilling in the South Corridor, our Phase 1 drill program has been expanded by 10,000 m to 65,000 m. Our Phase 1 drill program will be completed in 2Q 2021 and will be immediately followed by our Phase 2 drill program. The total amount and allocation of drill metres in our Phase 2 drill program is still to be determined and will be based on a detailed review this quarter of all drill results to date.

2019 2020 2021 Total Details

Phase 1 Drilling

(metres)
6,000 39,000 20,000 65,000
Bulk-tonnage mineralization – resource definition (for 2021 resource update & PEA)

High-grade veins – initial testing of grades & continuity

Phase 2 Drilling
(metres)
– – 46,000 To be determined Bulk-tonnage mineralization – upgrade resource (for PFS) & resource expansion

High-grade veins – resource definition

Property-wide targets – initial scout drilling

Total 6,000 39,000 66,000

BALANCE SHEET

We ended 2020 with a cash balance of approximately $82 million and no debt. Our planned work program at Cordero in 2021 is budgeted at $26 million. Expenditures for the year reflect an accelerated approach to de-risking the Project while still allocating growth capital to resource expansion and property-wide exploration. We have a significant cash balance beyond our proposed 2021 budget spend that will allow us to expand our work program, if feasible within COVID-19 constraints, as well as to rapidly advance the Project to a construction decision beyond 2021.

RESOURCE ESTIMATE & PRELIMINARY ECONOMIC ASSESSMENT

Our objective is to deliver a technically robust PEA that demonstrates Cordero is a high-margin silver project with size and scaleability. The PEA will be focused on the bulk-tonnage domain and will be supported by more than 350 drill holes and 180,000 m of drilling and two programs of detailed metallurgical testwork. Key milestones include:

Phase 1 drill program – based on our results to date we have expanded our Phase 1 program to 65,000 m (an increase of 10,000 m). We expect to complete the remaining 20,000 m of this expanded Phase 1 program in 2Q 2021.

Metallurgical testwork – sampling for the metallurgical testwork is based on both mining phase and lithology. The program will consist of comminution testwork, flotation optimisation, preconcentration testwork and high-level environmental testwork. Results are expected to be received in 2Q 2021.

Resource estimate – the resource estimate will be focused on the bulk-tonnage domain only and will incorporate all historical data and data from Phase 1 drilling. The resource update is expected to be completed in 3Q 2021.

PEA – the ‘base case’ mine plan in the PEA will be based on a conservative silver price and will incorporate staged expansions of the throughput rate at the planned processing facility. Scheduling will prioritise higher grades early in the mine life to expedite payback. The study will be based on the updated resource model and all metallurgical testwork and is expected to be completed in 4Q 2021. To demonstrate the scaleability of Cordero we also anticipate including a ‘blue sky’ alternative as an addendum that looks at the impact of higher silver prices on Project throughput and optimization.

HIGH-GRADE VEINS

Phase 1 drilling of the high-grade vein trends that transect the deposit has focused on testing the limits and continuity of the vein trends and has yielded highly encouraging results. In Phase 2, the focus of vein drilling will transition to resource definition with the objective of publishing an initial resource estimate of the high-grade veins in 2022.

PRE-FEASIBILITY STUDY

Phase 2 drill program – a key focus of our Phase 2 drill program will be on upgrading any inferred mineral resources within the PEA mine plan to allow the inclusion of these ounces in the PFS mine plan. This infill drilling is expected to commence in 3Q 2021 following a review of all Phase 1 data.

Gap analysis – as part of our PEA we will be completing a gap analysis for metallurgy, processing, geotech and hydrology to identify the data gaps required to advance the project to a PFS level. This analysis will allow us, where appropriate, to commence PFS level work for these items in 2H 2021 in order to accelerate the delivery of a PFS for Cordero.

CORPORATE RESPONSIBILITY

Health & safety – managing health and safety during the COVID-19 pandemic will remain a key priority during the year. Risk mitigation measures include recent investment in on-site infrastructure to accommodate social-distancing requirements, enhanced testing and travel restrictions.

Environment – CIMA Consultores Ambientales, a consulting firm based in Chihuahua, Mexico, was engaged in 3Q 2020 to complete an environmental baseline study at Cordero. Field work associated with the study has been delayed due to COVID-19 restrictions. We anticipate commencing field work in 1H 2021 and completing the study in 1H 2022.

Community relations – we engaged Vinfidem Consultoria, a consulting firm based in Sonora, Mexico, in 3Q 2020 to complete a social baseline study of the local municipalities associated with Cordero. The objective of the study is to identify and evaluate the potential social impact of the project. The study is expected to be completed in 3Q 2021.

PROPERTY-WIDE EXPLORATION

Target generation – we have strengthened our exploration team in Mexico in order to rapidly advance a detailed field mapping and sampling program on our property-wide targets in 2021.

Reconnaissance drilling – initial drill testing of property-wide targets is expected to commence in the 4Q 2021 following the completion of field work on our high priority targets.

For further information contact:

Forbes Gemmell, CFA

VP Corporate Development & Investor Relations
Phone: 416-613-9410
Email: [email protected]
Website: www.dsvmetals.com

About Discovery

Discovery’s flagship project is its 100%-owned Cordero silver project in Chihuahua State, Mexico. Our drill results to date show that Cordero is developing all the attributes of a tier 1 project – grade, scale, significant organic growth opportunities and well located in one of Mexico’s premier mining belts. The project is supported by an industry leading balance sheet with over $80 million of cash allocated for aggressive exploration, resource expansion and future development.

On Behalf of the Board of Directors,

Taj Singh, M.Eng, P.Eng, CPA,

President, Chief Executive Officer and Director

Qualified

Person

Gernot Wober, P.Geo, VP Exploration, Discovery Metals Corp., is the Company’s designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and has reviewed and validated that the information contained in this news release is accurate.

FORWARD-LOOKING STATEMENTS:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release is not for distribution to United States newswire services or for dissemination in the United States.

This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

Cautionary Note Regarding Forward-Looking Statements

This news release may include forward-looking statements that are subject to inherent risks and uncertainties. All statements within this news release, other than statements of historical fact, are to be considered forward looking. Although Discovery believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those described in forward-looking statements. Factors that could cause actual results to differ materially from those described in forward-looking statements include but are not limited to: fluctuations in market prices, including metal prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. Discovery does not assume any obligation to update any forward-looking statements except as required under applicable laws.

Posted on January 19, 2021 6:03 am
Upwork To Report Fourth Quarter and Full Year 2020 Financial Results on February 23, 2021

Event to be Webcast Live on the Upwork Investor Relations Website

SANTA CLARA, Calif., Jan. 19, 2021 (GLOBE NEWSWIRE) — Upwork Inc. (Nasdaq: UPWK), the world’s largest work marketplace that connects business with independent talent, as measured by gross services volume (“GSV”), today announced that it will report its financial results for the fourth quarter and full year 2020 on Tuesday, February 23, 2021 after market close. The company will host a Q&A conference call to discuss these results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) on the same day.

A live webcast of the call will be available on the Upwork Investor Relations website at https://investors.upwork.com.

An audio replay of the conference call will be available for one week following the call and will be archived via webcast on the Upwork Investor Relations website at https://investors.upwork.com for approximately one year.

About Upwork

Upwork is the world’s largest work marketplace that connects businesses with independent talent, as measured by GSV. We serve everyone from one-person startups to 30% of the Fortune 100 with a powerful, trust-driven platform that enables companies and freelancers to work together in new ways that unlock their potential. Our talent community earned over $2 billion on Upwork in 2019 across more than 8,000 skills, including website & app development, creative & design, customer support, finance & accounting, consulting, and operations. Learn more at www.upwork.com and join us on LinkedIn, Twitter, and Facebook.

Upwork is a registered trademark of Upwork Inc. All other product and brand names may be trademarks or registered trademarks of their respective owners.

Denise Garcia
Investor Relations
[email protected]

Posted on January 19, 2021 6:03 am
Gritstone Advances Second Generation COVID-19 Vaccine “CORAL” Program with Support from NIAID; Program has Potential to Protect Against Mutant Variants of SARS-CoV-2

–Gritstone to Host Conference Call Today at 8:00 a.m. ET–

EMERYVILLE, Calif., Jan. 19, 2021 (GLOBE NEWSWIRE) — Gritstone Oncology, Inc. (Nasdaq: GRTS), a clinical-stage biotechnology company developing the next generation of cancer and infectious disease immunotherapies, today announced that it is advancing development of a second generation vaccine against SARS-CoV-2, the virus that causes COVID-19, with potential for both prolonged protection and potency against Spike mutants. Gritstone and the National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health, have entered into a clinical trial agreement to initiate clinical testing. A Phase 1 clinical trial, expected to be conducted through the NIAID-supported Infectious Diseases Clinical Research Consortium (IDCRC), is in development. The Bill & Melinda Gates Foundation (Gates Foundation) is supporting the preclinical evaluation of the vaccine.

Through a license agreement with the La Jolla Institute for Immunology (LJI), one of the leading global organizations dedicated to studying the immune system, Gritstone has access to validated SARS-CoV-2 epitopes that have been identified through LJI’s studies of hundreds of patients recovering from COVID-19. Using these epitopes and the company’s proprietary Gritstone EDGE^TM and vaccine platform technologies, Gritstone is developing a novel vaccine against COVID-19, containing Spike (similar to first generation vaccines) but also additional viral epitopes that offer good targets for T cell immunity. Gritstone uses both self-amplifying mRNA and adenoviral vectors to deliver the SARS-CoV-2 viral antigens. The vaccine may have pan-SARS/coronavirus potential to protect against future coronavirus pandemics.

“Gritstone’s vaccine may provide more comprehensive viral protection by inducing a better combination of T cell responses and neutralizing antibodies as compared to the currently available vaccines,” said Daniel Hoft, M.D., Ph.D., director of Saint Louis University’s Center for Vaccine Development and Division of Infectious Diseases, Allergy and Immunology, National Vaccine Advisory Committee member, and protocol chair and lead principal investigator of Gritstone’s COVID study. “It is important that we move forward with developing these next generation vaccines because we do not yet know whether the existing vaccines that have been granted emergency use authorization will provide long-term immunity or prevent transmission. Improved vaccines that can accomplish these additional benefits may be needed to continue mitigating the ongoing pandemic.”

The company has received a grant from the Gates Foundation to support the preclinical evaluation of the vaccine. NIAID is supporting development of the Phase 1 clinical trial through the IDCRC.

“Since inception, Gritstone has developed two core assets – cutting-edge T cell epitope identification and potent vaccines shown to activate a strong and broad immune response in humans – and both of these have been deployed in our quest for a second generation SARS-CoV-2 vaccine,” said Andrew Allen, M.D., Ph.D., co-founder, president and chief executive officer of Gritstone. “We are excited to be working with the experienced teams at NIAID and the IDCRC as well as the experts at the Gates Foundation and LJI who have helped us design and pre-clinically test our novel vaccine concepts.”

Karin Jooss, Ph.D., chief scientific officer at Gritstone, commented, “Our preclinical work has shown that our SARS-CoV-2 vaccines can induce sustained, high-titer neutralizing antibodies and CD8+ T cell responses against the Spike protein, plus a broad CD8+ T cell response against epitopes from multiple viral genes outside of Spike. As well as a potential role in protection against SARS-CoV-2, the notion of using evolutionarily conserved viral antigens (in addition to Spike) as the basis for a vaccine that induces antibody and T-cell responses to provide protection against future coronavirus pandemics is an exciting concept that springs from our current work. We plan to pursue this in 2021.”

Gritstone Conference Call

To participate in the teleconference, please dial (866) 866-1333 (domestic) or (404) 260-1421 (international) and refer to conference ID 50081021. Live audio of the teleconference and accompanying slides will be simultaneously webcast and will be available within the Investors & Media section of the Gritstone Oncology website at https://ir.gritstoneoncology.com/investors/events. An archived replay will be accessible for 30 days following the event.

About Gritstone Oncology

Gritstone Oncology (Nasdaq: GRTS), a clinical-stage biotechnology company, is developing the next generation of immunotherapies against multiple cancer types and infectious diseases. Gritstone develops its products by leveraging two key pillars—first, a proprietary machine learning-based platform, Gritstone EDGE^TM, which is designed to predict antigens that are presented on the surface of cells, such as tumor or virally-infected cells, that can be seen by the immune system; and second, the ability to develop and manufacture potent immunotherapies utilizing these antigens to potentially drive the patient’s immune system to specifically attack and destroy disease-causing cells. The company’s lead oncology programs include an individualized neoantigen-based immunotherapy, GRANITE, and an “off the shelf” shared neoantigen-based immunotherapy, SLATE, which are being evaluated in clinical studies. The company also has a bispecific antibody (BiSAb) program for solid tumors in lead optimization. Within its infectious disease pipeline, Gritstone is advancing CORAL, a COVID-19 program to develop a second-generation vaccine with support from departments within the National Institutes of Health (NIH) and the Bill & Melinda Gates Foundation and a license agreement with La Jolla Institute for Immunology. For more information, please visit gritstoneoncology.com.

Gritstone Forward-Looking
Statements

This press release contains forward-looking statements, including, but not limited to, statements related to the potential of Gritstone’s therapeutic programs; the advancements in the Company’s ongoing clinical trials; the timing of data announcements related to ongoing clinical trials and the initiation of future clinical trials. Such forward-looking statements involve substantial risks and uncertainties that could cause Gritstone’s research and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug development process, including Gritstone’s programs’ early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, Gritstone’s ability to successfully establish, protect and defend its intellectual property and other matters that could affect the sufficiency of existing cash to fund operations. Gritstone undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the company in general, see Gritstone’s most recent Quarterly Report on Form 10-Q filed on November 5, 2020 and any current and periodic reports filed with the Securities and Exchange Commission.

Gritstone Contacts

Media:
Dan Budwick
1AB
(973) 271-6085
[email protected]

Investors:
Alexandra Santos
Wheelhouse Life Science Advisors
(510) 871-6161
[email protected]

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