Market Newsdesk

November 11, 2020 4:18 pm

GrowGeneration Reports Record Third Quarter 2020 Financial Results

PR Newswire

Record Revenues of $55.0 Million, Adjusted EBITDA of $6.6 Million, and
Pre-Tax Net Income of $5.1 Million

2020 full-year revenue guidance increased to $185–$190 million
2020 full-year adjusted EBITDA guidance updated to $19.0 million–$20.0 million
2020 full-year GAAP pre-tax net income guidance for 2020 is $9.0 million–$11.0 million
2021 full-year revenue guidance updated to $280 million–$300 million
2021 full-year adjusted EBITDA guidance for 2021 increased to $34.0 million–$36.0 million

DENVER, Nov. 11, 2020 /PRNewswire/ — GrowGeneration Corp. (NASDAQ: GRWG), (“GrowGen” or the “Company”), the largest chain of specialty hydroponic and organic garden centers with 31 locations across 11 states, today reported record third quarter 2020 revenues of $55.0 million, versus $21.8 million in the same period last year. This represents the Company’s eleventh consecutive quarter of record revenues. Third quarter 2020 adjusted EBITDA of $6.6 million compares to $2.0 million in the same period last year. The Company also reported record third quarter 2020 GAAP pre-tax net income of approximately $5.1 million, compared to pre-tax net income of $1.0 million, in the same period last year. As the Company continues to outpace guidance, it is increasing 2020 revenue guidance to $185 million–$190 million, and adjusted EBITDA to $19.0 million–$20.0 million. Revenue and adjusted EBITDA guidance for 2021 increases to $280 million–$300 million, and $34 million–$36 million, respectively.

“Our steadfast focus on rapid, strategic growth in key markets, both organically and through acquisitions, has resulted in our eleventh consecutive quarter of record revenues and EBITDA, said Darren Lampert, GrowGen’s co-founder and CEO. “We are building a best-in-class team of grow professionals, a robust e-commerce platform, and an insight-driven retail footprint targeting both established and emerging markets. The results of the recent elections, combined with our proven ability to scale while reducing operational costs, will allow us to grow our revenue and expand our bottom line into the following quarters. We have raised our guidance accordingly.”

Financial Highlights for Third Quarter 2020 Compared to Third Quarter 2019

Revenues rose 153% to $55.0 million, for third quarter 2020, versus $21.8 million for the same period last year
Same-store sales were $33.4 million for third quarter 2020, versus $19.2 million for third quarter 2019, a 73% increase year over year
Adjusted EBITDA of $6.6 million for third quarter 2020, versus $2.0 million for third quarter 2019, an increase of 230% year over year, or $.14 per share basic for third quarter 2020 versus $.06 per share basic for the same period last year
Gross profit margin for third quarter 2020 was 26.5% compared to 29.9% in the same quarter last year; the decrease in margin is attributable to a larger percentage of revenue from our expanding commercial and e-commerce business segments
Gross profit was $14.6 million for third quarter 2020, compared to $6.5 million for the same period last year, an increase of 124% year over year
Store operating costs, as a percentage of sales, was 9.0 % for third quarter 2020, compared to 12.6% for the same period last year, an improvement of 28% year over year
Income from store operations was $9.6 million for third quarter 2020, versus $3.8 million for the same period last year, an increase of 156% year over year
Income from store operations as a percentage of revenue was 17.4% for the third quarter 2020
Online sales increased by 112% in the third quarter when compared to the same quarter last year
The commercial division generated over $13.0 million in revenues, an increase of 188% in the third quarter 2020 versus the same period last year
GrowGen’s private-label line of products surpassed $1.0 million in sales in the third quarter
Corporate payroll and general and administrative expense, excluding non-cash operating expenses, as a percentage of revenue, was 5.5% for third quarter 2020 versus 8.4% for the same period last year, an improvement of 34% year over year
Pre-tax net income was $5.1 million for the third quarter 2020 versus $1.0 million for the same period last year
GAAP net income was $3.3 million, or $0.07 per share basic, for third quarter 2020 compared to net income of $1.0 million, or $0.03 per share basic, for same period last year, an increase of 133% year over year

Nine-Month Financial Results

Revenues rose 142% to $131.4 million for the first nine-months of 2020 compared to $54.3 million for same period last year
Same-store sales increased 59% to $52.4 million for the first nine months of 2020 compared to $33.0 million for same period last year
Adjusted EBITDA rose 208% to $13.4 million, or $0.32 per share, for the first nine months of 2020 compared to $4.3 million, or $0.14 per share, for same period last year
Gross profit for the first nine months of 2020 grew 119% to $35 million compared to $16 million in the same period last year
Gross profit margin for the first nine months of 2020 was 27%
Income from store operations grew 161% to $22.6 million for the first nine months of 2020 compared to $8.6 million for the same period last year
Pre-tax net income was $5.8 million for the first nine months of 2020 compared to $2.3 million for same period last year
GAAP net income for the first nine months of 2020 was $3.8 million, or $0.09 per share, versus $2.3 million, or $0.07 per share, for the same period last year, a 63% increase
Online sales increased by 140% to $7.4 million, for the first nine months of 2020 compared to $3.1 million for the same period last year
The commercial division generated over $32.7 million in revenues, an increase of 200% for the first nine months of 2020 compared to $10.9 million the same period last year

Working Capital and Cash

As previously announced on July 2, 2020, we closed on a $48 million upsized follow-on public offering with Oppenheimer & Co. Inc. acting as the sole book-running manager for the Offering. Ladenburg Thalmann & Co. Inc. and Lake Street Capital Markets, LLC acted as co-managers for the Offering. The Company is using this capital from the Offering primarily to expand its network of hydroponic garden centers through organic growth and acquisitions, build-out new GrowGeneration hydroponic garden centers in new markets such as New Jersey, New York, Pennsylvania and Ohio, and complete our national distribution network adding Los Angeles, Miami and New England.

Working capital was $83 million on September 30, 2020 compared to $30.6 million at December 31, 2019
Cash on September 30, 2020 was $55.3 million, cash on December 31, 2019 was $12.98 million, and cash as of November 2, 2020 was $50.4 million
Proceeds from the sale of common stock and warrants were $44.9 million for third quarter 2020

M&A Activity

Our merger and acquisition pipeline is the most active it has been since the Company’s inception. As announced on November 2, 2020, the Company signed an asset purchase agreement to acquire The GrowBiz, the nation’s third-largest chain of hydroponic garden centers. The GrowBiz is a $50 million chain of five garden centers and when completed, will increase the total count of GrowGen garden centers to 36.

As we have often stated, the Company’s corporate goal is to reach 50 garden centers and 15 states in 2021, and we made significant progress towards this goal in the third quarter.

Recent Events

On August 10,2020, the Company purchased the assets of Emerald City Garden, located in Concord, California
On October 12, 2020, the Company purchased the assets of Hydroponics Depot, located in Phoenix, Arizona, expanding our geographic footprint to 11 states
On October 20, 2020, the Company purchased the assets of The Big Green Tomato, a two-store chain in Battle Creek and Taylor, Michigan
On October 29, 2020, the Company signed an asset purchase agreement to acquire the third-largest chain of hydroponic garden centers in the US, The GrowBiz, with five stores in California and Oregon

COVID-19 Response

The Company continues to be mindful of the COVID-19 pandemic that is besieging society, leaving no one unaffected. We are thankful for the dedication of health care workers and first responders, as well as the essential workers who are keeping our communities running.

As a result of the Company’s first-rate preparedness, all personnel have been working at full capacity since mid-March and Company management has been inspired by the efforts and dedication of GrowGen’s team as they have worked tirelessly to service our customers and communities.

Conference Call

The company will host a conference call on November 12, 2020 at 9:00AM Eastern Time. To participate in the call, please dial (888)-664-6383 (domestic). Participants should request the GrowGeneration Earnings Call or provide confirmation code: 96567037. This call is being webcast and can be accessed on the Investor Relations section of GrowGeneration website at:
https://ir.growgeneration.com/news-events/ir-calendar.

A replay of the webcast will be available approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

A
b
out GrowGeneration
Corp.
:

GrowGen owns and operates specialty retail hydroponic and organic gardening stores. Currently, GrowGen has 31 stores, which include 5 locations in Colorado, 6 locations in California, 2 locations in Nevada, 1 location in Washington, 6 locations in Michigan, 1 location in Rhode Island, 4 locations in Oklahoma, 1 location in Oregon, 3 locations in Maine, 1 location in Florida, and 1 location in Arizona. GrowGen also operates an online superstore for cultivators, located at www.growgeneration.com.GrowGen carries and sells thousands of products, including organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers. Our mission is to own and operate GrowGeneration branded stores in all the major states in the US and Canada. Management estimates that roughly 1,000 hydroponic stores are in operation in the US. By 2025, the global hydroponics system market is estimated to reach approximately $16 billion.

Forward Looking Statements:

This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as “look forward,” “believe,” “continue,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the United States Securities and Exchange Commission, available at: www.sec.gov, and on our website, at: www.growgeneration.com.

Use of Non-GAAP Financial Information
The Company believes that the presentation of results excluding certain items in “Adjusted EBITDA,” such as non-cash equity compensation charges, provides meaningful supplemental information to both management and investors, facilitating the evaluation of performance across reporting periods. The Company uses these non-GAAP measures for internal planning and reporting purposes. These non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. The presentation of this additional information is not meant to be considered in isolation or as a substitute for net income or net income per share prepared in accordance with generally accepted accounting principles.

Set forth below is a reconciliation of Adjusted EBITDA to net income:

	September 30, 2020		September 30, 2019
Net income	$	3,337,333	$	1,049,699
Income taxes		1,775,801		–
Interest		142		27,067
Depreciation and Amortization		443,578		247,715
EBITDA		5,556,854		1,324,481
Share based compensation (option compensation, warrant compensation, stock issued for services)		1,022,137		553,492
Amortization of debt discount		–		114,210

Adjusted EBITDA	$	6,578,991	$	1,992,183

Adjusted EBITDA per share, basic	$	.14	$	.06
Adjusted EBITDA per share, diluted	$	.13	$	.05

	Nine Months Ended
	September 30, 2020		September 30, 2019
Net income	$	3,817,758	$	2,341,120
Income taxes		1,955,113		–
Interest		19,728		35,757
Depreciation and Amortization		1,270,398		538,847
EBITDA		7,062,997		2,915,724
Share based compensation (option compensation, warrant compensation, stock issued for services)		6,324,109		1,075,735
Amortization of debt discount		–		356,306

Adjusted EBITDA	$	13,387,106	$	4,347,765

Adjusted EBITDA per share, basic	$	.32	$	.14
Adjusted EBITDA per share, diluted	$	.30	$	.13

GROWGENERATION CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

		September 30, 2020		December 31, 2019
		(Unaudited)
ASSETS
Current assets:
	Cash	$	55,347,450	$	12,979,444
	Accounts receivable (net of allowance for credit losses of $364,262 and $291,372, respectively)		5,246,521		4,455,209
	Inventory, net		37,847,421		22,659,357
	Prepaid expenses and other current assets		5,537,083		2,549,559
	Total current assets		103,978,475		42,643,569

Property and equipment, net			4,488,922		3,340,616
Operating leases right-of-use assets, net			8,109,184		7,628,591
Deferred income taxes					–
Intangible assets, net			864,219		233,280
Goodwill			21,925,084		17,798,932
Other assets			336,149		377,364
TOTAL ASSETS		$	139,702,033	$	72,022,352

LIABILITIES & STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable	$	11,452,252	$	6,024,750
	Other accrued liabilities		119,810		–
	Payroll and payroll tax liabilities		1,943,328		1,072,142
	Customer deposits		2,469,581		2,503,785
	Sales tax payable		901,900		533,656
	Income taxes payable		1,927,805		–
	Current maturities of operating leases liability		2,037,537		1,836,700
	Current maturities of long-term debt		88,049		110,231
	Total current liabilities		20,940,262		12,081,264

Operating leases liability, net of current maturities			6,307,463		5,807,266
Long-term debt, net of current maturities			189,333		242,079
	Total liabilities		27,437,058		18,130,609

Commitments and contingencies

Stockholders’ Equity:
	Common stock; $.001 par value; 100,000,000 shares authorized; 48,412,292 and 36,876,305 shares issued and outstanding, respectively		48,412		36,876
	Additional paid-in capital		115,285,993		60,742,055
	Accumulated deficit		(3,069,430)		(6,887,188)
	Total stockholders’ equity		112,264,975		53,891,743
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	139,702,033	$	72,022,352

GROWGENERATION CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(Unaudited)

			Three Months Ended September 30,				Nine Months Ended September 30,
			2020		2019		2020		2019

Sales			$	55,007,475	$	21,778,487	$	131,440,820	$	54,349,092
Cost of sales				40,436,707		15,276,906		96,338,467		38,340,670
Gross profit				14,570,768		6,501,581		35,102,353		16,008,422

Operating expenses:
	Store operations			4,972,058		2,744,199		12,523,594		7,360,525
	General and administrative			857,943		803,707		3,244,682		1,928,020
	Share based compensation			1,022,137		553,492		6,324,109		1,075,735
	Depreciation and amortization			443,578		247,715		1,270,398		538,847
	Salaries and related expenses			2,175,276		1,020,627		5,944,427		2,449,733
		Total operating expenses		9,470,992		5,369,740		29,307,210		13,352,860

Income from operations				5,099,776		1,131,841		5,795,143		2,655,562

Other income (expense):
	Interest expense			(142)		(141,277)		(19,728)		(392,063)
	Interest income			47,562		60,973		72,605		95,256
	Other income (loss)			(34,062)		(1,838)		(75,149)		(17,635)
		Total non-operating income (expense), net		13,358		(82,142)		(22,272)		(314,442)

Net income before taxes				5,113,134		1,049,699		5,772,871		2,341,120
Provision for income taxes				(1,775,801)		–		(1,955,113)		–
Net Income			$	3,337,333	$	1,049,699		3,817,758	$	2,341,120

Net income per shares, basic			$	.07	$	.03		.09	$	.07
Net income per shares, diluted			$	.06	$	.03		.09	$	.07

Weighted average shares outstanding, basic				47,878,011		35,707,788		41,477,438		31,523,679
Weighted average shares outstanding, diluted				51,626,134		37,606,678		44,223,683		32,191,027

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SOURCE GrowGeneration

November 11, 2020 4:18 pm

Pyxis Tankers Announces Date for the Release of the Third Quarter 2020 Results and Related Conference Call & Webcast

MAROUSSI, GREECE – November 11, 2020 – Pyxis Tankers Inc. (NASDAQ Cap Mkts: PXS), a growth-oriented pure play product tanker company, today announced the following:

Date of Earnings Release. We will issue our unaudited results for the third quarter ended September 30, 2020 after the market closes in New York on Friday, November 13, 2020. We will host a conference call on the same day to discuss the results at 4:30 p.m. Eastern Time.

Conference Call details:

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1 (877) 553-9962 (US Toll Free Dial In), 0(808) 238-0669 (UK Toll Free Dial In) or +44 (0) 2071 928592 (Standard International Dial In). Please quote “Pyxis Tankers.”

A telephonic replay of the conference call will be available until Friday, November 20, 2020, by dialing 1(866) 331-1332 (US Toll Free Dial In), 0(808) 238-0667 (UK Toll Free Dial In) or +44 (0) 3333 009785 (Standard International Dial In). The access code required for the replay is: 5478965#.

Webcast:

A webcast of the conference call will be available through our website (http://www.pyxistankers.com) under our Events & Presentations page.

Webcast participants of the live conference call should register on the website approximately 10 minutes prior to the start of the webcast and can also access it through the following link:

https://event.on24.com/wcc/r/2630580/3D19689A801B46787CE38701135AC221

An archived version of the webcast will be available on the website within approximately two hours of the completion of the call.

About Pyxis Tankers Inc.

We own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com.

Company

Pyxis Tankers Inc.
59 K. Karamanli Street
Maroussi, 15125 Greece
[email protected]

Visit our website at www.pyxistankers.com

Company Contact

Henry Williams
Chief Financial Officer
Tel: +30 (210) 638 0200 / +1 (516) 455-0106
Email: [email protected]

Source: Pyxis Tankers Inc.

November 11, 2020 4:18 pm

Equitable Holdings Declares Common and Preferred Stock Dividends

Equitable Holdings Declares Common and Preferred Stock Dividends

NEW YORK–(BUSINESS WIRE)–
Equitable Holdings, Inc. (the “Company”) (NYSE: EQH) announced today that its Board of Directors has declared a quarterly cash dividend of $0.17 per share of common stock. The dividend on the common stock will be payable December 1, 2020 to shareholders of record at the close of business on November 23, 2020.

The Company’s board also declared the following cash dividends:

Quarterly dividend of $328.125 per share on Series A 5.25% Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share, which are represented by depositary shares (NYSE: EQH PR A), each representing a 1/1,000th interest in a share of preferred stock, holders of which will receive $0.328125 per depositary share. The dividend will be payable on December 15, 2020 to holders of record as of December 4, 2020.

Quarterly dividend of $426.250 per share on Series B 4.95% Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $25,000 per share, which are represented by depositary shares, each representing a 1/25th interest in a share of preferred stock, holders of which will receive $17.05 per depositary share. The dividend will be payable on December 15, 2020 to holders of record as of December 4, 2020.

ABOUT EQUITABLE HOLDINGS

Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding company comprised of two complementary and well-established principal franchises, Equitable and AllianceBernstein. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. AllianceBernstein is a global investment management firm that offers high-quality research and diversified investment services to institutional investors, individuals and private wealth clients in major world markets. Equitable Holdings has approximately 12,000 employees and financial professionals, $746 billion in assets under management (as of 9/30/2020) and more than 5 million client relationships globally.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201111005865/en/

Investor Relations:

Jessica Baehr: +1.212.314.2476

Media Relations:

Matt Asensio: +1.212.314.2010

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Finance Consulting Banking Professional Services Insurance

MEDIA:

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November 11, 2020 4:18 pm

Turning Point Brands Declares Common Stock Dividend

Turning Point Brands Declares Common Stock Dividend

LOUISVILLE, Ky.–(BUSINESS WIRE)–
The Board of Directors of Turning Point Brands, Inc. (“TPB”) (NYSE: TPB), a manufacturer, marketer and distributor of branded consumer products with active ingredients, declared a regular quarterly dividend of $0.05 per common share. The dividend is payable on January 8, 2021, to shareholders of record on the close of business on December 18, 2020.

About Turning Point Brands, Inc.

Turning Point Brands (NYSE: TPB) is a manufacturer, marketer and distributor of branded consumer products with active ingredients through its iconic core brands Zig-Zag® and Stoker’s®, and its emerging brands within the NewGen segment. TPB’s products are available in more than 210,000 retail outlets in North America in addition to sites such as www.zigzag.com, www.nu-x.com and www.solacevapor.com. For the latest news and information about TPB and its brands, please visit www.turningpointbrands.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201111005853/en/

Robert Lavan, Senior Vice President, CFO

[email protected] (502) 774-9238

KEYWORDS: Kentucky United States North America

INDUSTRY KEYWORDS: Other Consumer Other Manufacturing Other Retail Fitness & Nutrition Manufacturing Health Consumer Retail Online Retail

MEDIA:

November 11, 2020 4:18 pm

Interpublic Declares Common Stock Dividend

New York, Nov. 11, 2020 (GLOBE NEWSWIRE) — Interpublic Group (NYSE: IPG) today announced that the company’s Board of Directors has declared a quarterly dividend on IPG common stock of $0.255 per share, payable on December 15, 2020, to holders of record at the close of business on December 1, 2020.

# # #

About Interpublic

Interpublic is values-based, data-fueled, and creatively-driven. Major global brands include Acxiom, Craft, FCB (Foote, Cone & Belding), FutureBrand, Golin, Huge, Initiative, Jack Morton, Kinesso, MAGNA, McCann, Mediahub, Momentum, MRM, MullenLowe Group, Octagon, R/GA, UM and Weber Shandwick. Other leading brands include Avrett Free Ginsberg, Campbell Ewald, Carmichael Lynch, Deutsch, Hill Holliday, ID Media and The Martin Agency. For more information, please visit www.interpublic.com.

# # #

Contact Information

Tom Cunningham
(Press)
(212) 704-1326

Jerry Leshne
(Analysts, Investors)
(212) 704-1439

November 11, 2020 4:18 pm

Providence to Participate in Upcoming Investor Events

Providence to Participate in Upcoming Investor Events

ATLANTA–(BUSINESS WIRE)–
The Providence Service Corporation (“Providence” or the “Company”) (Nasdaq: PRSC), the nation’s largest provider of non-emergency medical transportation programs and holder of a minority interest in Matrix Medical Network, today announced that Dan Greenleaf, President and Chief Executive Officer, and Kevin Dotts, Chief Financial Officer, are scheduled to participate in the following upcoming virtual investor events:

Furey Research Partners Hidden Gems Conference 2020 | Virtual

Wednesday, November 18, 2020

Stephens Annual Investment Conference 2020 | Virtual

Thursday, November 19, 2020

Group presentation time: 11:00 a.m. ET

Webcast link: https://kvgo.com/stephens/providenceservice-november-2020

About Providence

The Providence Service Corporation, through its wholly-owned subsidiary LogistiCare Solutions, LLC, is the nation’s largest manager of non-emergency medical transportation programs for state governments and managed care organizations. Its range of services includes call center management, network credentialing, vendor payment management and non-emergency medical transport management. The Company also holds a minority interest in Matrix Medical Network which provides a broad array of assessment and care management services to individuals that improve health outcomes and health plan financial performance. For more information, please visit prscholdings.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201111005769/en/

Investor:

The Equity Group

Kalle Ahl, CFA

T: (212) 836-9614

[email protected]

KEYWORDS: United States North America Georgia

INDUSTRY KEYWORDS: General Health Health Logistics/Supply Chain Management Transport Managed Care

MEDIA:

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November 11, 2020 4:18 pm

Uniti Group Inc. to Present at Nareit’s REITworld 2020 Annual Conference

LITTLE ROCK, Ark., Nov. 11, 2020 (GLOBE NEWSWIRE) — Uniti Group Inc. (“Uniti”) (Nasdaq: UNIT) announced today that its President and Chief Executive Officer, Kenny Gunderman, and Executive Vice President, Chief Financial Officer and Treasurer, Mark Wallace, are scheduled to participate at Nareit’s REITworld 2020 Annual Conference. The presentation is scheduled for 12:00 PM ET on November 19, 2020.

You may access a live webcast of the virtual event on Uniti’s website at www.uniti.com under the Investors tab. The webcast will be available for replay for a limited time on Uniti’s website following the presentation.

ABOUT UNITI

Uniti, an internally managed real estate investment trust, is engaged in the acquisition and construction of mission critical communications infrastructure, and is a leading provider of wireless infrastructure solutions for the communications industry. As of September 30, 2020, Uniti owns 6.7 million fiber strand miles and other communications real estate throughout the United States. Additional information about Uniti can be found on its website at www.uniti.com.

INVESTOR AND MEDIA CONTACTS:

Mark A. Wallace, 501-850-0866
Executive Vice President, Chief Financial Officer & Treasurer
[email protected]

Bill DiTullio, 501-850-0872
Vice President, Finance and Investor Relations
[email protected]

November 11, 2020 4:18 pm

KLDiscovery Inc. Announces Third Quarter 2020 Financial Results

KLDiscovery Inc. Announces Third Quarter 2020 Financial Results

Revenue, Net Loss, EBITDA Improve versus Second Quarter 2020

Cash Flow from Operations Increases Compared to 2019

MCLEAN, Va.–(BUSINESS WIRE)–
KLDiscovery Inc. (“KLDiscovery” or the “Company”), a leading global provider of electronic discovery, information governance and data recovery services, announced today that revenue for the third quarter ended September 30, 2020 was $72.3 million versus $64.4 million in the second quarter of 2020, a 12.3 % increase quarter-over-quarter. Net loss for the third quarter of 2020 was $(12.7) million compared to $(14.9) million in the second quarter of 2020, an improvement of 14.8% quarter-over-quarter.

EBITDA for the third quarter of 2020 was $12.3 million versus $10.4 million in the second quarter of 2020, up 18.3% quarter-over-quarter. Adjusted EBITDA (which excludes management fees and stock-based compensation, acquisition financing and transaction costs and other items as described below) for the third quarter of 2020, was $16.7 million compared to $12.2 million in the second quarter of 2020, an increase of 36.9%, quarter-over-quarter. Reconciliations of EBITDA and Adjusted EBITDA to their comparable GAAP measure are shown in detail below, along with definitions for those terms. As of September 30, 2020, the Company had approximately $43.8 million in cash and cash equivalents.

“I am extremely proud of the KLDiscovery team’s commitment to excellence and of the steps we have proactively taken during the COVID-19 pandemic,” said Christopher Weiler, CEO of KLDiscovery Inc. “These actions resulted in solid productivity gains as we greatly improved liquidity and delivered solid earnings. We ended the third quarter of 2020, with a cash position of $43.8 million and we increased our cash flow from operations by $37.3 million with continued high cash receipts, cost reductions, and payroll tax deferrals/credits. We had a net loss improvement of 14.8% quarter-over-quarter as a result of our focus on fully integrating our business, driving operational efficiencies, and delivering effective cost-cutting strategies. As the economy improves, our revenue momentum is strengthening. September was our best month of revenue since the pandemic began. In the third quarter of 2020, revenue was $72.3 million up 12.3% quarter-over-quarter. Adjusted EBITDA was $16.7 million in the third quarter of 2020, an increase of 36.9% quarter-over-quarter. Despite a 7% decrease in revenue, Adjusted EBITDA margins during the first three quarters of 2020 were on par with the same period last year.”

Mr. Weiler continued, “Strategically, our evolution as a company has accelerated during the pandemic. We have invested in technology, strengthened our systems and have made incredible strides with our innovative, fully integrated Nebula platform, which continues to grow and gain market share. As of November 1, 2020, we now host 156 terabytes of data on this integrated platform. Looking ahead to 2021, we expect that we will be in a position to secure more second requests for government reviews of mergers & acquisitions, more joint defense cases and increase our market share in information governance.”


Year 2019-2020 Quarterly Results – Unaudited
(in millions except for per share data)
	2019 (unaudited)												2020 (unaudited)
	Q1			Q2			Q3			Q4			Q1			Q2			Q3
Revenue		75.0			78.3			78.2			80.5			78.3			64.4			72.3
Net loss		(13.5	)		(11.4	)		(11.3	)		(17.8	)		(12.5	)		(14.9	)		(12.7	)

Net loss per share (basic and diluted)	$	(0.32	)	$	(0.27	)	$	(0.26	)	$	(0.42	)	$	(0.29	)	$	(0.35	)	$	(0.30	)
Weighted average outstanding shares (basic and diluted)		42.3			42.4			42.5			42.5			42.5			42.5			42.5

EBITDA		11.2			13.7			13.4			14.4			12.5			10.4			12.3
Adjusted EBITDA		15.1			19.6			16.8			17.2			15.0			12.2			16.7

2020 Outlook

As previously announced, KLDiscovery is currently limited in its ability to accurately predict what the financial impact will be from the COVID-19 pandemic. KLDiscovery is not providing full-year 2020 guidance until it gains additional data points about the total operational impact of this global pandemic.

Earnings Conference Call

Management will conduct a conference call at 8:30 AM ET on Thursday, November 12, 2020 to discuss results for the third quarter of 2020. The audio portion of the conference call will be broadcast live over the Internet in the Investors section of KLDiscovery’s website https://investors.kldiscovery.com.

To join the conference call by telephone, please register via the following link: http://www.directeventreg.com/registration/event/7078065. Once registered, you will receive an email with Direct Entry and Registrant ID along with dial-in details. An audio recording of the conference call will be available for replay shortly after the call’s completion and will remain available for two weeks following the call. To access the recorded conference call, please dial (855) 859-2056 (from the U.S. and Canada) or (404) 537-3406 (from all other countries) using access code 7078065 or visit the Investors section of the KLDiscovery website at https://investors.kldiscovery.com.

KLDiscovery Inc.
Consolidated Statements of Comprehensive Loss
(in thousands, except share and per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
	(unaudited)						(unaudited)

Revenues	$	72,301		$	78,169		$	214,953		$	231,527
Cost of revenues		37,738			42,018			111,472			118,937
Gross profit		34,563			36,151			103,481			112,590


Operating expenses
General and administrative		14,281			12,223			42,534			41,879
Research and development		1,828			1,533			5,134			4,455
Sales and marketing		9,155			12,043			29,460			36,212
Depreciation and amortization		9,234			9,525			27,135			29,243
Total operating expenses		34,498			35,324			104,263			111,789

Income (loss) from operations		65			827			(782	)		801

Other (income) expenses
Other expense		11			(9	)		102			122
Interest expense		12,371			12,034			38,303			36,487
Loss before income taxes		(12,317	)		(11,198	)		(39,187	)		(35,808	)
Income tax provision		390			62			964			391

Net loss	$	(12,707	)	$	(11,260	)	$	(40,151	)	$	(36,199	)

Other comprehensive (loss) income, net of tax
Foreign currency translation		2,242			(2,248	)		547			(2,293	)
Total other comprehensive income (loss), net of tax		2,242			(2,248	)		547			(2,293	)
Comprehensive loss	$	(10,465	)	$	(13,508	)	$	(39,604	)	$	(38,492	)

Net loss per share – basic and diluted	$	(0.30	)	$	(0.26	)	$	(0.94	)	$	(0.85	)

Weighted average shares outstanding – basic and diluted		42,529,017			42,497,078			42,529,017			42,390,717

Reconciliation of Non-GAAP Financial Matters
(In thousands)
(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,						Three Months Ended June 30,
	2020			2019			2020			2019			2020
Net loss	$	(12,707	)	$	(11,260	)	$	(40,151	)	$	(36,199	)	$	(14,918	)
Interest expense		12,371			12,034			38,303			36,487			12,970
Income tax expense		390			62			964			391			368
Depreciation and amortization expense		12,246			12,551			36,063			37,614			11,979
EBITDA	$	12,300		$	13,387		$	35,179		$	38,293		$	10,399
Acquisition, financing and transaction costs		1,290			749			1,580			3,505			206
Strategic initiatives:
Sign-on bonus amortization		—			112			188			337			—
Non-recoverable draw		—			879			304			2,914			—
Total strategic initiatives		—			991			492			3,251			—
Management fees, stock compensation and other		974			717			2,724			2,817			870
Restructuring costs		1,581			252			2,299			1,587			128
Systems establishment		521			665			1,567			2,025			560
Adjusted EBITDA	$	16,666		$	16,761		$	43,841		$	51,478		$	12,163

Note:

Acquisition, financing and transaction costs include earnout payments, rating agency, letter of credit and revolving facility fees, and transaction costs relating to the business combination with Pivotal Acquisition Corp in December 2019.
Strategic initiatives include the amortization of one-time expenses related to the hiring of a team of industry leading sales personnel.
Management fees, stock compensation & other includes consulting fees, expenses related to the Company’s stock compensation plan, business insurance and other expenses.
Restructuring costs include severance payments, recruiting fees and retention charges.
Systems establishment costs include expenses related to IT infrastructure build-out, system automation and ERP implementation.

KLDiscovery Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)

	September 30, 2020			December 31, 2019
	(Unaudited)
Current assets
Cash and cash equivalents	$	43,838		$	43,407
Accounts receivable, net of allowance for doubtful accounts of $8,449 and $7,486, respectively		86,095			96,994
Prepaid expenses		10,312			7,296
Other current assets		778			556
Total current assets		141,023			148,253
Property and equipment
Computer software and hardware		73,343			72,228
Leasehold improvements		27,493			26,963
Furniture, fixtures and other equipment		3,722			3,794
Accumulated depreciation		(76,780	)		(64,682	)
Property and equipment, net		27,778			38,303
Intangible assets, net		114,632			130,568
Goodwill		396,310			395,171
Other assets		2,611			2,617
Total assets	$	682,354		$	714,912
Current liabilities
Current portion of long-term debt, net	$	11,106		$	11,689
Accounts payable and accrued expense		35,964			31,270
Current portion of contingent consideration		677			340
Deferred revenue		4,018			4,851
Total current liabilities		51,765			48,150
Long-term debt, net		467,163			468,932
Contingent consideration		225			482
Deferred tax liabilities		6,712			6,294
Other liabilities		9,776			7,289
Total liabilities		535,641			531,147
Commitments and contingencies
Stockholders’ equity
Common stock
$0.0001 par value, shares authorized – 200,000,000 shares authorized as of September 30, 2020 and December 31, 2019; shares issued and outstanding – 42,529,017 as of June 30, 2020 and December 31, 2019, respectively		4			4
Preferred Stock
$0.0001 par value, 1,000,000 shares authorized, zero issued and outstanding as of September 30, 2020 and December 31, 2019, respectively		—			—
Additional paid-in capital		384,504			381,952
Treasury stock		—			—
Accumulated deficit		(245,649	)		(205,498	)
Accumulated other comprehensive income		7,854			7,307
Total stockholders’ equity		146,713			183,765
Total liabilities and stockholders’ equity	$	682,354		$	714,912


KLDiscovery Inc.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

	For The Nine Months Ended September 30
	2020			2019
Operating activities
Net loss	$	(40,151	)	$	(36,199	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		36,063			37,614
Non-cash interest		14,360			3,597
Stock-based compensation		2,552			1,900
Provision for losses on accounts receivable		3,059			1,846
Deferred income taxes		418			(221	)
Change in fair value of contingent consideration		80			—
Changes in operating assets and liabilities:
Accounts receivable		8,365			(13,780	)
Prepaid expenses and other assets		(3,338	)		(3,386	)
Accounts payable and accrued expenses		4,734			(2,511	)
Deferred revenue		(835	)		(820	)
Net cash provided by (used) in operating activities		25,307			(11,960	)
Investing activities
Acquisitions, net of cash		(3,124	)		(650	)
Purchases of property and equipment		(8,377	)		(9,288	)
Net cash used in investing activities		(11,501	)		(9,938	)
Financing activities
Revolving credit facility – draws		29,000			41,500
Revolving credit facility – repayments		(29,000	)		(24,500	)
Payments for capital lease obligations		(688	)		(453	)
Issuance of common stock		—			414
Payments on long-term debt		(12,750	)		(12,750	)
Net cash (used in) provided by financing activities		(13,438	)		4,211

Effect of foreign exchange rates		63			(142	)
Net decrease in cash		431			(17,829	)
Cash at beginning of period		43,407			23,439
Cash at end of period	$	43,838		$	5,610

Supplemental disclosure:
Cash paid for interest	$	24,857		$	29,770
Income taxes paid, net of refunds	$	(311	)	$	325

Significant noncash investing and financing activities
Purchases of property and equipment in accounts payable and accrued expenses on the consolidated balance sheets	$	21		$	222

About KLDiscovery

KLDiscovery provides technology-enabled services and software to help law firms, corporations, government agencies and consumers solve complex data challenges. The company has 34 locations, eight data centers and 19 data recovery labs across 19 countries and is a global leader in delivering best-in-class eDiscovery, information governance and data recovery solutions to support the litigation, regulatory compliance, internal investigation and data recovery and management needs of our clients. Serving clients for over 30 years, KLDiscovery offers data collection and forensic investigation, early case assessment, electronic discovery and data processing, application software and data hosting for web-based document reviews, and managed document review services. In addition, through its global Ontrack Data Recovery business, KLDiscovery delivers world-class data recovery, email extraction and restoration, data destruction and tape management. KLDiscovery has been recognized as one of the fastest growing companies in North America by both Inc. Magazine (Inc. 5000) and Deloitte (Deloitte’s Technology Fast 500) and CEO Chris Weiler was recognized as a 2014 Ernst & Young Entrepreneur of the Year™. Additionally, KLDiscovery is a Relativity Certified Partner and maintains ISO/IEC 27001 Certified data centers around the world. For more information, please email [email protected] or visit www.kldiscovery.com.

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding KLDiscovery’s future financial and business performance, attractiveness of KLDiscovery’s product offerings and platform and the value proposition of KLDiscovery’s products, are forward-looking statements. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside KLDiscovery’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the ongoing impact of COVID-19, KLDiscovery’s ability to execute on its plans to develop and market new products and the timing of these development programs; KLDiscovery’s estimates of the size of the markets for its solutions; the rate and degree of market acceptance of KLDiscovery’s solutions; the success of other competing technologies that may become available; KLDiscovery’s ability to identify and integrate acquisitions; the performance and security of KLDiscovery’s services; potential litigation involving KLDiscovery; general economic conditions and cyclical nature of certain markets impacting demand for KLDiscovery’s services; KLDiscovery’s substantial levels of indebtedness; changes in complex laws and regulations in the U.S. and internationally; and volatility in the trading price of KLDiscovery common stock and warrants. These risks and other factors discussed in the “Risk Factors” section of KLDiscovery’s Annual Report on Form 10-K filed with the Securities Exchange Commission (“SEC”) and any other reports KLDiscovery files with the SEC could cause actual results to differ materially from those expressed or implied by forward-looking statements made by KLDiscovery or on our behalf.

Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. All statements speak only as of the date made, and unless legally required, KLDiscovery undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

In addition to providing financial measurements based on accounting principles generally accepted in the United States of America (“GAAP”), this earnings press release includes additional financial measures that are not prepared in accordance with GAAP (“non-GAAP”), including EBTIDA and Adjusted EBITDA. We believe that these measures are relevant and provide useful supplemental information to investors by providing a baseline for evaluation and comparing our operating performance against that of other companies in our industry.

The non-U.S. GAAP financial measures that we use may not be comparable to similarly titled measures reported by other companies and in the future, we may disclose different non-U.S. GAAP financial measures in order to help our investors meaningfully evaluate and compare our results of operations to our previously reported results of operations or to those of other companies in our industry. We believe these non-U.S. GAAP financial measures reflect our ongoing operating performance because the isolation of non-cash charges, such as amortization and depreciation, and other items, such as interest, income taxes, management fees and equity compensation, acquisition and transaction costs, restructuring costs, systems establishment and costs associated with strategic initiatives which are incurred outside the ordinary course of our business, provides information about our cost structure and helps us to track our operating progress. We encourage investors and potential investors to carefully review the U.S. GAAP financial information and compare them with our EBITDA and adjusted EBITDA.

Adjusted EBITDA

We define EBITDA as net income (loss) plus interest (income) expense, income tax expense (benefit), depreciation and amortization. We view adjusted EBITDA as our operating performance measure and as such, we believe that the most directly comparable U.S. GAAP financial measure is net loss. In calculating adjusted EBITDA, we exclude from net loss certain items that we believe are not reflective of our ongoing business and exclusion of these items allows us to provide additional analysis of the financial components of the day-to-day operation of our business. We have outlined below the type and scope of these exclusions:

Acquisition, financing and transaction costs generally represented by non-ordinary course earn-out valuation changes, rating agency fees, letter of credit and revolving facility fees, as well as professional service fees and direct expenses related to acquisitions. Because we do not acquire businesses on a predictable cycle, we do not consider the amount of acquisition- and integration-related costs to be a representative component of the day-to-day operating performance of our business.

Strategic initiatives expenses relate to costs resulting from pursuing strategic business opportunities. We do not consider the amounts to be representative of the day-to-day operating performance of our business.

Management fees, stock compensation and other primarily represents consulting fees and portion of compensation paid to our employees and executives through stock-based instruments. Determining the fair value of the stock-based instruments involves a high degree of judgment and estimation and the expenses recorded may not align with the actual value realized upon the future exercise or termination of the related stock-based awards. Therefore, we believe it is useful to exclude stock-based compensation to better understand the long-term performance of our core business.

Restructuring costs generally represent non-ordinary course costs incurred in connection with a change in a contract or a change in the makeup of our personnel often related to an acquisition. We do not consider the amount of restructuring costs to be a representative component of the day-to-day operating performance of our business.

Systems establishment costs relate to non-ordinary course expenses incurred to develop our IT infrastructure, including system automation and enterprise resource planning system implementation. We do not consider the amount to be representative of a component of the day-to-day operating performance of our business.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201111005825/en/

Investor Contacts:

Dawn Wilson

(703) 520-1498

[email protected]

Richard Simonelli

(202) 450-9516

[email protected]

Media Contact:

Krystina Jones

(888) 811-3789

[email protected]

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Professional Services Data Management Security Technology Legal Software

MEDIA:

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Posted on November 11, 2020 4:18 pm
Daseke Appoints Julie Hoagland as Chief People Officer

New CPO brings 25 years of Human Resources experience to the Company and completes the Company’s executive leadership team

ADDISON, Texas, Nov. 11, 2020 (GLOBE NEWSWIRE) — Daseke, Inc. (NASDAQ: DSKE) (“Daseke” or the “Company”), the largest flatbed, specialized transportation and logistics solutions company in North America, announced today that it has named Julie Hoagland as the Company’s Chief People Officer (“CPO”). In this new executive role, Ms. Hoagland will report to Chris Easter, Chief Executive Officer of Daseke, and lead all aspects of the Company’s human resources function, with a focus on fostering the strategic development of the Company’s culture, leadership, and talent.

Chris Easter commented, “We are excited to announce Julie’s appointment as Daseke’s first ever Chief People Officer, which compliments and completes the strong leadership team we have built over the last year. Julie brings over two and a half decades of experience as an established and highly respected human resources professional. To enable our strategy and build an even stronger Daseke, we must continue to invest in our people and culture. Our strategy remains focused on our goal to deliver a ninety percent operating ratio over the long-term, and we will need to further invest in building a highly functional culture and strong bench of talent to be successful. We are happy to welcome Julie to the team and look forward to her contribution.”

Ms. Hoagland brings over 25 years of human resources experience to Daseke’s leadership team. Ms. Hoagland joins Daseke from A. H. Belo Corporation, a Dallas-based news and emerging media and digital marketing company, where she served as Senior Vice President and Chief People Officer since 2016. Prior to joining A. H. Belo Corporation, Ms. Hoagland served as Head of People Services at DaVita Rx, where she helped support significant growth, including employee headcount expansion from 500 to over 1,700 employees, while maintaining a great place to work. Her work at DaVita Rx garnered her recognition as the 2012 HR Executive of the Year by Dallas HR (the local SHRM affiliate). She earned a Bachelor’s degree in Personnel Management and Industrial Relations from the University of North Texas and completed her Business of Human Resources Executive Program at the University of North Carolina.

In connection with Ms. Hoagland’s hiring, the Board of Directors has approved equity awards as an inducement material to her acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). Ms. Hoagland was granted the following awards: (A) options to purchase 66,600 shares of the Company’s common stock, with an exercise price of $6.89 per share (the closing price of the Company’s common stock on November 6, 2020), which are scheduled to vest in three equal annual installments, subject to the her continued employment; and (B) 45,700 performance stock units that are eligible to vest at the end of a three-year performance period subject to the achievement of specified stock price hurdles and the her continued employment. Ms. Hoagland’s inducement grants provide for varying levels of accelerated vesting upon the occurrence of specified employment termination and change in control events.

About Daseke, Inc.

Daseke, Inc. is the largest flatbed and specialized transportation and logistics company in North America. Daseke offers comprehensive, best-in-class services to many of the world’s most respected industrial shippers through experienced people, a fleet of more than 5,000 tractors and 11,500 flatbed and specialized trailers. For more information, please visit www.daseke.com.

Forward‐Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “will,” “expect,” “anticipate,” “continue,” “estimate,” “project,” “believe,” “plan,” “should,” “could,” “would,” “forecast,” “seek,” “target,” “predict,” and “potential,” the negative of these terms, or other comparable terminology. Projected financial information, including our guidance outlook, are forward-looking statements. Forward-looking statements may also include statements about the Company’s goals, including its restructuring actions and cost reduction initiatives; the Company’s financial strategy, liquidity and capital required for its business strategy and plans; the Company’s competition and government regulations; general economic conditions; and the Company’s future operating results.

These forward-looking statements are based on information available as of the date of this release, and current expectations, forecasts and assumptions. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that the Company anticipates. Accordingly, forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, readers are cautioned not to place undue reliance on the forward-looking statements.

The effect of the COVID-19 pandemic may remain prevalent for a significant period of time and may continue to adversely affect the Company’s business, results of operations and financial condition even after the COVID-19 pandemic has subsided and “stay at home” mandates have been lifted. The extent to which the COVID-19 pandemic impacts the Company will depend on numerous evolving factors and future developments that it cannot predict. There are no comparable recent events that provide guidance as to the effect the COVID-19 global pandemic may have, and, as a result, the ultimate impact of the pandemic is highly uncertain and subject to change. Additionally, the Company will regularly evaluate its capital structure and liquidity position. From time to time and as opportunities arise, the Company may access the debt capital markets and modify its debt arrangements to optimize its capital structure and liquidity position.

Forward-looking statements are subject to risks and uncertainties (many of which are beyond our control) that could cause actual results or outcomes to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, general economic and business risks, such as downturns in customers’ business cycles and disruptions in capital and credit markets, the impact to the Company’s business and operations resulting from the COVID-19 pandemic, the Company’s ability to execute and realize all of the expected benefits of its integration, business improvement and comprehensive restructuring plans, the Company’s ability to complete planned or future divestitures successfully, the Company’s ability to adequately address downward pricing and other competitive pressures, driver shortages and increases in driver compensation or owner-operator contracted rates, loss of senior management or key operating personnel, our ability to realize intended benefits from its recent or future acquisitions, seasonality and the impact of weather and other catastrophic events, fluctuations in the price or availability of diesel fuel, increased prices for, or decreases in the availability of, new revenue equipment and decreases in the value of used revenue equipment, the Company’s ability to generate sufficient cash to service all of the Company’s indebtedness, restrictions in its existing and future debt agreements, increases in interest rates, changes in existing laws or regulations, including environmental and worker health safety laws and regulations and those relating to tax rates or taxes in general, the impact of governmental regulations and other governmental actions related to the Company and its operations, litigation and governmental proceedings, and insurance and claims expenses. You should not place undue reliance on these forward-looking statements. For additional information regarding known material factors that could cause our actual results to differ from those expressed in forward-looking statements, please see Daseke’s filings with the Securities and Exchange Commission, available at www.sec.gov, including Daseke’s most recent annual report on Form 10-K, and subsequent quarterly reports on Form 10-Q, particularly the section titled “Risk Factors.”

Investor Relations:

Alpha IR Group
Joseph Caminiti or Chris Hodges
312-445-2870
[email protected]

Posted on November 11, 2020 4:18 pm
EnerSys Reports Second Quarter Fiscal 2021 Results

READING, Pa., Nov. 11, 2020 (GLOBE NEWSWIRE) — EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, announced today results for its second quarter of fiscal 2021, which ended on October 4, 2020.

Second Quarter FY 21 Highlights

Net sales of $708M down 7% YoY

Gross Profit Margins steady at 25%

Operating Expenses flexed with volume

YTD Operating Cash Flow of $217M remains strong **

Operating earnings up 60 bps sequentially due to better volume

Net Earnings per Diluted Share at $0.83

Credit facility leverage ratio improved to 2.1x

TPPL capacity expansion on schedule for H2

Transportation demand fueling surge in Specialty segment

Message from the CEO

We exited our 2nd quarter with a renewed sense of optimism as our incoming order rate approached pre-pandemic levels. COVID-19 adversely impacted our revenue in Q2, but lower costs including commodities led to another quarter of strong cash flow. We generated $217M of operating cash flows in H1. We continue to flex manufacturing capacity to match demand, minimizing manufacturing inefficiency while benefiting from raw material cost reductions. The company remains vigilant about employee safety and is monitoring globally any potentially worsening impacts from the pandemic.

Of our three lines of business, Motive Power remains most affected by COVID-19, but is improving rapidly. Our Energy Systems business held up well as telecommunications operators continue to expand their capacity and continue their 5G rollouts in a measured fashion. Cable operators have remained sluggish related to power supply purchases, but have been very active in recent spectrum auctions boding well for the future. Our Specialty business has benefited from several new aftermarket transportation contracts and renewed demand from over-the-road truck manufacturers. Specialty’s defense unit also won several large multi-year development contracts for batteries on guided munitions again this quarter.

To offset the year over year reduction in revenue, we have taken multiple initiatives to flex our operational expenses. These expenses not only decreased by nearly $13 million for the quarter from the prior year, but as a percentage of sales it improved by 60 bps. As a result, in our second fiscal quarter, we halved the decrease in operating earnings as a percentage of sales from the prior year while posting a sequential improvement of 60 bps. In addition, we have announced the restructuring of our Motive Power business in EMEA with the closure of our Hagen, Germany manufacturing facility. We expect this restructuring will allow the company to save nearly $20 million per year, with an anticipated 3.5 year cash payback.

Our new products and other strategic initiatives will soon become significant sources of additional profitability in addition to improved market conditions. This has occurred through tremendous efforts and sacrifices made by EnerSys colleagues during these trying times. We have strengthened measures to protect ourselves against COVID-19, implementing enhanced health and safety protocols at our facilities around the world. Our employees have responded very well to these challenges.

This second quarter closes out a trying first half of our fiscal year 2021. We have weathered significant headwinds while remaining focused on our strategy and execution. We now have the confidence to resume providing guidance for our upcoming fiscal quarter and we expect to achieve as-adjusted earnings of between $1.17 to $1.23 per share in our third fiscal quarter.

David M. Shaffer, President and Chief Executive Officer, EnerSys

Key Results from Operations by Segments ($ in millions)

Q2 FY21 Q2 FY20 % Change

Energy Systems

Net Sales $ 340.8 $ 342.9 (0.6 ) %

Operating Earnings 22.8 20.4 12.4 %

Adjusted Operating Earnings * 30.1 29.6 1.8 %

Motive Power

Net Sales 263.8 335.3 (21.3 ) %

Operating Earnings 24.2 34.6 (30.1 ) %

Adjusted Operating Earnings * 24.2 35.0 (30.9 ) %

Specialty

Net Sales 103.8 83.9 23.8 %

Operating Earnings 11.5 10.0 13.8 %

Adjusted Operating Earnings * 11.9 10.3 15.2 %

* This is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures” for more information.
** Please refer to Item 1. Financial Statements, Consolidated Condensed Statement of Cash Flows set forth in EnerSys’ Quarterly Report on Form 10-Q for the second quarter ended October 4, 2020.

Net earnings attributable to EnerSys stockholders (“Net earnings”) for the second quarter of fiscal 2021 was $35.7 million, or $0.83 per diluted share, which included an unfavorable highlighted net of tax impact of $7.5 million, or $0.17 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the second quarter of fiscal 2020 were $62.7 million, or $1.47 per diluted share, which included a favorable highlighted net of tax impact of $10.0 million, or $0.24 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Excluding these highlighted items, adjusted Net earnings per diluted share for the second quarter of fiscal 2021, on a non-GAAP basis, were $1.00.

These earnings compare to the prior year second quarter adjusted Net earnings of $1.23 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information, which includes tables reconciling GAAP and non-GAAP adjusted financial measures for the quarters ended October 4, 2020 and September 29, 2019.

Net sales for the second quarter of fiscal 2021 were $708.4 million, a decrease of 7% from the prior year second quarter net sales of $762.1 million and remained relatively flat sequentially from the first quarter of fiscal 2021 net sales of $704.9 million. The decrease from the prior year quarter was the result of a 11% decrease in organic volume and a 1% decrease in pricing, partially offset by a 4% increase from the NorthStar acquisition and a 1% increase in foreign currency translation impact. The sequential flatness was the result of a combined 2% decrease in organic volume and pricing offset by a 2% increase in foreign currency translation impact.

On July 6, 2020, the Company announced that it was changing its reportable segments, beginning with its first quarter of fiscal 2021, from being based on geographic regions to lines of business. The new reportable segments are Energy Systems (which includes energy solutions related to telecommunications systems, uninterruptible power systems, and other power applications), Motive Power (which includes power for electric industrial forklifts used in manufacturing, warehousing and other material handling applications, as well as mining equipment, diesel locomotive starting and other rail equipment) and Specialty (which includes energy solutions for transportation, satellites, military aircraft, submarines, ships and other tactical vehicles). Prior year quarter and year to date financial information has been restated to reflect the new reportable segments.

The Company’s operating results for its business segments for the second quarters of fiscal 2021 and 2020 are as follows:

Quarter ended

($ millions)

October 4, 2020 September 29, 2019

Net sales by segment

Energy Systems $ 340.8 $ 342.9

Motive Power 263.8 335.3

Specialty 103.8 83.9

Total net sales $ 708.4 $ 762.1

Operating earnings

Energy Systems $ 30.1 $ 29.6

Motive Power 24.2 35.0

Specialty 11.9 10.3

Restructuring charges – Energy Systems (1.3 ) (0.6 )

Restructuring and other exit charges – Motive Power (1.7 ) (0.4 )

Restructuring and other exit charges – Specialty (0.1 ) 0.2

Fixed asset write-off relating to exit activities and other – Energy Systems — (0.1 )

Fixed asset write-off relating to exit activities and other – Motive Power — (5.4 )

Amortization of identified intangible assets from recent acquisitions – Energy Systems (5.7 ) (5.3 )

Amortization of identified intangible assets from recent acquisitions – Specialty (0.4 ) —

ERP system implementation and other – Energy Systems (1.5 ) (3.2 )

ERP system implementation and other – Motive Power — (0.4 )

Acquisition activity expense – Energy Systems (0.1 ) (0.7 )

Acquisition activity expense – Specialty — (0.3 )

Total operating earnings $ 55.4 $ 58.7

Net earnings for the six months of fiscal 2021 was $70.9 million, or $1.65 per diluted share, which included an unfavorable highlighted net of tax impact of $11.7 million, or $0.27 per diluted share, from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Net earnings for the six months of fiscal 2020 were $111.3 million, or $2.59 per diluted share, which included a favorable highlighted net of tax impact of $2.7 million, or $0.06 per diluted share from highlighted items described in further detail in the tables shown below, reconciling non-GAAP adjusted financial measures to reported amounts.

Adjusted Net earnings per diluted share for the six months of fiscal 2021, on a non-GAAP basis, were $1.92. This compares to the prior year six months adjusted Net earnings of $2.53 per diluted share. Please refer to the section included herein under the heading “Reconciliation of Non-GAAP Financial Measures” for a discussion of the Company’s use of non-GAAP adjusted financial information.

Net sales for the six months of fiscal 2021 were $1,413.3 million, a decrease of 8% from the prior year six months net sales of $1,542.3 million. The decrease from the prior year six months was the result of an 11% decrease in organic volume and a 1% decrease in pricing, partially offset by a 4% increase from the NorthStar acquisition.

The Company’s operating results for its business segments for the six months of fiscal 2021 and 2020 are as follows:

Six months ended

($ millions)

October 4, 2020 September 29, 2019

Net sales by segment

Energy Systems $ 694.2 $ 696.7

Motive Power 526.6 679.7

Specialty 192.5 165.9

Total net sales $ 1,413.3 $ 1,542.3

Operating earnings

Energy Systems $ 58.2 $ 59.5

Motive Power 51.5 72.6

Specialty 17.7 20.5

Restructuring charges – Energy Systems (1.8 ) (1.7 )

Restructuring and other exit charges – Motive Power (2.5 ) (1.0 )

Restructuring and other exit charges – Specialty (0.2 ) (0.5 )

Fixed asset write-off relating to exit activities and other – Energy Systems — (0.1 )

Fixed asset write-off relating to exit activities and other – Motive Power — (5.4 )

Amortization of identified intangible assets from recent acquisitions – Energy Systems (11.7 ) (10.6 )

Amortization of identified intangible assets from recent acquisitions – Specialty (0.8 ) —

ERP system implementation and other – Energy Systems (1.5 ) (4.1 )

ERP system implementation and other – Motive Power — (0.9 )

Acquisition activity expense – Energy Systems (0.2 ) (0.8 )

Acquisition activity expense – Specialty (0.1 ) (0.5 )

Total operating earnings $ 108.6 $ 127.0

Reconciliation of Non-GAAP Financial Measures

This press release contains financial information determined by methods other than in accordance with U.S. Generally Accepted Accounting Principles, (“GAAP”). EnerSys’ management uses the non-GAAP measures “adjusted Net earnings” and “adjusted operating earnings” as applicable, in their analysis of the Company’s performance. This measure, as used by EnerSys in past quarters and years, adjusts operating earnings and Net earnings determined in accordance with GAAP to reflect changes in financial results associated with the Company’s restructuring initiatives and other highlighted charges and income items. Management believes the presentation of these financial measures reflecting these non-GAAP adjustments provides important supplemental information in evaluating the operating results of the Company as distinct from results that include items that are not indicative of ongoing operating results and overall business performance; in particular, those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, ERP system implementation, amortization of Alpha and NorthStar related intangible assets and tax valuation allowance changes, including those related to the adoption of the Tax Cuts and Jobs Act in the United States and the Federal Act on Tax Reform and AHV Financing in Switzerland. Because these charges are not incurred as a result of ongoing operations, or are incurred as a result of a potential or previous acquisition, they are not as helpful a measure of the performance of our underlying business, particularly in light of their unpredictable nature and are difficult to forecast. Although we exclude the amortization of purchased intangibles from these non-GAAP measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.

Income tax effects of non-GAAP adjustments are calculated using the applicable statutory tax rate for the jurisdictions in which the charges (benefits) are incurred, while taking into consideration any valuation allowances. For those items which are non-taxable, the tax expense (benefit) is calculated at 0%.

These non-GAAP disclosures have limitations as an analytical tool, should not be viewed as a substitute for operating earnings or Net earnings determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Management believes that this non-GAAP supplemental information will be helpful in understanding the Company’s ongoing operating results. This supplemental presentation should not be construed as an inference that the Company’s future results will be unaffected by similar adjustments to Net earnings determined in accordance with GAAP.

A reconciliation of non-GAAP adjusted operating earnings is set forth in the table above, providing a reconciliation of non-GAAP adjusted operating earnings to the Company’s reported operating results for its business segments. Included below is a reconciliation of non-GAAP adjusted Net earnings to reported amounts. Non-GAAP adjusted operating earnings and Net earnings are calculated excluding restructuring and other highlighted charges and credits. The following tables provide additional information regarding certain non-GAAP measures:

Quarter ended

(in millions, except share and per share amounts)

October 4, 2020 September 29, 2019

Net Earnings reconciliation

As reported Net Earnings $ 35.7 $ 62.7

Non-GAAP adjustments:

Restructuring and other exit charges 3.1 (1 ) 6.3 (1)

Amortization of identified intangible assets from recent acquisitions 6.1 (2 ) 5.3 (2)

ERP system implementation and other 1.5 (3 ) 3.6 (3)

Acquisition activity expense 0.1 (4 ) 1.0 (4)

Income tax effect of above non-GAAP adjustments (3.3 ) (5.2 )

Swiss Tax Reform — (21.0 )

Non-GAAP adjusted Net Earnings $ 43.2 $ 52.7

Outstanding shares used in per share calculations

Basic 42,521,659 42,392,039

Diluted 43,087,455 42,708,082

Non-GAAP adjusted Net Earnings per share:

Basic $ 1.02 $ 1.24

Diluted $ 1.00 $ 1.23

Reported Net Earnings per share:

Basic $ 0.84 $ 1.48

Diluted $ 0.83 $ 1.47

Dividends per common share $ 0.175 $ 0.175

The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:

Quarter ended

($ millions)

October 4, 2020 September 29, 2019

Pre-tax Pre-tax

(1) Restructuring charges – Energy Systems $ 1.3 $ 0.6

(1) Restructuring and other exit charges – Motive Power 1.7 0.4

(1) Restructuring and other exit charges – Specialty 0.1 (0.2 )

(1) Fixed asset write-off relating to exit activities and other – Energy Systems — 0.1

(1) Fixed asset write-off relating to exit activities and other – Motive Power — 5.4

(2) Amortization of identified intangible assets from recent acquisitions – Energy Systems 5.7 5.3

(2) Amortization of identified intangible assets from recent acquisitions – Specialty 0.4 —

(3) ERP system implementation and other – Energy Systems 1.5 3.2

(3) ERP system implementation and other – Motive Power — 0.4

(4) Acquisition activity expense – Energy Systems 0.1 0.7

(4) Acquisition activity expense – Specialty — 0.3

Total Non-GAAP adjustments $ 10.8 $ 16.2

Six months ended

(in millions, except share and per share amounts)

October 4, 2020 September 29, 2019

Net Earnings reconciliation

As reported Net Earnings $ 70.9 $ 111.3

Non-GAAP adjustments:

Restructuring and other exit charges 4.5 (1 ) 8.7 (1)

Amortization of identified intangible assets from recent acquisitions 12.5 (2 ) 10.6 (2)

ERP system implementation and other 1.5 (3 ) 5.0 (3)

Acquisition activity expense 0.3 (4 ) 1.3 (4)

Income tax effect of above non-GAAP adjustments (5.2 ) (7.3 )

Swiss Tax Reform (1.9 ) (21.0 )

Non-GAAP adjusted Net Earnings $ 82.6 $ 108.6

Outstanding shares used in per share calculations

Basic 42,453,774 42,524,189

Diluted 43,009,755 42,913,258

Non-GAAP adjusted Net Earnings per share:

Basic $ 1.95 $ 2.55

Diluted $ 1.92 $ 2.53

Reported Net Earnings per share:

Basic $ 1.67 $ 2.62

Diluted $ 1.65 $ 2.59

Dividends per common share $ 0.35 $ 0.35

The following table provides the line of business allocation of the non-GAAP adjustments shown in the reconciliation above:

Six months ended

($ millions)

October 4, 2020 September 29, 2019

Pre-tax Pre-tax

(1) Restructuring charges – Energy Systems $ 1.8 $ 1.7

(1) Restructuring and other exit charges – Motive Power 2.5 1.0

(1) Restructuring and other exit charges – Specialty 0.2 0.5

(1) Fixed asset write-off relating to exit activities and other – Energy Systems — 0.1

(1) Fixed asset write-off relating to exit activities and other – Motive Power — 5.4

(2) Amortization of identified intangible assets from recent acquisitions – Energy Systems 11.7 10.6

(2) Amortization of identified intangible assets from recent acquisitions – Specialty 0.8 —

(3) ERP system implementation and other – Energy Systems 1.5 4.1

(3) ERP system implementation and other – Motive Power — 0.9

(4) Acquisition activity expense – Energy Systems 0.2 0.8

(4) Acquisition activity expense – Specialty 0.1 0.5

Total Non-GAAP adjustments $ 18.8 $ 25.6

Summary of Earnings (Unaudited)

(In millions, except share and per share data)

Quarter ended

October 4, 2020 September 29, 2019

Net sales $ 708.4 $ 762.1

Gross profit 177.5 197.3

Operating expenses 119.0 132.3

Restructuring and other exit charges 3.1 6.3

Operating earnings 55.4 58.7

Earnings before income taxes 41.5 48.4

Income tax expense (benefit) 5.8 (14.3 )

Net earnings attributable to EnerSys stockholders $ 35.7 $ 62.7

Net reported earnings per common share attributable to EnerSys stockholders:

Basic $ 0.84 $ 1.48

Diluted $ 0.83 $ 1.47

Dividends per common share $ 0.175 $ 0.175

Weighted-average number of common shares used in reported earnings per share calculations:

Basic 42,521,659 42,392,039

Diluted 43,087,455 42,708,082

Six months ended

October 4, 2020 September 29, 2019

Net sales $ 1,413.3 $ 1,542.3

Gross profit 352.5 398.8

Operating expenses 239.4 263.1

Restructuring and other exit charges 4.5 8.7

Operating earnings 108.6 127.0

Earnings before income taxes 83.1 107.0

Income tax expense (benefit) 12.2 (4.3 )

Net earnings attributable to EnerSys stockholders $ 70.9 $ 111.3

Net reported earnings per common share attributable to EnerSys stockholders:

Basic $ 1.67 $ 2.62

Diluted $ 1.65 $ 2.59

Dividends per common share $ 0.35 $ 0.35

Weighted-average number of common shares used in reported earnings per share calculations:

Basic 42,453,774 42,524,189

Diluted 43,009,755 42,913,258

EnerSys also announced that it will host a conference call to discuss the Company’s second quarter fiscal year 2021 financial results and provide an overview of the business. The call will conclude with a question and answer session.

The call, scheduled for Thursday, November 12, 2020 at 9:00 a.m., Eastern Time, will be hosted by David M. Shaffer, President and Chief Executive Officer, and Michael J. Schmidtlein, Chief Financial Officer.

The call will also be webcast on EnerSys’ website. There will be a free download of a compatible media player on the Company’s website at http://www.enersys.com.

The conference call information is:

Date: Thursday, November 12, 2020

Time: 9:00 a.m. Eastern Time

Via Internet: http://www.enersys.com

Domestic Dial-In Number: 877-359-9508

International Dial-In Number: 224-357-2393

Passcode: 2927246

A replay of the conference call will be available from 12:30 p.m. on November 12, 2020 through 12:30 p.m. on December 12, 2020.

The replay information is:

Via Internet: http://www.enersys.com

Domestic Replay Number: 855-859-2056

International Replay Number: 404-537-3406

Passcode: 2927246

For more information, contact Michael J. Schmidtlein, Chief Financial Officer, EnerSys, P.O. Box 14145, Reading, PA 19612-4145, USA. Tel: 610-236-4040 or by emailing [email protected]; Web site: www.enersys.com.

EDITOR’S NOTE: EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Energy Systems, which combine enclosures, power conversion, power distribution and energy storage, are used in the telecommunication, broadband and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, large over-the-road trucks, premium automotive, medical and security systems applications. EnerSys also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. With the recent NorthStar acquisition, EnerSys has solidified its position as the market leader for premium Thin Plate Pure Lead batteries which are sold across all three lines of business.

More information regarding EnerSys can be found at www.enersys.com.

Caution Concerning Forward-Looking Statements

This press release, and oral statements made regarding the subjects of this release, contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, or the Reform Act, which may include, but are not limited to, statements regarding EnerSys’ earnings estimates, intention to pay quarterly cash dividends, return capital to stockholders, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts, including statements identified by words such as “believe,” “plan,” “seek,” “expect,” “intend,” “estimate,” “anticipate,” “will,” and similar expressions. All statements addressing operating performance, events, or developments that EnerSys expects or anticipates will occur in the future, including statements relating to sales growth, earnings or earnings per share growth, order intake, backlog, payment of future cash dividends, commodity prices, execution of its stock buy back program, judicial or regulatory proceedings, and market share, as well as statements expressing optimism or pessimism about future operating results or benefits from its cash dividend, its stock buy back programs, future responses to and effects of COVID-19 pandemic, future responses to and effects of COVID-19 pandemic, satisfactory resolution of insurance coverage and claims for both property damage and business interruption, strategy for business interruption, or revenue loss due to the fire at the Richmond, KY facility, are forward-looking statements within the meaning of the Reform Act. The forward-looking statements are based on management’s current views and assumptions regarding future events and operating performance, and are inherently subject to significant business, economic, and competitive uncertainties and contingencies and changes in circumstances, many of which are beyond the Company’s control. The statements in this press release are made as of the date of this press release, even if subsequently made available by EnerSys on its website or otherwise. EnerSys does not undertake any obligation to update or revise these statements to reflect events or circumstances occurring after the date of this press release.

Although EnerSys does not make forward-looking statements unless it believes it has a reasonable basis for doing so, EnerSys cannot guarantee their accuracy. The foregoing factors, among others, could cause actual results to differ materially from those described in these forward-looking statements. For a list of other factors which could affect EnerSys’ results, including earnings estimates, see EnerSys’ filings with the Securities and Exchange Commission, “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations,” including “Forward-Looking Statements,” set forth in EnerSys’ Annual Report on Form 10-K for the fiscal year ended March 31, 2020. No undue reliance should be placed on any forward-looking statements.

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