Market Newsdesk

Highlights

• Reported GAAP net loss of $44.4 million, or $1.32 per share, and adjusted net income⁽¹⁾ of $3.1 million, or $0.09 per share, in the third quarter of 2020 (excluding $45.0 million of asset write-downs and other items listed in Appendix A to this release).
• Total Adjusted EBITDA⁽¹⁾ of $46.2 million in the third quarter of 2020.
• Generated approximately $31 million of free cash flow⁽¹⁾ in the third quarter of 2020, contributing to over a $47 million reduction in net debt⁽²⁾ and maintaining a strong liquidity position of approximately $470 million as of September 30, 2020.
• Secured a one-year time charter-out contract for an Aframax tanker in the third quarter; approximately 20 percent of the fleet is currently operating under fixed-rate charters at an average rate of $36,300 per day.
• In October 2020, repurchased two Aframax tankers that were previously on sale-leasebacks for $29.6 million.
• In August 2020, completed refinancing of four Suezmax tankers with a new 3-year, $67 million term loan; Teekay Tankers now has no debt maturities until 2023.

VANCOUVER, British Columbia, Nov. 12, 2020 (GLOBE NEWSWIRE) — Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE: TNK) today reported the Company’s results for the quarter ended September 30, 2020:

Consolidated Financial Summary

	Three Months Ended
(in thousands of U.S. dollars, except per share data)	September 30, 2020				June 30, 2020			September 30, 2019 (3)
GAAP FINANCIAL COMPARISON
Total revenues	170,240				246,492			187,444
(Loss) income from operations	(29,193	)			92,986			(4,873	)
Net (loss) income	(44,434	)			98,198			(19,850	)
(Loss) earnings per share (4)	(1.32	)			2.91			(0.59	)
NON-GAAP FINANCIAL COMPARISON
Total Adjusted EBITDA (1)	46,248				124,241			27,837
Adjusted net income (loss) (1)	3,132				80,700			(21,173	)
Adjusted earnings (loss) per share (1)(4)	0.09				2.39			(0.63	)
Free cash flow (1)	31,178				125,799			11,735

(1)   These are non-GAAP financial measures. Please refer to “Definitions and Non-GAAP Financial Measures” and the Appendices to this release for definitions of these terms and reconciliations of these non-GAAP financial measures as used in this release to the most directly comparable financial measures under United States generally accepted accounting principles (GAAP).

(2)   Net debt is a non-GAAP financial measure and represents short-term, current and long-term debt and current and long-term obligations related to finance leases less cash and cash equivalents and restricted cash.

(3)   Comparative balances relating to the three months ended September 30, 2019 have been updated to reflect results as presented in the Company’s Annual Report on Form 20-F for the year ended December 31, 2019.

(4)   The per share amounts for all periods presented have been adjusted to reflect a one-for-eight reverse stock split completed in November 2019.

Third Quarter of 2020 Compared to Second Quarter of 2020

GAAP net loss and non-GAAP adjusted net income for the third quarter of 2020, compared to the second quarter of 2020, primarily reflects lower average spot tanker rates and a higher number of scheduled drydockings during the third quarter of 2020. GAAP net loss in the third quarter of 2020 also included a $45.0 million write-down of assets, while GAAP net income in the second quarter of 2020 included a $15.2 million reduction in freight tax accruals relating to prior periods.

Third Quarter of 2020 Compared to Third Quarter of 2019

GAAP net loss for the third quarter of 2020 increased, while non-GAAP adjusted net income improved compared to the same period of the prior year. These measures were positively impacted primarily by higher revenues from several fixed-rate charters secured during the past year at higher rates and higher average spot tanker rates in the third quarter of 2020, partially offset by the sale of four Suezmax tankers during December 2019 and the first quarter of 2020, as well as the sale of the non-US portion of the ship-to-ship support services and LNG terminal management business in the second quarter of 2020. GAAP net loss in the third quarter of 2020 also included a $45.0 million write-down of assets.

CEO Commentary

“Despite weaker spot tanker rates and a heavy drydock schedule during the third quarter of 2020, Teekay Tankers reported an adjusted net income of $3.1 million, or $0.09 per share, as we benefitted from well-timed fixed-rate charters secured over the last several quarters at rates meaningfully above current spot market levels,” commented Kevin Mackay, Teekay Tankers’ President and Chief Executive Officer.

“Following three strong quarters, spot tanker rates came under pressure during the third quarter of 2020 as a result of seasonal weakness, record OPEC+ production cuts resulting from reduced oil demand related to the pandemic, and the unwinding of floating storage. We were able to successfully mitigate the impact of these weaker rates with 22 percent of our fleet on fixed-rate charters during the third quarter at an average rate of $37,600 per day,” commented Mr. Mackay. “This weakness in spot tanker rates has continued into the fourth quarter; however, there is potential for an uplift in spot tanker rates as seasonal winter conditions typically tighten tanker supply as we move through the fourth quarter. At this point, the near-term outlook remains uncertain, but we are pleased that we secured a fifth of our fleet on strong fixed-rate charters and remain encouraged by fleet supply fundamentals which are significantly more favorable relative to prior market cycles.”

“Increasing our financial strength has been one of our strategic priorities, and over the past year, we have transformed our balance sheet,” continued Mr. Mackay. “During this past year, we generated over $400 million in free cash flow and completed over $100 million of asset sales, which have contributed to net debt reduction of approximately $500 million, or 50 percent, as well as strengthened our liquidity position from around $100 million to $470 million at the end of the third quarter of 2020. In addition to delevering our balance sheet, we have also reduced our cost of capital through the recently completed debt refinancing and the voluntary early termination of existing sale-leaseback financings on two of our vessels.”

Mr. Mackay concluded, “I want to thank our seafarers and onshore colleagues for their continued dedication to provide safe and uninterrupted service to our customers during this COVID-19 pandemic over the past several months. With strong fixed-rate charter contracts, low free cash flow break-even, reduced balance sheet leverage, a strong liquidity position, and no debt maturities until 2023, we believe that Teekay Tankers is well-positioned financially to continue creating shareholder value throughout a wide range of near-term market conditions.”

Summary of Recent Events

In October 2020, Teekay Tankers repurchased two of its Aframax vessels that were previously subject to long-term finance leases for a total purchase price of $29.6 million.  The purchases were funded with existing cash balances and therefore, the two vessels are currently unencumbered.

In September 2020, Teekay Tankers entered into a one-year time charter-out contract for an Aframax tanker at $18,700 per day, which commenced in early-October 2020.

In August 2020, Teekay Tankers secured a three-year, $67 million term loan to refinance four Suezmax tankers. The net proceeds from the new debt facility, along with existing cash balances, were used to repay approximately $85 million outstanding on the Company’s existing debt facility with respect to these vessels that was scheduled to mature in 2021.

Tanker Market

Crude tanker spot rates fell during the third quarter of 2020 due to a combination of seasonal weakness, reduced oil demand due to the impact of COVID-19, and low trade volumes as a result of oil supply cuts by the OPEC+ group of producers. The return of some ships to the spot trading fleet from floating storage further compounded the weakness in rates.

Global oil demand has been gradually recovering since the low point in April 2020, when oil demand plummeted by over 20 million barrels per day (mb/d) due to severe restrictions and lockdowns in the wake of the COVID-19 outbreak. These restrictions, which were at their height in the second quarter of 2020, have eased since the summer, leading to a corresponding increase in oil demand. However, as of October 2020, global oil demand remains several million barrels below pre-pandemic levels and although global crude oil and refined product inventories have been falling since the third quarter of 2020, they remain well above long-term averages.

The OPEC+ group of oil producers, who implemented supply cuts of 9.7 mb/d in May 2020, returned 2 mb/d of supply to the market in August 2020. Although this was a positive step, it still results in crude trade volumes that are well below pre-pandemic levels, which has depressed crude spot tanker rates into the early part of the fourth quarter of 2020.

Typically, spot tanker rates would find some support during the winter months due to the seasonal impacts of higher oil demand and an increase in vessel delays due to poor weather and shorter daylight hours. While these seasonal factors are still expected to be positive for the tanker market, the potential increase in spot rates this winter is expected to be tempered by the underlying imbalance between tanker supply and demand. Mid-size tankers could find some support from an increase in Libyan crude oil production, which is expected to reach 1.0 mb/d during the fourth quarter of 2020, having averaged only 0.1 mb/d during the third quarter of 2020. However, this could be counter-balanced by a potential slowdown in demand due to a resurgence of COVID-19 cases in many regions and the potential for fresh restrictions and lockdowns over the winter months.

Looking ahead, the Company expects that tanker demand will continue to recover during 2021 as oil demand increases and oil inventories are brought back to more normal levels. However, the timing of this recovery remains uncertain and depends to a large extent on how the COVID-19 pandemic evolves over the coming months. The OPEC+ group is scheduled to return a further 2.0 mb/d of oil supply to the market from January 2021 onwards, which would be positive for tanker demand; however, a more definitive determination is expected to be made at the next OPEC meeting on November 30, 2020.

Fleet supply fundamentals continue to look very positive due to a significantly reduced level of newbuild ordering, a diminishing tanker orderbook, and the potential for higher scrapping due to an aging world fleet. As of October 2020, the tanker orderbook totaled 47.5 million deadweight tonnes (mdwt), or just over seven percent of the existing fleet size. When measured as a proportion of the total fleet, this is the lowest orderbook since 1996. The level of newbuild orders remains low, and is expected to remain so due to uncertainty over vessel technology and a more restrictive financial landscape. Although scrapping has been very low this year, scrapping facilities have now returned to full operation, and the level may pick up during periods of potentially weaker spot tanker rates in 2021.

In summary, the tanker market has come off the highs seen during the first half of the year, and the next few months look to be challenging. However, tanker demand should continue to gradually recover through the course of 2021 which, coupled with a positive fleet supply outlook, should help the tanker market begin to rebalance.

Operating Results

The following table highlights the operating performance of the Company’s time-charter vessels and spot vessels trading in revenue sharing arrangements (RSAs), voyage charters and full service lightering, in each case measured in net revenues⁽ⁱ⁾ per revenue day, or time-charter equivalent (TCE) rates, before off-hire bunker expenses and fees associated with vessels exiting the RSAs:

	Three Months Ended
	September 30, 2020(ii)				June 30, 2020(ii)				September 30, 2019(ii)
Time Charter-Out Fleet
Suezmax revenue days	831				794				92
Suezmax TCE per revenue day	$	41,216			$	37,740			$	20,488
Aframax revenue days	184				91				—
Aframax TCE per revenue day	$	24,983			$	22,925			—
LR2 revenue days	79				71				—
LR2 TCE per revenue day	$	28,638			$	25,463			—
Spot Fleet
Suezmax revenue days	1,388				1,544				2,576
Suezmax spot TCE per revenue day (iii)	$	22,269			$	46,484			$	16,321
Aframax revenue days	1,534				1,632				1,821
Aframax spot TCE per revenue day (iv)	$	14,802			$	29,569			$	14,850
LR2 revenue days	865				876				781
LR2 spot TCE per revenue day (v)	$	14,400			$	29,621			$	14,686
Total Fleet
Suezmax revenue days	2,219				2,338				2,668
Suezmax TCE per revenue day	$	29,366			$	43,516			$	16,465
Aframax revenue days	1,718				1,723				1,821
Aframax TCE per revenue day	$	15,892			$	29,218			$	14,850
LR2 revenue days	944				947				781
LR2 TCE per revenue day	$	15,592			$	29,309			$	14,686

1. Net revenues is a non-GAAP financial measure. Please refer to “Definitions and Non-GAAP Financial Measures” for a definition of this term.
2. Revenue days are the total number of calendar days the Company’s vessels were in its possession during a period, less the total number of off-hire days during the period associated with major repairs, dry dockings or special or intermediate surveys. Consequently, revenue days represent the total number of days available for the vessel to earn revenue. Idle days, which are days when the vessel is available to earn revenue but is not employed, are included in revenue days.
3. Includes vessels trading in the Teekay Suezmax RSA, Teekay Suezmax Classic RSA and non-pool voyage charters.
4. Prior to January 1, 2020, includes vessels trading in the Teekay Aframax RSA, Teekay Aframax Classic RSA, non-pool voyage charters and full service lightering voyages. Subsequent to January 1, 2020, includes Aframax vessels trading in the Teekay Aframax RSA, non-pool voyage charters and full service lightering voyages.
5. Prior to January 1, 2020, includes vessels trading in the Teekay Taurus RSA and non-pool voyage charters. Subsequent to January 1, 2020, includes LR2 vessels trading in the Teekay Aframax RSA, non-pool voyage charters, and full service lightering voyages.

Fourth Quarter of 2020 Tanker Performance Update

The following table summarizes Teekay Tankers’ TCE rates fixed to-date in the fourth quarter of 2020 for both its spot-traded fleet only and its combined spot-traded and fixed-rate fleets:

	To-Date Spot Tanker Rates				Combined To-Date Spot Tanker and Fixed-Rate Contract Rates
	TCE Rates Per Day		% Fixed		TCE Rates Per Day		% Fixed
Suezmax	$10,100		49	%	$24,200		62	%
Aframax (1)	$7,700		45	%	$12,400		54	%
LR2 (2)	$8,500		44	%	$13,500		52	%

(1)   Rates and percentage booked to-date include Aframax RSA, full service lightering (FSL) and non-pool voyage charters for all Aframax vessels.
(2)   Rates and percentage booked to-date include Aframax RSA, FSL and non-pool voyage charters for all LR2 vessels, whether trading in the clean or dirty spot market.

Teekay Tankers’ Fleet

The following table summarizes the Company’s fleet as of November 1, 2020:

	Owned and Leased Vessels	Chartered-in Vessels	Total
Fixed-rate:
Suezmax Tankers	7	—	7
Aframax Tankers	3	—	3
LR2 Product Tanker	1	—	1
Total Fixed-Rate Fleet	11	—	11
Spot-rate:
Suezmax Tankers	19	—	19
Aframax Tankers(i)	14	2	16
LR2 Product Tankers(ii)	8	2	10
VLCC Tanker(iii)	1	—	1
Total Spot Fleet	42	4	46
Total Tanker Fleet	53	4	57
STS Support Vessels	—	3	3
Total Teekay Tankers’ Fleet	53	7	60

1. Includes two Aframax tankers with charter-in contracts that are scheduled to expire in March 2021 and September 2021, respectively, one with an option for the Company to extend for one additional year.
2. Includes two LR2 product tankers with charter-in contracts that are scheduled to expire in January 2021, each with an option for the Company to extend for one additional year.
3. The Company’s ownership interest in this vessel is 50 percent.

Liquidity Update

As at September 30, 2020, the Company had total liquidity of $469.8 million (comprised of $120.9 million in cash and cash equivalents and $348.9 million in undrawn capacity from its credit facilities) compared to total liquidity of $467.5 million as at June 30, 2020.

Conference Call

The Company plans to host a conference call on Thursday, November 12, 2020 at 12:00 p.m. (ET) to discuss its results for the third quarter of 2020. All shareholders and interested parties are invited to listen to the live conference call by choosing from the following options:

• By dialing (800) 367-2403 or (647) 490-5367, if outside of North America, and quoting conference ID code 9018310.
• By accessing the webcast, which will be available on Teekay Tankers’ website at www.teekay.com (the archive will remain on the website for a period of one year).

An accompanying Third Quarter of 2020 Earnings Presentation will also be available at www.teekay.com in advance of the conference call start time.

About Teekay Tankers

Teekay Tankers currently has a fleet of 52 double-hull tankers (including 26 Suezmax tankers, 17 Aframax tankers and nine LR2 product tankers), and also has four time chartered-in tankers. Teekay Tankers’ vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. Teekay Tankers also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business that performs full service lightering and lightering support operations in the U.S. Gulf and Caribbean. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.

Teekay Tankers’ Class A common stock trades on the New York Stock Exchange under the symbol “TNK.”

For Investor Relations enquiries contact:

Ryan Hamilton
Tel:  +1 (604) 609-2963
Website:  www.teekay.com

Definitions and Non-GAAP Financial Measures

This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission (SEC). These non-GAAP financial measures, which include Adjusted Net Income (Loss), Free Cash Flow, Net Revenues, and Adjusted EBITDA, are intended to provide additional information and should not be considered substitutes for measures of performance prepared in accordance with GAAP. In addition, these measures do not have standardized definitions across companies, and therefore may not be comparable to similar measures presented by other companies.  These non-GAAP measures are used by management, and the Company believes that these supplemental metrics assist investors and other users of its financial reports in comparing financial and operating performance of the Company across reporting periods and with other companies.

Non-GAAP Financial Measures

Adjusted net income (loss) excludes items of income or loss from GAAP net (loss) income that are typically excluded by securities analysts in their published estimates of the Company’s financial results. The Company believes that certain investors use this information to evaluate the Company’s financial performance, as does management. Please refer to Appendix A of this release for a reconciliation of this non-GAAP financial measure to net (loss) income, the most directly comparable GAAP measure reflected in the Company’s consolidated financial statements.

Adjusted EBITDA represents net (loss) income before interest, taxes, and depreciation and amortization and is adjusted to exclude certain items whose timing or amount cannot be reasonably estimated in advance or that are not considered representative of core operating performance. Such adjustments include foreign exchange gains and losses, gains and losses on sale of vessels, unrealized credit loss adjustments, unrealized gains and losses on derivative instruments and any write-offs and certain other income or expenses. Adjusted EBITDA also excludes realized gains or losses on interest rate swaps as management, in assessing the Company’s performance, views these gains or losses as an element of interest expense and realized gains or losses on derivative instruments resulting from amendments or terminations of the underlying instruments. Consolidated Adjusted EBITDA represents Adjusted EBITDA from vessels that are consolidated on the Company’s financial statements.  Adjusted EBITDA from Equity-Accounted Joint Venture represents the Company’s proportionate share of Adjusted EBITDA from its equity-accounted joint venture, and as a result, the Company does not have the unilateral ability to determine whether the cash generated by its equity-accounted joint venture is retained within the entity in which the Company holds the equity-accounted joint venture or distributed to the Company and other owners. In addition, the Company does not control the timing of any such distributions to the Company and other owners. Adjusted EBITDA is a non-GAAP financial measure used by certain investors and management to measure the operational performance of companies. Total Adjusted EBITDA represents Consolidated Adjusted EBITDA plus Adjusted EBITDA from Equity-Accounted Joint Venture. Please refer to Appendices C and D of this release for reconciliations of Adjusted EBITDA to net (loss) income and equity income, respectively, which are the most directly comparable GAAP measures reflected in the Company’s consolidated financial statements.

Free cash flow (FCF) represents net (loss) income, plus depreciation and amortization, unrealized losses from derivative instruments, loss on sales of vessels, equity loss from the equity-accounted joint venture, and any write-offs and certain other non-cash non-recurring items, less unrealized gains from derivative instruments, gain on sales of vessels, equity income from the equity-accounted joint venture and certain other non-cash items. The Company includes FCF from the equity-accounted joint venture as a component of its FCF. FCF from the equity-accounted joint venture represents the Company’s proportionate share of FCF from its equity-accounted joint venture. The Company does not control its equity-accounted joint venture, and as a result, the Company does not have the unilateral ability to determine whether the cash generated by its equity-accounted joint venture is retained within the joint venture or distributed to the Company and other owners. In addition, the Company does not control the timing of such distributions to the Company and other owners. Consequently, readers are cautioned when using FCF as a liquidity measure as the amount contributed from FCF from the equity-accounted joint venture may not be available to the Company in the periods such FCF is generated by the equity-accounted joint venture. FCF is a non-GAAP financial measure used by certain investors and management to evaluate the Company’s financial and operating performance and to assess the Company’s ability to generate cash sufficient to repay debt, pay dividends and undertake capital and dry-dock expenditures. Please refer to Appendix B to this release for a reconciliation of this non-GAAP financial measure to net (loss) income, the most directly comparable GAAP financial measure reflected in the Company’s consolidated financial statements.

Net revenues represents revenues less voyage expenses. Because the amount of voyage expenses the Company incurs for a particular charter depends on the type of the charter, the Company uses net revenues to improve the comparability between periods of reported revenues that are generated by the different types of charters and contracts. The Company principally uses net revenues, a non-GAAP financial measure, because the Company believes it provides more meaningful information about the deployment of the Company’s vessels and their performance than does revenues, the most directly comparable financial measure under GAAP.

Teekay Tankers Ltd.

Summary Consolidated Statements of (Loss) Income

(in thousands of U.S. dollars, except share and per share data)

		Three Months Ended										Nine Months Ended
		September 30,			June 30,			September 30,				September 30,			September 30,
		2020			2020			2019 (1)				2020			2019 (1)
		(unaudited)			(unaudited)			(unaudited)				(unaudited)			(unaudited)
Voyage charter revenues (2)		125,819			207,926			178,174				651,223			591,746
Time-charter revenues		42,180			34,986			1,909				92,733			6,815
Other revenues (3)		2,241			3,580			7,361				14,676			34,051
Total revenues		170,240			246,492			187,444				758,632			632,612
Voyage expenses (2)		(57,777	)		(61,558	)		(92,866	)			(238,576	)		(293,263	)
Vessel operating expenses		(46,336	)		(46,218	)		(48,539	)			(143,203	)		(156,726	)
Time-charter hire expenses		(9,070	)		(9,296	)		(10,637	)			(28,245	)		(30,877	)
Depreciation and amortization		(29,992	)		(29,546	)		(31,536	)			(89,170	)		(92,059	)
General and administrative expenses		(9,887	)		(9,784	)		(8,739	)			(28,957	)		(27,412	)
(Write-down) and (loss) gain      on sale of assets (4)		(44,973	)		2,896			—				(45,164	)		—
Restructuring charge		(1,398	)		—			—				(1,398	)		—
(Loss) income from operations		(29,193	)		92,986			(4,873	)			183,919			32,275
Interest expense		(12,553	)		(13,492	)		(16,134	)			(41,180	)		(49,683	)
Interest income		337			567			138				1,160			724
Realized and unrealized (loss) gain      on derivative instruments (5)		(414	)		(589	)		1,453				(1,830	)		(1,172	)
Equity income (6)		46			3,188			68				5,174			652
Other (expense) income		(470	)		940			933				1,613			1,182
Net (loss) income before income tax		(42,247	)		83,600			(18,415	)			148,856			(16,022	)
Income tax (expense) recovery (7)		(2,187	)		14,598			(1,435	)			11,747			(5,688	)
Net (loss) income		(44,434	)		98,198			(19,850	)			160,603			(21,710	)
(Loss) earnings per share attributable
	to shareholders of Teekay Tankers
	– Basic (8)	(1.32	)		2.91			(0.59	)			4.76			(0.65	)
	– Diluted (8)	(1.32	)		2.89			(0.59	)			4.73			(0.65	)
Weighted-average number of total common
	shares outstanding
	– Basic (8)	33,738,143			33,727,978			33,623,608				33,712,124			33,610,936
	– Diluted (8)	33,738,143			33,978,730			33,623,608				33,942,191			33,610,936
Number of outstanding shares of common stock at the end of the period (8)		33,738,143			33,738,143			33,623,608				33,738,143			33,623,608

1. Voyage expenses incurred that are recoverable from the Company’s customers in connection with its voyage charter contracts are reflected in voyage charter revenues and voyage expenses. The Company recast the results for the three and nine months ended September 2019 to be consistent with the presentation in the 2019 20-F and this report for the three and nine months ended September 30, 2020. This had the impact of increasing both voyage charter revenues and voyage expenses by $5.1 million and $15.5 million, respectively, for the three and nine months ended September 30, 2019.
    
2. Voyage charter revenues include revenues earned from full service lightering activities. Voyage expenses include certain costs associated with full service lightering activities, which include: short-term in-charter expenses, bunker fuel expenses and other port expenses totaling $10.8 million, $12.7 million and $9.0 million for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019, respectively, and $42.2 million and $39.9 million for the nine months ended September 30, 2020 and September 30, 2019, respectively.
    
3. Other revenues include lightering support and liquefied natural gas services revenue, revenue earned from the Company’s responsibilities in employing the vessels subject to the RSAs, and bunker commissions earned. In April 2020, the Company sold a portion of its oil and gas ship-to-ship transfer support business, including its gas terminal management services.
    
4. (Write-down) and (loss) gain on sale of assets for the three and nine months ended September 30, 2020 includes a write-down of $45.0 million relating to five Aframax tankers and the Company’s operating lease right-of-use assets, which were written-down to their estimated fair values. (Write-down) and (loss) gain on sale of assets for the nine months ended September 30, 2020 also includes a loss on sale of $2.6 million relating to three Suezmax tankers which were sold in the first quarter of 2020 and a write-down of $0.7 million relating to the Company’s operating lease right-of-use assets in the second quarter of 2020, partially offset by a gain on sale of $3.1 million relating to the completion of the sale of the non-US portion of the Company’s ship-to-ship support services business, as well as the Company’s LNG terminal management business in the second quarter of 2020.
    
5. Includes realized gains on interest rate swaps of nil, $0.1 million and $0.6 million for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019, respectively, and realized gains of $0.6 million and $2.4 million for the nine months ended September 30, 2020 and September 30, 2019, respectively. The Company also recognized realized losses of $0.2 million, $0.2 million and realized gains of $0.4 million for the three months ended September 30, 2020, June 30, 2020 and September 30, 2019, respectively, and realized losses of $0.4 million and realized gains of $0.4 million for the nine months ended September 30, 2020 and September 30, 2019, respectively, relating to its forward freight agreements.
    
6. Equity income relates to the Company’s 50 percent interest in the High-Q Investment Ltd. (High-Q) joint venture, which owns one VLCC tanker.
    
7. Income tax recovery for the three months ended June 30, 2020 includes a reduction in freight tax accruals of $15.2 million related to periods prior to 2020.
    
8. The number of shares and per share amounts, including comparative figures, have been adjusted to reflect the changes resulting from the one-for-eight reverse stock split which took effect on November 25, 2019.

Teekay Tankers Ltd.

Summary Consolidated Balance Sheets

(in thousands of U.S. dollars)

	As at			As at			As at
	September 30,			June 30,			December 31,
	2020			2020			2019
	(unaudited)			(unaudited)			(unaudited)
ASSETS
Cash and cash equivalents	120,872			167,907			88,824
Restricted cash	4,686			4,766			3,071
Accounts receivable	46,247			88,663			95,648
Bunker and lube oil inventory	33,444			30,885			49,790
Prepaid expenses	13,561			12,103			10,288
Due from affiliates	3,323			2,440			697
Current portion of derivative assets	—			—			577
Assets held for sale (1)	—			—			65,458
Accrued revenue	29,410			42,153			106,872
Total current assets	251,543			348,917			421,225
Restricted cash – long-term	3,437			3,437			3,437
Vessels and equipment – net	1,131,742			1,161,097			1,223,085
Vessels related to finance leases – net	484,776			511,879			527,081
Operating lease right-of-use assets	6,148			10,758			19,560
Investment in and advances to equity-accounted joint venture	28,635			29,740			28,112
Derivative assets	—			—			82
Other non-current assets	1,175			1,453			1,923
Intangible assets – net	2,122			2,259			2,545
Goodwill	2,426			2,426			2,426
Total assets	1,912,004			2,071,966			2,229,476
LIABILITIES AND EQUITY
Accounts payable and accrued liabilities	83,272			100,012			130,713
Short-term debt	20,000			10,000			50,000
Current portion of long-term debt	10,962			27,549			43,573
Current portion of derivative liabilities	755			414			86
Current obligations related to finance leases	26,794			26,281			25,357
Current portion of operating lease liabilities	7,602			10,986			16,290
Liabilities associated with assets held for sale (1)	—			—			2,980
Due to affiliates	2,932			2,091			2,139
Other current liabilities	3,696			8,485			8,567
Total current liabilities	156,013			185,818			279,705
Long-term debt	204,103			285,389			516,106
Long-term obligations related to finance leases	369,278			376,238			389,431
Long-term operating lease liabilities	421			417			3,270
Other long-term liabilities	29,683			27,516			51,044
Derivative liabilities	717			789			—
Equity	1,151,789			1,195,799			989,920
Total liabilities and equity	1,912,004			2,071,966			2,229,476
Net debt (2)	502,142			549,347			929,135

1. On April 30, 2020, the Company finalized the sale of a portion of its oil and gas ship-to-ship transfer support business, which also provides gas terminal management services, for $27.1 million. The sale of a portion of the ship-to-ship support services business and gas terminal management business, including cash, cash equivalents and restricted cash of $1.5 million, was classified as held for sale as at December 31, 2019. Also included in assets held for sale at December 31, 2019 were two Suezmax vessels.
    
2. Net debt is a non-GAAP financial measure and represents short-term, current and long-term debt and current and long-term obligations related to finance leases less cash and cash equivalents and restricted cash.

Teekay Tankers Ltd.

Summary Consolidated Statements of Cash Flows

(in thousands of U.S. dollars)

		Nine Months Ended
		September 30,				September 30,
		2020				2019
		(unaudited)				(unaudited)
Cash, cash equivalents and restricted cash provided by (used for)
OPERATING ACTIVITIES
Net income (loss)		160,603				(21,710	)
Non-cash items:
Depreciation and amortization		89,170				92,059
Write-down and loss on sale of assets		45,164				—
Unrealized loss on derivative instruments		1,948				3,960
Equity income		(5,174	)			(652	)
Income tax (recovery) expense		(10,951	)			4,181
Other		3,827				3,690
Change in operating assets and liabilities		72,629				18,685
Expenditures for dry docking		(9,405	)			(37,430	)
Net operating cash flow		347,811				62,783
FINANCING ACTIVITIES
Proceeds from short-term debt		235,000				125,000
Proceeds from long-term debt, net of issuance costs		544,872				56,788
Scheduled repayments of long-term debt		(10,366	)			(76,216	)
Prepayments of long-term debt		(882,495	)			(109,688	)
Prepayments of short-term debt		(265,000	)			(75,000	)
Proceeds from financing related to sales and leaseback of vessels		—				63,720
Scheduled repayments of obligations related to finance leases		(18,716	)			(18,075	)
Other		(562	)			(126	)
Net financing cash flow		(397,267	)			(33,597	)
INVESTING ACTIVITIES
Proceeds from sale of assets		85,892				—
Expenditures for vessels and equipment		(8,881	)			(7,210	)
Loan repayments from equity-accounted joint venture		4,650				—
Net investing cash flow		81,661				(7,210	)
Increase in cash, cash equivalents and restricted cash		32,205				21,976
Cash, cash equivalents and restricted cash, beginning of the period		96,790				60,507
Cash, cash equivalents and restricted cash, end of the period		128,995				82,483

Teekay Tankers Ltd.

Appendix A – Reconciliation of Non-GAAP Financial Measures

Adjusted Net Income (Loss)

(in thousands of U.S. dollars, except per share amounts)

			Three Months Ended
			September 30, 2020									June 30, 2020									September 30, 2019
			(unaudited)									(unaudited)									(unaudited)
			$				$ Per Share(1)					$				$ Per Share(1)					$				$ Per Share(1)
Net (loss) income – GAAP basis			(44,434	)			($	1.32	)			98,198				$	2.91				(19,850	)			($	0.59	)
Add (subtract) specific items affecting net loss:
	Write-down and (gain) on sale of assets		44,973				$	1.33				(2,896	)			($	0.09	)			—					—
	Unrealized loss (gain) on derivative instruments (2)		172				$	0.01				475				$	0.02				(405	)			($	0.01	)
	Other (3)		2,421				$	0.07				(15,077	)			($	0.45	)			(918	)			($	0.03	)
Total adjustments			47,566				$	1.41				(17,498	)			($	0.52	)			(1,323	)			($	0.04	)
Adjusted net income (loss) attributable to
	shareholders of Teekay Tankers		3,132				$	0.09				80,700				$	2.39				(21,173	)			($	0.63	)

1. Basic per share amounts.
2. Reflects unrealized gains or losses due to the changes in the mark-to-market value of derivative instruments that are not designated as hedges for accounting purposes, including unrealized gains or losses on interest rate swaps and forward freight agreements.
3. The amount recorded for the three months ended September 30, 2020 primarily relates to restructuring charges, unrealized foreign exchange losses and debt issuance costs which were written off in connection with the refinancing of one of the Company’s debt facilities in August 2020. The amount recorded for the three months ended June 30, 2020 primarily relates to a reduction to freight tax accruals of prior years and unrealized foreign exchange losses. The amount recorded for the three months ended September 30, 2019 primarily relates to unrealized foreign exchange gains.

Teekay Tankers Ltd.

Appendix B – Reconciliation of Non-GAAP Financial Measures

Free Cash Flow

(in thousands of U.S. dollars, except share data)

			Three Months Ended
			September 30, 2020			June 30, 2020			September 30, 2019
			(unaudited)			(unaudited)			(unaudited)
	Net (loss) income – GAAP basis		(44,434	)		98,198			(19,850	)
	Add:
		Depreciation and amortization	29,992			29,546			31,536
		Proportionate share of free cash flow from   equity-accounted joint venture	521			3,664			522
		Unrealized loss on derivative instruments	172			475			—
		Write-down of assets	44,973			185			—
	Less:
		Equity income (1)	(46	)		(3,188	)		(68	)
		Unrealized gain on derivative instruments	—			—			(405	)
		Gain on sale of assets	—			(3,081	)		—
Free cash flow			31,178			125,799			11,735
Weighted-average number of common shares   outstanding for the period – basic			33,738,143			33,727,978			33,623,608

(1)    Equity income relates to the Company’s 50 percent ownership interest in the High-Q joint venture, which owns one VLCC tanker.

Teekay Tankers Ltd.

Appendix C – Reconciliation of Non-GAAP Financial Measures

Total Adjusted EBITDA

(in thousands of U.S. dollars)

	Three Months Ended
	September 30, 2020			June 30, 2020			September 30, 2019
	(unaudited)			(unaudited)			(unaudited)
Net (loss) income – GAAP basis	(44,434	)		98,198			(19,850	)
Depreciation and amortization	29,992			29,546			31,536
Interest expense, net of interest income	12,216			12,925			15,996
Income tax expense (recovery)	2,187			(14,598	)		1,435
EBITDA	(39	)		126,071			29,117
Add (subtract) specific income statement items affecting EBITDA:
Foreign exchange loss (gain)	514			87			(918	)
Write-down and (gain) on sale of assets	44,973			(2,896	)		—
Realized loss (gain) on interest rate swaps	58			(86	)		(613	)
Unrealized loss (gain) on derivative instruments	172			475			(405	)
Equity income	(46	)		(3,188	)		(68	)
Consolidated adjusted EBITDA	45,632			120,463			27,113
Adjusted EBITDA from equity-accounted joint venture   (See Appendix D)	616			3,778			724
Total Adjusted EBITDA	46,248			124,241			27,837

Teekay Tankers Ltd.

Appendix D – Reconciliation of Non-GAAP Financial Measures

Adjusted EBITDA from Equity-Accounted Joint Venture

(in thousands of U.S. dollars)

	Three Months Ended
	September 30, 2020				June 30, 2020				September 30, 2019
	(unaudited)				(unaudited)				(unaudited)
	At		Company’s		At		Company’s		At		Company’s
	100	%	Portion (1)		100	%	Portion (1)		100	%	Portion (1)
Revenues	1,986		993		8,113		4,056		2,022		1,011
Vessel and other operating expenses	(753	)	(376	)	(557	)	(278	)	(575	)	(287	)
Depreciation and amortization	(951	)	(476	)	(952	)	(476	)	(908	)	(454	)
Income from vessel operations of equity-accounted   joint venture	282		141		6,604		3,302		539		270
Net interest expense	(190	)	(94	)	(228	)	(114	)	(403	)	(202	)
Other	(1	)	(1	)	—		—		—		—
Equity income of equity-accounted joint venture	91		46		6,376		3,188		136		68
Equity income of equity-accounted joint venture	91		46		6,376		3,188		136		68
Depreciation and amortization	951		476		952		476		908		454
Interest expense, net of interest income	190		94		228		114		403		202
EBITDA from equity-accounted joint venture	1,232		616		7,556		3,778		1,447		724
Adjusted EBITDA from equity-accounted joint venture	1,232		616		7,556		3,778		1,447		724

(1)   The Company’s proportionate share of its equity-accounted joint venture is 50 percent.

Forward Looking Statements

This release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current views with respect to certain future events and performance, including, among other things, statements regarding: crude oil and refined product tanker market fundamentals, including the balance of supply and demand in the oil and tanker markets and the volatility of such markets; forecasts of worldwide tanker fleet growth or contraction and newbuilding tanker deliveries and vessel scrapping; estimated growth in global oil demand and supply and the timing thereof; future tanker rates, including the impact of seasonal conditions on spot tanker rates; future OPEC+ oil production increases; the impact of the COVID-19 outbreak and related developments on the Company’s business and tanker and oil market fundamentals; the Company’s liquidity and market position; the Company’s strategic priorities and anticipated delevering of the Company’s balance sheet and reduction in its cost of capital; and the Company’s ability to deal with potential market volatility and create shareholder value. The following factors are among those that could cause actual results to differ materially from the forward-looking statements, which involve risks and uncertainties, and that should be considered in evaluating any such statement: changes in tanker rates; changes in the production of, or demand for, oil or refined products; changes in trading patterns significantly affecting overall vessel tonnage requirements; OPEC+ and non-OPEC production and supply levels; the duration and extent of the COVID-19 outbreak and any resulting effects on the markets in which the Company operates; the impact of the COVID-19 outbreak on the Company’s ability to maintain safe and efficient operations; the impact of geopolitical tensions and changes in global economic conditions; greater or less than anticipated levels of tanker newbuilding orders and deliveries and greater or less than anticipated rates of tanker scrapping; the potential for early termination of charter contracts of existing vessels in the Company’s fleet; the inability of charterers to make future charter payments; the inability of the Company to renew or replace charter contracts; changes in global oil prices; changes in applicable industry laws and regulations and the timing of implementation of new laws and regulations and the impact of such changes, including IMO 2030; increased costs; and other factors discussed in Teekay Tankers’ filings from time to time with the United States Securities and Exchange Commission, including its Annual Report on Form 20-F for the fiscal year ended December 31, 2019. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any such statement is based.

NEW YORK, Nov. 12, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Royal Caribbean Cruises Ltd. (“Royal Caribbean” or the “Company”) (NYSE: RCL). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.

The investigation concerns whether Royal Caribbean and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action]

On February 13, 2020, Royal Caribbean issued a press release stating that it had canceled 18 voyages in Southeast Asia due to recent travel restrictions and further warning that recent bookings had been softer for its broader business. On February 25, 2020, Royal Caribbean filed its 2019 Form 10-K, indicating that COVID-19 concerns were negatively impacting its overall business. 

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

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

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

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

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

Following each of the foregoing disclosures, Royal Caribbean’s stock price fell sharply, damaging investors.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

NEW YORK, Nov. 12, 2020 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against certain officers of Evolus, Inc. (“Evolus” or the “Company”) (NASDAQ: EOLS). The class action, filed in United States District Court for the Southern District of New York, and docketed under 20-cv-09053, is on behalf of a class consisting of all persons other than Defendants who purchased or otherwise, acquired Evolus securities between February 1, 2019 and July 6, 2020, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violation of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.

If you are a shareholder who purchased Evolus securities during the class period, you have until December 15, 2020, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased. 

[Click here for information about joining the class action]

Evolus is a Delaware corporation headquartered in Newport Beach, California. The Company operates as a medical aesthetics company, and develops, produces, and markets clinical neurotoxins for the treatment of aesthetic concerns. Evolus’ sole product is Jeuveau™, which is a purified botulinum toxin indicated for the temporary improvement in the appearance of moderate to severe frown lines in adults. As such, Evolus directly competes with Botox®, which is manufactured by Allergan plc and Allergan Inc. (“Allergan”) and distributed by Medytox Inc. (“Medytox”). Botox® has been the gold standard of the industry since its approval by the U.S. Food and Drug Administration (“FDA”) more than two decades ago.

Beginning in February 2019, Evolus embarked on a public campaign to hype the market right before the commercial launch of its sole leading product Jeuveau™. To secure an aggressive growth and rapid influx of revenue, Defendants disseminated dozens of public statements in which they promoted Jeuveau™ as a proprietary formulation of the botulinum toxic type A complex, purportedly developed by Korean bioengineering company Daewoong through years of clinical research and millions of dollars’ worth of investment in research and development. Among other things, Evolus promised investors that it would attain the number two U.S. market position within twenty-four months of launch.

The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the real source of botulinum toxin bacterial strain as well as the manufacturing processes used to develop Jeuveau™ originated with and were misappropriated from Medytox; (ii) sufficient evidentiary support existed for the allegations that Evolus misappropriated certain trade secrets relating to the botulin toxin strain and the manufacturing processes for the development of Jeuveau™; (iii) as a result, Evolus faced a real threat of regulatory and/or court action, prohibiting the import, marketing, and sale of Jeuveau™; which in turn (iv) seriously threatened Evolus’ ability to commercialize Jeuveau™ in the U.S. and generate revenue; and (v) any revenues generated from the sale of Jeuveau™ were based on Evolus’ unlawful activities, including the misappropriation of trade secrets and secret manufacturing processes belonging to Allergan and Medytox.

The investing public learned the truth about Jeuveau™ on July 6, 2020, when the U.S. International Trade Commission (“ITC”) issued its Initial Final Determination in a case brought by Allergan and Medytox against Evolus, alleging that Evolus stole certain trade secrets to develop Jeuveau™. Coming as a great surprise to unsuspecting investors, the ITC Judge found that Evolus misappropriated the botulinum toxin strain as well as the manufacturing processes that led to its development and manufacture. Additionally, the ITC Judge recommended a ten-year-long ban on Evolus’ ability to import Jeuveau™ into the U.S. and a ten-year-long cease-and-desist order preventing Evolus from selling Jeuveau™ in the U.S.

This news caused a precipitous and immediate decline in the price of Evolus shares, which fell 37% over the course of two trading days, to close at $3.35 per share on July 8, 2020, on unusually high trading volume. Following the news of the ITC’s Initial Final Determination and the subsequent price drop of Evolus’ common shares, several securities analysts downgraded Evolus’ rating and significantly lowered the Company’s price target.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980

• Opening-up access to Xbox consoles and games through the Bango Platform

CAMBRIDGE, United Kingdom, Nov. 12, 2020 (GLOBE NEWSWIRE) — Bango (AIM: BGO) (“Bango”), the global platform for data-driven commerce, has expanded its partnership with Microsoft (NASDAQ: MSFT) to open-up access to Xbox subscriptions and consoles sales. With new Xbox Series X and Xbox Series S now available in time for the year end buying season, the Xbox Game Pass Ultimate subscription service and Xbox All Access program are expected to be in high demand.

Microsoft will leverage the Bango Platform to enable telco partners to bundle Xbox Game Pass Ultimate and Xbox All Access in their subscription packages. This is the latest expansion of the Bango partnership with Microsoft, through which Bango powers carrier billed payments for Xbox gamers and across the Microsoft Store.

Xbox Game Pass Ultimate gives gamers access to over 100 high-quality games on console, PC and compatible mobile devices for one low monthly price.

With Xbox All Access players can get everything they need to jump into the next generation of gaming – an Xbox Series X or Xbox Series S, plus 24 months of Xbox Game Pass Ultimate – from $24.99 a month for 24 months with no upfront cost.

Partners that want to benefit from the global demand for Xbox gaming can now leverage the unique offer and targeting insights provided by the Bango Platform to attract many more customers.

Gaming subscriptions and console acquisition programs are aligned to the way consumers are increasingly accessing entertainment. Consumers are standardizing on cloud gaming subscription services for gaming content as it dramatically increases choice, compared to pay per game business models.

“
Bango
is
focus
ed
on growing success for partners through data driven commerce
.
Unique
Bango
data insights optimize the targeting of product
bun
dl
es
to boost consumer engagement.
Bango is excited to expand
its
partnership with Microsoft
,
to
tak
e
Xbox
Game Pass
and consoles
to
millions
more
gamers
across the world,
”
commented
Paul Larbey, CEO
at Bango.

About Bango

App developers, stores and payment providers cross the threshold into the Bango ecosystem to converge, grow and thrive. By bringing businesses together and powering e-commerce with unique data-driven insights, Bango delivers new business opportunities and new dimensions of growth for customers around the world. Being inside the Bango circle means global merchants including Amazon, Google and Microsoft can work together with payment partners from Africa to the Americas, accelerating the performance of everyone on the inside.

Bango. Think inside the circle. For more information, visit www.bango.com.

Media contact:

Anil Malhotra, CMO
[email protected]
Tel: +44 7710 480 377

From 12 November 2020, the shares in Equinor (OSE: EQNR, NYSE: EQNR) will be traded ex dividend at USD 0.09.

Record date is 13 November 2020.

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

AMSTERDAM, The Netherlands, Nov. 12, 2020 (GLOBE NEWSWIRE) — TomTom (TOM2), the location technology specialist, and Targa Telematics, an IT company boasting 20-years of experience in connected vehicles, today announced a new multiyear agreement. TomTom’s Maps APIs will be used by Targa Telematics to enhance the vehicle management and smart mobility solutions offered to its customers.

TomTom’s Search API, which companies rely on to understand where their fleets are located, will be integrated in Targa Telematics’ wide and advanced telematics, telemetry and smart mobility solution portfolio. TomTom’s Routing API will enable Targa Telematics customers to perform trip analyses and find the best routes.

“Leading players in fleet management and smart mobility services, such as Targa Telematics, greatly benefit from TomTom’s range of Maps APIs and dependable customer support,” said Anders Truelsen, Managing Director, TomTom Enterprise. “We are proud that TomTom is rapidly becoming the location technology supplier of choice for the fleet industry.”

“Targa Telematics has always been at the forefront in supporting businesses to meet the consistently growing need of a more sustainable and secure approach to mobility. Given this evolving scenario, we want to continue on this path,” commented Giorgia Paladin, Head of Procurement at Targa Telematics. “Through this deal with TomTom, our customers will continue benefiting from innovative solutions with outstanding coverage across Europe.”

Targa Telematics has been a pioneer of smart mobility since its foundation. Thanks to its innovative technology, Targa Telematics helps its customers to embrace connectivity, the switch to electric vehicles, and supports the sustainable development of cities. By leveraging its vast knowledge and Internet of Things platform, Targa Telematics continues to develop solutions that meet its clients’ evolving needs.

About TomTom:

TomTom is the leading independent location technology specialist, shaping mobility with highly accurate maps, navigation software, real-time traffic information and services.

To achieve our vision of a safer world, free of congestion and emissions, we create innovative technologies that keep the world moving. By combining our extensive experience with leading business and technology partners, we power connected vehicles, smart mobility and, ultimately, autonomous driving.

Headquartered in Amsterdam with offices in 30 countries, TomTom’s technologies are trusted by hundreds of millions of people worldwide.

www.tomtom.com

For further Information:

Media:

[email protected]

Investor Relations:
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2d659126-fb2b-43c0-8540-e74493bd09d0