GRAND ISLAND, Neb. & HOUSTON–(BUSINESS WIRE)–Chief Industries, Inc. (“Chief”) and Catahoula Resources (“Catahoula”) have entered into an agreement to jointly develop carbon capture and permanent sequestration (“CCS”) within Nebraska.
Through this arrangement, Chief Ethanol, a division of Chief Industries, Inc. based in Hastings, NE, joins forces with Catahoula, a portfolio company of private investment firm The Energy and Minerals Group (“EMG”), one of the largest investors in midstream infrastructure in North America and a proven leader in identifying, developing and executing world-class design/build/operate capabilities for midstream assets.
Catahoula and Chief are currently evaluating CCS infrastructure investments that will enhance the sustainability and improve the economics of ethanol production through low-cost carbon storage within Nebraska. Work has already begun to evaluate favorable storage geology through Catahoula’s joint development arrangement with Battelle.
“The passage of LB650 shows that Nebraska is serious about our global environment. Allowing for the geologic storage of carbon dioxide will truly benefit the citizens and industries within our state,” said Chief Industries, Inc. CEO, DJ Eihusen. “Chief is excited to be teaming up with a group such as Catahoula. Their expertise and knowledge in this space leaves us encouraged that Chief Industries, Inc. will continue to provide a lasting and positive environmental impact.”
“We see Nebraska’s forward-thinking support of carbon dioxide sequestration as a springboard for differentiating Nebraska’s ethanol industry and we are excited to expand upon this vision by aligning with Chief–a strong, deeply rooted, family-owned company. The use of proven carbon capture infrastructure targeting nearby, low-cost storage is a compelling plan for investment in the local economies of Nebraska,” said Jeff Rawls, CEO of Catahoula Resources.
Chief Industries, Inc. is a multi-faceted, family-owned company with corporate offices in Grand Island, NE. They have many divisions and subsidiaries located around the globe including construction, electrical contracting, metal building systems and structural steel, agricultural and grain storage facilities, a truck fleet, contract manufacturing, prefabricated homes, and ethanol. For additional information, please visit www.chiefind.com or contact Beth Frerichs at email@example.com.
About Catahoula Resources
Catahoula’s leadership team has more than 150 years of midstream experience with proven success identifying, developing and executing world class design-build-operate midstream assets. Bringing extensive CO2 technical, operations, project execution and commercial experience with a commitment to safety, compliance, and environmental stewardship Catahoula is focused on providing customer solutions and partnering with industrial participants. For additional information, please visit www.CatahoulaResources.com.
About The Energy & Minerals Group
EMG is a private investment firm with Regulatory Assets Under Management of approximately $12 billion. EMG targets equity investments of $150 million to $1 billion in the energy and minerals sectors with talented, experienced management teams, focused on hard assets that are integral to existing and growing markets. For additional information, please visit www.emgtx.com.
NEW YORK–(BUSINESS WIRE)–$GSW#delivery—GetSwift Technologies Limited (NEO:GSW) (“GetSwift” or the “Company”), a leading provider of last mile SaaS logistics technology and services, is announcing the departure of Dennis Noto, Chief Technology Officer.
Mr. Noto was hired in 2018 with the mandate to develop GetSwift’s technology to an enterprise grade platform and architecture.
With this now accomplished, Mr. Noto’s remaining responsibilities have been transitioned to David Curry, Head of Application and Data Architecture, who was hired to oversee the engineering, product team and management of the new enterprise architecture. We would like to thank Mr. Noto for his contribution to the development of GetSwift’s technology and wish him well in his future endeavours. Mr. Noto’s last day of employment was May 31, 2021.
As a result of his departure, Mr. Noto is no longer an Insider (as defined in the NEO Listing Manual) of the Company.
About GetSwift Technologies Limited
Technology to Optimise Global Delivery Logistics
GetSwift is a technology and services company that offers a suite of software products and services focused on business and logistics automation, data management and analysis, communications, information security, and infrastructure optimization and also includes ecommerce and marketplace ordering, workforce management, data analytics and augmentation, business intelligence, route optimization, cash management, task management shift management, asset tracking, real-time alerts, cloud communications, and communications infrastructure (collectively, the “GetSwift Offering”). The GetSwift Offering is used by public and private sector clients across industries and jurisdictions for their respective logistics, communications, information security, and infrastructure projects and operations.
GSW is headquartered in New York and its common shares are listed for trading on the NEO Exchange under the symbol “GSW”.
Domo Announces New Integration to Snowpark to Make it Easier for Developers, Data Engineers and Data Scientists to Build and Extend Custom Data-Driven Solutions Across the Enterprise
SILICON SLOPES, Utah–(BUSINESS WIRE)–Please replace the release dated June 10, 2021 with the following corrected version. In the fourth paragraph of the release, the quote attribution has been updated.
The updated release reads:
DOMO JOINS SNOWFLAKE’S SNOWPARK ACCELERATED PROGRAM
Domo Announces New Integration to Snowpark to Make it Easier for Developers, Data Engineers and Data Scientists to Build and Extend Custom Data-Driven Solutions Across the Enterprise
Domo (Nasdaq: DOMO), provider of the Domo Business Cloud, today announced support for Snowpark, the new developer experience for Snowflake, the Data Cloud Company, to deliver joint solutions that make it easier for developers, data engineers and data scientists to build and extend custom solutions across the enterprise. As part of this announcement, Domo introduced a new integration with Snowpark, Snowflake’s new developer experience, to make it easier to use other languages such as Scala and Java to build custom solutions within Domo’s modern BI platform. In addition, Domo announced support of Snowflake’s Java/Scala User Defined Functions (UDFs), in which customers can run code editor interfaces on the Domo platform, to create and edit their UDFs.
With Snowpark and Java/Scala UDFs, Snowflake and Domo are harnessing the power of custom code to solve the most complex business problems by enabling joint customers to drive more value from their data, and providing powerful and actionable data insights to anyone inside and outside of an organization.
“Domo and Snowflake share a mission to offer customers the flexibility, scalability and security needed to get more value from massive amounts of data, no matter where that data lives. As part of the Snowpark Accelerated Program, Domo will offer an integrated and customized interface to run Snowpark and Java/Scala UDFs on the Domo platform, enabling users with more tools to further manage their entire data ecosystem and put data to work across the business,” said Daren Thayne, Domo’s Chief Technology Officer.
“Our latest Snowpark announcement continues Snowflake’s mission of mobilizing the world’s data by giving even more users the ability to uncover powerful data insights,” said Tarik Dwiek, Sr. Director Technology Alliances at Snowflake. “Our continued partnership with Domo extends the value of massive amounts of data by delivering rich insights that can drive better decisions and actions for any business.”
Most recently, Domo announced Domo for Snowflake, a rich, native integration that puts modern BI directly on top of Snowflake’s platform, allowing customers to keep data for analytic workloads directly in the Snowflake Data Cloud. Customers can read and write directly into Snowflake, create databases, and manage access to databases according to the schema they’ve established while using Domo to make that data more accessible and actionable for anyone across the business. Domo’s modern BI platform ensures that data is not only accessible, but also properly governed, giving BI and data professionals the confidence they need to unleash data across and beyond their organization with Domo solutions such as intelligent apps and Domo Everywhere. Domo is also a Premier Partner in Snowflake’s Partner Connect Program.
Domo is the Business Cloud, empowering organizations of all sizes with BI leverage at cloud scale, in record time. With Domo, BI-critical processes that took weeks, months or more can now be done on-the-fly, in minutes or seconds, at unbelievable scale. For more information about how Domo (Nasdaq: DOMO) helps its customers go fast, go big and go bold, visit www.domo.com. You can also follow Domo on Twitter, Facebook and LinkedIn.
Domo, Domo Business Cloud and Domo is the Business Cloud are registered trademarks of Domo, Inc.
RICHMOND, Va.–(BUSINESS WIRE)–Eastern Gas Transmission and Storage, Inc. (“EGTS”) today announced that it has commenced offers to all Eligible Holders (as defined below) to exchange (the “Exchange Offers”) certain notes previously issued by Eastern Energy Gas Holdings, LLC (“EEGH”) listed in the table below (together, the “Existing EEGH Notes”) for up to $1.6 billion aggregate principal amount (the “Maximum Exchange Amount”) of certain new notes to be issued by EGTS (collectively, the “New EGTS Notes”), pursuant to the terms and subject to the conditions set forth in a confidential offering memorandum and consent solicitation statement, dated as of June 11, 2021 (the “Exchange Offer Memorandum”).
The following table sets forth the Early Tender Consideration and Expiration Time Consideration offered for each series of Existing EEGH Notes:
Title of Existing EEGH Notes
CUSIP / ISIN
Early Tender Notes Consideration(1)
Existing EEGH 3.900%
Senior Notes due 2049
$1,000 principal amount of New EGTS 3.900% Senior Notes due 2049
$970 principal amount of New EGTS 3.900% Senior Notes due 2049
Existing EEGH 4.600%
Senior Notes due 2044
$1,000 principal amount of New EGTS 4.600% Senior Notes due 2044
$970 principal amount of New EGTS 4.600% Senior Notes due 2044
Existing EEGH 4.800%
Senior Notes due 2043
$1,000 principal amount of New EGTS 4.800% Senior Notes due 2043
$970 principal amount of New EGTS 4.800% Senior Notes due 2043
Existing EEGH 3.800% Senior Notes due 2031
$1,000 principal amount of New EGTS 3.800% Senior Notes due 2031
$970 principal amount of New EGTS 3.800% Senior Notes due 2031
Existing EEGH 3.000%
Senior Notes due 2029
$1,000 principal amount of New EGTS 3.000% Senior Notes due 2029
$970 principal amount of New EGTS 3.000% Senior Notes due 2029
Existing EEGH 3.600% Senior Notes due 2024
$1,000 principal amount of New EGTS 3.600% Senior Notes due 2024
$970 principal amount of New EGTS 3.600% Senior Notes due 2024
Existing EEGH 2.500%
Senior Notes due 2024
$1,000 principal amount of New EGTS 2.500% Senior Notes due 2024
$970 principal amount of New EGTS 2.500% Senior Notes due 2024
Existing EEGH 3.550%
Senior Notes due 2023
257375AE5 and 257375AB1/
US257375AE56 and US257375AB18
$1,000 principal amount of New EGTS 3.550% Senior Notes due 2023
$970 principal amount of New EGTS 3.550% Senior Notes due 2023
Existing EEGH 2.875%
Senior Notes due 2023
257375AL9 and U25504AE8/ US257375AL99 and
$1,000 principal amount of New EGTS 2.875% Senior Notes due 2023
$970 principal amount of New EGTS 2.875% Senior Notes due 2023
For each $1,000 principal amount of Existing EEGH Notes validly tendered at or before the Early Tender Time, not validly withdrawn and accepted for exchange.
For each $1,000 principal amount of Existing EEGH Notes validly tendered after the Early Tender Time and at or before the Expiration Time, not validly withdrawn and accepted for exchange.
Subject to the Maximum Exchange Amount, proration terms and other terms set forth in the Exchange Offer Memorandum, the amounts of each series of Existing EEGH Notes that are accepted in the Exchange Offers will be determined in accordance with the acceptance priority levels set forth in the table above (the “Acceptance Priority Levels”), with Acceptance Priority Level 1 being the highest Acceptance Priority Level and Acceptance Priority Level 9 being the lowest Acceptance Priority Level. As a result, the reduction, if any, in the amount of Existing EEGH Notes of any particular series that remains outstanding following consummation of the Exchange Offers is expected to be largest in the series of Existing EEGH Notes having higher Acceptance Priority Levels.
In conjunction with the Exchange Offers, EEGH is soliciting consents (the “Consents” and, such solicitations, the “Consent Solicitations”) to adopt certain proposed amendments to the indenture governing the Existing EEGH Notes (as supplemented for each particular series of Existing EEGH Notes, the “Existing EEGH Notes Indentures”) to eliminate certain events of default, modify covenants regarding mergers and consolidations, and modify or eliminate certain other provisions, including certain provisions relating to liens and defeasance, contained in the Existing EEGH Notes Indentures and the Existing EEGH Notes (the “Proposed Amendments”). The Proposed Amendments will become effective with respect to a particular series of Existing EEGH Notes that remain outstanding following the relevant Exchange Offer to the extent (i) participation in the Exchange Offer by such series of Existing EEGH Notes exceeds 50% of the outstanding principal amount of such series and (ii) all tendered Existing EEGH Notes of such series are accepted for exchange in the related Exchange Offer.
The Exchange Offers and the Consent Solicitations will expire at 11:59 p.m., New York City time, on July 9, 2021, unless extended or earlier terminated (such time and date, as the same may be extended, the “Expiration Time”).
Eligible Holders who validly tender and do not validly withdraw their Existing EEGH Notes at or prior to 5:00 p.m., New York City time, on June 24, 2021 (such date and time with respect to an Exchange Offer and Consent Solicitation, as the same may be extended for such Exchange Offer and Consent Solicitation, the “Early Tender Time”), will be eligible to receive, in exchange for each $1,000 principal amount of Existing EEGH Notes validly tendered and not validly withdrawn, the applicable consideration as set forth in the table above under the heading “Early Tender Notes Consideration” (the “Early Tender Notes Consideration”) and the premium set forth in the table above under the heading “Early Tender Premium” (the “Early Tender Premium” and, together with the Early Tender Notes Consideration, the “Early Tender Consideration”).
Eligible Holders who validly tender and do not validly withdraw their Existing EEGH Notes after the Early Tender Time but at or prior to the Expiration Time will be eligible to receive, in exchange for each $1,000 principal amount of Existing EEGH Notes validly tendered and not validly withdrawn, the applicable consideration as set forth in the table above under the heading “Expiration Time Consideration” (the “Expiration Time Consideration”).
Tenders of Existing EEGH Notes may be withdrawn and Consents may be revoked at any time at or prior to 5:00 p.m., New York City time, on June 24, 2021, but not thereafter, subject to limited exceptions or as otherwise required by applicable law, unless such time is extended (such time and date with respect to the Exchange Offers, as the same may be extended, the “Withdrawal Deadline”).
Eligible Holders (as defined below) of Existing EEGH Notes that tender such Existing EEGH Notes will be deemed to have given Consent to the Proposed Amendments (in respect of the applicable series of Existing EEGH Notes tendered). Eligible Holders of Existing EEGH Notes may not tender their Existing EEGH Notes without delivering a Consent with respect to such Existing EEGH Notes and such holders may not deliver a Consent without tendering the related Existing EEGH Notes in the applicable Exchange Offer. A valid withdrawal of tendered Existing EEGH Notes will also constitute the revocation of the related Consent with respect to the applicable indenture governing that series of Existing EEGH Notes. Consents may only be revoked by validly withdrawing the tendered Existing EEGH Notes at or prior to the Withdrawal Deadline.
There is no minimum condition to the acceptance of Existing EEGH Notes tendered under the Exchange Offers or the acceptance of Consents under the Consent Solicitations; however, the approval and effectiveness of the Proposed Amendments with respect to any series of Existing EEGH Notes is subject to (among other things) participation in the Exchange Offer by the holders of more than 50% of the aggregate outstanding principal amount of such series immediately prior to the Expiration Time. EGTS has the right to terminate, withdraw or amend at its sole discretion the Exchange Offers and EEGH has the right to terminate, withdraw or amend at its sole discretion the Consent Solicitations, either as a whole, or with respect to one or more series of Existing EEGH Notes, at any time and for any reason, including based on the acceptance rate and outcome of the Exchange Offers or the Consent Solicitations or failure to satisfy any condition to the Exchange Offers or the Consent Solicitations.
EGTS, in its sole discretion, may modify or terminate the Exchange Offers and may extend the Early Tender Time, the Expiration Time and/or the settlement date with respect to the Exchange Offers, subject to applicable law. Any such modification, termination or extension by EGTS will automatically modify, terminate or extend the corresponding Consent Solicitations by EEGH, as applicable.
EGTS will return to EEGH all Existing EEGH Notes which are validly tendered and accepted in the Exchange Offers (the “Returned Notes”), and EEGH will cancel such Returned Notes. At the date hereof, EGTS has $1.895 billion of long term indebtedness to EEGH (the “EGTS Long Term Debt”). In exchange for EGTS returning the Returned Notes, EEGH will cancel an aggregate principal amount of the EGTS Long Term Debt equal to the aggregate principal amount of the Returned Notes, and such debt cancellation will be treated as a capital contribution to EGTS. In addition, EEGH will, following completion of the Exchange Offers, make a further capital contribution to EGTS through its cancellation of the then-remaining balance of the EGTS Long Term Debt.
The New EGTS Notes have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements, or any state or foreign securities laws. Accordingly, the Exchange Offers are being made, and the New EGTS Notes are being offered and issued, only (a) in the United States to holders of Existing EEGH Notes who are reasonably believed to be “qualified institutional buyers” (as defined in Rule 144A under the Securities Act), and (b) outside the United States to holders of Existing EEGH Notes who are not U.S. persons, in transactions exempt from registration under the Securities Act. The holders of Existing EEGH Notes who have certified to EGTS and EEGH that they are eligible to participate in the Exchange Offers pursuant to at least one of the foregoing conditions are referred to as “Eligible Holders.” Only Eligible Holders who have completed and returned an Eligibility Letter, available from the information agent (available at https://gbsc-usa.com/eligibility/eegh), are authorized to receive or review the Exchange Offer Memorandum or to participate in the Exchange Offers. EGTS will also enter into a registration rights agreement with the Dealer Managers, for the benefit of the holders of the New EGTS Notes.
This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offers and Consent Solicitations are being made solely pursuant to the Exchange Offer Memorandum and only to such persons and in such jurisdictions as is permitted under applicable law.
About EGTS and EEGH
EGTS operates an interstate natural gas transmission pipeline, consisting of approximately 3,900 miles of natural gas transmission, gathering and storage pipelines across six states in or adjoining the Mid-Atlantic region. EGTS’s extensive pipeline system, which is interconnected with many interstate and intrastate pipelines in the national pipeline grid system, is well-positioned as a critical link between the Marcellus and Utica supply basins and key demand markets in the Northeast and Mid-Atlantic regions. EGTS serves a broad mix of customers, including utilities, electric power generators, commercial and industrial users, producers and marketers of natural gas, and interstate and intrastate pipelines.
EEGH owns, among other things, 100% of the outstanding common stock of EGTS. EEGH files reports pursuant to Section 15(d) of the Securities Exchange Act of 1934, as amended, and a description of its business is contained in such reports.
This press release and the Exchange Offer Memorandum referred to herein contain statements that do not directly or exclusively relate to historical facts. These statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements can typically be identified by the use of forward-looking words, such as “will”, “may,” “could,” “project,” “believe,” “anticipate,” “expect,” “estimate,” “continue,” “intend,” “potential,” “plan,” “forecast” and similar terms. These statements are based upon the current intentions, assumptions, expectations and beliefs of EGTS and are subject to risks, uncertainties and other important factors. Many of these factors are outside the control of EGTS and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include, among others:
general economic, political and business conditions, as well as changes in, and compliance with, laws and regulations, including income tax reform, and reliability and safety standards, affecting the operations of EGTS or related industries;
changes in, and compliance with, environmental laws, regulations, decisions and policies that could, among other items, increase operating and capital costs, reduce facility throughput, accelerate facility retirements or delay facility construction or acquisition;
the outcome of general rate cases, regulatory rate reviews and other proceedings conducted by the Federal Energy Regulatory Commission or other governmental and legal bodies, and the ability of EGTS to recover costs through rates in a timely manner;
changes in economic, industry, competition or weather conditions, as well as demographic trends and new technologies, that could affect customer growth and usage, natural gas supply or the ability of EGTS to obtain long-term contracts with customers and suppliers;
performance, availability and ongoing operation of the facilities of EGTS due to the impacts of market conditions, outages and repairs, weather and operating conditions;
the effects of catastrophic and other unforeseen events, which may be caused by factors beyond the control of EGTS or by a breakdown or failure of the operating assets of EGTS, including severe storms, floods, fires, earthquakes, explosions, landslides, litigation, wars, terrorism, pandemics (including potentially in relation to the novel coronavirus (“COVID-19”)), embargoes and cyber security attacks, data security breaches, disruptions, or other malicious acts;
the financial condition, creditworthiness and operational stability of significant customers and suppliers of EGTS;
changes in the business strategy or development plans of EGTS;
availability, terms and deployment of capital, including reductions in demand for debt securities and other sources of debt financing and volatility in interest rates;
changes in the credit ratings of EGTS;
the impact of certain contracts used to mitigate or manage volume, price and interest rate risk, including increased collateral requirements, and changes in commodity prices, interest rates and other conditions that affect the fair value of certain contracts;
the impact of inflation on costs and the ability of EGTS to recover such costs in regulated rates; increases in employee healthcare costs;
the impact of investment performance, certain participant elections such as lump sum distributions and changes in interest rates, legislation, healthcare cost trends, mortality and morbidity on pension and other postretirement benefits expense and funding requirements;
unanticipated construction delays, changes in costs, receipt of required permits and authorizations, ability to fund capital projects and other factors that could affect future facilities and infrastructure additions;
the availability and price of natural gas in applicable geographic regions and demand for natural gas supply;
the impact of new accounting guidance or changes in current accounting estimates and assumptions on the financial results of EGTS; and
other business or investment considerations that may be disclosed from time to time in the Exchange Offer Memorandum or in other publicly disseminated written documents.
Further details of the potential risks and uncertainties affecting EGTS are described in the Exchange Offer Memorandum, including the “Risk Factors” section and other discussions contained in the Exchange Offer Memorandum. Neither EGTS nor EEGH undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The foregoing factors should not be construed as exclusive.
Sofia® Q device features a miniaturized, AI-powered design
Quidel plans initial release to professional and point-of-care segments with a goal of expansion to serve telemedicine and home markets
SAN DIEGO–(BUSINESS WIRE)–Quidel Corporation (NASDAQ: QDEL) (“Quidel”), a provider of rapid diagnostic testing solutions, cellular-based virology assays and molecular diagnostic systems, announced today that Quidel has received an amended Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) allowing the company to market Sofia® Q, its latest addition to the Sofia® and Sofia® 2 line of Fluorescent Immunoassay Analyzers (FIA). Sofia Q features a sleek, miniaturized design that reads the same Sofia® SARS Antigen FIA tests as Sofia and Sofia 2 – with equal accuracy. Sales of Sofia Q device will initially be limited to use with the Sofia® SARS Antigen FIA in the CLIA and CLIA-waived professional segments.
Sofia Q is the latest product in Quidel’s best-selling Sofia instrumentation portfolio. Sofia Q utilizes Sofia® fluorescent technology to provide an accurate, objective, and automated result in 15 minutes. Quidel’s innovative design allows the Sofia Q device to be paired with the downloadable Sofia Q mobile application, which guides the user through the workflow and interprets the test result using a proprietary AI model.
“Sofia Q is our latest powerful diagnostic instrument designed to democratize access to the many benefits of our Sofia SARS rapid antigen tests and, ultimately, our full portfolio of Sofia tests for influenza, RSV, Strep and other conditions,” said Douglas Bryant, president and chief executive officer of Quidel Corporation. “We designed Sofia Q to be very affordably priced and conducive to widespread adoption across the ever-expanding global point-of-care and telemedicine marketplace. In the future, we believe Sofia Q will be ideal to serve consumers at home, as well as in schools and workplaces.”
In addition to the Sofia Q, Quidel offers other rapid diagnostic instrumented systems, including Sofia 2, and Sofia. Quidel’s Sofia assays for rapid antigen COVID-19 diagnosis include Sofia® 2 SARS Antigen FIA and Sofia® 2 Flu + SARS Antigen FIA, currently under EUA by the FDA. Quidel offers other FDA-cleared and CLIA-waived tests including Influenza A and B, Respiratory Syncytial Virus (RSV), Group A Strep, and a 15-minute finger-stick whole blood test for Lyme Disease. In addition, Quidel also markets Sofia tests for Lyme Disease, Legionella and S. pneumoniae in Europe.
About Quidel Corporation
Quidel Corporation (Nasdaq: QDEL) is a leading manufacturer of diagnostic solutions at the point of care, delivering a continuum of rapid testing technologies that further improve the quality of health care throughout the globe. An innovator for over 40 years in the medical device industry, Quidel pioneered the first FDA-cleared point-of-care test for influenza in 1999 and was the first to market a rapid SARS-CoV-2 antigen test in the U.S. Under trusted brand names Sofia® Solana®, Lyra®, Triage® and QuickVue®, Quidel’s comprehensive product portfolio includes tests for a wide range of infectious diseases, cardiac and autoimmune biomarkers, as well as a host of products to detect COVID-19. With products made in America, Quidel’s mission is to provide patients with immediate and frequent access to highly accurate, affordable testing for the good of our families, our communities and the world. For more information about Quidel, visit quidel.com.
This press release contains forward-looking statements within the meaning of the federal securities laws that involve material risks, assumptions and uncertainties. Many possible events or factors could affect our future results and performance, such that our actual results and performance may differ materially from those that may be described or implied in the forward-looking statements. As such, no forward-looking statement can be guaranteed. Differences in actual results and performance may arise as a result of a number of factors including, without limitation: the impact and duration of the COVID-19 global pandemic; competition from other providers of diagnostic products; our ability to accurately forecast demand for our products and products in development, including in new market segments; our ability to develop new technologies, products and markets and to commercialize new products; our reliance on sales of our COVID-19 and influenza diagnostic tests; our reliance on a limited number of key distributors; quantity of our product in our distributors’ inventory or distribution channels; changes in the buying patterns of our distributors; the financial soundness of our customers and suppliers; lower than anticipated market penetration of our products; third-party reimbursement policies and potential cost constraints; our ability to meet demand for our products; interruptions, delays or shortages in the supply of raw materials, components and other products and services; failures in our information technology and storage systems; our exposure to data corruption, cyber-based attacks, security breaches and privacy violations; international risks, including but not limited to, economic, political and regulatory risks; continuing worldwide political and social uncertainty; our development, acquisition and protection of proprietary technology rights; intellectual property risks, including but not limited to, infringement litigation; the loss of Emergency Use Authorizations for our COVID-19 products and failures or delays in receipt of reviews or regulatory approvals, clearances or authorizations for new products or related to currently marketed products by the U.S. Food and Drug Administration (the “FDA”) or other regulatory authorities or loss of any previously received regulatory approvals, clearances or authorizations or other adverse actions by regulatory authorities; our contracts with government entities involve future funding, compliance and possible sanctions risks; product defects; changes in government policies and regulations and compliance risks related thereto; our ability to manage our growth strategy and successfully identify, acquire and integrate potential acquisition targets or technologies and our ability to obtain financing; our acquisition of Alere’s Triage® business presents certain risks to our business and operations; the level of our deferred payment obligations; our exposure to claims and litigation that could result in significant expenses and could ultimately result in an unfavorable outcome for us, including the ongoing litigation between us and Beckman Coulter, Inc.; we may need to raise additional funds to finance our future capital or operating needs; our debt, deferred and contingent payment obligations; competition for and loss of management and key personnel; business risks not covered by insurance; changes in tax rates and exposure to additional tax liabilities or assessments; and provisions in our charter documents and Delaware law that might delay or impede stockholder actions with respect to business combinations or similar transactions. Forward-looking statements typically are identified by the use of terms such as “may,” “will,” “should,” “might,” “expect,” “anticipate,” “estimate,” “plan,” “intend,” “goal,” “project,” “strategy,” “future,” and similar words, although some forward-looking statements are expressed differently. The risks described in reports and registration statements that we file with the Securities and Exchange Commission from time to time, should be carefully considered, including those discussed in Item 1A, “Risk Factors” and elsewhere in our Annual Report on Form 10 K for the year ended December 31, 2020 and in our subsequent Quarterly Reports on Form 10 Q. You are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s analysis only as of the date of this press release. Except as required by law, we undertake no obligation to publicly release any revision or update of these forward-looking statements, whether as a result of new information, future events or otherwise.
Technology veteran adds experience and SaaS industry expertise to Guidewire Board of Directors
SAN MATEO, Calif.–(BUSINESS WIRE)–$GWRE#SaaS–Guidewire Software, Inc. (NYSE: GWRE), provider of the industry platform Property and Casualty (P&C) insurers rely upon, today announced that it has appointed Rajani Ramanathan to its Board of Directors.
“The recruitment of such a distinguished director continues Guidewire’s evolution to succeed in our long-term mission,” said Marcus Ryu, co-founder and chairman of the board, Guidewire. “Rajani will enhance the technology and enterprise SaaS software expertise of the board. Guidewire and our customers will benefit from her insight at this transformative time for the company and the P&C industry.”
From June 2000 to March 2014, Rajani Ramanathan served in a variety of leadership roles at Salesforce, a cloud software company, including as its Chief Operating Officer and Executive Vice President – Technology and Products. Since June 2014, Ms. Ramanathan has served as a member of the board of directors of ESI Group, a French publicly traded company providing virtual prototyping software solutions and services and chairs their Technology and Marketing committee. She currently serves as an advisor/investor and director to several private technology companies in the AI, VR, Blockchain, IMU/sensor, BIM and connected (IoT) technology spaces.
About Guidewire Software
Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. We combine digital, core, analytics, and AI to deliver our platform as a cloud service. More than 400 insurers, from new ventures to the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable their success. We are proud of our unparalleled implementation track record, with 1,000+ successful projects, supported by the largest R&D team and partner ecosystem in the industry. Our marketplace provides hundreds of applications that accelerate integration, localization, and innovation.
The Alliance of CEO Climate Leaders steps up and calls on G7 and other world leaders to accelerate a just transition
BOSTON–(BUSINESS WIRE)–We need bold action now for a just transition
With the ongoing challenge of the COVID pandemic, it is easy to forget that climate change is an immediate and growing threat to people, ecosystems, and economies – with our current trajectory leading us to potentially irreversible outcomes. To avoid the worst impacts of climate change we need to limit warming to 1.5°C, which will require nearly halving greenhouse gas emissions by 2030 and reaching net-zero by 20501. This drastic departure from today’s emissions growth trajectory requires bold action across private and public sectors five months before COP26 in November.
Business is taking action
Recognizing the urgency to act on climate change, many businesses are already stepping up. At least one-fifth of the world’s largest 2000 public companies, many of which we lead, has now committed to meet net-zero targets by mid-century or sooner, and the number is growing fast2. The Race to Zero initiative championed by UNFCCC and COP26 is working with hundreds of companies and investors across the global economy to scale climate change solutions. In addition, our Alliance of 90 global CEOs and rising is helping to accelerate the transition to a net-zero economy through credible cross-sector collaboration: our members disclose emissions, set aggressive emissions reduction targets, embrace the right policies towards a low carbon economy and take actions in their businesses while encouraging and collaborating with others to do the same.
We call upon all world leaders including those meeting at the G7 Summit this week to deliver on our shared climate ambitions and enable a net-zero world – and additionally to work together with the private sector for bolder actions on shared ambitions within a clearer and more ambitious policy framework.
Transformative policy change is needed for full decarbonization
Governments are also starting to move: countries that emit over 60% of the world’s greenhouse gas emissions have now committed to net-zero and carbon neutrality targets by around mid-century3.
We now need these commitments to turn into actions, especially in the short term. This is because action from governments can accelerate even more action from companies. To decarbonize at the speed and scale required to achieve net-zero by 2050 at the latest, we urgently need transformative policy change. The Alliance is looking to governments to accelerate the transition before COP26 and beyond and calls on world leaders to:
Publish ambitious and 1.5C-aligned Nationally Determined Contributions that halve emissions by 2030 Commit to net-zero by 2050, underpinned by robust policy roadmaps and interim targets
Ensure that developed countries meet and exceed their $100B commitment to support developing countries mitigate and adapt to climate change, and ensure the major development finance institutions also commit to science-based guidelines across their lending portfolios
Further, government support at a system level is needed to accelerate progress by business:
Develop market-based meaningful and broadly accepted carbon pricing mechanisms with an escalating carbon price to enable greater competitiveness of low-carbon technologies, and control leakage through international cooperation on a global, connected carbon market4
Compel all businesses to establish credible decarbonisation targets, fully disclose emissions across all scopes using consistent standards, and disclose climate-related risks and opportunities
Eliminate fossil fuel subsidies and cut tariffs on climate-friendly goods
Boost R&D and funding for green tech innovation, including for scaling of existing, proven solutions across value chains (esp. in carbon-intensive sectors) and for carbon removals
Invest in climate adaptation: create resilient cities and infrastructure by scaling natural disaster defences and risk transfer solutions, for example by advancing climate-resilient, sustainable food production and securing water supply
Implement a suite of sector-specific incentives and actions, including:
Power: phase out coal (with provision of worker funding and reskilling for a just transition), rapidly scale up renewable energy targets, and invest in required grid infrastructure and storage
Transport: promote low-carbon modes of transport, electrification of transport, and invest in charging infrastructure
Buildings and cities: accelerate renovation (insulation, heating/cooling) and promote international standards aimed at boosting green procurement and improving appliance efficiency
Industry: support the development of material and process carbon-efficiency standards and encourage procurement of green industrial goods while promoting circularity of materials
Land and agriculture: promote partnerships to eliminate deforestation and promote restoration of degraded lands, while encouraging circular, regenerative, and climate smart practices with a focus on people, planet, and biodiversity
Finance: boost green finance (e.g. through fiscal and/or monetary policy) and climate related risk transfer mechanisms
A sustainable and prosperous future?
Although the challenges ahead of us are substantial, we can deliver a just transition to a net-zero world. The transition has the potential to bring prosperity through green growth and jobs that set us 4 The Report of the High-Level Commission on Carbon Prices concludes that the explicit carbon-price level consistent with achieving the Paris temperature target is at least US$40–80/tCO2 by 2020 and US$50– 100/tCO2 by 2030 3 on an equitable path. Not taking mitigating actions against climate change could shrink global GDP by up to 18% in the next 30 years5. On the other hand, measures to green the production and use of energy could create 18 million additional jobs by 2030, while protecting the current 1.2 billion jobs that rely directly on a healthy and stable environment6.
Members of our Alliance have made clear commitments and are working to transition their businesses to net-zero. Greater collaboration between business and government on achieving our net-zero ambitions can help accelerate this process for the benefit of our economies and societies.
As the Alliance of CEO Climate Leaders, we stand ready to work side-by-side with governments to support these policies and transform the scale of public-private effort this decade in the race to net zero, for the benefit of people today and for generations to come.
We call on the G7 and other world leaders five months ahead of COP26 to help supercharge the net zero and climate resilience transition with bold and courageous commitments, policies, and actions.
79. Mario Greco, Chief Executive Officer, Zurich Insurance Company
To access to the letter on the World Economic Forum website click HERE
About Schneider Electric
Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.
Our mission is to be your digital partner for Sustainability and Efficiency.
We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.
We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.
4 The Report of the High-Level Commission on Carbon Prices concludes that the explicit carbon-price level consistent with achieving the Paris temperature target is at least US$40-80/tCO2 by 2020 and US$50-100/tCO2 by 2030
SAN FRANCISCO–(BUSINESS WIRE)–LiveRamp® (NYSE: RAMP), the leading global data connectivity platform, today announced that Anneka Gupta, president and head of products and platforms, will leave LiveRamp to pursue another senior leadership opportunity within the technology sector, effective July 1, 2021. Ms. Gupta first joined LiveRamp in 2010 as an early member of the team and has held positions in a variety of functions across the company, including marketing, recruiting, product management and software development.
“On behalf of the entire LiveRamp organization, I want to thank Anneka for the instrumental role she has played in the evolution of our company,” said LiveRamp CEO Scott Howe. “As one of the earliest members of the LiveRamp team, Anneka has dedicated her entire professional career to growing our company from a 20-person start-up in San Francisco to a 1,200-person global team serving the world’s top brands, agencies and publishers. Today, LiveRamp is well positioned for continued growth, with innovative technology and an unwavering commitment to customer success that set us apart within the industry. We’re excited to build on this strong foundation and wish Anneka all the best as she begins her next chapter.”
“It is humbling to have been part of such an incredible team and to have contributed to LiveRamp’s hyper-growth and position as the leader in global data connectivity. I couldn’t be more proud of what we’ve accomplished together over the past decade,” added Ms. Gupta. “Looking ahead, I am confident this team will keep up the impressive momentum and track record of innovation to achieve new levels of growth. I will always be one of LiveRamp’s biggest fans and can’t wait to see all that the team achieves.”
The company intends to elevate two key executive positions within LiveRamp – chief technology officer and chief product officer – to assume Ms. Gupta’s role and responsibilities. Mohsin Hussain will continue to serve as LiveRamp’s chief technology officer, reporting directly to Mr. Howe. In addition, the company has initiated a search to identify its next chief product officer, with a focus on evaluating external candidates with strong enterprise software experience and proven track records of scaling highly innovative product organizations. LiveRamp has built a talented leadership team within its product organization, and anticipates a seamless transition process.
LiveRamp is the leading data connectivity platform for the safe and effective use of data. Powered by core identity capabilities and an unparalleled network, LiveRamp enables companies and their partners to better connect, control, and activate data to transform customer experiences and generate more valuable business outcomes. LiveRamp’s fully interoperable and neutral infrastructure delivers end-to-end addressability for the world’s top brands, agencies, and publishers. For more information, visit www.LiveRamp.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). These statements, which are not statements of historical fact, may contain estimates, assumptions, projections and/or expectations regarding the Company’s financial position, results of operations, market position, product development, growth opportunities, economic conditions, and other similar forecasts and statements of expectation. Forward-looking statements are often identified by words or phrases such as “anticipate,” “estimate,” “plan,” “expect,” “believe,” “intend,” “foresee,” “continued,” “positioned for” or the negative of these terms or other similar variations thereof.
These forward-looking statements are not guarantees of future performance and are subject to a number of factors and uncertainties that could cause the Company’s actual results and experiences to differ materially from the anticipated results and expectations expressed in the forward-looking statements.
Among the factors that may cause actual results and expectations to differ from anticipated results and expectations expressed in forward-looking statements are uncertainties related to COVID-19 and the associated impact on our suppliers, customers and partners; the Company’s dependence upon customer renewals; new customer additions and upsell within our subscription business; our reliance upon partners, including data suppliers; competition; and attracting and retaining talent. Additional risks relate to maintaining our culture and our ability to innovate and evolve while working remotely and within a rapidly changing industry, while also avoiding disruption from acquisition and divestiture activities. Our international operations are also subject to risks that may harm the Company’s business. The risk of a significant breach of the confidentiality of the information or the security of our or our customers’, suppliers’, or other partners’ computer systems could be detrimental to our business, reputation and results of operations. Other business risks include unfavorable publicity and negative public perception about our industry; interruptions or delays in service from data center hosting vendors we rely upon; and our dependence on the continued availability of third-party data hosting and transmission services. Our clients’ ability to use data on our platform could be restricted if the industry’s use of third-party cookies and tracking technology declines due to technology platform changes, regulation or increased user controls. Changes in regulations relating to information collection and use represents a risk, as well as changes in tax laws and regulations that are applied to our customers which could cause enterprise software budget tightening. In addition, third parties may claim that we are infringing their intellectual property or may infringe our intellectual property which could result in competitive injury and / or the incurrence of significant costs and draining of our resources.
For a discussion of these and other risks and uncertainties, please refer to LiveRamp’s Annual Report on Form 10-K for our fiscal year 2021 ended March 31, 2021, and LiveRamp’s Quarterly Reports on Form 10-Q issued in fiscal year 2021.
The financial information set forth in this press release reflects estimates based on information available at this time.
LiveRamp assumes no obligation and does not currently intend to update these forward-looking statements.
To automatically receive LiveRamp financial news by email, please visit www.LiveRamp.com and subscribe to email alerts.
DANIA BEACH, Fla.–(BUSINESS WIRE)–Chewy, Inc. (NYSE: CHWY) (“Chewy”), a trusted destination for pet parents and partners everywhere, has released its financial results for the first quarter of fiscal year 2021 ended May 2, 2021, and posted a letter to its shareholders on its investor relations website at https://investor.chewy.com.
Fiscal Q1 2021 Highlights:
Net sales of $2.14 billion grew 31.7 percent year over year
Gross margin of 27.6 percent expanded 420 basis points year over year
Net income of $38.7 million, including share-based compensation expense of $24.8 million
Net margin of 1.8 percent improved 480 basis points year over year
Adjusted EBITDA(1) of $77.4 million, an increase of $73.9 million year over year
Adjusted EBITDA margin(1) of 3.6 percent improved 340 basis points year over year
“2021 is already turning out to be an exciting and busy year for Chewy. We continue to execute against our growth roadmap, expand our customer base, increase share of wallet, and grow our addressable market-expanding verticals,” said Sumit Singh, Chief Executive Officer of Chewy. “I am incredibly proud of the determination and focus of our teams and their ability to accelerate our pace of innovation on behalf of our customers, while consistently delivering strong top-line and bottom-line results for our shareholders.”
Management will host a conference call and webcast to discuss Chewy’s financial results today at 5:00 pm ET.
Chewy Fiscal First Quarter 2021 Financial Results Conference Call
When: Thursday, June 10, 2021
Time: 5:00 pm ET
Conference ID: 10156829
Live Call: 1-866-270-1533 (US/Canada Toll-Free) or 1-412-317-0797 (International)
Replay: 1-877-344-7529 (US Toll-Free), 855-669-9658 (Canada Toll-Free), or 1-412-317-0088 (International)
(The replay will be available approximately two hours after the completion of the live call until 11:59 pm ET on June 17, 2021)
Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and a reconciliation to the most comparable GAAP measures.
Our mission is to be the most trusted and convenient destination for pet parents (and partners) everywhere. We believe that we are the preeminent source for pet products, supplies and prescriptions as a result of our broad selection of high-quality products, which we offer at competitive prices and deliver with an exceptional level of care and a personal touch. We continually develop innovative ways for our customers to engage with us, and partner with more than 2,500 of the best and most trusted brands in the pet industry, to bring a high-bar, customer-centric experience to our customers.
This communication contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this communication, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these words or other similar terms or expressions. These forward-looking statements include, but are not limited to, statements concerning our ability to: successfully manage the risks relating to the spread of COVID-19, including any adverse impacts on our supply chain, workforce, facilities, customer services and operations; sustain our recent growth rates and manage our growth effectively; acquire new customers in a cost-effective manner and increase our net sales per active customer; accurately predict economic conditions, particularly the impact on economic conditions of the spread of COVID-19, and their impact on consumer spending patterns, particularly in the pet products market, and accurately forecast net sales and appropriately plan our expenses in the future; introduce new products or offerings and improve existing products; successfully compete in the pet products and services retail industry, especially in the e-commerce sector; source additional, or strengthen our existing relationships with, suppliers; negotiate acceptable pricing and other terms with third-party service providers, suppliers and outsourcing partners and maintain our relationships with such entities; optimize, operate and manage the expansion of the capacity of our fulfillment centers, including risks from the spread of COVID-19 relating to our plans to expand capacity and develop new facilities; provide our customers with a cost-effective platform that is able to respond and adapt to rapid changes in technology; maintain adequate cybersecurity with respect to our systems and ensure that our third-party service providers do the same with respect to their systems; successfully manufacture and sell our own proprietary brand products; maintain consumer confidence in the safety and quality of our vendor-supplied and proprietary brand food products and hardgood products; comply with existing or future laws and regulations in a cost-efficient manner; attract, develop, motivate and retain well-qualified employees; and adequately protect our intellectual property rights and successfully defend ourselves against any intellectual property infringement claims or other allegations that we may be subject to.
You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this communication primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in our filings with the Securities and Exchange Commission and elsewhere in this communication. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this communication. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this communication. While we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this communication relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this communication to reflect events or circumstances after the date of this communication or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.
Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, we have disclosed here and elsewhere in this earnings release adjusted EBITDA, a non-GAAP financial measure that we calculate as net income (loss) excluding depreciation and amortization; share-based compensation expense and related taxes; income tax provision; interest income (expense), net; management fee expense; transaction related costs; and litigation matters and other items that we do not consider representative of our underlying operations. We have provided a reconciliation below of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure.
We have included adjusted EBITDA in this earnings release because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain variable charges. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
We believe it is useful to exclude non-cash charges, such as depreciation and amortization, share-based compensation expense and management fee expense from our adjusted EBITDA because the amount of such expenses in any specific period may not directly correlate to the underlying performance of our business operations. We believe it is useful to exclude income tax provision; interest income (expense), net; transaction related costs; and litigation matters and other items which are not components of our core business operations. Adjusted EBITDA has limitations as a financial measure and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future and adjusted EBITDA does not reflect capital expenditure requirements for such replacements or for new capital expenditures;
adjusted EBITDA does not reflect share-based compensation and related taxes. Share-based compensation has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy;
adjusted EBITDA does not reflect interest income (expense), net; or changes in, or cash requirements for, our working capital;
adjusted EBITDA does not reflect transaction related costs and other items which are either not representative of our underlying operations or are incremental costs that result from an actual or planned transaction and include litigation matters, integration consulting fees, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems; and
other companies, including companies in our industry, may calculate adjusted EBITDA differently, which reduces its usefulness as a comparative measure.
Because of these limitations, you should consider adjusted EBITDA and adjusted EBITDA margin alongside other financial performance measures, including various cash flow metrics, net income (loss), net margin, and our other GAAP results.
The following table presents a reconciliation of net income (loss) to adjusted EBITDA for each of the periods indicated.
($ in thousands, except percentages)
13 Weeks Ended
Reconciliation of Net Income (Loss) to Adjusted EBITDA
May 2, 2021
May 3, 2020
Net income (loss)
Depreciation and amortization
Share-based compensation expense and related taxes
Interest expense, net
Management fee expense(1)
Transaction related costs
Adjusted EBITDA margin
Management fee expense allocated to us by PetSmart LLC for organizational oversight and certain limited corporate functions provided by its sponsors. Although we are not a party to the agreement governing the management fee, this management fee is reflected as an expense in our condensed consolidated financial statements during the thirteen weeks ended May 3, 2020.
We define net margin as net income (loss) divided by net sales and adjusted EBITDA margin as adjusted EBITDA divided by net sales.
ANCHORAGE, Alaska–(BUSINESS WIRE)–Alaska Communications (NASDAQ: ALSK) has signed a Distribution Partner Agreement with OneWeb, the global communications network powered from space, to expand the company’s connectivity solutions across Alaska.
Through the agreement, Alaska Communications will sell OneWeb’s low Earth orbit (LEO) satellite service to its customers and use OneWeb’s infrastructure for critical middle mile connections.
“We’re pleased to work with OneWeb to offer LEO services in Alaska,” said Bill Bishop, president and CEO of Alaska Communications. “We see this as a milestone moment in our ability to offer low-latency, high-speed service across Alaska, particularly in rural areas.”
LEO satellites deliver fiber-like connectivity performance to areas that have been inaccessible via terrestrial options. Businesses, local governments, schools, healthcare providers and resource developers need high speed, low latency connections to keep up with growing demands, like video conferencing, telehealth, cloud computing and more.
“We see this solution as an important piece of our toolkit,” said Bishop. “We’re known for creating custom solutions to meet our customer’s needs. Collaborating with OneWeb augments our capabilities in serving our business and government customers.”
“Alaska Communications has unparalleled experience delivering communications to Alaskans for more than 100 years and uniquely understands where the need is across the state,” said Neil Masterson, CEO of OneWeb. “We are thrilled to add our network to their offering and to be working together to see all of Alaska connected.”
LEO services through Alaska Communications and OneWeb will be available for service in the fourth quarter of 2021.
About Alaska Communications
Alaska Communications (NASDAQ: ALSK) is the leading provider of advanced broadband and managed IT services for businesses and consumers in Alaska. The company operates a highly reliable, advanced statewide data network with the latest technology and the most diverse undersea fiber optic system connecting Alaska to the contiguous U.S. For more information, visit www.AlaskaCommunications.com or www.alsk.com.
OneWeb is a global communications network powered from space, headquartered in London, enabling connectivity for governments, businesses, and communities. It is implementing a constellation of Low Earth Orbit satellites with a network of global gateway stations and a range of user terminals to provide an affordable, fast, high-bandwidth and low-latency communications service, connected to the IoT future and a pathway to 5G for everyone, everywhere. Find out more at http://www.oneweb.world