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* Revenues of $1.18 billion, net income of $33.9 million * Earnings per diluted share of $0.60 * Board declares cash dividend of $0.14 per share of Class A and Class B common stock * Absorption ratio 119.4% * Revenues continue to be negatively impacted by the COVID-19 pandemic and industry downturn, but results improved compared to the second quarter of 2020 * Previously implemented cost reductions allowed Company to improve profitabilitySAN ANTONIO, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Rush Enterprises, Inc. (NASDAQ: RUSHA & RUSHB), which operates the largest network of commercial vehicle dealerships in North America, today announced results for the third quarter ended September 30, 2020.In the third quarter, the Company achieved revenues of $1.18 billion and net income of $33.9 million, or $0.60 per diluted share, compared with revenues of $1.60 billion and net income of $39.1 million, or $0.70 per diluted share, in the quarter ended September 30, 2019. As previously announced, on October 12, 2020, Rush Enterprises, Inc. effected a stock split by distributing one additional share of stock for every two shares of Class A common stock and Class B common stock held by shareholders of record as of September 28, 2020. All share and per share amounts in the attached consolidated balance sheets and consolidated statements of income have been adjusted and restated to reflect the stock split as if it occurred on the first day of the earliest period presented.Additionally, the Company’s Board of Directors declared a cash dividend of $0.14 per share of Class A and Class B common stock, to be paid on December 10, 2020, to all shareholders of record as of November 9, 2020. “We are committed to returning capital to our shareholders and we are pleased to maintain our pre-stock split cash dividend of $0.14 per share. By maintaining our cash dividend on a post-stock split basis, we increased the overall dividend to our shareholders by 50% over the prior quarterly dividend,” said W.M. “Rusty” Rush, Chairman, Chief Executive Officer and President of Rush Enterprises, Inc.“Although the ongoing COVID-19 pandemic and the previously anticipated industry downturn had a negative impact on our third quarter results, we experienced an improvement in revenues and profitability from the second quarter of 2020, and we are proud of our financial results for the third quarter,” Rush said. “The revenue increase was primarily driven by a significant improvement in truck sales compared to the previous quarter. Strong consumer spending throughout the country significantly increased demand for freight services and spot market rates which resulted in improved Class 8 new truck sales. Further, we implemented robust cost management measures both before and during the pandemic, and we saw the full effect of those measures in the third quarter. These actions helped us to improve profitability and contributed to an absorption ratio of 119.4%, despite significantly reduced parts and service revenues compared to the third quarter of 2019,” he added.“While many uncertainties remain, we continue to expect that any economic recovery will be gradual. However, we were encouraged by our third quarter results and remain cautiously optimistic that the worst is behind us. We remain focused on navigating this difficult period and monitoring the pandemic and its effects on the economy, our industry, our customers and our employees,” said Rush.“It is important for me to recognize our dedicated employees across the country, who are helping our nation recover from this crisis by supporting our customers while also working hard to protect the health and safety of those around them,” said Rush.Our Response to the COVID-19 Pandemic and Its Impact on Our Business and Outlook“While the COVID-19 pandemic continues to have a significant negative impact on our financial results, increased consumer spending in the third quarter due in part to government stimulus payments increased demand for transportation services. This helped improve our overall financial results compared to the second quarter. Although our third quarter financial results were encouraging, many uncertainties about the pandemic and the economy in general remain, and we continue to believe the pandemic will have a significant effect on our business for the foreseeable future,” said Rush.Starting in the fourth quarter of 2019 and continuing into the second quarter of 2020, the Company implemented rapid and widespread cost reduction measures to help navigate the challenging conditions brought on by the anticipated industry downturn and unanticipated COVID-19 pandemic. “Our expense reductions were fully implemented in the first half of this year, so our third quarter results reflect a full three months with those measures in place. We remain confident that we are sized appropriately to support our customers while maintaining our financial strength,” Rush said.“Our balance sheet and cash position remain strong, and with our previously-implemented expense reduction measures, even with the uncertainties that lie ahead, we believe we are well positioned to navigate these challenging times,” said Rush. In recognition of the Company’s confidence, and as previously announced, the Board of Directors of the Company approved lifting the suspension of the previously announced stock repurchase program. In addition, the Board of Directors of the Company has also approved cash dividend payments to stockholders that effectively increases the dividend amount by 50% over the prior quarterly dividend. Lastly, effective October 1, 2020, the Board of Directors of the Company restored the base salaries of all employees whose salaries had been reduced in response to the pandemic, except for Mr. Rush’s salary. Mr. Rush’s salary was reduced by 25% in April of 2020 as part of the Company’s expense reduction efforts related to the COVID-19 pandemic.OperationsAftermarket Products and Services Aftermarket products and services accounted for approximately 66.8% of the Company's total gross profits in the third quarter, with parts, service and collision center revenues totaling $400.3 million, down 12% compared to the third quarter of 2019. The Company achieved a quarterly absorption ratio of 119.4% in the third quarter of 2020.“Our aftermarket activity remained relatively flat from April through July, but picked up somewhat in August and September, leading to a 6% increase in aftermarket revenues in the third quarter compared to the second quarter. Our service revenues increased by 2.4% over the prior quarter while our parts sales revenues increased by 8.6% over the second quarter. This revenue growth was driven by steady demand from a variety of market segments, particularly refuse, construction and over-the-road customers. Further, employees in all areas of the Company have done a fantastic job managing expenses, which directly contributed not only to our strong absorption ratio, but also to our overall aftermarket success this quarter,” said Rush.“As we look ahead, uncertainties remain about the pandemic and our country’s economic recovery. Additionally, activity from the energy market remains significantly lower than normal and is not expected to recover any time soon. That said, our aftermarket business has strengthened in the past few months. Though we expect some seasonal softness through the winter, which is normal for our business, we are cautiously optimistic that consumer ecommerce spending will continue to drive increased freight demand and soften the normal seasonal decline. Regardless, we believe our aftermarket business will continue to recover gradually for the foreseeable future,” said Rush.Commercial Vehicle Sales New U.S. Class 8 retail truck sales totaled 52,161 units in the third quarter, down 33% over the same period last year, according to ACT Research. The Company sold 2,584 new Class 8 trucks in the third quarter and accounted for 5.0% of the new U.S. Class 8 truck market. ACT Research forecasts U.S. retail sales for new Class 8 vehicles to be 186,300 units in 2020, a 33.8% decrease compared to 2019. However, ACT Research’s estimate has again increased from the second quarter, when ACT Research estimated annual sales would reach 159,000 units, and the first quarter, when ACT Research’s annual estimate was 127,500 units. ACT Research currently estimates new U.S. Class 8 retail truck sales to be 220,900 in 2021, which represents another increase from its estimates of 171,400 in the second quarter and 162,800 in the first quarter.“As we expected, our new Class 8 truck sales in the third quarter were down from the same time period in 2019, but encouragingly, we experienced an increase of 38% over the second quarter of 2020. While the industry downturn and the COVID-19 pandemic continue to negatively impact commercial vehicle sales, in the third quarter we continued to see increased quoting activity and sales activity in general, largely from over-the-road customers. With government stimulus payments strengthening consumer spending, freight increased significantly across the country in the third quarter. Spot rates were among the highest in history, which increased demand for new Class 8 trucks. Due to manufacturing shutdowns in the second quarter, the availability of new trucks off the production line was limited, and as a result, stock truck sales increased in the third quarter compared to the second quarter. Our stock truck inventory has declined somewhat, which is consistent with what the industry is experiencing. Due to healthy order intake in the third quarter, we expect our new Class 8 truck sales in the fourth quarter to be similar to our results in the third quarter,” said Rush.The Company sold 2,941 new Class 4-7 medium-duty commercial vehicles in the third quarter of 2020, accounting for 4.8% of the total U.S. New U.S. Class 4-7 retail sales were 61,134 units in the third quarter of 2020, down 12.6% over the third quarter of 2019. ACT Research forecasts U.S. retail sales for Class 4-7 vehicles to reach 216,100 units in 2020, a 19% decrease over 2019.“Our second quarter Class 4 through 7 new commercial vehicle sales were impacted by the COVID-19 pandemic, but similar to our Class 8 new truck sales, we experienced a noteworthy increase in unit sales of 26% compared to the second quarter of 2020. This increase was largely driven by landscaping, residential construction, and other small businesses assisted by government stimulus payments and state re-openings. We believe our fourth quarter new medium-duty commercial vehicle sales will be consistent with our third-quarter commercial vehicle sales, and that in general, medium-duty commercial vehicle sales will continue to be directly impacted by the COVID-19 pandemic and uncertainties about the economy,” said Rush.The Company sold 2,055 used commercial vehicles in the third quarter of 2020, a 10.0% increase compared to the third quarter of 2019. “Production shutdowns earlier this year limited the access to new commercial vehicles available for sale in the third quarter. That, along with healthy freight movement and strong spot rates, resulted in increased demand and improved values for used commercial vehicles. Our used commercial vehicle sales improved in the third quarter, and while we expect some normal seasonal decline, we believe our fourth quarter used commercial vehicle sales will remain solid,” said Rush.Financial HighlightsIn the third quarter of 2020, the Company’s gross revenues totaled $1.18 billion, a 26.3% decrease from gross revenues of $1.60 billion reported for the third quarter of 2019. Net income for the third quarter was $33.9 million, or $0.60 per diluted share, compared to net income of $39.1 million, or $0.70 per diluted share, in the third quarter of 2019.Parts, service and collision center revenues were $400.3 million in the third quarter of 2020, compared to $454.8 million in the third quarter of 2019. The Company delivered 2,584 new heavy-duty trucks, 2,941 new medium-duty commercial vehicles, 283 new light-duty commercial vehicles and 2,055 used commercial vehicles during the third quarter of 2020, compared to 4,318 new heavy-duty trucks, 4,566 new medium-duty commercial vehicles, 525 new light-duty commercial vehicles and 1,868 used commercial vehicles during the third quarter of 2019.During the third quarter of 2020, the Company repurchased $2.7 million of its common stock, paid a cash dividend of $5.1 million and ended the quarter with $259.5 million in cash and cash equivalents.“Our cash position remains strong, and we have demonstrated that we are able to generate cash in a difficult economic environment. We remain confident in our future and our ability to return value to shareholders, as reflected by our recent three-for-two stock split and increased dividend payment,” said Rush.Conference Call InformationRush Enterprises will host its quarterly conference call to discuss earnings for the third quarter on Thursday, October 22, 2020, at 10 a.m. Eastern/9 a.m. Central. The call can be heard live by dialing 877-638-4557 (US) or 914-495-8522 (International), Conference ID 3757724 or via the Internet at http://investor.rushenterprises.com/events.cfm. For those who cannot listen to the live broadcast, the webcast will be available on our website at the above link until January 10, 2021. Listen to the audio replay until October 29, 2020, by dialing 855-859-2056 (US) or 404-537-3406 (International) and entering the Conference ID 3757724.About Rush Enterprises, Inc.Rush Enterprises, Inc. is the premier solutions provider to the commercial vehicle industry. The Company owns and operates Rush Truck Centers, the largest network of commercial vehicle dealerships in North America, with more than 100 dealership locations in 22 states. These vehicle centers, strategically located in high traffic areas on or near major highways throughout the United States, represent truck and bus manufacturers, including Peterbilt, International, Hino, Isuzu, Ford, FUSO, IC Bus and Blue Bird. They offer an integrated approach to meeting customer needs — from sales of new and used vehicles to aftermarket parts, service and collision center operations plus financing, insurance, leasing and rental. Rush Enterprises' operations also provide vehicle upfitting, CNG fuel systems and vehicle telematics products. Additional information about Rush Enterprises’ products and services is available at www.rushenterprises.com. Follow our news on Twitter at @rushtruckcenter and on Facebook at facebook.com/rushtruckcenters.Certain statements contained in this release, including those concerning current and projected market conditions, sales forecasts, market share forecasts, demand for the Company’s services, the effects the COVID-19 pandemic may have on our business and financial results, including future issuances of cash dividends and future repurchases of the Company’s common stock, are “forward-looking” statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements only speak as of the date of this release and the Company assumes no obligation to update the information included in this release. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, competitive factors, general U.S. economic conditions, economic conditions in the new and used commercial vehicle markets, customer relations, relationships with vendors, the interest rate environment, governmental regulation and supervision, product introductions and acceptance, changes in industry practices, the duration and severity of the COVID-19 pandemic and governmental mandates in connection therewith, one-time events and other factors described herein and in filings made by the Company with the Securities and Exchange Commission, including in our annual report on Form 10-K for the fiscal year ended December 31, 2019 and our quarterly report on Form 10-Q for the quarter ended March 31, 2020. In addition, the declaration and payment of cash dividends and authorization of future share repurchase programs remains at the sole discretion of the Company’s Board of Directors and the issuance of future dividends and authorization of future share repurchase programs will depend upon the Company’s financial results, cash requirements, future prospects, applicable law and other factors that may be deemed relevant by the Company’s Board of Directors. Although we believe that these forward-looking statements are based on reasonable assumptions, there are many factors that could affect our actual business and financial results and could cause actual results to differ materially from those in the forward-looking statements. All future written and oral forward-looking statements by us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to above. Except for our ongoing obligations to disclose material information as required by the federal securities laws, we do not have any obligations or intention to release publicly any revisions to any forward-looking statements to reflect events or circumstances in the future or to reflect the occurrence of unanticipated events.-Tables and Additional Information to Follow- RUSH ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In Thousands, Except Shares and Per Share Amounts) September 30, December 31, 2020 2019 (unaudited) Assets Current assets: Cash and cash equivalents$259,543 $181,620 Accounts receivable, net of allowance 155,677 183,704 Inventories, net 937,878 1,326,080 Prepaid expenses and other 13,315 20,728 Assets held for sale – 419 Total current assets 1,366,413 1,712,551 Property and equipment, net 1,227,275 1,279,931 Operating lease right-of-use assets, net 57,535 57,197 Goodwill, net 292,142 292,142 Other assets, net 67,324 65,508 Total assets$3,010,689 $3,407,329 Liabilities and shareholders’ equity Current liabilities: Floor plan notes payable$613,700 $996,336 Current maturities of long-term debt 179,450 189,265 Current maturities of finance lease obligations 23,940 22,892 Current maturities of operating lease obligations 9,986 10,114 Trade accounts payable 109,982 133,697 Customer deposits 36,584 42,695 Accrued expenses 115,621 112,390 Total current liabilities 1,089,263 1,507,389 Long-term debt, net of current maturities 385,408 438,413 Finance lease obligations, net of current maturities 85,268 69,478 Operating lease obligations, net of current maturities 48,212 47,555 Other long-term liabilities 22,765 20,704 Deferred income taxes, net 152,700 164,297 Shareholders’ equity: Preferred stock, par value $.01 per share; 1,000,000 shares authorized; 0 shares outstanding in 2020 and 2019 – – Common stock, par value $.01 per share; 60,000,000 Class A shares and 20,000,000 Class B shares authorized; 42,208,299 Class A shares and 12,518,877 Class B shares outstanding in 2020; and 41,930,472 Class A shares and 12,360,729 Class B shares outstanding in 2019 547 465 Additional paid-in capital 428,823 397,267 Treasury stock, at cost: 24,892 Class B shares in 2020 and 7,583,674 Class A shares and 7,959,511 Class B shares in 2019 (723) (304,129) Retained earnings 798,606 1,065,553 Accumulated other comprehensive (loss) income (180) 337 Total shareholders’ equity 1,227,073 1,159,493 Total liabilities and shareholders’ equity$3,010,689 $3,407,329 RUSH ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Revenues New and used commercial vehicle sales$711,754 $1,070,868 $2,060,370 $2,933,952 Parts and service sales 400,260 454,785 1,205,791 1,341,305 Lease and rental 57,913 62,949 175,984 183,973 Finance and insurance 5,633 5,863 15,060 18,874 Other 3,008 4,800 10,538 14,039 Total revenue 1,178,568 1,599,265 3,467,743 4,492,143 Cost of products sold New and used commercial vehicle sales 658,192 997,946 1,908,225 2,717,484 Parts and service sales 258,379 284,328 766,990 830,153 Lease and rental 49,545 52,223 153,244 153,316 Total cost of products sold 966,116 1,334,497 2,828,459 3,700,953 Gross profit 212,452 264,768 639,284 791,190 Selling, general and administrative expense 155,487 192,482 496,756 573,644 Depreciation and amortization expense 14,423 14,033 43,269 40,552 Gain (loss) on sale of assets 326 70 1,807 (12) Operating income 42,868 58,323 101,066 176,982 Other income 2,113 1,577 5,074 2,316 Interest expense, net 1,053 7,690 8,031 23,120 Income before taxes 43,928 52,210 98,109 156,178 Provision for income taxes 9,989 13,106 24,247 38,349 Net income $33,939 $39,104 $73,862 $117,829 Earnings per common share Basic$0.62 $ 0.71 $1.35 $2.14 Diluted$0.60 $0.70 $1.32 $2.09 Weighted average shares outstanding Basic 55,033 54,817 54,734 55,116 Diluted 56,443 56,026 55,929 56,438 Dividends declared per common share$0.14 $0.13 $0.40 $0.37 This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as Adjusted net income, Adjusted total debt, Adjusted net (cash) debt, EBITDA, Adjusted EBITDA, Free cash flow, Adjusted free cash flow and Adjusted invested capital, which exclude certain items disclosed in the attached financial tables. The Company provides reconciliations of these measures to the most directly comparable GAAP measures.Management believes the presentation of these non-GAAP financial measures provides useful information about the results of operations of the Company for the current and past periods. Management believes that investors should have the same information available to them that management uses to assess the Company’s operating performance and capital structure. These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. Investors are cautioned that non-GAAP financial measures utilized by the Company may not be comparable to similarly titled non-GAAP financial measures used by other companies. Three Months Ended Vehicle Sales Revenue (in thousands) September 30, 2020 September 30, 2019 New heavy-duty vehicles $370,786 $605,675 New medium-duty vehicles (including bus sales revenue) 247,467 357,005 New light-duty vehicles 12,077 21,538 Used vehicles 76,176 80,405 Other vehicles 5,248 6,245 Absorption Ratio 119.4% 120.0% Absorption Ratio Management uses several performance metrics to evaluate the performance of its commercial vehicle dealerships and considers Rush Truck Centers’ “absorption ratio” to be of critical importance. Absorption ratio is calculated by dividing the gross profit from the parts, service and collision center departments by the overhead expenses of all of a dealership’s departments, except for the selling expenses of the new and used commercial vehicle departments and carrying costs of new and used commercial vehicle inventory. When 100% absorption is achieved, then gross profit from the sale of a commercial vehicle, after sales commissions and inventory carrying costs, directly impacts operating profit.Debt Analysis (in thousands) September 30, 2020September 30, 2019 Floor plan notes payable $613,700 $1,051,241 Current maturities of long-term debt 179,450 158,722 Current maturities of finance lease obligations 23,940 20,995 Long-term debt, net of current maturities 385,408 462,646 Finance lease obligations, net of current maturities 85,268 57,077 Total Debt (GAAP) 1,287,766 1,750,681 Adjustments: Debt related to lease & rental fleet (616,998) (639,138) Floor plan notes payable (613,700) (1,051,241) Adjusted Total Debt (Non-GAAP) 57,068 60,302 Adjustment: Cash and cash equivalents (259,543) (86,117) Adjusted Net Debt (Cash) (Non-GAAP) $(202,475)$(25,815) Management uses “Adjusted Total Debt” to reflect the Company’s estimated financial obligations less debt related to lease and rental fleet (L&RFD) and floor plan notes payable (FPNP), and “Adjusted Net (Cash) Debt” to present the amount of Adjusted Total Debt net of cash and cash equivalents on the Company’s balance sheet. The FPNP is used to finance the Company’s new and used inventory, with its principal balance changing daily as vehicles are purchased and sold and the sale proceeds are used to repay the notes. Consequently, in managing the business, management views the FPNP as interest bearing accounts payable, representing the cost of acquiring the vehicle that is then repaid when the vehicle is sold, as the Company’s credit agreements require it to repay loans used to purchase vehicles when such vehicles are sold. The Company’s lease & rental fleet are fully financed and are either (i) leased to customers under long-term lease arrangements or (ii), to a lesser extent, dedicated to the Company’s rental business. In both cases, the lease and rental payments received fully cover the capital costs of the lease & rental fleet (i.e., the interest expense on the borrowings used to acquire the vehicles and the depreciation expense associated with the vehicles), plus a profit margin for the Company. The Company believes excluding the FPNP and L&RFD from the Company’s total debt for this purpose provides management with supplemental information regarding the Company’s capital structure and leverage profile and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Total Debt” and “Adjusted Net (Cash) Debt” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, the Company’s debt obligations, as reported in the Company’s consolidated balance sheet in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. Twelve Months Ended EBITDA (in thousands) September 30, 2020 September 30, 2019 Net Income (GAAP) $97,616 $164,798 Provision for income taxes 33,838 53,353 Interest expense 13,718 29,534 Depreciation and amortization 58,089 53,646 (Gain) loss on sale of assets (1,717) (126) EBITDA (Non-GAAP) 201,544 301,205 Adjustments: Interest expense associated with FPNP (12,949) (28,174) Adjusted EBITDA (Non-GAAP) $188,595 $273,031 The Company presents EBITDA and Adjusted EBITDA, for the twelve months ended each period presented, as additional information about its operating results. The presentation of Adjusted EBITDA that excludes the addition of interest expense associated with FPNP to EBITDA is consistent with management’s presentation of Adjusted Total Debt, in each case reflecting management’s view of interest expense associated with the FPNP as an operating expense of the Company, and to provide management with supplemental information regarding operating results and to assist investors in performing analysis that is consistent with financial models developed by management and research analyst. “EBITDA” and “Adjusted EBITDA” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net income of the Company, as reported in the Company’s consolidated statements of income in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. Twelve Months Ended Free Cash Flow (in thousands) September 30, 2020 September 30, 2019 Net cash (used in) provided by operations (GAAP) $790,120 $233,962 Acquisition of property and equipment (170,737) (292,634) Free cash flow (Non-GAAP) 619,383 (58,672) Adjustments: (Payments) draws on floor plan financing, net (362,781) 85,697 Proceeds from L&RFD 119,053 203,573 Principal payments on L&RFD (178,193) (169,339) Non-maintenance capital expenditures 20,232 55,696 Adjusted Free Cash Flow (Non-GAAP) $217,694 $116,955 “Free Cash Flow” and “Adjusted Free Cash Flow” are key financial measures of the Company’s ability to generate cash from operating its business. Free Cash Flow is calculated by subtracting the acquisition of property and equipment included in the Cash flows from investing activities from Net cash provided by (used in) operating activities. For purposes of deriving Adjusted Free Cash Flow from the Company’s operating cash flow, Company management makes the following adjustments: (i) adds back draws (or subtracts payments) on the floor plan financing that are included in Cash flows from financing activities as their purpose is to finance the vehicle inventory that is included in Cash flows from operating activities; (ii) adds back proceeds from notes payable related specifically to the financing of the lease and rental fleet that are reflected in Cash flows from financing activities; (iii) subtracts draws on floor plan financing, net and proceeds from L&RFD related to business acquisition assets that are included in Cash flows from investing activities; (iv) subtracts principal payments on notes payable related specifically to the financing of the lease and rental fleet that are included in Cash flows from financing activities; and (v) adds back non-maintenance capital expenditures that are for growth and expansion (i.e. building of new dealership facilities) that are not considered necessary to maintain the current level of cash generated by the business. “Free Cash Flow” and “Adjusted Free Cash Flow” are both presented so that investors have the same financial data that management uses in evaluating the Company’s cash flows from operating activities. “Free Cash Flow” and “Adjusted Free Cash Flow” are both non-GAAP financial measures and should be considered in addition to, and not as a substitute for, net cash provided by (used in) operations of the Company, as reported in the Company’s consolidated statement of cash flows in accordance with U.S. GAAP. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies. Invested Capital (in thousands) September 30, 2020September 30, 2019 Total Shareholders' equity (GAAP) $1,227,073 $1,137,253 Adjusted net debt (cash) (Non-GAAP) (202,475) (25,815) Adjusted Invested Capital (Non-GAAP) $1,024,598 $1,111,438 “Adjusted Invested Capital” is a key financial measure used by the Company to calculate its return on invested capital. For purposes of this analysis, management excludes L&RFD, FPNP, and cash and cash equivalents, for the reasons provided in the debt analysis above and uses Adjusted Net Debt in the calculation. The Company believes this approach provides management a more accurate picture of the Company’s leverage profile and capital structure and assists investors in performing analysis that is consistent with financial models developed by Company management and research analysts. “Adjusted Net (Cash) Debt” and “Adjusted Invested Capital” are both non-GAAP financial measures. Additionally, these non-GAAP measures may vary among companies and may not be comparable to similarly titled non-GAAP measures used by other companies.Contact: Rush Enterprises, Inc., San Antonio Steven L. Keller, 830-302-5226
DAYTONA BEACH, Fla., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Alpine Income Property Trust, Inc. (NYSE: PINE) (the “Company” or “PINE”) today announced its operating results and earnings for the three and nine months ended September 30, 2020.Select Highlights * Reported Net Income per diluted share attributable to the Company of $0.06 for the three months ended September 30, 2020. * Reported FFO per diluted share of $0.35 for the three months ended September 30, 2020. * Reported AFFO per diluted share of $0.34 for the three months ended September 30, 2020. * Collected 100% of the Contractual Base Rent (as defined below) due for the three months ended September 30, 2020. * During the third quarter, acquired 15 single-tenant income properties for total acquisition volume of approximately $23.9 million, reflecting a weighted-average going-in cap rate of approximately 6.8%. * During the third quarter, disposed of one single-tenant income property for a sale price of approximately $5.1 million, reflecting an exit cap rate of approximately 5.8%. * Paid a cash dividend for the third quarter of 2020 of $0.20 per share on September 30, 2020 to stockholders of record as of September 15, 2020. * Collected 100% of the Contractual Base Rent (as defined below) due in October 2020. * Declared a cash dividend for the fourth quarter of 2020 of $0.22 per share, representing a 10% increase to the Company’s previous quarterly cash dividend and an annualized yield of approximately 6.1% based on the closing price of the common stock on October 20, 2020. * Increased the Company’s revolving credit facility commitments from $100 million to $150 million with the addition of two lenders, effective October 16, 2020. * Increased full year 2020 acquisition guidance to $110 million and increased the full year 2020 mid-point of FFO and AFFO per diluted share guidance. Operating Results HighlightsThe table below provides a summary of the Company’s operating results for the three and nine months ended September 30, 2020: For the Three Months Ended September 30, 2020 For the Nine Months Ended September 30, 2020 Total Revenues$5,100,803 $13,862,514 Net Income$635,751 $930,076 Net Income Attributable to PINE$546,103 $799,010 Net Income Attributable to PINE per diluted share$0.06 $0.09 FFO (1)$3,043,154 $7,646,303 FFO per diluted share (1)$0.35 $0.86 AFFO (1)$2,909,206 $6,084,912 AFFO per diluted share (1)$0.34 $0.69 Dividends Declared and Paid, per share$0.20 $0.60 (1) See the “Non-GAAP Financial Measures” section and tables at the end of this press release for a discussion and reconciliation of Net Income to non-GAAP financial measures, including FFO, FFO per diluted share, AFFO and AFFO per diluted share.The Company’s operating results for the three and nine months ended September 30, 2020, as applicable, were impacted by the following: * Direct costs of revenues were impacted by expensing costs associated with the Company’s due diligence on approximately $75 million of potential income property acquisitions which were terminated at the outset of the COVID-19 Pandemic. Total transaction costs related to the terminated deals totaled approximately $107,000 for the nine months ended September 30, 2020, all of which was incurred in the first half of 2020, with approximately $83,000 and $24,000 incurred during the first and second quarter of 2020, respectively. * General and administrative expenses for the nine months ended September 30, 2020 were impacted by the recognition in the first quarter of 2020 of approximately $288,000 of costs associated with audit services related to the 2019 annual audit. The fees associated with the 2019 annual audit were recognized as the services were incurred, which typically would occur ratably throughout the year. * Interest expense of approximately $977,000 for the nine months ended September 30, 2020, of which the Company incurred approximately $249,000, $343,000, and $385,000, during the first, second and third quarter of 2020, respectively, on the outstanding borrowings or commitments on the Company’s revolving credit facility. CEO Comments“We are very pleased with the strategic execution of our business plan in the third quarter, as we opportunistically invested approximately $24 million into 15 high-quality assets, all of which were net leased to investment grade-rated tenants. In light of this recent transaction activity and an implied cap rate of 8.7% based on yesterday’s closing stock price, we believe there is meaningful upside in our current valuation,” noted John P. Albright, President and Chief Executive Officer of Alpine Income Property Trust. “We are encouraged by the resiliency of our portfolio tenants, the underlying quality of our real estate and our ability to collect 100% of our contractual base rents for the four months of July, August, September and October. As our team works diligently to drive long-term value for our shareholders through a combination of disciplined investing and active portfolio management, we are excited to increase our quarterly per share cash dividend by 10% and raise our previously provided full year acquisitions and earnings guidance as we position Alpine to excel in the fourth quarter and beyond.” COVID-19 Pandemic and Rent Collection UpdateIn March 2020, the World Health Organization declared the outbreak of the novel coronavirus as a pandemic (the “COVID-19 Pandemic”), which has spread throughout the United States. The spread of the COVID-19 Pandemic has continued to cause significant volatility in the U.S. and international markets, and in many industries, business activity has experienced periods of almost complete shutdown. There continues to be uncertainty around the duration and severity of business disruptions related to the COVID-19 Pandemic, as well as its impact on the U.S. economy and international economies.Q3 2020 Rent Status: The Company collected 100% of the Contractual Base Rent due for the three months ended September 30, 2020. Contractual Base Rent (“CBR”) represents the amount owed to the Company under the current terms of its lease agreements. The Company has previously agreed to defer or abate certain CBRs in exchange for additional lease term or other lease enhancing additions that equated to approximately 6% of contractual rents. Additionally, the portfolio remains 100% occupied as of September 30, 2020. In general, the repayment of the deferred CBR began in the third quarter of 2020, with ratable payments continuing, in some cases, through the end of 2021. The Company has not yet reached an agreement with a tenant responsible for approximately 2% of CBR due during the three months ended June 30, 2020, however, this tenant has made 100% of its CBR payments due for the three months ended September 30, 2020.October 2020 Rent Status: As of October 21, 2020, the Company had received October 2020 payments from tenants representing 100% of the CBR due for the month of October 2020. An assessment of the current or identifiable potential financial and operational impacts on the Company as a result of the COVID-19 Pandemic are as follows: * When the pandemic was declared, given the uncertainties created by the COVID-19 Pandemic and the impact on the capital markets, the U.S. economy, and PINE’s tenants, the Company temporarily suspended its activities directed at identifying additional acquisition opportunities. In connection with that decision, on April 3, 2020, the Company withdrew its previously provided guidance for the full year of 2020, including its targeted level of acquisitions totaling up to $120 million. Towards the end of the second quarter of 2020, as the Company reached agreements with tenants for rent deferrals and abatements, the Company reintroduced its guidance for the full year of 2020, including total acquisition guidance of $105 million. The Company has updated that guidance herein to $110 million for the full year 2020. * As a result of the outbreak of the COVID-19 Pandemic, the federal government and the State of Florida issued orders encouraging everyone to remain at their residence and not go into work. In response to these orders and in the best interest of our Manager’s employees and our directors, our Manager implemented significant preventative measures to ensure the health and safety of its employees and our Board of Directors (the “Board”), including: conducting all meetings of our Board and Committees of the Board telephonically or via a visual conferencing service, permitting its employees to work from home at their election, enforcing appropriate social distancing practices in our Manager’s office, encouraging its employees to wash their hands often and use face masks and providing hand sanitizer and other disinfectant products throughout their office, requiring its employees who do not feel well, in any capacity, to stay at home, and requiring all third-party delivery services (e.g. mail, food delivery, etc.) to complete their service outside the front door of its offices. Our Manager also offered COVID-19 testing to its employees in our Manager’s office to ensure a safe working environment.AcquisitionsDuring the three months ended September 30, 2020, the Company acquired 15 income properties for total acquisition volume of approximately $23.9 million, reflecting a weighted-average going-in cap rate of approximately 6.8%. At the acquisition date, the properties had a weighted-average remaining lease term of approximately 13.0 years, were leased to tenants operating in two different sectors, including the dollar store and auto parts sectors, and were located in five different states. 100% of annualized base rents acquired are generated from a tenant or the parent of a tenant with an investment grade credit rating. During the nine months ended September 30, 2020, the Company acquired 26 income properties for total acquisition volume of approximately $99.3 million, reflecting a weighted-average going-in cap rate of approximately 6.9%. At the acquisition date, the properties had a weighted-average remaining lease term of approximately 10.8 years, were leased to tenants operating in nine different sectors, including the grocery, convenience store, dollar store, quick service restaurant and auto parts sectors, and were located in 11 different states. Approximately 53% of annualized base rents acquired are generated from a tenant or the parent of a tenant with an investment grade credit rating.DispositionsDuring the three and nine months ended September 30, 2020, the Company sold its Outback Steakhouse in Charlottesville, Virginia for a sale price of approximately $5.1 million, reflecting an exit cap rate of approximately 5.8%. The sale of the property generated a gain on sale of approximately $287,000, or $0.03 per diluted share.Income Property PortfolioThe Company’s income property portfolio consisted of the following as of September 30, 2020:Total Number of Properties45 Total Square Feet1.5 million Weighted-Average Remaining Lease Term8.6 years Total States Where Properties Located17 % of Annualized Base Rent attributable to Retail Tenants (1)72% % of Annualized Base Rent attributable to Office Tenants (1)28% % of Annualized Base Rent subject to Rent Escalations (1)47% % of Annualized Base Rent attributable to Credit Rated Tenants (1) (2)82% Any differences a result of rounding.(1) Annualized Base Rent represents the annualized in-place base rent required by the tenant’s lease. ABR is a non-GAAP financial measures and we believe this non-GAAP financial measure is useful to investors because it is a widely accepted industry measure used by analysts and investors to compare the real estate portfolios and operating performance of REITs.(2) Credit rated tenant is a tenant or the parent of a tenant with a credit rating from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings, as applicable, as of September 30, 2020.The Company’s income property portfolio included the following top tenants, based on Annualized Base Rent, as of September 30, 2020: TenantCredit Rating (1) % of Annualized Base Rent Wells FargoA+ 16% Hilton Grand VacationsBB 13% Hobby LobbyN/A 10% Dollar GeneralBBB 7% WalmartAA 7% WalgreensBBB 5% LA FitnessCCC+ 5% At HomeB- 4% The Container StoreB- 4% 7-Eleven (2)AA- 3% Total 73% Any differences a result of rounding.(1) Credit rating is from S&P Global Ratings, Moody’s Investors Service or Fitch Ratings, as applicable, as of September 30, 2020.(2) Cash rent has not yet commenced on the Georgetown, TX lease, although control of the property has been transferred to the tenant. Cash rent on this property is expected to commence following the completion of certain tenant improvements. The Company’s income property portfolio consisted of the following industries as of September 30, 2020:Industry % of Annualized Base Rent Financial Services (Office) 16% Hospitality (Office) 13% General Merchandise 12% Home Furnishings 10% Entertainment 9% Dollar Stores 8% Grocery 7% Convenience Store 5% Pharmacy 5% Fitness 5% Consumer Electronics 4% Sporting Goods 2% Casual Dining 2% Car Wash 1% Automotive Parts 1% QSR 1% Other <1% Total17 Industries 100% Any differences a result of rounding.The Company’s income property portfolio included properties in the following states as of September 30, 2020:State % of Annualized Base Rent Florida 22% Oregon 16% North Carolina 10% Texas 7% Georgia 7% Michigan 7% Massachusetts 6% Oklahoma 4% New York 4% Arizona 4% Nevada 3% Wisconsin 3% Alabama 2% Kentucky 2% Maine 2% Maryland 1% Ohio < 1% Total17 States 100% Any differences a result of rounding.2020 GuidanceThe Company's guidance for 2020, which has been increased to reflect the Company’s third quarter performance and adjusted expectations, assumes improvement in economic activity, stable or positive business trends related to each of our tenants, and other significant assumptions. The Company’s outlook for 2020 is as follows: Actual YTD Q3 2020 Updated Guidance for FY 2020 Net Income Attributable to PINE per diluted share$0.09 $0.12 - $0.17 Acquisition of Income-Producing Assets$99.3 million $110.0 million Disposition of Income-Producing Assets$5.1 million $5.1 million Target Investment Yields (Initial Yield – Unlevered) (1)6.89% 6.50% - 7.00% Funds from Operations per diluted share$0.86 $1.20 - $1.25 Adjusted Funds from Operations per diluted share$0.69 $1.00 - $1.05 Outstanding fully diluted shares and units (2)8.7 million 8.7 million (1) Reflects the targeted range of anticipated cap rates on a weighted-average basis, as such, individual income property acquisitions may be completed at an initial investment yield above or below this range.(2) Includes 1,223,854 shares underlying OP units issued to CTO Realty Growth, Inc. in connection with our formation transactions.Balance SheetThe following table provides a summary of the Company’s long-term debt as of September 30, 2020:Component of Long-Term Debt Principal Interest Rate Maturity Date Revolving Credit Facility (1) $50.0 million 1.35% - 1.95% \+ 48 bps November 2023 Revolving Credit Facility 38.3 million 1.35% - 1.95% \+ LIBOR November 2023 Total Debt/Weighted-Average Rate $88.3 million 1.69% (1) Effective April 30, 2020, the Company utilized an Interest Rate Swap to achieve a fixed LIBOR rate of 0.48% plus the applicable spread on approximately $50 million of the outstanding balance on the Credit Facility.On October 16, 2020, the Company increased the commitments on its revolving credit facility from $100 million to $150 million with the addition of two lenders. The revolving credit facility also was amended to increase the accordion option that allows the Company to request additional lender commitments up to a total of $200 million.3rd Quarter Earnings Conference Call & WebcastThe Company will host a conference call to present its operating results for the quarter ended September 30, 2020 tomorrow, Thursday, October 22, 2020, at 9:00 AM ET. Stockholders and interested parties may access the earnings call via teleconference or webcast:Teleconference: USA (Toll Free)1-888-317-6003 International:1-412-317-6061 Canada (Toll Free):1-855-669-9657 Please dial in at least fifteen minutes prior to the scheduled start time and use the code 7579124 when prompted. A webcast of the call can be accessed at: https://services.choruscall.com/links/pine201022.html. To access the webcast, log on to the web address noted above or go to http://www.alpinereit.com and log in at the investor relations section. About Alpine Income Property Trust, Inc.Alpine Income Property Trust, Inc. (NYSE: PINE) is a publicly traded real estate investment trust that acquires, owns and operates a portfolio of high-quality single-tenant net leased commercial income properties.We encourage you to review our most recent investor presentation which is available on our website at http://www.alpinereit.com.Safe HarborThis press release may contain “forward-looking statements.” Forward-looking statements include statements that may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections or valuations. Forward-looking statements are based on the Company’s current expectations and assumptions regarding capital market conditions, the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include general business and economic conditions, continued volatility and uncertainty in the credit markets and broader financial markets, risks inherent in the real estate business, including tenant defaults, potential liability relating to environmental matters, illiquidity of real estate investments and potential damages from natural disasters, the impact of the COVID-19 Pandemic on the Company’s business and the business of its tenants and the impact on the U.S. economy and market conditions generally, other factors affecting the Company’s business or the business of its tenants that are beyond the control of the Company or its tenants, and the factors set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2020. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.Non-GAAP Financial MeasuresOur reported results are presented in accordance with GAAP. We also disclose Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”) both of which are non-GAAP financial measures. We believe these two non-GAAP financial measures are useful to investors because they are widely accepted industry measures used by analysts and investors to compare the operating performance of REITs.FFO and AFFO do not represent cash generated from operating activities and are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as reported on our statement of cash flows as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures.We compute FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate related depreciation and amortization, including the pro rata share of such adjustments of unconsolidated subsidiaries. To derive AFFO, we modify the NAREIT computation of FFO to include other adjustments to GAAP net income related to non-cash revenues and expenses such as straight-line rental revenue, amortization of deferred financing costs, amortization of capitalized lease incentives and above- and below-market lease related intangibles, and non-cash compensation. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. We use AFFO as one measure of our performance when we formulate corporate goals.FFO is used by management, investors and analysts to facilitate meaningful comparisons of operating performance between periods and among our peers primarily because it excludes the effect of real estate depreciation and amortization and net gains on sales, which are based on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions. We believe that AFFO is an additional useful supplemental measure for investors to consider because it will help them to better assess our operating performance without the distortions created by other non-cash revenues or expenses. FFO and AFFO may not be comparable to similarly titled measures employed by other companies.Alpine Income Property Trust, Inc. Consolidated Statement of Operations (Unaudited) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Revenues: Lease Income$5,100,803 $13,862,514 Total Revenues 5,100,803 13,862,514 Operating Expenses: Real Estate Expenses 553,482 1,703,955 General and Administrative Expenses 1,119,807 3,535,608 Depreciation and Amortization 2,694,778 7,003,602 Total Operating Expenses 4,368,067 12,243,165 Gain on Disposition of Assets 287,375 287,375 Net Income from Operations 1,020,111 1,906,724 Interest Expense 384,360 976,648 Net Income 635,751 930,076 Less: Net Income Attributable to Noncontrolling Interest (89,648) (131,066) Net Income Attributable to Alpine Income Property Trust, Inc.$546,103 $799,010 Per Common Share Data: Net Income Attributable to Alpine Income Property Trust, Inc. Basic$0.07 $0.10 Diluted$0.06 $0.09 Weighted-Average Number of Common Shares: Basic 7,455,281 7,632,660 Diluted (1) 8,679,135 8,856,514 Dividends Declared and Paid$0.20 $1.60 (1) Includes 1,223,854 shares underlying OP units issued to CTO Realty Growth, Inc. in connection with our formation transactions.Alpine Income Property Trust, Inc. Non-GAAP Financial Measures (Unaudited) Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Net Income$635,751 $930,076 Depreciation and Amortization 2,694,778 7,003,602 Gains on Disposition of Assets (287,375) (287,375) Funds from Operations$ 3,043,154 $ 7,646,303 Adjustments: Straight-Line Rent Adjustment$ (299,106) $(1,236,699) COVID-19 Rent Deferrals 86,342 (538,351) Non-Cash Compensation 66,554 201,421 Amortization of Deferred Loan Costs to Interest Expense 44,267 132,327 Amortization of Intangible Assets and Liabilities to Lease Income (28,679) (76,853) Accretion of Tenant Contribution (3,326) (9,934) Recurring Capital Expenditures - (33,302) Adjusted Funds from Operations$2,909,206 $6,084,912 FFO per diluted share$0.35 $0.86 AFFO per diluted share$0.34 $0.69 Alpine Income Property Trust, Inc. Consolidated Balance Sheet As of (Unaudited) September 30, 2020 December 31, 2019 ASSETS Real Estate: Land, at cost$78,623,631 $54,386,511 Building and Improvements, at cost 131,761,540 74,070,181 Total Real Estate, at cost 210,385,171 128,456,692 Less, Accumulated Depreciation (4,717,615) (416,235) Real Estate—Net 205,667,556 128,040,457 Cash and Cash Equivalents 1,885,906 12,341,978 Intangible Lease Assets—Net 35,007,647 22,357,633 Straight-Line Rent Adjustment 1,735,570 68,016 Deferred Expenses — 577,272 Other Assets 1,372,908 787,317 Total Assets$245,669,587 $164,172,673 LIABILITIES AND EQUITY Liabilities: Accounts Payable, Accrued Expenses, and Other Liabilities$2,892,550 $1,471,722 Prepaid Rent and Deferred Revenue 1,131,678 87,481 Intangible Lease Liabilities—Net 2,910,877 1,908,193 Long-Term Debt 87,853,998 — Total Liabilities 94,789,103 3,467,396 Commitments and Contingencies Equity: Alpine Income Property Trust Inc. Stockholders' Equity: Preferred Stock, $0.01 par value per share, 100 million shares authorized, no shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively — — Common Stock, $0.01 par value per share, 500 million shares authorized, 7,455,281 shares issued and outstanding as of September 30, 2020 and 7,902,737 shares issued and outstanding December 31, 2019 79,115 79,027 Additional Paid-in Capital 133,105,087 137,947,575 Dividends in Excess of Net Income (4,992,404) (497,508) Accumulated Other Comprehensive Loss (618,563) — Stockholders' Equity 127,573,235 137,529,094 Noncontrolling Interest 23,307,249 23,176,183 Total Equity 150,880,484 160,705,277 Total Liabilities and Equity$245,669,587 $164,172,673 Contact:Matthew M. Partridge Senior Vice President, Chief Financial Officer & Treasurer (386) 944-5643 email@example.com
AMERCO (Nasdaq: UHAL), the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company, plans to report its second quarter fiscal 2021 financial results after the close of market trading on Wednesday, November 4, 2020. The Company is scheduled to conduct its second quarter investor conference call and webcast at 8 a.m. Arizona Time (10 a.m. ET) on Thursday, November 5, 2020.
The Manitowoc Company, Inc. (NYSE: MTW) announced today that it will release its third-quarter financial results on Wednesday, November 4, 2020, after the close of market. The company will host a conference call at 10:00 a.m. U.S. Eastern Daylight Time on Thursday, November 5, 2020, to discuss its results. The call will be available via webcast on the Manitowoc website at http://ir.manitowoc.com in the "Events & Presentations" section. In addition, the call will be recorded and available for replay on the website.
RLI Corp. reported net earnings of $42.4 million ($0.93 per share) and operating earnings of $19.0 ($0.42 per share) for third quarter 2020.