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ONEOK, Inc. (NYSE: OKE) will participate in the Citi Global Energy and Utilities Virtual Conference May 11-12, 2021.
Video game maker Roblox announced its Q1 2021 earnings for the first time as a public company.
Happy Monday, Charlotte. Kristen here. Fun fact: today marks the 71st edition of the Afternoon Observer. It’s been a great time so far for me, and based on some feedback I’ve gotten from y’all, the feeling is mutual. How are you enjoying the newsletter? You can answer some questions from us here, or if you prefer, come straight to my inbox to let me know how you feel about it. I appreciate every bit of input from y’all. After all, the readers are who we do it all for.
U.S. and Mexican unions on Monday filed the first labor complaint against Mexico under the U.S.-Mexico-Canada free trade pact. The complaint argues that Mexico has not lived up to its pledge under the trade accord, known as the USMCA, to guarantee workers the right to freely organize and join the union of their choice. The complaint centers on the Tridonex auto parts assembly plant in the Mexican border city of Matamoros where workers have been fighting to join a new union.
A new analysis of opioids in West Virginia shows the city of Huntington and its surrounding county were overwhelmed with shipments of prescription drugs, nearly all of which came from three large drug distributors on trial in a landmark case. According to McCann, an analysis of data showed that from 2006 to 2014, about 110 million doses of hydrocodone and oxycodone were shipped to Cabell County and Huntington, which accuse the three distributors in federal court of fueling the area's opioid epidemic.
KKR Real Estate Finance Trust Inc. ("KREF") (NYSE: KREF) today announced that KKR REFT Holdings L.P., a subsidiary of KKR & Co. Inc. (the "KKR Stockholder"), has agreed to sell in an underwritten secondary offering a total of 5,000,000 shares of KREF common stock (the "Offering"). In addition, the KKR Stockholder has agreed to grant the underwriters a 30-day option to purchase up to an additional 750,000 shares of KREF common stock (the "Overallotment Option"). KREF is not selling any shares in connection with, and will not receive any proceeds from, the Offering. The KKR Stockholder will receive all of the net proceeds from the Offering.
This morning ServiceNow announced that it was acquiring Lightstep, an applications performance monitoring startup that has raised over $70 million, according to Crunchbase data. The companies did not share the acquisition price. ServiceNow wants to take advantage of Lightstep's capabilities to enhance its IT operations offerings.
i3 Verticals, Inc. (Nasdaq: IIIV) ("i3 Verticals" or the "Company") today reported its financial results for the fiscal second quarter ended March 31, 2021.
A preliminary report by the National Transportation Safety Board raises the possibility that one of two key components of Tesla Inc.'s Autopilot may not have been engaged during a fiery crash in Texas last month.
Lisa Mao was killed in an accident at the San Gabriel Mountains in California that also left her 4-year-old daughter, Nova, in a medically induced coma
Palantir reports first quarter earnings before the market open on Tuesday. After a hot initial offering, Palantir stock has swooned amid a broad decline in software growth stocks in 2021.
Crawford Technologies, provider of innovative document solutions that streamline, improve and manage customer communications, and BlueRush, an emerging personalized video Software as a Service (SaaS) company, are partnering to produce personalized contextual video bills and statements. Working together, the companies are introducing the industry's first ability to deliver personalized video bills and statements built from data contained in any transactional document.
FREMONT, Calif., May 10, 2021 (GLOBE NEWSWIRE) -- ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer cleaning technologies for advanced semiconductor devices, today announced its participation in the following virtual investor conferences: 8th Credit Suisse China A-Shares Conference on Wednesday, May 12, 2021 (China time zone)16th Annual Needham Virtual Technology & Media Conference on Tuesday, May 18, 2021 (fireside chat presentation scheduled for 9:30 a.m. EDT)Goldman Sachs TechNet Virtual Conference Asia Pacific 2021 on Wednesday, May 26, 2021 (China time zone)Craig-Hallum 18th Annual Craig-Hallum Virtual Institutional Investor Conference on Wednesday, June 2, 2021Cowen 2021 Virtual Technology, Media & Telecom Conference on Thursday, June 3, 2021Stifel 2021 Virtual Cross Sector Insight Conference on Thursday, June 10, 2021 (fireside chat presentation scheduled for 9:20 a.m. EDT) The fireside chat at the Needham Virtual Technology & Media Conference and the Stifel 2021 Virtual Cross Sector Insight Conference will be webcast live from the Investors section of ACM’s website at http://ir.acmrcsh.com. A replay of the webcast will be archived and available from the Investors section of ACM’s website. Management will be available for one-on-one meetings with institutional investors at each of these events. Portfolio managers and analysts who wish to request a meeting should contact their institutional sales representative at each sponsoring bank. About ACM Research, Inc. ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing and thermal processes that are critical to advanced semiconductor device manufacturing, as well as wafer-level packaging. The company is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. © ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM Research will not assert, to the fullest extent under applicable law, its rights to such trademark. For investor and media inquiries, please contact: In the United States: The Blueshirt GroupRalph Fong+1 (415) firstname.lastname@example.org In China: The Blueshirt Group AsiaGary Dvorchak, CFA+86 (138) email@example.com
NEW YORK, May 10, 2021 (GLOBE NEWSWIRE) -- INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) today reported financial results for the three months ended March 31, 2021 (the “2021 first quarter”) and the month of December 2020. In connection with its anticipated election to become a real estate investment trust (“REIT”) for the year ending December 31, 2021, the Company changed its fiscal year from November 30 to December 31 effective with the 2021 fiscal year that began on January 1, 2021. As a result of this change, INDUS had a one-month transition period of December 2020 (the “Transition Period”). 2021 First Quarter & Recent Highlights Net loss of $0.8 million for the 2021 first quarter compared to a net loss of $0.3 million for the three months ended March 31, 2020 (the “2020 first quarter”)Net Operating Income (“NOI”)1 of $7.0 million for the 2021 first quarter as compared to $6.3 million for the 2020 first quarterCash NOI2 for industrial/logistics properties of $5.9 million for the 2021 first quarter, as compared to $5.2 million for the 2020 first quarterCompleted a public offering of 1,927,049 shares of common stock for net proceeds of $108.7 million, after expensesIndustrial/logistics portfolio was 99.2% leased as of March 31, 2021; subsequently increased to 99.4% leased in April 2021Signed approximately 202,000 square feet of first generation leases on in-service industrial/logistics portfolioSigned approximately 297,000 square feet of first generation leases for industrial/logistics buildings in its development pipelineSubsequent to quarter end, entered into a construction loan agreement to provide a portion of the funds for the development costs of the build-to-suit in Charlotte, North CarolinaSubsequent to quarter end, entered into an agreement to acquire a fully leased approximately 127,500 square foot industrial/logistics building in the Lehigh Valley of PennsylvaniaSubsequent to quarter end, closed on the acquisition of approximately 14 acres of undeveloped land in Orlando, Florida for $5.25 millionAnnounced total potential proceeds of approximately $44.0 million from sales of non-core properties currently under agreement ($26.0 million) and the sale of an industrial/logistics building in Connecticut under agreement ($18.0 million), if all sales were to closeDeclared a quarterly dividend on its common stock of $0.15 per share payable on June 30, 2021 to holders of record as of the close of business on June 16, 2021 Quarterly DividendOn May 7, 2021, INDUS’s Board of Directors declared a dividend on its common stock of $0.15 per share payable on June 30, 2021 to holders of record as of the close of business on June 16, 2021. The cash dividend is intended to be paid quarterly and represents an annualized dividend rate of $0.60 per share. Prior to 2021, INDUS typically paid an annual cash dividend, but in connection with the Company’s election to be taxed as a REIT, INDUS has updated its dividend policy to commence payment of a quarterly cash dividend. The Company will revisit the amount of its dividend from time to time in accordance with the growth in its earnings. 2021 First Quarter Results of OperationsINDUS reported total rental revenue of approximately $10.1 million for the 2021 first quarter, as compared to approximately $8.9 million for the 2020 first quarter. The approximately $1.2 million increase in rental revenue was principally due to new leases of first generation space that commenced subsequent to the end of the 2020 first quarter and, to a lesser extent, leases of previously vacant second generation space, an increase in expense reimbursements and renewals on leases that drove rent increases subsequent to the end of the 2020 first quarter. Net Operating Income (“NOI”), which is defined as rental revenue less operating expenses of rental properties and real estate taxes, increased to approximately $7.0 million in the 2021 first quarter, from approximately $6.3 million in the 2020 first quarter. The increase in NOI reflected the increase in rental revenue, as noted above, partially offset by an increase in operating expenses of rental properties principally due to higher snow removal costs. Cash NOI for the 2021 first quarter was approximately $6.6 million, as compared to approximately $5.8 million for the comparable prior year period. The $0.8 million increase in Cash NOI principally reflects an increase in rental revenue partially offset by the increase in operating expenses, as noted above. NOI and Cash NOI for INDUS’s industrial/logistics properties and total portfolio were as follows: ($ in 000s)For the Three Months Ended For the Month Ended Mar. 31, 2021 Mar. 31, 2020 Increase Dec. 31, 2020 Dec. 31, 2019 IncreaseIndustrial/logistics portfolio: NOI$6,329 $5,531 14.4% $2,114 $1,777 19.0%Cash NOI$5,933 $5,222 13.6% $1,882 $1,662 13.2% Total portfolio: NOI$7,007 $6,309 11.1% $2,366 $1,944 21.7%Cash NOI$6,570 $5,777 13.7% $2,116 $1,787 18.4% General and administrative expenses increased to approximately $3.0 million in the 2021 first quarter from approximately $2.1 million in the 2020 first quarter, principally reflecting a $0.8 million increase in expense related to INDUS’s non-qualified deferred compensation plan. INDUS incurred a net loss of approximately $0.8 million in the 2021 first quarter, as compared to a net loss of approximately $0.3 million for the 2020 first quarter. In addition to the items described above, contributing to the higher net loss was a decrease of approximately $0.6 million in gain on sales of real estate assets, partially offset by the inclusion in the 2021 first quarter of an approximately $0.3 million gain from the change in the fair value of financial instruments that were issued on August 24, 2020 in connection with the private placement of the Company’s common stock completed at that time. Leasing ActivityDuring the 2021 first quarter, INDUS executed four first generation leases totaling approximately 202,000 square feet at 160 and 180 International Drive in the Charlotte market and 170 Sunport Lane in the Orlando market. These new leases had a weighted average lease term of 6.5 years and a weighted average lease cost per square foot per year of $1.19.3 Additionally, including a lease signed subsequent to the 2021 first quarter, the Company’s most recent value-add acquisition, 170 Sunport Lane is over 60% leased with only approximately 27,000 square feet of vacancy remaining. Additionally, during the 2021 first quarter, INDUS executed two first generation leases totaling approximately 297,000 square feet for projects currently in its development pipeline (see below section on “Acquisition & Development Pipeline”). One lease is for a fifteen-year lease agreement and development agreement with Amazon for a build-to-suit development (the “Charlotte Build-to-Suit”) on the Company’s 44 acre land parcel located on Old Statesville Road in Charlotte (the “Charlotte Land”). The other lease is for a seven-year agreement with a leading global shipping and logistics company for a portion of a to-be-constructed approximately 234,000 square foot industrial/logistics building on the Company’s 16 acre land parcel at 110 Tradeport Drive (the “110 Tradeport Development”) in New England Tradeport, the Company’s industrial park in Windsor and East Granby, Connecticut. During the Transition Period, INDUS executed a 12-month renewal for an approximately 228,000 square foot full building lease in the Lehigh Valley with a third-party logistics company that was originally scheduled to expire on September 30, 2021. As of March 31, 2021, INDUS’s thirty industrial/logistics buildings aggregated approximately 4,206,000 square feet and represented 91.5% of INDUS’s total real estate portfolio. As a result of the activity described above, INDUS’s in-service industrial/logistics portfolio’s percentage leased was as follows: Mar 31,2021Dec 31,2020Aug 31,2020May 31,2020Percentage Leased99.2%94.5%94.3%94.3%Percentage Leased – Stabilized Properties499.2%95.7%99.7%99.7% No new office/flex leasing was completed during the Transition Period or the 2021 first quarter. INDUS’s eleven office/flex buildings, which aggregate approximately 393,000 square feet and comprise 8.5% of INDUS’s total real estate portfolio, were 71.3% leased as of March 31, 2021, unchanged from December 31, 2020. Acquisition & Development PipelineSubsequent to March 31, 2021, INDUS entered into an agreement to purchase an approximately 127,500 square foot industrial/logistics building on approximately 13.7 acres of land in the Lehigh Valley for a purchase price of $11.7 million (the “Lehigh Valley Acquisition”). The Lehigh Valley Acquisition is fully leased through December 2022 to a subsidiary of a publicly traded multinational chemical company and has a 4.5% in-place cash capitalization rate (first full year Cash NOI/purchase price). The Lehigh Valley Acquisition has excess, unutilized land that INDUS believes could receive approvals to be used for additional parking, for outdoor storage or to expand the existing building. The Company expects the Lehigh Valley Acquisition to close by May 31, 2021. The following is a summary of INDUS’s development pipeline for its industrial/logistics portfolio as of May 7, 2021, which includes the closing on April 13, 2021 of the purchase of an approximately 14 acre parcel of undeveloped land in Orlando for $5.25 million (the “Jetport Land”), a portion of which was funded using proceeds of Section 1031 like-kind exchanges from previous non-core asset sales: NameMarketBuildingSize (SF)TypeExpectedDeliveryOwned Land Charlotte Build-to-SuitCharlotte, NC141,000Build-to-SuitQ3 2021Chapmans RoadLehigh Valley, PA103,000SpeculativeQ4 2021110 Tradeport DevelopmentHartford, CT234,00067% Pre-leasedQ2 2022Jetport LandOrlando, FL195,000SpeculativeQ3 2022 Land Under Purchase & Sale AgreementFirst & Second Allentown Purchase AgreementsLehigh Valley, PA206,000SpeculativeQ4 2022Total 879,000 INDUS expects that the total development and stabilization costs of developments in its pipeline will total approximately $113.5 million, of which approximately $20.6 million has been expended through April 13, 2021. The Company has underwritten a weighted average stabilized Cash NOI yield between 6.1% - 6.6% on its development pipeline. Included in this total is the 110 Tradeport Development which will benefit from the low cost basis of the already entitled 16 acre land parcel owned by INDUS. The Company estimates the 110 Tradeport Development will generate an underwritten stabilized Cash NOI yield between 7.7% - 8.1%.5 Actual initial full year stabilized Cash NOI yields may vary from INDUS’s underwritten stabilized Cash NOI yield ranges based on the actual total cost to complete a project or acquire a property and its actual initial full year stabilized Cash NOI. DispositionsSubsequent to the end of the 2021 first quarter, INDUS entered into agreements to sell a number of non-core properties, in addition to land placed under agreement during the quarter. These include agreements to sell approximately 217,000 square feet from INDUS’s office/flex portfolio (which represents over 55% of its remaining office/flex square footage as of March 31, 2021), in addition to the agreement to sell one of the Company’s specialized industrial buildings totaling 165,000 square feet in Windsor, CT to the user of the building (see below). The properties under agreement for sale have a combined mortgage balance of approximately $9.1 million as of March 31, 2021, which INDUS intends to repay with proceeds from the sales of these properties. On April 20, 2021, INDUS entered into the third amendment to the lease with the tenant in its approximately 7,200 square foot restaurant building in the Hartford market (included in the office/flex portfolio). Under the terms of this amendment, the tenant exercised its option to purchase the restaurant building for approximately $0.6 million with the closing to take place on or before May 31, 2021. On April 28, 2021, INDUS entered into an agreement (the “Windsor Office Sale Agreement”) to sell: (a) 5 and 7 Waterside Crossing, two adjacent multi-story office buildings aggregating approximately 161,000 square feet; (b) 21 Griffin Road North, an approximately 48,000 square foot office/flex building; and (c) 25 Griffin Road North, an approximately 8 acre parcel of undeveloped land, for a total purchase price of $6.6 million. On April 29, 2021, INDUS entered into an agreement (the “Blue Hills Sale Agreement”) with the full-building tenant in 1985 Blue Hills Avenue (“1985 Blue Hills”), an approximately 165,000 square foot industrial/logistics building in the Hartford market, to sell 1985 Blue Hills and two adjacent parcels of undeveloped land aggregating approximately 39 acres to the tenant for a purchase price of $18.0 million. Under the terms of the Blue Hills Sale Agreement, closing on the sale is to take place upon 30 days written notice from INDUS to the buyer, but in no event shall it be later than December 15, 2021. In summary, as of May 7, 2021, INDUS has entered into agreements to sell the following non-core buildings and undeveloped land parcels: NameTypeLocationProperty SizeExpectedClosingSale Price($ in millions)1936 Blue Hills AveOffice/FlexWindsor, CT7,199 SFQ2 2021$0.65 & 7 Waterside Crossing, 21 & 25 Griffin Road NorthOffice/FlexWindsor, CT209,390 SF and 8 acresQ3 2021$6.61975, 1985 & 1995 Blue Hills AveIndustrial + LandWindsor, CT165,000 SF and 39 acresQ4 2021$18.0Subtotal Gross Proceeds of Property Dispositions Under Agreement, if Consummated $25.2 Floydville Road Lot #13LandEast Granby, CT8 acresQ3 2021$0.1Florida Nursery FarmLandQuincy, FL1,066 acresQ3 2021$1.1Southwick, MA LandLandSouthwick, MA91 acresQ3 2021$5.2Stratton Farms Residential Parcels6LandSuffield, CT6 acres (7 lots)Q3 2021$0.460 Griffin Road South LandLandBloomfield, CT34 acresQ3 2021$0.6Meadowood Residential ParcelsLandSimsbury, CT277 acresQ4 2021$5.4East Granby / Windsor ParcelsLandEast Granby / Windsor, CT280 acres2022$6.0Total Gross Proceeds of Land & Property Dispositions Under Agreement, if Consummated $44.0 The completion of the sales contemplated under these agreements is subject to satisfactory completion of due diligence by the buyers, among other contingencies. There can be no guarantee that the transactions contemplated will be completed under their current terms, or at all. Liquidity & Capital ResourcesOn February 2, 2021, INDUS filed a universal shelf registration statement on Form S-3 (the “Universal Shelf”) with the Securities and Exchange Commission. Under the Universal Shelf, INDUS may offer and sell up to $500 million of a variety of securities during the three year period that commenced upon the effective date of the Universal Shelf. On March 5, 2021, under its Universal Shelf, INDUS completed an underwritten public offering of 1,750,000 shares of its common stock at a price to the underwriters of $56.85 per share. On March 15, 2021, the underwriters exercised their option to purchase an additional 177,049 shares of common stock from INDUS at the same offering price. INDUS received total net proceeds of approximately $108.7 million, after expenses, from the sale of its common stock and intends to use the proceeds to finance its development pipeline and acquisitions and for other corporate purposes. On May 7, 2021, a subsidiary of INDUS entered into a construction loan agreement (the “2021 JPM Construction Loan”) with JPMorgan Chase Bank N.A. to provide a portion of the funds for the development costs of the Charlotte Build-to-Suit. Total borrowings under the JPM Construction Loan will be the lesser of $28.4 million or 67.5% of the total cost (as defined) of the Charlotte Build-to-Suit. The term of the 2021 JPM Construction Loan is two years, with a one-year extension at the Company’s option. Interest under the 2021 JPM Construction Loan, to be adjusted monthly, is one-month LIBOR plus 1.65%, reduced to one-month LIBOR plus 1.40% upon completion of the Charlotte Build-to-Suit and commencement of rental payments by Amazon. As of March 31, 2021, the Company maintained approximately $182.0 million of liquidity which reflects approximately $132.0 million of cash and cash equivalents (primarily from the 2021 first quarter public offering) as well as $50.0 million of capacity under its revolving credit facilities. As of March 31, 2021, there were no borrowings outstanding under the Company’s revolving credit facilities. First Quarter Earnings Conference Call, Earnings Supplement and Investor PresentationINDUS is hosting a live earnings conference call that will take place tomorrow, May 11, 2021 at 11:00 A.M. Eastern Time, to discuss its 2021 first quarter and Transition Period operating results. Supplemental materials containing additional financial and operating information will be available on INDUS’s website at the start of the call. All investors and other interested parties are invited to either dial in to the call (to participate in live Q&A) or log in to a listen-only webcast which, together with the supplemental information, can be accessed via the Investors section of INDUS’s website at www.indusrt.com/investors or by calling the following numbers: PARTICIPANT DIAL IN (TOLL FREE): 1-866-777-2509PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5413 An archived recording of the webcast will be available for three months under the Investors section of INDUS’s website at www.indusrt.com. About INDUSINDUS (formerly known as Griffin Industrial Realty, Inc.) is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/logistics properties. INDUS owns 41 buildings totaling approximately 4.6 million square feet (including 30 industrial/logistics buildings aggregating approximately 4.2 million square feet) in Connecticut, Pennsylvania, North Carolina and Florida in addition to over 3,400 acres of undeveloped land. Forward-Looking Statements: This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include INDUS’s beliefs and expectations regarding future events or conditions including, without limitation, statements regarding INDUS’s intention to elect to be taxed as a REIT, the completion of acquisitions and dispositions under agreements, construction and development plans and timelines, the estimated underwritten stabilized Cash NOI of the 110 Tradeport Development and Cash NOI yield estimates, expected total development and stabilization costs of developments in INDUS’s pipeline, anticipated leasing activity, expectations regarding excess, unutilized land at the Lehigh Valley Acquisition, and expected capital availability and liquidity. Although INDUS believes that its plans, intentions and expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved. The projected information disclosed herein is based on assumptions and estimates that, while considered reasonable by INDUS as of the date hereof, are inherently subject to significant business, economic, competitive and regulatory uncertainties and contingencies, many of which are beyond the control of INDUS and which could cause actual results and events to differ materially from those expressed or implied in the forward-looking statements. Other important factors that could affect the outcome of the events set forth in these statements are described in INDUS’s Securities and Exchange Commission filings, including the “Business,” “Risk Factors” and “Forward-Looking Statements” sections in INDUS’s Annual Report on Form 10-K for the fiscal year ended November 30, 2020 filed with the SEC on February 18, 2021. INDUS disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by law. Note Regarding Non-GAAP Financial Measures: The Company uses NOI, Cash NOI, NOI of Industrial/Logistics Properties and Cash NOI of Industrial/Logistics Properties, as supplemental non-GAAP performance measures. Management believes that the use of these measures combined with net income (loss) (which remains the Company’s primary measure of performance), improves the understanding of the Company’s operating results among the investing public and makes comparisons of operating results to other REITs more meaningful. NOI is a non-GAAP measure that includes the rental revenue and operating expense directly attributable to the Company’s real estate properties. NOI of Industrial/Logistics Properties is NOI excluding NOI for the Company’s non-industrial/logistics properties. The Company uses NOI and NOI of Industrial/Logistics Properties as supplemental performance measures because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on the sale of real estate and other non-operating items, they provide a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that NOI and NOI of Industrial/Logistics Properties will be useful to investors as a basis to compare its operating performance with that of other REITs. However, because NOI and NOI of Industrial/Logistics Properties excludes depreciation and amortization expense and captures neither the changes in the value of the Company’s properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of its properties (all of which have real economic effect and could materially impact the Company’s results from operations), the utility of NOI and NOI of Industrial/Logistics Properties as measures of the Company’s performance is limited. Other equity REITs may not calculate NOI or NOI of Industrial/Logistics Properties in a similar manner and, accordingly, the Company’s NOI and NOI of Industrial/Logistics Properties may not be comparable to such other REITs’ NOI. Accordingly, NOI and NOI of Industrial/Logistics Properties should be considered only as a supplement to net income (loss) as a measure of the Company’s performance. NOI and NOI of Industrial/Logistics Properties should not be used as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs. NOI and NOI of Industrial/Logistics Properties should not be used as a substitute for cash flow from operating activities in accordance with U.S. GAAP. Cash NOI is a non-GAAP measure that the Company calculates by adding or subtracting non-cash rental revenue, including straight-line rental revenue, from NOI. Cash NOI of Industrial/Logistics Properties is Cash NOI excluding NOI for the Company’s non-industrial/logistics properties. The Company uses Cash NOI and Cash NOI of Industrial/Logistics Properties, together with NOI and NOI of Industrial/Logistics Properties, as supplemental performance measures. Cash NOI and Cash NOI of Industrial/Logistics Properties should not be used as measures of the Company’s liquidity, nor are they indicative of funds available to fund the Company’s cash needs. Cash NOI and Cash NOI of Industrial/Logistics Properties should not be used as a substitute for cash flow from operating activities computed in accordance with U.S. GAAP. _______________________________ 1 NOI is not a financial measure in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). For additional information, see “Note Regarding Non-GAAP Financial Measures.”2 Cash NOI is not a financial measure in conformity with U.S. GAAP. For additional information, see “Note Regarding Non-GAAP Financial Measures.”3 Weighted average lease cost per square foot per year reflects total lease costs (tenant improvements, leasing commissions and legal costs) per square foot per year of the lease term.4 Stabilized Properties reflect buildings that have reached 90% leased or have been in service for at least one year since development completion or acquisition date, whichever is earlier. 170 Sunport Lane, which was 53.4% leased as of March 31, 2021, was acquired in March 2020 and is now included in the Stabilized Properties pool for the 2021 first quarter.5 As a part of INDUS’s standard development and acquisition underwriting process, INDUS analyzes the targeted initial full year stabilized Cash NOI yield for each development project and acquisition target and establishes a range of initial full year stabilized Cash NOI yields, which it refers to as “underwritten stabilized Cash NOI yields.” Underwritten stabilized Cash NOI yields are calculated as a development project’s or acquisition’s initial full year stabilized Cash NOI as a percentage of its estimated total investment, including costs to stabilize the buildings to 95% occupancy (other than in connection with build-to-suit development projects and single tenant properties). INDUS calculates initial full year stabilized Cash NOI for a development project or acquisition by subtracting its estimate of the development project’s or acquisition’s initial full year stabilized operating expenses, real estate taxes and non-cash rental revenue, including straight-line rents (before interest, income taxes, if any, and depreciation and amortization), from its estimate of its initial full year stabilized rental revenue.6 The sale of the 16 Stratton Farms residential parcels for a total of approximately $0.9 million is to be completed in two parts. The sale of the first 9 lots closed in February 2021 and accounted for approximately $0.5 million of the gross sales price. The sale of the remaining 7 lots is expected to close in the 2021 third quarter and represents approximately $0.4 million of the total gross sales price. INDUS REALTY TRUST, INC.Consolidated Statements of Operations(dollars in thousands, except per share data)(unaudited) For the Three Months Ended For the Month Ended Mar. 31,2021 Mar. 31,2020 Dec. 31,2020 Dec. 31,2019Rental revenue $10,087 $8,862 $3,345 $3,083 Expenses: Operating expenses of rental properties 1,633 1,172 497 681 Real estate taxes 1,447 1,381 482 458 Depreciation and amortization expense 3,343 3,306 1,122 1,059 General and administrative expenses 2,970 2,143 1,172 629 Total operating expenses 9,393 8,002 3,273 2,827 Other income (expense): Interest expense (1,749) (1,840) (602) (589)Change in fair value of financial instruments 260 — 2,785 — Gain on sales of real estate assets 20 584 — — Other expense — — (281) — Investment income 7 25 7 2 (1,462) (1,231) 1,909 (587) (Loss) income before income tax benefit (768) (371) 1,981 (331)Income tax benefit — 85 — 76 Net (loss) income $(768) $(286) $1,981 $(255) Basic net (loss) income per common share $(0.12) $(0.06) $0.35 $(0.05) Diluted net (loss) income per common share $(0.12) $(0.06) $0.34 $(0.05) INDUS REALTY TRUST, INC.Non-GAAP Reconciliations – NOI and Cash NOI(dollars in thousands) (dollars in thousands)2021 2020 First First December December Quarter Quarter 2020 2019Net (loss) income($768) ($286) $1,981 ($255)Income tax benefit - (85) - (76)Pretax (loss) income (768) (371) 1,981 (331)Exclude: Depreciation and amortization expense 3,343 3,306 1,122 1,059 General and administrative expenses 2,970 2,143 1,172 629 Interest expense 1,749 1,840 602 589 Change in fair value of financial instruments (260) - (2,785) - Other expense - - 281 - Gain on sales of real estate assets (20) (584) - - Investment income (7) (25) (7) (2)NOI 7,007 6,309 2,366 1,944 Noncash rental revenue including straight-line rents (437) (532) (250) (157)Cash NOI$6,570 $5,777 $2,116 $1,787 NOI$7,007 $6,309 $2,366 $1,944 Exclude: Rental revenue from non-industrial/logistics properties (1,443) (1,535) (477) (509)Operating expenses of non-industrial/logistics properties 567 539 159 269 Real estate taxes of non-industrial/logistics properties 198 218 66 73 NOI of industrial/logistics properties 6,329 5,531 2,114 1,777 Noncash rental revenue including straight-line rents of industrial/logistics properties (396) (309) (232) (115)Cash NOI of Industrial/Logistics Properties$5,933 $5,222 $1,882 $1,662 CONTACT:Anthony GaliciChief Financial Officer(860) 286-1307 firstname.lastname@example.org Ashley PizzoDirector, IR & Capital Markets(212) 218-7914 email@example.com
Governor’s policy singles out religious gathering in a manner inconsistent with recent Supreme Court decisionsBOSTON, May 10, 2021 (GLOBE NEWSWIRE) -- On behalf of New Life South Coast in New Bedford, Massachusetts, First Liberty Institute, the Massachusetts Family Institute, and the global law firm Jones Day, today filed a lawsuit against Massachusetts Governor Charlie Baker, New Bedford Mayor Jonathan Mitchell, and several other officials seeking to block commonwealth-wide COVID standards that single out churches for disfavored treatment. The church filed the complaint in the United States District Court for the District of Massachusetts. You can read the complaint here. “A year into the pandemic and after several Supreme Court decisions, the Governor and New Bedford officials continue to act like only secular businesses are essential. It’s past time for state and local officials to stop treating houses of worship unequally,” said Andrew Beckwith, president of the Massachusetts Family Institute. “The Governor’s and Mayor’s policies seem more calibrated to contain the free exercise of religion than the spread of COVID-19,” said Jordan Pratt, Senior Counsel at First Liberty. “The state and city single out places of worship for differential and disfavored treatment. The Supreme Court has spoken loud and clear at least 7 times that churches are essential and must be treated fairly,” said Christopher DiPompeo of Jones Day. In March, Governor Charlie Baker issued Order 66, which advanced the Commonwealth to Phase IV, Step 1 of reopening protocols effective March 22, 2021. Order 66 provides that churches and other places of worship “may open [their] premises to workers and the public” so long as such places of worship follow the Director of Labor Standards’ Sector Specific Workplace Standards for Places of Worship and Religious Services to Address COVID-19. Under the Phase IV standards—which are subject to the Governor’s approval—laboratories, manufacturing facilities, restaurants, coffee shops, and public transportation have no capacity restrictions beyond the practical constraints of social-distancing, while places of worship must follow more burdensome special capacity restrictions. According to the complaint, “Under [current] regulations, restaurants, theaters, public transit, and other places of public gatherings have limited or no restrictions on capacity, beyond the practical constraints of social distancing, while places of worship must follow more burdensome capacity restrictions. Massachusetts’ regulations on places of worship are unlawful. The Supreme Court’s recent opinion in Tandon v. Newsom makes clear that, where less onerous COVID-19-related regulations suffice for comparable secular activities, those same regulations suffice for religious activities. Massachusetts’ regulations fail this standard. The regulations make it easier to meet at Applebee’s or an AMC theater than at New Life. This cannot stand.” About First Liberty Institute First Liberty Institute is a non-profit public interest law firm and the largest legal organization in the nation dedicated exclusively to defending religious freedom for all Americans. To arrange an interview, contact Lacey McNiel at firstname.lastname@example.org or by calling 972-941-4453. Contact: Lacey McNiel, email@example.com Direct: 972-941-4453
Delivered strong results with an Adjusted EBITDA improvement of 9% year-over-year HOLLYWOOD, FL, May 10, 2021 (GLOBE NEWSWIRE) -- Healthier Choices Management Corp. (OTC Pink: HCMC) today announced its financial results for the three-month period ended March 31, 2021. First Quarter 2021 Results and Highlights: Net sales from operations amounted to approximately $3.5 million, down 14% from the same period last year; a significant portion of the decline related to last March’s COVID-19 sales surge in the grocery segment. Total operating expense was approximately $2.0 million for the three months ended March 31, 2021; a decrease of 15%. Net loss from operations was approximately $696,000; a 1% decline from the prior year. Adjusted EBITDA loss amounted to $394,000, an improvement of approximately 9% when compared to the same period last year. Jeffrey Holman, Chairman and Chief Executive Officer of Healthier Choices Management Corp., said, “We are pleased with our first quarter results which reflect the normalizing of sales and the increasingly improving momentum of our operating cost reductions.” Mr. Holman concluded, “We continue with our commitment to better the fundamentals of our operations. The progress made is largely attributable to simplifying our structure and sharpening our focus, and we believe that our businesses are well poised to continue delivering operational improvement.” About Healthier Choices Management Corp. Healthier Choices Management Corp. (www.healthiercmc.com) is a holding company focused on providing consumers with healthier daily choices with respect to nutrition and other lifestyle alternatives. Through its wholly owned subsidiary HCMC Intellectual Property Holdings, LLC, the Company manages and intends to expand on its intellectual property portfolio. The Company currently operates eight retail vape stores in the Southeast region of the United States, through which it offers e-liquids, vaporizers and related products. The Company also operates Ada’s Natural Market, a natural and organic grocery store, through its wholly owned subsidiary Healthy Choice Markets, Inc. and Paradise Health and Nutrition, stores that offer fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, deli, baked goods, dairy products, frozen foods, health & beauty products and natural household items through its wholly owned subsidiary Healthy Choice Markets 2, LLC. The Company also sells vitamins and supplements on its website TheVitaminStore.com. The Company markets its Q-Cup™ technology under the vape segment. This patented technology is based on a small, quartz cup called the Q-Cup™, which a customer can purchase already filled by a third party in some regions, or can partially fill themselves with either cannabis or CBD concentrate (approximately 50mg), also purchased from a third party. The Q-Cup™ can then be inserted into the patented Q-Unit™, which heats the cup from the outside without coming in direct contact with the solid concentrate. This Q-Cup™ and Q-Unit™ technology provides significantly more efficiency and an “on the go” solution for consumers who prefer to vape concentrates either medicinally or recreationally. The Q-Cup™ can also be used in other devices as a convenient micro-dosing system. These products are available on the Company’s website at www.TheQcup.com. Forward Looking Statements. This press release contains forward looking statements within the meaning of that term in the Private Securities Litigation Reform Act of 1995 (Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934). Additional written or oral forward looking statements may be made by the Company from time to time in filings with the Securities and Exchange Commission (SEC) or otherwise. Statements contained in this press release that are not historical facts are forward looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and are based on management's estimates, assumptions and projections and are not guarantees of future performance. The Company assumes no obligation to update these statements. Forward looking statements may include, but are not limited to, projections or estimates of revenue, income or loss, exit costs, cash flow needs and capital expenditures, statements regarding future operations, expansion or restructuring plans, including our recent exit from and winding down of our wholesale distribution operations. In addition, when used in this release, the words "anticipates," "believes," "estimates," "expects," "intends," and "plans" and variations thereof and similar expressions are intended to identify forward looking statements. Factors that may affect our future results of operations and financial condition include, but are not limited to, fluctuations in demand for our products, the introduction of new products, our ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of our liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in our filings with the SEC. Contact Information: Healthier Choices Management Corp. 3800 North 28th Way, #1 Hollywood, FL 33020Office: 305-600-5004 / Fax: 954-272-7773Website: www.HealthierCMC.comEmail: firstname.lastname@example.org Results of Operations The following table sets forth our Condensed Consolidated Statements of Operations for the three-months ended March 31, 2021 and 2020: HEALTHIER CHOICES MANAGEMENT CORP.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) Three Months Ended March 31, 2021 2020 Total sales, net $3,465,753 $4,036,171 Total cost of sales 1,975,043 2,328,280 GROSS PROFIT 1,490,710 1,707,891 Total operating expenses 2,210,324 2,372,381 LOSS FROM OPERATIONS (719,614) (664,490) Total other income (expense), net (46,789) (26,804) NET LOSS FROM CONTINUING OPERATIONS $(766,403) $(691,294) See non-GAAP financial measure discussion Three Months Ended March 31, 2021 2020 Adjusted EBITDA Loss from operations $(719,614) $(664,490)Depreciation and amortization 136,597 147,834 Stock compensation 20,623 81,944 Adjusted EBITDA $(562,394) $(434,712) Consolidated Balance Sheets The following table sets forth our Condensed Consolidated Balance Sheets for the periods ended March 31, 2021 and December 31, 2020: HEALTHIER CHOICES MANAGEMENT CORP.CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2021 December 31, 2020 (UNAUDITED) ASSETS CURRENT ASSETS Cash and cash equivalents $5,316,169 $925,475 Other current assets 2,044,226 2,081,717 TOTAL CURRENT ASSETS 7,360,395 3,007,192 Other assets 6,625,142 8,867,801 TOTAL ASSETS $13,985,537 $11,874,993 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES Other current liabilities $2,326,443 $5,654,096 TOTAL CURRENT LIABILITIES 2,326,443 5,654,096 Other liabilities 3,779,746 3,963,529 TOTAL LIABILITIES 6,106,189 9,617,625 COMMITMENTS AND CONTINGENCIES (SEE NOTE 10) - - TOTAL STOCKHOLDERS’ EQUITY 7,879,348 2,257,368 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $13,985,537 $11,874,993 Non-GAAP – Financial Measure The following discussion and analysis contains a non-GAAP financial measure. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position or cash flows that either excludes or includes amounts that are not normally included or excluded in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles (GAAP). Non-GAAP financial measures should be viewed as supplemental to, and should not be considered as alternative to, net income, operating income, and cash flow from operating activities, liquidity or any other financial measures. Non-GAAP financial measures may not be indicative of the historical operating results of the Company nor are they intended to be predictive of potential future financial results. Investors should not consider non-GAAP financial measures in isolation or as substitutes for performance measures calculated in accordance with GAAP. Management believes stockholders benefit from referring to the Adjusted EBITDA in planning, forecasting, and analyzing future periods. Management uses this non-GAAP financial measure in evaluating its financial and operational decision making and as a means of evaluating period to period comparison. We define Adjusted EBITDA as net loss from operations adjusted for non-cash charges from depreciation and amortization and stock compensation. Management believes Adjusted EBITDA is an important measure of our operating performance because it allows management, investor and analysts to evaluate and assess our core operating results from period to period after removing the impact of significant non-cash charges that effect comparability between reporting periods. Our management recognizes that Adjusted EBITDA has inherent limitations because of the excluded items. We have included a reconciliation of our non-GAAP financial measure to loss from operations as calculated in accordance with GAAP. We believe that providing the non-GAAP financial measure, together with the reconciliation to GAAP, helps investors make comparisons between the Company and other companies. In making any comparisons to other companies, investors need to be aware that companies use different non-GAAP measures to evaluate their financial performance. Investors should pay close attention to specific definition being used and to the reconciliation between such measures and the corresponding GAAP measure provided by each company under applicable rules of the Securities and Exchange Commission (“SEC”).
Simon, a global leader in the ownership of premier shopping, dining, entertainment and mixed-use destinations, today reported results for the quarter ended March 31, 2021.
SANTA BARBARA, Calif., May 10, 2021 (GLOBE NEWSWIRE) -- AppFolio, Inc. (NASDAQ: APPF) ("AppFolio" or the "Company"), a leading provider of cloud-based business software solutions, services, and data analytics to the real estate market, today announced its financial results for the first quarter ended March 31, 2021. AppFolio's operating results for the first quarter of 2021 are summarized in the tables accompanying this press release. The Company nevertheless urges investors to read its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (the "SEC") on March 1, 2021, as well as its more detailed first quarter 2021 results that will be included in the Company's Quarterly Report on Form 10-Q, which will be filed with the SEC today. These periodic report filings, together with other documents the Company files with the SEC from time to time, will be accessible on AppFolio's website, http://ir.appfolioinc.com. The limited information that follows in this press release is not adequate for making an informed investment judgment. Financial Outlook Based on information available as of May 10, 2021, AppFolio's outlook for fiscal year 2021 follows: Full year revenue is expected to be in the range of $348 million to $355 million.Diluted weighted average shares are expected to be approximately 36 million for the full year. Executive Management TransitionAppFolio announced that its Chief Financial Officer, Ida Kane, has notified its Board of Directors of her plans to depart the Company. Ms. Kane will remain in her current position until a mutually determined future date. The Company is initiating a search for her successor and all parties are committed to ensuring a smooth transition. Conference Call InformationAs previously announced, the Company will host a conference call today, May 10, 2021, at 1:30 p.m. Pacific Time, 4:30 p.m. Eastern Time, to discuss its financial results. Participants who wish to dial into the conference call please register in advance at http://www.directeventreg.com/registration/event/6585354. After registering, a confirmation email will be sent, including dial-in details and a unique code for entry. Registration will be open through the start of the live call. Following the conference call, a replay will be available at (800) 585-8367 (domestic) or (416) 621-4642 (international). The replay passcode is 6585354. An archived webcast of this conference call will also be available on AppFolio’s Investor Relations website at http://ir.appfolioinc.com. About AppFolio, Inc.AppFolio provides innovative software, services and data analytics to the real estate industry. Our industry-specific, cloud-based business management solutions are designed to enable our customers to digitally transform their businesses, address critical business operations and enable exceptional customer service. Today our core solutions include AppFolio Property Manager, AppFolio Property Manager PLUS, and AppFolio Investment Management. In addition, the Company offers a variety of Value+ services that are designed to enhance, automate and streamline essential processes and workflows for our customers. AppFolio was founded in 2006 and is headquartered in Santa Barbara, CA. Learn more at www.appfolioinc.com. Investor Relations Contact: email@example.com Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements that are not statements of historical fact contained in this press release, and can be identified by words such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts, “projects,” “seeks,” “should,” “will,” “would” or similar expressions and the negatives of those expressions. In particular, forward-looking statements contained in this press release relate to the Company's future or assumed revenues and weighted-average outstanding shares, as well as its future growth and success. Forward-looking statements represent AppFolio's current beliefs and assumptions based on information currently available. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause the Company's actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled “Risk Factors” in AppFolio's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which will be filed with the SEC today, as well as in the Company's other filings with the SEC. You should read this press release with the understanding that the Company's actual future results may be materially different from the results expressed or implied by these forward looking statements. Except as required by applicable law or the rules of the NASDAQ Global Market, AppFolio assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. CONDENSED CONSOLIDATED BALANCE SHEETS(UNAUDITED)(in thousands, except par values) March 31,2021 December 31,2020Assets Current assets Cash and cash equivalents$44,744 $140,263 Investment securities—current103,341 28,256 Accounts receivable, net12,524 10,057 Prepaid expenses and other current assets20,843 20,777 Total current assets181,452 199,353 Investment securities—noncurrent11,806 6,770 Property and equipment, net26,530 26,439 Operating lease right-of-use assets30,021 30,561 Capitalized software development costs, net37,554 35,459 Goodwill56,147 56,147 Intangible assets, net15,170 16,357 Deferred income taxes—noncurrent13,401 12,181 Other long-term assets6,616 6,213 Total assets$378,697 $389,480 Liabilities and Stockholders’ Equity Current liabilities Accounts payable$2,262 $1,040 Accrued employee expenses—current20,050 18,888 Accrued expenses10,231 14,069 Deferred revenue3,135 2,262 Income tax payable2,601 9,095 Other current liabilities4,758 4,451 Total current liabilities43,037 49,805 Accrued employee expenses—noncurrent1,172 — Operating lease liabilities39,598 40,146 Deferred income taxes—noncurrent9,106 13,609 Total liabilities92,913 103,560 Stockholders’ equity: Preferred stock, $0.0001 par value, 25,000 shares authorized and no shares issued and outstanding as of March 31, 2021 and December 31, 2020— — Class A common stock, $0.0001 par value, 250,000 shares authorized as of March 31, 2021 and December 31, 2020; 19,321 and 19,148 shares issued as of March 31, 2021 and December 31, 2020, respectively; 18,902 and 18,729 shares outstanding as of March 31, 2020 and December 31, 2020, respectively2 2 Class B common stock, $0.0001 par value, 50,000 shares authorized as of March 31, 2021 and December 31, 2020; 15,551 and 15,659 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively2 2 Additional paid-in capital160,650 161,247 Accumulated other comprehensive income38 56 Treasury stock, at cost, 419 shares of Class A common stock as of March 31, 2021 and December 31, 2020(25,756) (25,756)Retained earnings150,848 150,369 Total stockholders’ equity285,784 285,920 Total liabilities and stockholders’ equity$378,697 $389,480 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)(in thousands, except per share amounts) Three Months EndedMarch 31, 2021 2020Revenue$78,921 $72,495 Costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization)33,298 28,961 Sales and marketing16,179 14,506 Research and product development14,383 11,212 General and administrative13,361 8,572 Depreciation and amortization7,369 6,414 Total costs and operating expenses84,590 69,665 (Loss) income from operations(5,669) 2,830 Other income, net562 22 Interest income (expense), net53 (494)(Loss) income before (benefit from) provision for income taxes(5,054) 2,358 (Benefit from) provision for income taxes(5,533) 375 Net income$479 $1,983 Net income per common share: Basic$0.01 $0.06 Diluted$0.01 $0.06 Weighted average common shares outstanding: Basic34,409 34,175 Diluted35,712 35,681 Stock-Based Compensation Expense(in thousands) Three Months EndedMarch 31, 2021 2020Costs and operating expenses: Cost of revenue (exclusive of depreciation and amortization)$471 $126 Sales and marketing402 225 Research and product development857 294 General and administrative1,046 314 Total stock-based compensation expense$2,776 $959 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)(in thousands) Three Months EndedMarch 31, 2021 2020Cash from operating activities Net income$479 $1,983 Adjustments to reconcile net income to net cash (used in) provided by operating activities: Depreciation and amortization7,369 6,414 Amortization of operating lease right-of-use assets662 1,053 Deferred income taxes(5,723) 362 Stock-based compensation2,776 959 Other(157) (38)Changes in operating assets and liabilities: Accounts receivable(1,896) (1,616)Prepaid expenses and other current assets47 (2,822)Other assets(403) (148)Accounts payable870 (362)Accrued employee expenses—current728 (5,427)Accrued expenses(3,804) 726 Deferred revenue299 693 Income tax payable(6,494) — Other current liabilities310 522 Accrued employee expenses—noncurrent1,172 — Operating lease liabilities(672) 784 Net cash (used in) provided by operating activities(4,437) 3,083 Cash from investing activities Purchases of available-for-sale investments(99,011) (649)Proceeds from sales of available-for-sale investments17,899 13,942 Proceeds from maturities of available-for-sale investments1,000 7,250 Purchases of property, equipment and intangible assets(938) (7,992)Capitalization of software development costs(6,140) (6,822)Net cash (used in) provided by investing activities(87,190) 5,729 Cash from financing activities Proceeds from stock option exercises100 97 Tax withholding for net share settlement(3,992) (6,458)Payment of contingent consideration— (5,977)Proceeds from issuance of debt— 49,437 Principal payments on debt— (749)Purchase of treasury stock— (4,194)Net cash (used in) provided by financing activities(3,892) 32,156 Net (decrease) increase in cash and cash equivalents and restricted cash(95,519) 40,968 Cash, cash equivalents and restricted cash Beginning of period140,699 16,247 End of period$45,180 $57,215
SiriusPoint Ltd. ("SiriusPoint" or the "Company") (NYSE:SPNT) today announced results for its first quarter ended March 31, 2021.
InsureMyTrip reports a significant spike in travelers seeking travel insurance with Cancel For Any Reason (CFAR) coverage over the past several weeks. The percentage of travelers purchasing policies with a Cancel For Any Reason upgrade has doubled since January 2021, according to the latest data.