Internationally Renowned Public Health Expert Sten Vermund Appointed President of the Global Virus Network (GVN)

Brings Decades Of Infectious Disease Epidemiology & Prevention Experience Enhancing GVN’s Abilities To End Viral Threats & Advance Pandemic Preparedness

BALTIMORE, Nov. 02, 2023 (GLOBE NEWSWIRE) — The Global Virus Network (GVN) today announced the appointment of Sten Vermund, MD, PhD, as President of the GVN. Dr. Vermund is the Anna M.R. Lauder Professor of Public Health, former Dean of the Yale School of Public Health (2017-2022) and serves as a Professor in Pediatrics at the Yale School of Medicine. Dr. Vermund transitions into his new role as Christian Bréchot, MD, PhD, ends his second term as GVN President, becoming Vice Chairman of the GVN Board of Directors.

Said Mathew L. Evins, GVN Board of Directors Executive Chairman and Treasurer, “The GVN is delighted to have such an accomplished and distinguished professional as Sten to lead our indispensable organization into the future while building upon the exceptional foundation Christian Brechot established over the last six years. I look forward to working closely with Sten to enhance the GVN’s abilities to combat viral diseases through international collaborative research, surveillance, professional training, public health solutions and policy guidance, as well as partnering and collaborating with agencies, businesses and other organizations dedicated to advancing global health.”

Dr. Vermund was nominated by Robert Gallo, MD to succeed Dr. Brechot as GVN President and was unanimously supported by GVN leadership to serve the appointment. Dr. Gallo, who conceived and co-founded the GVN, is distinguished and revered for his pioneering discovery of human retroviruses known as Human T cell Leukemia Virus-1 and 2 (HTLV-1 and HTLV-2), co-discovery of HIV as the cause of AIDS and development of the HIV blood test. The GVN concept began back in the 1980’s when Dr. Gallo realized that virtually no working virologist had a global directive for researching the cause of AIDS during the earliest years of the epidemic. Conversely, important groups such as the World Health Organization which did have a global mandate for combatting the new disease had virtually no resident expertise in the kind of virus that was subsequently shown to be the cause of AIDS, namely, a retrovirus. Examining the history of other great epidemics of the 20th century, Influenza, Polio, and the more recent outbreak of SARS-Cov-2 as well as several other viruses, reveals similar disconnects between available expertise and the urgent public need to identify causation and prevention modes.

Dr. Vermund’s research has mainly focused on health care access, adolescent sexual and reproductive health and rights, and prevention of HIV transmission among general and key populations, including mother-to-child. Dr. Vermund became increasingly engaged in health policy, particularly related to sustainability of HIV/AIDS programs and their expansion to non-communicable diseases, the coronavirus pandemic response and prevention, and public health workforce development.

“I have been engaged with the GVN these past several months and am extremely impressed with the work it has accomplished to date under Christian’s guidance. The commitment and passion of GVN’s members throughout the world are the core for the essential and unique GVN role,” said Dr. Vermund. “The COVID-19 pandemic conclusively demonstrated the compelling need for an independent, global organization committed to the preparedness, defense and first collaborative research response to emerging, existing, and unidentified viruses that pose a clear and present threat to public health. The GVN must ensure that the world will never again be unprepared, untrained, ill-equipped, and uninformed to deal with viral threats.”

“It has been an honor leading and serving the GVN these past six years,” said Dr. Bréchot. “We were able to grow the GVN and make an impact in the field. Sten inherits an organization well-positioned to be a go-to resource for organizations and governments seeking science-driven solutions and data to make informed public health decisions and advance research initiatives. I am extremely pleased to continue as part of GVN’s leadership and serve as Vice Chairman of GVN’s Board of Directors.”

Continued Mr. Evins, “During Christian’s tenure as President, he positioned the GVN on the world stage; significantly enhanced our credibility and visibility; expanded the Network; developed the GVN Academy, which currently consists of five programs with more than 120 alumni; established our Task Forces, Watch Groups and Webinars; created the GVN Rising Stars and Postdoctoral Fellowship programs; forged important partnerships with USF Health at the University of South Florida Tampa and the Centre Scientifique de Monaco among others. I have had the privilege and pleasure of working side-by-side with Christian over the last six years and I very much look forward to continuing our partnership as he becomes Vice Chairman of the GVN board and President Emeritus.”

Said Dr. Vermund at the GVN’s recently concluded Annual Scientific Meeting in Monaco, “I look forward to expanding our programing, enhancing our capabilities, increasing our financial and operational resources, developing new private/public partnerships and forging stronger collaborative relationships with the European Union and the World Health Organization, as well as such other agencies as the African, Chinese and U.S. Centers for Disease Control and Prevention to firmly establish the GVN as go-to resource for governments at a local, national, and international level. I also look forward to adding and diversifying GVN’s leadership, providing even more opportunities to emerging economies, while maintaining independence to promote data-driven science.”

About the Global Virus Network (GVN)
The GVN is essential and critical in the preparedness, defense, and first research response to emerging, existing, and unidentified viruses that pose a clear and present threat to public health. Working in close coordination with established national and international institutions, the GVN is a coalition comprised of eminent human and animal virologists from 71 Centers of Excellence and 9 Affiliates in 40 countries, working collaboratively to train the next generation, advance knowledge about how to identify and diagnose pandemic viruses, mitigate and control how such viruses spread and make us sick, as well as develop drugs, vaccines, and treatments to combat them. No single institution in the world has expertise in all viral areas other than the GVN, which brings together the finest medical virologists to leverage their individual expertise and coalesce global teams of specialists on the scientific challenges, issues, and problems posed by pandemic viruses. The GVN is a non-profit 501(c)(3) organization. For more information, please visit https://gvn.org/. Follow us on X at @GlobalVirusNews.

Media Contact:
Nora Samaranayake
+1 443 823 0613
nsamaranayake@gvn.org

GlobeNewswire Distribution ID 8971598

Doug Balut joins Meltwater as Senior Vice President of Global Alliances and Partnerships

SAN FRANCISCO, Nov. 02, 2023 (GLOBE NEWSWIRE) — Meltwater, a leading global provider of social, media and consumer intelligence, today announces the appointment of Doug Balut as Senior Vice President of Global Alliances and Partnerships.

In this pivotal role, Doug will spearhead the development of a dynamic partner ecosystem, build a robust channel sales organization, and drive go-to-market strategies, all aimed at propelling Meltwater’s growth, creating more value for customers and solidifying its position as an enterprise-grade suite of solutions.

Balut brings more than 25 years of experience and an impressive track record in the technology industry to Meltwater, most recently serving as the Senior Vice President of Global Alliances at Sprinklr. In his role at Sprinklr, he played a central role in establishing a partner organization and a successful methodology for growth, culminating in Sprinklr’s IPO in 2021. Additionally, Balut is a three-time recipient of CRN Channel Chiefs Award in 2021, 2022, and 2023.

Prior to his tenure at Sprinklr, Balut held a number of sales leadership positions in both direct and indirect partner sales at Cisco, leading teams across the globe and partnering with organizations including SAP, Accenture, Deloitte, IBM, Intel, and more.

At Meltwater, Balut will be integral to the company’s growth and commitment to customers, focusing on establishing a mutually beneficial partner program, fostering strategic relationships that put Meltwater customers at the core of success, leveraging social channel partnerships and ensuring that clients reap the full benefits of Meltwater’s offerings.

Balut expressed his enthusiasm for joining Meltwater, saying, “I am really excited to join Meltwater and to build out a new partner ecosystem to support Meltwater’s growth and Enterprise transformation plans. The timing is right to focus on large account growth across the globe, as the next evolution in Meltwater’s exciting history. Partnerships are a catalyst for this growth, and I am ready to build an organization and network of influential partners to help achieve those goals.”

“I am thrilled to welcome Doug Balut to the Meltwater team as our new SVP of Alliances & Partnerships. Doug brings over 25 years of experience in building and leading strategic alliances, channel sales, and business development in the SaaS industry. He has a proven track record of driving revenue growth, expanding market reach, and creating value for customers and partners. Doug will play a key role in strengthening our partner ecosystem and accelerating our global expansion. I look forward to working with him to deliver the best media, social and consumer intelligence solutions to our clients,” said John Box, CEO of Meltwater.

For more information, please contact:
Kelly Costello
Corporate Communications Director
pr@meltwater.com

About Meltwater
Meltwater empowers companies with a suite of solutions that spans media, social, consumer and sales intelligence. By analyzing ~1 billion pieces of content each day and transforming them into vital insights, Meltwater unlocks the competitive edge to drive results. With 27,000 global customers, 50 offices across six continents and 2,300 employees, Meltwater is the industry partner of choice for global brands making an impact. Learn more at meltwater.com.

GlobeNewswire Distribution ID 8971034

Fortrea Completes Expansion of Clinical Pharmacology Solutions Following Targeted Investments at its Four Clinical Research Units in U.S. and U.K.

Adds speed and agility with cGMP production at on-site pharmacies, adds capacity, improves flexible therapeutic capabilities and enhances experience for study volunteers

DURHAM, N.C., Nov. 02, 2023 (GLOBE NEWSWIRE) — Fortrea (Nasdaq: FTRE) (the “Company”), a leading global contract research organization (CRO), today announced that it has completed a multi-year effort to expand its clinical pharmacology solutions and capacity, which are now fully available for customers. The expansion includes a 100,000 square feet state-of-the-art facility in Leeds, U.K. as well as approximately 20,000 square feet of new or renovated space, adding capacity and capabilities across its clinical research units (CRUs) in Dallas, Texas; Daytona, Florida; and Madison, Wisconsin.

“The increasing complexity of clinical pharmacology studies demands fit-for-purpose infrastructure, experience and expertise to protect the safety of study participants and the integrity of critically important data,” said Oren Cohen, M.D., Fortrea’s president of Clinical Pharmacology and chief medical officer. “Our integrated platform of services includes best-in-class infrastructure and experienced professionals who are fully dedicated to clinical pharmacology, including physicians, nurses, clinical scientists, CRAs and pharmacokineticists. The investments we have made target the capabilities and capacity that customers need to accurately assess early pipeline candidates and speed those with promise to later-phase development and ultimately to patients who need them.”

Facility enhancements following the completed expansion include Fortrea’s new CRU in Leeds as well as purpose-built rooms in Madison and Daytona designed for flexibility in executing complex early phase clinical studies. Improvements in recreational, living and “work-from-home” spaces at Fortrea CRUs have been constructed to enhance the experience of volunteers participating in research at the sites.

The expansion of Fortrea’s early clinical development pharmacy services facilities includes new state-of-the-art cGMP pharmacies in the Leeds and Daytona CRUs. All Fortrea CRUs will now have cGMP pharmacies within them. This enables on-site manufacture of sterile and non-sterile drug product. The design of its GMP-compliant facilities provides safe handling and delivery of GMP-quality drug product for the unique demands of clinical pharmacology studies, focusing on efficiency and flexibility with the level of controls expected by regulatory authorities and sponsors.

Enhancements in science and technology include the addition of artificial intelligence-enabled programs that optimize bed space utilization and clinic scheduling, and the application of failure modes and effects analysis to de-risk study execution before a study begins. Following investments in data collection systems, all clinical pharmacology study data collected within Fortrea’s CRUs are input directly into a digital bedside data capture system, which can also be used as an efficient electronic data capture solution.

“I believe Fortrea’s early clinical development solutions set a new standard for what the research industry should expect from its partners,” said Dr. Cohen. “I’m so proud of this team and know they will also benefit from the changes we have made. Just as they are inspired by our mission of bringing life-changing treatments to patients faster, I’m inspired by their dedication each day as we deliver solutions to our customers.”

About Fortrea

Fortrea (Nasdaq: FTRE) is a leading global provider of clinical development and patient access solutions to the life sciences industry. We partner with emerging and large biopharmaceutical, medical device and diagnostic companies to drive healthcare innovation that accelerates life changing therapies to patients in need. Fortrea provides phase I-IV clinical trial management, clinical pharmacology, differentiated technology enabled trial solutions and post-approval services.

Fortrea’s solutions leverage three decades of experience spanning more than 20 therapeutic areas, a passion for scientific rigor, exceptional insights and a strong investigator site network. Our talented and diverse team of more than 19,000 people working in more than 90 countries is scaled to deliver focused and agile solutions to customers globally.

Learn more about how Fortrea is becoming a transformative force from pipeline to patient at Fortrea.com and follow us on LinkedIn and X (formerly Twitter) @Fortrea.

Cautionary Statement Regarding Forward-Looking Statements

Some of the statements in this press release, particularly those relating to the anticipated financial and other benefits, including, but not limited to, whether the investments at clinical research units in U.S. and U.K. will add capacity, improve therapeutic capabilities, enhance experience for study volunteers, speed development to later-phase trials and improve the integrity of data and whether the addition of artificial intelligence-enabled programs will optimize bed space utilization and clinic scheduling, are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, many of which are beyond the Company’s control. Actual results could differ materially from expectations expressed or implied in the forward-looking statements if one or more of the underlying assumptions or expectations prove to be inaccurate or are unrealized. Important factors that could cause actual results to differ materially from such expectations are and will be detailed in Fortrea’s registration statement on Form 10 initially filed with the SEC on May 15, 2023 (as amended and further supplemented), Fortrea’s quarterly report on Form 10-Q filed with the SEC on August 14, 2023, and in Fortrea’s other filings with the SEC. These forward-looking statements are based on management’s current expectations and are subject to certain risks, uncertainty and changes in circumstances. Fortrea does not undertake responsibility for updating these statements, and these statement speak only as of the date of this press release.

Fortrea Contacts:

Fortrea Media: Sue Zaranek – 919-943-5422, media@fortrea.com
Fortrea Media: Kate Dillon – 646-818-9115, kdillon@prosek.com
Fortrea Investors: Hima Inguva – 877-495-0816, hima.inguva@fortrea.com

Philips and County Durham and Darlington NHS Foundation Trust collaborate on a sustainability blueprint to reduce carbon emissions and waste

November 2, 2023

Amsterdam, the Netherlands and Farnborough, UK – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology and County Durham and Darlington NHS Foundation Trust (CDDFT), one of the largest integrated care providers in England, today announced the results of a comprehensive 360 sustainability analysis. The program identified key opportunities to reduce the carbon footprint and waste material within the intensive care unit (ICU) at Darlington Memorial Hospital. Understood to be the first sustainability collaboration of its kind within the NHS, the program illustrates the growing demand for ‘greener’ services in the healthcare sector and showcases the potential for health systems around the world to transform critical care pathways and embed sustainability within their operations.

“Philips took time to undertake quantitative analysis which validated our suspicions and provided outputs we could present back to the wider Trust. The quality of care we provide on the unit has gone up because of the work, as well as through the direct way we serve certain groups of patients,” said Dr. Richard Hixson, Consultant in Anesthesia and Critical Care Medicine at CDDFT. “For example, by looking at patient flow and de-medicalization of patients, we are helping to ease demand on critical care by adjusting medication, removing monitoring that is no longer required and moving patients onto new pathways, in a positive way.”

ICUs are at the center of diverse clinical practices and in the UK, represent a significant portion of the carbon footprint, while also being one of the most expensive types of care. The analysis, developed as part of the existing 14-year strategic agreement between Philips and the Trust, supports its aims to become a leading example for environmental sustainability in human healthcare.

A team of nine clinical and environmental specialists from Philips worked with the Trust over six months to identify efficiency improvements, with the potential to reduce the carbon footprint of a critical care department. The team analyzed data, interviewed clinical staff including physicians and nurses and undertook shadowing and observation sessions. These focused on clinical workflow, supply chain and procurement, medical technology, and staff and patient experience. The results form a blueprint to drive further change and improvement across the Trust, in line with the NHS’s overall target of being the world’s first net zero national health service by 2040.

The key areas highlighted by the team for enhancing sustainable care were:

  • Optimizing ICU capacity for earlier patient discharge, freeing up resources, improving health outcomes, and reducing the carbon footprint
  • Reducing supply chain waste, including high CO2 impact single-use items, and promoting cost savings and eco-friendly alternatives
  • Cultivating a sustainable staff culture through training, identifying ambassadors, idea sharing, success measurement, and staff recognition
  • Efficient management of medical technology to conserve power, reduce waste, and minimize disruptive noise from patient alarms
  • Strategically refurbishing existing buildings to cut costs and CO2 emissions by extending their lifespan

Following the analysis, the Trust has implemented a number of recommended initiatives. For more information, read the full case study “Working Together to Green Critical Care”.

Mark Leftwich, Managing Director at Philips UK&I: “Healthcare providers have a responsibility to safeguard both our well-being and our environment, with climate change and human health working hand in hand. This first of kind partnership between Philips and County Durham and Darlington NHS Foundation Trust is an important milestone in the race to reach net zero and provide more sustainable care. As the first 360 sustainability assessment for the NHS, this collaboration shows the potential of finding solutions that care for patients, our health workforce, and the planet all at once, helping to create more resilient health systems for the future.”

This program with CDDFT follows similar analyses conducted by Philips at Tampere Heart Hospital (Tampere, Finland), Vanderbilt University Medical Center (Nashville, USA) and Champalimaud Foundation (Lisbon, Portugal).

Philips has operated globally carbon-neutral since 2020, embedding EcoDesign principles and circular business models into its innovation processes and ways of working. The company offers a range of health technologies and innovations that help reduce healthcare providers’ impact on the environment. For example, its Philips Spectral CT 7500 uses 62.5% less energy [1], and the Philips MR – Ingenia Ambition 1.5T, which uses a breakthrough design where the magnetic components are completely sealed and only need seven liters of helium over its lifetime compared to roughly 1,500 liters with other Philips systems [2]. Additionally, with Philips MR SmartSpeed, the Ingenia Ambition 1.5T uses up to 53% less power per patient scan [2].

[1] When compared to an equivalent CT model of one of the industry leaders
[2] Applicable to Ambition S. Philips SmartSpeed power consumption versus Philips SENSE-based scanning. Based on COCIR and an in-house simulated environment. Results can vary based on site conditions.

For further information, please contact:

Joost Maltha
Philips Global Press Office
Tel. : +31 6 10558116
E-mail : joost.maltha@philips.com

Dominique Monaghan
Philips UK&I
E-mail : dominique.monaghan@philips.com

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2022 sales of EUR 17.8 billion and employs approximately 70,700 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

About County Durham and Darlington NHS Foundation Trust
The Trust is one of the largest integrated care providers in England, employing over 7,000 members of staff and serving a population of over 650,000 people, and as such recognises its key role to play in reducing carbon emissions and supporting the local community to adapt to climate change.

Attachments

GlobeNewswire Distribution ID 1000897256

Schneider Electric finalizes acquisition of EcoAct

Schneider Electric, the global leader in the digital transformation of energy management and automation, announces that subsequent to entering into exclusive negotiations with Atos Group on July 3, 2023 it has finalized the acquisition of EcoAct SAS (“EcoAct”), an international leader in climate consulting and net zero solutions headquartered in Paris, France. The completion of the transaction follows consultation with the relevant employee representative bodies and approval from the competent regulatory authorities.

The acquisition represents the coming together of two best-in-class organizations to accelerate business solutions that deliver true value for both climate and clients. EcoAct’s portfolio of net zero and nature-based products and services, including consulting, climate data tools, and carbon offset project development, will expand and accelerate Schneider Electric’s global Sustainability Business, a leading provider of advisory services in the areas of energy management, energy efficiency, renewable energy and environmental commodity procurement, sustainability and net zero consulting, climate risk, sustainability communications, and reporting & disclosure.

The joining of the two organizations expands Schneider Electric’s capabilities to provide end-to-end solutions that lead organizations through the net zero transformation and beyond. The company’s advisory services support the development of sustainability strategy and target setting through to decarbonization across scope 1, 2, and 3, enhanced by its AI-led portfolio of digital and data management tools.

We have long admired the team at EcoAct, and bringing our two organizations together will help us to accelerate the ability to serve our clients all over the world,” said Steve Wilhite, President, Sustainability Business. “Companies understand the urgency to act but continue to face complexities when it comes to decarbonization. I’m confident that our combined best-in-class teams will help our clients to accelerate even faster towards their net zero ambitions.”

Urgent climate action is at the heart of our mission, and I know we’ve found the right partner in Schneider Electric,” said Stuart Lemmon, CEO of EcoAct. “The company’s own demonstrated commitments to net zero – in its own operations and for its clients – speaks loudly in the market, and our EcoActors are excited to join together with another leading advisory team, putting climate and nature center stage to accelerate sustainable corporate transformation.”

Schneider Electric and the Atos Group have established a foundation for a strategic partnership on decarbonization by combining Technology and Sustainability expertise to build products and solutions that enhance their customers’ paths to net zero.

More information about Schneider’s Sustainability Business can be found here.

Attachment

GlobeNewswire Distribution ID 1000897245

Shell plc publishes third quarter 2023 press release

London, November 2, 2023

“Shell delivered another quarter of strong operational and financial performance, capturing opportunities in volatile commodity markets. We continue to simplify our portfolio while delivering more value with less emissions.

Shell is commencing a $3.5 billion buyback programme for the next three months, bringing the buybacks for the second half of 2023 to $6.5 billion, well in excess of the $5 billion announced at Capital Markets Day in June. This takes total announced shareholder distributions for 2023 to ~$23 billion.” 

Shell plc Chief Executive Officer, Wael Sawan

CONSISTENT PERFORMANCE, SUPPORTING ENHANCED DISTRIBUTIONS 

  • Q3 2023 Adjusted Earnings of $6.2 billion, reflecting robust operational performance and higher oil prices and refining margins. CFFO of $12.3 billion for the quarter, with a $0.4 billion working capital inflow, despite higher oil prices.
  • Enhancing shareholder distributions with $3.5 billion share buybacks announced, expected to be completed by Q4 2023 results announcement. Total announced distributions for 2023 ~$23 billion, with dividend per share this quarter being 32% higher than in Q3 2022.
  • Demonstrating capital discipline with cash capex outlook for 2023 of $23 – 25 billion.
$ million Adj. Earnings1 Adj. EBITDA1 CFFO Cash capex
Integrated Gas 2,529 4,871 4,009 1,099
Upstream 2,221 7,412 5,336 2,007
Marketing 720 1,519 880 917
Mobility 456 988 669
Lubricants 226 425 86
Sectors & Decarbonisation 38 106 163
Chemicals & Products 1,380 2,591 2,379 879
Chemicals (329) 34 486
Products 1,710 2,557 393
Renewables & Energy Solutions (67) 79 (34) 659
Corporate (482) (136) (238) 87
Less: Non-controlling interest (NCI) 77
Shell Q3 2023 6,224 16,336 12,332 5,649
Q2 2023 5,073 14,435 15,130 5,130

1Income/(loss) attributable to shareholders for Q3 2023 is $7.0 billion. Reconciliation of non-GAAP measures can be found in the unaudited results, available on www.shell.com/investors.

  • CFFO of $12.3 billion for Q3 2023 includes a working capital inflow of $0.4 billion, with the impact of higher prices on inventory offset by favourable timing effects of accounts payable/receivable. Stable net debt, $40.5 billion at the end of Q3 2023.
$ billion Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023
Divestment proceeds 0.3 0.2 1.7 0.5 0.3
Free cash flow 7.5 15.5 9.9 12.1 7.5
Net debt 48.3 44.8 44.2 40.3 40.5

Q3 2023 FINANCIAL PERFORMANCE DRIVERS

INTEGRATED GAS

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Realised liquids price ($/bbl) 60 63
Realised gas price ($/mscf) 8 8
Production (kboe/d) 985 900 870 – 930
LNG liquefaction volumes (MT) 7.2 6.9 6.7 – 7.3
LNG sales volumes (MT) 16.0 16.0
  • Adjusted Earnings similar to Q2 2023, reflecting favourable trading and optimisation results combined with higher realised liquids prices offset by lower volumes. Trading and optimisation results were higher than in Q2 2023, benefiting from stable supply and capturing additional optimisation opportunities.
  • Q4 2023 outlook reflects ongoing maintenance at Prelude and lower expected liquefaction volumes from Egypt.

UPSTREAM

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Realised liquids price ($/bbl) 72 79
Realised gas price ($/mscf)* 7 7
Liquids production (kboe/d) 1,283 1,311
Gas production (mscf/d) 2,425 2,564
Total production (kboe/d) 1,701 1,753 1,750 – 1,950

*With the completion of the 2022-2023 gas year at the end of September 2023, the Groningen gas field has been closed (subject to exceptional circumstances under which the Dutch government may instruct to re-open the field to a certain extent). Upstream realised gas prices have been restated for 2022 and 2023 to exclude the impact of GasTerra.

  • Adjusted Earnings higher in Q3 2023 due to higher oil prices and higher production volumes. Production was higher, with strong performance in Deep Water.
  • Q4 2023 production outlook reflects the closure of the Groningen gas field.

MARKETING

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Marketing sales volumes (kb/d) 2,607 2,654 2,250 – 2,750
Mobility (kb/d)* 1,791 1,782
Lubricants (kb/d)* 83 82
Sectors & Decarbonisation (kb/d)* 733 790

*Comparative information has been revised – see Quarterly Databook

  • Adjusted Earnings impacted by compressed fuels margins due to rising feedstock costs in Mobility, offset by improved margin performance in Sectors & Decarbonisation. Adjusted Earnings also reflect one-off tax charges.

CHEMICALS & PRODUCTS

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Refining & Trading sales volumes (kb/d) 1,466 1,548
Chemicals sales volumes (kT) 2,828 2,998
Refinery utilisation (%) 85 84 75 – 83
Chemicals manufacturing plant utilisation (%) 70 70 62 – 70
Global indicative refining margin ($/bbl) 9 16
Global indicative chemical margin ($/t) 153 115
  • Higher refining margins in Q3 2023 driven by lower global product supply combined with higher demand. Chemicals margins continue to be impacted by weak demand. Trading and optimisation margins are higher than in Q2 2023.
  • Q4 2023 Refinery utilisation outlook lower than Q3 2023 due to planned maintenance activities in North America.

RENEWABLES & ENERGY SOLUTIONS

Key data Q2 2023 Q3 2023
External power sales (TWh) 67 76
Sales of natural gas to end-use customers (TWh) 172 170
Renewables power generation capacity* 7.1 7.4
  • in operation (GW)
2.5 2.5
  • under construction and/or committed for sale (GW)
4.6 4.9

 *Excluding Shell’s equity share of associates where information cannot be obtained

  • Adjusted Earnings are lower than in Q2 2023 mainly driven by lower margins due to seasonal impacts, primarily in Europe, and lower trading and optimisation results.

Renewables and Energy Solutions includes renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

CORPORATE

Key data Q2 2023 Q3 2023 Q4 2023 outlook
Adjusted Earnings ($ billion) (0.7) (0.5) (0.6) – (0.8)
  • The Adjusted Earnings outlook is a net expense of $2.8 – 3.0 billion for the full year 2023. This excludes the impact of currency exchange rate and fair value accounting effects.

UPCOMING INVESTOR EVENTS

1 February 2024 Fourth quarter 2023 results and dividends
2 May 2024 First quarter 2024 results and dividends
1 August 2024 Second quarter 2024 results and dividends
31 October 2024 Third quarter 2024 results and dividends

USEFUL LINKS

Results materials Q3 2023

Quarterly Databook Q3 2023

Dividend announcement Q3 2023

Webcast registration Q3 2023

ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

This announcement includes certain measures that are calculated and presented on the basis of methodologies other than in accordance with generally accepted accounting principles (GAAP) such as IFRS, including Adjusted Earnings, Adjusted EBITDA, CFFO excluding working capital movements, Cash capital expenditure, free cash flow, Divestment proceeds and Net debt. This information, along with comparable GAAP measures, is useful to investors because it provides a basis for measuring Shell plc’s operating performance and ability to retire debt and invest in new business opportunities. Shell plc’s management uses these financial measures, along with the most directly comparable GAAP financial measures, in evaluating the business performance.

This announcement contains a forward-looking non-GAAP measure for cash capital expenditure and divestments. We are unable to provide a reconciliation of this forward-looking non-GAAP measure to the most comparable GAAP financial measure because certain information needed to reconcile the non-GAAP measure to the most comparable GAAP financial measure is dependent on future events some of which are outside the control of the company, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measure with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are estimated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

CAUTIONARY STATEMENT

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. Entities and unincorporated arrangements over which Shell has joint control are generally referred to as “joint ventures” and “joint operations”, respectively. “Joint ventures” and “joint operations” are collectively referred to as “joint arrangements”.  Entities over which Shell has significant influence but neither control nor joint control are referred to as “associates”. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”, “ambition”, “anticipate”, “believe”, “could”, “estimate”, “expect’’, “goals”, “intend”, “may”, “milestones”, “objectives”, “outlook”, “plan”, “probably”, “project”, “risks”, “schedule”, “seek”, “should”, “target”, “will” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2022 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, November 2, 2023. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

All amounts shown throughout this announcement are unaudited. The numbers presented throughout this announcement may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

Shell’s Net carbon intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity”, which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell only controls its own emissions. The use of the term Shell’s “Net Carbon Intensity” is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s Net-Zero Emissions Target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and Net Carbon Intensity (NCI) targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target and 2035 NCI target, as these targets are currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

The content of websites referred to in this announcement does not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

The financial information presented in this announcement does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2022 were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales, and in Shell’s Form 20-F. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

The information in this announcement does not constitute the unaudited condensed consolidated financial statements which are contained in Shell’s third quarter 2023 unaudited results available on www.shell.com/investors.

CONTACTS

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LeddarTech ประกาศการมีส่วนร่วมในการประชุมนักลงทุนประจำไตรมาสที่สี่ปี 2566 ที่กำลังจะมีขึ้น

นครควิเบก แคนาดา, Nov. 02, 2023 (GLOBE NEWSWIRE) — LeddarTech® บริษัทซอฟต์แวร์ยานยนต์ที่ให้บริการซอฟต์แวร์ฟิวชันเซ็นเซอร์และการรับรู้ระดับต่ำที่ได้รับการจดสิทธิบัตรสำหรับสำหรับระบบช่วยเหลือผู้ขับขี่ขั้นสูง (ADAS) และการขับขี่แบบอัตโนมัติ (AD) ประกาศว่า Frantz Saintellemy ประธานและประธานเจ้าหน้าที่ฝ่ายปฏิบัติการมีกำหนดเข้าร่วมในกิจกรรมนักลงทุนที่กำลังจะมีขึ้นดังต่อไปนี้:

LeddarTech จะเข้าร่วมในการประชุมกับนักลงทุนและนักวิเคราะห์อุตสาหกรรมที่มีศักยภาพ และในการสนทนาข้างกองไฟ สำหรับข้อมูลเพิ่มเติมหรือการลงทะเบียน กรุณาเยี่ยมชมในส่วนของ “กิจกรรมและการนำเสนอ” ของ เว็บไซต์นักลงทุนสัมพันธ์ของ LeddarTech

ในวันที่ 13 มิถุนายน 2566 Prospector Capital Corp. (“Prospector”) (NASDAQ: PRSR, PRSRU, PRSRW) บริษัทที่ได้รับการยกเว้นในการจ่ายภาษีใด ๆ (exempted company) จากหมู่เกาะเคย์แมน ซึ่งนำโดยอดีตประธานบริษัท Qualcomm Derek Aberle และมีอดีตรองประธาน Qualcomm Steve Altman เป็นประธาน ได้ประกาศข้อตกลงการรวมธุรกิจขั้นสุดท้ายกับ LeddarTech เมื่อปิดธุรกรรม ซึ่งคาดว่าจะเกิดขึ้นในช่วงไตรมาสที่สี่ของปี 2566 คาดว่า LeddarTech Holdings Inc. (“Newco”) ซึ่งเป็นบริษัทที่ควบรวมกิจการซึ่งก่อตั้งขึ้นจากการรวมธุรกิจ จะมีการจดทะเบียนใน NASDAQ ภายใต้สัญลักษณ์ย่อ “LDTC ”

เกี่ยวกับ LeddarTech

LeddarTech เป็นบริษัทซอฟต์แวร์ระดับโลกที่ก่อตั้งขึ้นในปี 2550 และมีสำนักงานใหญ่ในนครควิเบก พร้อมด้วยแผนกวิจัยและพัฒนาเพิ่มเติมในมอนทรีออล โตรอนโต และเทลอาวีฟ ประเทศอิสราเอล LeddarTech ได้พัฒนาและจัดหาโซลูชันการรับรู้ที่ครอบคลุมซึ่งช่วยเปิดใช้งานการปรับใช้แอปพลิเคชันระบบช่วยเหลือผู้ขับขี่ขั้นสูง (ADAS) และการขับขี่แบบอัตโนมัติ (AD) เทคโนโลยีซอฟต์แวร์เกรดยานยนต์ของ LeddarTech ใช้อัลกอริทึมการมองเห็นของคอมพิวเตอร์และ AI เพื่อสร้างแบบจำลองสภาพแวดล้อมแบบ 3D ที่มีความแม่นยำสูง ซึ่งจะช่วยให้ตัดสินใจได้ดีขึ้น อีกทั้งยังช่วยให้การนำทางปลอดภัยยิ่งขึ้นอีกด้วย เทคโนโลยีประสิทธิภาพสูง ปรับขนาดได้ และคุ้มค่านี้ใช้ประโยชน์จาก OEM และซัพพลายเออร์ระดับ 1-2 เพื่อการใช้งานโซลูชันระบบช่วยเหลือผู้ขับขี่ขั้นสูง (ADAS) ของยานยนต์และรถออฟโรดได้อย่างมีประสิทธิภาพ

LeddarTech เป็นผู้รับผิดชอบในการคิดค้นนวัตกรรมใหม่ ๆ ในด้านยานยนต์และการเคลื่อนที่ระยะไกลที่ทันสมัย ด้วยเทคโนโลยีทั้งที่มีการขอจดสิทธิบัตรมากกว่า 150 รายการ (โดยมี 80 รายการที่ได้รับอนุมัติแล้ว) ที่ช่วยเสริมขีดความสามารถระบบช่วยเหลือผู้ขับขี่ขั้นสูง (ADAS) และการขับขี่แบบอัตโนมัติ (AD) การรับรู้ของยานพาหนะที่ดีขึ้นมีความสำคัญอย่างยิ่งในการทำให้ยานยนต์ทั่วโลกปลอดภัยขึ้น มีประสิทธิภาพมากขึ้น ยั่งยืน และราคาไม่แพง นี่จึงเป็นสิ่งที่ผลักดันให้ LeddarTech กลายเป็นโซลูชันซอฟต์แวร์ฟิวชันเซ็นเซอร์และการรับรู้ที่ได้รับการยอมรับอย่างกว้างขวางที่สุด

สามารถเข้าถึงข้อมูลเพิ่มเติมเกี่ยวกับ LeddarTech ได้ที่ www.LeddarTech.com และบน LinkedIn, Twitter (X), Facebook และ YouTube

เกี่ยวกับ Prospector Capital Corp.

Prospector คือบริษัทเข้าซื้อกิจการที่มีจุดประสงค์พิเศษซึ่งก่อตั้งขึ้นโดยมีจุดประสงค์เพื่อให้เกิดการควบรวมกิจการ การแลกเปลี่ยนหุ้น การได้มาซึ่งสินทรัพย์ การซื้อหุ้น การปรับโครงสร้างองค์กร หรือการรวมธุรกิจที่คล้ายกันกับธุรกิจตั้งแต่หนึ่งแห่งขึ้นไป โดยมุ่งเน้นไปที่บริษัทที่มีโซลูชันขั้นสูงและมีความแตกต่างสูงสำหรับภาคส่วนเทคโนโลยี บริษัทนำโดยทีมผู้ลงทุนและผู้บริหารที่มีประสบการณ์ ซึ่งมุ่งเน้นไปที่การจำแนกและการลงทุนในบริษัทที่มีการเติบโตสูง ซึ่งมีทีมผู้บริหารที่แข็งแกร่งและมีโอกาสทางการตลาดที่น่าสนใจ หลักทรัพย์ของ Prospector มีการซื้อขายบน NASDAQ ภายใต้สัญลักษณ์ย่อ “PRSR” “PRSRU” และ “PRSRW”

ข้อมูลสำคัญเกี่ยวกับธุรกรรมที่เสนอและที่ที่จะหาข้อมูลดังกล่าว

ในส่วนที่เกี่ยวข้องกับการรวมธุรกิจที่เสนอนั้น Prospector, LeddarTech และ Newco จะจัดเตรียมและจะยื่นแบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์ในแบบฟอร์ม F-4 (“แบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์”) ต่อ SEC และ Prospector จะส่งหนังสือมอบฉันทะ/หนังสือชี้ชวนที่มีอยู่ในแบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์ทางไปรษณีย์เพื่อชี้แจงต่อผู้ถือหุ้น และยื่นเอกสารอื่น ๆ ที่เกี่ยวข้องกับการรวมธุรกิจต่อ SEC ข่าวประชาสัมพันธ์นี้ไม่ได้ใช้แทนหนังสือมอบฉันทะ แบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์ หนังสือมอบฉันทะ/หนังสือชี้ชวน หรือเอกสารอื่น ๆ ที่ Prospector หรือ Newco อาจยื่นต่อ SEC ซึ่งเกี่ยวข้องกับการรวมธุรกิจ ผู้ลงทุนและผู้ถือครองหลักทรัพย์ควรอ่านแบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์อย่างถี่ถ้วนและครบถ้วนเมื่อมีให้ รวมถึงอ่านการแก้ไขหรือส่วนเสริมใด ๆ ในแบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์ และเอกสารอื่น ๆ ที่ยื่นโดย Prospector หรือ Newco ต่อ SEC ที่เกี่ยวข้องกับการรวมธุรกิจ เนื่องจากเอกสารเหล่านี้จะประกอบด้วยข้อมูลสำคัญ ผู้ลงทุนและผู้ถือครองหลักทรัพย์จะสามารถรับสำเนาแบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์และเอกสารอื่น ๆ ที่ยื่นต่อ SEC โดย Prospector หรือ Newco ได้ฟรีผ่านทางเว็บไซต์ที่ดูแลโดย SEC ที่ www.sec.gov

ข้อความเชิงคาดการณ์เหตุการณ์ในอนาคต

ข้อความบางข้อความในข่าวประชาสัมพันธ์นี้อาจถือเป็นข้อความคาดการณ์ล่วงหน้าตามความหมายของพระราชบัญญัติปฏิรูปการฟ้องร้องคดีหลักทรัพย์ส่วนบุคคลปี 1995 แห่งสหรัฐอเมริกา มาตรา 27A ว่าด้วยพระราชบัญญัติหลักทรัพย์ และมาตรา 21E ว่าด้วยพระราชบัญญัติการแลกเปลี่ยน (ซึ่งข้อความคาดการณ์ล่วงหน้าจะรวมถึง แถลงการณ์เชิงคาดการณ์ล่วงหน้าและข้อมูลเชิงคาดการณ์ล่วงหน้าตามความหมายของกฎหมายหลักทรัพย์ของแคนาดาที่มีการบังคับใช้) ซึ่งรวมถึงแต่ไม่จำกัดเพียงข้อความเกี่ยวกับการรวมธุรกิจที่เกี่ยวข้องกับ Prospector, LeddarTech และ Newco ความสามารถในการบรรลุผลสำเร็จของการรวมธุรกิจและระยะเวลา ผลประโยชน์ที่คาดว่าจะได้รับจากการรวมธุรกิจ การปิดการจัดหาเงินทุนสำหรับบุคคลในวงจำกัดและรายได้ที่คาดว่าจะได้รับจากการดำเนินการดังกล่าว และข้อความที่เกี่ยวข้องกับกลยุทธ์ของ Newco ที่มีการคาดการณ์ไว้ การดำเนินงานในอนาคต โอกาส วัตถุประสงค์ และประมาณการทางการเงิน และเมตริกทางการเงินอื่น ๆ ข้อความที่มีลักษณะเป็นการคาดการณ์ในอนาคตโดยทั่วไปประกอบด้วยข้อความที่มีลักษณะที่เป็นการคาดการณ์ และขึ้นอยู่กับหรืออ้างถึงเหตุการณ์หรือเงื่อนไขในอนาคต และรวมถึงคำเช่น “อาจ” “จะ” “ควร” “น่าจะ” “คาดหวัง” “คาดการณ์” “วางแผน” “มีแนวโน้ม” “เชื่อ” “ประมาณการ” “โครงการ” “ตั้งใจ” และสำนวนอื่น ๆ ที่คล้ายกัน ข้อความที่ไม่ใช่ข้อเท็จจริงในอดีตถือเป็นข้อความเชิงคาดการณ์ล่วงหน้า ข้อความคาดการณ์ล่วงหน้าตั้งอยู่บนความเชื่อและสมมติฐานในปัจจุบันที่มีความเสี่ยงและความไม่แน่นอน และไม่ได้รับประกันประสิทธิภาพในอนาคต ผลลัพธ์ที่แท้จริงอาจแตกต่างอย่างมากจากที่มีอยู่ในข้อความคาดการณ์ล่วงหน้าอันเป็นผลมาจากปัจจัยต่าง ๆ ซึ่งรวมถึงแต่ไม่จำกัดเพียง: (i) ความเสี่ยงที่เงื่อนไขในการปิดการรวมธุรกิจไม่เป็นไปตามข้อกำหนด รวมถึงความล้มเหลวในการขออนุมัติจากผู้ถือหุ้นสำหรับการรวมธุรกิจอย่างทันท่วงทีหรือโดยสิ้นเชิง หรือการไม่ได้รับการดำเนินการขออนุญาตขึ้นทะเบียนที่จำเป็นใด ๆ อย่างทันท่วงทีหรือโดยสิ้นเชิง รวมถึงศาลยุติธรรมชั้นต้นแห่งควิเบก (ii) ความไม่แน่นอนเกี่ยวกับเวลาของการบรรลุผลสำเร็จของการรวมธุรกิจและความสามารถของ Prospector, LeddarTech และ Newco เพื่อบรรลุผลสำเร็จของการรวมธุรกิจ (iii) ความเป็นไปได้ที่ผลประโยชน์ที่คาดว่าจะได้รับจากการรวมธุรกิจจะไม่เกิดขึ้นจริง และการปฏิบัติทางภาษีที่คาดว่าจะได้รับจากการรวมธุรกิจ (iv) เกิดเหตุการณ์ใด ๆ ที่อาจนำไปสู่การยุติการรวมธุรกิจ (v) ความเสี่ยงที่การฟ้องร้องของผู้ถือหุ้นที่เกี่ยวข้องกับการรวมธุรกิจหรือการชำระบัญชีหรือการสอบสวนอื่น ๆ อาจส่งผลกระทบต่อระยะเวลาหรือการเกิดขึ้นของการรวมธุรกิจ หรือส่งผลให้เกิดค่าใช้จ่ายจำนวนมากในการป้องกัน การชดใช้ค่าเสียหาย และความรับผิด (vi) การเปลี่ยนแปลงในสภาวะเศรษฐกิจทั่วไปและ/หรืออุตสาหกรรมเฉพาะ (vii) การหยุดชะงักที่อาจเกิดขึ้นจากการรวมธุรกิจที่อาจส่งผลเสียต่อธุรกิจของ LeddarTech (viii) ความสามารถของ LeddarTech ในการรักษา ดึงดูด และจ้างบุคลากรหลัก (ix) ปฏิกิริยาที่ไม่พึงประสงค์ที่อาจเกิดขึ้นหรือการเปลี่ยนแปลงความสัมพันธ์กับลูกค้า พนักงาน ซัพพลายเออร์หรือบุคคลอื่น ๆ อันเป็นผลมาจากการประกาศหรือการสิ้นสุดของการรวมธุรกิจ (x) ความไม่แน่นอนทางธุรกิจที่อาจเกิดขึ้น รวมถึงการเปลี่ยนแปลงความสัมพันธ์ทางธุรกิจที่มีอยู่ในระหว่างการควบรวมธุรกิจที่อาจส่งผลกระทบต่อประสิทธิภาพทางการเงินของ LeddarTech (xi) การพัฒนาด้านกฎหมาย กฎระเบียบ และเศรษฐกิจ (xii) ความไม่แน่นอนและความรุนแรงของเหตุการณ์ภัยพิบัติ ซึ่งรวมถึงแต่ไม่จำกัดเพียง การก่อการร้าย การระบาดของสงครามหรือการเป็นศัตรู และการแพร่ระบาด การแพร่ระบาดใหญ่ หรือการระบาดของโรคใด ๆ (รวมถึงโควิด-19) ตลอดจนการตอบสนองของฝ่ายบริหารต่อปัจจัยใด ๆ ดังกล่าวข้างต้น (xiii) การเข้าถึงเงินทุนและการเงิน และความสามารถของ LeddarTech ในการรักษาการปฏิบัติตามพันธสัญญาหนี้สิน และ (xiv) ปัจจัยเสี่ยงอื่น ๆ ตามรายละเอียดในรายงานของ Prospector ที่ยื่นต่อ SEC เป็นระยะ รวมถึงรายงานประจำปีของ Prospector ในแบบฟอร์ม 10-K, รายงานประจำไตรมาสในแบบฟอร์ม 10-Q ที่จัดทำเป็นระยะ, รายงานปัจจุบันในแบบฟอร์ม 8-K ที่จัดทำเป็นระยะ และเอกสารอื่น ๆ ที่ยื่นต่อ SEC ตลอดจนปัจจัยเสี่ยงที่จะระบุไว้ในแบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์ รายการปัจจัยสำคัญข้างต้นยังไม่ครบถ้วนสมบูรณ์ ทั้ง Prospector และ LeddarTech ไม่สามารถรับประกันได้ว่าเงื่อนไขในการรวมธุรกิจจะเป็นที่พอใจ ทั้ง Prospector และ LeddarTech ไม่มีภาระผูกพันใด ๆ ในการแก้ไขหรือปรับปรุงข้อความคาดการณ์ล่วงหน้าใด ๆ หรือจัดทำข้อความคาดการณ์ล่วงหน้าอื่น ๆ ไม่ว่าจะเป็นผลมาจากข้อมูลใหม่ เหตุการณ์ในอนาคตหรืออื่น ๆ เว้นแต่ตามที่กฎหมายที่ใช้บังคับได้กำหนดไว้

ห้ามเสนอหรือชักชวน

ข่าวประชาสัมพันธ์นี้ไม่ถือเป็นการเสนอขายหรือการชักชวนให้ซื้อหลักทรัพย์ใด ๆ ของ Prospector หรือ Newco การชักชวนให้ลงคะแนนเสียงหรือการอนุมัติใด ๆ และจะไม่มีการขายหลักทรัพย์ในเขตอำนาจศาลใด ๆ ที่ข้อเสนอ การชักชวน หรือการขายดังกล่าวจะผิดกฎหมายก่อนที่จะมีการจดทะเบียนหรือมีคุณสมบัติเหมาะสมภายใต้กฎหมายหลักทรัพย์ของเขตอำนาจศาลดังกล่าว การเสนอขายหลักทรัพย์จะกระทำมิได้เว้นแต่จะใช้วิธีชี้ชวนซึ่งเป็นไปตามข้อกำหนดของมาตรา 10 ของพระราชบัญญัติหลักทรัพย์ปี 1933 ซึ่งมีการแก้ไขเพิ่มเติม (“พระราชบัญญัติหลักทรัพย์”)

ผู้มีส่วนร่วมในการชักชวน

Prospector, LeddarTech และ Newco ตลอดจนกรรมการ เจ้าหน้าที่บริหาร และพนักงานบางรายที่เกี่ยวข้อง อาจถือว่าเป็นผู้มีส่วนร่วมในการชักชวนของตัวแทนที่เกี่ยวข้องกับการรวมธุรกิจ สามารถดูข้อมูลเกี่ยวกับกรรมการและเจ้าหน้าที่บริหารของ Prospector ได้จากรายงานประจำปีในแบบฟอร์ม 10-K สำหรับปีบัญชีซึ่งสิ้นสุดวันที่ 31 ธันวาคม 2565 โดยมีการยื่นต่อ SEC เมื่อวันที่ 31 มีนาคม 2566 ข้อมูลเกี่ยวกับบุคคลที่อาจถือว่าเป็นผู้มีส่วนร่วมในการชักชวนของตัวแทนที่เกี่ยวข้องกับการรวมธุรกิจซึ่งอยู่ภายใต้กฎของ SEC รวมถึงคำอธิบายเกี่ยวกับผลประโยชน์โดยตรงหรือโดยอ้อมจากการถือครองหลักทรัพย์หรืออื่น ๆ จะระบุไว้ในแบบแสดงรายการข้อมูลการเสนอขายหลักทรัพย์และเอกสารอื่น ๆ ที่เกี่ยวข้องเมื่อมีการยื่นเอกสารดังกล่าวต่อ SEC สามารถรับเอกสารเหล่านี้ได้ฟรีจากแหล่งที่ระบุไว้ข้างต้น

ติดต่อ:Daniel Aitken รองประธานฝ่ายการตลาดระดับโลก การสื่อสารและผู้ลงทุนสัมพันธ์ของ LeddarTech Inc. โทร.: + 1-418-653-9000 ต่อ 232 daniel.aitken@LeddarTech.com

  • รายชื่อติดต่อผู้ลงทุนสัมพันธ์: Kevin Hunt, ICR Inc. kevin.hunt@icrinc.com
  • ติดต่อด้านสื่อในส่วนการเงิน: Dan Brennan, ICR Inc. dan.brennan@icrinc.com

Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision และโลโก้ที่เกี่ยวข้องเป็นเครื่องหมายการค้าหรือเครื่องหมายการค้าจดทะเบียนของ LeddarTech Inc. และบริษัทในเครือ แบรนด์ ชื่อผลิตภัณฑ์ และเครื่องหมายอื่น ๆ ทั้งหมดเป็นหรืออาจเป็นเครื่องหมายการค้าหรือเครื่องหมายการค้าจดทะเบียนที่ใช้เพื่อระบุผลิตภัณฑ์หรือบริการของเจ้าของที่เกี่ยวข้อง

GlobeNewswire Distribution ID 8970829

WillScot Mobile Mini Reports Third Quarter 2023 Results

Investor Day Announced Upon Achieving Record Margins, Strong Free Cash Flow, and Accelerating Return on Invested Capital

PHOENIX, Nov. 01, 2023 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible space and storage solutions, today announced third quarter 2023 results and provided an update on operations and the current market environment, including the following highlights:

  • Third quarter revenue increased 5% to $605 million, income from continuing operations increased 17% to $92 million, and Adjusted EBITDA increased 11% year-over-year to $266 million.
  • Adjusted EBITDA Margin from continuing operations of 43.9% expanded 250 basis points year-over-year.
  • Generated Free Cash Flow of $148 million, up 77% year-over-year, and Free Cash Flow Margin of 24%.
  • Invested $333 million of capital in two acquisitions during the quarter, with $494 million invested over last 12 months.
  • Returned $220 million to shareholders by repurchasing 5.0 million shares of Common Stock during the quarter, reducing economic share count by 9.2% over the last twelve months as of September 30, 20231.
  • Generated 18% Return on Invested Capital (“ROIC”) over the last 12 months, which increased approximately 380 basis points year-over-year.
  • The Company will host an investor Day on March 4, 2024. Details will be provided at a later date.

Brad Soultz, Chief Executive Officer of WillScot Mobile Mini, commented, “Our team delivered excellent financial results in the quarter, driven by continued strength in pricing and Value-Added Products (VAPS) penetration with volumes in line with our expectations.”

Soultz continued, “We are generating record Free Cash Flow, with $148 million in Q3 2023 and $533 million over the last 12 months. At the midpoint of our revised guidance, we expect to generate approximately $550 million of Free Cash Flow in 2023, up over 150% since our November 2021 Investor Day. And over the same time horizon, we reduced our economic share count by almost 20% to 193 million common shares outstanding. Our ability to drive Free Cash Flow while reinvesting in our business organically, inorganically, and in our stock illustrates how we generate consistent compound returns over time.”

Soultz concluded, “Over the last 12 months, we reinvested $494 million in tuck-in acquisitions. In particular, we made some exciting additions to our portfolio of flexible space solutions with the build-out of North America’s leading cold storage leasing platform in Q3 and the addition of a premium large clearspan structures platform in October. These are high-growth categories that complement our existing modular and storage capabilities and extend the spectrum of space solutions available to our customers. With leadership positions in both categories, we expect to scale and grow these businesses meaningfully, building on our unrivaled commercial and operating capabilities and as part of our fully integrated space solutions offering. Along with other recent acquisitions, these expansions will provide for additional growth levers above and beyond the $1 billion of idiosyncratic growth levers which are already in flight.”

Three Months Ended September 30, Nine Months Ended September 30,
(in thousands, except share data) 2023 2022 2023 2022
Revenue $ 604,834 $ 578,008 $ 1,752,391 $ 1,552,069
Income from continuing operations $ 91,516 $ 78,176 $ 255,516 $ 177,323
Adjusted EBITDA from continuing operations2 $ 265,480 $ 239,368 $ 773,663 $ 615,784
Adjusted EBITDA Margin (%)2 43.9 % 41.4 % 44.1 % 39.7 %
Net cash provided by operating activities $ 190,998 $ 210,385 $ 541,918 $ 544,238
Free Cash Flow2,5 $ 147,768 $ 83,386 $ 410,309 $ 207,428
Weighted Average Dilutive Shares Outstanding 199,258,304 217,927,725 204,461,042 223,933,319
Free Cash Flow Margin (%)2,5 24.4 % 13.1 % 23.6 % 12.0 %
Return on Invested Capital2 17.6 % 16.3 % 17.4 % 14.2 %
Three Months Ended September 30, Nine Months Ended September 30,
Adjusted EBITDA by Segment (in thousands)2,6 2023 2022 2023 2022
Modular $ 148,386 $ 135,246 $ 436,793 $ 357,656
Storage 117,094 104,122 336,870 258,128
Consolidated Adjusted EBITDA $ 265,480 $ 239,368 $ 773,663 $ 615,784

Third Quarter 2023 Results2

Tim Boswell, President and Chief Financial Officer, commented, “Adjusted EBITDA, Free Cash Flow margin, and Return on Invested Capital accelerated in Q3 2023 and are all performing at record levels heading into 2024. Our excellent financial performance in the quarter was driven by continued strength in pricing across our portfolio, growing Valued-Added Products (VAPS) penetration, outstanding margin performance across all revenue streams, and continued cost discipline. Revenue of $605 million and Adjusted EBITDA of $266 million increased 5% and 11% year-over-year, respectively, with Adjusted EBITDA margin compressing sequentially from increased activation volumes and up 250 basis points from 2022, as expected.”

Boswell concluded, “At the midpoint of guidance in 2023, we expect to generate approximately $1,058 million of Adjusted EBITDA. And as we head into 2024, we have high confidence in our $1 billion of idiosyncratic growth levers, as well as incremental opportunities from the recent product line additions that we are actively scaling. We look forward to discussing both existing and new opportunities for value creation across our portfolio at our Investor Day on March 4, 2024, in New York.”

Consolidated Q3 2023 Results From Continuing Operations

  • Revenue of $605 million increased by 5% year-over-year driven by our organic revenue growth initiatives and the impact of acquisitions.
  • Adjusted EBITDA margin from continuing operations was 43.9% in the third quarter of 2023 and increased 250 bps versus prior year driven by continued expansion of most margin lines. Most significantly, leasing margins increased 280 bps versus prior year and delivery and installation margins increased 120 bps versus prior year, both driven by increased pricing and variable cost efficiencies.

Modular Solutions Segment

  • Revenue of $388 million increased by 7% year-over-year.
  • Average modular space monthly rental rate increased $143 year-over-year, or 14%, to $1,142.
  • Average modular space units on rent decreased 1,434 units year-over-year, or 1.7%, to 81,866.
  • Adjusted EBITDA of $148 million increased by 10% year-over-year and Adjusted EBITDA Margin of 38.3% expanded by 100 basis points.

Storage Solutions Segment

  • Revenue of $217 million increased by 1% year-over-year.
  • Average portable storage monthly rental rate increased $49 year-over-year, or 25%, to $246.
  • Average portable storage units on rent decreased by 28,252 units year-over-year, or 16.1%, to 147,694.
  • Ground Level Office modular products average monthly rental rate of $854 increased 19% year-over-year as a result of price optimization and increased VAPS penetration.
  • Average modular space units on rent decreased 3,706, or 16.8%, year-over-year, to 18,410.
  • Adjusted EBITDA of $117 million increased by 12% year-over-year and Adjusted EBITDA Margin of 53.9% expanded by 570 basis points.

Capitalization and Liquidity Update2

As of and for the three months ended September 30, 2023:

  • Generated $148 million of Free Cash Flow in the third quarter, up 77% year-over-year.
  • Invested $333 million of capital in two acquisitions during the quarter, with $494 million invested over last 12 months.
  • Completed private offering of $500 million of senior secured notes at 7.375% due 2031. Proceeds were used to repay approximately $494 million of outstanding indebtedness under the ABL Facility and certain fees and expenses.
  • Increased excess availability to approximately $1.3 billion under our asset backed revolving credit facility.
  • Weighted average pre-tax interest rate, inclusive of our 3.44% floating-to-fixed interest rate swap and recent debt issuance, was approximately 6.1%, and annual cash interest expense based on the current debt structure and benchmark rates was approximately $214 million. Our debt structure is approximately 65% / 35% fixed-to-floating.
  • No debt maturities prior to 2025.
  • Leverage is at 3.3x last twelve months Adjusted EBITDA from continuing operations of $1,042 million, which is inside our target range of 3.0x to 3.5x.
  • Repurchased 5.0 million shares of Common Stock for $220 million in the third quarter 2023, contributing to a 9.2% reduction in our economic share count over the last twelve months.

2023 Outlook 2, 3, 4
This guidance is subject to risks and uncertainties, including those described in “Forward-Looking Statements” below.

$M 2022 Results
From Continuing Operations
Prior 2023
Outlook
Current 2023
Outlook
Revenue $2,143 $2,350 – $2,450 $2,360 – $2,390
Adjusted EBITDA2,3 $884 $1,025 – $1,075 $1,050 – $1,065
Net CAPEX3,4 $367 $250 – $300 $225 – $275

1 – Assumes common shares outstanding as of September 30, 2023 versus common shares outstanding plus warrants outstanding under the treasury stock method as of September 30, 2022 and the closing stock price of $41.59 on September 30, 2023.
2 – Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, Net Debt to Adjusted EBITDA, and Return on Invested Capital are non-GAAP financial measures. Further information and reconciliations for these non-GAAP measures to the most directly comparable financial measure under generally accepted accounting principles in the US (“GAAP”) are included at the end of this press release.
3 – Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures is unavailable to the Company without unreasonable effort and therefore neither the most comparable GAAP measures nor reconciliations to the most comparable GAAP measures are provided.
4 – Net CAPEX is a non-GAAP financial measure. Please see the non-GAAP reconciliation tables included at the end of this press release.
5 – Free Cash Flow incorporates results from discontinued operations. For comparability, reported revenue is adjusted to include results from discontinued operations to calculate Free Cash Flow Margin.
6 – During the first quarter of 2023, the ground level office business within the Modular segment was transferred to the Storage segment, and associated revenues, expenses, and operating metrics were transferred to the Storage segment. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. See further discussion within the Unaudited Segment Operating Data tables included at the end of this press release.

Non-GAAP Financial Measures

This press release includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Margin, Return on Invested Capital, Net CAPEX and Net Debt to Adjusted EBITDA ratio. Adjusted EBITDA is defined as net income (loss) plus net interest (income) expense, income tax expense (benefit), depreciation and amortization adjusted to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations, including net currency gains and losses, goodwill and other impairment charges, restructuring costs, costs to integrate acquired companies, costs incurred related to transactions, non-cash charges for stock compensation plans, gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities, and other discrete expenses. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Free Cash Flow is defined as net cash provided by operating activities, less purchases of, and proceeds from, rental equipment and property, plant and equipment, which are all included in cash flows from investing activities. Free Cash Flow Margin is defined as Free Cash Flow divided by revenue. Return on Invested Capital is defined as adjusted earnings before interest and amortization divided by net assets. Adjusted earnings before interest and amortization is the sum of income (loss) before income tax expense, net interest (income) expense, amortization adjusted for non-cash items considered non-core to business operations including net currency (gains) losses, goodwill and other impairment charges, restructuring costs, costs to integrate acquired companies, non-cash charges for stock compensation plans, gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities, and other discrete expenses, reduced by our estimated statutory tax rate. Given we are not a significant US taxpayer due to our current tax attributes, we include estimated taxes at our current statutory tax rate of approximately 26%. Net assets is total assets less goodwill and intangible assets, net and all non-interest bearing liabilities and is calculated as a five quarter average. Net CAPEX is defined as purchases of rental equipment and refurbishments and purchases of property, plant and equipment (collectively, “Total Capital Expenditures”), less proceeds from the sale of rental equipment and proceeds from the sale of property, plant and equipment (collectively, “Total Proceeds”), which are all included in cash flows from investing activities. Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA. The Company believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to investors because they (i) allow investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) are used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of the Company to its competitors; (iv) provide additional tools for investors to use in evaluating ongoing operating results and trends; and (v) align with definitions in our credit agreement. The Company believes that Free Cash Flow and Free Cash Flow Margin are useful to investors because they allow investors to compare cash generation performance over various reporting periods and against peers. The Company believes that Return on Invested Capital provides information about the long-term health and profitability of the business relative to the Company’s cost of capital. The Company believes that the presentation of Net CAPEX provides useful information to investors regarding the net capital invested into our rental fleet and plant, property and equipment each year to assist in analyzing the performance of our business. Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculate Adjusted EBITDA and other non-GAAP financial measures differently, and therefore the Company’s non-GAAP financial measures may not be directly comparable to similarly-titled measures of other companies. For reconciliation of the non-GAAP measures used in this press release (except as explained below), see “Reconciliation of Non-GAAP Financial Measures” included in this press release.

Information regarding the most comparable GAAP financial measures and reconciling forward-looking Adjusted EBITDA to those GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide the most comparable GAAP financial measures nor reconciliations of forward-looking Adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. Although we provide a range of Adjusted EBITDA that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA calculation. The Company provides Adjusted EBITDA guidance because we believe that Adjusted EBITDA, when viewed with our results under GAAP, provides useful information for the reasons noted above.

Conference Call Information

WillScot Mobile Mini Holdings will host a conference call and webcast to discuss its third quarter 2023 results and 2023 outlook at 10 a.m. Eastern Time on Thursday, November 2, 2023. To access the live call by phone, use the following link:
https://register.vevent.com/register/BI2ce9e6dc68744e0c9ac96d9c78fbfe6c

You will be provided with dial-in details after registering. To avoid delays, we recommend that participants dial into the conference call 15 minutes ahead of the scheduled start time. A live webcast will also be accessible via the “Events & Presentations” section of the Company’s investor relations website www.willscotmobilemini.com. Choose “Events” and select the information pertaining to the WillScot Mobile Mini Holdings Third Quarter 2023 Conference Call. Additionally, there will be slides accompanying the webcast. Please allow at least 15 minutes prior to the call to register, download and install any necessary software. For those unable to listen to the live broadcast, an audio webcast of the call will be available for 12 months on the Company’s investor relations website.

About WillScot Mobile Mini

WillScot Mobile Mini trades on the Nasdaq stock exchange under the ticker symbol “WSC.” Headquartered in Phoenix, Arizona, the Company is a leading business services provider specializing in innovative and flexible temporary space solutions. The Company’s diverse product offering includes modular office complexes, mobile offices, classrooms, temporary restrooms, portable storage containers, blast protective and climate-controlled structures, clearspan structures, and a thoughtfully curated selection of furnishings, appliances, and other services so its solutions are turnkey for customers. WillScot Mobile Mini services diverse end markets across all sectors of the economy from a network of approximately 240 branch locations and additional drop lots throughout the United States, Canada, and Mexico.

Forward-Looking Statements

This press release contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words “estimates,” “expects,” “anticipates,” “believes,” “forecasts,” “plans,” “intends,” “may,” “will,” “should,” “shall,” “outlook,” “guidance,” “see,” “have confidence” and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements include statements relating to: our mergers and acquisitions pipeline, acceleration of our run rate, acceleration toward and the timing of our achievement of our three to five year milestones, growth and acceleration of cash flow, driving higher returns on invested capital, and Adjusted EBITDA margin expansion. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, they are predictions and we can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations; our ability to judge the demand outlook; our ability to achieve planned synergies related to acquisitions; our ability to successfully execute our growth strategy, manage growth and execute our business plan; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs and inflationary pressures adversely affecting our profitability; potential litigation involving our Company; general economic and market conditions impacting demand for our products and services and our ability to benefit from an inflationary environment; our ability to maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ended December 31, 2022), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward-looking statement speaks only at the date on which it is made, and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Additional Information and Where to Find It

Additional information can be found on the company’s website at www.willscotmobilemini.com.

Contact Information
Investor Inquiries: Media Inquiries:
Nick Girardi Jake Saylor
investors@willscotmobilemini.com jake.saylor@willscot.com

WillScot Mobile Mini Holdings Corp.
Consolidated Statements of Operations
(Unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands, except share and per share data) 2023 2022 2023 2022
Revenues:
Leasing and services revenue:
Leasing $ 466,769 $ 427,842 $ 1,356,040 $ 1,165,787
Delivery and installation 115,598 127,016 334,982 323,396
Sales revenue:
New units 10,155 9,608 29,816 25,322
Rental units 12,312 13,542 31,553 37,564
Total revenues 604,834 578,008 1,752,391 1,552,069
Costs:
Costs of leasing and services:
Leasing 104,331 107,720 300,402 276,165
Delivery and installation 82,081 91,744 238,437 244,861
Costs of sales:
New units 5,096 5,798 16,099 14,875
Rental units 6,682 6,846 16,203 20,216
Depreciation of rental equipment 66,950 68,015 190,556 188,793
Gross profit 339,694 297,885 990,694 807,159
Expenses:
Selling, general and administrative 151,983 140,116 449,685 428,389
Other depreciation and amortization 17,852 15,656 52,371 45,969
Currency losses, net 96 160 6,885 124
Other income, net (8,336 ) (2,520 ) (14,533 ) (7,597 )
Operating income 178,099 144,473 496,286 340,274
Interest expense 53,803 38,009 145,915 101,732
Income from continuing operations before income tax 124,296 106,464 350,371 238,542
Income tax expense from continuing operations 32,780 28,288 94,855 61,219
Income from continuing operations 91,516 78,176 255,516 177,323
Discontinued operations:
Income from discontinued operations before income tax 20,285 4,003 53,212
Gain on sale of discontinued operations 34,049 176,078 34,049
Income tax expense from discontinued operations 3,917 45,468 11,444
Income from discontinued operations 50,417 134,613 75,817
Net income $ 91,516 $ 128,593 $ 390,129 $ 253,140
Earnings per share from continuing operations attributable to WillScot Mobile Mini common shareholders:
Basic $ 0.47 $ 0.36 $ 1.27 $ 0.80
Diluted $ 0.46 $ 0.36 $ 1.25 $ 0.79
Earnings per share from discontinued operations attributable to WillScot Mobile Mini common shareholders:
Basic $ $ 0.24 $ 0.67 $ 0.35
Diluted $ $ 0.23 $ 0.66 $ 0.34
Earnings per share attributable to WillScot Mobile Mini common shareholders:
Basic $ 0.47 $ 0.60 $ 1.94 $ 1.15
Diluted $ 0.46 $ 0.59 $ 1.91 $ 1.13
Weighted average shares:
Basic 196,198,638 213,636,876 201,042,902 219,312,260
Diluted 199,258,304 217,927,725 204,461,042 223,933,319

Unaudited Segment Operating Data

The Company operates in two reportable segments: Modular and Storage. Modular represents the activities of the North American modular business, excluding ground level offices, which were transferred to the Storage segment during the first quarter of 2023. Storage represents the activities of the North American portable storage and ground level office business. All periods presented have been retrospectively revised to reflect this change within the Modular and Storage segments. Effective January 1, 2023, we transferred approximately 6,000 Ground Level Office (GLO) modular products from the Modular Solutions segment to our Storage Solutions segment. We transferred these legacy WillScot GLOs to the Storage Solutions segment because they are modified container products that can be operated more efficiently on the legacy Mobile Mini branch and logistics infrastructure. The adjustment transferred approximately $49.8 million of revenue and $20.8 million of Adjusted EBITDA on an annualized basis from Modular Solutions to Storage Solutions. We recast historical segment financial results and operating key performance indicators (KPIs) to reflect this transfer.

For the three months ended September 30, 2022, this transfer resulted in approximately $13.3 million of revenue, $7.3 million of gross profit, and $5.4 million of Adjusted EBITDA being transferred from the Modular segment to the Storage segment. For the nine months ended September 30, 2022, this resulted in approximately $36.8 million of revenue, $20.9 million of gross profit, and $14.8 million of Adjusted EBITDA being transferred from the Modular segment to the Storage segment. As part of the transfer, we adjusted average monthly rental rate for modular units (Ground Level Offices) in the Storage segment to incorporate Value-Added Products specifically applicable to Ground Level Offices.

Comparison of Three Months Ended September 30, 2023 and 2022

Three Months Ended September 30, 2023
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 387,806 $ 217,028 $ 604,834
Gross profit $ 181,179 $ 158,515 $ 339,694
Adjusted EBITDA from continuing operations $ 148,386 $ 117,094 $ 265,480
Capital expenditures for rental equipment $ 51,400 $ 11,988 $ 63,388
Average modular space units on rent 81,866 18,410 100,276
Average modular space utilization rate 65.4 % 59.4 % 64.2 %
Average modular space monthly rental rate $ 1,142 $ 854 $ 1,089
Average portable storage units on rent 480 147,694 148,174
Average portable storage utilization rate 61.1 % 70.1 % 70.0 %
Average portable storage monthly rental rate $ 258 $ 246 $ 246
Three Months Ended September 30, 2022
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 362,072 $ 215,936 $ 578,008
Gross profit $ 149,521 $ 148,364 $ 297,885
Adjusted EBITDA from continuing operations $ 135,246 $ 104,122 $ 239,368
Capital expenditures for rental equipment $ 81,052 $ 41,246 $ 122,298
Average modular space units on rent 83,300 22,116 105,416
Average modular space utilization rate 67.9 % 72.0 % 68.7 %
Average modular space monthly rental rate $ 999 $ 719 $ 940
Average portable storage units on rent 556 175,946 176,502
Average portable storage utilization rate 63.1 % 88.8 % 88.7 %
Average portable storage monthly rental rate $ 227 $ 197 $ 197

Comparison of Nine Months Ended September 30, 2023 and 2022

Nine Months Ended September 30, 2023
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 1,108,151 $ 644,240 $ 1,752,391
Gross profit $ 519,254 $ 471,440 $ 990,694
Adjusted EBITDA from continuing operations $ 436,793 $ 336,870 $ 773,663
Capital expenditures for rental equipment $ 141,183 $ 24,543 $ 165,726
Average modular space units on rent 81,885 19,282 101,167
Average modular space utilization rate 65.8 % 62.3 % 65.1 %
Average modular space monthly rental rate $ 1,096 $ 815 $ 1,043
Average portable storage units on rent 479 155,099 155,578
Average portable storage utilization rate 60.4 % 74.0 % 73.9 %
Average portable storage monthly rental rate $ 232 $ 229 $ 229
Nine Months Ended September 30, 2022
(in thousands, except for units on rent and rates) Modular Storage Total
Revenue $ 985,873 $ 566,196 $ 1,552,069
Gross profit $ 418,730 $ 388,429 $ 807,159
Adjusted EBITDA from continuing operations $ 357,656 $ 258,128 $ 615,784
Capital expenditures for rental equipment $ 221,111 $ 95,699 $ 316,810
Average modular space units on rent 82,122 22,411 104,533
Average modular space utilization rate 67.5 % 73.2 % 68.6 %
Average modular space monthly rental rate $ 945 $ 657 $ 883
Average portable storage units on rent 498 163,855 164,353
Average portable storage utilization rate 56.5 % 86.1 % 86.0 %
Average portable storage monthly rental rate $ 201 $ 182 $ 182

WillScot Mobile Mini Holdings Corp.
Consolidated Balance Sheets

(in thousands, except share data) September 30, 2023 (unaudited) December 31, 2022
Assets
Cash and cash equivalents $5,789 $7,390
Trade receivables, net of allowances for credit losses at September 30, 2023 and December 31, 2022 of $78,738 and $57,048, respectively 469,344 409,766
Inventories 44,729 41,030
Prepaid expenses and other current assets 48,392 31,635
Assets held for sale – current 951 31,220
Total current assets 569,205 521,041
Rental equipment, net 3,347,017 3,077,287
Property, plant and equipment, net 328,054 304,659
Operating lease assets 256,272 219,405
Goodwill 1,158,076 1,011,429
Intangible assets, net 401,313 419,125
Other non-current assets 15,541 6,683
Assets held for sale – non-current 268,022
Total long-term assets 5,506,273 5,306,610
Total assets $6,075,478 $5,827,651
Liabilities and equity
Accounts payable $92,319 $109,349
Accrued expenses 123,238 109,542
Accrued employee benefits 31,550 56,340
Deferred revenue and customer deposits 227,257 203,793
Operating lease liabilities – current 56,588 50,499
Current portion of long-term debt 15,981 13,324
Liabilities held for sale – current 19,095
Total current liabilities 546,933 561,942
Long-term debt 3,460,066 3,063,042
Deferred tax liabilities 535,434 401,453
Operating lease liabilities – non-current 193,364 169,618
Other non-current liabilities 27,045 18,537
Liabilities held for sale – non-current 47,759
Long-term liabilities 4,215,909 3,700,409
Total liabilities 4,762,842 4,262,351
Preferred Stock: $0.0001 par, 1,000,000 shares authorized and zero shares issued and outstanding at September 30, 2023 and December 31, 2022
Common Stock: $0.0001 par, 500,000,000 shares authorized and 193,460,704 and 207,951,682 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively 20 21
Additional paid-in-capital 2,218,110 2,886,951
Accumulated other comprehensive loss (44,073) (70,122)
Accumulated deficit (861,421) (1,251,550)
Total shareholders’ equity 1,312,636 1,565,300
Total liabilities and shareholders’ equity $6,075,478 $5,827,651

Reconciliation of Non-GAAP Financial Measures

In addition to using GAAP financial measurements, we use certain non-GAAP financial information that we believe is important for purposes of comparison to prior periods and development of future projections and earnings growth prospects. This information is also used by management to measure the profitability of our ongoing operations and analyze our business performance and trends.

We evaluate business segment performance on Adjusted EBITDA, a non-GAAP measure that excludes certain items as described below. We believe that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic and ongoing operating results of the Company.

We also regularly evaluate gross profit by segment to assist in the assessment of the operational performance of each operating segment. We consider Adjusted EBITDA to be the more important metric because it more fully captures the business performance of the segments, inclusive of indirect costs.

We also evaluate Free Cash Flow, a non-GAAP measure that provides useful information concerning cash flow available to fund our capital allocation alternatives.

Adjusted EBITDA From Continuing Operations

Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before income tax expense (benefit), net interest (income) expense, depreciation and amortization adjusted for certain items not related to our core business operations:

  • Currency (gains) losses, net: on monetary assets and liabilities denominated in foreign currencies other than the subsidiaries’ functional currency.
  • Goodwill and other impairment charges related to non-cash costs associated with impairment charges to goodwill, other intangibles, rental fleet and property, plant and equipment.
  • Restructuring costs, lease impairment expense, and other related charges associated with restructuring plans designed to streamline operations and reduce costs including employee termination costs.
  • Transaction costs including legal and professional fees and other transaction specific related costs.
  • Costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integrations, non-lease branch and fleet relocation expenses, employee training costs, and other costs required to realize cost or revenue synergies.
  • Non-cash charges for stock compensation plans.
  • Gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities.
  • Other expense, including consulting expenses related to certain one-time projects, financing costs not classified as interest expense, and gains and losses on disposals of property, plant, and equipment.

Adjusted EBITDA has limitations as an analytical tool, and you should not consider the measure in isolation or as a substitute for net income (loss), cash flow from operations or other methods of analyzing the Company’s results as reported under US GAAP. Some of these limitations are:

  • Adjusted EBITDA does not reflect changes in, or cash requirements for our working capital needs;
  • Adjusted EBITDA does not reflect our interest expense, or the cash requirements necessary to service interest or principal payments, on our indebtedness;
  • Adjusted EBITDA does not reflect our tax expense or the cash requirements to pay our taxes;
  • Adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;
  • Adjusted EBITDA does not reflect the impact on earnings or changes resulting from matters that we consider not to be indicative of our future operations;
  • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect any cash requirements for such replacements; and
  • Other companies in our industry may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.

Because of these limitations, Adjusted EBITDA should not be considered as discretionary cash available to reinvest in the growth of our business or as measures of cash that will be available to meet our obligations.

The following table provides unaudited reconciliations of Income from continuing operations to Adjusted EBITDA from continuing operations:

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Income from continuing operations $ 91,516 $ 78,176 $ 255,516 $ 177,323
Income tax expense from continuing operations 32,780 28,288 94,855 61,219
Interest expense 53,803 38,009 145,915 101,732
Depreciation and amortization 84,802 83,671 242,927 234,762
Currency losses, net 96 160 6,885 124
Restructuring costs, lease impairment expense and other related charges 22 168
Transaction costs 787 787 35
Integration costs 780 3,902 6,900 13,182
Stock compensation expense 8,636 7,111 26,134 22,512
Other (7,720 ) 51 (6,278 ) 4,727
Adjusted EBITDA from continuing operations $ 265,480 $ 239,368 $ 773,663 $ 615,784

The following tables provide unaudited reconciliations of Income before income tax to Adjusted EBITDA for the ground level office segment adjustment:

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2022 2022
Income before income tax $ 4,521 $ 12,121
Depreciation 906 2,725
Adjusted EBITDA $ 5,427 $ 14,846
Twelve Months Ended
December 31,
(in thousands) 2022
Income before income tax $ 17,142
Depreciation 3,624
Adjusted EBITDA $ 20,766

Adjusted EBITDA Margin From Continuing Operations

We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. Management believes that the presentation of Adjusted EBITDA Margin provides useful information to investors regarding the performance of our business. The following table provides unaudited reconciliations of Adjusted EBITDA Margin:

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Adjusted EBITDA from continuing operations (A) $ 265,480 $ 239,368 $ 773,663 $ 615,784
Revenue (B) $ 604,834 $ 578,008 $ 1,752,391 $ 1,552,069
Adjusted EBITDA Margin from Continuing Operations (A/B) 43.9 % 41.4 % 44.1 % 39.7 %
Income from continuing operations (C) $ 91,516 $ 78,176 $ 255,516 $ 177,323
Income from Continuing Operations Margin (C/B) 15.1 % 13.5 % 14.6 % 11.4 %

Net Debt to Adjusted EBITDA From Continuing Operations ratio

Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from continuing operations from the last twelve months. We define Net Debt as total debt from continuing operations net of total cash and cash equivalents from continuing operations. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides an unaudited reconciliation of Net Debt to Adjusted EBITDA ratio:

(in thousands) September 30, 2023
Long-term debt $ 3,460,066
Current portion of long-term debt 15,981
Total debt 3,476,047
Cash and cash equivalents 5,789
Net debt (A) $ 3,470,258
Adjusted EBITDA from continuing operations from the three months ended December 31, 2022 $ 268,090
Adjusted EBITDA from continuing operations from the three months ended March 31, 2023 246,842
Adjusted EBITDA from continuing operations from the three months ended June 30, 2023 261,341
Adjusted EBITDA from continuing operations from the three months ended September 30, 2023 265,480
Adjusted EBITDA from continuing operations from the last twelve months (B) $ 1,041,753
Net Debt to Adjusted EBITDA ratio (A/B) 3.3

Free Cash Flow and Free Cash Flow Margin

Free Cash Flow is a non-GAAP measure. We define Free Cash Flow as net cash provided by operating activities, less purchases of, and proceeds from, rental equipment and property, plant and equipment, which are all included in cash flows from investing activities. Free Cash Flow Margin is defined as Free Cash Flow divided by Total Revenue including discontinued operations. Management believes that the presentation of Free Cash Flow and Free Cash Flow Margin provides useful additional information concerning cash flow available to fund our capital allocation alternatives. Free Cash Flow as presented includes amounts for the former Tank and Pump segment through September 30, 2022 and the former UK Storage Solutions segment through January 31, 2023.

The following table provides unaudited reconciliations of Free Cash Flow and Free Cash Flow Margin:

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Net cash provided by operating activities $ 190,998 $ 210,385 $ 541,918 $ 544,238
Purchase of rental equipment and refurbishments (63,388 ) (135,076 ) (166,097 ) (360,465 )
Proceeds from sale of rental equipment 12,720 17,183 37,974 52,263
Purchase of property, plant and equipment (5,563 ) (10,000 ) (16,752 ) (30,253 )
Proceeds from the sale of property, plant and equipment 13,001 894 13,266 1,645
Free Cash Flow (A) $ 147,768 $ 83,386 $ 410,309 $ 207,428
Revenue from continuing operations (B) $ 604,834 $ 578,008 $ 1,752,391 $ 1,552,069
Revenue from discontinued operations 60,153 8,694 176,627
Total Revenue including discontinued operations (C) $ 604,834 $ 638,161 $ 1,761,085 $ 1,728,696
Free Cash Flow Margin (A/C) 24.4 % 13.1 % 23.3 % 12.0 %
Net cash provided by operating activities (D) $ 190,998 $ 210,385 $ 541,918 $ 544,238
Net cash provided by operating activities margin (D/C) 31.6 % 33.0 % 30.8 % 31.5 %

Net CAPEX

We define Net CAPEX as purchases of rental equipment and refurbishments and purchases of property, plant and equipment (collectively, “Total Capital Expenditures”), less proceeds from the sale of rental equipment and proceeds from the sale of property, plant and equipment (collectively, “Total Proceeds”), which are all included in cash flows from investing activities. Management believes that the presentation of Net CAPEX provides useful information regarding the net capital invested in our rental fleet and property, plant and equipment each year to assist in analyzing the performance of our business. As presented below, Net CAPEX including discontinued operations includes amounts for the former Tank and Pump segment through September 30, 2022 and the former UK Storage Solutions segment through January 31, 2023.

The following table provides unaudited reconciliations of Net CAPEX:

Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2023 2022 2023 2022
Total purchases of rental equipment and refurbishments $ (63,388 ) $ (135,076 ) $ (166,097 ) $ (360,465 )
Total proceeds from sale of rental equipment 12,720 17,183 37,974 52,263
Net CAPEX for Rental Equipment (50,668 ) (117,893 ) (128,123 ) (308,202 )
Purchase of property, plant and equipment (5,563 ) (10,000 ) (16,752 ) (30,253 )
Proceeds from sale of property, plant and equipment 13,001 894 13,266 1,645
Net CAPEX including discontinued operations (43,230 ) (126,999 ) (131,609 ) (336,810 )
UK Storage Solutions Net CAPEX (3,903 ) 87 (22,855 )
Tank and Pump Net CAPEX (7,935 ) (21,438 )
Net CAPEX from continuing operations $ (43,230 ) $ (115,161 ) $ (131,696 ) $ (292,517 )

Return on Invested Capital

Return on Invested Capital is defined as adjusted earnings before interest and amortization divided by net assets. Adjusted earnings before interest and amortization is the sum of income (loss) before income tax expense, net interest (income) expense, amortization adjusted for non-cash items considered non-core to business operations including net currency (gains) losses, goodwill and other impairment charges, restructuring costs, costs to integrate acquired companies, non-cash charges for stock compensation plans, gains and losses resulting from changes in fair value and extinguishment of common stock warrant liabilities, and other discrete expenses, reduced by estimated taxes. Given we are not a significant US taxpayer due to our current tax attributes, we include estimated taxes at our current statutory tax rate of approximately 26% effective in 2023. Net assets is total assets less goodwill, and intangible assets, net and all non-interest bearing liabilities. Denominator is calculated as a four quarter average for annual metrics and two quarter average for quarterly metrics.

The following table provides unaudited reconciliations of Return on Invested Capital. Average Invested Capital and Adjusted EBITDA related to our former Tank and Pump segment and former UK Storage Solutions segment have been excluded prospectively from July 1, 2022 and January 1, 2023, respectively, and prior periods have not been adjusted.

Three Months Ended September 30, Nine Months Ended September 30,
(in thousands) 2023 2022 2023 2022
Total Assets $ 6,075,478 $ 5,810,264 $ 6,075,478 $ 5,810,264
Goodwill (1,158,076 ) (1,064,582 ) (1,158,076 ) (1,064,582 )
Intangible assets, net (401,313 ) (431,291 ) (401,313 ) (431,291 )
Total Liabilities (4,762,842 ) (4,129,125 ) (4,762,842 ) (4,129,125 )
Long Term Debt 3,460,066 2,935,800 3,460,066 2,935,800
Net Assets excluding interest bearing debt and goodwill and intangibles $ 3,213,313 $ 3,121,066 $ 3,213,313 $ 3,121,066
Average Invested Capital (A) $ 3,133,997 $ 3,147,195 $ 3,104,225 $ 3,117,986
Adjusted EBITDA $ 265,480 $ 251,339 $ 773,663 $ 676,497
Depreciation (78,864 ) (79,851 ) (225,114 ) (234,644 )
Adjusted EBITA (B) $ 186,616 $ 171,488 $ 548,549 $ 441,853
Statutory Tax Rate (C) 26 % 25 % 26 % 25 %
Estimated Tax (B*C) $ 48,520 $ 42,872 $ 142,623 $ 110,463
Adjusted earnings before interest and amortization (D) $ 138,096 $ 128,616 $ 405,926 $ 331,390
ROIC (D/A), annualized 17.6 % 16.3 % 17.4 % 14.2 %


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