WillScot Mobile Mini Holdings Announces Second Quarter Results and Updates 2021 Outlook

Leasing Operations Accelerate Across All Segments, Successful ERP Cutover Completed, Over $216 Million Returned to Shareholders Year-To-Date, Investor Day Announced In November

PHOENIX, Aug. 05, 2021 (GLOBE NEWSWIRE) — WillScot Mobile Mini Holdings Corp. (“WillScot Mobile Mini Holdings” or the “Company”) (Nasdaq: WSC), the North American leader in innovative flexible work space and portable storage solutions, today announced second quarter 2021 results and provided an update on operations, the current market environment, and merger integration activities.

The Company will host an investor day in New York on November 8, 2021. Further details will be provided at a later date.

On July 1, 2020, Williams Scotsman, Inc. closed the merger with Mobile Mini, Inc. (the “Merger”) and assumed the name WillScot Mobile Mini Holdings Corp. (Nasdaq: WSC). Our reported results only include Mobile Mini for the periods subsequent to the Merger. Our Pro Forma Results include Mobile Mini’s results as if the Merger and financing transactions had occurred on January 1, 2019, which we believe is a better representation of how the combined company has performed over time. Following the Merger, we expanded our reporting segments from two segments to four reporting segments. The North America Modular segment aligns with the WillScot legacy business prior to the Merger and the North America Storage, UK Storage and Tank and Pump segments align with the Mobile Mini segments prior to the Merger.

WillScot Mobile Mini Holdings’ Financial Highlights1
Highlights of Second Quarter Results

  • Total revenues of $461.1 million increased by $204.2 million relative to prior year, or 79.5%, driven by the addition of Mobile Mini’s revenues to our consolidated results, upon closing of the Merger on July 1, 2020, as well as due to increased core leasing revenues in the NA Modular segment.
    • Modular space monthly rental rates in the NA Modular segment increased by 19.7% year over year while delivery volumes increased 12.0% year over year.
  • Adjusted EBITDA of $175.5 million increased by $78.0 million, or 80.0% year over year, driven both by the addition of Mobile Mini to our results and 6.2% year over year organic growth in the NA Modular segment.
  • Adjusted EBITDA Margin of 38.1% increased by 10 basis points (“bps”) relative to prior year, driven by the addition of Mobile Mini’s higher margin portable storage business, and partly offset by accelerating activations and associated variable costs and delivery and installation revenues in the quarter.
  • Net income of $20.4 million increased by $34.5 million year over year and included $15.0 million of integration and restructuring charges, an $8.0 million non-cash tax expense due to a statutory rate increase in the UK, a $2.8 million non-cash loss on debt extinguishment, and a $0.6 million fair value gain on warrant liabilities. Net Income Excluding Gain/Loss from Warrants of $19.8 million increased by $7.0 million year over year.
  • Generated $82.1 million of free cash flow, an increase of $43.1 million or 110% relative to prior year, and representing a free cash flow margin of 18%.
  • Maintained leverage at 3.7x our pro forma last-twelve-months Adjusted EBITDA of $682.3 million while repurchasing $132.7 million of common stock and warrants.
  • Redeemed $58.5 million of our 6.125% senior notes due 2025, using capacity available in our lower cost ABL facility.

Highlights of Second Quarter Pro Forma Results

  • Pro Forma total revenues increased 18.1% or $70.6 million relative to prior year, driven by increases in leasing revenue and delivery and installation revenue.
  • Leasing revenues of $343.2 million increased by 18.2% year over year due to continued increases in pricing and value-added products and stabilization of unit on rent volumes.
    • In NA Modular, modular space unit monthly rental rates increased by 19.7%. In NA Storage, portable storage unit and modular space unit monthly rental rates increased by 10.3%. In UK Storage, modular space monthly rental rates increased 39.9%.
    • Modular space unit deliveries in NA Modular increased by 12%.
    • Portable storage and modular space unit deliveries in NA Storage increased 42%, which is in line with 2019 delivery levels.
  • Adjusted EBITDA of $175.5 million, increased by $21.7 million, or 14.1%, year over year on a pro forma basis, with strong growth across all segments.
  • Adjusted EBITDA Margin of 38.1% decreased by 130 bps relative to prior year on a pro forma basis as expected due to increased activity levels. Accelerating deliveries created incremental variable costs and increased delivery and installation revenues, which are lower margin revenues compared to total revenues.

Refer to the Supplemental Pro Forma Financial Information section on Form 10-Q to be filed with the SEC and made available on the WillScot Mobile Mini Holdings Corp. investor relations website for full reconciliations of our reported and pro forma results.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2021 2020 2021 2020
Revenue $ 461,102 $ 256,862 $ 886,425 $ 512,683
Consolidated net income (loss) $ 20,371 $ (14,130 ) $ 24,818 $ 77,525
Adjusted EBITDA1 $ 175,495 $ 97,520 $ 339,080 $ 187,062
Net cash provided by operating activities $ 139,537 $ 75,379 $ 261,608 $ 113,727
Free Cash Flow1 $ 82,056 $ 38,996 $ 173,216 $ 46,804
Three Months Ended June 30, Six Months Ended June 30,
Pro Forma Adjusted EBITDA1 by Segment (in thousands) 2021 2020 2021 2020
NA Modular $ 103,545 $ 97,520 $ 200,916 $ 187,064
NA Storage 49,526 40,770 95,848 84,764
UK Storage 12,328 6,853 23,392 13,258
Tank and Pump 10,096 8,659 18,924 18,136
Consolidated Adjusted EBITDA $ 175,495 $ 153,802 $ 339,080 $ 303,222

Management Commentary1

Brad Soultz, Chief Executive Officer of WillScot Mobile Mini Holdings, commented “our second quarter results were excellent. Our team proved once again that we can deliver operationally while executing a complex integration with precision. And our diversified portfolio is positioned for growth through a powerful combination of internal initiatives and end market strength. In our NA Modular segment, units on rent stabilized sequentially, as deliveries across our end markets ramped. Historical pricing trends accelerated at a record pace, with a 19.7% year over year increase in average monthly rental rate, underpinned by increases in core pricing and VAPS penetration and augmented by the return of shorter duration special events as COVID restrictions relaxed relative to last year. Our NA Storage segment demonstrated impressive rate improvement, with a 10.3% year over year price increase as we focused on rates on new activations of storage units and continued core pricing increases on the ground level office fleet. Our UK Storage segment booked another tremendous quarter, with blended rates up 26.4%, units on rent up 13.5%, and Adjusted EBITDA up nearly 80% year over year. Finally, our Tank & Pump segment increased its OEC utilization to 71.2% and inflected strongly, generating year over year Revenue and EBITDA growth in the quarter as end markets recovered.”

Soultz continued, “While these results are outstanding, I’m most proud of the relentless focus demonstrated by our team as we migrated the legacy WillScot business onto Mobile Mini’s SAP platform. This work was painstaking and all-consuming for many on our team, yet we executed flawlessly while minimizing disruptions in the business. This ERP cutover established a foundation from which we will build and, on the one-year anniversary of the WillScot and Mobile Mini merger, is the catalyst which will allow us to begin executing our strategy as a combined company.”

Tim Boswell, Chief Financial Officer of WillScot Mobile Mini Holdings, commented “in the second quarter, we saw improvement across virtually every financial and operational metric in our business. Cash generation remains robust, with $82.1 million in free cash flow in the quarter and a 20% free cash flow margin in the twelve months since the merger closed, despite cash costs from our integration efforts over that period and the fact that we are only just beginning to realize synergies from the Mobile Mini merger. With the SAP migration complete, synergy realization will accelerate as our teams restore their focus on the portfolio of commercial and operational value creation levers that we have identified. Our outlook for the remainder of 2021 and our run-rate expectations for 2022 continue to improve as reflected in our updated financial guidance. All of these factors together gave us confidence to put our balance sheet to work in the quarter, maintaining leverage at 3.7x, repurchasing $135 million of common stock and warrants, and redeeming $58.5 million of our senior notes due 2025. With the most difficult phase of the integration behind us, we are squarely focused on the future and unlocking the value in this platform, and we look forward to discussing these opportunities at our Investor Day on November 8th in New York.”

Second Quarter 2021 Results1

Total revenues increased 79.5% to $461.1 million, while leasing revenues increased 80.5% versus the prior year quarter driven primarily by the addition of Mobile Mini’s revenues to our consolidated results as well as due to increased leasing revenues in the NA Modular segment.

  • Average modular space units on rent increased 23,372 units, or 26.8%, and average portable storage units on rent increased 135,867 units, both driven by the Mobile Mini Merger.
  • Average modular space monthly rental rate increased $67, or 10.0% to $736 driven by a $132, or 19.7% increase in the NA Modular segment, offset by the dilutive impact of lower rates due to mix on the Mobile Mini modular space units.
  • Average portable storage monthly rental rate increased $19, or 15.8% to $139 driven by the accretive impact of higher rates from the Mobile Mini portable storage fleet.
  • NA Modular segment revenue increased $32.5 million, or 12.7%, to $289.4 million, primarily driven by a $27.5 million, or 14.5%. increase to our core leasing revenue due to continued growth of pricing and value added products:
    • NA Modular space average monthly rental rate of $801 increased 19.7% year over year, representing a continuation of the long-term price optimization and VAPS penetration opportunities across our portfolio.
    • Average modular space units on rent decreased 2,342, or 2.7% year over year driven by lower deliveries, during 2020 as a result of the COVID-19 pandemic. Sequentially from March 31, 2021, average modular space units on rent were flat.

Adjusted EBITDA of $175.5 million increased $78.0 million, or 80.0% year over year. Of this increase, $71.9 million was driven by the addition of Mobile Mini to our consolidated results, with the remainder driven by strong organic growth in the NA Modular segment.

  • Adjusted EBITDA in our NA Modular segment increased $6.0 million, or 6.2% to $103.5 million primarily driven by a $9.1 million, or 6.0%, increase in leasing and services gross profit excluding depreciation driven by increased pricing and VAPS. These increases more than offset a $14.8 million increase in variable leasing costs, driven by the 12% increase in delivery volumes versus prior year.
  • Consolidated Adjusted EBITDA Margin was 38.1% in the second quarter and increased 10 bps versus prior year, driven by the addition of Mobile Mini’s higher margin portable storage business, offset by a higher proportion of delivery and installation revenues to total revenues and the increased variable costs in the current year quarter.

Net income of $20.4 million for the three months ended June 30, 2021 included a $0.6 million gain on the change in fair value of common stock warrant liabilities. Net Income Excluding Gain/Loss from Warrants of $19.8 million for the three months ended June 30, 2021, represented an increase of $7.0 million, and included a $2.8 million loss on extinguishment of debt related to the partial redemption of the 2025 Secured Notes, a $8.0 million non-cash tax expense due to a statutory rate increase in the UK, and $15.0 million of discrete costs expensed in the period related to transaction and integration activities. Discrete costs in the period included $7.6 million of integration costs and $7.4 million of restructuring costs, lease impairment expense and other related charges.

Free Cash Flow increased by $43.1 million year over year to $82.1 million, representing a 17.8% free cash flow margin.

Second Quarter 2020 Pro Forma Results1
Total revenues increased 18.1% or $70.6 million on a pro forma basis to $461.1 million driven by an increase in leasing revenues of $52.9 million, or 18.2% year over year.

  • Consolidated average modular space monthly rental rates increased $122, or 19.9% year over year driven by a $132, or 19.7%, increase in the NA Modular segment and a $110, or 23.8% increase in the NA Storage segment, and a $125, or 39.9% increase in the UK Storage segment.
  • Consolidated average portable storage monthly rental rates increased $10, or 7.8% versus prior year.
  • Average modular space units on rent declined 0.3% year over year driven by lower deliveries during 2020 as a result of the COVID-19 pandemic. However, average modular space units on rent improved 0.1% sequentially from Q1 to Q2. Portable storage units on rent increased 8.2% year over year.

Adjusted EBITDA of $175.5 million, represented a $21.7 million, or 14.1%, increase year over year, with strong growth across the NA Modular, NA Storage, UK Storage and Tank and Pump segments.

Adjusted EBITDA margin contracted 130 bps year over year to 38.1% as expected, driven by a higher proportion of delivery and installation revenues to total revenues and a $23.4 million increase in variable costs to support higher activity levels in the current year quarter across all segments.

Capitalization and Liquidity Update1,3
As of June 30, 2021

  • Generated $82.1 million of free cash flow in the second quarter and a 20% free cash flow margin over the last twelve months.
  • Repurchased 3.9 million shares for $108.2 million in connection with a secondary offering and repurchased an additional $26.5 million of common stock and warrants, returning a total of $134.7 million to our shareholders.
  • Redeemed $58.5 million of our 6.125% senior notes due 2025, refinancing this balance to our lower-cost asset-based revolving credit facility.
  • Over $0.9 billion of excess availability under the asset-based revolving credit facility, a flexible covenant structure, and accelerating free cash flow provide ample liquidity to fund multiple capital allocation alternatives.
  • Weighted average interest rate is approximately 3.8% and annual cash interest expense based on the current debt structure is approximately $98 million.
  • No debt maturities prior to 2025.
  • Maintained leverage at 3.7x our pro forma last-twelve-months Adjusted EBITDA of $682.3 million and are on a rapid deleveraging trajectory.

2021 Outlook1, 2, 3

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

2020 Pro Forma Results Prior 2021 Outlook Current 2021 Outlook
Revenue $1,652 million $1,750 million – $1,830 million $1,800 million – $1,850 million
Adjusted EBITDA1,2 $646 million $690 million – $720 million $710 million – $730 million
Net CAPEX2,3 $161 million $190 million – $230 million $200 million – $230 million

1 – Adjusted EBITDA, Adjusted EBITDA Margin, and Free Cash Flow 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”) is included at the end of this press release.
2 – Information reconciling forward-looking Adjusted EBITDA and Net CAPEX to GAAP financial measures is unavailable to the Company without unreasonable effort and therefore no reconciliation to the most comparable GAAP measures is provided.
3 – Net CAPEX is a non-GAAP financial measure. Please see the non-GAAP reconciliation 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, Pro Forma Revenue, Adjusted Gross Profit, Adjusted Gross Profit Percentage, Net Income Excluding Gain/Loss from Warrants, and Net CAPEX. Adjusted EBITDA is defined as net income (loss) before income tax expense, net interest expense, depreciation and amortization adjusted for non-cash items considered non-core to 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 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. 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 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. Free Cash Flow Margin is defined as Free Cash Flow divided by Total Revenue. Our management 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. Pro Forma Revenue is defined the same as revenue, but includes pre-acquisition results from Mobile Mini for all periods presented. Adjusted Gross Profit is defined as gross profit plus depreciation on rental equipment. Adjusted Gross Profit Percentage is defined as Adjusted Gross Profit divided by revenue. Net Income Excluding Gain/Loss from Warrants is defined as Net Income plus or minus the impact of the change in the fair value of the warrant liability. The Company believes that our financial statements that will include the impact of this mark-to-market expense or income may not be necessarily reflective of the actual financial performance of our business. 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; and (iv) provide additional tools for investors to use in evaluating ongoing operating results and trends. The Company believes that pro forma revenue is useful to investors because they allow investors to compare performance of the combined Company over various reporting periods on a consistent basis. The Company believes that Net CAPEX provide useful additional information concerning cash flow available to meet future debt service obligations. However, 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 reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide 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 second quarter 2021 results and outlook at 10 a.m. Eastern Time on Friday, August 6, 2021. The live call may be accessed by dialing (855) 312-9420 (US/Canada toll-free) or (210) 874-7774 (international) and asking to be connected to the WillScot Mobile Mini Holdings call. 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 Second Quarter 2021 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 60 days on the Company’s investor relations website.

About WillScot Mobile Mini Holdings

WillScot Mobile Mini Holdings 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 flexible workspace and portable storage solutions. WillScot Mobile Mini services diverse end markets across all sectors of the economy from a network of approximately 270 branch locations and additional drop lots throughout the United States, Canada, Mexico, and the United Kingdom.

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” 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: the acceleration of synergies; our ability to continue to improve results; our future cash flow and liquidity, our deleveraging trajectory, continued VAPS penetration opportunities, and our revenue, Adjusted EBITDA and Net Capex outlooks. 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 achieve planned synergies related to acquisitions; our ability to 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 adversely affecting our profitability; potential litigation involving our Company; general economic and market conditions impacting demand for our products and services; 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/A for the year ended December 31, 2020), 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 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 Scott Junk
investors@willscotmobilemini.com scott.junk@willscotmobilemini.com

WillScot Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)

Three Months Ended June 30, Six Months Ended June 30,
(in thousands, except share and per share data) 2021 2020 2021 2020
Revenues:
Leasing and services revenue:
Leasing $ 343,179 $ 190,143 $ 658,841 $ 378,495
Delivery and installation 91,680 51,640 175,184 102,710
Sales revenue:
New units 11,008 9,763 21,963 19,376
Rental units 15,235 5,316 30,437 12,102
Total revenues 461,102 256,862 886,425 512,683
Costs:
Costs of leasing and services:
Leasing 83,032 47,747 152,927 97,556
Delivery and installation 77,153 43,523 147,289 87,388
Costs of sales:
New units 7,052 6,331 14,161 12,534
Rental units 8,162 3,803 17,267 7,609
Depreciation of rental equipment 62,893 45,494 118,591 91,442
Gross profit 222,810 109,964 436,190 216,154
Expenses:
Selling, general and administrative 122,387 63,653 238,872 129,190
Transaction costs 1,619 844 11,050
Other depreciation and amortization 21,622 2,883 39,946 5,957
Lease impairment expense and other related charges 474 1,394 1,727 3,055
Restructuring costs 6,960 749 10,102 689
Currency losses (gains), net 33 (380 ) 69 518
Other expense (income), net 719 (1,021 ) (1,269 ) (745 )
Operating income 70,615 41,067 145,899 66,440
Interest expense 29,212 28,519 59,176 56,776
Fair value (gain) loss on common stock warrant liabilities (610 ) 26,963 26,597 (68,366 )
Loss on extinguishment of debt 2,814 5,999
Income (loss) before income tax 39,199 (14,415 ) 54,127 78,030
Income tax expense (benefit) 18,828 (285 ) 29,309 505
Net income (loss) 20,371 (14,130 ) 24,818 77,525
Net income attributable to non-controlling interest, net of tax 1,343 1,213
Net income (loss) attributable to WillScot Mobile Mini $ 20,371 $ (15,473 ) $ 24,818 $ 76,312
Earnings (loss) per share attributable to WillScot Mobile
Mini common shareholders
Basic $ 0.09 $ (0.14 ) $ 0.11 $ 0.69
Diluted $ 0.08 $ (0.14 ) $ 0.11 $ 0.06
Weighted average shares:
Basic 228,406,812 110,692,426 228,350,318 110,174,536
Diluted 236,536,713 110,692,426 234,898,911 112,336,118

Unaudited Segment Operating Data

Comparison of Three Months Ended June 30, 2021 and 2020

Three Months Ended June 30, 2021
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump
Total
Revenue $ 289,382 $ 115,794 $ 28,432 $ 27,494 $ 461,102
Gross profit $ 116,136 $ 75,721 $ 17,937 $ 13,016 $ 222,810
Adjusted EBITDA $ 103,545 $ 49,526 $ 12,328 $ 10,096 $ 175,495
Capital expenditures for rental equipment $ 49,364 $ 8,773 $ 4,226 $ 2,919 $ 65,282
Average modular space units on rent 84,754 16,360 9,354 110,468
Average modular space utilization rate 67.7 % 78.4 % 84.3 % % 70.3 %
Average modular space monthly rental rate $ 801 $ 573 $ 438 $ $ 736
Average portable storage units on rent 13,301 112,862 25,573 151,736
Average portable storage utilization rate 69.8 % 76.1 % 91.8 % % 77.7 %
Average portable storage monthly rental rate $ 133 $ 151 $ 88 $ $ 139
Average tank and pump solutions rental fleet
utilization based on original equipment cost
% % % 71.2 % 71.2 %
Three Months Ended June 30, 2020
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump
Total
Revenue $ 256,862 $ $ $ $ 256,862
Gross profit $ 109,964 $ $ $ $ 109,964
Adjusted EBITDA $ 97,520 $ $ $ $ 97,520
Capital expenditures for rental equipment $ 40,034 $ $ $ $ 40,034
Average modular space units on rent 87,096 87,096
Average modular space utilization rate 68.5 % % % % 68.5 %
Average modular space monthly rental rate $ 669 $ $ $ $ 669
Average portable storage units on rent 15,869 15,869
Average portable storage utilization rate 62.5 % % % % 62.5 %
Average portable storage monthly rental rate $ 120 $ $ $ $ 120
Average tank and pump solutions rental fleet
utilization based on original equipment cost
% % % % %

Comparison of the Six Months Ended June 30, 2021 and 2020

Six Months Ended June 30, 2021
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump
Total
Revenue $ 555,606 $ 223,542 $ 55,439 $ 51,838 $ 886,425
Gross profit $ 229,138 $ 148,340 $ 34,430 $ 24,282 $ 436,190
Adjusted EBITDA $ 200,916 $ 95,848 $ 23,392 $ 18,924 $ 339,080
Capital expenditures for rental equipment $ 88,499 $ 12,245 $ 10,996 $ 6,077 $ 117,817
Average modular space units on rent 84,737 16,399 9,235 110,371
Average modular space utilization rate 67.6 % 78.9 % 84.1 % % 70.3 %
Average modular space monthly rental rate $ 769 $ 554 $ 420 $ $ 703
Average portable storage units on rent 14,186 109,355 25,112 148,653
Average portable storage utilization rate 64.8 % 75.0 % 90.5 % % 76.1 %
Average portable storage monthly rental rate $ 128 $ 150 $ 85 $ $ 137
Average tank and pump solutions rental fleet
utilization based on original equipment cost
% % % 69.3 % 69.3 %
Six Months Ended June 30, 2020
(in thousands, except for units on rent and rates) NA Modular NA Storage UK Storage Tank and
Pump
Total
Revenue $ 512,683 $ $ $ $ 512,683
Gross profit $ 216,154 $ $ $ $ 216,154
Adjusted EBITDA $ 187,062 $ $ $ $ 187,062
Capital expenditures for rental equipment $ 79,682 $ $ $ $ 79,682
Average modular space units on rent 87,542 87,542
Average modular space utilization rate 68.9 % % % % 68.9 %
Average modular space monthly rental rate $ 661 $ $ $ $ 661
Average portable storage units on rent 16,114 16,114
Average portable storage utilization rate 63.5 % % % % 63.5 %
Average portable storage monthly rental rate $ 120 $ $ $ $ 120
Average tank and pump solutions rental fleet
utilization based on original equipment cost
% % % % %

WillScot Corporation
Consolidated Balance Sheets
(in thousands, except share and per share data)

(in thousands, except share data) June 30, 2021
(unaudited)
December 31, 2020
Assets
Cash and cash equivalents $ 15,402 $ 24,937
Trade receivables, net of allowances for credit losses at June 30,
2021 and December 31, 2020 of $36,785 and $29,258,
respectively
365,164 330,942
Inventories 32,294 23,731
Prepaid expenses and other current assets 26,686 29,954
Assets held for sale 12,004
Total current assets 439,546 421,568
Rental equipment, net 2,914,572 2,931,646
Property, plant and equipment, net 303,488 303,650
Operating lease assets 235,258 232,094
Goodwill 1,180,737 1,171,219
Intangible assets, net 474,327 495,947
Other non-current assets 11,785 16,081
Total long-term assets 5,120,167 5,150,637
Total assets $ 5,559,713 $ 5,572,205
Liabilities and equity
Accounts payable $ 132,031 $ 106,926
Accrued expenses 149,670 141,672
Deferred revenue and customer deposits 151,819 135,485
Operating lease liabilities – current 49,606 48,063
Current portion of long-term debt 16,557 16,521
Total current liabilities 499,683 448,667
Long-term debt 2,506,295 2,453,809
Deferred tax liabilities 332,492 307,541
Operating lease liabilities – non-current 184,874 183,761
Common stock warrant liabilities 77,404
Other non-current liabilities 30,956 37,150
Long-term liabilities 3,054,617 3,059,665
Total liabilities 3,554,300 3,508,332
Commitments and contingencies (see Note 17)
Preferred Stock: $0.0001 par, 1,000,000 shares authorized
and zero shares issued and outstanding at June 30, 2021 and
December 31, 2020
Common Stock: $0.0001 par, 500,000,000 shares authorized and
226,832,627 and 229,038,158 shares issued and outstanding at
June 30, 2021 and December 31, 2020, respectively
23 23
Additional paid-in-capital 3,756,563 3,852,291
Accumulated other comprehensive loss (24,757 ) (37,207 )
Accumulated deficit (1,726,416 ) (1,751,234 )
Total shareholders’ equity 2,005,413 2,063,873
Total liabilities and equity $ 5,559,713 $ 5,572,205

Reconciliation of Non-GAAP Financial Measures

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 in the reconciliation of our consolidated net income (loss) to Adjusted EBITDA reconciliation below. We believe that evaluating segment performance excluding such items is meaningful because it provides insight with respect to intrinsic 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 meet future debt service obligations and working capital requirements.

Adjusted EBITDA

We define EBITDA as net income (loss) plus interest (income) expense, income tax expense (benefit), depreciation and amortization. Our adjusted EBITDA (“Adjusted EBITDA”) reflects the following further adjustments to EBITDA to exclude certain non-cash items and the effect of what we consider transactions or events 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. Substantially all such currency gains (losses) are unrealized and attributable to financings due to and from affiliated companies.
  • 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 and lease 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.
  • Other expense includes 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 tables provide unaudited reconciliations of Net income (loss) to Adjusted EBITDA.

Adjusted EBITDA

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2021 2020 2021 2020
Net income (loss) $ 20,371 $ (14,130 ) $ 24,818 $ 77,525
Income tax expense (benefit) 18,828 (285 ) 29,309 505
Loss on extinguishment of debt 2,814 5,999
Interest expense 29,212 28,519 59,176 56,776
Depreciation and amortization 84,515 48,377 158,537 97,399
Fair value loss (gain) on common
stock warrant liabilities
(610 ) 26,963 26,597 (68,366 )
Currency losses (gains), net 33 (380 ) 69 518
Restructuring costs, lease impairment
expense and other related charges
7,434 2,143 11,829 3,744
Transaction costs 1,619 844 11,050
Integration costs 7,622 2,153 14,964 3,839
Stock compensation expense 4,707 2,227 8,221 4,014
Other 569 314 (1,283 ) 58
Adjusted EBITDA $ 175,495 $ 97,520 $ 339,080 $ 187,062

Net Income Excluding Gain/Loss from Warrants

We define Net Income Excluding Gain/Loss from Warrants as Net Income plus or minus the impact of the change in the fair value of the common stock warrant liability. Management believes that our financial statements that will include the impact of this mark-to-market expense or income may not be necessarily reflective of the actual financial performance of our business.

The following tables provide unaudited reconciliations of Net income (loss) to Net Income Excluding Gain/Loss from Warrants.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2021 2020 2021 2020
Net income (loss) $ 20,371 $ (14,130 ) $ 24,818 $ 77,525
Fair value (gain) loss on common stock warrant liabilities (610 ) 26,963 26,597 (68,366 )
Net Income (Loss) Excluding Gain/Loss from Warrants $ 19,761 $ 12,833 $ 51,415 $ 9,159

Adjusted EBITDA Margin Non-GAAP Reconciliation

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 tables provide unaudited reconciliations of Adjusted EBITDA Margin.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2021 2020 2021 2020
Adjusted EBITDA (A) $ 175,495 $ 97,520 $ 339,080 $ 187,062
Revenue (B) $ 461,102 $ 256,862 $ 886,425 $ 512,683
Adjusted EBITDA Margin (A/B) 38.1 % 38.0 % 38.3 % 36.5 %

Free Cash Flow and Free Cash Flow Margin

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. Management believes that the presentation of Free Cash Flow and Free Cash Flow Margin provide useful information to investors regarding our results of operations because they provide useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements.

The following table provides unaudited reconciliations of net cash provided by operating activities to Free Cash Flow.

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2021 2020 2021 2020
Net cash provided by operating activities $ 139,537 $ 75,379 $ 261,608 $ 113,727
Purchase of rental equipment and refurbishments (65,282 ) (40,034 ) (117,817 ) (79,682 )
Proceeds from sale of rental equipment 15,235 5,316 30,437 12,102
Purchase of property, plant and equipment (10,143 ) (1,668 ) (17,450 ) (3,186 )
Proceeds from the sale of property, plant and equipment 2,709 3 16,438 3,843
Free Cash Flow (A) $ 82,056 $ 38,996 $ 173,216 $ 46,804
Revenue (B) $ 461,102 $ 256,862 $ 886,425 $ 512,683
Free Cash Flow Margin (A/B) 17.8 % 15.2 % 19.5 % 9.1 %

Adjusted Gross Profit and Adjusted Gross Profit Percentage

We define Adjusted Gross Profit as gross profit plus depreciation on rental equipment. Adjusted Gross Profit Percentage is defined as Adjusted Gross Profit divided by revenue. Adjusted Gross Profit and Percentage are not measurements of our financial performance under GAAP and should not be considered as an alternative to gross profit, gross profit percentage, or other performance measures derived in accordance with GAAP. In addition, our measurement of Adjusted Gross Profit and Adjusted Gross Profit Percentage may not be comparable to similarly titled measures of other companies. Our management believes that the presentation of Adjusted Gross Profit and Adjusted Gross Profit Percentage provides useful information to investors regarding our results of operations because it assists in analyzing the performance of our business.

The following table provides unaudited reconciliations of gross profit to Adjusted Gross Profit and Adjusted Gross Profit Percentage.

Three Months Ended Six Months Ended
June 30, June 30,
(in thousands) 2021 2020 2021 2021
Revenue (A) $ 461,102 $ 256,862 $ 886,425 $ 512,683
Gross profit (B) $ 222,810 $ 109,964 $ 436,190 $ 216,154
Depreciation of rental equipment 62,893 45,494 118,591 91,442
Adjusted Gross Profit (C) $ 285,703 $ 155,458 $ 554,781 $ 307,596
Gross Profit Percentage (B/A) 48.3 % 42.8 % 49.2 % 42.2 %
Adjusted Gross Profit Percentage (C/A) 62.0 % 60.5 % 62.6 % 60.0 %

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 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. Our management 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.

The following table provides unaudited reconciliations of Net CAPEX:

Three Months Ended Six Months Ended
June 30, June 30,
(in thousands) 2021 2020 2021 2020
Total purchases of rental equipment and refurbishments $ (65,282 ) $ (40,034 ) $ (117,817 ) $ (79,682 )
Total proceeds from sale of rental equipment 15,235 5,316 30,437 12,102
Net CAPEX for Rental Equipment (50,047 ) (34,718 ) (87,380 ) (67,580 )
Purchase of property, plant and equipment (10,143 ) (1,668 ) (17,450 ) (3,186 )
Proceeds from sale of property, plant and equipment 2,709 3 16,438 3,843
Net CAPEX $ (57,481 ) $ (36,383 ) $ (88,392 ) $ (66,923 )

AGC Biologics Acquires Commercial Facility, Expanding Cell & Gene Therapy Global Service Offerings

AGC Biologics acquires Longmont, Colorado facility to expand its global footprint and increase its C&GT process development and GMP capacity

Seattle, Aug. 05, 2021 (GLOBE NEWSWIRE) — AGC Biologics, a leading global biopharmaceutical Contract Development and Manufacturing Organization (CDMO), announced the finalization of the purchase of a state-of-the-art commercial manufacturing facility in Longmont, Colorado, USA. The facility, previously owned by Novartis Gene Therapies, will provide AGC Biologics with significant additional capacity and space to continue to expand its global end-to-end Cell and Gene Therapy (C&GT) offering, ensuring security of supply for current and future C&GT customers.

This transaction adds 622,000 square feet of operations and office space primarily planned for C&GT activities. The facility is expected to begin full-scale operations by Q4 2021 and is only 16 miles away from AGC Biologics’ state-of-the-art large-scale stainless steel mammalian facility in Boulder, Colorado.

This acquisition allows AGC Biologics to expand its cell and gene therapy footprint to the US. It will also enable AGC Biologics to continue rapidly expanding its process development and GMP capacity to meet both early and late clinical/commercial customer needs. In addition to this facility acquisition, AGC Biologics announced major C&GT facility expansion projects at its Heidelberg and Milan facilities in 2020 and 2021, respectively.

“The Longmont facility is just one of the company-wide expansion initiatives that AGC Biologics has been working on,” says AGC Biologics CEO Patricio Massera. “With our ongoing global expansion, we look forward to continuing to help our partners bring life-saving treatments to the market.”

About AGC Biologics

AGC Biologics is a leading global biopharmaceutical Contract Development and Manufacturing Organization (CDMO) with a strong commitment to delivering the highest standard of service as we work side-by-side with our clients and partners, every step of the way. We provide world-class development and manufacture of mammalian and microbial-based therapeutic proteins, plasmid DNA (pDNA), viral vectors, and genetically engineered cells. Our global network spans the U.S., Europe, and Asia, with cGMP-compliant facilities in Seattle, Washington; Boulder and Longmont, Colorado; Copenhagen, Denmark; Heidelberg, Germany; Milan, Italy; and Chiba, Japan and we currently employ more than 2,000 employees worldwide. Our commitment to continuous innovation fosters the technical creativity to solve our clients’ most complex challenges, including specialization in fast-track projects and rare diseases. AGC Biologics is the partner of choice. To learn more, visit www.agcbio.com.

Attachment

Matteo Pellegrino
AGC Biologics
mpellegrino@agc.com

HqO and Ritual Announce Exclusive Food and Beverage Offering for Office Communities

New Partnership Brings Premium Food Experiences to the Workplace

BOSTON, Aug. 05, 2021 (GLOBE NEWSWIRE) — HqO, the end-to-end tenant experience operating system for office buildings, today announces its exclusive integration with Ritual, a best-in-class food platform that works with over 15,000 restaurants and top commercial landlords across the United States, Canada, and the United Kingdom. The partnership empowers all HqO customers as they return to the office with an abundance of seamless food experiences that strengthen the connections between landlords, tenants, and their communities.

“To be the landlord of choice, it’s more important than ever to provide unique dining experiences and food offerings for the office,” says Charles Howard, Director of Offices at Grosvenor Britain and Ireland. “The partnership between HqO and Ritual allows Grosvenor to connect our mixed-use estate by promoting food and beverage vendors to our office occupiers. Their integrated platform brings all the best aspects of local dining directly to customers while supporting restaurants in a modern and efficient way.”

The integration serves to not only improve the tenant experience, but also brings immense value to landlords and property teams. By driving increased activity to a building’s whitelabeled Tenant Experience Platform, property management can create exposure for their landlord brand, grow sales for restaurant tenants, and ultimately foster customer loyalty. They can also access a back-end administration panel that displays restaurant locations, shares sales reports, and allows individuals to update important information.

“We are excited to partner with HqO to provide landlords, employers, and restaurant owners with the most advanced online ordering and incentives platform for in-building hospitality and workplace food experiences,” says Ray Reddy, Co-founder and CEO of Ritual. “Connecting with colleagues over coffee and lunch is a special part of the workplace experience. We’re proud of our partnership with HqO and making those experiences even better for thousands of companies as they return to office.”

Ritual’s full suite of capabilities will be offered to HqO customers and include the following:

  • Order ahead options for contactless pickup and delivery, including delivery to specified on-premise locations such as conference rooms.
  • Catering, corporate meal programs, incentives, and credits allowing landlords or tenant companies to provide food and beverage-based perks to employees.
  • Support for QR code and near-field communication (NFC) tap interactions that power to-table ordering and enable contactless dining at on-premise locations.
  • Robust group ordering functionality that makes it easy to place orders with colleagues.
  • Notifications and communications for real-time updates on food status and delivery.
  • Optional neighborhood views connecting your building tenants with local Ritual-activated restaurants in the surrounding community.
  • Easy integration with the top point-of-sales (POS) systems, making it easy for any restaurant to connect and accept orders.
  • Customer data, insights, and feedback that allow teams to see sales across their properties and merchants, understand tenant ordering patterns, and measure tenant sentiment.

“The food industry, particularly restaurants, suffered during the pandemic,” says Reid Snyder, Director of Platform Solutions at HqO. “We’re proud to partner with Ritual to support on-site and local restaurants through our one-stop-shop solution. Ritual’s wide breadth of merchants and interoperability with all major POS systems makes it an easy choice to enhance any portfolio.”

About Ritual

Ritual connects businesses with customers to offer a simple, safe, time-saving tool to order and pay for themselves and their workplace teams. Ritual works with thousands of restaurants around the world, serving customers in more than 50 cities across North America, Europe and Asia Pacific. Ritual was founded in 2014, with headquarters in Toronto. Ritual was recently named one of LinkedIn’s Top Start-Ups for 2019 and was also named one of Strategy Magazine’s Brands of the Year for 2019. Learn more at https://ritual.co.

About HqO

The world’s leading commercial real estate firms count on HqO to help them deliver a state-of-the-art tenant experience within their properties. Active in over 150 million square feet in 8 countries, HqO is known for its tenant experience platform comprised of an award-winning tenant app, analytics suite, and partner marketplace. Our solutions put experiences and a sense of community directly into the tenants’ hands while helping property owners uncover insights and take intelligent action to differentiate their assets. For more information, visit www.hqo.com, and connect with us on LinkedIn, Twitter, and Instagram.

Primary Contact: Kristin Concannon
Phone: 833-225-5476
Email: kristin.concannon@hqo.co

Bombardier Raises Full Year Guidance Following Solid First Half Execution and Market Momentum, Reports Second Quarter 2021 Results

  • Raised FY2021 guidance: (i) aircraft deliveries expected to reach ~120 units, revenues to exceed $5.8B; (ii) profitability increased to greater than $175M adjusted EBIT(1) and adjusted EBITDA(1) expected to be greater than $575M vs previously announced $100M and $500M, respectively; (iii) Free cash flow usage(1) now expected to be better than $300M for the year vs $500M(2)
  • Business jet revenues continue positive trend; second quarter year-over-year revenues up 50%, totalling $1.5B, mainly driven by a 45% increase in deliveries and greater contribution from services as flight hours continue industry-wide climb. Adjusted EBITDA for the quarter up by $112M year over year to $143M. Reported EBIT from continuing operations for the quarter was $36M
  • Strong free cash flow generation for the quarter of $91M from continuing operations, including the negative impact of approximately $60M non-recurring cash items(3), representing an improvement of $841M year over year. Reported cash flows from operating activities – continuing operations for the quarter was $155M and net additions to PP&E and intangible assets – continuing operations for the quarter were $64M
  • Second quarter unit book-to-bill(4) climbing to ~1.8 on strong sales activity throughout the portfolio and increased interest in business aviation
  • Pro-forma liquidity(5) at quarter end was ~$2.1B and pro-forma net debt(5) was ~$5.3B, including $1.0B maturing in the next 3 years. The Corporation continues to evaluate various options to address other debt maturities in an opportunistic manner

All amounts in this press release are in U.S. dollars unless otherwise indicated.
Amounts in tables are in millions, unless otherwise indicated.

MONTRÉAL, Aug. 05, 2021 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) announced today its financial results for the second quarter of 2021 and raised its full year guidance, confirming that aircraft deliveries, revenues, profitability and cash usage are all expected to outperform previously communicated targets.

“Bombardier’s raised guidance stems from all-around solid execution in the first half of 2021, greater confidence in market momentum, and our ability to accelerate initiatives supporting our recurring savings objective,” said Éric Martel, President and Chief Executive Officer, Bombardier. “Our team’s concerted efforts have already supported stronger full year margins and have allowed us to focus diligently on our priorities of maturing the Global 7500 aircraft program, executing our aftermarket growth strategy and deleveraging our balance sheet.”

“We are well on our way to reposition Bombardier as the world’s business jet manufacturer of choice, and confident our passenger-experience-centric aircraft portfolio and expanding service offerings are well suited to meet growing interest, demand and utilization in private aviation,” added Martel.

Raised 2021 Full Year Guidance

2021 PREVIOUS REVISED
Business jet deliveries (in units) 110 – 120 ~120
Revenues >$5.6 billion >$5.8 billion
Adjusted EBIT >$100 million >$175 million
Adjusted EBITDA >$500 million >$575 million
Free cash flow usage Usage better than $500 million
(including ~$200 million of non-
recurring outflows)(6)
Usage better than $300 million
(including ~$200 million of non-
recurring outflows)(3)


Second Quarter 2021 Financial Performance

Business jet revenues during the second quarter of 2021 climbed to $1.5 billion, up 50% year over year, fueled by increases in both aircraft deliveries and services. Aircraft deliveries totaled 29 in Q2, up 45% year over year, reflecting strong demand for large-category jets. Worldwide business jet utilization continued to rise, nearly reaching pre-pandemic levels in North America and Europe, buoying revenue contribution from services activities to $295 million, up 29% year over year. Aircraft sales equally accelerated, reaching a unit book-to-bill ratio of approximately 1.8 for the quarter, further highlighting strong interest in business aviation.

Adjusted EBITDA for the quarter was up $112 million year over year to $143 million, reflecting favourable aircraft deliveries and mix, improved cost structure, disciplined implementation of cost-reduction programs and consistent progression through the Global 7500 aircraft’s learning curve. In addition, the increase was boosted by a higher contribution from business aircraft services, mainly due to increased fleet flight hours resulting from easing travel restrictions and progress on vaccinations consistent with the increase in revenues. Reported EBIT from continuing operations for the quarter was $36 million.

The second quarter notably saw strong free cash flow (FCF) generation. The positive $91 million from continuing operations FCF total for the quarter represents an improvement of $841 million year over year and included a negative impact of approximately $60 million in non-recurring cash items.

Continuing Balance Sheet Deleveraging Actions

Pro-forma liquidity at quarter end was ~$2.1 billion and pro-forma net debt was ~$5.3 billion. Over the quarter, Bombardier successfully implemented a series of actions to reduce net debt as well as pay out, or refinance, nearer-term maturities, all as part of the company’s previously announced plan to create debt maturity runway. With $1.0 billion maturing in the next three years, the company can more effectively focus on the execution of its strategy, including learning curve progression for the Global 7500 aircraft and other operational improvements, and will continue managing debt in a pragmatic yet opportunistic manner.

Progress on Strategic Priorities

While progress on the Global 7500 aircraft unit costs and on overall recurring savings initiatives begin to yield bottom line benefit, Bombardier remains focused on expanding its service network and diversifying top-line revenue streams. During the second quarter, the Singapore Service Centre expansion project completed the construction phase and the teams will now focus on maintenance capacity ramp up to fully utilize the facility’s quadrupled footprint.

As construction also progresses on new or expanded facilities in Miami, USA, Melbourne, Australia and Biggin Hill, U.K., Bombardier introduced its Certified Pre-owned Aircraft program to further diversify customer offerings. Under the program, Bombardier will offer a “like-new” experience backed by a one-year warranty(7) and manufacturer-recommended aircraft modifications and updates. This program will deepen Bombardier’s involvement in the fast-moving pre-owned market, which is seeing strong demand coupled with a supply shortage of high-quality, sought-after aircraft.

SELECTED RESULTS

Results of the Quarter
Three-month periods ended June 30 2021 2020 Variance
restated(8)
Revenues(9) $ 1,524 $ 1,223 25 %
Adjusted EBITDA $ 143 $ 31 361 %
Adjusted EBITDA margin(1)(9) 9.4 % 2.5 % 690 bps
Adjusted EBIT $ 32 $ (44 ) nmf
Adjusted EBIT margin(1)(9) 2.1 % (3.6 ) % 570 bps
EBIT(9) $ 36 $ 403 (91 ) %
EBIT margin(9) 2.4 % 33.0 % (3060) bps
Net income from continuing operations $ 139 $ 150 (7 ) %
Net income (loss) from discontinued operations $ —  $ (373 ) 100 %
Net income (loss) $ 139 $ (223 ) 162 %
Diluted EPS from continuing operations (in dollars) $ 0.05 $ 0.06 $ (0.01 )
Diluted EPS from discontinued operations (in dollars) $ 0.01 $ (0.19 ) $ 0.20
$ 0.06 $ (0.13 ) $ 0.19
Adjusted net loss(1)(9) $ (137 ) $ (248 ) 45 %
Adjusted EPS (in dollars)(1)(9) $ (0.06 ) $ (0.11 ) $ 0.05
Cash flows from operating activities
Continuing operations $ 155 $ (692 ) nmf
Discontinued operations $ —  $ (265 ) 100 %
$ 155 $ (957 ) nmf
Net additions to PP&E and intangible assets
Continuing operations $ 64 $ 58 10 %
Discontinued operations $ —  $ 21 (100 ) %
$ 64 $ 79 (19 ) %
Free cash flow (usage)
Continuing operations $ 91 $ (750 ) nmf %
Discontinued operations $ —  $ (286 ) 100 %
$ 91 $ (1,036 ) nmf %
As at June 30, 2021
December 31, 2020 Variance
Cash and cash equivalents excluding Transportation $ 2,288 $ 1,779 29 %
Cash and cash equivalents from Transportation $ —  $ 671 (100 ) %
$ 2,288 $ 2,450 (7 ) %
Available short-term capital resources(10) $ 2,288 $ 3,203 (29 ) %
Aviation order backlog (in billions of dollars)
Business aircraft(11) $ 10.7 $ 10.7 %


About Bombardier

Bombardier is a global leader in aviation, creating innovative and game-changing planes. Our products and services provide world-class experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montréal, Canada, Bombardier is present in more than 12 countries including its production/engineering sites and its customer support network. The Corporation supports a worldwide fleet of more than 4,900 aircraft in service with a wide variety of multinational corporations, charter and fractional ownership providers, governments and private individuals.

News and information is available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier, Global and Global 7500 are trademarks of Bombardier Inc. or its subsidiaries.

For information

Francis Richer de La Flèche Anna Cristofaro
Vice President, Financial Planning Manager
and Investor Relations Communications
Bombardier Bombardier
+1 514 855 5001 x13228 +1 514 855 8678

The Management’s Discussion and Analysis and the Interim Consolidated Financial Statements are available at ir.bombardier.com.

bps: basis points
nmf: information not meaningful
(1) Non-GAAP financial measures. Refer to the Non-GAAP financial measures section in Overview for definitions of these metrics and to the Analysis of consolidated results section and Liquidity and capital resources section in Overview for reconciliations to the most comparable IFRS measures.
(2) See the forward-looking statements disclaimer.
(3) Non-recurring cash items include the impact of payments of residual value guarantee liability, consent fee with respect to the Consent Solicitations process conducted by the Corporation and restructuring costs.
(4) Defined as net new aircraft orders in units over aircraft deliveries in units.
(5) Non-GAAP measures. Pro-forma liquidity is defined as cash and cash equivalents as at June 30, 2021 of $2.3 billion, plus $0.4 billion of short-term restricted cash as collateral for bank guarantees, and less $0.6 billion paid to repurchase certain of outstanding Senior Notes in July 2021. Pro-forma net debt is defined as long-term debt as at June 30, 2021 of $8.0 billion, less $0.6 billion paid to redeem certain outstanding Senior Notes in July 2021, and less pro-forma liquidity of approximately $2.1 billion.
(6) Non-recurring items include legacy outflows related to credit and residual value guarantee liabilities and reverse factoring, and approximately $50 million of restructuring costs for the full year of 2021.
(7) One-year warranty on the airframe. Certain conditions apply.
(8) Restated for the sale of Transportation, refer to Note 17 – Disposal of business to our Interim consolidated financial statements for more details.
(9) Includes continuing operations only. Results from CRJ and aerostructure businesses for 2020 were part of continuing operations under IFRS.
(10) Defined as cash and cash equivalents as at June 30, 2021; defined as cash and cash equivalents including cash and cash equivalents from Transportation plus the undrawn amounts under Transportation’s revolving credit facility and our senior secured term loan as at December 31, 2020.
(11) Includes order backlog for both manufacturing and services.


CAUTION REGARDING NON-GAAP FINANCIAL MEASURES

This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP financial measures:

Non-GAAP financial measures
Adjusted EBIT EBIT excluding special items. Special items comprise items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include, among others, the impact of restructuring charges, impact of business disposals and significant impairment charges and reversals.
Adjusted EBITDA Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets.
Adjusted net income (loss) Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.
Free cash flow (usage) Cash flows from operating activities less net additions to PP&E and intangible assets.

Non-GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non-GAAP performance measures does not imply that these items are necessarily non-recurring. Other entities in our industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly-named non-GAAP measures.

Adjusted EBIT, adjusted EBITDA and adjusted net income (loss)
Management uses adjusted EBIT, adjusted EBITDA and adjusted net income (loss) for purposes of evaluating underlying business performance. Management believes these non-GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT, adjusted EBITDA and adjusted net income (loss) exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. Management believes these measures help users of MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)
Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.

Reconciliations of non-GAAP financial measures to the most comparable IFRS financial measures are provided in the table hereafter, except for the following reconciliations:

  • adjusted EBIT to EBIT – see the Consolidated results of operations section; and
  • free cash flow usage to cash flows from operating activities – see the Free cash flow usage table in the Liquidity and capital resources section in the MD&A.
   Reconciliation of adjusted EBITDA to EBIT(1)
Three-month periods
ended June 30

Six-month periods
ended June 30

2021 2020 2021
2020
EBIT $ 36 $ 403 $ 55 $ 508
Amortization 111 75 205 152
Impairment charges on PP&E and intangible assets(2) 8 3 19
Special items excluding impairment charges on PP&E and intangible assets(2) (4 ) (455 ) 3 (562 )
Adjusted EBITDA $ 143 $ 31 $ 266 $ 117

 

(1) Includes continuing operations only.
(2) Refer to the Consolidated results of operations section for details regarding special items.


FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements, which may involve, but are not limited to: statements with respect to our objectives, anticipations and outlook or guidance in respect of various financial and global metrics and sources of contribution thereto, targets, goals, priorities, market and strategies, financial position, financial performance, market position, capabilities, competitive strengths, credit ratings, beliefs, prospects, plans, expectations, anticipations, estimates and intentions; general economic and business outlook, prospects and trends of an industry; customer value; expected demand for products and services; growth strategy; product development, including projected design, characteristics, capacity or performance; expected or scheduled entry-into-service of products and services, orders, deliveries, testing, lead times, certifications and execution of orders in general; competitive position; expectations regarding revenue and backlog mix; the expected impact of the legislative and regulatory environment and legal proceedings; strength of capital profile and balance sheet, creditworthiness, available liquidities and capital resources, expected financial requirements, and ongoing review of strategic and financial alternatives; the introduction of, productivity enhancements, operational efficiencies, cost reduction and restructuring initiatives, and anticipated costs, intended benefits and timing thereof; the anticipated business transition to growth cycle and cash generation; expectations, objectives and strategies regarding debt repayment, refinancing of maturities and interest cost reduction; expectations regarding availability of government assistance programs, compliance with restrictive debt covenants; expectations regarding the declaration and payment of dividends on our preferred shares; intentions and objectives for our programs, assets and operations; and the impact of the COVID-19 pandemic on the foregoing and the effectiveness of plans and measures we have implemented in response thereto; and expectations regarding gradual market and economic recovery in the aftermath of the COVID-19 pandemic. As it relates to the sale of the Transportation business to Alstom, this press release also contains forward-looking statements with respect to the benefits of such transaction, the use of the proceeds derived from the transaction and its impact on our outlook, guidance and targets, operations, infrastructure, opportunities, financial condition, business plan and overall strategy.

Forward-looking statements can generally be identified by the use of forward-looking terminology such as “may”, “will”, “shall”, “can”, “expect”, “estimate”, “intend”, “anticipate”, “plan”, “foresee”, “believe”, “continue”, “maintain” or “align”, the negative of these terms, variations of them or similar terminology. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of our current objectives, strategic priorities, expectations, outlook and plans, and in obtaining a better understanding of our business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.

By their nature, forward-looking statements require management to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from forecast results set forth in forward-looking statements. While management considers these assumptions to be reasonable and appropriate based on information currently available, there is risk that they may not be accurate. The assumptions underlying the forward-looking statements made in this press release include the following material assumptions: the deployment of the proceeds from the sale of the Transportation business to Alstom on terms allowing the Corporation, when combined to other financing sources and free cash flow generation, to repay or otherwise manage its various maturities for the next three years; growth of the business aviation market and increase of the Corporation’s share of such market; proper identification of recurring cost savings and executing on our cost reduction plan; optimization of our real estate portfolio, including through the sale or other transaction in respect of real estate assets on favorable terms; and access to working capital facilities on market terms. For additional information, including with respect to other assumptions underlying the forward-looking statements made in this press release, refer to the Forward-looking statements — Assumptions section in the MD&A of our financial report for the fiscal year ended December 31, 2020. Given the impact of the changing circumstances surrounding the COVID-19 pandemic and the related response from the Corporation, governments (federal, provincial and municipal), regulatory authorities, businesses, suppliers, customers, counterparties and third-party service providers, there is inherently more uncertainty associated with the Corporation’s assumptions as compared to prior years.

Certain factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, risks associated with general economic conditions, risks associated with our business environment (such as risks associated with the financial condition of business aircraft customers; trade policy; increased competition; political instability and force majeure events or global climate change), operational risks (such as risks related to developing new products and services; development of new business ; order backlog; the transition to a pure-play business aviation company; the certification of products and services; the execution of orders; pressures on cash flows and capital expenditures based on seasonality and cyclicality; execution of our strategy, productivity enhancements, operational efficiencies, restructuring and cost reduction initiatives; doing business with partners; product performance warranty and casualty claim losses; regulatory and legal proceedings; environmental, health and safety risks; dependence on certain customers, contracts and suppliers; supply chain risks; human resources; reliance on information systems; reliance on and protection of intellectual property rights; reputation risks; risk management; tax matters; and adequacy of insurance coverage), financing risks (such as risks related to liquidity and access to capital markets; retirement benefit plan risk; exposure to credit risk; substantial debt and interest payment requirements; restrictive debt covenants; reliance on debt management and interest cost reduction strategies; and reliance on government support), market risks (such as foreign currency fluctuations; changing interest rates; increases in commodity prices; and inflation rate fluctuations). For more details, see the Risks and uncertainties section in Other in this MD&A. Any one or more of the foregoing factors may be exacerbated by the ongoing COVID-19 outbreak and may have a significantly more severe impact on the Corporation’s business, results of operations and financial condition than in the absence of such outbreak. As a result of the current COVID-19 pandemic, additional factors that could cause actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to: risks related to the impact and effects of the COVID-19 pandemic on economic conditions and financial markets and the resulting impact on our business, operations, capital resources, liquidity, financial condition, margins, prospects and results; uncertainty regarding the magnitude and length of economic disruption as a result of the COVID-19 outbreak and the resulting effects on the demand environment for our products and services; uncertainty regarding market and economic recovery in the aftermath of the COVID-19 pandemic; emergency measures and restrictions imposed by public health authorities or governments, fiscal and monetary policy responses by governments and financial institutions; disruptions to global supply chain, customers, workforce, counterparties and third-party service providers; further disruptions to operations, orders and deliveries; technology, privacy, cyber security and reputational risks; and other unforeseen adverse events.

Readers are cautioned that the foregoing list of factors that may affect future growth, results and performance is not exhaustive and undue reliance should not be placed on forward-looking statements. Other risks and uncertainties not presently known to us or that we presently believe are not material could also cause actual results or events to differ materially from those expressed or implied in our forward-looking statements. The forward-looking statements set forth herein reflect management’s expectations as at the date of this report and are subject to change after such date. Unless otherwise required by applicable securities laws, we expressly disclaim any intention, and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Rapid Micro Biosystems Announces Exercise and Closing of Over-Allotment Option in Initial Public Offering

LOWELL, Mass., Aug. 04, 2021 (GLOBE NEWSWIRE) — Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (“Rapid Micro”), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced that the underwriters of its previously announced initial public offering of Class A common stock have exercised their option to purchase additional shares in part for 1,086,604 shares at the public offering price of $20.00 per share less underwriting discounts and commissions, for additional gross proceeds to Rapid Micro of $21.7 million. The exercise of the over-allotment option closed on August 4, 2021.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Cowen and Company, LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers of the offering.

A registration statement on Form S-1 (File No. 333-257431) relating to the offering has been filed with the Securities and Exchange Commission and became effective on July 14, 2021. The offering will be made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from: J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204 or email at prospectus-eq_fi@jpmchase.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, or by email at prospectus@morganstanley.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY, 11717, by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.com; or Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, CA 94104, telephone: (415) 364-2720 or email at syndprospectus@stifel.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Contacts

Media:
media@rapidmicrobio.com

Investors:
investors@rapidmicrobio.com

RethinkX: Disruptive transformation of energy, transportation and food systems can slash 90% of carbon emissions by 2035, and hit net zero by 2040

Willingness of policymakers to enable, accelerate or delay the disruptions is a big question

LONDON and SAN FRANCISCO, Aug. 04, 2021 (GLOBE NEWSWIRE) — RethinkX projects that the collapse of incumbent carbon-intensive energy, transportation and food industries by 2035 as they are replaced by cheaper, clean disruptive technologies will enable the world to eliminate 90 percent of carbon emissions within the next 15 years, and go beyond net zero after 2040 – if we make the right societal choices. That’s according to a new report, Rethinking Climate Change: How Humanity Can Choose to Reduce Emission 90% by 2035 through the Disruption of Energy, Transportation, and Food with Existing Technologies and Food, released by RethinkX, an independent think tank that analyzes and forecasts the scope, speed and scale of technology-driven disruption and its implications for society.

“We can either accelerate the energy, transportation and food disruptions and solve the climate crisis by ushering a new era of clean prosperity, or we can waste decades and trillions of dollars propping up the incumbent system,” said Tony Seba, RethinkX co-founder. “The stakes for the planet and society are enormous. It is up to us to decide whether or not we deploy and scale these technologies rapidly enough to avoid dangerous climate change.”

By 2035, a cluster of technologies across solar, wind and batteries (SWB); electric and on-demand autonomous vehicles (A-EVs) operated under transport-as-a-service (TaaS); as well as precision fermentation and cellular agriculture (PFCA), will provide energy,transportation and food 2-10 times cheaper than the fossil fuel derived energy, combustion vehicles and livestock products they replace. Like the emergence of the Internet, these three disruptions will trigger a cascade of consequences that will transform the entire global economy, decimating trillions of dollars of investor value in existing industries, whilst creating trillions more in new business opportunities.

In the process, the new clean energy, food and transportation technologies will empower humanity to make choices allowing societies to meet their needs and prosper, while slashing up to 90 percent of global carbon emissions within just 15 years – thereby limiting global warming to below 2 degrees Celsius as called for under the international Paris Climate Agreement.

Using well-established cost curves, the report shows how the disruptive technologies are rapidly becoming cheaper than the carbon-intensive industries in these sectors, and thus represent an overwhelming competitive threat to their economic viability. While the disruptions will therefore be driven by economics, crucial societal decisions at government, investor, business and other levels can either accelerate or delay the disruptions, with major ramifications for whether the world avoids dangerous climate change.

The report calls on policymakers to focus strategically on deployment efforts targeting the highest impact technologies in the energy, transportation and food sectors, rather than “whack-a-mole” approaches of techno-fixes (like clean coal), behavior change, or carbon taxes which only treat symptoms and cannot solve the underlying problem, and in some instances can be counter-productive.

This means that the bulk of emissions reductions can be achieved largely by removing barriers to market forces, rather than through onerous state interventions. This includes ending vertically-integrated utility monopolies in the energy sector, removing livestock farming subsidies in the food sector and eradicating regulatory hurdles to electric and autonomous vehicles.

“Giving up economic prosperity now to solve climate change has the problem backwards. It’s like trying to stop the spread of coronavirus by not breathing,” said RethinkX co-founder James Arbib. “We could end up destroying the capital needed to build out the new energy, transportation, and food systems, which would protect the very incumbent carbon-intensive industries we need to replace. The focus should be on enabling the disruptions that are best poised to transform these three sectors currently responsible for over 90 percent of emissions.”

The report highlights how technological disruptions over the course of history – including automobiles, digital cameras and smartphones – have happened quickly and exponentially, making legacy technologies obsolete within 10 to 15 years. Policymakers and investors must therefore embrace a disruption mindset to understand the pace and scale of change over the next decade, and make optimal decisions about how to deploy public and private resources to address climate change.

Societies can also choose to accelerate deployment to reach net zero global emissions before 2035, going on to achieve 20 percent negative emissions by 2040 – the safest pathway for avoiding climate risks, and the fastest for achieving the maximum benefits of the new clean energy, transportation and food system.

However, if societies choose instead to protect incumbent fossil fuel firms, utility monopolies and the livestock sector, global emissions would rise rapidly for another five years leading global temperatures to exceed the 2 degrees pathway, placing humanity within the climate danger zone.

“Although these disruptions are ultimately inevitable due to economic forces, how slow or fast these technologies scale globally falls largely on policymakers and their willingness to act quickly – or not,” added Adam Dorr, research fellow at RethinkX. “Societal choices matter, and technology alone is not enough to achieve net zero emissions and avoid the risk of dangerous climate change.”

About RethinkX

RethinkX is an independent think tank that analyzes and forecasts the speed and scale of technology-driven disruption and its implications across society. We produce impartial, data-driven analyses that identify pivotal choices to be made by investors, business, policymakers and civic leaders. RethinkX’s predictions about solar power, EVs, batteries, ICE vehicle sales, peak oil demand, and so on, have been proven accurate consistently.

RethinkX was co-founded by James Arbib and Tony Seba. They have advised investors with tens of trillions in assets under management including BlackRock, Goldman Sachs and J.P. Morgan, sovereign wealth funds, large businesses, and governments around the world including China, the EU, and states in the U.S. Publications include: Rethinking Transportation 2020-2030Rethinking Food and Agriculture 2020-2030, Rethinking Energy, and Rethinking Humanity

Tony Seba’s books include the #1 Amazon-Bestselling Clean Disruption of Energy and Transportation, Solar Trillions and Winners Take All. Both have spoken on the world stage, including Davos, COP21, Global Leaders Forum, and featured in film and television including Bloomberg’s Forward Thinking: A Sustainable World, 2040, and SunGanges.

Contact:
Christina Heartquist, christina@catercommunications.com, 480-661-2666

ZIM เลือก BookYourCargo เพื่อจัดการการดำเนินการ Drayage

BookYourCargo มอบความเชี่ยวชาญและเทคโนโลยีให้กับผู้นำด้านการขนส่งทางทะเลที่อยู่ใน 20 อันดับโลก เพื่อเพิ่มประสิทธิภาพให้กับการขนส่งแบบ Drayage ทั่วโลก

WEST LONG BRANCH, N.J., Aug. 04, 2021 (GLOBE NEWSWIRE) — BookYourCargo (BYC) แพลตฟอร์มนายหน้าการขนส่งสินค้าดิจิทัล ที่รวบรวมผู้ส่งสินค้าและคนขับรถบรรทุกเพื่อการขนส่งสินค้าที่ราบรื่น วันนี้ได้ประกาศว่า ZIM Integrated Shipping Services Ltd. (ZIM) ซึ่งเป็นหนึ่งในบริษัทขนส่งตู้คอนเทนเนอร์ชั้นนำ 20 อันดับโลก ได้ขอความช่วยเหลือจาก BYC ในการจัดการการดำเนินงาน Drayage แพลตฟอร์ม Digital Drayage บนระบบคลาวด์ของ BYC ช่วยให้ ZIM สามารถมองเห็นข้อมูลแบบเรียลไทม์และสามารถเสนอราคาแบบทันทีด้วยประสิทธิภาพที่รับประกันได้ ผ่านเครือข่ายผู้ให้บริการที่เชื่อถือได้ของ BYC กว่า 1,800 ราย

“การที่ ZIM ซึ่งเป็นหนึ่งในผู้ขนส่งสินค้าทางทะเลชั้นนำของโลกที่มีกระบวนการขนย้ายแบบ Drayage ในท่าเรือทั่วโลก ได้เลือก BYC เพื่อช่วยในการดำเนินการ Drayage ในช่วงเวลาของความไม่แน่นอนและความไม่เสถียรอย่างต่อเนื่องนี้ เป็นข้อพิสูจน์อย่างแท้จริงถึงระดับของบริการและคุณค่าที่เรามอบให้ลูกค้า” Nimesh Modi ประธานเจ้าหน้าที่บริหารของ BYC กล่าว “BYC นั้นถูกก่อตั้งขึ้นมาบนความเชี่ยวชาญด้านการขนส่งสินค้ามานานกว่า 50 ปี เราจึงเข้าใจดีว่า Drayage เป็นหนึ่งในกลุ่มซัพพลายเชนที่น่าเบื่อ ราคาแพง และมีไม่เพียงพอมากที่สุด เราได้ทำงานอย่างหนักเพื่อสร้างกลุ่มผู้ให้บริการที่มีคุณภาพ กระตือรือร้น และภักดี ที่ช่วยให้เราสามารถรับประกันถึงศักยภาพผ่านแพลตฟอร์ม Digital Drayage ของเรา เรามีอัตราการยกเลิกต่ำกว่า 0.1 เปอร์เซ็นต์ ซึ่งหมายความว่าลูกค้าของเราจะรู้ว่าเมื่อสินค้าถึงมือ BYC แล้วสินค้าจะได้รับการจัดส่งอย่างแน่นอน”

แพลตฟอร์ม Digital Drayage จะช่วยอำนวยความสะดวกการจัดการอัตรา การเพิ่มประสิทธิภาพการดำเนินงาน การผสานรวมบริการ และการติดตามคำสั่งซื้อ ช่วยสร้างมูลค่าของลูกค้าและการควบคุมห่วงโซ่อุปทานที่ออกแบบเฉพาะ แพลตฟอร์มดังกล่าวได้รับการออกแบบบนสแต็คเทคโนโลยีล่าสุดที่มีหุ่นยนต์ AI และเอ็นจิ้นการเรียนรู้ของเครื่อง และมอบการผสานรวม API/EDI กับแพลตฟอร์มซอฟต์แวร์ของบริษัทอื่นที่มีอยู่อย่างราบรื่น ช่วยให้มั่นใจว่าการเปลี่ยนแปลงข้อมูลจะเป็นไปอย่างราบรื่

“เราติดต่อ BookYourCargo เพราะเราต้องการความช่วยเหลือในการคัดแยกตู้คอนเทนเนอร์ออกมาจากท่าเรือชายฝั่งตะวันตกหลายๆ แห่งที่ไม่มีการดำเนินงานใดๆ ในขณะนั้น เนื่องจากการนัดหยุดงาน” Salah Adile ผู้จัดการฝ่าย Intermodal Dispatch ของ ZIM กล่าว “BYC สามารถก้าวเข้ามาอย่างรวดเร็ว และเคลื่อนย้ายตู้คอนเทนเนอร์ทั้ง 800 ตู้ของเราออกจากท่าเรือภายในเวลาเพียงสองถึงสามสัปดาห์ ตั้งแต่นั้น เราได้ค่อยๆ ขยายธุรกิจของเรากับ BYC และตอนนี้พวกเขาเป็นหนึ่งในผู้ให้บริการชั้นนำของเรา โดยขนส่งตู้คอนเทนเนอร์ของเรามากกว่า 3,000 ตู้ต่อปี”

สามารถเข้าถึงแพลตฟอร์ม Digital Drayage ได้ทางออนไลน์หรือด้วยแอปบนอุปกรณ์มือถือ ซึ่งทั้งลูกค้าและผู้ขายสามารถค้นหาและเปรียบเทียบราคาจำแนกตามสถานที่ ประเภทการย้าย และความพร้อมของคนขับ และจองการโหลดโดยตรง เมื่อทำการจอง ผู้ใช้จะได้รับหมายเลขคำขอที่สามารถใช้ดูรายละเอียดการจัดส่งและติดตามสถานะการสั่งซื้อแบบเรียลไทม์ มีแอปให้บริการทั้งบน Google Play Store และ Apple App Store

เกี่ยวกับ ZIM

ZIM เป็นบริษัทขนส่งตู้คอนเทนเนอร์แบบ Asset-Light ระดับโลก ซึ่งเป็นผู้นำในตลาดของตน ZIM ก่อตั้งขึ้นที่อิสราเอลในปี 1945 เป็นหนึ่งในบริษัทเดินเรือที่เก่าแก่ที่สุด โดยมีประสบการณ์มากกว่า 76 ปี ให้บริการขนส่งทางทะเลและโลจิสติกส์ที่ล้ำสมัยแก่ลูกค้า โดยมีชื่อเสียงด้านเวลาขนส่งที่เป็นชั้นนำของอุตสาหกรรม ตารางเวลาที่น่าเชื่อถือ และความเป็นเลิศด้านการบริการ

เกี่ยวกับ BYC

BYC ก่อตั้งขึ้นในปี 2015 เพื่อเพิ่มประสิทธิภาพให้กับกระบวนการ Drayage ด้วยการนำเสนอโซลูชันที่มุ่งเน้นด้านเทคโนโลยี ความเชี่ยวชาญด้านการขนส่งที่กว้างขวางช่วยให้ลูกค้าได้สัมผัสกับโซลูชันที่มุ่งเน้นในบริการและเทคโนโลยีที่เหนือชั้น เพื่อตอบสนองต่อปัญหาเฉพาะและการเปลี่ยนแปลงอย่างต่อเนื่องของอุตสาหกรรม เมื่อไม่นานมานี้ BYC ได้รับการยอมรับจาก Inc. 5000 ว่าเป็นหนึ่งในบริษัทที่เติบโตเร็วที่สุดในสหรัฐอเมริกาในปี 2019 สำหรับข้อมูลเพิ่มเติม โปรดไปที่ www.bookyourcargo.com

ติดต่อด้านสื่อ:

Allison Mills
LeadCoverage
allison@leadcoverage.com

Creo successfully completes commercial fermentation run

Creo successfully completes commercial fermentation run

Producing CBGA and CBG at 28,000 litre commercial scale

San Diego, CA – August 4, 2021 Creo, an ingredient technology company with a proprietary platform for producing natural cannabinoids without the cannabis plant, announced today the successful completion of its first commercial fermentation run at 28,000 L scale with performance that exceeded the Company’s expectations.

The fermentation took place at Creo’s manufacturing partner’s US FDA registered food-grade cGMP compliant facility. Creo’s manufacturing partner has over 4,000 scientists, research chemists, engineers and plant operators worldwide, dedicated to delivering for customers in a wide range of consumer and industrial markets.

The commercial fermentation produced CBGA which is being processed into finished CBGA and CBG for client sampling and sales. CBG and CBGA are non-psychoactive cannabinoids – CBG is the non-acidic form of CBGA which is often known as the “mother cannabinoid” since it’s the cannabinoid from which all other cannabinoids are naturally made in the cannabis plant. There is a growing body of scientific research suggesting CBG and CBGA may have a range of beneficial properties for health, wellness and beauty.

“We’re pleased with the performance of this commercial fermentation run at 28,000 L, which follows our successful demonstration campaign in January” said Creo’s CEO, Roy Lipski. “This helps lay the foundations for our reliable and scalable commercial supply chain of bio-fermented cannabinoids.”

About Creo
Creo is an ingredients technology company that produces high quality cannabinoids using the natural process of fermentation. Founded in 2016 and headquartered in California, Creo’s mission is to enable the creation of value-added cannabinoid products that help people everywhere, at scale and in a more environmentally sustainable way, using advanced biology instead of the cannabis plant. Creo’s technology partner and major shareholder is industry-leading biotechnology firm Genomatica. To learn more, visit creoingredients.com.

Media enquiries
Consilium Strategic Communications
Mary-Jane Elliott, Matthew Cole, Jessica Hodgson, Lindsey Neville
+44 (0) 20 3709 5700.
Creo@consilium-comms.com