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Next.e.GO Mobile SE, fabricante alemã de veículos elétricos a bateria, anuncia nova microfábrica na Bulgária

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Em uma cerimônia pública no Ministério da Economia da Bulgária, sob a liderança do Ministro Kiril Petkov, as partes assinaram um acordo pelo qual a Next.e.GO Mobile Bulgaria AD construirá em Lovech uma microfábrica inovadora e altamente conectada.  Com capacidade de até 30 mil veículos por ano, o início da produção está programado para o primeiro trimestre de 2024. A fábrica tem a intenção de criar até mil novos empregos na região. A nova instalação será uma gêmea ciberfísica da fábrica original Industry 4.0 em Aachen, na Alemanha, a primeira microfábrica de seu tipo totalmente conectada no setor de VEB, utilizando a arquitetura da Internet of Production e automação avançada.

“Esse acordo estratégico é mais um marco importante no crescimento descentralizado da Next.e.GO Mobile, aproveitando nossa microfábrica revolucionária e arquitetura de produtos na transformação da mobilidade urbana global. Nossa tecnologia, a produção exclusiva e todo o ecossistema que criamos nos diferenciam e aumentam nossa contribuição ecológica e econômica muito além de nossas fábricas para países e comunidades locais”, disse Ali Vezvaei, presidente da diretoria da Next e.GO Mobile SE. “Estamos muito satisfeitos de expandir nossa presença na Bulgária, um país com um capital humano incrível, terreno competitivo e clusters tecnológicos e industriais bem-desenvolvidos.”  

A Next.e.GO está acelerando a transição para a mobilidade urbana com zero emissões produzindo um dos VEBs urbanos mais sustentáveis e construídos para fins específicos. Ele foi projetado para combinar acessibilidade com durabilidade superior e custo total de propriedade extremamente baixo com sustentabilidade inigualável do ciclo de vida. E traduzindo isso em uma experiência de condução emocionante como nenhum outro VEB urbano.

Fundada na Alemanha e utilizando seus profundos conhecimentos de engenharia e produção integradas, conhecido como Internet of Production, com a criação de microfábrica com baixo capex e altamente flexível, a Next.e.GO Mobile foi bem-sucedida em seus planos de expansão global. Além da fábrica em funcionamento na Alemanha e da instalação planejada na Bulgária, a empresa havia anunciado anteriormente a intenção de replicar suas microfábricas ciberfísicas na Grécia e no México. O modelo e.GO Life Next já está disponível e sendo vendido na Alemanha. Em 2022, a empresa planeja apresentar a próxima geração do modelo e.GO Life e seus derivados, incluindo o e.GO Life Cross.

Foto – https://mma.prnewswire.com/media/1574355/eGO_digital_micro_factory_in_Aachen.jpg 

FONTE Next.e.GO Mobile SE

SOURCE Next.e.GO Mobile SE

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Source: https://www.prnewswire.com:443/news-releases/next-e-go-mobile-se-fabricante-alema-de-veiculos-eletricos-a-bateria-anuncia-nova-microfabrica-na-bulgaria-814457493.html

Energy

Oceaneering Reports Second Quarter 2021 Results

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HOUSTON, July 28, 2021 /PRNewswire/ — Oceaneering International, Inc. (“Oceaneering”) (NYSE:OII) today reported net income of $6.2 million, or $0.06 per share, on revenue of $498 million for the three months ended June 30, 2021.  Adjusted net income was $10.4 million, or $0.10 per share, reflecting the impact of $3.2 million of pre-tax adjustments associated with a loss on the sale of an asset and foreign exchange losses recognized during the quarter, and $1.6 million of discrete tax adjustments, primarily due to changes in valuation allowances.

During the prior quarter ended March 31, 2021, Oceaneering reported a net loss of $9.4 million, or $(0.09) per share, on revenue of $438 million.  Adjusted net income was $2.8 million, or $0.03 per share, reflecting the impact of $3.2 million of pre-tax adjustments associated with restructuring and other expenses and foreign exchange losses recognized during the quarter, and $9.6 million of discrete tax adjustments.

Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins), and free cash flow are non-GAAP measures that exclude the impacts of certain identified items.  Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2021 Adjusted EBITDA Estimates, Adjusted Operating Income (Loss) and Margins by Segment, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

Summary of Results

(in thousands, except per share amounts)














Three Months Ended


Six Months Ended



Jun 30,


Mar 31,


Jun 30,










2021


2020


2021


2021


2020












Revenue


$

498,199



$

427,216



$

437,553



$

935,752



$

963,884


Gross Margin


68,397



42,537



56,657



125,054



89,289


Income (Loss) from Operations


22,819



(5,182)



13,783



36,602



(385,939)


Net Income (Loss)


6,241



(24,788)



(9,365)



(3,124)



(392,386)













Diluted Earnings (Loss) Per Share


$

0.06



$

(0.25)



$

(0.09)



$

(0.03)



$

(3.96)







For the second quarter of 2021:

  • Consolidated Adjusted EBITDA was $60.6 million
  • Consolidated Adjusted Operating Income was $24.2 million
  • Cash flow generated from operations was $50.5 million and free cash flow was $37.9 million
  • Cash position increased by $13.3 million, from $443 million to $456 million
  • We retired $30.5 million of our 2024 senior notes through open market repurchases

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, “Based on our first half financial performance and expectations for the second half of 2021, we are raising our adjusted EBITDA guidance to a range of $200 million to $225 million for the full year.  This confidence, despite ongoing uncertainties associated with COVID-19, stems from positive client interactions, supportive oil price expectations, and growing backlog.

“Our second quarter 2021 results returned positive net income, and we produced adjusted EBITDA of $60.6 million, which exceeded consensus estimates.  These positive results were attributable to the increased seasonal demand for our services and products in our energy businesses, growth in our government focused business segment, and forfeitures of long-term incentive accruals in Unallocated Expenses.

Segment Results:

“Sequentially, Subsea Robotics (SSR) revenue and adjusted operating income both increased as expected due to higher seasonal activity for ROV, survey, and tooling services.  SSR adjusted EBITDA margin of 31% was relatively consistent with the first quarter of 2021, with pricing remaining stable across our SSR business lines.

“Second quarter 2021 ROV days on hire were sequentially higher for both drill support and vessel-based services as compared to first quarter 2021.  Fleet utilization rose significantly, averaging 62% for the quarter, as compared to 53% for the first quarter.  Our fleet use during the quarter was 58% in drill support and 42% in vessel-based activity, compared to 64% and 36%, respectively, during the first quarter.  Second quarter 2021 average ROV revenue per day on hire of $8,056 was 2% higher than the first quarter of 2021.

“Manufactured Products (MP) second quarter 2021 adjusted operating income declined from the first quarter of 2021 on lower revenue.  Sequentially, adjusted operating income margin decreased to 1% from 4% in the first quarter of 2021 as lower segment revenue decreased the ability to leverage our cost base.  Our Manufactured Products backlog on June 30, 2021 was $315 million, compared to our March 31, 2021 backlog of $248 million.  Our book-to-bill ratio was 1.3 for the six months ended June 30, 2021 and 0.8 for the trailing 12 months.

“The second quarter 2021 Offshore Projects Group (OPG) adjusted operating income declined as compared to the first quarter of 2021 despite a meaningful increase in revenue.  Revenue benefited from ongoing field activities on several projects in Angola and a seasonal increase in intervention, maintenance and repair (IMR) work in the Gulf of Mexico.  The sequential decline in adjusted operating income margin, from 10% in the first quarter of 2021 to 7% in the second quarter of 2021, was primarily due to unplanned downtime and related costs associated with the Angola riserless light well intervention project, which was partially offset by higher IMR activity levels in the Gulf of Mexico.

“Integrity Management and Digital Solutions (IMDS) sequential adjusted operating income was higher on a 19% increase in revenue.  Higher seasonal activity and the start-up of several new projects contributed to the revenue increase.  Continuing efficiency improvements, including utilization of field personnel, resulted in adjusted operating income margin increasing to 7% in the second quarter 2021 from 5% in the first quarter of 2021.

“Aerospace and Defense Technologies (ADTech) second quarter 2021 adjusted operating income improved from the first quarter of 2021 on a 20% increase in revenue.  Adjusted operating income margin of 18% was better than forecast due to project mix and favorable rate-based adjustments.  At the corporate level for the second quarter of 2021, adjusted Unallocated Expenses of $30.3 million were slightly lower as compared to the first quarter of 2021 due to lower expense accruals related to incentive-based compensation forfeitures.

Third Quarter Outlook:

“For the third quarter, compared to the second quarter, we anticipate relatively flat activity and operating profitability in our SSR, Manufactured Products, and IMDS segments, lower activity levels and relatively flat operating profitability in our OPG segment, and lower activity levels and lower operating profitability in our ADTech segment.  Unallocated Expenses are forecast to be in the mid-$30 million range due primarily to increased information technology infrastructure costs and normalized accruals for incentive-based compensation.  On a consolidated basis, we expect a sequential decline in third quarter 2021 results, with adjusted EBITDA in the range of $50 million to $55 million on slightly lower revenue.

Cash and Liquidity:

“Our cash balance of $456 million, coupled with improved debt markets and our expectation to generate meaningful free cash flow in 2021, will provide us with improved flexibility to address our 2024 debt maturity while we continue to leverage our technologies and core competencies into energy transition opportunities.”

This release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering.  More specifically, the forward-looking statements in this press release include: the statements concerning Oceaneering’s expectations about: full year 2021 adjusted EBITDA range and the bases for that range; characterization of demand or activity levels as seasonal; references to backlog, to the extent backlog may be an indicator of future revenue or profitability; anticipated third quarter segment activity levels and operating profitability as compared to second quarter 2021; forecasted Unallocated Expenses and the bases for that forecast; expectations about consolidated third quarter 2021 sequential results and revenue, and adjusted EBITDA range; characterization of debt markets and expectation to generate meaningful free cash flow in 2021; and the expectation of improved flexibility to address the 2024 debt maturity.

The forward-looking statements included in this release are based on our current expectations and are subject to certain risks, assumptions, trends and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements.  Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth and the supply and demand of offshore drilling rigs; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; the continuing effects of the COVID-19 pandemic and the governmental, customer, supplier, and other responses thereto; cancellations of contracts, change orders and other contractual modifications, force majeure declarations and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in tax laws, regulations and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts or terrorist attacks.  For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements.  Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

Oceaneering is a global provider of engineered services and products, primarily to the offshore energy industry. Through the use of its applied technology expertise, Oceaneering also serves the defense, aerospace, and entertainment industries.

For more information on Oceaneering, please visit www.oceaneering.com.

Contact:
Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
[email protected]




















OCEANEERING INTERNATIONAL, INC. AND SUBSIDIARIES




















CONDENSED CONSOLIDATED BALANCE SHEETS



































Jun 30, 2021


Dec 31, 2020

















(in thousands)


ASSETS


















Current assets (including cash and cash equivalents of $456,087 and $452,016)






$

1,228,876



$

1,170,263




Net property and equipment







537,909



591,107




Other assets










294,764



284,472






Total Assets






$

2,061,549



$

2,045,842






















LIABILITIES AND EQUITY











Current liabilities










$

479,523



$

437,116




Long-term debt










773,423



805,251




Other long-term liabilities






245,871



245,318




Equity










562,732



558,157






Total Liabilities and Equity






$

2,061,549



$

2,045,842






















CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS





























For the Three Months Ended


For the Six Months Ended










Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020











(in thousands, except per share amounts)






















Revenue






$

498,199



$

427,216



$

437,553



$

935,752



$

963,884




Cost of services and products


429,802



384,679



380,896



810,698



874,595





Gross margin


68,397



42,537



56,657



125,054



89,289




Selling, general and administrative expense


45,578



47,719



42,874



88,452



103,460




Long-lived assets impairments










68,763




Goodwill impairment










303,005





Income (loss) from operations




22,819



(5,182)



13,783



36,602



(385,939)




Interest income






683



511



519



1,202



1,788




Interest expense, net of amounts capitalized


(9,729)



(11,611)



(10,407)



(20,136)



(24,073)




Equity in income (losses) of unconsolidated affiliates


378



674



534



912



1,871




Other income (expense), net


(1,955)



(3,660)



(1,453)



(3,408)



(10,788)





Income (loss) before income taxes


12,196



(19,268)



2,976



15,172



(417,141)




Provision (benefit) for income taxes


5,955



5,520



12,341



18,296



(24,755)





Net Income (Loss)


$

6,241



$

(24,788)



$

(9,365)



$

(3,124)



$

(392,386)






















Weighted average diluted shares outstanding


100,847



99,273



99,461



99,613



99,164



Diluted earnings (loss) per share


$

0.06



$

(0.25)



$

(0.09)



$

(0.03)



$

(3.96)






















The above Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations should be read in conjunction with the Company’s latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.


SEGMENT INFORMATION
















For the Three Months Ended


For the Six Months Ended







Jun 30, 2021


Jun 30, 2020 *


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020 *






($ in thousands)

Subsea Robotics
















Revenue



$

141,371



$

119,234



$

119,119



$

260,490



$

259,004



Gross margin



$

31,767



$

21,324



$

24,078



$

55,845



$

40,797


Operating income (loss)



$

21,710



$

11,662



$

14,619



$

36,329



$

(82,421)


Operating income (loss) %



15

%


10

%


12

%


14

%


(32)

%


ROV days available



22,750



22,750



22,469



45,219



45,500



ROV days utilized



14,005



13,501



11,887



25,892



28,354



ROV utilization



62

%


59

%


53

%


57

%


62

%
















Manufactured Products
















Revenue



$

79,127



$

100,570



$

86,825



$

165,952



$

267,104



Gross margin



$

8,391



$

13,679



$

10,004



$

18,395



$

31,628


Operating income (loss)



$

790



$

3,865



$

2,753



$

3,543



$

(62,273)


Operating income (loss) %



1

%


4

%


3

%


2

%


(23)

%

Backlog at end of period



$

315,000



$

380,000



$

248,000



$

315,000



$

380,000

















Offshore Projects Group
















Revenue



$

107,951



$

73,840



$

89,234



$

197,185



$

148,094



Gross margin



$

14,566



$

3,170



$

15,111



$

29,677



$

5,265


Operating income (loss)



$

7,996



$

(4,135)



$

8,813



$

16,809



$

(83,458)


Operating income (loss) %



7

%


(6)

%


10

%


9

%


(56)

%
















Integrity Management & Digital Solutions














Revenue



$

64,070



$

53,969



$

54,048



$

118,118



$

118,698



Gross margin



$

10,462



$

5,455



$

8,209



$

18,671



$

15,247


Operating income (loss)



$

4,721



$

(1,825)



$

2,474



$

7,195



$

(123,360)


Operating income (loss) %



7

%


(3)

%


5

%


6

%


(104)

%
















Aerospace and Defense Technologies














Revenue



$

105,680



$

79,603



$

88,327



$

194,007



$

170,984



Gross margin



$

24,603



$

17,313



$

22,110



$

46,713



$

34,798


Operating income (loss)



$

19,340



$

13,430



$

16,839



$

36,179



$

26,401


Operating income (loss) %



18

%


17

%


19

%


19

%


15

%















Unallocated Expenses















Gross margin



$

(21,392)



$

(18,404)



$

(22,855)



$

(44,247)



$

(38,446)


Operating income (loss)



$

(31,738)



$

(28,179)



$

(31,715)



$

(63,453)



$

(60,828)















Total


















Revenue



$

498,199



$

427,216



$

437,553



$

935,752



$

963,884



Gross margin



$

68,397



$

42,537



$

56,657



$

125,054



$

89,289


Operating income (loss)



$

22,819



$

(5,182)



$

13,783



$

36,602



$

(385,939)


Operating income (loss) %



5

%


(1)

%


3

%


4

%


(40)

%


The above Segment Information does not include adjustments for non-recurring transactions. See the tables below under the caption “Reconciliations of Non-GAAP to GAAP Financial Information” for financial measures that our management considers in evaluating our ongoing operations.
















* Recast to reflect segment changes.












SELECTED CASH FLOW INFORMATION


















For the Three Months Ended


For the Six Months Ended







Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020







(in thousands)













Capital Expenditures, including Acquisitions



$

12,629



$

10,631



$

10,699



$

23,328



$

37,860




















For the Three Months Ended


For the Six Months Ended







Jun 30, 2021


Jun 30, 2020 *


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020 *







(in thousands)

Depreciation and amortization:












Energy Services and Products













Subsea Robotics



$

22,436



$

25,080



$

22,952



$

45,388



$

164,267



Manufactured Products



3,248



3,587



3,227



6,475



19,551



Offshore Projects Group



6,862



8,255



7,125



13,987



83,162



Integrity Management & Digital Solutions



1,091



757



1,124



2,215



125,100


Total Energy Services and Products



33,637



37,679



34,428



68,065



392,080


Aerospace and Defense Technologies



1,404



658



1,276



2,680



1,345


Unallocated Expenses



184



361



767



951



1,469



Total Depreciation and Amortization



$

35,225



$

38,698



$

36,471



$

71,696



$

394,894

















Goodwill and long-lived asset impairment expense, reflected in the depreciation and amortization expense above, was $310 million

in the six months ended June 30, 2020.
















* Recast to reflect segment changes.












 

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION 

In addition to financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G).  We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow.  As a result, these amounts are non-GAAP financial measures.  We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business.  Furthermore, our management uses these measures as measures of the performance of our operations.  We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2021 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment:  Adjusted Operating Income and Margins, EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins.  We define EBITDA Margin as EBITDA divided by revenue.  Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow.  EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and Adjusted Operating Income and Margin and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions).  We have included these disclosures in this press release because EBITDA, EBITDA Margins and Free Cash Flow are widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) provide more consistent measures than the unadjusted amounts.  Furthermore, our management uses these measures for purposes of evaluating our financial performance.  Our presentation of EBITDA, EBITDA Margins and Free Cash Flow (and the Adjusted amounts thereof) may not be comparable to similarly titled measures other companies report.  Non-GAAP financial measures should be viewed in addition to and not as substitutes for our reported operating results, cash flows or any other measure prepared and reported in accordance with GAAP.   The tables that follow provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION


(continued)

 



















Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)
























For the Three Months Ended







Jun 30, 2021

Jun 30, 2020

Mar 31, 2021







Net Income
(Loss)


Diluted EPS


Net Income
(Loss)


Diluted EPS


Net Income
(Loss)


Diluted EPS







(in thousands, except per share amounts)










Net income (loss) and diluted EPS as reported in accordance with GAAP


$

6,241



$

0.06



$

(24,788)



$

(0.25)



$

(9,365)



$

(0.09)



Pre-tax adjustments for the effects of:















Loss on sale of asset




1,415














Restructuring expenses and other






5,708





1,308






Foreign currency (gains) losses


1,800





3,908





1,861





Total pre-tax adjustments


3,215





9,616





3,169






















Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods


(674)





(2,331)





(605)





Discrete tax items:














    Share-based compensation


(4)





16





577





    Uncertain tax positions


186





735





(16)





    U.S. CARES Act






1,159









    Valuation allowances


3,525





3,245





6,758





    Other


(2,136)





(1,887)





2,275






Total discrete tax adjustments


1,571





3,268





9,594






Total of adjustments


4,112





10,553





12,158





Adjusted Net Income (Loss)


$

10,353



$

0.10



$

(14,235)



$

(0.14)



$

2,793



$

0.03



Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)




100,847





99,273





100,480





















































Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS)


























For the Six Months Ended







Jun 30, 2021

Jun 30, 2020










Net Income
(Loss)


Diluted EPS


Net Income
(Loss)


Diluted EPS










(in thousands, except per share amounts)








Net income (loss) and diluted EPS as reported in accordance with GAAP






$

(3,124)



$

(0.03)



$

(392,386)



$

(3.96)


Pre-tax adjustments for the effects of:














Long-lived assets impairments










68,763





Long-lived assets write-offs










7,328





Goodwill impairment










303,005





Loss on sale of asset








1,415









Restructuring expenses and other






1,308





12,338





Foreign currency (gains) losses






3,661





10,958




Total pre-tax adjustments






6,384





402,392




















Tax effect on pre-tax adjustments at the applicable jurisdictional statutory rate in effect for respective periods






(1,279)





(47,686)




Discrete tax items:













Share-based compensation






573





1,003




Uncertain tax positions






170





(8,917)




U.S. CARES Act










(32,625)




Valuation allowances






10,283





68,453




Other






139





(937)





Total discrete tax adjustments






11,165





26,977





Total of adjustments






16,270





381,683




Adjusted Net Income (Loss)






$

13,146



$

0.13



$

(10,703)



$

(0.11)


Weighted average diluted shares outstanding utilized for Adjusted Net Income (Loss)








100,672





99,164
















EBITDA and Adjusted EBITDA and Margins




















For the Three Months Ended


For the Six Months Ended






Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020






($ in thousands)















Net income (loss)



$

6,241



$

(24,788)



$

(9,365)



$

(3,124)



$

(392,386)


Depreciation and amortization



35,225



38,698



36,471



71,696



394,894



Subtotal



41,466



13,910



27,106



68,572



2,508


Interest expense, net of interest income


9,046



11,100



9,888



18,934



22,285


Amortization included in interest expense


907



333



303



1,210




Provision (benefit) for income taxes



5,955



5,520



12,341



18,296



(24,755)



EBITDA



57,374



30,863



49,638



107,012



38


Adjustments for the effects of:













Long-lived assets impairments











68,763



Loss on sale of asset



1,415







1,415





Restructuring expenses and other





5,708



1,308



1,308



12,338



Foreign currency (gains) losses



1,800



3,908



1,861



3,661



10,958




Total of adjustments



3,215



9,616



3,169



6,384



92,059



Adjusted EBITDA



$

60,589



$

40,479



$

52,807



$

113,396



$

92,097
















Revenue



$

498,199



$

427,216



$

437,553



$

935,752



$

963,884
















EBITDA margin %



12

%


7

%


11

%


11

%


%

Adjusted EBITDA margin %



12

%


9

%


12

%


12

%


10

%



























Free Cash Flow
















For the Three Months Ended


For the Six Months Ended




Jun 30, 2021


Jun 30, 2020


Mar 31, 2021


Jun 30, 2021


Jun 30, 2020




(in thousands)

Net Income (loss)


$

6,241



$

(24,788)



$

(9,365)



$

(3,124)



$

(392,386)


Non-cash adjustments:












Depreciation and amortization, including goodwill impairment


35,225



38,698



36,471



71,696



394,894



Long-lived asset impairments










68,763



Other non-cash


(1,294)



41



(365)



(1,659)



(4,585)


Other increases (decreases) in cash from operating activities


10,374



23,567



(28,464)



(18,090)



(61,318)


Cash flow provided by (used in) operating activities


50,546



37,518



(1,723)



48,823



5,368


Purchases of property and equipment


(12,629)



(10,631)



(10,699)



(23,328)



(37,860)


Free Cash Flow


$

37,917



$

26,887



$

(12,422)



$

25,495



$

(32,492)






































2021 Adjusted EBITDA Estimates






















For the Three Months Ended










September 30, 2021










Low


High










(in thousands)

Income (loss) before income taxes








$

4,000



$

7,000


Depreciation and amortization








36,000



38,000



Subtotal








40,000



45,000


Interest expense, net of interest income








10,000



10,000



Adjusted EBITDA








$

50,000



$

55,000























For the Year Ended










December 31, 2021










Low


High










(in thousands)

Income (loss) before income taxes








$

15,000



$

35,000


Depreciation and amortization








145,000



150,000



Subtotal








160,000



185,000


Interest expense, net of interest income








40,000



40,000



Adjusted EBITDA








$

200,000



$

225,000

















Adjusted Operating Income (Loss) and Margins by Segment






For the Three Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

21,710



$

790



$

7,996



$

4,721



$

19,340



$

(31,738)



$

22,819


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415




Total of adjustments












1,415



1,415



















Adjusted Operating Income (Loss)


$

21,710



$

790



$

7,996



$

4,721



$

19,340



$

(30,323)



$

24,234



















Revenue


$

141,371



$

79,127



$

107,951



$

64,070



$

105,680





$

498,199


Operating income (loss) % as reported in accordance with GAAP


15

%


1

%


7

%


7

%


18

%




5

%

Operating income (loss) % using adjusted amounts


15

%


1

%


7

%


7

%


18

%




5

%











































For the Three Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

11,662



$

3,865



$

(4,135)



$

(1,825)



$

13,430



$

(28,179)



$

(5,182)


Adjustments for the effects of:















Restructuring expenses and other


1,380



1,212



1,405



1,536





175



5,708




Total of adjustments


1,380



1,212



1,405



1,536





175



5,708



















Adjusted Operating Income (Loss)


$

13,042



$

5,077



$

(2,730)



$

(289)



$

13,430



$

(28,004)



$

526



















Revenue


$

119,234



$

100,570



$

73,840



$

53,969



$

79,603





$

427,216


Operating income (loss) % as reported in accordance with GAAP


10

%


4

%


(6)

%


(3)

%


17

%




(1)

%

Operating income (loss) % using adjusted amounts


11

%


5

%


(4)

%


(1)

%


17

%




%


* Recast to reflect segment changes.



















































For the Three Months Ended March 31, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

14,619



$

2,753



$

8,813



$

2,474



$

16,839



$

(31,715)



$

13,783


Adjustments for the effects of:
















Restructuring expenses and other


395



537



149



217



10





1,308




Total of adjustments


395



537



149



217



10





1,308


Adjusted Operating Income (Loss)


$

15,014



$

3,290



$

8,962



$

2,691



$

16,849



$

(31,715)



$

15,091



















Revenue


$

119,119



$

86,825



$

89,234



$

54,048



$

88,327





$

437,553


Operating income (loss) % as reported in accordance with GAAP


12

%


3

%


10

%


5

%


19

%




3

%

Operating income (loss) % using adjusted amounts


13

%


4

%


10

%


5

%


19

%




3

%





Adjusted Operating Income (Loss) and Margins by Segment






For the Six Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

36,329



$

3,543



$

16,809



$

7,195



$

36,179



$

(63,453)



$

36,602


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415



Restructuring expenses and other


395



537



149



217



10





1,308




Total of adjustments


395



537



149



217



10



1,415



2,723



















Adjusted Operating Income (Loss)


$

36,724



$

4,080



$

16,958



$

7,412



$

36,189



$

(62,038)



$

39,325



















Revenue


$

260,490



$

165,952



$

197,185



$

118,118



$

194,007





$

935,752


Operating income (loss) % as reported in accordance with GAAP


14

%


2

%


9

%


6

%


19

%




4

%

Operating income (loss) % using adjusted amounts


14

%


2

%


9

%


6

%


19

%




4

%






















For the Six Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

(82,421)



$

(62,273)



$

(83,458)



$

(123,360)



$

26,401



$

(60,828)



$

(385,939)


Adjustments for the effects of:















Long-lived assets impairments




61,074



7,522



167







68,763



Long-lived assets write-offs


7,328













7,328



Goodwill impairment


102,118



11,388



66,285



123,214







303,005



Restructuring expenses and other


2,299



3,196



2,621



3,767





455



12,338




Total of adjustments


111,745



75,658



76,428



127,148





455



391,434



















Adjusted Operating Income (Loss)


$

29,324



$

13,385



$

(7,030)



$

3,788



$

26,401



$

(60,373)



$

5,495



















Revenue


$

259,004



$

267,104



$

148,094



$

118,698



$

170,984





$

963,884


Operating income (loss) % as reported in accordance with GAAP


(32)

%


(23)

%


(56)

%


(104)

%


15

%




(40)

%

Operating income (loss) % using adjusted amounts


11

%


5

%


(5)

%


3

%


15

%




1

%


* Recast to reflect segment changes.
















EBITDA and Adjusted EBITDA and Margins by Segment






For the Three Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

21,710



$

790



$

7,996



$

4,721



$

19,340



$

(31,738)



$

22,819


Adjustments for the effects of:















Depreciation and amortization


22,436



3,248



6,862



1,091



1,404



184



35,225



Other pre-tax












(670)



(670)



EBITDA


44,146



4,038



14,858



5,812



20,744



(32,224)



57,374


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415



Foreign currency (gains) losses












1,800



1,800




Total of adjustments












3,215



3,215


Adjusted EBITDA


$

44,146



$

4,038



$

14,858



$

5,812



$

20,744



$

(29,009)



$

60,589



















Revenue


$

141,371



$

79,127



$

107,951



$

64,070



$

105,680





$

498,199


Operating income (loss) % as reported in accordance with GAAP


15

%


1

%


7

%


7

%


18

%




5

%

EBITDA Margin


31

%


5

%


14

%


9

%


20

%




12

%

Adjusted EBITDA Margin


31

%


5

%


14

%


9

%


20

%




12

%






















For the Three Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

11,662



$

3,865



$

(4,135)



$

(1,825)



$

13,430



$

(28,179)



$

(5,182)


Adjustments for the effects of:















Depreciation and amortization


25,080



3,587



8,255



757



658



361



38,698



Other pre-tax












(2,653)



(2,653)



EBITDA


36,742



7,452



4,120



(1,068)



14,088



(30,471)



30,863


Adjustments for the effects of:















Restructuring expenses and other


1,380



1,212



1,405



1,536





175



5,708



Foreign currency (gains) losses












3,908



3,908




Total of adjustments


1,380



1,212



1,405



1,536





4,083



9,616


Adjusted EBITDA


$

38,122



$

8,664



$

5,525



$

468



$

14,088



$

(26,388)



$

40,479



















Revenue


$

119,234



$

100,570



$

73,840



$

53,969



$

79,603





$

427,216


Operating income (loss) % as reported in accordance with GAAP


10

%


4

%


(6)

%


(3)

%


17

%




(1)

%

EBITDA Margin


31

%


7

%


6

%


(2)

%


18

%




7

%

Adjusted EBITDA Margin


32

%


9

%


7

%


1

%


18

%




9

%


















* Recast to reflect segment changes.



















For the Three Months Ended March 31, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

14,619



$

2,753



$

8,813



$

2,474



$

16,839



$

(31,715)



$

13,783


Adjustments for the effects of:















Depreciation and amortization


22,952



3,227



7,125



1,124



1,276



767



36,471



Other pre-tax












(616)



(616)



EBITDA


37,571



5,980



15,938



3,598



18,115



(31,564)



49,638


Adjustments for the effects of:















Restructuring expenses and other


395



537



149



217



10





1,308



Foreign currency (gains) losses












1,861



1,861




Total of adjustments


395



537



149



217



10



1,861



3,169


Adjusted EBITDA


$

37,966



$

6,517



$

16,087



$

3,815



$

18,125



$

(29,703)



$

52,807



















Revenue


$

119,119



$

86,825



$

89,234



$

54,048



$

88,327





$

437,553


Operating income (loss) % as reported in accordance with GAAP


12

%


3

%


10

%


5

%


19

%




3

%

EBITDA Margin


32

%


7

%


18

%


7

%


21

%




11

%

Adjusted EBITDA Margin


32

%


8

%


18

%


7

%


21

%




12

%





















EBITDA and Adjusted EBITDA and Margins by Segment






For the Six Months Ended June 30, 2021





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

36,329



$

3,543



$

16,809



$

7,195



$

36,179



$

(63,453)



$

36,602


Adjustments for the effects of:















Depreciation and amortization


45,388



6,475



13,987



2,215



2,680



951



71,696



Other pre-tax












(1,286)



(1,286)



EBITDA


81,717



10,018



30,796



9,410



38,859



(63,788)



107,012


Adjustments for the effects of:















Loss on sale of asset












1,415



1,415



Restructuring expenses and other


395



537



149



217



10





1,308



Foreign currency (gains) losses












3,661



3,661




Total of adjustments


395



537



149



217



10



5,076



6,384


Adjusted EBITDA


$

82,112



$

10,555



$

30,945



$

9,627



$

38,869



$

(58,712)



$

113,396



















Revenue


$

260,490



$

165,952



$

197,185



$

118,118



$

194,007





$

935,752


Operating income (loss) % as reported in accordance with GAAP


14

%


2

%


9

%


6

%


19

%




4

%

EBITDA Margin


31

%


6

%


16

%


8

%


20

%




11

%

Adjusted EBITDA Margin


32

%


6

%


16

%


8

%


20

%




12

%






















For the Six Months Ended June 30, 2020 *





SSR


MP


OPG


IMDS


ADTech


Unallocated
Expenses
and other


Total





($ in thousands)

Operating Income (Loss) as reported in accordance with GAAP


$

(82,421)



$

(62,273)



$

(83,458)



$

(123,360)



$

26,401



$

(60,828)



$

(385,939)


Adjustments for the effects of:















Depreciation and amortization


164,267



19,551



83,162



125,100



1,345



1,469



394,894



Other pre-tax












(8,917)



(8,917)



EBITDA


81,846



(42,722)



(296)



1,740



27,746



(68,276)



38


Adjustments for the effects of:















Long-lived assets impairments




61,074



7,522



167







68,763



Restructuring expenses and other


2,299



3,196



2,621



3,767





455



12,338



Foreign currency (gains) losses












10,958



10,958




Total of adjustments


2,299



64,270



10,143



3,934





11,413



92,059


Adjusted EBITDA


$

84,145



$

21,548



$

9,847



$

5,674



$

27,746



$

(56,863)



$

92,097



















Revenue


$

259,004



$

267,104



$

148,094



$

118,698



$

170,984





$

963,884


Operating income (loss) % as reported in accordance with GAAP


(32)

%


(23)

%


(56)

%


(104)

%


15

%




(40)

%

EBITDA Margin


32

%


(16)

%


%


1

%


16

%




%

Adjusted EBITDA Margin


32

%


8

%


7

%


5

%


16

%




10

%


















* Recast to reflect segment changes.













SOURCE Oceaneering International, Inc.

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Energy

Agnico Eagle Reports Second Quarter 2021 Results – Strong Operating Results With Record Safety Performance; Reintegration of Nunavummiut Workforce Underway at Meliadine and Meadowbank; Underground Development and Surface Construction Proceeding as Planned at Odyssey

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on

(All amounts expressed in U.S. dollars unless otherwise noted) Stock Symbol: AEM (NYSE and TSX) TORONTO, July 28, 2021 /PRNewswire/ – Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (“Agnico Eagle” or the “Company”) today reported quarterly net income of $189.6 million, or net income of…

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Energy

Covanta Holding Corporation Reports Second Quarter 2021 Results

Published

on

MORRISTOWN, N.J., July 28, 2021 /PRNewswire/ — Covanta Holding Corporation (NYSE: CVA) (“Covanta” or the “Company”), a world leader in sustainable waste and energy solutions, reported financial results today for the three and six months ended June 30, 2021.


Three Months Ended
June 30,


2021


2020






(Unaudited, $ in millions)

Revenue

$506


$454

Net loss

$(19)


$(13)

Adjusted EBITDA

$110


$96

Net cash provided by operating activities

$105


$94

Free Cash Flow

$62


$62


Reconciliations of non-GAAP measures can be found in the exhibits to this press release.

Key Highlights

  • Adjusted EBITDA up $14 million (15%) year-over-year
  • 8% year-over-year waste-to-energy tip fee price growth
  • Metals markets remain strong and energy markets improving
  • UK construction and commissioning activities on track

“We are seeing broad-based momentum in the business, as waste markets have recovered strongly and commodity prices continue to firm,” said Michael Ranger, President and CEO. “Operationally, we are executing on plan, with the fleet running at high levels of availability and production following a successful spring outage season. With the announced transaction with EQT, we remain focused on our mission to provide sustainable waste and energy solutions for our customers and communities, and are excited about the opportunities for growth in the company’s next chapter.”

Fiscal Year 2021 Guidance and Upcoming Investor Communication

In light of the announcement of a definitive agreement with EQT to purchase Covanta at $20.25 per share, the Company will no longer update forward looking guidance and will discontinue quarterly earnings conference calls. The transaction is expected to close during the fourth quarter of 2021, subject to customary closing conditions including approval by the majority of the holders of Covanta’s outstanding common shares.

Discussion of Second Quarter 2021 Results

Total revenue for the three months ended June 30, 2021 was $506 million, up $52 million as compared to the prior year period, driven by the following:

  • Waste revenue improved by $27 million, with growth in nearly all areas, including:
    • Tip fees up $11 million (7%) on higher prices;
    • Service fees up $8 million (7%) primarily due to higher plant throughput; and
    • Material processing and recycling revenue up $8 million with the strong recovery in demand in our environmental services business;
  • Energy revenue increased by $8 million due to higher market prices, increased electricity sales volumes and increased revenue from renewable energy credits; and
  • Materials sales increased by $18 million, with a $13 million increase in ferrous revenue on higher market prices and a $6 million increase in non-ferrous revenue due to both market prices and higher sales volume.

Total operating expenses were $481 million in the quarter, up $45 million over the prior year period, driven by the following:

  • Wages and benefits rose by $17 million, with normalized compensation costs compared to COVID-related cost mitigation actions taken in the second quarter of 2020 and higher accruals for incentive compensation based on financial performance;
  • Maintenance expense increased by $8 million due to the timing of planned outage activity;
  • Other operating costs increased by $14 million primarily related to higher waste volumes in the quarter, including higher costs for hauling, disposal, chemicals and reagents; and
  • General and administrative expense rose by $6 million, with the cost mitigation actions taken in the prior year period impacting the comparison.

Adjusted EBITDA increased by $14 million to $110 million, driven primarily by higher waste and commodity prices, partially offset by higher costs compared to the prior year cost mitigation program and heavier planned maintenance expense.

Free Cash Flow was $62 million in the quarter, effectively unchanged compared to the prior year, as higher Adjusted EBITDA was offset primarily by higher planned maintenance capital expenditures.

The Company ended the quarter with $2.5 billion of net debt outstanding and a leverage ratio of 5.8x.

About Covanta

Covanta is a world leader in providing sustainable waste and energy solutions.  Annually, Covanta’s modern Waste-to-Energy (“WtE”) facilities safely convert approximately 21 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle 600,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today’s most complex environmental challenges. For more information, visit www.covanta.com.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking” statements as defined in Section 27A of the Securities Act of 1933 (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (“SEC”), all as may be amended from time to time. Forward-looking statements are those that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors. They are not guarantees of future performance or actual results. Developments and business decisions may differ from those envisaged by our forward-looking statements.  Forward-looking statements, including, without limitation, statements with respect to the consummation of the transaction with EQT, involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta Holding Corporation (“Covanta”), its subsidiaries and joint ventures or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements, in particular, the announced business combination with EQT depends on the satisfaction of the closing conditions to the business combination, and there can be no assurance as to whether or when the business combination will be consummated. For additional information see the Cautionary Note Regarding Forward-Looking Statements in the Company’s 2020 Annual Report on Form 10-K as well as Risk Factors in the Company’s most recent Quarterly Report on Form 10-Q for the period ended June 30, 2021.

Where to Find Additional Information

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.  This communication may be deemed to be solicitation material in respect of the proposed merger between Covanta and affiliates of EQT Infrastructure.  In connection with the proposed merger, Covanta intends to file a proxy statement with the SEC.  SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION. Security holders may obtain a free copy of the proxy statement (when available) and other documents filed by Covanta with the SEC at http://www.sec.gov. Free copies of the proxy statement, once available, and Covanta’s other filings with the SEC, may also be obtained from the respective companies. Free copies of documents filed with the SEC by Covanta will be made available free of charge on Covanta’s investor relations website at https://investors.covanta.com/.

Participants in the Solicitation

Covanta and its directors and executive officers may be deemed to be participants in the solicitation of proxies of Covanta’s stockholders in respect of the proposed merger. Information about the directors and executive officers of Covanta is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on February 19, 2021.  Stockholders may obtain additional information regarding the interest of such participants by reading the proxy statement regarding the proposed merger when it becomes available.

Covanta Holding Corporation

Exhibit 1

Consolidated Statements of Operations






Three Months Ended
June 30,


Six Months Ended
June 30,



2021


2020


2021


2020












(Unaudited)

(In millions, except per

share amounts)

OPERATING REVENUE:









Waste revenue


$

364



$

337



$

707



$

677


Energy revenue


86



78



190



171


Materials sales revenue


38



20



74



37


Services revenue


18



19



33



37


Total operating revenue


506



454



1,004



922


OPERATING EXPENSE:









Cost of operations


390



351



788



722


Other operating expense, net


3



2



(1)



4


General and administrative expense


33



27



66



57


Depreciation and amortization expense


55



56



112



114


Impairment charges (a)








19


Total operating expense


481



436



965



916


Operating income


25



18



39



6


OTHER (EXPENSE) INCOME:









Interest expense


(32)



(34)



(63)



(68)


Net gain on sale of business and investments (a)








9


Other income (expense)




(1)





(2)


Total other expense


(32)



(35)



(63)



(61)


Loss before income tax benefit and equity in net income from unconsolidated investments


(7)



(17)



(24)



(55)


Income tax (expense) benefit


(12)



4



6



9


Equity in net income from unconsolidated investments






1



1


Net loss


$

(19)



$

(13)



$

(17)



$

(45)











Weighted Average Common Shares Outstanding:









Basic


133



132



133



132


Diluted


133



132



133



132











Loss Per Share









Basic


$

(0.14)



$

(0.10)



$

(0.13)



$

(0.34)


Diluted


$

(0.14)



$

(0.10)



$

(0.13)



$

(0.34)











Cash Dividend Declared Per Share


$

0.08



$

0.08



$

0.16



$

0.33



(a) For additional information, see Exhibit 4 of this Press Release.

Covanta Holding Corporation

Exhibit 2

Consolidated Balance Sheets





June 30,


December 31,


2021


2020






(Unaudited)



ASSETS

(In millions, except per share amounts)

Current:




Cash and cash equivalents

$

54



$

55


Restricted funds held in trust

8



11


Receivables (less allowances of $7 and $8, respectively)

242



260


Prepaid expenses and other current assets

85



117


Total Current Assets

389



443


Property, plant and equipment, net

2,398



2,421


Restricted funds held in trust

10



6


Intangible assets, net

227



237


Goodwill

303



302


Other assets

300



297


Total Assets

$

3,627



$

3,706


LIABILITIES AND EQUITY




Current:




Current portion of long-term debt

$

27



$

18


Current portion of project debt

9



9


Accounts payable

79



75


Accrued expenses and other current liabilities

307



303


Total Current Liabilities

422



405


Long-term debt

2,375



2,396


Project debt

111



116


Deferred income taxes

346



362


Other liabilities

119



117


Total Liabilities

3,373



3,396


Equity:




Preferred stock ($0.10 par value; authorized 10 shares; none issued and outstanding)




Common stock ($0.10 par value; authorized 250 shares; issued 136 shares, outstanding 133 shares and 132 shares, respectively)

14



14


Additional paid-in capital

892



882


Accumulated other comprehensive loss

(59)



(32)


Accumulated deficit

(593)



(554)


Treasury stock, at par




Total Equity

254



310


Total Liabilities and Equity

$

3,627



$

3,706


Covanta Holding Corporation

Exhibit 3

Consolidated Statements of Cash Flow





Six Months Ended June 30,


2021


2020






(Unaudited, in millions)

OPERATING ACTIVITIES:




Net loss

$

(17)



$

(45)


Adjustments to reconcile net loss to net cash provided by operating activities:




Depreciation and amortization expense

112



114


Amortization of deferred debt financing costs

2



2


Net gain on sale of business and investments (a)



(9)


Impairment charges (a)



19


Stock-based compensation expense

18



14


Provision for expected credit losses



1


Equity in net income from unconsolidated investments

(1)



(1)


Deferred income taxes

(9)



(9)


Dividends from unconsolidated investments

4



3


Other, net

(2)



3


Changes in working capital

47



62


Changes in noncurrent assets and liabilities, net

3



1


Net cash provided by operating activities

157



155


INVESTING ACTIVITIES:




Purchase of property, plant and equipment

(84)



(79)


Proceeds from asset sales



3


Investment in equity affiliates

(4)



(10)


Other, net

(1)



(8)


Net cash used in investing activities

(89)



(94)


FINANCING ACTIVITIES:




Proceeds from borrowings on long-term debt



9


Proceeds from borrowings on revolving credit facility

179



256


Payments on long-term debt

(9)



(9)


Payments on revolving credit facility

(183)



(237)


Payments on project debt

(5)



(5)


Cash dividends paid to stockholders

(24)



(68)


Proceeds from related party note



9


Payments of insurance premium financing

(19)



(16)


Other, net

(7)



(5)


Net cash used in financing activities

(68)



(66)


Effect of exchange rate changes on cash, cash equivalents and restricted cash



(1)


Net decrease in cash, cash equivalents and restricted cash



(6)


Cash, cash equivalents and restricted cash at beginning of period

72



63


Cash, cash equivalents and restricted cash at end of period

$

72



$

57







(a) For additional information, see Exhibit 4 of this Press Release.

Covanta Holding Corporation

Exhibit 4

Consolidated Reconciliation of Net Income (Loss) and Net Cash Provided by Operating Activities to Adjusted EBITDA






Three Months Ended June 30,


Six Months Ended June 30,


Full Year


LTM



2021


2020


2021


2020


2020


June 30, 2021
















(Unaudited, in millions)





Net loss


$

(19)



$

(13)



$

(17)



$

(45)



$

(28)



$


Depreciation and amortization expense


55



56



112



114



224



222


Interest expense


32



34



63



68



133



128


Income tax expense (benefit)


12



(4)



(6)



(9)



(18)



(15)


Impairment charges (a)








19



19




Net gain on sale of businesses and investments (b)








(9)



(26)



(17)


Loss on extinguishment of debt(c)










12



12


Property insurance recoveries, net










(1)



(1)


Loss (gain) on sale of assets




2



(1)



2



12




Accretion expense






1



1



2



2


Business development and transaction costs


2





4





1



5


Severance and reorganization costs


1



1



5



1



5



9


Stock-based compensation expense


9



6



18



14



29



33


Adjustments to reflect Adjusted EBITDA from unconsolidated investments


6



6



13



12



24



25


Capital type expenditures at client owned facilities (d)


7



5



21



19



36



38


Other (e)


5



3



3



6



9



6


Adjusted EBITDA


$

110



$

96



$

216



$

193



$

424



$

447




(a)

During the six months ended June 30, 2020, we recorded a $19 million non-cash impairment charge related to our Covanta Environmental Solutions reporting unit.

(b)

During the six months ended June 30, 2020, we recorded a $9 million gain related to the Newhurst Energy Recovery Facility development project.

 

During the year ended December 31, 2020, we recorded a $26 million gain on the sale of business and investments comprised of a $9 million gain related to the Newhurst Energy Recovery Facility development project and a $17 million gain related to the Protos Energy Recovery Facility development project.

(c)

During the year ended December 31, 2020, we recorded a $12 million loss on extinguishment of debt comprised of approximately $10 million related to the redemption of our 5.875% Senior Notes due 2024 and approximately $1 million related to the refinancing of our tax-exempt bonds.

(d)

Adjustment for capital equipment related expenditures at our service fee operated facilities which are capitalized at facilities that we own. 

(e)

Added back under the definition of Adjusted EBITDA in Covanta Energy, LLC’s credit agreement.



Three Months Ended June 30,


Six Months Ended June 30,



2021


2020


2021


2020












(Unaudited, in millions)

Net cash provided by operating activities


$

105



$

94



$

157



$

155


Capital type expenditures at client owned facilities (a)


7



5



21



19


Cash paid for interest


8



9



60



48


Cash paid for taxes


1





2



1


Equity in net income from unconsolidated investments






1



1


Adjustments to reflect Adjusted EBITDA from unconsolidated investments


6



6



13



12


Dividends from unconsolidated investments


(4)



(3)



(4)



(3)


Adjustments for working capital and other


(13)



(15)



(34)



(40)


Adjusted EBITDA


$

110



$

96



$

216



$

193



(a) See Adjusted EBITDA reconciliation above – Note (c).

Covanta Holding Corporation

Exhibit 5

Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow





Three Months Ended June 30,


Six Months Ended June 30,


2021


2020


2021


2020










(Unaudited, in millions)

Net cash provided by operating activities

$

105



$

94



$

157



$

155


Add: Changes in restricted funds – operating (a)

(2)





(2)



(2)


Less: Software implementation expenditures (b)

(1)





(1)



(1)


Less: Maintenance capital expenditures (c)

(40)



(32)



(73)



(72)


Free Cash Flow

$

62



$

62



$

81



$

80



(a)  Adjustment for the impact of the adoption of ASU 2016-18 effective January 1, 2018. As a result of adoption, the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, changes in restricted funds are eliminated in arriving at net cash, cash equivalents and restricted funds provided by operating activities.


(b)   Due to the adoption of ASU 2018-15 effective January 1, 2020, these expenditures, previously included in Maintenance capital expenditures above and Purchases of property, plant and equipment on our consolidated statement of cash flows, are now included in Other, net in the investing section of our consolidated statement of cash flows.









(c)   Purchases of property, plant and equipment are also referred to as capital expenditures. Capital expenditures that primarily maintain existing facilities are classified as maintenance capital expenditures. The following table provides the components of total purchases of property, plant and equipment:










Three Months Ended June 30,


Six Months Ended June 30,


2021


2020


2021


2020










(Unaudited, in millions)

Maintenance capital expenditures

$

(40)



$

(32)



$

(73)



$

(72)


Net maintenance capital expenditures paid but incurred in prior periods

(1)



(3)



(10)



2










Total ash processing system





(1)



(8)


Capital expenditures associated with other organic growth initiatives



(1)





(1)


Total capital expenditures associated with growth investments (d)



(1)



(1)



(9)


Total purchases of property, plant and equipment

$

(41)



$

(36)



$

(84)



$

(79)










(d)  Total growth investments represents investments in growth opportunities, including organic growth initiatives, technology, business development, and other similar expenditures, net of third party loans collateralized by unconsolidated project equity:









Capital expenditures associated with growth investments

$



$

(1)



$

(1)



$

(9)


UK business development projects



(8)





(9)


Investment in equity affiliate

(3)





(4)



(10)


Less: Third party project loan proceeds collateralized by project equity







9


Total growth investments

$

(3)



$

(9)



$

(5)



$

(19)



Covanta Holding Corporation



Exhibit 6

Supplemental Information

(Unaudited, $ in millions)



Three Months Ended June 30,


2021


2020

REVENUE:




Waste:




Tip fees

$

169



$

158


Service fees

123



115


Waste to energy processing

292



273


Materials processing and recycling

27



19


Waste handling and disposal

75



72


Intercompany

(32)



(28)


Total waste revenue

364



337


Energy:




Energy sales

63



57


Capacity

11



10


Wholesale load serving (1)

6



9


Renewable energy credits and other

6



2


Total energy revenue

86



78


Materials sales:




Ferrous

23



10


Non-ferrous

15



9


Total materials sales revenue

38



20


Services revenue

18



19


Total revenue

$

506



$

454






OPERATING EXPENSE:




Cost of operations:




Wages & benefits

$

128



$

111


Maintenance

89



81


Other operating costs

173



159


Cost of operations

390



351


Other operating expense, net

3



2


General and administrative

33



27


Depreciation and amortization

55



56


Total operating expense

$

481



436






Operating income

$

25



$

18






(1) Includes wholesale energy load serving revenue not included in Energy sales line, such as transmission and ancillaries.


Note: Certain amounts may not total due to rounding.

Covanta Holding Corporation

Exhibit 7

Operating Metrics




(Unaudited)









Three Months Ended June 30,


2021


2020

WtE Waste




Tons: (in millions)




Tip fees- contracted

2.22



2.15


Tip fees- uncontracted

0.44



0.52


Service fees

2.56



2.51


Total tons

5.21



5.19


Tip Fee revenue per ton:




Tip fees- contracted

$

57.31



$

54.37


Tip fees- uncontracted

$

97.06



$

78.71


Average tip fees

$

63.71



$

59.10


WtE Energy




Energy sales: (MWh in millions)




Contracted

0.49



0.48


Hedged

0.65



0.87


Market

0.48



0.18


Total energy

1.62



1.52


Market sales by geography: (MWh in millions)




PJM East

0.3




NEPOOL

0.1




NYISO




Other

0.1



0.1


Revenue per MWh (excludes capacity and other energy revenue):




Contracted

$

70.45



$

69.06


Hedged

$

24.23



$

23.76


Market

$

26.74



$

17.85


Average revenue per MWh

$

38.89



$

37.25


Materials sales




Tons Recovered: (in thousands)




Ferrous

115.3



115.7


Non-ferrous

13.5



12.3


Tons Sold: (in thousands)




Ferrous

99.8



99.2


Non-ferrous

9.9



8.1


Revenue per ton:




Ferrous

$

227



$

104


Non-ferrous

$

1,548



$

1,123






Note: Waste volume includes solid tons only. Materials and energy volume are presented net of client revenue sharing. Steam sales are converted to MWh equivalent at an assumed average rate of 11 klbs of steam / MWh. Hedged energy sales includes the energy component of wholesale load serving. Uncontracted energy sales include sales under PPAs that are based on market prices.

Note: Certain amounts may not total due to rounding.




Covanta Holding Corporation

Exhibit 8

Capitalization Summary




(Face value; unaudited, in millions)

June 30, 2021


December 31,
2020


December 31,
2019







Cash and cash equivalents

$

54



$

55



$

37








Corporate debt:






      Secured

$

680



$

691



$

659


      Unsecured

1,744



1,744



1,744


Total corporate debt

$

2,424



$

2,435



$

2,403


Project debt

120



123



131


Total debt

$

2,544



$

2,558



$

2,534








Net debt (a)

$

2,488



$

2,499



$

2,483








Stockholders’ equity

$

254



$

310



$

376








Credit Ratios:






Leverage ratio (a)

5.8x


6.2x


6.1x

Senior credit facility leverage ratio (b)

1.8x


2.0x


2.2x



(a)

Leverage ratio is defined as net debt (total principal amount of debt outstanding on consolidated balance sheet, less cash and cash equivalents, restricted funds escrowed for debt principal repayment, and escrowed construction financing proceeds) divided by Adjusted EBITDA, excluding proportional Adjusted EBITDA from unconsolidated projects but including cash dividends from unconsolidated projects.

(b)

Leverage ratio as calculated for senior credit facility covenant. Effectively represents leverage at Covanta Energy, LLC and subsidiaries and ratio is pro forma for acquisitions (when applicable).

Discussion of Non-GAAP Financial Measures

We use a number of different financial measures, both United States generally accepted accounting principles (“GAAP”) and non-GAAP, in assessing the overall performance of our business. To supplement our assessment of results prepared in accordance with GAAP, we use the measures of Adjusted EBITDA and Free Cash Flow, which are non-GAAP financial measures as defined by the Securities and Exchange Commission. The non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow as described below, and used in the tables above, are not intended as a substitute or as an alternative to net income, cash flow provided by operating activities or diluted earnings per share as indicators of our performance or liquidity or any other measures of performance or liquidity derived in accordance with GAAP. In addition, our non-GAAP financial measures may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes.

The presentations of Adjusted EBITDA and Free Cash Flow are intended to enhance the usefulness of our financial information by providing measures which management internally use to assess and evaluate the overall performance of its business and those of possible acquisition candidates, and highlight trends in the overall business.

Adjusted EBITDA

We use Adjusted EBITDA to provide additional ways of viewing aspects of operations that, when viewed with the GAAP results provide a more complete understanding of our core business. As we define it, Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, as adjusted for additional items subtracted from or added to net income including the effects of impairment losses, gains or losses on sales, dispositions or retirements of assets, adjustments to reflect the Adjusted EBITDA from our unconsolidated investments, adjustments to exclude significant unusual or non-recurring items that are not directly related to our operating performance plus adjustments to capital type expenses for our service fee facilities in line with our credit agreements. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends. As larger parts of our business are conducted through unconsolidated investments, we adjust EBITDA for our proportionate share of the entity’s depreciation and amortization, interest expense, tax expense and other adjustments to exclude significant unusual or non-recurring items that are not directly related to the entity’s operating performance. in order to improve comparability to the Adjusted EBITDA of our wholly owned entities. We do not have control, nor have any legal claim to the portion of our unconsolidated investees’ revenues and expenses allocable to our joint venture partners. As we do not control, but do exercise significant influence, we account for these unconsolidated investments in accordance with the equity method of accounting. Net income (losses) from these investments are reflected within our consolidated statements of operations in Equity in net income from unconsolidated investments. In order to provide a meaningful basis for comparison, we are providing information with respect to our Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020, reconciled for each such period to net income and cash flow provided by operating activities, which are believed to be the most directly comparable measures under GAAP.

Our projections of the proportional contribution of our interests in joint ventures to our Adjusted EBITDA and Free Cash Flow are not based on GAAP net income/loss or cash flow provided by operating activities, respectively, and are anticipated to be adjusted to exclude the effects of events or circumstances in 2021 that are not representative or indicative of our results of operations and that are not currently determinable. Due to the uncertainty of the likelihood, amount and timing of any such adjusting items, we do not have information available to provide a quantitative reconciliation of projected net income/loss to an Adjusted EBITDA projection.

Free Cash Flow

Free Cash Flow is defined as cash flow provided by operating activities, plus changes in operating restricted funds, less expenditures for software implementation and maintenance capital expenditures, which are capital expenditures primarily to maintain our existing facilities.

We use the non-GAAP measure of Free Cash Flow as a criterion of liquidity and performance-based components of employee compensation. We use Free Cash Flow as a measure of liquidity to determine amounts we can reinvest in our core businesses, such as amounts available to make acquisitions, invest in construction of new projects, make principal payments on debt, or amounts we can return to our stockholders through dividends and/or stock repurchases.

In order to provide a meaningful basis for comparison, we are providing information with respect to our Free Cash Flow for the three and six months ended June 30, 2021 and 2020, reconciled for each such period to cash flow provided by operating activities, which we believe to be the most directly comparable measure under GAAP.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute “forward-looking” statements as defined in Section 27A of the Securities Act of 1933 (the “Securities Act”), Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”), the Private Securities Litigation Reform Act of 1995 (the “PSLRA”) or in releases made by the Securities and Exchange Commission (“SEC”), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta Holding Corporation and its subsidiaries (“Covanta”) or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “will,” “would,” “could,” “should,” “seeks,” or “scheduled to,” or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the “safe harbor” provisions of such laws. Covanta cautions investors that any forward-looking statements made by us are not guarantees or indicative of future performance. Important factors, risks and uncertainties that could cause actual results to differ materially from those forward-looking statements include, but are not limited to:

  • potential delay or failure to consummate the announced transaction with EQT;
  • the impact of the COVID-19 pandemic on our employees, business, and operations, or on the economy in general, including commercial and financial markets;
  • our ability to identify opportunities and execute on strategies and transactions, including in connection with a strategic review of our business and including acquisitions, divestitures, and restructuring opportunities;
  • seasonal or long-term fluctuations in the prices of energy, waste disposal, scrap metal and commodities;
  • our ability to renew or replace expiring contracts at comparable prices and with other acceptable terms;
  • adoption of new laws and regulations in the United States and abroad, including energy laws, environmental laws, tax laws, labor laws and healthcare laws;
  • failure to maintain historical performance levels at our facilities and our ability to retain the rights to operate facilities we do not own;
  • our ability to avoid adverse publicity or reputational damage relating to our business;
  • advances in technology;
  • difficulties in the operation of our facilities, including fuel supply and energy delivery interruptions, failure to obtain regulatory approvals, equipment failures, labor disputes and work stoppages, and weather interference and catastrophic events;
  • difficulties in the financing, development and construction of new projects and expansions, including increased construction costs and delays;
  • our ability to realize the benefits of long-term business development and bear the cost of business development over time;
  • limits of insurance coverage;
  • our ability to avoid defaults under our long-term contracts;
  • performance of third parties under our contracts and such third parties’ observance of laws and regulations;
  • concentration of suppliers and customers;
  • geographic concentration of facilities;
  • increased competitiveness in the energy and waste industries;
  • changes in foreign currency exchange rates;
  • limitations imposed by our existing indebtedness, including limitations on strategic alternatives or transactions;
  • our ability to perform our financial obligations and guarantees and to refinance our existing indebtedness;
  • exposure to counterparty credit risk and instability of financial institutions in connection with financing transactions;
  • the scalability of our business;
  • our ability to attract and retain talented people;
  • failures of disclosure controls and procedures and internal controls over financial reporting;
  • our ability to utilize net operating loss carryforwards;
  • general economic conditions in the United States and abroad, including the availability of credit and debt financing; and
  • other risks and uncertainties affecting our business described in Item 1A. Risk Factors of our Annual Report on Form 10-K and in Part II Item 1A in the most recent Quarterly Report on Form 10-Q for the period ended June 30, 202 and in other filings by Covanta with the SEC.

Although Covanta believes that its plans, cost estimates, returns on investments, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Covanta’s and the joint ventures future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta does not have, or undertake, any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law. 

SOURCE Covanta Holding Corporation

Related Links

http://www.covanta.com

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Source: https://www.prnewswire.com:443/news-releases/covanta-holding-corporation-reports-second-quarter-2021-results-301343680.html

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Energy

Azure Power Files Fiscal Year 2021 Annual Report on Form 20-F

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NEW DELHI, July 28, 2021 /PRNewswire/ — Azure Power (NYSE: AZRE), a leading renewable power producer in India, announced that it has filed its annual report on form 20-F for the fiscal year ended March 31, 2021 with the Securities and Exchange Commission of the United States. The annual report can be accessed on Azure Power’s investor relations website at http://investors.azurepower.com/ or www.sec.gov. Azure Power will provide  a hard copy of the annual report on form 20-F, at no cost, to shareholders upon request.

About Azure Power

Azure Power (NYSE: AZRE) is a leading independent renewable power producer in India. Azure Power developed India’s first private utility scale solar project in 2009 and has been at the forefront in the sector as a developer, constructor and operator of utility scale renewable projects since its inception in 2008. With its in-house engineering, procurement and construction expertise and advanced in-house operations and maintenance capability, Azure Power manages the entire development and operation process, providing low-cost renewable power solutions to customers throughout India. 

For more information:
Investor Contact
Vikas Bansal
[email protected]

Media Contact 
Samitla Subba 
[email protected]
+91-11- 4940 9854

SOURCE Azure Power


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Source: https://www.prnewswire.com:443/news-releases/azure-power-files-fiscal-year-2021-annual-report-on-form-20-f-301343568.html

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