Philippines Logistics and Warehousing Market is Expected to Reach PHP 1,100 Billion in Terms of Revenues by the Year 2024: Ken Research
GURUGRAM, India, May 23, 2019 /PRNewswire/ --
Refrigeration Oil Market Will Attain a Value of US$ 1.77 Billion by 2025 - TMR
ALBANY, New York, May 23, 2019 /PRNewswire/ -- The global refrigeration oil market seems to be consolidated, as prominent players are holding 95% of share in the market. These players are BASF, Royal Dutch Shell, Idemitsu Kosan Co., Ltd., Exxon Mobil Corp., and MEIWA. With continuous efforts made by these players, they will help them retain their position in the global refrigeration oil market. Concentrating on research and developmental activities and enhancing their product portfolios has made these players hold a dominant share in this market. Based on recent developments in 2018, Exxon Mobil Corp. expanded its new grease and synthetic production facility in Singapore. This development will help them achieve a stronghold in the lubricants segment.
Highwood Oil Company Ltd. Provides Corporate Update
CALGARY, May 22, 2019 /CNW/ - Highwood Oil Company Ltd., ("HOCL" or the "Corporation") (TSXV: HOCL) announces that in accordance with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") it has filed the audited financial statements for both of its predecessor entities for the year ended December 31, 2018.
EQT Files Definitive Proxy and Mails Letter to Shareholders
May 23, 2019 15:06 UTC Highlights Success of New EQT Board, Leadership Team and Ambitious, Realistic Strategic Plan Already Delivering Clear Results Urges Support for the EQT Team, Which Is Creating Significant and Sustainable Long-Term Value for Shareholders Recommends Shareholders Vote “FOR” All 12 of EQT’s Highly Experienced Director Nominees on the GOLD Universal Proxy Card TODAY PITTSBURGH--(BUSINESS WIRE)-- EQT Corporation (NYSE: EQT) today announced that it has filed its definitive proxy statement with the U.S. Securities and Exchange Commission in connection with the Company’s 2019 Annual Meeting of Shareholders (the "Annual Meeting"), scheduled for July 10, 2019. EQT shareholders of record as of the close of business on May 14, 2019, will be entitled to vote at the Annual Meeting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190523005521/en/ EQT HAS OUTPERFORMED PEERS (1) BY 61% AND THE XOP BY 29% SINCE THE SPIN-OFF OF THE MIDSTREAM BUSINESS (Peer median includes AR, CNX, COG, RRC and SWN.) (Graphic: EQT) The EQT Board of Directors (the “Board”) recommends that shareholders support the EQT team and strategy that is delivering results by voting on the GOLD universal proxy card “FOR” EQT’s 12 highly qualified director nominees. In connection with the filing of the definitive proxy statement, the independent directors of EQT mailed a letter to shareholders. Highlights of the letter include: EQT has transformed into a focused pure play upstream industry leader with a simplified corporate structure and a refreshed Board and leadership team. The new EQT team is successfully executing an ambitious, realistic strategic plan to drive substantial and sustainable free cash flow growth and value creation. EQT generated more than $300 million of adjusted free cash flow2 in the last two quarters; and The Company is on track to achieve approximately $300 to $400 million of adjusted free cash flow2 in 2019, and at least $2.9 billion of adjusted free cash flow2 through 2023. EQT’s independent, diverse Board slate has the right skills and experience to oversee EQT’s progress. The Board values feedback from shareholders and is committed to continually enhancing governance as demonstrated by the Company’s three new independent director nominees and use of a universal proxy card. The Board has carefully considered the Toby Rice slate and determined the EQT nominees are better suited to continue to oversee EQT’s successful transformation. The Board believes that the Rices’ campaign is designed to install Toby as CEO and his family and friends on the Board and management team. The Board should not be a friends-and-family club. The Board believes that the Toby Rice plan is fundamentally flawed and unrealistic, would be destabilizing and value destructive and is solely designed to advance the interests of the Rice family and their friends, not EQT. The full text of the letter to shareholders follows below: Support the EQT Team Successfully Creating Significant and Sustainable Long-Term Value for Shareholders Vote the Enclosed GOLD Universal Proxy Card Today “FOR” All 12 of EQT’s Highly Experienced Director Nominees May 23, 2019 Dear Fellow EQT Shareholder: Over the last year, EQT Corporation (“EQT” or the “Company”) has transformed into a focused upstream industry leader with a simplified corporate structure and a refreshed Board of Directors (the “Board”) and management team. The new management team has implemented a profound cultural shift across the organization and spearheaded an ambitious, realistic strategic plan to drive operational excellence and shareholder value creation. Before EQT’s Annual Meeting of Shareholders on July 10, 2019 (the “Annual Meeting”), you will be asked to make an important decision regarding the composition of the Board. Your decision will impact the future of the Company and the value of your investment in EQT. At this year’s meeting, a group led by Toby Z. Rice and Derek A. Rice (the “Rice Group”) is seeking to take control of the Board. The Rice campaign is premised on stale arguments that are irrelevant following the significant transformation EQT has undertaken since the new management team assumed their roles. Based on what Toby Rice himself told our Board, we believe that the Rice family’s campaign is a ruse to install Toby as CEO, replace the EQT Board and management team with friends and family and pursue a risky, misguided and value-destructive plan instead of EQT’s proven strategy. We encourage you to support the EQT team and the effective strategy that is delivering results and vote today on the GOLD universal proxy card “FOR” EQT’s 12 nominees: Philip G. Behrman, Ph.D., Janet L. Carrig, Christina A. Cassotis, William M. Lambert, Gerald F. MacCleary, James T. McManus II, Robert J. McNally, Valerie A. Mitchell, Anita M. Powers, Daniel J. Rice IV, Stephen A. Thorington and Christine J. Toretti. We believe the choice is clear: ✔ Support the EQT team that is driving substantial and sustainable free cash flow and shareholder value or X Cede control of EQT to the Toby Rice slate, a team of family and friends that is deeply conflicted and NEVER generated positive free cash flow at Rice Energy. THE NEW EQT BOARD AND LEADERSHIP TEAM ARE OPERATING FROM A POSITION OF STRENGTH AND SUCCESSFULLY EXECUTING AN AMBITIOUS, REALISTIC STRATEGIC PLAN Today, EQT is the largest independent natural gas producer in the United States with a world-class asset base positioned squarely in the core of the Appalachian basin with 15 to 20 years of drilling inventory. As part of EQT’s transformation into a focused upstream industry leader, the Company refreshed its Board and management team. Rob McNally was appointed CEO in November 2018 and has been leading EQT’s transformation into a cash flow generating machine. EQT Is Outperforming Appalachian Peers As market sentiment shifted to focus on capital efficiencies over volume growth, so have EQT’s operations. We anticipated this shift and took aggressive, meaningful and decisive steps to reduce costs and drive efficiencies to generate substantial and sustainable free cash flow growth. We have increased production volumes, delivered substantial operational improvements and reduced annual costs by $150 million, helping to drive free cash flow. Our strategy has delivered results, with EQT’s share price outperforming Appalachian peers¹ by 61% since the spin-off and 24% year-to-date. Even so, we understand there is more work to be done and are committed to delivering greater results for shareholders. Operating plan focused on enhancing operations, increasing efficiency and accelerating free cash flow growth Working to address legacy issues, EQT’s new management team acted swiftly and developed a rigorous, bottom-up operating plan that was unveiled in January 2019. Taking into account the views of investors, the plan is focused on reducing costs and driving efficiencies to generate substantial and sustainable free cash flow growth and create significant value for shareholders. Decisive actions taken to optimize operational results In December, the Board formed an Operating and Capital Efficiency Committee. This committee is made up of independent directors who collectively have more than 125 years of E&P operating experience. The committee has undertaken an ongoing review of the Company’s operations and capital deployment, reviewed detailed operational benchmarking analyses and remained fully engaged in our efforts to drive further efficiency gains and cost reductions. In March, our deep bench of talent was strengthened with the appointment of Gary Gould as Chief Operating Officer. Gary has more than three decades of relevant industry experience, including direct experience in the Marcellus basin. Prior to joining EQT, he served in senior operational leadership roles at Continental Resources, Chesapeake Energy, Kinder Morgan, Inc., ConocoPhillips, Burlington Resources, Inc. and Exxon Corporation. Gary is ideally and uniquely suited to drive cost reductions incremental to our targets and support our focus on free cash flow generation. As the Operating and Capital Efficiency Committee and Gary work to capture more operating efficiencies, EQT is well positioned to further reduce costs. EQT DELIVERED MORE THAN $300 MILLION IN ADJUSTED FREE CASH FLOW2 IN THE LAST TWO QUARTERS As we have implemented comprehensive cultural changes, EQT has generated more than $300 million of adjusted free cash flow2 over the last two quarters and remains on track to deliver approximately $300 to $400 million of adjusted free cash flow2 in 2019. Given our success to date, the Company is expected to generate at least $2.9 billion of adjusted free cash flow2 over the next five years. The Rice Team has never generated positive free cash flow On the other hand, Rice Energy never produced positive annual free cash flow while operating as a public company. In fact, it burned through approximately $5 billion of capital from 2012 through the third quarter of 2017. Any claims from the Rice family that they can deliver an incremental $500 million in free cash flow from EQT’s plan are baseless and are not supported by their own track record. EQT’s operational focus is driving further cost savings With the support and oversight of Rob McNally, Gary Gould and our Operating and Capital Efficiency Committee, we expect to realize additional savings over the next five years through the successful execution of our “Target 10% Initiative.” Through this initiative, EQT is actively pursuing more than 100 projects that we anticipate will further drive down costs in 2019 and beyond. If fully executed, these initiatives are expected to increase cumulative five-year adjusted free cash flow2 to approximately $3.4 billion. EQT is one of the industry’s lowest cost operators Contrary to the Rices’ repeated claims, EQT already stands as one of the lowest cost operators in its peer group, as noted in the chart. EQT WELCOMES DIVERSE PERSPECTIVES IN THE BOARDROOM AND IS COMMITTED TO CONTINUALLY ENHANCING GOVERNANCE EQT has demonstrated that we value the feedback we have received through extensive shareholder engagement. Board refreshment is a priority for the new EQT, and we are pleased to nominate Janet Carrig, James McManus and Valerie Mitchell to serve as new, independent directors. The Rice family already has proportionate representation on EQT’s Board Given the Rice family’s 3.1% ownership interest in EQT, and Daniel Rice’s position as a director on the EQT Board standing for reelection, we do not believe the addition of other Rice family members or their designees is appropriate or consistent with best-in-class governance practices. The Board believes Daniel brings relevant experience with regard to Rice Energy’s legacy assets as well as a former public company CEO’s perspective to the EQT boardroom. Best-in-industry Board composition The composition of our 2019 director slate reflects our focus on closely aligning the skill sets, experience and perspectives of the Company’s directors with the dynamic needs of EQT. We are confident that our new nominees and the incumbent directors seeking reelection are best qualified to help ensure EQT continues to successfully generate substantial and sustainable free cash flow growth. Enfranchising EQT shareholders with the universal proxy card EQT’s commitment to outstanding governance extends beyond refreshment actions. For the upcoming Annual Meeting, EQT is implementing one of today’s most forward-thinking governance constructs – the universal proxy card. The SEC, institutional investors and proxy advisor firms have advocated for universal proxy cards as a way to ensure a more fair, less cumbersome voting process. A universal proxy card provides for all nominees put forth by the EQT Board and the Rice Group to be listed on the same proxy card, allowing shareholders to elect any combination of the nominees they choose without attending the shareholder meeting in person. EQT IS OPEN-MINDED AND VALUES FEEDBACK FROM SHAREHOLDERS BUT THE RICES’ DEMANDS ARE UNREASONABLE, SELF-SERVING AND WOULD BE HIGHLY DESTABILIZING IF IMPLEMENTED EQT has responsibly, but meaningfully, disrupted the status quo. As reflected in the actions taken over the last year, we embrace disruption when we believe changes will yield improved and meaningful results without introducing material risk to ongoing operations. EQT’s director nominees are more qualified EQT met with the Rices, thoroughly evaluated their claims and determined that their operational ideas are flawed and based on assumptions that overlook key business fundamentals. After careful consideration, the Board determined that the EQT nominees are better suited to continue to oversee EQT’s successful transformation. Toby Rice’s proposal for wholesale change would be counterproductive and destabilizing, especially amid a successful transformation. Toby Rice intends to replace EQT’s department heads with Rice friends and family Despite the successful turnaround at EQT that your refreshed Board and management team have overseen, Toby Rice is seeking to replace the majority of the Board and install himself as CEO. Toby Rice has also clearly articulated his intention to appoint former Rice Energy employees – a group that includes his wife and his college baseball coach – to replace up to 15 of the Company’s department heads. We believe the turmoil that would result from the wholesale replacement of the Board and management team would disrupt the Company’s progress, impact financial and operational results, create uncertainty and fear with employees and impair EQT’s valuation. Toby Rice was replaced as CEO of his own company The Board carefully considered these factors, noting that Toby Rice was replaced as CEO by his brother Daniel prior to Rice Energy’s IPO and that several of the Rice Group’s nominees oversaw poor governance practices as Rice Energy directors. The Board also has serious concerns about potential conflicts of interest of the Rice Group’s nominees because a number of them have a long history of friendship and service to the Rice family, and at least one has a relative who was employed by Rice Energy. EQT should not be a family business The replacement of management with Toby Rice’s friends and family would be irresponsible and a significant step backward for EQT from a governance perspective. We do not believe that turning EQT into a family-and-friends club is in the best interests of the Company or all shareholders. Moreover, we do not believe that Toby Rice is fit to serve as a director or officer of EQT. SUPPORT THE NOMINEES WHO ARE ALIGNED WITH YOUR INTERESTS – VOTE TODAY “FOR” EQT’S 12 HIGHLY QUALIFIED DIRECTOR NOMINEES ON THE GOLD UNIVERSAL PROXY CARD Support the nominees who are independent, not conflicted and successfully overseeing the execution of a proven plan that has already created value for shareholders and will continue to do so in the short and long term. We believe the Rices are using irrelevant information and outdated statistics from the old EQT in an effort to mislead shareholders and advance their campaign to take control of EQT and turn it into a family business. A vote for EQT’s 12 nominees is a vote to reject the Rices’ fundamentally conflicted and self-serving agenda and to continue the successful execution of EQT’s proven cash flow plan. Your vote is extremely important. It does not matter how many or how few shares you have. It does not matter whether or not you plan to attend the Annual Meeting. You have an opportunity to keep EQT on the best path forward and support EQT’s Board and management team by voting the GOLD universal proxy card. Please note, if you mark “FOR” for more than 12 individuals for the election of directors, all of your votes for the election of directors will be deemed invalid. We urge you to vote today by telephone, internet or by signing, dating and returning the enclosed GOLD universal proxy card in the postage-paid envelope provided. Please discard and do NOT vote using any white proxy cards you may receive from the Rice Group. Thank you for your continued support of EQT as we work to execute our strategy and drive value and significant cash flow for shareholders. We are building on our momentum and look forward to continuing to engage with all shareholders regarding the positive change underway and our progress in driving accelerated free cash flow growth. Sincerely, The Independent Members of the EQT Board of Directors EQT shareholders with questions about how to vote their shares or would like additional information may call Innisfree M&A Incorporated, the company’s proxy solicitor, toll-free at (877) 687-1866 (from the U.S. and Canada) or (412) 232-3651 (from other locations). If you have any questions, or need assistance in voting your shares on the GOLD universal proxy card, please call EQT’s proxy solicitor: INNISFREE M&A INCORPORATED TOLL-FREE at 1-877-687-1866 (from the U.S. or Canada) Or at (412) 232-3651 (From Other Locations) About EQT Corporation: EQT Corporation is a natural gas production company with emphasis in the Appalachian Basin and operations throughout Pennsylvania, West Virginia and Ohio. With 130 years of experience and a long-standing history of good corporate citizenship, EQT is the largest producer of natural gas in the United States. As a leader in the use of advanced horizontal drilling technology, EQT is committed to minimizing the impact of drilling-related activities and reducing its overall environmental footprint. Through safe and responsible operations, EQT is helping to meet our nation’s demand for clean-burning energy, while continuing to provide a rewarding workplace and support for activities that enrich the communities where its employees live and work. Visit EQT Corporation at www.EQT.com; and to learn more about EQT’s sustainability efforts, please visit https://csr.eqt.com. EQT Management speaks to investors from time to time and the analyst presentation for these discussions, which is updated periodically, is available via the Company’s investor relationship website at ir.eqt.com. Cautionary Statements This news release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Statements that do not relate strictly to historical or current facts are forward-looking. Without limiting the generality of the foregoing, forward-looking statements contained in this news release specifically include the expectations of plans, strategies, objectives and growth and anticipated financial and operational performance of the Company and its subsidiaries, including guidance regarding projected adjusted free cash flow. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from projected results. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company has based these forward-looking statements on current expectations and assumptions about future events, taking into account all information currently available to the Company. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, many of which are difficult to predict and beyond the Company’s control. The risks and uncertainties that may affect the operations, performance and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth under Item 1A, “Risk Factors,” of the Company’s Form 10-K for the year ended December 31, 2018, as filed with the SEC and as updated by subsequent Form 10-Qs filed by the Company, and those set forth in the other documents the Company files from time to time with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company does not intend to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. NON-GAAP DISCLOSURES Adjusted Free Cash Flow Adjusted free cash flow is defined as the Company’s net cash provided by operating activities less changes in other assets and liabilities, less EBITDA attributable to discontinued operations (a non-GAAP supplemental financial measure defined below), plus interest expense attributable to discontinued operations and cash distributions from discontinued operations, less accrual-based capital expenditures attributable to continuing operations. Adjusted free cash flow is a non-GAAP supplemental financial measure that the Company's management and external users of its consolidated financial statements, such as industry analysts, lenders and ratings agencies use to assess the Company’s liquidity. The Company believes that adjusted free cash flow provides useful information to management and investors in assessing the impact of the Company’s ability to generate cash flow in excess of capital requirements and return cash to shareholders. Adjusted free cash flow should not be considered as an alternative to net cash provided by operating activities or any other measure of liquidity presented in accordance with GAAP. The table below reconciles adjusted free cash flow with net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP, as derived from the Statements of Condensed Consolidated Cash Flows included in the Company's report on Form 10-Q for the quarter ended March 31, 2019 and to the Company’s report on Form 10-K for the year ended December 31, 2018. Three Months Ended Three Months Ended March 31, 2019 December 31, 2018 Total (Thousands) Net cash provided by operating activities $ 871,287 $ 530,866 $ 1,402,153 (Deduct) / add back changes in other assets and liabilities (223,934 ) 261,216 37,282 Operating cash flow $ 647,353 $ 792,082 $ 1,439,435 (Deduct) / add back: EBITDA attributable to discontinued operations (a) — (118,934 ) (118,934 ) Interest expense attributable to discontinued operations — 19,452 19,452 Adjusted operating cash flow $ 647,353 $ 692,600 $ 1,339,953 (Deduct): Capital expenditures attributable to continuing operations (476,022 ) (558,351 ) (1,034,373 ) Adjusted free cash flow $ 171,331 $ 134,249 $ 305,580 (a) As a result of the separation of the Company's midstream business from its upstream business and subsequent spin-off of Equitrans Midstream Corporation in November 2018, the results of operations of Equitrans Midstream Corporation are presented as discontinued operations in the Company's Statements of Condensed Consolidated Operations. EBITDA attributable to discontinued operations is a non-GAAP supplemental financial measure reconciled in the section below. The Company has not provided projected net cash provided by operating activities or a reconciliation of projected adjusted free cash flow to projected net cash provided by operating activities, the most comparable financial measure calculated in accordance with GAAP. The Company is unable to project net cash provided by operating activities for any future period because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occurred. The Company is unable to project these timing differences with any reasonable degree of accuracy without unreasonable efforts such as predicting the timing of its and customers’ payments, with accuracy to a specific day, months in advance. Furthermore, the Company does not provide guidance with respect to its average realized price, among other items, that impact reconciling items between net cash provided by operating activities and adjusted operating cash flow and adjusted free cash flow, as applicable. Natural gas prices are volatile and out of the Company’s control, and the timing of transactions and the income tax effects of future transactions and other items are difficult to accurately predict. Therefore, the Company is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected adjusted free cash flow to projected net cash provided by operating activities, without unreasonable effort. Projected 2019 adjusted free cash flow is based on average NYMEX natural gas price (April to December) of $2.79 per MMbtu as of March 31, 2019. For the period 2020 through 2023, projected adjusted free cash flow is based on average NYMEX natural gas price of $2.85 per MMbtu for Henry Hub and ($0.45) local basis. EBITDA Attributable to Discontinued Operations EBITDA attributable to discontinued operations is a non-GAAP supplemental financial measure defined as income from discontinued operations, net of tax plus interest expense, income tax expense, depreciation and amortization of intangible assets attributable to discontinued operations for the three months ended December 31, 2018. The table below reconciles EBITDA attributable to discontinued operations with income from discontinued operations, net of tax, the most comparable financial measure calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations included in the Company’s report on Form 10-K for the year ended December 31, 2018. Three Months Ended December 31, 2018 (Thousands) Income (loss) from discontinued operations, net of tax $ (163,911) Add back / (deduct): Interest expense 19,452 Income tax benefit (31,575) Depreciation 22,243 Amortization of intangible assets 4,847 Impairment of goodwill 267,878 EBITDA attributable to discontinued operations $ 118,934 Adjusted SG&A per Unit Adjusted SG&A per unit is a non-GAAP supplemental financial measure that is presented because it is an important measure used by EQT’s management to evaluate period-to-period comparisons of earnings trends. Adjusted SG&A per unit is defined as SG&A less an increase in litigation reserves which was recorded in the fourth quarter of 2018 and indirect costs previously associated with the midstream business prior to the separation that are not permitted to be allocated to discontinued operations under the accounting rules. The measure excludes items that affect the comparability of results or that are not indicative of trends in the ongoing business. Management believes that adjusted SG&A per unit as presented provides useful information for investors for evaluating period-over-period earnings. The table below reconciles adjusted SG&A per unit with SG&A, the most comparable financial measure as calculated in accordance with GAAP, as reported in the Statements of Condensed Consolidated Operations be included in the Company’s report on Form 10-Q for the quarter ended March 31, 2019 in the Company’s report on Form 10-K for the year ended December 31, 2018. Twelve Months Ended March 31, 2019 ($ in thousands, unless noted) Selling, general and administrative (SG&A) $ 293,383 Add back / (deduct): Increase in litigation reserves (59,677) Indirect costs previously allocated to the midstream business prior to the separation (33,758) Adjusted SG&A $ 199,948 Total sales volume (MMcfe) 1,514,154 Adjusted SG&A per unit $ 0.13 Important Information EQT Corporation (the “Company”) filed a definitive proxy statement and associated GOLD universal proxy card with the Securities and Exchange Commission (the “SEC”) on May 22, 2019 in connection with the solicitation of proxies for the Company’s 2019 Annual Meeting of Shareholders (the “2019 Annual Meeting”). Details concerning the nominees for election to the Company’s Board of Directors at the 2019 Annual Meeting are included in the definitive proxy statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO, IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the relevant documents filed by the Company with the SEC, including the definitive proxy statement, free of charge by visiting the SEC’s website, www.sec.gov. Investors and shareholders can also obtain, without charge, a copy of the definitive proxy statement, when available, and other relevant filed documents by directing a request to Blake McLean, Senior Vice President, Investor Relations and Strategy of EQT Corporation, at BMcLean@eqt.com, by calling the Company’s proxy solicitor, Innisfree M&A Incorporated, toll-free, at 877-687-1866, or from the Company’s website at https://ir.eqt.com/sec-filings. Participants in the Solicitation The Company, its directors and nominees and certain of its executive officers are participants in the solicitation of proxies from shareholders in respect of the 2019 Annual Meeting. Information regarding the names of the Company’s directors and nominees and executive officers and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s definitive proxy statement for the 2019 Annual Meeting, filed with the SEC on May 22, 2019. To the extent holdings of the Company’s directors and executive officers in the Company’s securities have changed since the amounts described in (or are not set forth in) the definitive proxy statement for the 2019 Annual Meeting, such changes (or initial ownership information and subsequent changes) have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Investors and shareholders can obtain the definitive proxy statement, any amendments or supplements, and any other documents filed by the Company with the SEC free of charge from the sources indicated above. View source version on businesswire.com: https://www.businesswire.com/news/home/20190523005521/en/ Contacts Analyst inquiries:Blake McLean – Senior Vice President, Investor Relations and Strategy412.email@example.comMedia inquiries:Michael Laffin – Vice President, Communications412.395.2069MLaffin@eqt.com Source: EQT Corporation Smart Multimedia Gallery Photo EQT HAS OUTPERFORMED PEERS (1) BY 61% AND THE XOP BY 29% SINCE THE SPIN-OFF OF THE MIDSTREAM BUSINESS (Peer median includes AR, CNX, COG, RRC and SWN.) (Graphic: EQT) Photo DECISIVE ACTIONS TAKEN TO OPTIMIZE OPERATIONAL RESULTS: Restructurings and Cost Reductions, Execution and Improvement, Reduce Leverage and Return Capital to Shareholders (Graphic: EQT) Photo EQT IS ONE OF THE INDUSTRY’S LOWEST COST OPERATORS: LEASE OPERATING EXPENSE ($/MCFE) – EQT $0.06 / Peer Mean $0.14; DRILLING AND COMPLETION COSTS ($/FOOT) – EQT $860 / Peer Mean $868; SELLING, GENERAL & ADMINISTRATIVE ($/MCFE) – EQT $0.13 / Peer Mean $0.19. (Peers includes AR, CNX, COG, RRC and SWN; LOE and SG&A unit costs are based on the trailing twelve months ended 3/31/2019; D&C costs are based on most recent public disclosures.) (Graphic: EQT) Photo INDUSTRY-LEADING BOARD: The composition of our 2019 director slate reflects our focus on closely aligning the skill sets, experience and perspectives of the Company’s directors with the dynamic needs of EQT. (Graphic: EQT) Logo View this news release and multimedia online at: http://www.businesswire.com/news/home/20190523005521/en
Viasat Announces Fourth Quarter and Fiscal Year 2019 Results
CARLSBAD, Calif., May 23, 2019 /PRNewswire/ -- Viasat Inc. (NASDAQ: VSAT), a global communications company, today announced financial results for the fiscal fourth quarter ended March 31, 2019.
Deckers Brands Reports Fourth Quarter And Fiscal 2019 Financial Results
GOLETA, Calif., May 23, 2019 /PRNewswire/ -- Deckers Brands (NYSE: DECK), a global leader in designing, marketing and distributing innovative footwear, apparel and accessories, today announced financial results for the fourth fiscal quarter and fiscal year ended March 31, 2019. The Company also provided its financial outlook for the first fiscal quarter ending June 30, 2019 and full fiscal year 2020 ending March 31, 2020.
Autodesk, Inc. Announces Fiscal 2020 First Quarter Results
SAN RAFAEL, Calif., May 23, 2019 /PRNewswire/ -- Autodesk, Inc. (NASDAQ: ADSK) today reported financial results for the first quarter of fiscal 2020.
LIONSGATE REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR FISCAL 2019
SANTA MONICA, Calif. and VANCOUVER, British Columbia, May 23, 2019 /PRNewswire/ -- Global content leader Lionsgate (NYSE: LGF.A, LGF.B) today reported revenue of $3.68 billion, operating income of $130 million, and net loss attributable to Lionsgate shareholders of $284 million, or $1.33 diluted net loss per share on 213.7 million diluted weighted average common shares outstanding for fiscal 2019 (year ended March 31, 2019). Adjusted net income attributable to Lionsgate shareholders was $191 million or adjusted diluted EPS of $0.87 and adjusted OIBDA was $520 million for fiscal 2019. The Company generated $638 million in adjusted free cash flow during fiscal 2019 driven by operating results and working capital improvements. "We've completed a very active and productive fiscal 2019 in which we set in place all the elements for strong growth and continued value creation in the year ahead," said Lionsgate CEO Jon Feltheimer. "We've refilled our film and television content pipelines, refocused on extracting maximum value from our franchise properties and are capitalizing on an extraordinary opportunity to continue Starz's global expansion and cement its stature as one of the leading international pure play subscription video-on-demand services." Fourth Quarter Results For the fourth quarter ended March 31, 2019, the Company reported revenue of $914 million, operating loss of $34 million and net loss attributable to Lionsgate shareholders of $155 million or $0.72 diluted net loss per share on 215.4 million diluted weighted average common shares outstanding. Adjusted net income attributable to Lionsgate shareholders in the quarter was $24 million or adjusted diluted EPS of $0.11, with adjusted OIBDA of $103 million. Fourth quarter adjusted free cash flow is $151 million. Full Year Segment Results Media Networks segment revenues increased by 4% to $1.46 billion in the year due to strong OTT subscriber growth to over 4 million. Segment profits increased by 2% to $436 million. Starz ended the quarter with 24.7 million total domestic subscribers which was down 400,000 sequentially and up 1.2 million from the prior year quarter. Motion Picture segment revenues decreased by 20% to $1.46 billion in the year due to a smaller film slate over the prior year. Segment profits decreased by 28% to $129 million. Television Production segment revenues decreased by 11% to $921 million in the year due to timing of certain titles. Segment profits decreased by 41% to $66 million. Lionsgate's already contracted future revenue based on fixed fee or minimum guarantee arrangements (not yet recorded due to remaining performance obligations) was $1.8 billion at March 31, 2019 and December 31, 2018. Lionsgate senior management will hold its analyst and investor conference call to discuss its fiscal 2019 fourth quarter and full year financial results at 5:00 PM ET/2:00 PM PT this afternoon, May 23. Interested parties may listen to the live webcast by visiting the events page on the Lionsgate corporate website or via https://services.choruscall.com/links/lgf190523NIhw4JrY.html. A full replay will become available later this afternoon by clicking the same link. ABOUT LIONSGATE The first major new studio in decades, Lionsgate is a global content platform whose films, television series, digital products and linear and over-the-top platforms reach next generation audiences around the world. In addition to its filmed entertainment leadership, Lionsgate content drives a growing presence in interactive and location-based entertainment, gaming, virtual reality and other new entertainment technologies. Lionsgate's content initiatives are backed by a nearly 17,000-title film and television library and delivered through a global licensing infrastructure. The Lionsgate brand is synonymous with original, daring and ground-breaking content created with special emphasis on the evolving patterns and diverse composition of the Company's worldwide consumer base. For further information, investors should contact:James Marsh310firstname.lastname@example.org For media inquiries, please contact:Peter Wilkes310email@example.com The matters discussed in this press release include forward-looking statements, including those regarding the performance of future fiscal years. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including the substantial investment of capital required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our motion pictures and television programming; risks related to acquisition and integration of acquired businesses; the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; other trends affecting the entertainment industry; and the other risk factors as set forth in Lionsgate's Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 23, 2019. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances. Additional Information Available on Website The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's recent Annual Report on Form 10-K, which will be posted on the Company's website at http://investors.lionsgate.com/financial-reports/sec-filings, when filed with the Securities and Exchange Commission. Trending schedules containing certain financial information will also be available at http://investors.lionsgate.com/financial-reports/quarterly-results/2019. LIONS GATE ENTERTAINMENT CORP. CONSOLIDATED BALANCE SHEETS March 31, 2019 March 31, 2018 (Unaudited, amounts in millions) ASSETS Cash and cash equivalents $ 184.3 $ 378.1 Accounts receivable, net 647.2 946.0 Program rights 295.7 253.2 Other current assets 267.2 195.8 Total current assets 1,394.4 1,773.1 Investment in films and television programs and program rights, net 1,672.0 1,692.0 Property and equipment, net 155.3 161.7 Investments 26.2 164.9 Intangible assets 1,871.6 1,937.7 Goodwill 2,833.5 2,740.8 Other assets 436.1 458.6 Deferred tax assets 19.8 38.8 Total assets $ 8,408.9 $ 8,967.6 LIABILITIES Accounts payable and accrued liabilities $ 531.2 $ 447.7 Participations and residuals 408.5 504.5 Film obligations and production loans 512.6 327.9 Debt - short term portion 53.6 79.1 Dissenting shareholders' liability — 869.3 Deferred revenue 146.5 183.9 Total current liabilities 1,652.4 2,412.4 Debt 2,850.8 2,478.3 Participations and residuals 479.8 438.3 Film obligations and production loans 143.1 171.3 Other liabilities 114.0 46.4 Deferred revenue 62.8 70.3 Deferred tax liabilities 56.5 91.9 Redeemable noncontrolling interest 127.6 101.8 Commitments and contingencies EQUITY Class A voting common shares, no par value, 500.0 shares authorized, 82.5 shares issued (March 31, 2018 - 81.8 shares issued) 649.7 628.7 Class B non-voting common shares, no par value, 500.0 shares authorized, 133.5 shares issued (March 31, 2018 - 129.3 shares issued) 2,140.6 2,020.3 Retained earnings 208.7 516.6 Accumulated other comprehensive loss (80.3) (9.7) Total Lions Gate Entertainment Corp. shareholders' equity 2,918.7 3,155.9 Noncontrolling interests 3.2 1.0 Total equity 2,921.9 3,156.9 Total liabilities and equity $ 8,408.9 $ 8,967.6 LIONS GATE ENTERTAINMENT CORP. CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions, except per share amounts) Revenues $ 913.7 $ 1,040.2 $ 3,680.5 $ 4,129.1 Expenses Direct operating 533.0 583.1 2,028.2 2,309.6 Distribution and marketing 227.2 227.9 835.5 897.6 General and administration 110.2 116.9 445.4 454.4 Depreciation and amortization 41.4 39.9 163.4 159.0 Restructuring and other 35.9 24.0 78.0 59.8 Total expenses 947.7 991.8 3,550.5 3,880.4 Operating income (loss) (34.0) 48.4 130.0 248.7 Interest expense Interest expense (46.7) (31.5) (163.6) (137.2) Interest on dissenting shareholders' liability — (14.8) (35.3) (56.5) Total interest expense (46.7) (46.3) (198.9) (193.7) Shareholder litigation settlements — — (114.1) — Interest and other income 2.9 2.7 12.0 10.4 Other expense (2.9) — (4.7) — Loss on extinguishment of debt (1.9) (11.6) (1.9) (35.7) Gain (loss) on investments (44.4) — (87.6) 171.8 Equity interests income (loss) (14.0) (18.0) (42.9) (52.8) Income (loss) before income taxes (141.0) (24.8) (308.1) 148.7 Income tax benefit (provision) (18.1) 114.4 8.5 319.4 Net income (loss) (159.1) 89.6 (299.6) 468.1 Less: Net loss attributable to noncontrolling interests 3.9 1.7 15.4 5.5 Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders $ (155.2) $ 91.3 $ (284.2) $ 473.6 Per share information attributable to Lions Gate Entertainment Corp. shareholders: Basic net income (loss) per common share $ (0.72) $ 0.43 $ (1.33) $ 2.27 Diluted net income (loss) per common share $ (0.72) $ 0.41 $ (1.33) $ 2.15 Weighted average number of common shares outstanding: Basic 215.4 210.3 213.7 208.4 Diluted 215.4 221.8 213.7 220.4 Dividends declared per common share $ — $ 0.09 $ 0.18 $ 0.09 LIONS GATE ENTERTAINMENT CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Operating Activities: Net income (loss) $ (159.1) $ 89.6 $ (299.6) $ 468.1 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 41.4 39.9 163.4 159.0 Amortization of films and television programs and program rights 411.2 408.9 1,516.5 1,641.7 Interest on dissenting shareholders' liability — 14.8 (72.0) 56.5 Amortization of debt discount and financing costs 2.7 3.3 11.6 14.3 Non-cash share-based compensation 24.3 13.9 68.1 88.4 Other non-cash items 8.4 14.4 29.0 20.1 Shareholder litigation settlements — — — — Distributions from equity method investee — — 1.8 — Loss on extinguishment of debt 1.9 11.6 1.9 35.7 Equity interests loss (income) 14.0 18.0 42.9 52.8 Loss (gain) on investments 44.4 — 87.6 (171.8) Deferred income taxes (benefit) 12.7 (110.2) (23.6) (299.5) Changes in operating assets and liabilities: Accounts receivable, net and other assets 162.4 (57.1) 470.8 (8.6) Investment in films and television programs and program rights, net (396.4) (438.3) (1,469.9) (1,526.4) Accounts payable and accrued liabilities 107.8 38.5 41.0 (181.7) Participations and residuals (68.7) 24.2 (85.8) 62.6 Film obligations (1.5) (0.3) (11.8) 5.1 Deferred revenue (33.7) (54.2) (44.4) (29.9) Net Cash Flows Provided By Operating Activities 171.8 17.0 427.5 386.4 Investing Activities: Proceeds from the sale of equity method investee, net of transaction costs 48.0 — 48.0 393.7 Investment in equity method investees (9.0) (5.8) (48.6) (53.4) Business acquisitions, net of cash acquired — — (77.3) (1.8) Capital expenditures (14.9) (17.5) (43.8) (45.9) Net Cash Flows Provided By (Used In) Investing Activities 24.1 (23.3) (121.7) 292.6 Financing Activities: Debt - borrowings 631.7 3,551.0 3,541.2 3,712.6 Debt - repayments (743.8) (3,343.5) (3,212.7) (4,335.7) Production loans - borrowings 91.2 20.2 338.1 319.7 Production loans - repayments (97.3) (65.6) (305.4) (332.8) Payment of dissenter liability accrued at acquisition — — (797.3) — Dividends paid — — (57.4) — Distributions to noncontrolling interest (1.3) (2.2) (3.7) (8.2) Exercise of stock options 3.8 13.2 8.0 44.9 Tax withholding required on equity awards (3.3) (5.9) (10.1) (22.9) Net Cash Flows Provided By (Used In) Financing Activities (119.0) 167.2 (499.3) (622.4) Net Change In Cash, Cash Equivalents and Restricted Cash 76.9 160.9 (193.5) 56.6 Foreign Exchange Effects on Cash, Cash Equivalents and Restricted Cash 1.2 0.5 (0.3) (3.2) Cash, Cash Equivalents and Restricted Cash - Beginning Of Period 106.2 216.7 378.1 324.7 Cash and Cash Equivalents - End Of Period $ 184.3 $ 378.1 $ 184.3 $ 378.1 LIONS GATE ENTERTAINMENT CORP. SEGMENT INFORMATION The Company's reportable segments have been determined based on the distinct nature of their operations, the Company's internal management structure, and the financial information that is evaluated regularly by the Company's chief operating decision maker. The Company has three reportable business segments: (1) Motion Picture, (2) Television Production and (3) Media Networks. Motion Picture. Motion Picture consists of the development and production of feature films, acquisition of North American and worldwide distribution rights, North American theatrical, home entertainment and television distribution of feature films produced and acquired, and worldwide licensing of distribution rights to feature films produced and acquired. Television Production. Television Production consists of the development, production and worldwide distribution of television productions including television series, television movies and mini-series, and non-fiction programming. Television Production includes the licensing of Starz original series productions to Starz Networks and STARZPLAY International, and the ancillary market distribution of Starz original productions and licensed product. Additionally, the results of operations of 3 Arts Entertainment is included in the Television Production segment from the acquisition date of May 29, 2018. Media Networks. Media Networks consists of the following product lines (i) Starz Networks, which includes the domestic licensing of premium subscription video programming to Distributors, and on a direct-to-consumer basis (ii) STARZPLAY International, which primarily represents revenues from the OTT distribution of the Company's STARZ branded premium subscription video services internationally and (iii) Streaming Services, which represents the Lionsgate legacy start-up direct to consumer streaming services on its SVOD platforms. In the ordinary course of business, the Company's reportable segments enter into transactions with one another. The most common types of intersegment transactions include licensing motion pictures or television programming (including Starz original productions) from the Motion Picture and Television Production segments to the Media Networks segment. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues (and corresponding expenses, assets, or liabilities recognized by the segment that is the counterparty to the transaction) are eliminated in consolidation and, therefore, do not affect consolidated results. LIONS GATE ENTERTAINMENT CORP. SEGMENT INFORMATION (Continued) Segment information is presented in the table below: Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Segment revenues Motion Picture $ 357.6 $ 424.9 $ 1,464.4 $ 1,822.1 Television Production 272.8 294.7 920.9 1,033.2 Media Networks 362.0 353.4 1,461.0 1,411.2 Intersegment eliminations (78.7) (32.8) (165.8) (137.4) $ 913.7 $ 1,040.2 $ 3,680.5 $ 4,129.1 Gross contribution Motion Picture $ 47.9 $ 61.3 $ 234.1 $ 292.6 Television Production 30.2 33.8 109.6 151.3 Media Networks 115.3 140.0 534.0 530.0 Intersegment eliminations (2.9) 2.4 (6.3) (5.5) $ 190.5 $ 237.5 $ 871.4 $ 968.4 Segment general and administration Motion Picture $ 27.0 $ 32.1 $ 105.6 $ 113.2 Television Production 10.7 12.0 43.5 40.3 Media Networks 24.4 25.3 97.7 100.9 $ 62.1 $ 69.4 $ 246.8 $ 254.4 Segment profit Motion Picture $ 20.9 $ 29.2 $ 128.5 $ 179.4 Television Production 19.5 21.8 66.1 111.0 Media Networks 90.9 114.7 436.3 429.1 Intersegment eliminations (2.9) 2.4 (6.3) (5.5) Total segment profit $ 128.4 $ 168.1 $ 624.6 $ 714.0 Corporate general and administrative expenses (25.1) (32.1) (104.2) (110.3) Adjusted OIBDA(1) $ 103.3 $ 136.0 $ 520.4 $ 603.7 (1) See "Use of Non-GAAP Financial Measures" for the definition of Adjusted OIBDA and reconciliation to the most directly comparable GAAP financial measure. The Company's primary measure of segment performance is segment profit. Segment profit is defined as gross contribution (revenues, less direct operating and distribution and marketing expense) less segment general and administration expenses. Segment profit excludes corporate general and administrative expense, restructuring and other costs, share-based compensation, other than annual bonuses granted in immediately vested stock awards when applicable, certain programming and content charges as a result of management changes and associated changes in strategy, and purchase accounting and related adjustments, when applicable. The Company believes the presentation of segment profit is relevant and useful for investors because it allows investors to view segment performance in a manner similar to the primary method used by the Company's management and enables them to understand the fundamental performance of the Company's businesses. LIONS GATE ENTERTAINMENT CORP. SEGMENT INFORMATION (Continued) The following table sets forth segment information by product line for the Media Networks segment for the three months and years ended March 31, 2019 and 2018: Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Media Networks revenue: Starz Networks $ 354.8 $ 350.5 $ 1,440.9 $ 1,404.1 STARZPLAY International 1.2 — 2.1 — Streaming Services 6.0 2.9 18.0 7.1 $ 362.0 $ 353.4 $ 1,461.0 $ 1,411.2 Media Networks gross contribution: Starz Networks $ 129.4 $ 146.3 $ 574.1 $ 561.3 STARZPLAY International (13.4) — (33.2) — Streaming Services (0.7) (6.3) (6.9) (31.3) $ 115.3 $ 140.0 $ 534.0 $ 530.0 Media Networks general and administration: Starz Networks $ 20.8 $ 23.9 $ 86.1 $ 93.3 STARZPLAY International 2.5 — 7.2 — Streaming Services 1.1 1.4 4.4 7.6 $ 24.4 $ 25.3 $ 97.7 $ 100.9 Media Networks segment profit: Starz Networks $ 108.6 $ 122.4 $ 488.0 $ 468.0 STARZPLAY International (15.9) — (40.4) — Streaming Services (1.8) (7.7) (11.3) (38.9) $ 90.9 $ 114.7 $ 436.3 $ 429.1 LIONS GATE ENTERTAINMENT CORP. USE OF NON-GAAP FINANCIAL MEASURES This earnings release presents the following important financial measures utilized by Lions Gate Entertainment Corp. (the "Company," "we," "us" or "our") that are not all financial measures defined by generally accepted accounting principles ("GAAP"). The Company uses non-GAAP financial measures, among other measures, to evaluate the operating performance of our business. These non-GAAP financial measures are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with United States GAAP. Adjusted OIBDA: Adjusted OIBDA is defined as operating income (loss) before adjusted depreciation and amortization ("OIBDA"), adjusted for adjusted share-based compensation ("adjusted SBC"), purchase accounting and related adjustments, restructuring and other costs, and certain programming and content charges as a result of management changes and associated changes in strategy. Adjusted depreciation and amortization represents depreciation and amortization as presented on our consolidated statement of operations, less the depreciation and amortization related to the amortization of purchase accounting and related adjustments associated with recent acquisitions. Accordingly, the full impact of the purchase accounting is included in the adjustment for "purchase accounting and related adjustments", described below. Adjusted share-based compensation represents share-based compensation excluding the following items, when applicable: (i) immediately vested stock awards granted as part of the Company's annual bonus program issued in lieu of cash bonuses (which are, when granted, included in segment or corporate general and administrative expense), and (ii) the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements, which are included in restructuring and other expenses, when applicable. Restructuring and other includes restructuring and severance costs, certain transaction and related costs, and certain unusual items, when applicable. Programming and content charges include charges resulting from the implementation of changes to the Company's programming strategy in connection with recent management changes, which are included in direct operating expenses, when applicable. Purchase accounting and related adjustments primarily represent the amortization of non-cash fair value adjustments to certain assets acquired in recent acquisitions. These adjustments include the accretion of the noncontrolling interest discount related to Pilgrim Media Group and 3 Arts Entertainment, the amortization of the recoupable portion of the purchase price and the expense associated with the earned distributions related to 3 Arts Entertainment, all of which are accounted for as compensation and are included in general and administrative expense.Adjusted OIBDA is calculated similar to how the Company defines segment profit and manages and evaluates its segment operations. Segment profit also excludes corporate general and administrative expense. Adjusted Free Cash Flow: Free cash flow is typically defined as net cash flows provided by (used in) operating activities, less capital expenditures. The Company defines Adjusted Free Cash Flow as net cash flows provided by (used in) operating activities, less capital expenditures, plus or minus the net increase or decrease in production loans, plus shareholder litigation settlement charges and interest paid. The adjustment for the production loans is made because the GAAP based cash flows from operations reflects a non-cash reduction of cash flows for the cost of films and television programs associated with production loans prior to the time the Company actually pays for the film or television program. The Company believes that it is more meaningful to reflect the impact of the payment for these films and television programs in its Adjusted Free Cash Flow when the payments are actually made. The adjustment for shareholder litigation settlement and interest charges paid is to exclude the non-recurring, one-time payment included in cash flows from operating activities that is associated with litigation matters arising from the Starz merger. Adjusted Net Income (Loss) Attributable to Lions Gate Entertainment Corp. Shareholders: Adjusted net income (loss) attributable to Lions Gate Entertainment Corp. shareholders is defined as net income (loss) attributable to Lions Gate Entertainment Corp. shareholders, adjusted for share-based compensation, purchase accounting and related adjustments, restructuring and other items, loss on extinguishment of debt, and unusual gains or losses, net of the tax effect of the adjustments at the applicable blended statutory rate and net of the impact of the adjustments on non-controlling interest. Adjusted Basic and Diluted EPS: Adjusted basic earnings (loss) per share is defined as adjusted net income (loss) attributable to Lions Gate Entertainment Corp. shareholders divided by the weighted average shares outstanding. Diluted EPS is similar to basic EPS but is adjusted for the effects of securities that are diluted based on the level of adjusted net income (loss), similar to GAAP. LIONS GATE ENTERTAINMENT CORP. USE OF NON-GAAP FINANCIAL MEASURES (Continued) These measures are non-GAAP financial measures as defined in Regulation G promulgated by the SEC and are in addition to, not a substitute for, or superior to, measures of financial performance prepared in accordance with United States GAAP. We use these non-GAAP measures, among other measures, to evaluate the operating performance of our business. We believe these measures provide useful information to investors regarding our results of operations and cash flows before non-operating items. Adjusted OIBDA is considered an important measure of the Company's performance because this measure eliminates amounts that, in management's opinion, do not necessarily reflect the fundamental performance of the Company's businesses, are infrequent in occurrence, and in some cases are non-cash expenses. Adjusted Free Cash Flow is considered an important measure of the Company's liquidity because it provides information about the ability of the Company to reduce net corporate debt, make strategic investments, dividends and share repurchases. Adjusted Net Income (Loss) Attributable to Lions Gate Entertainment Corp. Shareholders and Adjusted EPS are considered important measures of the Company's business operations as, similar to Adjusted OIBDA, these measures eliminate amounts that, in management's opinion, do not necessarily reflect the fundamental performance of the Company's businesses. These non-GAAP measures are commonly used in the entertainment industry and by financial analysts and others who follow the industry to measure operating performance. However, not all companies calculate these measures in the same manner and the measures as presented may not be comparable to similarly titled measures presented by other companies due to differences in the methods of calculation and excluded items. A general limitation of these non-GAAP financial measures is that they are not prepared in accordance with U.S. generally accepted accounting principles. These measures should be reviewed in conjunction with the relevant GAAP financial measures and are not presented as alternative measures of operating income, cash flow, net income (loss), or earnings (loss) per share as determined in accordance with GAAP. Reconciliations of the adjusted metrics utilized to their corresponding GAAP metrics are provided below. LIONS GATE ENTERTAINMENT CORP. RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OIBDA The following table reconciles the GAAP measure, operating income (loss) to the non-GAAP measure, Adjusted OIBDA: Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Operating income (loss) $ (34.0) $ 48.4 $ 130.0 $ 248.7 Adjusted depreciation and amortization(1) 10.7 10.0 41.1 39.3 Restructuring and other(2) 35.9 24.0 78.0 59.8 Programming and content charges(3) 35.1 — 35.1 — Adjusted share-based compensation expense(4) 10.8 14.0 52.1 85.6 Purchase accounting and related adjustments(5) 44.8 39.6 184.1 170.3 Adjusted OIBDA $ 103.3 $ 136.0 $ 520.4 $ 603.7 (1) Adjusted depreciation and amortization represents depreciation and amortization as presented on our consolidated statements of operations less the depreciation and amortization related to the non-cash fair value adjustments to property and equipment and intangible assets acquired in recent acquisitions which are included in the purchase accounting and related adjustments line item above, as shown in the table below: Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Depreciation and amortization $ 41.4 $ 39.9 $ 163.4 $ 159.0 Less: Amount included in purchase accounting and related adjustments (30.7) (29.9) (122.3) (119.7) Adjusted depreciation and amortization $ 10.7 $ 10.0 $ 41.1 $ 39.3 (2) Restructuring and other includes restructuring and severance costs, certain transaction and related costs, and certain unusual items, when applicable, as shown in the table below: Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Restructuring and other: Severance(a) Cash $ 14.5 $ 11.4 $ 31.5 $ 21.5 Accelerated vesting on equity awards 13.5 — 16.0 2.9 Total severance costs 28.0 11.4 47.5 24.4 Transaction and related costs(b) 7.9 7.8 30.5 22.2 Development expense(c) — 4.8 — 13.2 $ 35.9 $ 24.0 $ 78.0 $ 59.8 (a) Severance costs in the three months and fiscal years ended March 31, 2019 and 2018 were primarily related to restructuring activities in connection with recent acquisitions, and other cost-saving initiatives. (b) Transaction and related costs in the three months and fiscal years ended March 31, 2019 and 2018 reflect transaction, integration and legal costs incurred associated with certain strategic transactions and legal matters. In the fiscal year ended March 31, 2019, these costs were primarily related to the legal fees associated with the Starz class action lawsuits and other matters and, to a lesser extent, costs related to the acquisition of 3 Arts Entertainment and other strategic transactions. In the fiscal year ended March 31, 2018, these costs were primarily related to the sale of EPIX, the legal fees associated with the Starz class action lawsuits and other matters, and the integration of Starz. (c) Development expense in the three months and fiscal year ended March 31, 2018 represents write-downs resulting from the restructuring of the Motion Picture business in connection with the acquisition of Good Universe and new management's decisions around the creative direction on certain development projects which were abandoned in the fiscal year ended March 31, 2018. (3) During the fourth quarter of the fiscal year ended March 31, 2019, in connection with recent management changes, the Company implemented changes to its programming strategy including programming that will no longer be broadcast on Starz networks. As a result, the Company recorded certain programming and content charges of $35.1 million in fiscal 2019, which are included in direct operating expense in the consolidated statement of operations. (4) The following table reconciles total share-based compensation expense to adjusted share-based compensation expense: Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Total share-based compensation expense $ 24.3 $ 14.0 $ 68.1 $ 88.5 Less: Amount included in restructuring and other(a) (13.5) — (16.0) (2.9) Adjusted share-based compensation $ 10.8 $ 14.0 $ 52.1 $ 85.6 (a) Represents share-based compensation expense included in restructuring and other expenses reflecting the impact of the acceleration of certain vesting schedules for equity awards pursuant to certain severance arrangements. (5) Purchase accounting and related adjustments primarily represent the amortization of non-cash fair value adjustments to certain assets acquired in recent acquisitions. These adjustments include the accretion of the noncontrolling interest discount related to Pilgrim Media Group and 3 Arts Entertainment, the amortization of the recoupable portion of the purchase price and the expense associated with the earned distributions related to 3 Arts Entertainment, all of which are accounted for as compensation and are included in general and administrative expense. The following sets forth the amounts included in each line item in the financial statements: Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Purchase accounting and related adjustments: Direct operating $ 1.5 $ 8.1 $ 18.0 $ 44.5 General and administrative expense 12.6 1.6 43.8 6.1 Depreciation and amortization 30.7 29.9 122.3 119.7 $ 44.8 $ 39.6 $ 184.1 $ 170.3 LIONS GATE ENTERTAINMENT CORP. RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO LIONS GATE ENTERTAINMENT CORP. SHAREHOLDERS TO ADJUSTED NET INCOME ATTRIBUTABLE TO LIONS GATE ENTERTAINMENT CORP. SHAREHOLDERS, AND BASIC AND DILUTED EPS TO ADJUSTED BASIC AND DILUTED EPS Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions, except per share amounts) Reported Net Income (Loss) Attributable to Lions Gate Entertainment Corp. Shareholders $ (155.2) $ 91.3 $ (284.2) $ 473.6 Adjusted share-based compensation expense(1) 10.8 14.0 52.1 85.6 Restructuring and other 35.9 24.0 78.0 59.8 Programming and content charges 35.1 — 35.1 — Purchase accounting and related adjustments(2) 44.0 39.2 182.2 168.5 Shareholder litigation settlements(3) — — 114.1 — Loss on extinguishment of debt 1.9 11.6 1.9 35.7 Loss (gain) on investments(4) 44.4 — 87.6 (171.8) Tax impact of above items(5) (39.5) (29.4) (102.6) (52.3) Deferred tax valuation allowance, impact of corporate tax rate change on net deferred tax liabilities and other discrete items(6) 53.7 (94.1) 53.7 (259.1) Noncontrolling interest impact of above items (6.8) (1.7) (26.6) (8.2) Adjusted Net Income Attributable to Lions Gate Entertainment Corp. Shareholders $ 24.3 $ 54.9 $ 191.3 $ 331.8 Reported Basic EPS $ (0.72) $ 0.43 $ (1.33) $ 2.27 Impact of adjustments on basic earnings per share 0.83 (0.17) 2.22 (0.68) Adjusted Basic EPS $ 0.11 $ 0.26 $ 0.89 $ 1.59 Reported Diluted EPS $ (0.72) $ 0.41 $ (1.33) $ 2.15 Impact of adjustments on diluted earnings per share 0.83 (0.16) 2.20 (0.64) Adjusted Diluted EPS(7) $ 0.11 $ 0.25 $ 0.87 $ 1.51 Adjusted weighted average number of common shares outstanding: Basic 215.4 210.3 213.7 208.4 Diluted 220.1 221.8 220.9 220.4 (1) Represents share-based compensation expense excluding amounts related to severance awards included in restructuring and other. See the table under footnote (4) to the reconciliation of operating income to Adjusted OIBDA for a reconciliation of share-based compensation expense to adjusted share-based compensation expense. (2) Represents the amounts included in Adjusted OIBDA net of interest income on the amortization of non-cash fair value adjustments to capital lease obligations acquired in the acquisition of Starz. (3) Shareholder litigation settlements of $114.1 million in the year ended March 31, 2019 includes the following: (i) $54.8 million for the net expense recorded for the settlement of the Fiduciary Litigation (representing the settlement amount of $92.5 million, net of aggregate insurance reimbursement of $37.8 million) and (ii) $59.3 million related to the Appraisal Litigation, representing the amount by which the settlement amount of approximately $964 million exceeded the previously accrued dissenting shareholders' liability including interest through the date agreed in the settlement. The Fiduciary Litigation means the seven putative class action complaints that were filed between July 19, 2016 and August 30, 2016 by purported Starz stockholders in the Court of Chancery of the State of Delaware consolidated into In re Starz Stockholder Litigation, Consolidated C.A. No. 12584-VCG. On August 22, 2018, the parties to the Fiduciary Litigation reached an agreement in principle providing for the settlement of the Fiduciary Litigation on the terms and conditions set forth in an executed term sheet. The Appraisal Litigation means the five verified petitions for appraisal (representing approximately 22.5 million shares of Starz Series A common stock) filed between December 8, 2016 and March 16, 2017 by purported Starz stockholders in the Court of Chancery of the State of Delaware, which were consolidated into In re Starz Appraisal, Consolidated C.A. No. 12968-VCG. (4) In the three months and fiscal year ended March 31, 2019, amounts represent the loss on sale of our 50% equity interest in Pop and unrealized gains or losses recorded for the change in fair value of our available-for-sale equity securities measured at fair value, and the fiscal year ended March 31, 2019 also includes other-than-temporary impairments on our investments. In the fiscal year ended March 31, 2018, amounts represent the gain on sale of our 31.15% equity interest in EPIX, and other-than-temporary impairments on our investments. (5) Represents the tax impact of the adjustments to net income attributable to Lions Gate Entertainment Corp. shareholders, calculated using the blended statutory tax rate applicable to each adjustment. (6) In the three months and fiscal year ended March 31, 2019, represents a charge from an increase in the valuation allowance for certain of the Company's deferred tax assets. In the three months ended March 31, 2018, represents a discrete tax benefit primarily from an internal capital restructuring in connection with our third party debt refinancing, offset by charges from increases in our valuation allowance associated with certain U.S. and foreign deferred tax assets. The year ended March 31, 2018 also includes a net deferred tax benefit resulting from the impact of the change in the U.S. federal corporate income tax rate from 35% to 21% under the Tax Cuts and Jobs Act on our net deferred tax liabilities. (7) For the three months and year ended March 31, 2018, adjusted diluted net income attributable to Lions Gate Entertainment Corp. shareholders for diluted EPS includes the add-back of interest expense on the convertible notes, net of tax assuming conversion of the notes at the beginning of the period presented. LIONS GATE ENTERTAINMENT CORP. RECONCILIATION OF NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW Three Months Ended Year Ended March 31, March 31, 2019 2018 2019 2018 (Unaudited, amounts in millions) Net Cash Flows Provided By Operating Activities(1) $ 171.8 $ 17.0 $ 427.5 $ 386.4 Capital expenditures (14.9) (17.5) (43.8) (45.9) Net borrowings under and (repayment) of production loans (6.1) (45.5) 32.7 (13.1) Shareholder litigation settlement charges and interest — — 221.3 — Adjusted Free Cash Flow(2) $ 150.8 $ (46.0) $ 637.7 $ 327.4 (1) Cash flows provided by operating activities for the three months and year ended March 31, 2019 includes the net proceeds of approximately $218.6 million and $347.0 million, respectively, from the monetization of trade accounts receivable. (2) Adjusted Free Cash Flow amounts for the fiscal year ended March 31, 2018 have been adjusted to reflect the adoption of a new accounting standard in the first quarter of fiscal 2019, which requires restricted cash to be reported as part of cash and cash equivalents in the statement of cash flows, and therefore the change in restricted cash is no longer reported as an activity in the statement of cash flows. As a result of adopting this standard, cash provided by operating activities and therefore Adjusted Free Cash Flow was reduced by $2.8 million for the fiscal year ended March 31, 2018. View original content to download multimedia:http://www.prnewswire.com/news-releases/lionsgate-reports-results-for-fourth-quarter-and-full-year-fiscal-2019-300856241.html SOURCE Lionsgate
Popcornopolis Unicorn Popcorn® to Debut at Select Target Stores Nationwide
LOS ANGELES--(BUSINESS WIRE)-- The gourmet popcorn company, Popcornopolis is pleased to announce the launch of the popular Unicorn Popcorn® in over 1,300 Target retail stores acros
Pacific Visions at the Aquarium of the Pacific Redefines the Role of Aquariums
LONG BEACH, Calif.--(BUSINESS WIRE)-- The Aquarium of the Pacific officially opened its first major expansion, Pacific Visions. The 29,000-square-foot wing houses the immersive Hon
Enter the Pittsburgh 60 Strong Calendar Contest: Celebrate Life After 60
PITTSBURGH, Pa., May 24, 2019 /PRNewswire/ -- You, or someone you know, could be featured as a "pin up" in the 2020 Pittsburgh 60 Strong calendar, an exclusive calendar featuring inspirational 60 somethings and highlighting area events and activities. A panel of celebrity judges will select 12 winners who exemplify how life after sixty can be a vibrant and active time. In addition to appearing in the calendar, winners receive "celebrity treatment" during a professional photo shoot and compensation for their time.
Overcoming Hair Loss and Wildfires, An Inspiring Theradome Story
May 25, 2019 15:14 UTC SAN FRANCISCO--(BUSINESS WIRE)-- When Emily Scher noticed that her hair was thinning and falling out, she did what so many women do when faced with a problem - she took action and found a solution. And when the deadly California wildfires brought destruction to her Malibu community, she did not let that stop her. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190525005007/en/ Emily Scher and family along with the remains of her home after the Woolsey Fire. (Photo: Business Wire) We are so excited to share Emily’s story with you to not only show that hair restoration is possible, but also the power of her resilience. Emily’s Hair Loss Treatment: PRP Injections and Theradome Laser Hair Therapy While exploring options to stop and reverse her hair loss, Emily heard about a treatment called platelet-rich plasma (PRP) injections. She found a local medi-spa that offered the therapy and they explained how the treatment worked, and why it is most effective when paired with low-level laser therapy (LLLT). PRP treatments involve injecting the scalp with platelet-rich plasma drawn from your own blood, in order to increase the nutrient-rich blood supply to hair follicles and spur hair growth. Laser hair growth therapy also works to stimulate hair follicles but by delivering a concentrated dose of energy with a precise wavelength of light. In order to maximize her success and get the best results possible, the medi-spa where Emily received her PRP treatments recommended that she purchase a Theradome laser hair growth helmet and use it the day after each of her sessions. For six months Emily received PRP injections and used her Theradome helmet, until the fire came. Rebuilding After the Woolsey Wildfire, a New Start with New Hair On November 8, 2018, a wildfire broke out in Malibu, California outside of Los Angeles. Over the course of several days nearly 300,000 people evacuated the area for safety, including Emily and her two children, as firefighters worked to contain the blaze. All told, nearly 97,000 acres of land burned, and 1,634 structures were destroyed. Fortunately, Emily and her children were safe. However, their home was not, and they lost virtually everything they owned. Stepping up in the face of adversity, Emily and her children relocated and began planning to completely rebuild their home. They have worked to embrace their temporary location the last few months until they can one day return to the community they love. However, she no longer had her Theradome helmet and was unable to get another one with everything else she needed to replace. When Theradome learned of Emily’s story, inspired by her tenacity, Theradome was thrilled to be able to help in this one small way by sending her a new helmet. She has not only started wearing her helmet again, she’d also told a close friend who is undergoing cancer treatment about the therapy and he’s seen improvement with his hair loss as well! Of her experience with Theradome and laser hair growth therapy, she said, “I wish that more people dealing with hair loss knew about it, it really does work and I believe in it!” If you would like to support Emily and her family, please donate here: https://www.gofundme.com/SCHERGOODMAN-FAMILY-FIRE-FUND. About Theradome® Theradome®, a medical device company based in Silicon Valley, California, makes its products in the United States and specializes in bringing laser-based hair growth therapies, previously only available in clinical settings, into the home. The laser helmets developed by Tamim Hamid can minimize shedding, thicken existing hair and promote new hair growth. View source version on businesswire.com: https://www.businesswire.com/news/home/20190525005007/en/ Contacts Kim PankeyTheradome Inc.firstname.lastname@example.org Source: Theradome Inc. Smart Multimedia Gallery Photo Emily Scher and family along with the remains of her home after the Woolsey Fire. (Photo: Business Wire) View this news release and multimedia online at: http://www.businesswire.com/news/home/20190525005007/en
5 Ideal Reasons for Investing in Utility Stocks
Utility stocks are stocks of companies that deliver essential services such as water, gas, and electricity among others. Utility stock is an ideal conservative option for investors looking for steady higher dividends. You can invest in utility stocks companies through a brokerage firm by buying individual utility stocks, mutual funds that are specialized in the utilities sector or as ETFs that include the select sector SPDR-utilities.
8 Best Stock Investment Apps for Beginners
Investing is a daunting task and sometimes could be confusing especially for a beginner. In the past, an investment process began by making a call to a brokerage firm to obtain an advisor who would advise the investor throughout the process. However, the technological advancement has made it easier for beginners who want to start trading. Now, they can just download an app on their PC or Smartphone and use it to trade securities. Different apps offer automation, low cost and high-security measures to make investing easy and exciting for all.
5 Common Types of Financial Swaps
A swap is an act of exchanging one thing for another. In finance, swaps are derivatives wherein two counterparties exchange financial instruments. The swaps can involve an exchange of a series of cash flows of one party’s financial instrument for those of the other party’s financial instrument over a specific period of time. Swaps are mutual agreements that are easy to design and customize over the counter. They offer great flexibility that leads to many swap variations with each serving a given purpose.
Top 5 Forex Risks Traders Should Consider Before they Invest
Forex exchange market is a global decentralized or over the counter market that facilitates the trading of currencies. Just like in a stock exchange, the traders’ goal is to make a profit by buying low and selling high. Forex markets are highly liquid assets due to the high trading volumes. Some of the most common forex exchange trades include spot transactions, currency swaps, and options, forwards, and foreign exchange swaps. Forex trades face plenty of risks that can result in substantial losses. Here are the top 5 forex risks that every trader should consider before they dive into forex trading: 1. Leverage Risks In forex trading, traders require a small initial investment called a margin which is used as leverage in forex trading to gain access to substantial trades. Price volatility can result in margin calls where the investor is required to commit an additional margin. In highly volatile market conditions, aggressive use of leverage by traders can result in massive losses over initial investments made. 2. Interest Rate Risks Interest rate affects countries exchange rates. If a country’s interest rates rise, the currency strengthens. Investors flood the country as they invest in the country’s assets. In essence, a stronger currency means better returns. On the other hand, if a country interest rates fall, the currency weakens as investors begin to withdraw their investments. Interest rate changes can thus have a dramatic effect on forex prices. 3. Transaction Risks The difference or gap between when a contract is initiated and when it settles poses a transaction risk which is an exchange rate risk. Forex trading usually takes 24 hours, and exchange rates can drastically change any time before a trade settle. Currencies also trade at different prices at different times during the trading process. The greater the gap, the higher the transaction risk. The exchange risk that traders face during the trading hours increase the transaction costs. 4. Counterparty Risk The company that provides the asset to an investor in a financial transaction is called the counterparty. There is a risk of default from the dealer or broker in any particular transaction which refers to the counterparty risk. Spot and forward contracts on currencies do not get a guarantee by an exchange or a clearing house and thus pose a counterparty risk to an investor. The counterparty risk can occur in spot currency trading in the event the market maker end up insolvency. The counterparty can refuse or can be unable to oblige to contracts in highly volatile market conditions. 5. Country Risk An investor must assess the structure and the stability of the issuing country before they invest in currencies. In a majority of developing countries, the exchange rates are pegged to a particular world leader currency such as the US dollar. Central Banks in those countries must sustain sufficient reserves to help maintain good exchange rates. A balance of payments deficit can lead to devaluation of the currency and result in a currency crisis. It can consequently have massive effects on forex prices and trading. Investors can also begin to withdraw their assets if they suspect the currency is likely to decrease in value. It results in further devaluing of the currency. Currency crisis aggravates liquidity and credit risks as the currency devalues the assets become illiquid. The Bottom Line An investor should consider the various risks and losses associated with foreign exchange trading before they invest. While forex assets have the highest trading volume, the risks can lead to massive losses.
Blockchain to Simplify Travel Inconvenience Insurance Claim Settlements Over Airline Strikes - Valuates Reports
BANGALORE, India, May 24, 2019 /PRNewswire/ -- In February 2019, the strike organized by China Airlines pilots resulted in more than 60 canceled flights. A total of 30,000 passengers were affected in this seven-day strike action over working conditions and benefits as more than 60 flights were canceled. In mid-February of 2019, striking pilots of China Airlines agreed to return to work immediately after reaching a consensus deal with the Taoyuan Union of Pilots. China Airlines has offered a compensation scheme to passengers affected by flight delays and cancelations. For flights delayed 6 hours or more including connecting flights due to canceled flights, China Airlines has promised to cover accommodation, food, and transportation expenses incurred by the change of the itinerary. However, passengers must submit their boarding passes or related invoices/ receipts for China Airlines to review these documents and handle each claim with discretion.
Kakao's Blockchain Project 'Klaytn' Holds Its First Blockchain Application Competition, 'Klaytn Horizon' with a $1 Million-Dollar Prize Pool
SEOUL, South Korea, May 24, 2019 /PRNewswire/ -- Klaytn, the blockchain platform of the leading South Korean mobile platform, Kakao is holding its very first BApp (Blockchain Application) competition until August 15th, virtually open to all developers worldwide.
Horyou Media: Blockchain For Good, Alive and Kicking at the UNESCO Blockchain Practices and Perspectives Conference
GENEVA, May 23, 2019 /PRNewswire/ -- On May 17, 2019, the UNESCO hosted a high-level conference entitled Blockchain, Practices and Perspectives at its Headquarters in Paris, with the aim to "better highlight how Blockchain technology can be applied for social good". The conference staged interdisciplinary discussions among researchers and practitioners of computer science, humanities and social sciences, economics and law, giving voice to public and private Blockchain project developers in panels that were both stimulating and inspiring.
Users Rule Under Huobi's New FastTrack Listing Model
SINGAPORE, May 24, 2019 /PRNewswire/ -- Starting next month, users will get a direct say in what projects are listed and when on Huobi Global. Huobi has revamped and upgraded the business model for Prime Lite, its streamlined launch program for quality crypto projects. Along with that change comes a rebrand and a new name. Going forward, Prime Lite will be known as Huobi FastTrack and, under this new concept, the rules are more favourable to users. "Huobi FastTrack's structure grew out of three of Huobi's guiding values," said Livio Weng, CEO of Huobi Global. "First, it serves our mission of giving users maximum choice about when and how they can trade; second, it provides much needed exposure to deserving projects; third, it gives everyday traders – not just big fish and major players – exposure to those coins at competitive rates." Ross Zhang, Head of Marketing for Huobi Global, provided further insight on the reasons for the rebranding: "The decision to convert to FastTrack really grew out of a desire to be responsive to customers' needs," said Zhang. "While many of our users liked Prime Lite, others felt it resulted in too few coins being distributed to too many users, with the result most only got a small proportion of the coins they desired. We also found that too many users were confused by the differences between Huobi Prime, our innovative coin launch platform for emerging new premium coins, and Prime Lite, which was intended as its streamlined cousin." In addition to allowing users to vote on what projects they want to see listed (and when) on Huobi Global using Huobi Token (HT), FastTrack also provides discounts of approximately 50% off the market value of launched coins to supporters who vote for them. Huobi FastTrack is scheduled to launch in June. How Does Huobi FastTrack Work? Huobi Global will announce five projects for Huobi FastTrack listing each month. Using HT, users will get a chance to vote for the projects on a weekly basis. Each user can cast his or her votes for a single project every week. The project that gets the highest number of votes will be listed on Huobi Global the same day voting takes place. Free trading of the winning project token will open upon completion of each week's voting session, with the simultaneous launch of USDT, BTC and HT trading pairs. All participating HT voters who voted for a winning project in any given week will be eligible to purchase its tokens at around 50% off market price using the HT they voted with. Of this group, 10 lucky winners will be able to exchange all their HT votes for the winning token. The rest will be able to buy discounted tokens based on the remaining token supply in proportion to their HT votes. Users will need to hold at least 1,000 HT daily over the week proceeding a Huobi FastTrack launch in order to qualify for voting. The candidacy of any project that fails to win majority vote in a given month will be rolled over to the following month. Any project that fails to win a majority of votes over a two-month period will be eliminated from the Huobi FastTrack program. All HT used in the voting phase that is not subsequently used in trading will be returned to users after the Huobi FastTrack launch ends. The HT used by winning voters for token purchases will be burned. What Is The Benefit To Users, Projects, And HT Holders? In addition to providing winning voters with access to quality tokens at below market rates, Huobi FastTrack provides all participants with a direct say in what projects are listed on Huobi Global and when. The program will also benefit many deserving projects by providing both much needed exposure and a straightforward listing process. Finally, because all HT spent by winning voters is subsequently burned by Huobi, FastTrack will benefit our long-term HT holders. How Are Projects Selected For Consideration? All candidates for FastTrack listing must undergo Huobi's rigorous SmartChain 2.0 vetting and evaluation process. In addition, successful FastTrack candidates must possess the following: The token must have a healthy trading volume and strong community support. Projects must have a stable secondary market price on major exchanges. Projects must be willing to distribute the equivalent of at USDT 500,000 or more tokens at approximately 50% discount. Project must be willing to develop jointly with Huobi, allowing for all exchanged HT tokens during FastTrack to be burned. Projects that meet our listing criteria can submit their project for listing to our dedicated FastTrack Business Support team via Listing@huobi.com. Huobi FastTrack will work as a complement to, rather than a replacement of, the full version of Huobi Prime and regular listings on Huobi Global. For more info: http://bit.ly/2YLzxsF Disclaimer: Huobi will not, under any circumstances, provide any trading or financial advice and Huobi users should conduct independent analysis including, where appropriate, taking third party legal, tax and financial advice. Huobi is limited to users from jurisdictions where digital asset trading is a permissible activity and no regulatory restrictions apply. About Huobi: Consisting of ten upstream and downstream enterprises, Huobi Group is the world's leading blockchain company. Established in 2013, Huobi Group's accumulative turnover exceeds $1 trillion. It proudly provides safe, secure, and convenient cryptocurrency trading and asset management services to millions of users in 130+ countries. Find out more at www.hbg.com For enquiries please contact: Jiayi Li +65 9229 5769 email@example.com View original content to download multimedia:http://www.prnewswire.com/news-releases/users-rule-under-huobis-new-fasttrack-listing-model-300856618.html SOURCE Huobi Global
New Study Highlights Corporate Canada Support For Supply Chain Legislation as Government Launches Public Consultations