Deeper Dive to Understanding Machine Learning

Posted on May 5, 2022 by Admin



Image Credit: MIT News

Unpacking Black-Box Models

Adam Zewe | MIT News
Office

Modern machine-learning models, such as neural networks, are often referred to as “black boxes” because they are so complex that even the researchers who design them can’t fully understand how they make predictions.

To provide some insights, researchers use explanation methods that seek to describe individual model decisions. For example, they may highlight words in a movie review that influenced the model’s decision that the review was positive.

But these explanation methods don’t do any good if humans can’t easily understand them, or even misunderstand them. So, MIT researchers created a mathematical framework to formally quantify and evaluate the understandability of explanations for machine-learning models. This can help pinpoint insights about model behavior that might be missed if the researcher is only evaluating a handful of individual explanations to try to understand the entire model.

“With this framework, we can have a very clear picture of not only what we know about the model from these local explanations, but more importantly what we don’t know about it,” says Yilun Zhou, an electrical engineering and computer science graduate student in the Computer Science and Artificial Intelligence Laboratory (CSAIL) and lead author of a paper presenting this framework.

Zhou’s co-authors include Marco Tulio Ribeiro, a senior researcher at Microsoft Research, and senior author Julie Shah, a professor of aeronautics and astronautics and the director of the Interactive Robotics Group in CSAIL. The research will be presented at the Conference of the North American Chapter of the Association for Computational Linguistics.

Understanding Local Explanations

One way to understand a machine-learning model is to find another model that mimics its predictions but uses transparent reasoning patterns. However, recent neural network models are so complex that this technique usually fails. Instead, researchers resort to using local explanations that focus on individual inputs. Often, these explanations highlight words in the text to signify their importance to one prediction made by the model.

Implicitly, people then generalize these local explanations to overall model behavior. Someone may see that a local explanation method highlighted positive words (like “memorable,” “flawless,” or “charming”) as being the most influential when the model decided a movie review had a positive sentiment. They are then likely to assume that all positive words make positive contributions to a model’s predictions, but that might not always be the case, Zhou says.

The researchers developed a framework, known as ExSum (short for explanation summary), that formalizes those types of claims into rules that can be tested using quantifiable metrics. ExSum evaluates a rule on an entire dataset, rather than just the single instance for which it is constructed.

Using a graphical user interface, an individual writes rules that can then be tweaked, tuned, and evaluated. For example, when studying a model that learns to classify movie reviews as positive or negative, one might write a rule that says “negation words have negative saliency,” which means that words like “not,” “no,” and “nothing” contribute negatively to the sentiment of movie reviews.

Using ExSum, the user can see if that rule holds up using three specific metrics: coverage, validity, and sharpness. Coverage measures how broadly applicable the rule is across the entire dataset. Validity highlights the percentage of individual examples that agree with the rule. Sharpness describes how precise the rule is; a highly valid rule could be so generic that it isn’t useful for understanding the model.

Testing Assumptions

If a researcher seeks a deeper understanding of how her model is behaving, she can use ExSum to test specific assumptions, Zhou says.

If she suspects her model is discriminative in terms of gender, she could create rules to say that male pronouns have a positive contribution and female pronouns have a negative contribution. If these rules have high validity, it means they are true overall and the model is likely biased.

ExSum can also reveal unexpected information about a model’s behavior. For example, when evaluating the movie review classifier, the researchers were surprised to find that negative words tend to have more pointed and sharper contributions to the model’s decisions than positive words. This could be due to review writers trying to be polite and less blunt when criticizing a film, Zhou explains.

“To really confirm your understanding, you need to evaluate these claims much more rigorously on a lot of instances. This kind of understanding at this fine-grained level, to the best of our knowledge, has never been uncovered in previous works,” he says.

“Going from local explanations to global understanding was a big gap in the literature. ExSum is a good first step at filling that gap,” adds Ribeiro.

Extending the Framework

In the future, Zhou hopes to build upon this work by extending the notion of understandability to other criteria and explanation forms, like counterfactual explanations (which indicate how to modify an input to change the model prediction). For now, they focused on feature attribution methods, which describe the individual features a model used to make a decision (like the words in a movie review).

In addition, he wants to further enhance the framework and user interface so people can create rules faster. Writing rules can require hours of human involvement — and some level of human involvement is crucial because humans must ultimately be able to grasp the explanations — but AI assistance could streamline the process.

As he ponders the future of ExSum, Zhou hopes their work highlights a need to shift the way researchers think about machine-learning model explanations.

“Before this work, if you have a correct local explanation, you are done. You have achieved the holy grail of explaining your model. We are proposing this additional dimension of making sure these explanations are understandable. Understandability needs to be another metric for evaluating our explanations,” says Zhou.

Reprinted with permission of MIT News” and a link to the MIT News homepage ( http://news.mit.edu/)

Suggested Reading

Two Ways Artificial Intelligence is Helping Cybersecurity

Edge Computing Importance to AI Applications

One Stop Systems (OSS) NobleCon18 Presentation Replay

Blackboxstocks (BLBX) NobleCon18 Presentation Replay

Stay up to date. Follow us:

Release – Genprex Issues Shareholder Letter and Provides 2022 Corporate Update

Posted on May 5, 2022 by Admin

Genprex Issues Shareholder Letter and Provides 2022 Corporate Update

Research, News, and Market Data on Genprex

Company achieves major
milestones in clinical development programs in 2022

Patient
treatment in Acclaim-2 clinical trial commences

AUSTIN, Texas — (May 5, 2022) — Genprex,
Inc. (“Genprex” or the “Company”) (NASDAQ: GNPX), a clinical-stage gene therapy company focused on developing life-changing therapies for patients with cancer and diabetes, today announced that it has issued a shareholder letter and corporate update outlining the Company’s recent progress in its clinical development programs and key milestones and achievements for 2022 and beyond.

“We have had a strong start to this year, achieving many key milestones for our Company,” said Rodney Varner, President and Chief Executive Officer of Genprex. “We announced our second Fast Track Designation for REQORSA™ Immunogene Therapy, we commenced patient treatment in our Phase 1/2 Acclaim-1 clinical trial for non-small cell lung cancer (NSCLC), we opened our Phase 1/2 Acclaim-2 clinical trial for NSCLC and commenced patient treatment in that trial (having treated the first patient in April 2022), and we expanded our clinical development pipeline to include small cell lung cancer (SCLC). I am enthusiastic about our future as we continue to advance our leading edge gene therapy programs with the goal of extending hope and life to patients with serious disease and unmet need.”

To read the letter in its entirety, a digital copy of the Company’s Shareholder Letter can be found on the Company’s website here.

About Genprex, Inc.

Genprex, Inc. is a clinical-stage gene therapy company focused on developing life-changing therapies for patients with cancer and diabetes. Genprex’s technologies are designed to administer disease-fighting genes to provide new therapies for large patient populations with cancer and diabetes who currently have limited treatment options. Genprex works with world-class institutions and collaborators to develop drug candidates to further its pipeline of gene therapies in order to provide novel treatment approaches. Genprex’s oncology program utilizes its unique, proprietary, non-viral ONCOPREX® Nanoparticle Delivery System, which the Company believes is the first systemic gene therapy delivery platform used for cancer in humans. ONCOPREX encapsulates the gene-expressing plasmids using lipid nanoparticles. The resultant product is administered intravenously, where it is then taken up by tumor cells that express proteins that are deficient. The Company’s lead product candidate, REQORSA™ (quaratusugene ozeplasmid), is being evaluated as a treatment for non-small cell lung cancer (NSCLC). REQORSA has a multimodal mechanism of action that has been shown to interrupt cell signaling pathways that cause replication and proliferation of cancer cells; re-establish pathways for apoptosis, or programmed cell death, in cancer cells; and modulate the immune response against cancer cells. REQORSA has also been shown to block mechanisms that create drug resistance. In 2020, the U.S. Food and Drug Administration (FDA) granted Fast Track Designation for REQORSA for NSCLC in combination therapy with AstraZeneca’s Tagrisso® (osimertinib) for patients with EFGR mutations whose tumors progressed after treatment with Tagrisso. In 2021, the FDA granted Fast Track Designation for REQORSA for NSCLC in combination therapy with Merck & Co’s Keytruda® (pembrolizumab) for patients whose disease progressed after treatment with Keytruda.

For more information, please visit the Company’s web site at
www.genprex.com or follow Genprex on Twitter, Facebook and LinkedIn.

Cautionary Language Concerning
Forward-Looking Statements

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of management, are not guarantees of performance and are subject to significant risks and uncertainty. These forward-looking statements should, therefore, be considered in light of various important factors, including those set forth in Genprex’s reports that it files from time to time with the Securities and Exchange Commission and which you should review, including those statements under “Item 1A – Risk Factors” in Genprex’s Annual Report on Form 10-K for the year ended December 31, 2021.

Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding: the timing and success of Genprex’s clinical trials and regulatory approvals, including the extent and impact of the COVID-19 pandemic; the effect of Genprex’s product candidates, alone and in combination with other therapies, on cancer and diabetes; Genprex’s future growth and financial status; Genprex’s commercial and strategic partnerships, including those with its third party manufacturers and their ability to successfully perform and scale up the manufacture of its product candidates; and Genprex’s intellectual property and licenses.

These forward-looking statements should not be relied upon as predictions of future events and Genprex cannot assure you that the events or circumstances discussed or reflected in these statements will be achieved or will occur. If such forward-looking statements prove to be inaccurate, the inaccuracy may be material. You should not regard these statements as a representation or warranty by Genprex or any other person that Genprex will achieve its objectives and plans in any specified timeframe, or at all. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Genprex disclaims any obligation to publicly update or release any revisions to these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

Genprex,
Inc.

(877) 774-GNPX (4679)

GNPX
Investor Relations

investors@genprex.com

GNPX
Media Contact

Kalyn Dabbs

media@genprex.com

Release – Kratos Reports First Quarter 2022 Financial Results

Posted on May 5, 2022 by Admin

Kratos Reports First Quarter 2022 Financial Results

Research, News, and Market Data on Kratos Defense & Security Solutions

Affirms
Full Year 2022 Financial Guidance

SAN DIEGO, May 05, 2022 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, today reported its first quarter 2022 financial results. For the first quarter of 2022, Kratos reported Revenues of $196.2 million, Operating Loss of $1.2 million, Net Loss of $15.9 million and Adjusted EBITDA of $13.8 million. Included in Net Loss is a $13.0 million loss for a debt extinguishment charge reflecting the premium paid to redeem the Company’s 6.5% Senior Notes and the write-off of related deferred financing costs.

First quarter 2022 Operating Loss includes non-cash stock compensation expense of $7.0 million, which increased $0.8 million from the first quarter of 2021, and Company-funded Research and Development expense of $9.2 million, reflecting significant ongoing development efforts being made, including in our space and satellite business to develop our virtual, software based OpenSpace ground station solution.

Kratos reported a first quarter 2022 GAAP loss per share of $0.12, which included the $13.0 million loss for debt extinguishment charge noted above, compared to Net Income of $1.9 million and GAAP EPS income of $0.01 for the first quarter of 2021. Adjusted EPS was $0.04 for the first quarter of 2022, compared to $0.06 for the first quarter of 2021. Kratos has approximately $235 million of net operating loss carryforwards, which are expected to substantially shield the Company from paying future cash income taxes.

First quarter 2022 Revenues of $196.2 million, increased $2.0 million, or 1.0 percent, from first quarter 2021 Revenues of $194.2 million, were adversely impacted by the extended 6 month Continuing Resolution Authorization (CRA), which was not resolved until the end of March 2022. First quarter 2022 revenues were also adversely impacted by continuing and increased supply chain disruptions, and COVID-related employee absenteeism, which resulted in approximately $15.3 million of first quarter 2022 revenues being deferred into future periods. First quarter 2022 revenues include a contribution of $14.7 million from the recent acquisitions of Cosmic Advanced Engineered Solutions, Inc. (Cosmic AES) and CTT, Inc., (CTT) offset by the previously reported loss of an international training services contract of approximately $8.3 million.

First quarter 2022 Cash Flow Used in Operations was $7.9 million, including a use for the increase of inventory balances of $15.3 million during the quarter primarily in our satellite and microwave electronic businesses, in anticipation of the ramps in production in the second half of the year and, in part, to advance inventory levels, in an attempt to mitigate the impact of supply chain disruptions. Free Cash Flow Used in Operations was $18.7 million, after funding $10.8 million of capital expenditures, including in our high growth Unmanned Systems, Space, Satellite and Cyber and Turbine Technologies business areas.

For the first quarter of 2022, Kratos’ Unmanned Systems Segment (KUS) generated Revenues of $52.6 million, as compared to $55.9 million in the first quarter of 2021. KUS Operating Income was $0.5 million in the first quarter of 2022, compared to $4.2 million in the first quarter of 2021, reflecting a less favorable mix of revenues, including an increase in development programs which typically generate lower margins, an increase in SG&A costs of approximately $1.1 million, an increase of R&D expenses of approximately $1.2 million and increases in supply chain and employee related costs.

First quarter 2022 KUS Adjusted EBITDA was $3.0 million, compared to first quarter 2021 Adjusted EBITDA of $6.4 million, reflecting increases in certain development programs which typically generate lower margins and increases in SG&A, R&D, supply chain related and headcount costs.

KUS’s book-to-bill ratio for the first quarter of 2022 was 0.3 to 1.0 and 1.0 to 1.0 for the last twelve months ended March 27, 2022, with bookings of $236.7 million for the twelve months ended March 27, 2022. Total backlog for KUS at the end of the first quarter of 2022 was $230.5 million compared to $269.6 million at the end of the fourth quarter of 2021.

For the first quarter of 2022, Kratos’ Government Solutions Segment (KGS) reported Revenues of $143.6 million, compared to Revenues of $138.3 million in the first quarter of 2021. The increased revenues include the contribution of approximately $14.7 million from the recently acquired Cosmic AES and CTT, offset by a reduction of $8.3 million in our Training Solutions business, resulting primarily from the loss of an international training contract, and continued and increased supply chain disruptions, which resulted in first quarter 2022 KGS revenues of approximately $14.6 million being deferred into future periods. KGS reported operating income of $5.6 million in the first quarter of 2022, compared to $7.1 million in the first quarter of 2021, primarily reflecting a less favorable revenue mix and increased costs related to the supply chain and employee base.

Kratos’ Space, Satellite and Cyber business generated Revenues of $72.5 million in the first quarter of 2022, compared to $58.5 million in the first quarter of 2021. Included in the first quarter 2022 revenues is $12.7 million from the recent Cosmic AES acquisition, offset partially by approximately $7.1 million of supply chain related and other delays, including in the Company’s commercial and international satellite communications business.

First quarter 2022 KGS Adjusted EBITDA was $10.8 million, compared to first quarter 2021 KGS Adjusted EBITDA of $11.7 million, reflecting a less favorable mix of revenues, the continued and increased impact of supply chain disruptions and increases in supply chain and employee related costs.

For the first quarter of 2022, KGS reported a book-to-bill ratio of 1.3 to 1.0, and a book to bill ratio of 1.1 to 1 for the twelve months ended March 27, 2022. Included in KGS is Kratos’ Space, Satellite and Cyber business, which reported a book to bill ratio of 1.3 to 1.0 for the first quarter of 2022, and a book to bill ratio of 1.1 to 1.0 for the twelve months ended March 27, 2022. Bookings for the Space, Satellite and Cyber business for the last twelve months ended March 27, 2022 was $313.8 million. KGS’s total backlog at the end of the first quarter of 2022 was $751.6 million, as compared to $684.3 million at the end of the fourth quarter of 2021.

For the first quarter of 2022, Kratos reported consolidated bookings of $198.2 million and a book-to-bill ratio of 1.0 to 1.0, with consolidated bookings of $873.3 million and a book-to-bill ratio of 1.1 to 1.0 for the last twelve months ended March 27, 2022. Backlog on March 27, 2022 was $982.1 million, as compared to $953.9 million at December 26, 2021, and Kratos’ bid and proposal pipeline was $9.4 billion at March 27, 2022, as compared to $9.4 billion at December 26, 2021. Backlog at March 27, 2022 was comprised of funded backlog of $685.7 million and unfunded backlog of $296.4 million.

Eric DeMarco, Kratos’ President and CEO, said, “Since our last report, the Fiscal 2022 Budget has been approved, including significant funding in space, satellite, cyber, unmanned systems, hypersonics, missile defense, strategic deterrence and microwave electronics, all core Kratos business areas. The Fiscal 2023 budget request has also been released, also continuing these as priority national security funding areas. We have now received or have been informed that we will receive several large new contracts in our unmanned systems and our satellite business, including our new software based OpenSpace products. The awards will provide us additional visibility into our Q3 and Q4 forecasted revenue, with a significant increase in our forecasted profitability as we expect to achieve operating leverage on our cost infrastructure.”

Mr. DeMarco, continued, “Over the last few months, the Pentagon has continued to clarify its vision for low cost, force multiplying and loyal wingman unmanned aerial drone systems. We continue to be confident that Kratos’ affordable, made in America, high performance jet drones, which are flying today and not power-points, and which are designed to enable fielding of mass, large quantities and runway independence, providing challenges to adversaries and survivability to our forces, are critical differentiators. We are currently producing approximately 150 jet drone aircraft of various types annually and are ready and able to immediately step up when the customer requires”.

Mr. DeMarco concluded, “We are focused internally, including continuing to win contract awards, expanding our market share, and on program execution and working with our customers contracting offices so that we receive funding as quickly as possible now that the 2022 budget is in place. We are also focused on managing industry wide challenges, including supply chain issues, inflation and increasing costs, COVID related impacts to our customers and employees and obtaining and retaining qualified personnel, all of which are expected to continue for the foreseeable future.”

Financial Guidance

We are providing our initial second quarter guidance and affirming our full year 2022 guidance as follows:



$M	Q222	FY22
Revenues	$205 – $215	$880 – $920
R&D	$9 – $10	$35 – $38
Operating Income (loss)	$(3) – $0	$26 – $30
Depreciation	$5 – $6	$24 – $25
Amortization	$2 – $3	$8 – $9
Stock Based Compensation	$6 – $7	$25 – $26
Adjusted EBITDA	$11 – $14	$85 – $89
Operating Cash Flow		$20 – $30
Capital Expenditures		$50 – $60
Free Cash Flow Use		($30 – $40)

Our second quarter and Fiscal Year 2022 financial guidance we are providing today includes our current forecasted business mix, and our assumptions related to the expected impact of continued employee absenteeism and retention, manufacturing, production and supply chain disruptions, parts shortages and related price increases in materials and components, travel restrictions and other COVID-19 related items that have and continue to impact the industry and Kratos.

Throughout the first quarter of 2022, we experienced a significant increase in the intensity and effects of COVID–19, including the new Omicron variant, on our employees, consultants, vendors, suppliers, customers, etc. We have assumed that these COVID–19 related impacts to our business, which significantly impacted our fiscal first quarter 2022 and continue to impact our second quarter, will begin to subside by the third fiscal quarter, and continue to improve throughout the second half of our fiscal year 2022. Our assumption of an improving COVID-19 and supply chain related environment in the second half of the year, combined with we now have a Fiscal 2022 DoD budget and that the FY 2023 DoD budget request has been submitted, are directly related to our 2022 financial forecast and potential investment decisions. Additionally, we have recently received or been informed that we will receive certain large program awards, including in our Unmanned Systems and Satellite business, which directly relates to our forecasted 2022 quarter over quarter financial forecast improvement, including Kratos’ expectation that its financial performance in the second half of 2022 will be substantially greater than the first half.

We currently estimate that COVID-related issues, including the availability and increased costs of certain raw materials and related components and materials, a lack of capacity at mills supporting Kratos’ hardware programs, and the availability of an experienced skilled workforce to impact our second quarter 2022 Revenues and Adjusted EBITDA by approximately $15 to $17 million and $2 to $4 million, respectively, similar to the impact that we experienced on our first quarter 2022 Revenues and Adjusted EBITDA. We also currently estimate these issues to impact our fiscal year 2022 Revenues and Adjusted EBITDA by approximately $34 to $38 million and $7 to $10 million, respectively. We will provide future updates as appropriate. Also included in our fiscal year 2022 estimated Adjusted EBITDA are additional incremental merit increases of approximately $5 million above our historical merit increase levels. These increases were recently implemented to retain our highly skilled workforce amidst a very tight and competitive labor market.

The forecasted financial trajectory in the second half of 2022 reflects the expected mix of revenues, including the expected timing of software product deliveries in our Space, Satellite and Cyber business, based upon the forecasted order flow and roll out of our new OpenSpace solution, and contract awards we have recently received or that we have been informed we will receive.

Forecasted second quarter 2022 and fiscal year 2022 Operating Income and Adjusted EBITDA, also reflect the expected mix of development-type contracts and expected investments, including in our Space, Satellite and Cyber, Unmanned Systems, C5ISR, Turbine Technologies and Rocket System businesses, where we have received, informed that we will receive, or are pursuing or expect to receive a number of new contract awards. Kratos’ fiscal year 2022 forecasted revenues also include the final impact of the 2021 loss of a large international training contract, which contributed approximately $13.0 million to the Company’s fiscal year 2021 first and second quarter revenues and include the estimated contribution from the recently closed CTT and Cosmic AES acquisitions.

Management will discuss the Company’s first quarter 2022 financial results, as well as its second quarter and full year 2022 guidance on a conference call beginning at 2:00 p.m. Pacific (5:00 p.m. Eastern) today. The conference call can be accessed by dialing (866) 374-5140, and referencing the call by ID number 69056240. The conference call will be broadcast live in listen-only mode on the company’s investor relations website at https://ir.kratosdefense.com/events-presentations. A replay of the webcast will be available on the Kratos web site approximately two hours after the conclusion of the conference call.

About Kratos
Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements that involve risks and uncertainties, including, without limitation, express or implied statements concerning the Company’s expectations regarding its future financial performance, including the Company’s expectations for its second quarter and full year 2022 revenues, R&D, operating income, depreciation, amortization, stock based compensation expense, and Adjusted EBITDA, and full year 2022 operating cash flow, capital expenditures and other investments, and free cash flow use, the Company’s future growth trajectory and ability to achieve improved revenue mix and profit in certain of its business segments and the expected timing of such improved revenue mix and profit, the Company’s expectation of ramp on projects and that investments in its business will result in an increase in the Company’s market share and total addressable market and position the Company for significant future organic growth, profitability, cash flow and an increase in shareholder value, the Company’s bid and proposal pipeline, demand for its products and services, including the Company’s alignment with today’s National Security requirements, ability to successfully compete in the tactical unmanned aerial system area and expected new customer awards, including the magnitude and timing of funding and the future opportunity associated with such awards, and expected contract awards related to the Company’s Skyborg Vanguard program and other new tactical unmanned programs, performance of key contracts and programs, including the timing of production and demonstration related to certain of the Company’s contracts and product offerings, the impact of the Company’s restructuring efforts and cost reduction measures, including its ability to improve profitability and cash flow in certain business units as a result of these actions and to achieve financial leverage on fixed administrative costs, benefits to be realized from the Company’s net operating loss carry forwards, the availability and timing of government funding for the Company’s offerings, including the strength of the future funding environment, the short-term delays that may occur as a result of Continuing Resolutions or delays in DoD budget approvals, timing of LRIP and full rate production related to the Company’s unmanned aerial target system offerings, as well as the level of recurring revenues expected to be generated by these programs once they achieve full rate production, market and industry developments, and the current estimated impact of COVID-19 and employee absenteeism, supply chain disruptions, availability of an experienced skilled workforce, inflation and increased costs, and delays on our financial projections, industry, business and operations, including projected growth. Such statements are only predictions, and the Company’s actual results may differ materially from the results expressed or implied by these statements. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Factors that may cause the Company’s results to differ include, but are not limited to: risks to our business and financial results related to the reductions and other spending constraints imposed on the U.S. Government and our other customers, including as a result of sequestration and extended continuing resolutions, the Federal budget deficit and Federal government shut-downs; risks of adverse regulatory action or litigation; risks associated with debt leverage and cost savings and cash flow improvements expected as a result of the refinancing of our Senior Notes; risks that our cost-cutting initiatives will not provide the anticipated benefits; risks that changes, cutbacks or delays in spending by the U.S. DoD may occur, which could cause delays or cancellations of key government contracts; risks of delays to or the cancellation of our projects as a result of protest actions submitted by our competitors; risks that changes may occur in Federal government (or other applicable) procurement laws, regulations, policies and budgets; risks of the availability of government funding for the Company’s products and services due to performance, cost growth, or other factors, changes in government and customer priorities and requirements (including cost-cutting initiatives, the potential deferral of awards, terminations or reduction of expenditures to respond to the priorities of Congress and the Administration, or budgetary cuts resulting from Congressional committee recommendations or automatic sequestration under the Budget Control Act of 2011, as amended); risks that the UAS and UGS markets do not experience significant growth; risks that products we have developed or will develop will become programs of record; risks that we cannot expand our customer base or that our products do not achieve broad acceptance which could impact our ability to achieve our anticipated level of growth; risks of increases in the Federal government initiatives related to in-sourcing; risks related to security breaches, including cyber security attacks and threats or other significant disruptions of our information systems, facilities and infrastructures; risks related to our compliance with applicable contracting and procurement laws, regulations and standards; risks related to the new DoD Cybersecurity Maturity Model Certification (CMMC); risks related to contract performance; risks related to failure of our products or services; risks associated with our subcontractors’ or suppliers’ failure to perform their contractual obligations, including the appearance of counterfeit or corrupt parts in our products; changes in the competitive environment (including as a result of bid protests); failure to successfully integrate acquired operations and competition in the marketplace, which could reduce revenues and profit margins; risks that potential future goodwill impairments will adversely affect our operating results; risks that anticipated tax benefits will not be realized in accordance with our expectations; risks that a change in ownership of our stock could cause further limitation to the future utilization of our net operating losses; risks that we may be required to record valuation allowances on our net operating losses which could adversely impact our profitability and financial condition; risks that the current economic environment will adversely impact our business; currently unforeseen risks associated with COVID-19 and risks related to natural disasters or severe weather. These and other risk factors are more fully discussed in the Company’s Annual Report on Form 10-K for the period ended December 26, 2021, and in our other filings made with the Securities and Exchange Commission.

Note
Regarding Use of Non-GAAP Financial Measures and Other Performance Metrics

This news release contains non-GAAP financial measures, including Adjusted earnings per share (computed using income from continuing operations before income taxes, excluding income (loss) from discontinued operations, excluding income (loss) attributable to non-controlling interest, excluding depreciation, amortization of intangible assets, amortization of capitalized contract and development costs, stock-based compensation expense, acquisition and restructuring related items and other, which includes, but is not limited to, legal related items and foreign transaction gains and losses, less the estimated impact to income taxes) and including Adjusted EBITDA (which includes net income (loss) attributable to noncontrolling interest and excludes, among other things, losses and gains from discontinued operations, acquisition and restructuring related items, stock compensation expense, foreign transaction gains and losses, and the associated margin rates). Additional non-GAAP financial measures include Free Cash Flow from Operations computed as Cash Flow from Operations less Capital Expenditures and Adjusted EBITDA related to our KUS and KGS businesses. Kratos believes this information is useful to investors because it provides a basis for measuring the Company’s available capital resources, the actual and forecasted operating performance of the Company’s business and the Company’s cash flow, excluding non-recurring items and non-cash items that would normally be included in the most directly comparable measures calculated and presented in accordance with GAAP. The Company’s management uses these non-GAAP financial measures, along with the most directly comparable GAAP financial measures, in evaluating the Company’s actual and forecasted operating performance, capital resources and cash flow. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and investors should carefully evaluate the Company’s financial results calculated in accordance with GAAP and reconciliations to those financial results. In addition, non-GAAP financial measures as reported by the Company may not be comparable to similarly titled amounts reported by other companies. As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this news release.

Another Performance Metric the Company believes is a key performance indicator in our industry is our Book to Bill Ratio as it provides investors with a measure of the amount of bookings or contract awards as compared to the amount of revenues that have been recorded during the period, and provides an indicator of how much of the Company’s backlog is being burned or utilized in a certain period. The Book to Bill Ratio is computed as the number of bookings or contract awards in the period divided by the revenues recorded for the same period. The Company believes that the rolling or last twelve months’ Book to Bill Ratio is meaningful since the timing of quarter-to-quarter bookings can vary.

Press
Contact:
Yolanda White
858-812-7302 Direct

Investor
Information:
877-934-4687

investor@kratosdefense.com

Kratos Defense & Security Solutions, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in millions, except per share data)

	Three Months Ended
	March 27,			March 28,
		2022			2021

Service revenues	$	67.9		$	57.3
Product sales		128.3			136.9
Total revenues		196.2			194.2
Cost of service revenues		49.9			42.5
Cost of product sales		94.4			100.7
Total costs		144.3			143.2
Gross profit – service revenues		18.0			14.8
Gross profit – product sales		33.9			36.2

Total gross profit		51.9			51.0

Selling, general and administrative expenses		40.3			35.3
Acquisition and restructuring related items		0.6			0.2
Research and development expenses		9.2			8.0
Depreciation		1.3			1.2
Amortization of intangible assets		1.7			1.4
Operating income (loss)		(1.2	)		4.9
Interest expense, net		(5.9	)		(5.9	)
Loss on extinguishment of debt		(13.0	)		–
Other income, net		0.1			0.2
Loss from continuing operations before income taxes		(20.0	)		(0.8	)
Benefit for income taxes from continuing operations		(4.3	)		(2.7	)
Income (loss) from continuing operations		(15.7	)		1.9
Loss from discontinued operations, net of income taxes		(0.2	)		–
Net income (loss)		(15.9	)		1.9
Less: Net income (loss) attributable to noncontrolling interest		–			–
Net income (loss) attributable to Kratos	$	(15.9	)	$	1.9

Basic income (loss) per common share attributable to Kratos:
Income (loss) from continuing operations	$	(0.12	)	$	0.02
Loss from discontinued operations		–			–
Net income (loss)	$	(0.12	)	$	0.02

Diluted income (loss) per common share attributable to Kratos:
Income (loss) from continuing operations	$	(0.12	)	$	0.01
Loss from discontinued operations		–			–
Net income (loss)	$	(0.12	)	$	0.01

Weighted average common shares outstanding:
Basic weighted average common shares outstanding		125.9			124.1
Diluted weighted average common shares outstanding		125.9			127.7

Adjusted EBITDA (1)	$	13.8		$	18.1



Unaudited Reconciliation of GAAP to Non-GAAP Measures

Note: (1) Adjusted EBITDA is a non-GAAP measure defined as GAAP net income (loss) attributable to Kratos adjusted for net income (loss) attributable to noncontrolling interest, income (loss) from discontinued operations, net interest expense, provision for income taxes, depreciation and amortization expense of intangible assets, amortization of capitalized contract and development costs, stock-based compensation, acquisition and restructuring related items and other, and foreign transaction gain (loss).


Adjusted EBITDA as calculated by us may be calculated differently than Adjusted EBITDA for other companies. We have provided Adjusted EBITDA because we believe it is a commonly used measure of financial performance in comparable companies and is provided to help investors evaluate companies on a consistent basis, as well as to enhance understanding of our operating results. Adjusted EBITDA should not be construed as either an alternative to net income or as an indicator of our operating performance or an alternative to cash flows as a measure of liquidity. The adjustments to calculate this non-GAAP financial measure and the basis for such adjustments are outlined below. Please refer to the following table below that reconciles GAAP net income (loss) to Adjusted EBITDA.

The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below:

Interest income and interest expense, net. The Company receives interest income on investments and incurs interest expense on loans, capital leases and other financing arrangements, including the amortization of issue discounts and deferred financing costs. These amounts may vary from period to period due to changes in cash and debt balances.

Income taxes. The Company’s tax expense can fluctuate materially from period to period due to tax adjustments that may not be directly related to underlying operating performance or to the current period of operations and may not necessarily reflect the impact of utilization of our NOLs.

Depreciation. The Company incurs depreciation expense (recorded in cost of revenues and in operating expenses) related to capital assets purchased, leased or constructed to support the ongoing operations of the business. The assets are recorded at cost or fair value and are depreciated over the estimated useful lives of individual assets.

Amortization of intangible assets. The Company incurs amortization of intangible expense related to acquisitions it has made. These intangible assets are valued at the time of acquisition and are amortized over the estimated useful lives.

Amortization of capitalized contract and development costs. The Company incurs amortization of previously capitalized software development and non-recurring engineering costs related to certain targets in its Unmanned Systems and ballistic missile target businesses as these units are sold.

Stock-based compensation expense. The Company incurs expense related to stock-based compensation included in its GAAP presentation of selling, general and administrative expense. Although stock-based compensation is an expense of the Company and viewed as a form of compensation, these expenses vary in amount from period to period, and are affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of the Company’s shares, risk-free interest rates and the expected term and forfeiture rates of the awards. Management believes that exclusion of these expenses allows comparison of operating results to those of other companies that disclose non-GAAP financial measures that exclude stock-based compensation.

Foreign transaction (gain) loss. The Company incurs transaction gains and losses related to transactions with foreign customers in currencies other than the U.S. dollar. In addition, certain intercompany transactions can give rise to realized and unrealized foreign currency gains and losses.

Acquisition and transaction related items. The Company incurs transaction related costs, such as legal and accounting fees and other expenses, related to acquisitions and divestiture activities. Management believes these items are outside the normal operations of the Company’s business and are not indicative of ongoing operating results.

Restructuring costs. The Company incurs restructuring costs for cost reduction actions which include employee termination costs, facility shut-down related costs and remaining lease commitment costs for excess or exited facilities. Management believes that these costs are not indicative of ongoing operating results as they are either non-recurring and/or not expected when full capacity and volumes are achieved.

Legal related items. The Company incurs costs related to pending legal settlements and other legal related matters. Management believes these items are outside the normal operations of the Company’s business and are not indicative of ongoing operating results.

Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the Adjusted EBITDA financial adjustments described above, and investors should not infer from the Company’s presentation of this non-GAAP financial measure that these costs are unusual, infrequent, or non-recurring.



Reconciliation of Net income (loss) attributable to Kratos to Adjusted EBITDA is as follows:

	Three Months Ended
	March 27,			March 28,
		2022			2021

Net income (loss) attributable to Kratos	$	(15.9	)	$	1.9
Loss from discontinued operations, net of income taxes		0.2			–
Interest expense, net		5.9			5.9
Loss on extinguishment of debt		13.0			–
Benefit for income taxes from continuing operations		(4.3	)		(2.7	)
Depreciation (including cost of service revenues and product sales)		5.3			4.9
Stock-based compensation		7.0			6.2
Foreign transaction loss		–			0.1
Amortization of intangible assets		1.7			1.4
Amortization of capitalized contract and development costs		0.3			0.2
Acquisition and restructuring related items and other		0.6			0.2
Plus: Net income (loss) attributable to noncontrolling interest		–			–

Adjusted EBITDA	$	13.8		$	18.1


Reconciliation of acquisition and restructuring related items and other included in Adjusted EBITDA:
	Three Months Ended
	March 27,			March 28,
		2022			2021
Acquisition and transaction related items	$	0.3		$	0.2
Restructuring costs		0.1			–
Legal related items		0.2			–

	$	0.6		$	0.2


Kratos Defense & Security Solutions, Inc.
Unaudited Segment Data
(in millions)

	Three Months Ended
	March 27,			March 28,
		2022			2021
Revenues:
Unmanned Systems	$	52.6		$	55.9
Kratos Government Solutions		143.6			138.3
Total revenues	$	196.2		$	194.2

Operating income (loss)
Unmanned Systems	$	0.5		$	4.2
Kratos Government Solutions		5.6			7.1
Unallocated corporate expense, net		(7.3	)		(6.4	)
Total operating income (loss)	$	(1.2	)	$	4.9

Note: Unallocated corporate expense, net includes costs for certain stock-based compensation programs (including stock-based compensation costs for stock options, employee stock purchase plan and restricted stock units), the effects of items not considered part of management’s evaluation of segment operating performance, and acquisition and restructuring related items, corporate costs not allocated to the segments, legal related items, and other miscellaneous corporate activities.

Reconciliation of Segment Operating Income to Adjusted EBITDA is as follows:

	Three Months Ended
	March 27,			March 28,
		2022			2021
Unmanned Systems
Operating income	$	0.5		$	4.2
Other income		0.1			0.1
Depreciation		1.6			1.6
Amortization of intangible assets		0.3			0.3
Amortization of capitalized contract and development costs		0.3			0.2
Acquisition and restructuring related items and other		0.2			–
Adjusted EBITDA	$	3.0		$	6.4
% of revenue		5.7	%		11.4	%

Kratos Government Solutions
Operating income	$	5.6		$	7.1
Other income		–			0.2
Depreciation		3.7			3.3
Amortization of intangible assets		1.4			1.1
Acquisition and restructuring related items and other		0.1			–
Adjusted EBITDA	$	10.8		$	11.7
% of revenue		7.5	%		8.5	%

Total Adjusted EBITDA	$	13.8		$	18.1
% of revenue		7.0	%		9.3	%

Kratos Defense & Security Solutions, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in millions)


	March 27,			December 26,
		2022			2021
Assets
Current assets:
Cash and cash equivalents	$	254.4		$	349.4
Accounts receivable, net		280.7			284.7
Inventoried costs		107.1			91.7
Prepaid expenses		11.1			9.8
Other current assets		34.6			22.5
Total current assets		687.9			758.1
Property, plant and equipment, net		173.5			168.3
Operating lease right-of-use assets		39.6			38.5
Goodwill		522.9			493.9
Intangible assets, net		51.5			43.2
Other assets		90.1			87.5
Total assets	$	1,565.5		$	1,589.5
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	51.7		$	50.4
Accrued expenses		34.2			27.2
Accrued compensation		56.7			47.3
Accrued interest		0.2			1.5
Billings in excess of costs and earnings on uncompleted contracts		49.7			58.1
Current portion of operating lease liabilities		10.5			10.1
Other current liabilities		9.2			25.7
Other current liabilities of discontinued operations		1.1			0.8
Total current liabilities		213.3			221.1
Long-term debt		295.0			296.7
Operating lease liabilities, net of current portion		33.3			32.7
Other long-term liabilities		73.9			76.2
Other long-term liabilities of discontinued operations		2.5			2.5
Total liabilities		618.0			629.2
Commitments and contingencies
Redeemable noncontrolling interest		15.2			15.2
Stockholders’ equity:
Additional paid-in capital		1,582.0			1,578.9
Accumulated other comprehensive loss		0.6			0.6
Accumulated deficit		(650.3	)		(634.4	)
Total Kratos stockholders’ equity		932.3			945.1
Total liabilities and stockholders’ equity	$	1,565.5		$	1,589.5

Kratos Defense & Security Solutions, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in millions)

	Three Months Ended
	March 27,			March 28,
		2022			2021
Operating activities:
Net income (loss)	$	(15.9	)	$	1.9
Less: loss from discontinued operations		(0.2	)		–
Income (loss) from continuing operations		(15.7	)		1.9
Adjustments to reconcile income (loss) from continuing operations to net cash provided by (used in) operating activities from continuing operations:
Depreciation and amortization		7.0			6.3
Amortization of lease right-of-use assets		2.6			2.2
Deferred income taxes		–			0.1
Stock-based compensation		7.0			6.2
Amortization of deferred financing costs		0.3			0.2
Loss on extinguishment of debt		13.0			–
Provision for (recovery of) doubtful accounts		–			(0.1	)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable		31.9			9.8
Unbilled receivables		(19.8	)		(1.8	)
Inventoried costs		(15.3	)		(4.2	)
Prepaid expenses and other assets		(9.5	)		(2.0	)
Operating lease liabilities		(2.7	)		(2.2	)
Accounts payable		1.3			(2.0	)
Accrued compensation		5.6			6.2
Accrued expenses		6.1			(2.7	)
Accrued interest		(1.3	)		4.9
Billings in excess of costs and earnings on uncompleted contracts		(8.3	)		7.1
Income tax receivable and payable		(4.9	)		(2.2	)
Other liabilities		(5.2	)		(5.0	)
Net cash provided by (used in) operating activities from continuing operations		(7.9	)		22.7
Investing activities:
Cash paid for acquisitions, net of cash acquired		(58.5	)		(5.1	)
Capital expenditures		(10.8	)		(9.6	)
Net cash used in investing activities from continuing operations		(69.3	)		(14.7	)
Financing activities:
Proceeds from the issuance of long-term debt		200.0			–
Repayment of debt		(309.8	)		–
Debt issuance costs		(3.2	)		–
Credit agreement borrowings		100.0			–
Payment under finance leases		(0.3	)		(0.2	)
Payments of employee taxes withheld from share-based awards		(6.8	)		(7.1	)
Proceeds from shares issued under equity plans		2.9			2.5
Net cash used in financing activities from continuing operations		(17.2	)		(4.8	)
Net cash flows from continuing operations		(94.4	)		3.2
Net operating cash flows of discontinued operations		0.1			(0.5	)
Effect of exchange rate changes on cash and cash equivalents		(0.7	)		(0.6	)
Net increase (decrease) in cash, cash equivalents and restricted cash		(95.0	)		2.1
Cash, cash equivalents and restricted cash at beginning of period		349.4			381.5
Cash, cash equivalents and restricted cash at end of period	$	254.4		$	383.6

Kratos Defense & Security Solutions, Inc.
Unaudited Non-GAAP Measures
Computation of Adjusted Earnings Per Share
(in millions, except per share data)

Adjusted income from continuing operations and adjusted income from continuing operations per diluted common share (Adjusted EPS) are non-GAAP measures for reporting financial performance and exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company’s underlying continuing operations results and trends and allows for comparability with our peer company index and industry. The Company uses these measures along with the corresponding GAAP financial measures to manage the Company’s business and to evaluate its performance compared to prior periods and the marketplace. The Company defines adjusted income from continuing operations before amortization of intangible assets, depreciation, stock-based compensation, foreign transaction gain/loss, and acquisition and restructuring related items and other. The estimated impact to income taxes includes the impact to the effective tax rate, current tax provision and deferred tax provision, and excludes the impact of discrete items, including transaction related expenses and release of valuation allowance, or benefit related to the add-backs.* Adjusted EPS reflects adjusted income on a per share basis using weighted average diluted shares outstanding.

The following table reconciles the most directly comparable GAAP financial measures to the non-GAAP financial measures.

	Three Months Ended
	March 27,			March 28,
		2022			2021
Net income (loss) attributable to Kratos	$	(15.9	)	$	1.9
Less: GAAP benefit for income taxes		(4.3	)		(2.7	)
Less: Net income (loss) attributable to noncontrolling interest		–			–
Less: Loss from discontinued operations, net of income taxes		0.2			–
Loss from continuing operations before taxes		(20.0	)		(0.8	)
Add: Amortization of intangible assets		1.7			1.4
Add: Amortization of capitalized contract and development costs		0.3			0.2
Add: Depreciation		5.3			4.9
Add: Stock-based compensation		7.0			6.2
Add: Loss on extinguishment of debt		13.0			–
Add: Foreign transaction loss		–			0.1
Add: Acquisition and restructuring related items and other		0.6			0.2
Non-GAAP Adjusted income from continuing operations before income taxes		7.9			12.2
Income taxes on Non-GAAP measure Adjusted income from continuing operations*		2.8			4.5
Non-GAAP Adjusted net income	$	5.1		$	7.7


Diluted earnings per common share	$	(0.12	)	$	0.01
Less: GAAP benefit for income taxes		(0.03	)		(0.02	)
Less: Net income (loss) attributable to noncontrolling interest		–			–
Less: Loss from discontinued operations, net of income taxes		–			–
Add: Amortization of intangible assets		0.01			0.01
Add: Amortization of capitalized contract and development costs		–			–
Add: Depreciation		0.04			0.04
Add: Stock-based compensation		0.06			0.05
Add: Loss on extinguishment of debt		0.10			–
Add: Foreign transaction loss		–			–
Add: Acquisition and restructuring related items and other		–			–
Income taxes on Non-GAAP measure Adjusted income from continuing operations*		(0.02	)		(0.03	)
Adjusted income from continuing operations per diluted common share	$	0.04		$	0.06

Weighted average diluted common shares outstanding		125.9			127.7

*The impact to income taxes is calculated by recasting income before income taxes to include the add-backs involved in determining Adjusted income from continuing operations before income taxes and recalculating the income tax provision (benefit), including current and deferred income taxes, using the Adjusted income from continuing operations before income taxes. The recalculation also adjusts for any discrete tax expense, including transaction related expenses and the release of valuation allowance, or benefit related to the add-backs.

Source: Kratos Defense & Security Solutions, Inc.

Release – Entravision Communications Corporation Reports First Quarter 2022 Results

Posted on May 5, 2022 by Admin

Entravision Communications Corporation Reports First Quarter 2022 Results

Research, News, and Market Data on Entravision

SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global advertising solutions, media and technology company, today announced financial results for the three-month period ended March 31, 2022.

First Quarter 2022 Highlights

All-time first quarter record revenue, EBITDA and free cash flow
Net revenue up 32% over the prior-year quarter
Net income attributable to common stockholders down 65% over the prior-year quarter
Consolidated adjusted EBITDA up 28% over the prior-year quarter
Operating cash flow up 127% over the prior-year quarter
Free cash flow up 10% over the prior-year quarter
Quarterly cash dividend of $0.025 per share
Repurchased $7.1 million in shares under the Company’s $20 million share repurchase program
Post quarter entered into a definitive agreement to make an investment in Jack of Digital

“Entravision begins 2022 on very solid footing, with net revenue for the first quarter totaling $197.2 million, up 32% year-over year. Adjusted EBITDA also improved to total $18.1 million, an increase of 28% over the prior-year period,” said Walter Ulloa, Chairman and Chief Executive Officer. “Importantly, even as our top line continues to grow, we have maintained a lean, efficient cost structure, helping to drive our cash flow as well as our ability to provide consistent returns to our shareholders.”

Mr. Ulloa continued, “Our strength during the first quarter was largely driven by revenue growth of 51% in our digital segment, which comprised 78% of consolidated revenue. Our broadcast businesses, and, in particular, audio, helped drive our strong margins and cash flow. Simultaneously, our strategic expansion of our commercial partnerships with some of the world’s leading technology platforms has positioned us at the forefront of digital innovation across emerging economies, including Latin America, Southeast Asia, Africa, and Pakistan when we complete our investment in Jack of Digital. We are excited about the enormous opportunities that lie in front of us and look forward to sharing our progress throughout the year.”

Quarterly Cash Dividend

The Company announced today that its Board of Directors approved a quarterly cash dividend to shareholders of $0.025 per share on the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.1 million. The quarterly dividend will be payable on June 30, 2022 to shareholders of record as of the close of business on June 16, 2022, and the common stock will trade ex-dividend on June 15, 2022. The Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

Share Repurchase Program

On March 1, 2022, the Board of Directors approved the repurchase of up to $20 million of the Company’s common stock. Under this share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors. On the same date, the Board terminated the Company’s previous share repurchase program of the Company’s common stock. During the first quarter the Company repurchased $7.1 million of its Class A common stock.

Investment in Jack of Digital

As previously announced, the Company has entered into a definitive agreement to acquire a strategic stake in Jack of Digital, a digital marketing services company that serves as the exclusive advertising sales partner of TikTok in Pakistan. Subject to regulatory approvals and other pre-closing conditions, the Company anticipates that the investment will be completed during the second quarter of 2022. With this investment, the Company enhances its presence in South Asia.

Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9.

Unaudited Financial Highlights (In thousands, except share and per
share data)

	Three-Month Period
	Ended March 31,
	2022			2021			% Change
Net revenue	$	197,172		$	148,880			32	%
Cost of revenue – digital (1)		129,891			84,756			53	%
Operating expenses (2)		43,862			40,414			9	%
Corporate expenses (3)		8,724			7,158			22	%
Foreign currency (gain) loss		(847	)		586		*

Consolidated adjusted EBITDA (4)		18,113			14,195			28	%

Free cash flow (5)	$	14,327		$	13,029			10	%

Net income (loss)	$	1,887		$	7,002			(73	)%
Net (income) loss attributable to redeemable noncontrolling interest	$	–		$	(1,573	)	*
Net income (loss) attributable to common stockholders	$	1,887		$	5,429			(65	)%

Net income (loss) per share attributable to common stockholders, basic and diluted	$	0.02		$	0.06			(67	)%
Weighted average common shares outstanding, basic		86,522,378			85,041,628
Weighted average common shares outstanding, diluted		88,630,216			86,986,581
(1)	Consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.
(2)	Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $1.0 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended March 31, 2022 and 2021, respectively.
(3)	Corporate expenses include $1.6 million and $0.8 million of non-cash stock-based compensation for the three-month periods ended March 31, 2022 and 2021, respectively.
(4)	Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other operating gain (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from the Federal Communications Commission, or FCC, spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings. We use the term consolidated adjusted EBITDA because that measure is defined in the agreement governing our current credit facility (“the 2017 Credit Facility”) and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses, syndication programming amortization less syndication programming payments, revenue from FCC spectrum incentive auction less related expenses, expenses associated with investments, EBITDA attributable to redeemable noncontrolling interest, acquisitions and dispositions and certain pro-forma cost savings.
(5)	Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, capital expenditures and non-recurring cash expenses plus dividend income, and other operating gain (loss). Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

Unaudited Financial Results (In thousands)

	Three-Month Period
	Ended March 31,
	2022			2021			% Change
Net revenue	$	197,172		$	148,880			32	%
Cost of revenue – digital (1)		129,891			84,756			53	%
Operating expenses (1)		43,862			40,414			9	%
Corporate expenses (1)		8,724			7,158			22	%
Depreciation and amortization		6,395			5,184			23	%
Change in fair value of contingent consideration		5,100			–		*
Impairment charge		–			1,326			(100	)%
Foreign currency (gain) loss		(847	)		586		*
Other operating (gain) loss		(119	)		(1,913	)		(94	)%

Operating income (loss)		4,166			11,369			(63	)%
Interest expense, net		(1,430	)		(1,577	)		(9	)%
Dividend income		3			2			50	%

Income (loss) before income taxes		2,739			9,794			(72	)%
Income tax benefit (expense)		(852	)		(2,792	)		(69	)%

Net income (loss)		1,887			7,002			(73	)%
Net (income) loss attributable to redeemable noncontrolling interest		–			(1,573	)	*
Net income (loss) attributable to common stockholders	$	1,887		$	5,429			(65	)%
(1)	Cost of revenue, operating expenses and corporate expenses are defined on page 2.

Net revenue in the first quarter of 2022 totaled $197.2 million, up 32% from $148.9 million in the prior-year period. Of the overall increase, approximately $52.2 million was attributable to our digital segment and was primarily due to advertising revenue growth from our digital commercial partnerships business and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not contribute to net revenue in the comparable period ended March 31, 2021. In addition, of the overall increase, approximately $1.3 million was attributable to our audio segment primarily due to increases in local advertising revenue and political advertising revenue. The overall increase was partially offset by a decrease of approximately $5.2 million attributable to our television segment, primarily due to decreases in local and national advertising revenue, which was mainly attributed to the expiration of our Univision and UniMás network affiliation agreements in Orlando, Tampa and Washington, D.C. on December 31, 2021. Additionally, the decrease in our television segment was attributed to a decrease in revenue from spectrum usage rights, and a decrease in retransmission consent revenue, partially offset by an increase in political advertising revenue.

Cost of revenue in the first quarter of 2022 totaled $129.9 million, up 53% from $84.8 million in the prior-year period. The increase was primarily due to increased costs of revenue related to advertising revenue growth from our digital commercial partnerships business, and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur cost of revenue for us in the comparable period ended March 31, 2021.

Operating expenses in the first quarter of 2022 totaled $43.9 million, up 9% from $40.4 million in the prior-year period. Of the overall increase, approximately $4.4 million was attributable to our digital segment and was primarily due to an increase in expenses associated with the increase in digital advertising revenue, an increase in salary expense and our acquisitions of MediaDonuts and 365 Digital during the third and fourth quarters of 2021, respectively, both of which did not incur operating expenses for us in the comparable period ended March 31, 2021. The overall increase was partially offset by a decrease of approximately $0.7 million that was attributable to our television segment primarily due to a decrease in expenses associated with the decrease in local and national advertising revenue, and a decrease of approximately $0.3 million that was attributable to our audio segment primarily due to a decrease in rating services expense.

Corporate expenses in the first quarter of 2022 totaled $8.7 million, up 22% from $7.2 million in the prior-year period. The increase was primarily due to increases in non-cash stock-based compensation, salaries, and audit fees.

Balance Sheet and Related Metrics

Cash and marketable securities as of March 31, 2022 totaled approximately $211.6 million. Total debt was $211.8 million. Net of $75 million of cash and marketable securities, total leverage as defined in the Company’s credit agreement was 1.5 times as of March 31, 2022. Net of total cash and marketable securities, total leverage was 0.0 times.

Unaudited Segment Results (In thousands)

	Three-Month Period
	Ended March 31,
	2022		2021		% Change
Net Revenue
Digital	$	153,711	$	101,482		51	%
Television		30,867		36,091		(14	)%
Audio		12,594		11,307		11	%
Total	$	197,172	$	148,880		32	%

Cost of Revenue – digital (1)
Digital	$	129,891	$	84,756		53	%

Operating Expenses (1)
Digital		15,235		10,850		40	%
Television		19,240		19,884		(3	)%
Audio		9,387		9,680		(3	)%
Total	$	43,862	$	40,414		9	%

Corporate Expenses (1)	$	8,724	$	7,158		22	%

Consolidated adjusted EBITDA (1)	$	18,113	$	14,195		28	%
(1)	Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 2.

Notice of Conference Call

Entravision Communications Corporation will hold a conference call to discuss its first quarter 2022 results on Thursday, May 5, 2022 at 5 p.m. Eastern Time. To access the conference call, please dial (877) 407-9716 (U.S.) or (201) 493-6779 (Int’l) ten minutes prior to the start time and reference Conference ID number 13728063. The call will also be available via live webcast on the investor relations portion of the Company’s website located at
www.entravision.com.

About Entravision Communications Corporation

Entravision is a leading global advertising, media and ad-tech solutions company connecting brands to consumers by representing top platforms and publishers. Our dynamic portfolio includes digital, television and audio offerings. Digital, our largest revenue segment, is comprised of four business units: our digital sales representation business; Smadex, our programmatic ad purchasing platform; our branding and mobile performance solutions business; and our digital audio business. Through our digital sales representation business, we connect global media companies such as Meta, Twitter, TikTok and Spotify with advertisers in primarily emerging growth markets worldwide. Smadex is our mobile-first demand side platform, enabling advertisers to execute performance campaigns using machine learning. We also offer a branding and mobile performance solutions business, which provides managed services to advertisers looking to connect with global consumers, primarily on mobile devices, and our digital audio business provides digital audio advertising solutions for advertisers in the Americas. In addition to digital, Entravision has 49 television stations and is the largest affiliate group of the Univision and UniMás television networks. Entravision also manages 46 primarily Spanish-language radio stations that feature nationally recognized, Emmy award-winning talent. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.

Forward-Looking Statements

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

(Financial Table Follows)

Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

	Three-Month Period
	Ended March 31,
	2022						2021
Net revenue	$		197,172				$		148,880

Expenses:
Cost of revenue – digital			129,891						84,756
Direct operating expenses			27,823						26,561
Selling, general and administrative expenses			16,039						13,853
Corporate expenses			8,724						7,158
Depreciation and amortization			6,395						5,184
Change in fair value of contingent consideration			5,100						–
Impairment charge			–						1,326
Foreign currency (gain) loss			(847		)				586
Other operating (gain) loss			(119		)				(1,913		)
			193,006						137,511
Operating income (loss)			4,166						11,369
Interest expense			(1,836		)				(1,717		)
Interest income			406						140
Dividend income			3						2
Income (loss) before income taxes			2,739						9,794
Income tax benefit (expense)			(852		)				(2,792		)

Net income (loss)			1,887						7,002
Net (income) loss attributable to redeemable noncontrolling interest			–						(1,573		)
Net income (loss) attributable to common stockholders	$		1,887				$		5,429

Basic and diluted earnings per share:
Net income (loss) per share attributable to common stockholders, basic and diluted	$		0.02				$		0.06

Cash dividends declared per common share, basic and diluted	$		0.03				$		0.03

Weighted average common shares outstanding, basic			86,522,378						85,041,628
Weighted average common shares outstanding, diluted			88,630,216						86,986,581
Entravision Communications Corporation
Consolidated Balance Sheets
(In thousands; unaudited)

		March 31,						December 31,
		2022						2021
ASSETS
Current assets
Cash and cash equivalents		$		126,574				$		185,094
Marketable securities				85,010						–
Restricted cash				749						749
Trade receivables, net of allowance for doubtful accounts				173,419						201,747
Assets held for sale				1,963						1,963
Prepaid expenses and other current assets				36,341						18,925
Total current assets				424,056						408,478
Property and equipment, net				60,174						62,498
Intangible assets subject to amortization, net				61,476						64,034
Intangible assets not subject to amortization				209,053						209,053
Goodwill				71,708						71,708
Deferred income taxes				1,462						1,462
Operating leases right of use asset				25,596						25,582
Other assets				8,084						8,527
Total assets		$		861,609				$		851,342


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current maturities of long-term debt		$		4,947				$		4,903
Accounts payable and accrued expenses				222,610						212,655
Operating lease liabilities				6,808						7,304
Total current liabilities				234,365						224,862
Long-term debt, less current maturities, net of unamortized debt issuance costs				206,816						207,416
Long-term operating lease liabilities				21,505						20,988
Other long-term liabilities				79,076						72,930
Deferred income taxes				68,092						68,220
Total liabilities				609,854						594,416

Stockholders’ equity
Class A common stock				6						6
Class B common stock				2						2
Class U common stock				1						1
Additional paid-in capital				773,613						780,388
Accumulated deficit				(520,607		)				(522,494	)
Accumulated other comprehensive income (loss)				(1,260		)				(977	)
Total stockholders’ equity				251,755						256,926
Total liabilities and stockholders’ equity		$		861,609				$		851,342

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(In thousands; unaudited)

		Three-Month Period
		Ended March 31,
		2022					2021
Cash flows from operating activities:
Net income (loss)		$	1,887				$	7,002
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			6,395					5,184
Impairment charge			—					1,326
Deferred income taxes			(359		)			2,987
Non-cash interest			280					139
Amortization of syndication contracts			116					119
Payments on syndication contracts			(118		)			(124		)
Non-cash stock-based compensation			2,573					1,071
(Gain) loss on disposal of property and equipment			(151		)			—
Change in fair value of contingent consideration			5,100					—
Changes in assets and liabilities:
(Increase) decrease in accounts receivable			29,380					9,927
(Increase) decrease in prepaid expenses and other assets			(2,405		)			1,177
Increase (decrease) in accounts payable, accrued expenses and other liabilities			10,521					(5,356		)
Net cash provided by operating activities			53,219					23,452
Cash flows from investing activities:
Proceeds from sale of property and equipment and intangibles			164					—
Purchases of property and equipment			(1,547		)			(1,838		)
Purchases of marketable securities			(85,517		)			—
Proceeds from marketable securities			—					12,120
Net cash provided by investing activities			(86,900		)			10,282
Cash flows from financing activities:
Proceeds from stock option exercises			218					—
Tax payments related to shares withheld for share-based compensation plans			(257		)			(9		)
Payments on long-term debt			(750		)			(750		)
Dividends paid			(2,167		)			(2,126		)
Repurchase of Class A common stock			(7,142		)			—
Payment of contingent consideration			(14,730		)			—
Principal payments under finance lease obligation			(10		)			—
Net cash used in financing activities			(24,838		)			(2,885		)
Effect of exchange rates on cash, cash equivalents and restricted cash			(1		)			(24		)
Net increase (decrease) in cash, cash equivalents and restricted cash			(58,520		)			30,825
Cash, cash equivalents and restricted cash:
Beginning			185,843					119,911
Ending		$	127,323				$	150,736
Entravision Communications Corporation
Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities
(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

	Three-Month Period
	Ended March 31,
	2022					2021

Consolidated adjusted EBITDA (1)	$	18,113				$	14,195
EBITDA attributable to redeemable noncontrolling interest		–					2,837
Interest expense		(1,836		)			(1,717		)
Interest income		406					140
Dividend income		3					2
Income tax expense		(852		)			(2,792		)
Amortization of syndication contracts		(116		)			(119		)
Payments on syndication contracts		118					124
Non-cash stock-based compensation included in direct operating expenses		(958		)			(316		)
Non-cash stock-based compensation included in corporate expenses		(1,615		)			(755		)
Depreciation and amortization		(6,395		)			(5,184		)
Change in fair value of contingent consideration		(5,100		)			–
Impairment charge		–					(1,326		)
Other operating gain (loss)		119					1,913
Net (income) loss attributable to redeemable noncontrolling interest		–					(1,573		)
Net income (loss) attributable to common stockholders		1,887					5,429

Depreciation and amortization		6,395					5,184
Impairment charge		–					1,326
Deferred income taxes		(359		)			2,987
Non-cash interest		280					139
Amortization of syndication contracts		116					119
Payments on syndication contracts		(118		)			(124		)
Non-cash stock-based compensation		2,573					1,071
(Gain) loss on disposal of property and equipment		(151		)			–
Change in fair value of contingent consideration		5,100					–
Net income (loss) attributable to redeemable noncontrolling interest		–					1,573
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		29,380					9,927
(Increase) decrease in prepaid expenses and other assets		(2,405		)			1,177
Increase (decrease) in accounts payable, accrued expenses and other liabilities		10,521					(5,356		)
Cash flows from operating activities		53,219					23,452

(1)	Consolidated adjusted EBITDA is defined on page 2.
Entravision Communications Corporation
Reconciliation of Free Cash Flow to Cash Flows From Operating Activities
(In thousands; unaudited)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

		Three-Month Period
		Ended March 31,
		2022			2021
Consolidated adjusted EBITDA (1)		$	18,113		$	14,195
Net interest expense (1)			(1,150	)		(1,438	)
Dividend income			3			2
Cash paid for income taxes			(1,211	)		195
Capital expenditures (2)			(1,547	)		(1,838	)
Other operating gain (loss)			119			1,913
Free cash flow (1)			14,327			13,029

Capital expenditures (2)			1,547			1,838
EBITDA attributable to redeemable noncontrolling interest			–			2,837
(Gain) loss on disposal of property and equipment			(151	)		–
Changes in assets and liabilities:
(Increase) decrease in accounts receivable			29,380			9,927
(Increase) decrease in prepaid expenses and other assets			(2,405	)		1,177
Increase (decrease) in accounts payable, accrued expenses and other liabilities			10,521			(5,356	)
Cash Flows From Operating Activities		$	53,219		$	23,452

(1)		Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 2.
(2)		Capital expenditures are not part of the consolidated statement of operations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220503006391/en/

Christopher T. Young
Chief Financial Officer
Entravision Communications Corporation
310-447-3870

Kimberly Esterkin
ADDO Investor Relations
310-829-5400

evc@addo.com

Source: Entravision Communications Corporation

Release – Element79 Gold Announces $5M Equity Facility Upsized to $10M

Posted on May 5, 2022 by Admin

Element79 Gold Announces $5M Equity Facility Upsized to $10M

News and Market Data on Element79 Gold

VANCOUVER, BC / ACCESSWIRE
/ May 5, 2022 / Element79 Gold Corp. (CSE:ELEM)(OTC PINK:ELMGF)(FSE:7YS) (“Element79 Gold”, the “Company”)is pleased to announce that Crescita Capital LLC (“Crescita”) has increased its equity drawdown facility commitment to the Company from $5,000,000 to $10,000,000. The additional funding is being made available pursuant to an amendment dated May 2, 2022 (the “Amendment”) to the original Investment and Advisory Agreement with Crescita dated September 14, 2020 (the “Original Agreement”, and together with the Amendment, the “Agreement”). The Company is able to make drawdown requests for funding, from time to time, pursuant to the facility and on closing of each drawdown, the Company will issue common shares to Crescita in accordance with the terms of the Agreement.

The Company has fully utilized the initial $5,000,000 of Crescita’s invested capital in its corporate development and project advancement since its IPO in August 2021, including completing the Phase 1 exploration program on the Dale property, the drilling program on the Snowbird property, and closing on the acquisition of the Nevada portfolio. Element79 Gold intends to utilize the additional capital to continue progress on its high-tempo development strategy, including the upcoming acquisition of the high-grade Peruvian gold portfolio of Calipuy Resources Inc. (“Calipuy”), the continued advancement of the 43-101 compliant mineral resource at the Company’s flagship Maverick Springs Project, and further exploration of the highly prospective Battle Mountain Portfolio. Near term, additional diamond drilling and metallurgical studies are planned to enable a significant portion of the Maverick Springs resource to be upgraded from the inferred to the indicated category.

“Securing this additional capital, particularly in this market environment where many investors are tightening their purse strings, could not be a stronger vote of confidence for Element79 Gold” remarked James Tworek, CEO of Element79 Gold. “We appreciate Crescita’s repeated investment and belief in our story. The timing is excellent. Element79 Gold now enters into its next phase of development from a position of strength, with the ability to focus on the long-term strategic wins for all our stakeholders.”

In addition to providing for the additional $5,000,000 equity drawdown commitment (the “Second Commitment”), the Amendment provides for certain amendments to the Original Agreement including the addition of the requirement for the Company to make a top up payment to Crescita in the event that the volume weighted average price of the Company’s common shares is less than the subscription price paid by Crescita for a particular drawdown in the 30 days following the drawdown, and amends the fees payable to Crescita for the Second Commitment. The Company will pay an 8% fee to Crescita on the Additional Commitment, which fee will be satisfied by the issuance of 533,333 common shares at a deemed price per share equal to the last closing price of the shares prior to the date of the Amendment, less the maximum discount permitted by the Canadian Securities Exchange. These shares are subject to a four-month hold. A copy of the Original Agreement and Amendment are both filed on SEDAR under the Company’s profile.

Potential Road to
Cashflow Operations: Tailings Utilization and Pre-Production Cashflow

The additional capital will be used to start technical work leading to a PEA and also unlocking the potential for preproduction cashflow through at Machacala as the project develops into 350tpd production. This will also allow the Company to investigate opportunities for cashflow, including reprocessing the historic tailing, estimated to contain approximately 200,000 tonnes at Machacala which were estimated in 1997 by Gold Hawk to contain grades of 1.26 g/t gold and 74 g/t silver.⁽¹⁾ Previous metallurgical studies by Gold Hawk show 87% recoveries of gold and 50%+ recovery of silver in 24 hours of leaching of un-milled tailings, with re-milling able to increase recoveries to 90% of gold and 73% of silver in 24 hours of leaching. While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

“The Peruvian assets, and particularly Machacala, have a clear path towards production in the near-term,” commented Antonios Maragakis. “These funds will be critical in progressing the key geological and engineering work to unlock the mines’ potential in an expedited manner”.

While the potential of these tailings is apparent, the Element79 Gold team is reviewing their economic potential and will complete further studies upon completing the acquisition of Calipuy.

Jason Wells, Managing Director of Crescita Capital stated: “We are excited to continue to financially support Element79 Gold and its transition from an exploration company to a producer. The upside that this brings all of the shareholders is significant”.

Qualified Person

The technical information in this release has been reviewed and verified by Neil Pettigrew, M.Sc., P. Geo., Director of Element79 Gold and a “qualified person” as defined by National Instrument 43-101.

About Element79
Gold

Element79 Gold is a mineral exploration company focused on the acquisition, exploration and development of mining properties for gold and associated metals. Element79 Gold has acquired its flagship Maverick Springs Project located in the famous gold mining district of northeastern Nevada, USA, between the Elko and White Pine Counties, where it has recently completed a 43-101-compliant, pit-constrained mineral resource estimate reflecting an Inferred resource of 3.71 million ounces of gold equivalent* “AuEq” at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag)) with an effective date of Feb. 4, 2022. The acquisition of the Maverick Springs Project also included a portfolio of 15 properties along the Battle Mountain trend in Nevada, which the Company is analyzing for further merit of exploration, along with the potential for sale or spin-out. In British Columbia, Element79 Gold has executed a Letter of Intent to acquire a private company which holds the option to 100% interest of the Snowbird High-Grade Gold Project, which consists of 10 mineral claims located in Central British Columbia, approximately 20km west of Fort St. James. In Peru, Element79 Gold has signed a letter of intent to acquire the business and assets of Calipuy Resources Inc., which holds 100% interest in the past-producing Lucero Mine, one of the highest-grade underground mines to be commercially mined in Peru’s history, as well as the past-producing Machacala Mine. The Company also has an option to acquire 100% interest in the Dale Property which consists of 90 unpatented mining claims located approximately 100 km southwest of Timmins, Ontario, Canada in the Timmins Mining Division, Dale Township. For more information about the Company, please visit www.element79.gold or www.element79gold.com.

On Behalf of the Company

James Tworek
CEO

Contact Information

Investor Relations Department

Phone: +1 (604) 200-3608
E-mail: investors@element79.gold

Cautionary Note
Regarding Forward Looking Statements

This press contains “forward?looking information” and “forward-looking statements” under applicable securities laws (collectively, “forward?looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the availability of funding for the Company and issuance of shares to Crescita pursuant to the Agreement; the Company’s plans for use of the funding provided by Crescita; the Company’s plans for exploration and development of the properties the own or are proposing to acquire; the completion of the acquisition of Calipuy and the advancement of its properties; the prospects for mineral resources on certain properties; the prospects for leaching and milling at certain properties; the Company’s business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated, including the risk that the Company does not advance its properties as planned;, that the results of exploration and development are not favorable to the Company; that the projects are not feasible; and the risk that Crescita is not able to fund drawdowns as requested by the Company. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward?looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward?looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of the coronavirus and COVID-19; risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the Company’s other public disclosure documents, available on www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward?looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward?looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Sources

Gold Hawk Resources Inc News Release, 2004-06-28

Neither the Canadian
Securities Exchange nor the Market Regulator (as that term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.

SOURCE: Element79 Gold Corp.

Release – Allegiant Partner Drills 31 Metres of 456 g/t AgEq Silver Equivalent at Mogollon Property

Posted on May 5, 2022 by Admin

Allegiant Partner Drills 31 Metres of 456 g/t AgEq Silver Equivalent at Mogollon Property

Research, News, and Market Data on Allegiant Gold

Reno, Nevada /May 5, 2022 –
Allegiant Gold Ltd. (“Allegiant” or the “Company”) (AUAU: TSX-V) (AUXXF: OTCQX)
is pleased to announce that Summa Silver Corp. (“Summa”) announced drill results from the first six holes drilled at the Mogollon Property (“Mogollon”) in the State of New Mexico. Summa is currently working to earn a 75% interest in Mogollon by making share and cash payments totaling US$3 million and spending an additional US$3 million in work commitments.

According to the May 3, 2022 news release issued by Summa, the following key highlights were reported:

31.0
metres at 459 grams per tonne silver equivalent* (3.88 g/t gold, 129 g/t silver) including 0.5 m at 6,311 g/t silver equivalent (66.8 g/t Au, 638 g/t Ag) and two m at 1,223 g/t silver equivalent (9.32 g/t Au, 431 g/t Ag) in MOG22-05 where total grade thickness through all mineralization is 14,233 g/t AgEq*m;
Aggressive step-out: Hole
MOG22-05 is a 270-metre step-out from previously reported MOG22-04 which intersected 11.6
m at 450 g/t silver equivalent (2.7 g/t Au, 220 g/t Ag);
Open in all directions: The newly drilled mineralized zone at the Consolidated Extension target remains open to expansion in all directions;
Aggressive drill plan: The company anticipates a minimum of 25,000 m of drilling in 50 holes is necessary for a spacing of approximately 50 m between holes covering an area of approximately 500 by 300 m to publish its first resource estimate on this first Mogollon property target;
Work just beginning: The Consolidated Extension target represents only 1.5 per cent of the total prospective vein and structure length present on the property. All other prospective areas remain largely unexplored;
Drilling to resume at Mogollon: The company is planning to resume drilling at Mogollon within 30 days and after the completion of required continuing wildlife surveys;

*Silver equivalent (AgEq) based on an Ag/Au ratio of 85:1 at Mogollon, true widths are unknown.

Full details of the results can be seen in the Summa news release dated May 3, 2022, inclusive of QA/QC procedures.

Peter Gianulis, CEO of
Allegiant Gold, commented: “We are excited about the recent drill results reported by Summa and look forward to the aggressive ongoing drilling program they have outlined at Mogollon, one of the best projects in our portfolio. Summa has proven to be an excellent partner with strong technical capabilities and qualifications that will prove invaluable in proving up one of the best underground silver/gold projects remaining in the U.S.”

ABOUT ALLEGIANT
Allegiant owns 100% of 10 highly-prospective gold projects in the United States, seven of which are located in the mining-friendly jurisdiction of Nevada. Three of Allegiant’s projects are farmed-out, providing for cost reductions and cash-flow. Allegiant’s flagship, district-scale Eastside project hosts a large and expanding gold resource and is located in an area of excellent infrastructure. Preliminary metallurgical testing indicates that both oxide and sulphide gold mineralization at Eastside is amenable to heap leaching.

ON BEHALF OF THE BOARD
Peter Gianulis
CEO

For more information contact:
Investor Relations
(604) 634-0970 or
1-888-818-1364

ir@allegiantgold.com

Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.

Certain statements and
information contained in this press release constitute “forward-looking
statements” within the meaning of applicable U.S. securities laws and
“forward-looking information” within the meaning of applicable Canadian securities
laws, which are referred to collectively as “forward-looking
statements”. The United States Private Securities Litigation Reform Act of
1995 provides a “safe harbor” for certain forward-looking statements.
Allegiant Gold Ltd.’s
(“Allegiant”) exploration plans for its gold exploration properties, the drill
program at Allegiant’s Eastside project, the preparation and publication of an
updated resource estimate in respect of the Original Zone at the Eastside
project, Allegiant’s future exploration and development plans, including
anticipated costs and timing thereof; Allegiant’s plans for growth through
exploration activities, acquisitions or otherwise; and expectations regarding
future maintenance and capital expenditures, and working capital
requirements. Forward-looking statements are statements and information
regarding possible events, conditions or results of operations that are based
upon assumptions about future economic conditions and courses of action. All
statements and information other than statements of historical fact may be
forward-looking statements. In some cases, forward-looking statements can be
identified by the use of words such as “seek”, “expect”, “anticipate”,
“budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”,
“predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and
similar words or phrases (including negative variations) suggesting future
outcomes or statements regarding an outlook. Such forward-looking
statements are based on a number of material factors and assumptions and
involve known and unknown risks, uncertainties and other factors which may
cause actual results, performance or achievements, or industry results, to
differ materially from those anticipated in such forward-looking information. You
are cautioned not to place undue reliance on forward-looking statements
contained in this press release. Some of the known risks and other factors
which could cause actual results to differ materially from those expressed in
the forward-looking statements are described in the sections entitled “Risk
Factors” in Allegiant’s Listing Application, dated January 24, 2018, as filed
with the TSX Venture Exchange and available on SEDAR under Allegiant’s profile
at www.sedar.com.
Actual results and future events could differ materially from those anticipated
in such statements. Allegiant undertakes no obligation to update or revise any
forward-looking statements included in this press release if these beliefs,
estimates and opinions or other circumstances should change, except as
otherwise required by applicable law.

Release – Cypress Development Completes Enertopia Asset Acquisition

Posted on May 5, 2022 by Admin

Cypress Development Completes Enertopia Asset Acquisition

Research, News, and Market Data on Cypress Development

VANCOUVER, BC, May 5, 2022 /PRNewswire/ – Cypress Development Corp. (TSXV: CYP) (OTCQX: CYDVF) (Frankfurt: C1Z1) (“Cypress” or “the Company”) is pleased to announce that it has completed its acquisition of Enertopia Corporation’s (“Enertopia”) Clayton Valley Lithium Claystone Project (“Enertopia Project”) located adjacent to the Cypress Clayton Valley Lithium Project in Nevada (“Cypress Project”).

“We are pleased with the addition of Enertopia’s property,” commented Dr. Bill Willoughby, President, and CEO of Cypress. “The property is a continuation of the lithium-bearing units in Cypress’ project, with Enertopia’s drilling having shown similar values of lithium. With this consolidation, the data will be incorporated into our resource model and has the potential to enhance the project through our Feasibility Study underway. We expect this consolidation of Clayton Valley lithium claystone projects to be of significant value for both Enertopia and Cypress shareholders.”

The purchase consideration for the Enertopia Project comprised US$1.1 million in cash and the issuance of 3,000,000 common shares in the capital of Cypress (“Consideration Shares”). The transaction also included Enertopia entering into an Irrevocable Proxy and Voting Agreement and Lock-Up Agreement with Cypress in relation to the Consideration Shares. (See Company’s February 24, 2022 new release for further information). In terms of these agreements, Enertopia inter alia agreed to; (i) vote in favor of shareholder resolutions supported by Cypress’ Board of Directors (ii) certain limitations to the circumstances under which it could sell the Consideration Shares, and (iii) a 12-month standstill in relation to certain corporate activities pertaining to Cypress shares.

In connection with the transaction, the Company has agreed to pay a finder’s fee of US$105,000 to an arm’s-length party, subject to TSX Venture Exchange approval.

About Cypress Development Corp

Cypress Development Corp. is a Canadian based advanced stage lithium company, focused on developing its 100%-owned Clayton Valley Lithium Project in Nevada, USA. Cypress is in the pilot stage of testing on material from its lithium-bearing claystone deposit and progressing towards completing a Feasibility Study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market.

ON BEHALF OF CYPRESS DEVELOPMENT CORP.

WILLIAM WILLOUGHBY, PhD., PE

President & Chief Executive Officer

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.

Cautionary Note Regarding Forward-Looking
Statements

This release includes
certain statements that may be deemed to be “forward-looking
statements”. Forward-looking statements are subject to risks,
uncertainties and assumptions and are identified by words such as “expects,”
“estimates,” “projects,” “anticipates,”
“believes,” “could,” “scheduled,” and other
similar words. All statements in this release, other than statements of
historical facts, that address events or developments that management of the
Company expects, are forward-looking statements. Although management believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance, and actual results or developments may differ materially from
those in the forward-looking statements. The Company undertakes no obligation
to update these forward-looking statements if management’s beliefs, estimates
or opinions, or other factors, should change. Factors that could cause actual
results to differ materially from those in forward-looking statements, include
market prices, exploration, and development successes, continued availability
of capital and financing, and general economic, market or business conditions.
Please see the public filings of the Company at www.sedar.com for
further information.

SOURCE Cypress Development Corp.

Release – Lineage Cell Therapeutics to Report First Quarter 2022 Financial Results and Provide Business Update on May 12, 2022

Posted on May 5, 2022 by Admin

Lineage Cell Therapeutics to Report First Quarter 2022 Financial Results and Provide Business Update on May 12, 2022

CARLSBAD, Calif.–(BUSINESS WIRE)–Lineage Cell
Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, today announced that it will report its first quarter 2022 financial and operating results on Thursday, May 12, 2022, following the close of the U.S. financial markets. Lineage management will also host a conference call and webcast on Thursday, May 12, 2022, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss its first quarter 2022 financial and operating results and to provide a business update.

Interested parties may access the conference call by dialing (866) 888-8633 from the U.S. and Canada and (636) 812-6629 from elsewhere outside the U.S. and Canada and should request the “Lineage Cell Therapeutics Call”. A live webcast of the conference call will be available online in the Investors section of Lineage’s website. A replay of the webcast will be available on Lineage’s website for 30 days and a telephone replay will be available through May 20, 2022, by dialing (855) 859-2056 from the U.S. and Canada and (404) 537-3406 from elsewhere outside the U.S. and Canada and entering conference ID number 1875641.

About Lineage Cell Therapeutics, Inc.

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical programs are in markets with billion dollar opportunities and include five allogeneic (“off-the-shelf”) product candidates: (i) OpRegen, a retinal pigment epithelial cell therapy in Phase 1/2a development for the treatment of geographic atrophy secondary to age-related macular degeneration, which is being developed under a worldwide collaboration with Roche and Genentech, a member of the Roche Group; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; (iii) VAC2, a dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer (iv) ANP1, an auditory neuronal progenitor cell therapy for the potential treatment of auditory neuropathy, and (v) PNC1, a photoreceptor neural cell therapy for the treatment of vision loss due to photoreceptor dysfunction or damage. For more information, please visit www.lineagecell.com or follow the company on Twitter @LineageCell.

Contacts

Lineage Cell Therapeutics, Inc. IR
Ioana C. Hone
(
ir@lineagecell.com)
(442) 287-8963

Solebury Trout IR
Justin Frantz
(
jfrantz@soleburytrout.com )
(617) 221-9100

Russo Partners – Media Relations
Nic Johnson or David Schull
Nic.johnson@russopartnersllc.com
David.schull@russopartnersllc.com
(212) 845-4242

Release – Alvopetro Announces April 2022 Sales Volumes and Q1 2022 Results Webcast

Posted on May 5, 2022 by Admin

Alvopetro Announces April 2022 Sales Volumes and Q1 2022 Results Webcast

Research, News, and Market Data on Alvopetro Energy

CALGARY, AB, May 5, 2022 /CNW/ – Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF) announces April sales volumes of 2,494 boepd, including natural gas sales of 14.3 MMcfpd and associated natural gas liquids sales from condensate of 107 bopd, based on field estimates.

Upcoming Q1 2022 results webcast

Alvopetro anticipates announcing Q1 2022 results on May 12, 2022 after markets close and will host a live webcast to discuss the results at 8:00 am Mountain time on May 13, 2022. Details for joining the event are as follows:

Date: May 13, 2022

Time: 8:00 AM Mountain/10:00 AM Eastern

Link: https://us06web.zoom.us/j/84318417369

Dial-in Numbers: https://us06web.zoom.us/u/kckYUds2mG

Webinar ID: 843 1841 7369

The webcast will include a question-and-answer period. Online participants will be able to ask questions through the Zoom portal. Dial-in participants can email questions directly to socialmedia@alvopetro.com.

Corporate Presentation

Alvopetro’s updated corporate presentation is available on our website at:
http://www.alvopetro.com/corporate-presentation.

Social Media

Follow Alvopetro on our social media channels at the following links:

Twitter – https://twitter.com/AlvopetroEnergy
Instagram – https://www.instagram.com/alvopetro/
LinkedIn – https://www.linkedin.com/company/alvopetro-energy-ltd
YouTube: https://www.youtube.com/channel/UCgDn_igrQgdlj-maR6fWB0w

Alvopetro Energy Ltd.’s vision is to become a leading
independent upstream and midstream operator in Brazil. Our strategy is to unlock
the on-shore natural gas potential in the state of Bahia in Brazil,
building off the development of our Caburé natural gas field and our strategic
midstream infrastructure.

Neither the TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this news release.

All amounts contained in
this new release are in United States dollars, unless otherwise stated and all
tabular amounts are in thousands of United States dollars, except as otherwise
noted.

*Abbreviations:*
boepd	=	barrels of oil equivalent (“boe”) per day
bopd	=	barrels of oil and/or natural gas liquids (condensate) per day
MMcf	=	million cubic feet
MMcfpd	=	million cubic feet per day

BOE Disclosure. The term barrels of oil
equivalent (“boe”) may be misleading, particularly if used in isolation.
A boe conversion ratio of six thousand cubic feet per barrel (6Mcf/bbl) of
natural gas to barrels of oil equivalence is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead. All boe conversions in this news release
are derived from converting gas to oil in the ratio mix of six thousand cubic
feet of gas to one barrel of oil.

SOURCE Alvopetro Energy Ltd.

For further information: Corey C. Ruttan, President, Chief Executive Officer and Director, or Alison Howard, Chief Financial Officer, Phone: 587.794.4224, Email: info@alvopetro.com,
www.alvopetro.com, (TSX-V: ALV) (OTCQX: ALVOF)

CoreCivic, Inc. (CXW) – First Look at 1Q22

Posted on May 5, 2022 by Admin

Thursday, May 05, 2022

CoreCivic, Inc. (CXW)
First Look at 1Q22

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A Miss. CoreCivic reported first quarter results after the market closed yesterday. Revenue came in at $453 million, compared to $454.7 million in the same period last year. Consensus was $465 million. The Company reported adjusted net income of $17.4 million, or $0.14 per share, compared to $29.3 million, or $0.24 per share last year. Consensus EPS net income was $23.1 million, or $0.19 per share. We had projected revenue of $473 million and EPS of $0.18.

What Drove the Miss? Headwinds include a challenging labor market, especially for nurses, disruption from the commencement of the La Palma contract in Arizona, and a drop in federal detainees, partially offset by higher populations at the state level….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.

Tokens.com Corp. (SMURF) – Beefing Up the P2E Segment

Posted on May 5, 2022 by Admin

Thursday, May 05, 2022

Tokens.com Corp. (SMURF)
Beefing Up the P2E Segment

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Adding More Assets. Tokens.com announced that the Company subsidiary, Hulk Labs, has acquired play-to-earn gaming assets in two platforms, Arcade Land and BitBrawl. Hulk Labs acquired land parcels in Arcade Land and avatar NFTs. The amounts invested in each platform were not disclosed.

Arcade Land Overview. Arcade Land is a Metaverse land-based world that focuses on gaming and play-to-earn. The world holds 10,000 unique plots where NFT holders can build out their parcel and allow other holders to visit, hangout, and play games. These holders can also build stores, place advertising, and sell items, in additional to the land holding yield earning potential, depending on the size, similar to Decentraland….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Great Lakes Dredge & Dock (GLDD) – Solid 1Q22 Sets the Table for 2022

Posted on May 5, 2022 by Admin

Thursday, May 05, 2022

Great Lakes Dredge & Dock (GLDD)
Solid 1Q22 Sets the Table for 2022

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

1Q22 Operating Results. Revenue of $194.4 million exceed our $176 million estimate and consensus $170 million, partly due to the pull forward of certain business. Margin was a little lighter than projections due to dry dockings and weather issues that restricted work. Nonetheless, adjusted EBITDA for the quarter was $29.7 million versus our $32.7 million estimate. EPS for the quarter was $0.17 compared to our estimate of $0.18.

Favorable Environment. The operating environment remains favorable. The Omnibus Appropriations Bill for fiscal year 2022 included funding for the U.S. Army Corps of Engineers totaling $8.3 billion for fiscal year 2022, an increase of $548 million above the fiscal year 2021 level and an increase of $1.6 billion above the President’s original budget request….

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Cumulus Media (CMLS) – A Sanguine Outlook

Posted on May 5, 2022 by Admin

Thursday, May 05, 2022

Cumulus Media (CMLS)
A Sanguine Outlook

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

A solid quarter. Q1 revenues increased a strong 15% to $232.0 million, above our $227.2 million estimate. Adj. EBITDA was $31.2 million, above our $22.2 million estimate. The Revenues and Adj. EBITDA results benefited from a $5 million in pull forward revenues and adj. EBITDA as a results of the cancelled Wynbet contract. Notably, the company would have beat our Adj. EBITDA estimate, without the adjustment.

Tweaking 2022 estimates upward. We are flowing through a portion of the Q1 upside to our full year 2022 estimates. We are raising our full year 2022 adj. EBIDA estimate from $173.7 million to $175.1 million. At this time, we are maintaining our full year 2023 estimates. …

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

Unpacking Black-Box Models

Two Ways Artificial Intelligence is Helping Cybersecurity

Edge Computing Importance to AI Applications

One Stop Systems (OSS) NobleCon18 Presentation Replay

Blackboxstocks (BLBX) NobleCon18 Presentation Replay

Genprex Issues Shareholder Letter and Provides 2022 Corporate Update

Kratos Reports First Quarter 2022 Financial Results

Entravision Communications Corporation Reports First Quarter 2022 Results

Element79 Gold Announces $5M Equity Facility Upsized to $10M

Allegiant Partner Drills 31 Metres of 456 g/t AgEq Silver Equivalent at Mogollon Property

Cypress Development Completes Enertopia Asset Acquisition

Lineage Cell Therapeutics to Report First Quarter 2022 Financial Results and Provide Business Update on May 12, 2022

Contacts

Alvopetro Announces April 2022 Sales Volumes and Q1 2022 Results Webcast

CoreCivic, Inc. (CXW)First Look at 1Q22

Tokens.com Corp. (SMURF)Beefing Up the P2E Segment

Great Lakes Dredge & Dock (GLDD)Solid 1Q22 Sets the Table for 2022

Cumulus Media (CMLS)A Sanguine Outlook

CoreCivic, Inc. (CXW)
First Look at 1Q22

Tokens.com Corp. (SMURF)
Beefing Up the P2E Segment

Great Lakes Dredge & Dock (GLDD)
Solid 1Q22 Sets the Table for 2022

Cumulus Media (CMLS)
A Sanguine Outlook