PowerSchool Honored as Gold Stevie® Award Winner in 2025 American Business Awards®
The American Business Awards are the U.S.A.'s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small.
PowerSchool earned the honor for PowerBuddy™, its secure, AI-powered assistant, designed to support teachers, students, families, and administrators. PowerBuddy personalizes learning, simplifies data analysis, and improves operational efficiency across PowerSchool's suite of solutions.
Built with Microsoft's Azure OpenAI Services and grounded in PowerSchool's Responsible AI principles, PowerBuddy supports individualized learning by securely analyzing student data and delivering actionable insights. Embedded across PowerSchool products like Schoology Learning, Naviance CCLR, and Performance Matters, PowerBuddy has already powered over 30,000 study sessions, generated 15,000 test items, and supported more than 12,000 college and career readiness activities for students worldwide.
More than 3,600 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories, including Startup of the Year, Executive of the Year, Best New Product or Service of the Year, Marketing Campaign of the Year, Thought Leader of the Year, and App of the Year, among others. PowerSchool was nominated in the education category for the Use of Artificial Intelligence in EdTech.
"Organizations across the United States continue to demonstrate resilience and innovation," said Stevie Awards president Maggie Miller. "The 2025 Stevie winners have helped drive that success through their innovation, persistence, and hard work. We congratulate all of the winners in the 2025 ABAs and look forward to celebrating their achievements during our June 10 gala event in New York."
About the Stevie Awards
Stevie Awards are conferred in nine programs: the Asia-Pacific Stevie Awards, the German Stevie Awards, the Middle East & North Africa Stevie Awards, The American Business Awards®, The International Business Awards®, the Stevie Awards for Women in Business, the Stevie Awards for Great Employers, the Stevie Awards for Sales & Customer Service, and the Stevie Awards for Technology Excellence. Stevie Awards competitions receive more than 12,000 entries each year from organizations in more than 70 nations. Honoring organizations of all types and sizes and the people behind them, the Stevies recognize outstanding performances in the workplace worldwide. Learn more about the Stevie Awards at http://www.StevieAwards.com.
About PowerSchool
PowerSchool is a leading provider of cloud-based software for K-12 education in North America. Its mission is to empower educators, administrators, and families to ensure personalized education for every student journey. PowerSchool offers end-to-end product clouds that connect the central office to the classroom to the home with award-winning products including Schoology Learning and Naviance CCLR, so school districts can securely manage student data, enrollment, attendance, grades, instruction, assessments, human resources, talent, professional development, special education, data analytics and insights, communications, and college and career readiness. PowerSchool supports over 60 million students in more than 90 countries and over 18,000 customers, including more than 90 of the top 100 districts by student enrollment in the United States.
© PowerSchool. PowerSchool and other PowerSchool marks are trademarks of PowerSchool Holdings, Inc. or its subsidiaries. ** Other names and brands may be claimed as the property of others.
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Media ContactWe. Communications for PowerSchoolWE-PowerSchool@we-worldwide.com (503) 443-7155
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Excelerate Energy Reports Strong Second Quarter 2025 Results and Raises Full-Year Guidance
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RECENT HIGHLIGHTS Reported Net Income of $20.8 million for the second quarter Reported Adjusted Net Income of $46.8 million for the second quarter Reported Adjusted EBITDA of $107.1 million for the second quarter Closed acquisition of the Jamaica integrated LNG and power platform in May; integration is on track and assets are exceeding operational expectations Raised Full Year 2025 Adjusted EBITDA guidance, now expected to range between $420 million and $440 million Declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis, representing an approximately 33 percent increase from the prior quarter, payable on September 4, 2025 CEO COMMENT 'Excelerate delivered another robust quarter, demonstrating the strength of our business model and our focus on operational excellence. Our results reflect the performance of our terminal services and early contributions from our Jamaica operations,' said Steven Kobos, President and CEO of Excelerate. 'The Jamaica transaction represents a strategic inflection point for Excelerate. Our growth strategy has long included owning and operating downstream infrastructure assets and today, our business model reflects that ambition. With the addition of the Montego Bay and Old Harbour LNG terminals and the Clarendon CHP plant, we've expanded our role in the LNG value chain and created a more diversified platform for growth. We remain focused on executing against the opportunity set in front of us and creating lasting value for our shareholders.' Net income for the second quarter of 2025 decreased sequentially from the last quarter due to transition and transaction costs incurred as a result of the Jamaica acquisition. Net income and adjusted net income also decreased sequentially due to higher interest expense, expected seasonality primarily related to Atlantic Basin margin, and timing of vessel operating costs, partially offset by the addition of Jamaica EBITDA. Adjusted EBITDA for the second quarter of 2025 increased sequentially from the last quarter primarily due to the addition of Jamaica EBITDA, partially offset by lower Atlantic Basin margin in the second quarter of 2025 and the timing of vessel operating costs. Net income for the second quarter of 2025 decreased from the prior year second quarter primarily due to transition and transaction costs incurred as a result of the Jamaica acquisition and an increase in interest expense, partially offset by the addition of Jamaica EBITDA. Adjusted net income and adjusted EBITDA for the second quarter of 2025 increased from the prior year second quarter primarily due to the addition of Jamaica EBITDA. KEY COMMERCIAL UPDATES In May 2025, Excelerate completed its acquisition of an integrated LNG and power platform in Jamaica, including the Montego Bay and Old Harbour LNG terminals, the Clarendon combined heat and power plant, and small-scale LNG storage and regasification sites across the island. The Company has begun optimizing these assets to drive near-term EBITDA growth through improved performance and expanded commercial activity. Excelerate is also deepening its presence in Jamaica and the broader Caribbean to enhance the overall return profile of the transaction. In July 2025, Excelerate finalized an agreement to purchase an LNG carrier. The vessel, which was renamed the Excelerate Shenandoah, will be used to service the previously announced mid-term Atlantic Basin supply deal. The LNG carrier also represents Excelerate's first owned asset to be selected as an FSRU conversion candidate. In July 2025, Excelerate signed a definitive agreement with Petrobras to install a reliquefaction unit on the floating regasification terminal Experience, located in Guanabara Bay, Brazil. The reliquefaction unit is expected to be installed during the next planned dry dock for the Experience. Once installed, this technology will help eliminate all excess cargo losses due to boil off and lower Excelerate's Scope 1 emissions, while upgrading the performance and life expectancy of the floating LNG terminal. LIQUIDITY AND CAPITAL RESOURCES As of June 30, 2025, Excelerate had $426.0 million in unrestricted cash and cash equivalents and the Company had no letters of credit under its revolving credit facility. All of the $500 million of undrawn capacity under the revolving credit facility was available for additional borrowings as of June 30, 2025. QUARTERLY CASH DIVIDEND UPDATE On July 31, 2025, Excelerate's Board of Directors approved a quarterly cash dividend equal to $0.08 per share, or $0.32 per share on an annualized basis, of Class A common stock, representing approximately a 33 percent increase from the prior quarter. The dividend is payable on September 4, 2025, to Class A common stockholders of record as of the close of business on August 20, 2025. With even greater confidence in its forward cash flow outlook following the Jamaica acquisition, Excelerate is now targeting a low double-digit annual dividend growth rate commencing in 2026 and continuing through 2028. REVISED 2025 FINANCIAL OUTLOOK Excelerate has revised its full year 2025 guidance range. On July 29th, the Company announced that it had raised its full year 2025 Adjusted EBITDA guidance to include the anticipated contribution from the Jamaica acquisition from May 14, 2025 through December 31, 2025. As announced, the Company expects Adjusted EBITDA to range between $420 million and $440 million for the full year 2025. Maintenance capex for 2025 is now expected to range between $65 million and $75 million. Committed Growth Capital for 2025 is now expected to range between $95 million and $105 million. The increase to Committed Growth Capital is primarily driven by the purchase of the LNG carrier, the Excelerate Shenandoah, in the third quarter. Actual results may differ materially from the Company's outlook as a result of, among other things, the factors described under 'Forward-Looking Statements' below. The Excelerate management team will host a conference call for investors and analysts at 8:30 a.m. Eastern Time (7:30 a.m. Central Time) on Monday, August 11, 2025. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company's website at An archived replay of the call and a copy of the presentation will be on the website following the call. ABOUT EXCELERATE ENERGY Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG-to-power value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from floating LNG terminals to infrastructure development to LNG supply and power generation. Excelerate has a presence in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Hanoi, Helsinki, Jamaica, London, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit USE OF NON-GAAP FINANCIAL MEASURES The Company reports financial results in accordance with accounting principles generally accepted in the United States ('GAAP'). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate's financial information presented in accordance with GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies, and you are cautioned not to place undue reliance on this information. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate's future results, cash flows or leverage will be unaffected by other non-recurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company's 2025 Financial Outlook, in the section titled 'Non-GAAP Reconciliation' below. Adjusted Gross Margin The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less cost of LNG, gas and power and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight into profitability and true operating performance excluding the implications of the historical cost basis of the Company's assets. Adjusted Net Income The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income plus tax-effected transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight into profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because management believes it is a useful indicator of the Company's operating performance. The Company defines Adjusted EBITDA as net income before interest expense, income taxes, depreciation and amortization, accretion, non-cash long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. This measure has limitations as certain excluded items are significant components in understanding and assessing a company's financial performance, such as a company's cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. The Company's presentation of Adjusted EBITDA should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. For the foregoing reasons, Adjusted EBITDA has significant limitations that affect its use as an indicator of the Company's profitability and valuation. Adjusted Earnings Per Share The Company uses Adjusted Earnings Per Share ("EPS"), a non-GAAP financial measure, which it defines as diluted EPS plus the per share impact of its tax-effected transition and transaction expenses. Management believes Adjusted EPSis useful because it provides insight on per share profitability excluding the impact of non-recurring charges related to the Jamaica acquisition. FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, about Excelerate and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding: the ongoing integration of the Jamaica acquisition; our future results of operations or financial condition, business strategy and plans, expansion plans and strategy, both generally and specifically in the Caribbean region; economic conditions, both generally and in particular in the regions in which we operate or plan to operate; the use of the new LNG carrier Excelerate Shenandoah; plans for the reliquefaction unit on the floating regasification terminal Experience; and projections regarding annual dividend rate growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as 'anticipate,' 'believe,' 'consider,' 'contemplate,' 'continue,' 'could,' 'estimate,' 'expect,' 'intend,' 'may,' 'plan,' 'potential,' 'predict,' 'project,' 'should,' 'target,' 'will' or 'would' or the negative of these words or other similar terms or expressions. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described under 'Risk Factors' in Excelerate's Annual Report on Form 10‐K for the year ended December 31, 2024, our other filings with the Securities and Exchange Commission (the 'SEC'), and those identified in this press release, including, but not limited to, the following: our ability to successfully complete and realize the anticipated benefits of the Jamaica acquisition, our ability to manage integration risks of the Jamaica acquisition; unplanned issues, including time delays, unforeseen expenses, cost inflation, materials or labor shortages, which could result in delayed receipt of payment or existing or anticipated project cancellation; the competitive market for liquefied natural gas ('LNG') regasification services; changes in the supply of and demand for and price of LNG and natural gas and LNG regasification capacity; our need for substantial expenditures to maintain and replace, over the long-term, the operating capacity of our assets; risks associated with conducting business outside of the United States, including political, legal and economic risk; our ability to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the design, construction and operation of our facilities and provision of our services; our ability to access financing on favorable terms; our debt level and finance lease liabilities, which may limit our flexibility in obtaining additional financing, or refinancing credit facilities upon maturity; our financing agreements, which include financial restrictions and covenants and are secured by certain of our floating regasification terminals; our ability to enter into or extend contracts with customers and our customers' failure to perform their contractual obligations; our ability to purchase or receive physical delivery of LNG in sufficient quantities to satisfy our delivery and sales obligations or at attractive prices; our ability to maintain relationships with our existing suppliers, source new suppliers for LNG and critical components of our projects and complete building out our supply chain; the technical complexity of our infrastructure assets; the risks inherent in operating our infrastructure assets; customer termination rights in our contracts; adverse effects on our operations due to disruption of third-party facilities; infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, safety and terrorism; shortages of qualified officers and crew impairing our ability to operate or increasing the cost of crewing our floating regasification terminals; acts of terrorism, war or political or civil unrest; compliance with various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws that affect our operations; and other risks, uncertainties and factors set forth in any of our filings with the SEC. These risks and uncertainties are described more fully in our other filings with the SEC, including our most recent Annual Report on Form 10-K. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Form 10-Q. For example, the current global economic uncertainty and geopolitical climate, including wars and conflicts, and world or regional health events, including pandemics and epidemics and governmental and third-party responses thereto, may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. In addition, statements that 'we believe' and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Form 10-Q. While we believe that the statements provided herein are supported by information obtained in a reasonable manner, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. Excelerate Energy, Inc. Consolidated Balance Sheets (Unaudited) June 30, 2025 December 31, 2024 (Unaudited) ASSETS (In thousands) Current assets Cash and cash equivalents $ 425,998 $ 537,522 Current portion of restricted cash 3,245 2,612 Accounts receivable, net 78,831 119,960 Current portion of net investments in sales-type leases 45,367 43,471 Other current assets 55,898 50,714 Total current assets 609,339 754,279 Restricted cash 14,838 14,361 Property and equipment, net 2,098,767 1,622,896 Intangible assets, net 365,378 — Goodwill 249,240 — Operating lease right-of-use assets 177,123 4,563 Net investments in sales-type leases 353,817 376,814 Investments in equity method investee 19,801 19,295 Deferred tax assets, net 31,295 27,559 Other assets 90,482 63,448 Total assets $ 4,010,080 $ 2,883,215 LIABILITIES AND EQUITY Current liabilities Accounts payable $ 20,586 $ 7,135 Accrued liabilities and other liabilities 101,902 70,022 Current portion of deferred revenues 34,670 58,185 Current portion of long-term debt 20,097 46,793 Current portion of long-term debt – related party 9,291 8,943 Current portion of operating lease liabilities 23,217 1,551 Current portion of finance lease liabilities 24,212 23,475 Total current liabilities 233,975 216,104 Long-term debt, net 926,141 286,760 Long-term debt, net – related party 156,836 161,952 Operating lease liabilities 149,098 3,447 Finance lease liabilities 156,457 167,908 TRA liability 58,955 58,736 Asset retirement obligations 50,163 43,690 Long-term deferred revenues 27,430 27,722 Other long-term liabilities 101,622 28,395 Total liabilities $ 1,860,677 $ 994,714 Commitments and contingencies Class A Common Stock ($0.001 par value, 300,000,000 shares authorized, 34,675,087 shares issued as of June 30, 2025 and 26,432,131 shares issued as of December 31, 2024) 35 26 Class B Common Stock ($0.001 par value, 150,000,000 shares authorized and 82,021,389 shares issued and outstanding as of June 30, 2025 and December 31, 2024) 82 82 Additional paid-in capital 633,700 467,429 Retained earnings 84,898 72,322 Accumulated other comprehensive income 113 502 Treasury stock (2,674,030 shares as of June 30, 2025 and 2,564,058 shares as of December 31, 2024) (54,688 ) (52,375 ) Non-controlling interests 1,485,263 1,400,515 Total equity $ 2,149,403 $ 1,888,501 Total liabilities and equity $ 4,010,080 $ 2,883,215 Expand Excelerate Energy, Inc. Consolidated Statements of Cash Flows (Unaudited) For the six months ended June 30, 2025 June 30, 2024 Cash flows from operating activities (In thousands) Net income 72,888 $ 61,417 Adjustments to reconcile net income to net cash from operating activities Depreciation and amortization 47,161 53,310 Amortization of operating lease right-of-use assets 3,343 860 ARO accretion expense 960 918 Amortization of debt issuance costs 4,444 1,715 Deferred income taxes 845 2,566 Share of net earnings in equity method investee (1,196 ) (1,123 ) Distributions from equity method investee 1,530 — Long-term incentive compensation expense 5,358 3,297 (Gain) loss on non-cash items — (44 ) Changes in operating assets and liabilities: Accounts receivable 85,578 51,511 Other current assets and other assets 1,864 (10,892 ) Accounts payable and accrued liabilities 16,182 (23,935 ) Current portion of deferred revenue (28,218 ) 2,331 Net investments in sales-type leases 21,101 8,004 Operating lease assets and liabilities (3,196 ) (871 ) Other long-term liabilities 13,305 5,976 Net cash provided by operating activities $ 241,949 $ 155,040 Cash flows from investing activities Net cash paid for acquisition (1,048,091 ) — Purchases of property and equipment (77,408 ) (38,268 ) Net cash used in investing activities $ (1,125,499 ) $ (38,268 ) Cash flows from financing activities Proceeds from issuance of Class A Common stock, net 201,904 — Repurchase of Class A Common Stock — (20,324 ) Proceeds from issuance of long-term debt 800,000 — Repayments of long-term debt (175,172 ) (20,627 ) Repayments of long-term debt – related party (4,768 ) (4,455 ) Payment of debt issuance costs (19,376 ) — Principal payments under finance lease liabilities (10,714 ) (10,081 ) Taxes withheld for long-term incentive compensation (1,027 ) (253 ) Dividends paid (3,382 ) (1,278 ) Distributions (13,984 ) (6,541 ) Other financing activities (433 ) 477 Net cash provided by (used in) financing activities $ 773,048 $ (63,082 ) Effect of exchange rate on cash, cash equivalents, and restricted cash 88 (6 ) Net increase (decrease) in cash, cash equivalents and restricted cash (110,414 ) 53,684 Cash, cash equivalents and restricted cash Beginning of period $ 554,495 $ 572,458 End of period $ 444,081 $ 626,142 Expand Excelerate Energy, Inc. Non-GAAP Reconciliation (Unaudited) The following table presents a reconciliation of Adjusted Gross Margin to the GAAP financial measures of gross margin for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Terminal services $ 148,833 $ 148,365 $ 150,987 LNG, gas and power 55,723 166,725 32,346 Cost of LNG, gas and power (40,427 ) (160,759 ) (31,173 ) Operating expenses (46,023 ) (41,938 ) (46,579 ) Depreciation and amortization expense (25,518 ) (21,643 ) (30,400 ) Gross Margin $ 92,588 $ 90,750 $ 75,181 Depreciation and amortization expense 25,518 21,643 30,400 Adjusted Gross Margin $ 118,106 $ 112,393 $ 105,581 Expand The following table presents a reconciliation of Adjusted EBITDA to the GAAP financial measures of net income for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 (In thousands) Net income $ 20,765 $ 52,123 $ 33,277 Interest expense 23,932 14,316 15,476 Provision for income taxes 5,574 6,027 7,427 Depreciation and amortization expense 25,518 21,643 30,400 Accretion expense 483 477 463 Long-term incentive compensation expense 3,206 2,152 1,920 Transition and transaction expenses 27,659 3,682 — Adjusted EBITDA $ 107,137 $ 100,420 $ 88,963 Expand The following table presents a reconciliation of Adjusted Dilutive EPS to the GAAP financial measures of dilutive EPS for each of the periods indicated. For the three months ended June 30, 2025 March 31, 2025 June 30, 2024 Add back: Transition and transaction expenses 0.24 0.03 — Tax impact on adjustments (0.05 ) — — Adjusted Earnings Per Share (diluted) $ 0.34 $ 0.49 $ 0.26 Expand 2025E 2025E (In millions) Low Case High Case Income before income taxes $ 167 $ 197 Interest expense 95 90 Depreciation and amortization expense 110 105 Accretion expense 2 2 Long-term incentive compensation expense 10 15 Transition and transaction expenses 36 31 Adjusted EBITDA $ 420 $ 440 Note: We have not reconciled the Adjusted EBITDA outlook to net income, the most comparable measure, because it is not possible to estimate, without unreasonable effort, our income taxes with the level of required precision. Accordingly, we have reconciled these non-GAAP measures to our estimated income before taxes. Expand
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a minute ago
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Kolibri Global Energy Inc. Announces Production Increase for the Second Quarter and Anticipates Significantly Higher Production From 9 New Wells in the Second Half of 2025
THOUSAND OAKS, Calif.--(BUSINESS WIRE)--All amounts are in U.S. Dollars unless otherwise indicated: SECOND QUARTER HIGHLIGHTS Average production for the second quarter of 2025 was 3,220 BOEPD, an increase of 3% compared to the second quarter of 2024 average production of 3,128 BOEPD. The increase was due to production from the wells that were drilled and completed in the last half of 2024, partially offset by decreased production from wells that were shut-in during the completion operations for the four Lovina wells, which temporarily reduced quarter production by 540 boepd The Company has repurchased over 207,000 common shares under its Normal Course Issuer Bid from April to July 2025 for an average price of US$6.42/share, bringing its total repurchases to over 504,000 shares since September 2024 Production and operating expense per barrel averaged $7.15 per BOE in the second quarter of 2025 compared to $8.48 per BOE in the second quarter of 2024, a decrease of 16%. The decrease was due to lower water hauling costs and natural gas and NGL processing costs adjustments in 2024 related to prior years as the purchaser reassessed prior year gathering and processing costs General & Administrative (G&A) expense decreased by 9% primarily due to lower accounting fees compared to the prior year quarter, due to the listing on the NASDAQ stock market at the end of 2023 Net income in the second quarter of 2025 was $2.9 million and EPS was $0.08/share compared to $4.1 million and EPS of $0.11/share in the second quarter of 2024. The decrease was due to lower revenues Adjusted EBITDA (1) was $7.7 million in the second quarter of 2025 compared to $10.0 million in the second quarter of 2024, a decrease of 23% due to a 24% decrease in average prices Revenue, net of royalties was $10.8 million in the second quarter of 2025 compared to $13.9 million for second quarter of 2024, a decrease of 22% due to lower prices and lower oil production due to the shut-in wells Average netback from operations (2) for the second quarter of 2025 was $29.66/boe, a decrease of 27% from the prior year second quarter due to lower average prices partially offset by lower operating costs per BOE At June 30, 2025, the Company had $34.5 million of available borrowing capacity on its credit agreement Management will host an earnings conference call for investors this morning at 9:00 a.m. Pacific time to discuss the Company's results and host a Q&A session. Interested parties are invited to participate by calling: 1-877-317-6789 or for international callers: 1-412-317-6789. Please request to be joined to the Kolibri Global Energy Inc. call (1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. (2) Netback from operations is considered a non-GAAP ratio. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. Expand Kolibri's President and Chief Executive Officer, Wolf Regener commented: 'We are pleased that the Company's wells continued to perform well with average production of 3,220 boepd despite a 540 boepd reduction due to several wells that were temporarily shut-in during the quarter for the Lovina wells completion. The Company generated Adjusted EBITDA of $7.7 million during the quarter, despite average prices decreasing by 24% and several wells being temporarily shut-in. All of the shut-in wells are now back online, some of which, as expected, are being dewatered. 'As we announced last week, the Lovina wells started production in late July under a controlled flowback with the average 4-day production from the four wells ranging from 322 boepd to 643 boepd, while still cleaning up from the fracture stimulations. The wells are producing a higher percentage of oil than many of our previous wells, and we are running production tubing strings this week, which could lead to higher production based on our past experience. The Forguson 17-20-3H well has just started flowback operations. Cleanup of the fracture stimulation fluid is anticipated to take longer to get stabilized flow rates than the wells in the heart of our field, since it is shallower. The Company will start drilling the 1.5 mile lateral Barnes 6-31-2H and Barnes 6-31-3H wells this week, which will then be completed along with the two previously drilled Velin wells. We are excited for the second half of the year as the Company will be bringing nine wells into production, which we anticipate will significantly increase production and cash flow during the last two quarters of 2025.' (1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. (2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. Expand Second Quarter 2025 versus Second Quarter 2024 Oil and gas gross revenues totaled $13.8 million in the quarter versus $17.7 million in the second quarter of 2024, a decrease of 22%. Oil revenues decreased $4.7 million or 28% as average oil prices decreased by $17.23 per barrel or 22% and oil production was down by 8% due to the shut-in wells during the quarter. Natural gas revenues increased $0.7 million or 450% to $0.8 million as average natural gas prices increased by $2.25/mcf or 268% to $3.09/mcf and natural gas production increased by 50% to 2,880 mcfpd. Natural gas liquids (NGLs) revenues increased $0.2 million or 21% as NGL production increased 25% to 625 boepd partially offset by a 4% decrease in average NGL prices to $17.59/boe. Average production for the second quarter of 2025 was 3,220 BOEPD, an increase of 3% compared to the second quarter of 2024 average production of 3,128 BOEPD due to production from the wells that were drilled in the last six months of 2024 partially offset by decreased production from wells that were shut-in during the completion operations for the four Lovina wells. Production and operating expenses for the second quarter of 2025 were $1.7 million compared to $2.1 million in the prior year comparable period. The decrease was primarily due to higher water hauling costs in the prior year quarter and natural gas and NGL processing costs recorded in the second quarter of 2024 related to prior years as the purchaser reassessed prior year gathering and processing costs. General and administrative expenses for the second quarter of 2025 was $1.4 million compared to $1.5 million for the second quarter of 2024, a decrease of 9%. The decrease was due to higher accounting fees in the prior year quarter due to the listing on the NASDAQ stock market at the end of 2023. Finance expense decreased $0.4 million in the second quarter of 2025 compared to the prior year second quarter due to lower interest expense as a result of lower interest rates and an decrease in the outstanding bank loan balance in 2025. FIRST SIX MONTHS 2025 HIGHLIGHTS Average production for the first six months of 2025 was 3,646 BOEPD, an increase of 13% compared to the first six months of 2024 average production of 3,216 BOEPD. The increase is due to production from the wells that were drilled and completed in the last six months of 2024 Net income in the first six months of 2025 was $8.6 million and EPS was $0.24/share compared to $7.4 million and EPS of $0.21/share in the first six months of 2024. The increase was due to realized and unrealized gains on commodity contracts in 2025 versus losses in 2024 and a decrease in operating and interest expense partially offset by lower revenues Adjusted EBITDA (1) was $20.5 million in the first six months of 2025 compared to $20.4 million in the first six months of 2024, as a decrease in revenue for the first six months of 2025 was offset by lower operating expenses and a realized loss on commodity contracts in the prior year period. Production and operating expense per barrel averaged $7.11 per BOE in the first six months of 2025 compared to $8.42 per BOE in the first six months of 2024, a decrease of 16%. The decrease was due to lower water hauling costs and due to natural gas and NGL processing costs adjustments in 2024 related to prior years as the purchaser reassessed prior year gathering and processing costs Revenue, net of royalties was $27.2 million in the first six months of 2025 compared to $28.1 million for first six months of 2024, a decrease of 3%, due to a 14% decrease in average prices partially offset by a 13% increase in production Average netback from operations (2) for the first six months of 2025 was $34.05/boe, a decrease of 14% from the prior year period due to lower average prices (1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. (2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. Expand First Six Months of 2025 versus First Six Months of 2024 Oil and gas gross revenues totaled $34.8 million in the first six months of 2025 versus $35.9 million in the first six months of 2024, a decrease of 3%. Oil revenues decreased $3.2 million or 10% as average oil prices decreased by $10.24 per barrel or 13% which was partially offset by a 5% increase in oil production to 2,477 boepd. Natural gas revenues increased $1.5 million or 259% to $2.1 million as average natural gas prices increased by $2.00/mcf or 132% to $3.52/mcf and natural gas production increased by 56% to 3,339 mcfpd. Natural gas liquids (NGLs) revenues increased $0.6 million or 28% as NGL production increased by 24% to 612 boepd and average NGL prices increased 3% to $23.95/boe. Average production for the first six months of 2025 was 3,646 BOEPD, an increase of 13% compared to the first six months 2024 average production of 3,216 BOEPD. The increases are due to production from the wells that were drilled and completed in the last six months of 2024. Production and operating expense was $3.9 million in the first six months of 2025 compared to $4.4 million for the same period of 2024, a decrease of 9%. The decrease was primarily due to higher water hauling costs in the prior year period and natural gas and NGL processing costs recorded in the second quarter of 2024 related to prior years, as the purchaser reassessed prior year gathering and processing costs. Finance income increased by $0.5 million for the first six months of 2025 due to realized and unrealized gains on commodity contracts in 2025. Finance expense decreased $1.4 million in the first six months of 2025 compared to the prior year comparable period due to realized and unrealized losses on commodity contracts in 2024 and lower interest expense as a result of lower interest rates and a decrease in the outstanding bank loan balance in 2025. (Unaudited, expressed in Thousands of United States dollars, except per share amounts) ($000 except as noted) Second Quarter First Six Months Oil and natural gas revenue, net $ 10,788 $ 13,915 $ 27,160 $ 28,141 Other income 325 1 326 60 11,113 13,916 27,486 28,201 Production and operating expenses 1,738 2,109 3,965 4,355 Depletion and depreciation expense 3,516 3,700 7,579 7,594 General and administrative expenses 1,409 1,528 2,734 2,793 Stock based compensation 488 411 725 539 7,151 7,748 15,003 15,281 Finance income 540 445 512 - Finance expense (713 ) (1,101 ) (1,460 ) (2,872 ) Income tax expense (936 ) (1,451 ) (2,917 ) (2,642 ) Net income 2,853 4,061 8,618 7,406 Basic net income per share $ 0.08 $ 0.11 $ 0.24 $ 0.21 Diluted net income per share $ 0.08 $ 0.11 $ 0.24 $ 0.20 Expand KOLIBRI GLOBAL ENERGY SECOND QUARTER 2025 (Unaudited, expressed in Thousands of United States dollars, except as noted) Second Quarter First Six Months 2025 2024 2025 2024 Oil gross revenue $ 11,978 $ 16,701 $ 30,028 $ 33,249 Gas gross revenue 809 147 2,127 592 NGL gross revenue 1,001 830 2,655 2,081 Oil and Gas gross revenue 13,790 17,678 34,810 35,922 Adjusted EBITDA (1) 7,681 10,036 20,501 20,410 Capital expenditures 16,898 6,427 26,851 11,747 Statistics: Second Quarter First Six Months 2025 2024 2025 2024 Average oil production (Bopd) 2,115 2,309 2,477 2,366 Average natural gas production (mcf/d) 2,880 1,916 3,339 2,143 Average NGL production (Boepd) 625 500 612 493 Average production (Boepd) 3,220 3,128 3,646 3,216 Average oil price ($/bbl) $ 62.45 $ 79.48 $ 66.96 $ 77.20 Average natural gas price ($/mcf) $ 3.09 $ 0.84 $ 3.52 $ 1.52 Average NGL price ($/bbl) $ 17.59 $ 15.97 $ 23.95 $ 23.18 Average price ($/boe) $ 47.6 $ 62.10 $ 52.75 $ 61.37 Less: Royalties ($/boe) 10.25 13.22 11.59 13.29 Less: Operating expenses $/boe) 7.15 8.48 7.11 8.42 Netback from operations (2) ($/boe) $ 29.66 $ 40.40 $ 34.05 $ 39.66 Price adjustment from commodity contracts ($/boe) 0.13 (0.84 ) 0.06 (0.99 ) Netback including commodity contracts (2) ($/boe) $ 29.79 $ 39.56 $ 34.11 $ 38.67 Expand (1) Adjusted EBITDA is considered a non-GAAP measure. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. (2) Netback from operations and netback including commodity contracts are considered non-GAAP ratios. Refer to the section entitled 'Non-GAAP Measures' of this earnings release. Expand The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three and six months ended June 30, 2025 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at NON-GAAP MEASURES Netback from operations, netback including commodity contracts and adjusted EBITDA (collectively, the " Company's Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles (" GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance. An explanation of the composition of the Company's Non-GAAP Measures, how the Company's Non-GAAP Measures provide useful information to an investor and the purposes for which the Company's management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading 'Non-GAAP Measures' which is available under the Company's profile at and is incorporated by reference into this earnings release. The following is the reconciliation of the non-GAAP ratio netback from operations to net income, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company's financial statements: The following is the reconciliation of the non-GAAP measure adjusted EBITDA to the comparable financial measures disclosed in the Company's financial statements: (US $000) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net income 2,853 4,061 8,618 7,406 Income tax expense 936 1,451 2,917 2,642 Depletion and depreciation 3,516 3,700 7,579 7,594 Accretion 73 44 124 89 Interest expense 640 813 1,336 1,728 Unrealized (gain) loss on commodity contracts (490 ) (445 ) (455 ) 470 Share based compensation 488 411 725 539 Interest income (8 ) - (16 ) - Other income (325 ) (1 ) (326 ) (60 ) Foreign currency loss (gain) (2 ) 2 (1 ) 2 Adjusted EBITDA 7,681 10,036 20,501 20,410 Expand PRODUCT TYPE DISCLOSURE This news release includes references to sales volumes of "oil", "natural gas", and 'barrels of oil equivalent' or 'BOEs'. 'Oil' refers to light crude oil and medium crude oil combined, and "natural gas" refers to shale gas, in each case as defined by NI 51-101. Production from our wells, primarily disclosed in this news release in BOEs, consists of mainly oil and associated wet gas. The wet gas is delivered via gathering system and then pipelines to processing plants where it is treated and sold as natural gas and NGLs. CAUTIONARY STATEMENTS In this news release and the Company's other public disclosure: (a) The Company's natural gas production is reported in thousands of cubic feet (" Mcfs"). The Company also uses references to barrels (" Bbls") and barrels of oil equivalent (" Boes") to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. (b) Discounted and undiscounted net present value of future net revenues attributable to reserves do not represent fair market value. (c) Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. (d) The Company discloses peak and 30-day initial production rates and other short-term production rates. Readers are cautioned that such production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Expand Caution Regarding Forward-Looking Information This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected increases in production and cash flow, adjusted EBITDA and net debt, the Company's reserves based loan facility, including scheduled repayments, expected hedging levels and the Company's strategy and objectives. The use of any of the words 'target', 'plans', "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management's expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced, that funds will be available from the Company's reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy. Forward-looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risk that any of the assumptions on which such forward-looking information is based vary or prove to be invalid, including that the Company's geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management's expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company's reserves based loan facility at the times or in the amounts required for planned operations, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company's most recent Annual Information Form under the 'Risk Factors' section, the Company's most recent management's discussion and analysis and the Company's other public disclosure, available under the Company's profile on SEDAR at Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. Kolibri Global Energy Inc. is a North American energy company focused on finding and exploiting energy projects in oil and gas. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects in oil, gas and clean and sustainable energy. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the NASDAQ under the stock symbol KGEI.
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AECOM selected to deliver project management and engineering services for The Avenues
DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the trusted global infrastructure leader, today announced it has been appointed by Shomoul Holding Company as the Project Management Consultant (PMC) and engineer for Phase II of The Avenues - Riyadh, a transformative mixed-use development in North Riyadh City, Saudi Arabia, following the successful delivery of The Avenues Phase I. The Avenues aims to be one of the most prominent commercial and investment destinations in the Middle East, elevating Saudi Arabia's position as a regional hub for business, innovation and lifestyle. 'We are honored that Shomoul Holding Company has entrusted us to extend our key role on The Avenues - Riyadh,' said Hamed Zaghw, chief executive of AECOM's Middle East and Africa region. 'This award is a testament to the transformational outcomes we are delivering for our clients across the Kingdom, and we are excited to shape a development that aligns with Vision 2030 and sets a new benchmark for mixed-use environments in the Middle East.' Valued at over $4 billion, the project spans 1,870,000 square meters of built-up area and 370,000 square meters of leasable area. It will include a luxury shopping mall and five towers featuring mixed-use functionalities such as hospitality, commercial and residential spaces. The Avenues - Riyadh is scheduled to open in early 2026. 'This appointment builds on our track record of delivering complex, high-profile developments that shape the cities of tomorrow,' said Jason Kroll, chief executive of AECOM Arabia. 'Our integrated team brings deep regional experience, digital delivery capabilities and industry-leading expertise in sustainability, and we look forward to collaborating with our partners to bring this world-class destination to life.' AECOM will deploy advanced digital project management tools, data-driven dashboards and lean construction methodologies to optimize project tracking, enhance stakeholder communications, and proactively mitigate risks—setting new standards for project delivery in the region. About AECOM AECOM (NYSE: ACM) is the global infrastructure leader, committed to delivering a better world. As a trusted professional services firm powered by deep technical abilities, we solve our clients' complex challenges in water, environment, energy, transportation and buildings. Our teams partner with public- and private-sector clients to create innovative, sustainable and resilient solutions throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. AECOM is a Fortune 500 firm that had revenue of $16.1 billion in fiscal year 2024. Learn more at Forward-Looking Statements All statements in this communication other than statements of historical fact are 'forward-looking statements' for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, capital allocation strategy including stock repurchases, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; potential government shutdowns, changes in administration or other funding directives and circumstances that may cause governmental agencies to modify, curtail or terminate our contracts; losses under fixed-price contracts; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; changes in government laws, regulations and policies, including failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs and trade policies, geopolitical events, and conflicts; inflation, currency exchange rates and interest rate fluctuations; changes in capital markets and stock market volatility; retaining and recruiting key technical and management personnel; legal claims and litigation; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; managing pension costs; AECOM Capital real estate development projects; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas businesses, including the risk that any purchase adjustments from those transactions could be unfavorable and result in any future proceeds owed to us as part of the transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.
