SSYS earnings call for the period ending December 31, 2020.
Vancouver, British Columbia--(Newsfile Corp. - April 19, 2021) - Santacruz Silver Mining Ltd. (TSXV: SCZ) (the "Company" or "Santacruz") announces that the acquisition of the Zimapan mine assets from Minera Cedros, S.A. de C.V. ("Minera Cedros"), together with the US$17.6 million loan facility from Trafigura Mexico, S.A. de C.V. (the "Trafigura Loan Facility"), are now expected to close on or about April 23, 2021.Pursuant to the definitive purchase agreement dated February 24, 2021 (the ...
Dublin, April 19, 2021 (GLOBE NEWSWIRE) -- The "Accounting Software Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering. The Accounting Software Market was valued at USD 12.01 billion in 2020 and is expected to reach USD 19.59 billion by 2026, at a CAGR of 8.5% over the forecast period 2021 - 2026. Over the past two decades, the financial and accounting software solution market has witnessed numerous changes. One of the biggest changes is the cloud-based offering of accounting software solutions. The accounting software solutions are used to streamline the accounting process, save time, and ensure an error-free transaction between the companies and clients. These systems are designed to increase productivity by archiving, automating, and integrating human resource systems. Implementing accounting software across SMEs helps to reduce errors out of dealings with clients and companies, thereby improving relationships and reputations, while ensuring time to focus on the core business idea. The increasing trend of small and medium enterprises collaborating with e-commerce players and integration with other online applications, such as automated bank feeds, automated billing features, among others, is expected to further drive the adoption of accounting software during the forecast period. It helps increase efficiency, as it is used to keep track of all the accounting transactions and manage the money flowing in and out of business. The software has also emerged as a better solution for managing a company's accounts, as it can easily manage account payables, account receivables, business payroll, and general ledger, along with other business modules. The market has seen a significant share of vendors with accounting at the core and has been leveraging the cloud's cost benefits. Additionally, they have been targeting the ever niche "micro and small and medium" businesses. One of the notable strategies exhibited by these accounting software new entrants is the inclusion of advanced features, such as artificial intelligence, for applications, such as planning, learning, problem-solving, and speech recognition. For instance, an Australia-based tax, accounting, and other business services software provider's solution, MYOB Advisor, gives natural language descriptions of a business's financial position. Accountants and bookkeepers can customize the description based on their SME client's knowledge and experience. Moreover, the insights provided by MYOB Advisor include visualization of cash flow that enables the advisor to help their client see where their cash is going or provide a view of top customers and help clients better manage their high-value relationships. Moreover, as multiple countries worldwide have been facing the challenge of dealing with the coronavirus outbreak and lockdown, more businesses, especially small businesses, have been working remotely. This has increased the demand for more dynamic and remote access to the business financial records and systems by the individuals who need to work on them and those who majorly need to access this timely information accurately to make decisions to manage the financial affairs. Key Market TrendsIncreased Efficiency Offered by Accounting Software to Drive the Market Growth Accounting software increases efficiency, as it is used to keep track of accounting transactions or to manage the money flowing in and out of business. It has emerged as a better solution for managing the accounts of a business, as it can easily manage account payables, account receivables, business payroll, general ledger, and other business modules.Additionally, features that ensure the company's accurate financials, such as time-saving, cost-effective operation, and higher overall productivity, are expected to drive the demand. Besides, these factors make this software more deployable for small businesses.Businesses purchase accounting based software to increase their functionality and replace the dated system. The reason being, in accounting calculation, is tedious and complex. It will require manpower to complete things. But accounting software can do the calculation precisely and accurately without manpower.Moreover, automation in the accounting industry is also an ongoing trend driven by software advancement. Accounting has been made highly automated without the need for a significant physical intervention. The latest accounting software has enabled organizations to minimize their human resources. This has led to efficient utilization of capital and better management of the available resources Asia-Pacific to Witness the Highest Growth The Asia-Pacific is expected to grow faster for accounting software, primarily due to factors such as increasing penetration of business accounting mobile applications and higher adoption of cloud computing technologies and solutions across the region. Moreover, the emergence of small businesses and rising investments by SME's in the cloud and the SaaS market are likely to boost the market's growth.By implementing various initiatives to build more business confidence in the cloud, the local governments play a significant role in the development of the cloud integration services market across the region, hence, developing more opportunities for the studied market.Also, the governments' growing focus in the region to ease organizational payments, transactions, and generate a track of debt, liabilities, and assets increases the demand for the market studied.For instance, the Australian Government's focus on improving larger enterprises' payment times could be vital over the coming months. Recently in April 2020, Minister for Small Business Stuart Nash told Parliament's Epidemic Response Committee that he intended to write to more substantial businesses to encourage them to pay their bills to local SMEs as fast as possible. Competitive LandscapeThe accounting software market is moderately consolidated. The top players occupy the major share of the market. Moreover, existing players already have their client base, which doesn't want to switch to new players, and new players cannot sustain the market for a longer period as they get acquired by the top players in the long run. Some of the key players include Oracle Corporation, Microsoft Corporation, Intuit Inc., SAP SE, Sage Software Inc., Infor Inc., Epicor Software Corporation, Xero Ltd., Unit4 Business Software Limited, among others. February 2020 -- Intuit, the maker of TurboTax, QuickBooks, and Mint, also announced that it has agreed to acquire Credit Karma, which is a consumer technology platform with more than 100 million members in the United States, Canada, and the U.K., for approximately USD 7.1 billion in cash and stock. The acquisition will bring together both the technology leaders with a shared goal to help solve the personal finance problems that the consumers face today, regardless of their financial situation.April 2019 - Infor, a global leader in business cloud software specialized by industry, announced the completed acquisition of Efficient Frontiers, Inc. dba ReServe Interactive., headquartered in Livermore, Calif. ReServe Interactive is a leading provider of cloud-based sales and catering, restaurant reservations, and floor management software that serves the restaurant, sports and entertainment, event center, golf and country club, and hotel markets in the U.S. and Canada. ReServe Interactive's highly scalable, dynamic, and intuitive sales and catering solution will enable Infor to offer more functionality through Infor CloudSuite Hospitality and increase Infor's presence in non-hotel hospitality venues such as entertainment centers, stadiums, wineries and conference, and convention centers.February 2020 Intuit, the maker of TurboTax, QuickBooks, and Mint, also announced that it has agreed to acquire Credit Karma, which is a consumer technology platform with more than 100 million members in the United States, Canada, and the U.K., for approximately USD 7.1 billion in cash and stock. The acquisition will bring together both the technology leaders with a shared goal to help solve the personal finance problems that the consumers face today, regardless of their financial situation. Reasons to Purchase this report: The market estimate (ME) sheet in Excel format3 months of analyst support Key Topics Covered: 1 INTRODUCTION1.1 Study Assumptions and Market Definition1.2 Scope of the Study2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY4 MARKET INSIGHTS4.1 Market Overview4.2 Industry Value Chain Analysis4.3 Industry Attractiveness - Porter's Five Force Analysis4.3.1 Bargaining Power of Suppliers4.3.2 Bargaining Power of Consumers4.3.3 Threat of New Entrants4.3.4 Intensity of Competitive Rivalry4.3.5 Threat of Substitute Products4.4 Technology Snapshot4.5 Assessment of COVID-19 Impact on the Market5 MARKET DYNAMICS5.1 Market Drivers5.1.1 Increasing Trend of Accounting Automation5.2 Market Restraints5.2.1 Lack of Awareness6 MARKET SEGMENTATION6.1 By Deployment Type6.1.1 On-premise6.1.2 Cloud-based6.2 Organization Size6.2.1 Small and Medium Enterprises6.2.2 Large Enterprises6.3 Geography6.3.1 North America6.3.2 Europe6.3.3 Asia Pacific6.3.4 Latin America6.3.5 Middle East and Africa7 COMPETITIVE LANDSCAPE7.1 Company Profiles7.1.1 Intuit Inc.7.1.2 Sage Software Inc.7.1.3 SAP SE7.1.4 Oracle Corporation7.1.5 Microsoft Corporation7.1.6 Infor Inc.7.1.7 Epicor Software Corporation7.1.8 Unit4 Business Software Limited7.1.9 Xero Ltd7.1.10 Zoho Corp7.1.11 Red Wing Software Inc.7.1.12 MYOB Group Pty Ltd7.1.13 Reckon Ltd.7.1.14 Saasu Pty Ltd8 VENDOR MARKET SHARE ANALYSIS9 INVESTMENT ANALYSIS10 FUTURE OF THE MARKETFor more information about this report visit https://www.researchandmarkets.com/r/494txd CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Itemized Bill Review and DRG Validation Are Performed by a Division of a Publicly Traded Company, Independent from Ongoing Market ConsolidationFORT WORTH, Texas, April 19, 2021 (GLOBE NEWSWIRE) -- CERiS, a division of CorVel Healthcare and a leading national provider of cost containment solutions, now offers a comprehensive prospective claim review services for client firms that pay medical claims. The expanded service produces the most complete and accurate review available for both itemized bills and DRG (diagnostic-related groupings) validation. “Our itemization review already has the industry’s best track record for correcting billed charges,” noted Corey Albrecht, President of CERiS. “For claims that pay a DRG base rate or an outlier payment and/or have carve-out language, we’re the first firm to deliver a complete package by offering full DRG validation review,” Albrecht remarked. CERiS’s dual reviews validate coding on the DRG base rate and simultaneously perform an itemization review to identify disallowed charges on the outlier payment. All reviews are completed within prompt payment requirements with this turnkey prepayment review before they’re paid. CERiS’s independent ownership and amicable, decades-long, relationship with medical providers contribute to its success in obtaining itemized bills and medical records for review. CERiS’s technology reduces provider friction while verifying payment integrity and delivering industry-leading results to health plans and TPAs. In an industry where insurers are acquiring similar claims review operations, CERiS is unique in that it is independently owned by a 30-year-strong public company, CorVel Corporation. CERiS’s solutions utilize CorVel’s pioneering AI and machine learning for automation and predictive analytics to deliver efficient prepay solutions for payment integrity programs. CERiS is at the forefront of the transition to prepayment solutions with the ability to review all claim types across commercial and government business. “CERiS is aligned with CorVel’s long-term view of success, and we’re committed to achieving substantial growth for our payment integrity operations over the coming decade,” said Albrecht. “We’re continually investing in new systems and services to keep our customers on the leading edge of marketplace transformations.” About CERiSCERiS, a leader in both prospective and retrospective claims review and repricing, combines clinical expertise and cost containment solutions to ensure the accuracy and transparency in healthcare payments. Accuracy and validation services include itemization review, DRG validation, facility repricing, contract and policy applications, review of implants and devices, and primary payer cost avoidance. Its universal chargemaster contains billions of charge items from more than 97% of the nation’s hospitals, helping to ensure the accuracy and objectivity of each claim review. About CorVel CorVel Corp. applies technology including artificial intelligence, machine learning and natural language processing to enhance the managing of episodes of care and the related health care costs. We partner with employers, third-party administrators, insurance companies and government agencies in managing worker’s compensation and health, auto and liability services. Our diverse suite of solutions combines our integrated technologies with a human touch. CorVel's customized services, delivered locally, are backed by a national team to support clients as well as their customers and patients. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on the Company’s current expectations, estimates and projections about the Company, management’s beliefs, and certain assumptions made by the Company, and events beyond the Company’s control, all of which are subject to change. Such forward-looking statements include, but are not limited to, statements relating to the Company’s network solution services and the Company’s continued investment in these and other innovative technologies, and statements relating to the Company’s strategic alliances within the healthcare market. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause the Company’s actual results to differ materially and adversely from those expressed in any forward-looking statement, including the risk that the impact of the COVID-19 pandemic on our business, results of operations and financial condition is greater than our initial assessment. The risks and uncertainties referred to above include but are not limited to factors described in this press release and the Company’s filings with the Securities and Exchange Commission, including but not limited to “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended March 31, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarters ended September 30, 2020 and December 31, 2020. The forward-looking statements in this press release speak only as of the date they are made. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason. Contact: Melissa StoranPhone: 949-851-1473http://www.corvel.com
Top Key Companies Focusing on E-Waste Management market: MBA Polymers, Enviro-Hub Holdings, Global Electric Electronic Processing Inc, Electronics Recyclers International, Aurubis AG, Boliden AB, Sims Metal Management Ltd, Umicore, Trojan Electronics Ltd, Stens Metall Group, Tetronics International, Triple M MetalPune, India, April 19, 2021 (GLOBE NEWSWIRE) -- The global demand for E-Waste Management market in terms of revenue was estimated to be USD 33.58 Billion in 2017 and is expected to reach USD 102.46 Billion in 2026, growing at a CAGR of 11.8% from 2020 to 2026. High Expenditure and Short Life of Electronics Products are key driving factors for the growth of E-Waste Management Market E-Waste or Electronics Waste is any electronics components that have been dumped or thrown away. Some of the products which are undesirable and stopped working or at the end of their working life are included in this waste. Device like Mobile phones, Computers, Televisions, Fax machines, Kitchen Appliances are some of the everyday use Electronics items. Dumping of these products leads to dangerous E-Waste as they hide toxic materials and chemicals causing serious environmental issues and a chain of pollution. In 2018, UN estimated that 50 million tons of E-Waste was generated worth $62.5 billion annually and ‘Tsunami of E-Waste’ name was given. Globally various organizations made agreements & policies in attempt to control and manage the E-Waste. E-Waste Management consists of different methods which are adopted in attempt to reduce the effects of waste are Repairing, Recycling, Dismantling to Reuse Materials and Disposal methods includes Burning, Burial, Recovery or Dissolution of Metals. Get Sample Copy of this Premium Report@ https://brandessenceresearch.com/requestSample/PostId/1504 Availability of valuable substance in E-waste and Short Life cycle of Electronics are key driving factors for the growth of E-Waste Management Market The major factors driving the growth of global E-Waste Management market is short life cycle of electronics as well as presence of valuable substance in E-waste. With the advancement in technology and designs, it urges the consumers to replace old products with the brand-new ones. Due to this cycle, E-Waste is generated. Global E-Waste Monitor 2020 report recorded that 53.6 million metric tons (Mt) of E-Waste was generated in 2019 globally and only 17.4% of E-Waste was collected and recycled. The reason behind this alarming numbers is mainly by large expenditure on electronics equipment, fewer options for repairing and short life which are also expected to contribute the growth of E-Waste Management Market. Moreover, increase awareness among people about environment conservation along with increased use of refurbished product is also expected to fuel the market growth. However, Lack of awareness among consumers with high cost of recycling is expected to hamper the growth of E-waste management market. On the other hand, lack of stringent regulatory framework in developing economies for E-waste management is expected create opportunities in untapped region with expansion strategy of various key market players. Europe is dominating the Global E-Waste Management Market Europe is expected to dominate the global E-Waste Management market within the forecast period attributed to good collection and recycling culture. As reported in ITU news in 2019, Switzerland sets the great example to deal with environmental issues as from the past decade they are supporting and encouraging to adopt environmental friendly E-Waste methods in developing countries like Egypt, Colombia and Peru. The country has collected and recycled around 95% of E-Waste in 2016. They created ‘Take-Back’ system for consumers to take E-Waste back to the electronic shops. Asia-Pacific is also emerging in this market due to many E-Waste policies followed by countries like Taiwan, India, Japan, China and South Korea. Countries like India and China have high number of dumping spots which will contribute to improving E-Waste Management in these areas. North America is also expected to follow Europe in terms of market size owing to the stringent regulatory policies and increasing awareness among people along with increased use of refurbished products. All the above mentioned factors are expected to promote the market growth over the forecast period. The regions covered in this Global E-Waste Management Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Food Waste Management is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia, Africa, etc. Get Methodology of this Report@ https://brandessenceresearch.com/requestMethodology/PostId/1504 Key Players for E- Waste Management Market Report: Some major key players for Global E-Waste Management Market are MBA Polymers, Aurubis AG, Boliden AB, Sims Metal Management Ltd, Umicore, Trojan Electronics Ltd, Stens Metall Group, Tetronics International, Triple M Metal, Enviro-Hub Holdings, Global Electric Electronic Processing Inc, Electronics Recyclers International and others. News: East Coast Electronics Recycling (ECER) urges Organizations to adopt E-Waste Resolutions. January 12, 2021; The article published in Accesswire briefed that the leading ECER is urging other businesses, governments, schools and hospitals to adapt three E-Waste resolutions in 2021: 1. To conduct an audit to identify disposable and recyclable electronics items, 2. Ask employees to conduct audit for their home & office and 3. Choose righteous E-Waste partner. Over 100 E-Waste Collection Points setup by Globe January 13, 2021; In order to encourage about practicing proper disposal of battery operating devices and electronics items and also assisting environmental protection acts, Globe sets up 100 collection points for E-Waste disposal. The company is also aiming to expand the points to other Globe stores in coming months for easy participation of public and other organizations. Global E-Waste Management Market Segmentation: Global E-Waste Management Market report is segmented on the basis of types, sector and region & country level. Based upon types, Global E-Waste Management Market is classified into electronic devices, home appliances, medical equipment, laboratory devices. Based upon the end-user, global E-Waste Management market is classified into home, industries, hospitals & laboratories, educational institutes. By Type: Electronic devicesHome appliancesMedical equipmentLaboratory devices By End-User Type: HomeIndustriesHospitals & laboratoriesEducational Institutes Interested in getting the full report? Here's how you can gain access: Join other Brandessence's clients who receive this report, along with thousands of other E-Waste Management forecasts, briefings, charts, and research reports to their inboxes. >> Become a ClientPurchase the individual report from our store. >> More Featured Report Here Other Top Trending Reports on Pre & post Covid-19 Impact: The development of the commodity plastics market is concerns over plastic waste. Plastic waste may be a major environmental concern associated to its low degradation rate. It is either recycled or dumped in landfills or within the ocean. Waste Paper Management Market 2020 By Service Type (Collection & Transportation, Storage, Segregation, Processing), By Equipment Type (Collection & Transportation Equipment, Storage Equipment, Segregation Equipment, Processing Equipment), By Waste Paper Source (Commercial, Residential, Industrial), By Waste Paper Type (Mixed Papers, Cardboards, Newspapers & Magazines, Pamphlets) 2025 Waste Heat To Power Market By Type (Steam Rankine Cycle, Organic Rankine Cycles, Kalina Cycle), By Application (Chemical Industry, Metal Manufacturing, Oil And Gas, Others), Industry Analysis, Trends, And Forecast 2019 Industrial Wastewater Treatment Solutions Market Size By Types (Biocides & Disinfectants, Flocculants, Coagulants, Scale Inhibitors, Chelating Agents, Ph Stabilizers, Anti-Foaming Agents, Corrosion Inhibitors, Other), By Treatments (Disinfection, Testing, Filtration, Desalination) Forecast 2021-2027 Food Service Packaging Market Size to Cross 67.94 Billion by 2027 Brandessence market research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London. Website: https://brandessenceresearch.com Article: https://businessstatsnews.com CONTACT: Brandessence Market Research & Consulting Pvt ltd Alan Ruffalo, Email: firstname.lastname@example.org Corporate Sales: +44-2038074155 https://brandessenceresearch.com
Paint your clothes and redesign your t-shirts: revive your wardrobe with Fashion RevolutionFrom turning your old shower mat into a handbag, to dying garments with beetroot, FRW’s Fashion Open Studio has a week of free sessions to show you how to repurpose clothes and household objects Hanging around: refashion household objects with Clara Chu Photograph: PR
Top bosses including chief executive Noel Quinn will now hot desk in an open-plan space.
Joshua and Fury’s bout is likely to be announced for late July or early August.
At the very onset, it should be made clear that European Super League is not about the football or competitive football or fans. This is about the $$$. And a lot of it.
MOSCOW — Russian opposition leader Alexei Navalny, who is in the third week of a hunger strike, will be admitted to a hospital in another prison, the Russian state penitentiary service said Monday, after the politician's doctor said he could be near death. The prison service, FSIN, also said that Navalny had agreed to take vitamin therapy, but an ally of the 44-year-old Kremlin critic cast doubt on that and the hospital transfer, saying his lawyers should confirm both. The service said in a statement that Navalny would be transferred to a hospital for convicts located in a penal colony in Vladimir, a city 180 kilometres (110 miles) east of Moscow. According to the statement, Navalny’s condition is deemed “satisfactory.” But the opposition leader's physician, Dr. Yaroslav Ashikhmin, said Saturday that test results he received from the family show him with sharply elevated levels of potassium, which can bring on cardiac arrest, and heightened creatinine levels that indicate impaired kidneys. “Our patient could die at any moment,” he said in a Facebook post. Navalny, President Vladimir Putin’s fiercest opponent, was arrested in January upon his return from Germany, where he had spent five months recovering from a nerve agent poisoning he blames on the Kremlin — accusations Russian officials have rejected. Navalny’s arrest triggered a massive wave of protests all across Russia, the biggest show of defiance in recent years. Soon after, a court ordered Navalny to serve 2 1/2 years in prison on a 2014 embezzlement conviction that the European Court of Human Rights deemed to be “arbitrary and manifestly unreasonable.” Navalny went on hunger strike in prison to protest the refusal to let his doctors visit when he began experiencing severe back pain and a loss of feeling in his legs. Russia’s state penitentiary service has said that Navalny was receiving all the medical help he needs. In response to the alarming news about Navalny’s health this weekend, his team has called for a nationwide rally on Wednesday, the same day that Putin is scheduled to deliver his annual state of the nation address. Several Navalny allies dismissed the move announced by the prison service as insufficient. Navalny’s top strategist, Leonid Volkov, said no one should assume it was happening until the opposition leader's lawyers confirm it. The lawyers were en route to the prison where the hospital was located, Volkov said. “Until the lawyers locate him, we won’t know where he is and what is up with him,” Volkov wrote in a Facebook post. Ivan Zhdanov, the head of Navalny's Foundation for Fighting Corruption, tweeted Monday that the move announced by the prison service would take the politician merely to another “tormenting colony, just with a big in-patient facility, where gravely ill are being transferred.” Dr. Anastasia Vasilyeva, head of the Navalny-backed Alliance of Doctors union and also the politician's personal physician, noted that it was “not a hospital where a diagnosis can be determined and treatment (can be) prescribed for his ailments,” but rather “a prison where tuberculosis is being treated.” She again called for the prison to let her and other physicians see him. Last month, the politician was transferred to a penal colony east of Moscow, notorious for its harsh conditions. Navalny has complained about being sleep-deprived due to guards conducting hourly checks on him at night, and said he has developed severe back pain and numbness in his legs within weeks of being transferred to the colony. His demands for a visit from an independent “civilian” physician were rebuffed by prison officials, and he went on hunger strike on March 31. In a message from prison on Friday, Navalny said prison officials threatened to force-feed him “imminently,” using “straitjacket and other pleasures.” Daria Litvinova, The Associated Press
All systems were a go as NASA made history on the red planet Monday. The agency launched its Ingenuity helicopter into the atmosphere of Mars around 3:30 am ET, marking the first powered, controlled flight of an aircraft on another planet. The four-pound helicopter, which landed on the planet with the Perseverance rover in February, tested flight conditions in the planet's atmosphere, which is colder and has different levels of gravity.
Uniting strong banks with complementary strategies to create a powerhouse Northeast player with $63 billion in assets and $52 billion in depositsUnlocking compelling revenue growth opportunities in commercial lending, health savings, fee-based businesses and consumer and digital bankingDelivering exceptional financial performance and accretion: 17% pro forma ROATCE, 1.40% pro forma ROAA, >20% GAAP EPS accretion to Webster, >10% GAAP EPS accretion to Sterling, and $440M in annual pro forma excess capital generationMaintaining shared values and commitments to customers, communities, shareholders and employees WATERBURY, Conn. and PEARL RIVER, New York, April 19, 2021 (GLOBE NEWSWIRE) -- Webster Financial Corporation (NYSE: WBS) ("Webster") and Sterling Bancorp (NYSE: STL) ("Sterling") jointly announced today that their boards of directors have approved by unanimous vote a definitive agreement under which the two companies will combine in an all-stock merger of equals transaction with a total market value of approximately $10.3 billion. Under the terms of the agreement, Sterling will merge into Webster, and Sterling's shareholders will receive a fixed exchange ratio of 0.463 of a Webster share for each share of Sterling stock they own. Following the closing of the transaction, Webster shareholders will own approximately 50.4% of the combined company, and Sterling shareholders will own approximately 49.6%, on a fully diluted basis. The combined company will retain the Webster name, establish a new corporate headquarters in Stamford, CT, and have a continued multi-campus presence in the greater New York City area and Waterbury, CT. The pro forma company will be a powerhouse player in the Northeast with highly differentiated businesses in commercial banking, health savings and consumer and digital banking. Enhanced scale will unlock growth and value across each of these business lines. Commercial banking unlocks a diversified, multi-billion dollar opportunity to grow regional and national C&I, commercial real estate and Sponsor & Specialty loans through expanding existing relationships and new clients.HSA Bank, a division of Webster Bank and a top national provider of health savings accounts nationally, will benefit from increased capacity for growth and investment.Consumer, small business and direct banking will benefit from local density and increased investment in digital capabilities. "We are excited to combine the best of both companies to create an industry leader," said Jack L. Kopnisky, President & CEO of Sterling. "Webster and Sterling have much in common: distinguished client service, diversity of revenue, funding sources and assets, and disciplined capital allocation. The increased capabilities and scale of our two organizations are attractive propositions for our clients, communities, shareholders and colleagues." "We are bringing together two high-performing organizations with strong cultural and business model alignment to create a powerhouse Northeast bank," said John R. Ciulla, Chairman, President & CEO of Webster. "This combination provides exceptional financial benefits and enables us to more aggressively invest in key businesses and activities to enhance value for our customers, our communities, our shareholders and our bankers." Strategic Benefits of the Proposed Merger Powerhouse Northeast Bank: Combined $63 billion in assets, $52 billion in deposits, and $42 billion in loans provides scale to deliver best-in-class financial performance and drive value for all stakeholders.Highly Differentiated Businesses: Webster and Sterling have complementary businesses and strong franchises in commercial, health savings and consumer and digital banking. Relationship- and expertise-based commercial banking and a local presence are enhanced by national reach in both lending and deposit gathering, resulting in sustainable high performance and competitive advantages.Significant Loan Growth Potential: The combined company’s Northeast footprint is the most densely populated in the nation. Through diversification and scale, commercial banking will unlock opportunities to grow relationships with existing clients and enhance operating leverage, particularly in commercial lending. Webster and Sterling’s niche national lending platforms contribute further growth, risk-adjusted returns and diversification.Best-in-Class Deposit Franchise: Together, Webster and Sterling are strongly positioned with a low-cost, long-duration deposit base. The pro forma company will have 200+ financial centers in the Northeast market. In addition, it will benefit from the ability to more aggressively grow and invest in HSA Bank, a top health savings platform nationally with 12% market share and strong growth characteristics. Financial Benefits of the Proposed Merger Exceptional Profitability: The combined company is projected to generate a ROAA of 1.40% and ROATCE of 17% – among the strongest return profiles nationally.Enhanced Revenue Growth Potential: Scale and diversification unlock compelling revenue growth opportunities by expanding selected commercial lending portfolios, aggressively growing HSA Bank, and enhancing digital banking offerings.Strong GAAP EPS Accretion to Both Companies' Shareholders: >20% to Webster, >10% to Sterling, after realizing $120 million of projected cost savings.Significant Excess Capital Generation: The combined company is projected to generate $440 million per year, or ~$2.50 per share, of excess capital after organic growth and dividends, available for both capital investments and share repurchases. Governance and Leadership Reflecting the equal contribution both partners bring to the combined company, the board and executive management team will draw from both sides: Jack L. Kopnisky, President & CEO of Sterling, will serve as Executive Chairman of the combined company for 24 months after closing, and will continue in a consulting capacity for an additional 12 months thereafter.John R. Ciulla, Chairman, President & CEO of Webster, will serve as President & CEO of the combined company until 24 months after closing, at which time he will become Chairman, President & CEO.The combined company's executive management team will be comprised of executives from both companies, including Luis Massiani as Chief Operating Officer and Glenn I. MacInnes as Chief Financial Officer.The board of directors of the combined company will have 15 directors, consisting of eight directors from Webster and seven directors from Sterling, including Jack L. Kopnisky and John R. Ciulla.William L. Atwell, current lead independent director of Webster, will serve as lead independent director for 24 months after closing, after which the Lead Independent Director will be a legacy Sterling director. Timing and Approvals The merger is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of required regulatory approvals and approval by the shareholders of each company. Advisors J.P. Morgan Securities, LLC acted as lead financial advisor to Webster and rendered a fairness opinion to its board of directors. Piper Sandler & Co. also rendered a fairness opinion to Webster's board. Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Webster. Citigroup Global Markets Inc. acted as lead financial advisor to Sterling and rendered a fairness opinion to its board of directors. Keefe, Bruyette & Woods, Inc. also rendered a fairness opinion to Sterling's board. Squire Patton Boggs (US) LLP is serving as legal counsel to Sterling. Joint Conference Call and Webcast Details Webster and Sterling will conduct a live conference call to discuss the transaction at 8:30 am Eastern Time today. To listen to the live call, please dial 877-407-8289 or 201-689-8341, for international callers. The webcast, along with related slides, will be available on the Webster website (www.wbst.com) and slides will be available on the Sterling website (www.sterlingbancorp.com). A replay of the conference call will be available for one week via the websites listed above, beginning at approximately 11:00 a.m. (Eastern) on April 19, 2021. To access the replay, dial 877-660-6853 or 201-612-7415, for international callers. The replay conference ID number is 13718870. As a result of today's merger announcement, both companies have cancelled their previously scheduled 2021 first quarter earnings conference calls. About Webster Financial Corporation Webster Financial Corporation is the holding company for Webster Bank, National Association and its HSA Bank division. With $33.3 billion in assets, Webster provides business and consumer banking, mortgage, financial planning, trust, and investment services through 148 banking centers and 280 ATMs. Webster also provides mobile and online banking. Webster Bank owns the asset-based lending firm Webster Business Credit Corporation; the equipment finance firm Webster Capital Finance Corporation; and HSA Bank, a division of Webster Bank, which provides health savings account trustee and administrative services. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com. About Sterling Bancorp Sterling Bancorp, whose principal subsidiary is Sterling National Bank, specializes in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. Sterling National Bank offers a complete line of commercial, business, and consumer banking products and services. For more information, visit the Sterling Bancorp website at www.sterlingbancorp.com. CAUTION REGARDING FORWARD-LOOKING STATEMENTS This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Webster and Sterling, the expected timing of completion of the transaction, and other statements that are not historical facts. Such statements are subject to numerous assumptions, risks, and uncertainties. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Webster and Sterling; the outcome of any legal proceedings that may be instituted against Webster or Sterling; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain stockholder approvals or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Webster and Sterling do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Webster and Sterling successfully; the dilution caused by Webster’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Webster and Sterling. Additional factors that could cause results to differ materially from those described above can be found in Webster’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission (the “SEC”) and available on Webster’s investor relations website, https://webster.gcs-web.com/, under the heading “Financials” and in other documents Webster files with the SEC, and in Sterling’s Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the SEC and available on Sterling’s investor relations website, https://sterlingbank.gcs-web.com/investor-relations, under the heading “Financials” and in other documents Sterling files with the SEC. All forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Webster nor Sterling assumes any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. IMPORTANT ADDITIONAL INFORMATION In connection with the proposed transaction, Webster will file with the SEC a Registration Statement on Form S-4 that will include a Joint Proxy Statement of Webster and Sterling and a Prospectus of Webster, as well as other relevant documents concerning the proposed transaction. The proposed transaction involving Webster and Sterling will be submitted to Sterling’s stockholders and Webster’s stockholders for their consideration. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS AND STOCKHOLDERS OF WEBSTER AND STOCKHOLDERS OF STERLING ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE TRANSACTION WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will be able to obtain a free copy of the definitive joint proxy statement/prospectus, as well as other filings containing information about Webster and Sterling, without charge, at the SEC’s website (http://www.sec.gov). Copies of the joint proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Kristen Manginelli, Director of Investor Relations, Webster Financial Corporation, 145 Bank Street, Waterbury, Connecticut 06702, (203) 578-2202 or to Emlen Harmon, Managing Director, Investor Relations, Sterling Bancorp, Two Blue Hill Plaza, Second Floor, Pearl River, New York 10965, (845) 369-8040. PARTICIPANTS IN THE SOLICITATION Webster, Sterling, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Webster and Sterling in connection with the proposed transaction under the rules of the SEC. Information regarding Webster’s directors and executive officers is available in its definitive proxy statement relating to its 2021 Annual Meeting of Stockholders, which was filed with the SEC on March 19, 2021, and other documents filed by Webster with the SEC. Information regarding Sterling’s directors and executive officers is available in its definitive proxy statement relating to its 2021 Annual Meeting of Stockholders, which was filed with the SEC on April 14, 2021, and other documents filed by Sterling with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC. Free copies of this document may be obtained as described in the preceding paragraph. STERLING BANCORP CONTACT:Emlen Harmon, Managing Director – Investor Relations212.309.7646
The market for metamaterials is anticipated to register a CAGR of over 24% during the forecast period. One of the major factors driving the use of metamaterials is increasing R&D activities for various applications in the aerospace and defense, telecommunication, and consumer electronics end-user industries, among others.New York, April 19, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metamaterials Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06020204/?utm_source=GNW Increasing wireless mobile communication and antenna applications are driving the market at a faster pace.- Among the applications of metamaterials, the antenna and radar segment is estimated to occupy the largest share.- Among the end-user industries, the aerospace and defense segment is estimated to account for the largest share.- North America dominated the market across the world, with the largest consumption in 2018.Key Market TrendsIncrease in Usage of Antennas for Communication- Recently, there has been an increased interest in microwave applications across the telecommunication sector. Metamaterials can be engineered to produce exotic electromagnetic signals. These materials exhibits various refractive properties, such as negative refractive index (NRI) and left-handed material (LHM). For this reason, such materials are indispensable in the manufacture of microwave components, and in the design and manufacture of high-functioning antennas.- A negatively permeable metamaterial shell is utilized to enclose loop antennas in magnetic induction (MI) communication systems. It has been theoretically proved that a communication range of around 20m can be achieved with acceptable data rates, by using metamaterial-enhanced MI communication systems and pocket-sized loop antenna. Thus, the usage of these materials in remote environments can have significant impact on connectivity.- The usage of metamaterial antennas have been increasing over the past few years. The demand for such antennas is due to their use in vessels, radar, and special smart phones.- Using metamaterials in antennas enables an individual to focus six times beyond diffraction limit at 0.38 ?m. These metamaterials are used in cell phones to provide antennas, which are five times smaller and have a bandwidth range of 700 MHz - 2.7 GHz.- Currently, scientists are engaging in the research of wide angle impedance matching (WAIM) technology. It has been proven that metamaterials can be used to achieve superior wide angle impedance for phased array antennas.- The aforementioned factors are expected to increase the demand for metamaterials, during the forecast period.Asia-Pacific Region to be the Fastest growing Market- Although North America dominates the global market, followed by Europe, Asia-Pacific is the fastest growing market and is expected to overtake North America by 2024.- This growth is majorly due to the increasing investments in the Asian countries’ respective defense sectors.- In countries, like China, India, South Korea, Pakistan, etc., governments have been increasing the national defense budget regularly.- In the recently passed budget, China announced an 8.1% increase in its defense budget, amounting to USD 175 billion, the second largest defense budget in the world, after the United States.- China remained the largest market for antennas in Asia-Pacific followed by India, Japan, and South Korea. In terms of satellite communication, China has recently launched a satellite to establish quantum communications. The organization believes that the launch of more satellites are required in the future, in order to enable secure communications, throughout the world. This is likely to lead to new developments and manufacturing process, which, in turn, is expected to drive antenna market.- As the number of digital cellular subscribers is witnessing high growth in China, service providers are increasingly concerned with the limited capacities of the existing infrastructure. This has resulted in more deployments of smart antenna systems in China.- China is expected to strengthen its position among the leading consumers of metamaterials, worldwide, over the forecast period.Competitive LandscapeThe metamaterial market is partially fragmented, with no player having a significant share to influence the market. The market is dominated by manufacturers using metamaterials for antenna and radar applications. Kymeta, JEM Engineering, Metamaterial Technologies Inc., NKT Photonics, TeraView Ltd, Fractal Antenna Systems Inc., and Echodyne Corp., among others, are some of the prominent players present in the market.Reasons to Purchase this report:- The market estimate (ME) sheet in Excel format- 3 months of analyst supportRead the full report: https://www.reportlinker.com/p06020204/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________ CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001
WisdomTree Issuer plc – Daily Fund Prices 16-April-21 WisdomTree Artificial Intelligence UCITS ETF - USD Acc16/04/2021IE00BDVPNG137643541USD481,741,787.6263.026WisdomTree AT1 CoCo Bond UCITS ETF – USD16/04/2021IE00BZ0XVF52510529USD53,923,759.92105.6233WisdomTree AT1 CoCo Bond UCITS ETF – EUR Hedged16/04/2021IE00BFNNN236324036EUR34,085,608.76105.1908WisdomTree AT1 CoCo Bond UCITS ETF – GBP Hedged16/04/2021IE00BFNNN45934640GBP3,696,107.04106.7005WisdomTree AT1 CoCo Bond UCITS ETF – USD Acc16/04/2021IE00BZ0XVG6944619USD5,465,344.95122.4892WisdomTree AT1 CoCo Bond UCITS ETF – USD Hedged16/04/2021IE00BFNNN01247006USD5,269,219.01112.0967WisdomTree Battery Solutions UCITS ETF - USD Acc16/04/2021IE00BKLF1R758058534USD362,673,971.2845.005WisdomTree Cloud Computing UCITS ETF - USD Acc16/04/2021IE00BJGWQN7213248000USD678,751,015.6351.2342WisdomTree Cybersecurity UCITS ETF - USD Acc16/04/2021IE00BLPK3577530000USD11,955,908.9522.5583WisdomTree Emerging Markets Equity Income UCITS ETF16/04/2021IE00BQQ3Q0672637109USD41,946,375.1315.9062WisdomTree Emerging Markets Equity Income UCITS ETF Acc16/04/2021IE00BDF12W4990558USD2,047,726.8722.6123WisdomTree Emerging Markets Small Cap Dividend UCITS ETF16/04/2021IE00BQZJBM261630000USD32,257,741.1319.79WisdomTree Enhanced Commodity UCITS ETF – CHF Hedged Acc16/04/2021IE00BG88WL21210000CHF2,349,707.1711.1891WisdomTree Enhanced Commodity UCITS ETF – EUR Hedged Acc16/04/2021IE00BG88WG773050000EUR31,859,430.1510.4457WisdomTree Enhanced Commodity UCITS ETF – GBP Hedged Acc16/04/2021IE00BG88WH841975000GBP21,056,597.5110.6616WisdomTree Enhanced Commodity UCITS ETF - 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Two long-running “Will They/Won’t They” procedurals will veritably collide when Bones‘ Emily Deschanel guest-stars on Castle alum Nathan Fillion’s The Rookie. The stealthy and noteworthy bit of casting was revealed late Sunday night in a promo for The Rookie‘s next new episode, airing May 2 on ABC, in which Deschanel shows up as no less […]
First-time buyers will get cheaper deals if they can stretch to a bigger deposit, analysts say.
PLDA, the leading developer of high-speed interconnect silicon IP, today announced the launch of a new, complete line of PCIe Controller IP products specifically tailored for use in USB4 ICs. PLDA’s PCIe product line for USB4 allows designers to implement internal PCIe devices in their USB4 ASIC designs, resulting in reduced latency and power consumption. This provides a step forward in design methodology for applications including:
--- Exceeds Guidance for the First Quarter of 2021 and Increases Production Guidance for 2021 ------ First Quarter 2021 Earnings Conference Call Scheduled for May 4 --- HOUSTON, April 19, 2021 (GLOBE NEWSWIRE) -- Penn Virginia Corporation ("Penn Virginia" or the "Company") (NASDAQ:PVAC) today announced an operational update and timing of its first quarter 2021 earnings release and conference call. Operational and Financial Update Sold 16,324 barrels of oil per day ("BOPD") for the first quarter of 2021, exceeding the high end of the most recent guidance range. Total sales volumes for the first quarter of 2021 were 20,534 barrels of oil equivalent per day ("BOEPD"). Total production for the seven days ending March 31, 2021 averaged over 20,000 BOPD and 25,000 BOEPD;Estimated capital expenditures for the first quarter of 2021 of approximately $54 million, which was below the low end of the most recent guidance range;Realized oil price for the first quarter of 2021 of $44.80 per barrel, including effects of derivatives, net(1);Generated Free Cash Flow(2) for the sixth consecutive quarter, which lowered Long-term debt to $376 million and Net Debt(3) to $364 million as of March 31, 2021; andThe Company recently obtained an updated reserve report from DeGolyer and MacNaughton ("D&M") as of April 1, 2021. Darrin Henke, President and Chief Executive Officer of Penn Virginia, commented, "Our strong sales volumes for the quarter were largely due to the outperformance of wells brought online during the period, which used our improved completion designs along with an adjusted approach to drilling and flowback. Volumes for the quarter were also less impacted from the February winter storm than we previously anticipated, largely due to the outstanding efforts of the Penn Virginia operational team. In addition to maintaining our existing production and bringing on some impressive wells, we have continued to focus on additional operational and cost efficiencies, which translated into lower than expected capital expenditures for the quarter. Importantly, our production growth was not achieved by increasing our capital expenditures. Rather, it is due to the improvement of our execution on our existing assets, which required less capital than we anticipated. Given this strong outperformance in the first quarter, and expectations of future positive well performance using our improved techniques, we have increased our production guidance for the full year 2021. We continue to believe our premium asset base combined with our commitment to free cash flow, capital discipline, and maximizing cash-on-cash returns will create long-term value for all stakeholders." First Quarter 2021 Conference Call Penn Virginia plans to release its first quarter 2021 results after the market closes on Tuesday, May 4, 2021. A conference call and webcast discussing the first quarter 2021 financial and operational results is currently scheduled for Tuesday, May 4, 2021 at 5:00 p.m. ET. Prepared remarks will be followed by a question and answer period. Investors and analysts may participate via phone by dialing (844) 707-6931 (international: (412) 317-9248) five to 10 minutes before the scheduled start time, or via webcast by logging on to the Company's website, www.pennvirginia.com, at least 15 minutes prior to the scheduled start time to download supporting materials and install any necessary audio software. An on-demand replay of the webcast will be available on the Company's website beginning shortly after the webcast. The replay will also be available from May 4, 2021, through May 11, 2021, by dialing (877) 344-7529 (international (412) 317-0088) and entering the passcode 10153995. Proved Reserves and Drilling Inventory As a result of the contribution of certain assets from Rocky Creek Resources, as well as significant developments in the first quarter of 2021, Penn Virginia obtained an updated third-party reserve report from D&M. Penn Virginia's total proved reserves as of April 1, 2021, were approximately 136.5 million barrels of oil equivalent ("MMBOE"). The proved reserves were calculated in accordance with Securities and Exchange Commission ("SEC") guidelines using the pricing of $39.99 per barrel for oil and $2.16 per million British Thermal Units (MMBtu) for natural gas. The table below sets forth the Company's Standardized Measure and SEC PV-10 Value(4) (as defined below) of the Company’s total proved reserves and PDP reserves as of April 1,2021: April 1, 2021 (in millions)Standardized measure of future discounted cash flows - total proved reserves$705 Standardized measure of future discounted cash flows - proved developed producing reserves (“PDP”)$527 Total proved reserves, utilizing the SEC price guidelines, discounted at 10% and before tax ("PV-10 Value")(4)$713 PV-10 Value(4) of PDP reserves utilizing the SEC price guidelines$533 Using flat pricing of $55 per barrel for oil and $2.50 per MMbtu for natural gas as of April 1 2021, the PV-10 Value(4) of the Company's total proved reserves and PDP reserves were $1,660 million and $912 million, respectively. D&M currently estimates the Company has approximately 500 identified future drilling locations, which represents approximately 12 years of development potential at the Company’s expected 2021 drilling pace. Using D&M type curves, Penn Virginia estimates that two-thirds of those drilling locations average more than a 55% well level rate of return at $55 per barrel WTI. Current production from wells turned online in 2020 and 2021 continues to materially outperform D&M type curves. Balance Sheet and Liquidity As of March 31, 2021, Penn Virginia had cash of $11.9 million and total debt of $375.8 million, including borrowings under its revolving credit facility of $228.9 million. Liquidity was $132.6 million as of March 31, 2021, including cash of $11.9 million and $120.7 million available under the Company's revolving credit facility. Revised 2021 Outlook The table below sets forth the Company's operational and financial guidance(5): 2Q 2021Revised 2021Previous 2021 Oil Sales Volumes (BOPD)19,300 – 20,10018,300 – 20,10017,200 – 19,000 Oil Percentage 80% Realized Price Differentials Oil (WTI, per barrel)$(2.50) - $(1.50)$(2.50) - $(1.50)$(2.50) - $(1.50)Natural gas (Henry Hub, per MMBtu)$(0.10) - $0.10$(0.10) - $0.10$(0.10) - $0.10 Direct Operating Expenses Lease operating expenses (per BOE)$4.70 - $4.90$4.70 - $5.00$4.75 - $5.05GPT expenses (per BOE)$2.55 - $2.75$2.35 - $2.65$2.35 - $2.65Ad valorem and production taxes (percent of product revenue)6.3% - 6.8%6.3% - 6.8%6.3% - 6.8%Adjusted Cash G&A expenses (per BOE)(6)$3.00 - $3.30$2.85 - $3.15$2.85 - $3.15 Capital Expenditures (millions) Drilling & Completion$56 - $64$205 - $235$205 - $235Land, Facilities and other$1$5$5 Note: The Company's outlook is based on maintaining a 2-rig development program. However, Penn Virginia will closely monitor commodity prices and the service cost environment with the goal of ensuring the capital program generates robust returns. Full-year 2021 guidance for Adjusted Cash G&A expenses(6) does not include approximately $5 million of expenses related to the transaction with Juniper Capital Advisors, L.P. (“Juniper”) and its affiliates. About Penn Virginia Corporation Penn Virginia Corporation is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs, and natural gas, with operations in the Eagle Ford shale in south Texas. For more information, please visit our website at www.pennvirginia.com. The information on the Company's website is not part of this release. Cautionary Statements Regarding Reserves The estimates and guidance presented in this release are based on assumptions of capital expenditure levels, prices for oil, natural gas, and NGLs, current indications of supply and demand for oil, well results, and operating costs. The guidance provided in this release does not constitute any form of guarantee or assurance that the matters indicated will be achieved. While we believe these estimates and the assumptions on which they are based are reasonable, they are inherently uncertain and are subject to, among other things, significant business, economic, operational and regulatory risks and uncertainties and are subject to material revision. Actual results may differ materially from estimates and guidance. Please read the “Forward-Looking Statements” section below, as well as “Risk Factors” in our Annual Report on Form 10-K. Forward-Looking Statements This communication contains certain "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical facts are forward-looking statements, and such statements include, words such as "anticipate," "guidance," "assumptions," "projects," "forward," "estimates,” "outlook,” "expects,” "continues,” "intends,” "plans,” "believes,” "future,” "potential,” "may,” "foresee,” "possible,” "should,” "would,” "could," “focus” and variations of such words or similar expressions, including the negative thereof, to identify forward-looking statements. Because such statements include assumptions, risks, uncertainties, and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: risks related to the recently completed transactions with Juniper and its affiliates, including the risk that the benefits of the transactions may not be fully realized or may take longer to realize than expected, and that management attention will be diverted to integration-related issues; risks related to potential and completed acquisitions, including related costs and our ability to realize their expected benefits; the decline in, sustained market uncertainty of, and volatility of commodity prices for crude oil, natural gas liquids, or NGLs, and natural gas; the impact of the COVID-19 pandemic, including reduced demand for oil and natural gas, economic slowdown, governmental actions, stay-at-home orders, interruptions to our operations or our customer’s operations; risks related to and the impact of actual or anticipated other world health events; our ability to satisfy our short-term and long-term liquidity needs, including our ability to generate sufficient cash flows from operations or to obtain adequate financing, including access to the capital markets, to fund our capital expenditures and meet working capital needs; our ability to access capital, including through lending arrangements and the capital markets, as and when desired; negative events or publicity adversely affecting our ability to maintain our relationships with our suppliers, service providers, customers, employees, and other third parties; plans, objectives, expectations and intentions contained in this communication that are not historical; our ability to execute our business plan in volatile and depressed commodity price environments; our ability to develop, explore for, acquire and replace oil and gas reserves and sustain production; changes to our drilling and development program our ability to generate profits or achieve targeted reserves in our development and exploratory drilling and well operations; our ability to meet guidance, market expectations and internal projections, including type curves; any impairments, write-downs or write-offs of our reserves or assets; the projected demand for and supply of oil, NGLs and natural gas; our ability to contract for drilling rigs, frac crews, materials, supplies and services at reasonable costs; our ability to renew or replace expiring contracts on acceptable terms; our ability to obtain adequate pipeline transportation capacity or other transportation for our oil and gas production at reasonable cost and to sell our production at, or at reasonable discounts to, market prices; the uncertainties inherent in projecting future rates of production for our wells and the extent to which actual production differs from that estimated in our proved oil and gas reserves; use of new techniques in our development, including choke management and longer laterals; drilling, completion and operating risks, including adverse impacts associated with well spacing and a high concentration of activity; our ability to compete effectively against other oil and gas companies; leasehold terms expiring before production can be established and our ability to replace expired leases; environmental obligations, costs and liabilities that are not covered by an effective indemnity or insurance; the timing of receipt of necessary regulatory permits; the effect of commodity and financial derivative arrangements with other parties, and counterparty risk related to the ability of these parties to meet their future obligations; the occurrence of unusual weather or operating conditions, including force majeure events; our ability to retain or attract senior management and key employees; our reliance on a limited number of customers and a particular region for substantially all of our revenues and production; compliance with and changes in governmental regulations or enforcement practices, especially with respect to environmental, health and safety matters; physical, electronic and cybersecurity breaches; uncertainties relating to general domestic and international economic and political conditions; the impact and costs associated with litigation or other legal matters; sustainability initiatives; and other risks set forth in our filings with the SEC, including our most recent Annual Report on Form 10-K. Additional Information concerning these and other factors can be found in our press releases and public filings with the SEC. Many of the factors that will determine our future results are beyond the ability of management to control or predict. In addition, readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The statements in this communication speak only as of the date of the communication. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable law. Expected results of the completed period are preliminary and subject to change until published in our Quarterly Report on Form 10-Q filed with the SEC. Footnotes (1)Realized oil price, including effects of derivatives, net is a non-GAAP measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release.(2)Free Cash Flow is a non-GAAP financial measure. Definitions of non-GAAP financial measures appear at the end of this release.(3)Net Debt is a non-GAAP measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release.(4)PV-10 Value is a non-GAAP measure. Definitions of non-GAAP financial measures and reconciliations of non-GAAP financial measures to the closest GAAP-based financial measures appear at the end of this release.(5)The Company currently expects Adjusted EBITDAX to be reduced by approximately $9.3 million for 2021 for option premiums paid in current and prior periods related to current period production and prior period settlements of early-terminated derivatives originally designated to settle against current period production, including $3.8 million in the first quarter of 2021, $2.9 million in the second quarter of 2021 and $2.6 million in the second half of 2021. Adjusted EBITDAX is a non-GAAP financial measure. Definitions of non-GAAP financial measures appear at the end of this release.(6)Adjusted cash G&A expenses is a non-GAAP financial measure. Definitions of non-GAAP financial measures appear at the end of this release. PENN VIRGINIA CORPORATIONCERTAIN NON‐GAAP FINANCIAL MEASURES ‐ unaudited Reconciliation of GAAP "Standardized Measure of Discounted Future Net Cash Flows" to Non-GAAP "PV-10" Non-GAAP PV-10 value is the estimated future net cash flows from estimated proved reserves discounted at an annual rate of 10 percent before giving effect to income taxes. The standardized measure of discounted future net cash flows is the after-tax estimated future cash flows from estimated proved reserves discounted at an annual rate of 10 percent, determined in accordance with GAAP. We use non-GAAP PV-10 value as one measure of the value of our estimated proved reserves and to compare relative values of proved reserves amount exploration and production companies without regard to income taxes. We believe that securities analysts and rating agencies use PV-10 value in similar ways. Our management believes PV-10 value is a useful measure for comparison of proved reserve values among companies because, unlike standardized measure, it excludes future income taxes that often depend principally on the characteristics of the owner of the reserves rather than on the nature, location and quality of the reserves themselves. April 1, 2021 (in millions)Standardized measure of future discounted cash flows$705 Present value of future income taxes discounted at 10%8 PV-10$713 Reconciliation of SEC PV-10 and Adjusted PV-10 (non-GAAP) - Proved developed producing reserves April 1, 2021 (in millions)Standardized measure of future discounted cash flows (total proved reserves)$705 Less: Future discounted cash flows attributable to proved undeveloped reserves(178)Standardized measure of future discounted cash flows (proved developed reserves)$527 Add: Present value of future income taxes attributable to proved developed producing reserves discounted at 10%6 PV-10 of proved developed producing reserves$533 Add: Adjustment using flat pricing of $55/BBL WTI, $2.50/MMbtu and NGLs as 36% of WTI. Differentials of $(2.50) off WTI and ($0.05) off natural gas.379 Adjusted PV-10 of proved developed producing reserves adjusted for pricing and differentials$912 Reconciliation of PV-10 and Adjusted PV-10 (non-GAAP) – Total proved reserves April 1, 2021 (in millions)Standardized measure of future discounted cash flows (total proved reserves)$705 Present value of future income taxes discounted at 10%8 PV-10 of total proved reserves$713 Add: Adjustment using flat pricing of $55/BBL WTI, $2.50/MMbtu and NGLs as 36% of WTI. Differentials of $(2.50) off WTI and ($0.05) off natural gas.947 Adjusted PV-10 of total proved reserves adjusted for pricing and differentials$1,660 Reconciliation of Net Debt (non-GAAP) Net debt, excluding unamortized discount and debt issuance costs is a non-GAAP financial measure that is defined as total principal amount of long-term debt less cash and cash equivalents. The most comparable financial measure to net debt, excluding unamortized discount and debt issuance costs under GAAP is principal amount of long-term debt. Net debt is used by management as a measure of our financial leverage. Net debt, excluding unamortized discount and debt issuance costs should not be used by investors or others as the sole basis in formulating investment decisions as it does not represent the Company's actual GAAP indebtedness. March 31, 2021 (in thousands)Credit Facility$228,900 Second lien term loan, excluding unamortized discount and issue costs146,860 Cash and cash equivalents(11,868)Net Debt$363,892 Reconciliation of realized oil price, including effects of derivatives, net (non-GAAP)We calculate our realized price for crude oil, including effects of derivatives, net as we believe this Non-GAAP measure is useful to management and stakeholders in determining the effectiveness of our price-risk management program that is designed to reduce the volatility associated with our operations. The following table reconciles our crude oil realized price calculated in accordance with GAAP to our non-GAAP realized crude oil price, including effects of derivatives, net: $ per BblCrude oil realized price$55.76 Effect of derivatives (10.96)Crude oil realized price, including effects of derivatives, net$44.80 Effects of derivatives includes, as applicable to the period presented: (i) current period derivative settlements; (ii) the impact of option premiums paid or received in prior periods related to current period production; (iii) the impact of prior period cash settlements of early-terminated derivatives originally designated to settle against current period production; (iv) the exclusion of option premiums paid or received in current period related to future period production; and (v) the exclusion of the impact of current period cash settlements for early-terminated derivatives originally designated to settle against future period production. Definition Adjusted cash general and administrative expenses (non-GAAP)Adjusted cash general and administrative expenses is a supplemental non-GAAP financial measure that excludes certain non-recurring expenses and non-cash share-based compensation expense. We believe that the non-GAAP measure of Adjusted cash general and administrative expenses is useful to investors because it provides readers with a meaningful measure of our recurring G&A expense and provides for greater comparability period-over-period. Definition of Adjusted EBITDAX Adjusted EBITDAX represents net income (loss) before interest expense, income taxes, impairments of oil and gas properties, depreciation, depletion and amortization expense and share-based compensation expense, further adjusted to include the net commodity realized settlements of derivatives(7) and exclude the effects of gains and losses on sales of assets, non-cash changes in the fair value of derivatives, and special items including acquisition, divestiture and strategic transaction costs, and organizational restructuring, including severance and other items. We believe this presentation is commonly used by investors and professional research analysts for the valuation, comparison, rating, investment recommendations of companies within the oil and gas exploration and production industry. We use this information for comparative purposes within our industry. Adjusted EBITDAX is not a measure of financial performance under GAAP and should not be considered as a measure of liquidity or as an alternative to net income (loss). Adjusted EBITDAX as defined by Penn Virginia may not be comparable to similarly titled measures used by other companies and should be considered in conjunction with net income (loss) and other measures prepared in accordance with GAAP, such as operating income or cash flows from operating activities. Adjusted EBITDAX should not be considered in isolation or as a substitute for an analysis of Penn Virginia’s results as reported under GAAP. (7)Net commodity realized settlements includes, as applicable to the periods presented: (i) current period derivative settlements; (ii) the impact of option premiums paid or received in prior periods related to current period production; (iii) the impact of prior period cash settlements of early-terminated derivatives originally designated to settle against current period production; (iv) the exclusion of option premiums paid or received in current period related to future period production; and (v) the exclusion of the impact of current period cash settlements for early-terminated derivatives originally designated to settle against future period production. Definition and Explanation of Free Cash Flow Free Cash Flow is not a measure of net income (loss) as determined by GAAP. We define Free Cash Flow as Discretionary Cash Flow (non-GAAP) less acquisition capital plus asset divestiture proceeds plus sales and use tax refunds less oil and gas capital expenditures. Discretionary Cash Flow is defined as Net Cash Provided by Operating Activities (GAAP) less changes in working capital (current assets and liabilities). We believe this presentation is commonly used by investors and professional research analysts for the valuation, comparison, rating, investment recommendations of companies within the oil and gas exploration and production industry. We use this information for comparative purposes within our industry. Our definition of Free Cash Flow may differ from the definition used by other companies. Free Cash Flow should be considered as a supplement to net income as a measure of performance and net cash provided by operating activities as a measure of our liquidity. Contact Clay Jeansonne Investor RelationsPh: (713) 722-6540E-Mail: firstname.lastname@example.org
Dublin, April 19, 2021 (GLOBE NEWSWIRE) -- The "Ice Cream Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering. The global ice cream market reached a value of US$ 65.8 Billion in 2020. Ice cream is a sweet, frozen dessert made from a combination of milk, cream and artificial or natural flavorings. Some variants like frozen custard and French ice creams also use egg as one of the main ingredients. Ice cream is a rich source of carbohydrates, calcium, phosphorus, thiamine, riboflavin, niacin and folate, as well as vitamins A, C, D, E, K, B-6 and B-12. There are numerous flavors available in the market amongst which the most popular are strawberry, chocolate, and vanilla. Ice cream is one of the oldest desserts with its commercial production dating back to the early 1850s, when the first large-scale manufacturing plant was established in Baltimore, Maryland. Since then, rapid advancements in logistics and production processes have enabled manufacturers to offer ice cream through nearly every restaurant, supermarket and corner store.Over the past few years, rising health consciousness and better knowledge have led consumers to shift toward upmarket treats, which are formulated with unusual and organic ingredients. Besides, several governing bodies across the globe are issuing new regulations pertaining to the labeling, ingredients and manufacturing of ice cream. For instance, the Food Safety and Standards Authority of India (FSSAI) is planning to introduce labeling requirements for frozen desserts in 2020. The norms will require Food Business Operators (FBOs) to prominently mention the percentage amount of vegetable proteins or vegetable fat/oil on the label. Apart from this, rapid urbanization has led to an expansion in modern retail formats such as departmental stores, hypermarkets, supermarkets and convenience stores, which is contributing to an increase in sales. Moreover, owing to the income elastic nature of ice cream consumption, rising disposable incomes and the improving purchasing power of consumers are escalating its per capita consumption in emerging regions like India and China. Looking forward, the publisher expects the global ice cream market to exhibit moderate growth during the next five years.Breakup by Flavor: VanillaChocolateFruitOthers Currently, vanilla is mostly preferred by consumers as it is used in the preparation of several other desserts.Breakup by Category: ImpulseTake-HomeArtisanal Amongst the categories mentioned above, impulse ice cream is expected to maintain its dominant position during the forecast period.Breakup by Product: CupStickConeBrickTubOthers At present, the majority of consumers prefer purchasing ice cream cups.Breakup by Distribution Channel: Supermarkets/HypermarketsConvenience StoresIce Cream ParlorsOnline StoresOthers Supermarkets and hypermarkets represent the most popular distribution channel as they offer a wide collection of brands and flavors to the consumers.Regional Insights: Asia PacificNorth AmericaEuropeLatin AmericaMiddle East and Africa Asia Pacific presently accounts for the majority of the market share, on account of improvements in cold chain facilities which have improved the availability of ice cream in rural areas as well.Key Questions Answered in This Report:1. What was the global ice cream market size in 2020?2. What will be the global ice cream market outlook during the forecast period (2021-2026)?3. What are the global ice cream market drivers?4. What are the major trends in the global ice cream market?5. What is the impact of COVID-19 on the global ice cream market?6. What is the global ice cream market breakup by flavor?7. What is the global ice cream market breakup by category?8. What is the global ice cream market breakup by product?9. What is the global ice cream market breakup by distribution channel?10. What are the major regions in the global ice cream market?Key Topics Covered: 1 Preface2 Scope and Methodology2.1 Objectives of the Study2.2 Stakeholders2.3 Data Sources2.3.1 Primary Sources2.3.2 Secondary Sources2.4 Market Estimation2.4.1 Bottom-Up Approach2.4.2 Top-Down Approach2.5 Forecasting Methodology3 Executive Summary4 Introduction4.1 Overview4.2 Key Industry Trends5 Global Ice Cream Industry5.1 Market Overview5.2 Market Performance5.2.1 Volume Trends5.2.2 Value Trends5.3 Impact of COVID-195.4 Price Analysis5.4.1 Key Price Indicators5.4.2 Price Structure5.4.3 Price Trends5.5 Market Breakup by Flavor5.6 Market Breakup by Category5.7 Market Breakup by Product5.8 Market Breakup by Distribution Channel5.9 Market Breakup by Region5.10 Market Forecast5.11 SWOT Analysis5.11.1 Overview5.11.2 Strengths5.11.3 Weaknesses5.11.4 Opportunities5.11.5 Threats5.12 Value Chain Analysis5.12.1 Raw Material Procurement5.12.2 Manufacturing5.12.3 Marketing5.12.4 Distribution5.12.5 Exports5.12.6 End-Use5.13 Porter's Five Forces Analysis5.13.1 Overview5.13.2 Bargaining Power of Buyers5.13.3 Bargaining Power of Suppliers5.13.4 Degree of Competition5.13.5 Threat of New Entrants5.13.6 Threat of Substitutes5.14 Key Success Factors and Risk Factors6 Market Breakup by Flavor6.1 Chocolate6.1.1 Market Trends6.1.2 Market Forecast6.2 Fruit6.2.1 Market Trends6.2.2 Market Forecast6.3 Vanilla 6.3.1 Market Trends6.3.2 Market Forecast6.4 Others 6.4.1 Market Trends6.4.2 Market Forecast7 Market Breakup by Category7.1 Impulse Ice Cream7.1.1 Market Trends7.1.2 Market Forecast7.2 Take-Home Ice Cream7.2.1 Market Trends7.2.2 Market Forecast7.3 Artisanal Ice Cream7.3.1 Market Trends7.3.2 Market Forecast8 Market Breakup by Product8.1 Cup8.1.1 Market Trends8.1.2 Market Forecast8.2 Stick8.2.1 Market Trends8.2.2 Market Forecast8.3 Cone8.3.1 Market Trends8.3.2 Market Forecast8.4 Brick8.4.1 Market Trends8.4.2 Market Forecast8.5 Tub8.5.1 Market Trends8.5.2 Market Forecast8.6 Others8.6.1 Market Trends8.6.2 Market Forecast9 Market Breakup by Distribution Channel9.1 Supermarkets/Hypermarkets9.1.1 Market Trends9.1.2 Market Forecast9.2 Convenience stores9.2.1 Market Trends9.2.2 Market Forecast9.3 Ice cream Parlours9.3.1 Market Trends9.3.2 Market Forecast9.4 Online Stores9.4.1 Market Trends9.4.2 Market Forecast9.5 Others9.5.1 Market Trends9.5.2 Market Forecast10 Market Breakup by Region10.1 Asia-Pacific10.1.1 Market Trends10.1.2 Market Forecast10.2 North America10.2.1 Market Trends10.2.2 Market Forecast10.3 Europe10.3.1 Market Trends10.3.2 Market Forecast10.4 Latin America10.4.1 Market Trends10.4.2 Market Forecast10.5 Middle East and Africa10.5.1 Market Trends10.5.2 Market Forecast11 Competitive Landscape11.1 Market Structure11.2 Key Players12 Ice Cream Manufacturing Process12.1 Product Overview12.2 Detailed Process Flow12.3 Various Types of Unit Operations Involved12.4 Mass Balance and Raw Material Requirements13 Project Details, Requirements and Costs Involved13.1 Land Requirements and Expenditures13.2 Construction Requirements and Expenditures13.3 Plant Machinery13.4 Machinery Pictures13.5 Raw Material Requirements and Expenditures13.6 Raw Material and Final Product Pictures13.7 Packaging Requirements and Expenditures13.8 Transportation Requirements and Expenditures13.9 Utility Requirements and Expenditures13.10 Manpower Requirements and Expenditures13.11 Other Capital Investments14 Loans and Financial Assistance15 Project Economics15.1 Capital Cost of the Project15.2 Techno-Economic Parameters15.3 Product Pricing and Margins Across Various Levels of the Supply Chain15.4 Taxation and Depreciation15.5 Income Projections15.6 Expenditure Projections15.7 Financial Analysis15.8 Profit Analysis16 Key Player ProfilesFor more information about this report visit https://www.researchandmarkets.com/r/pp61st CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager email@example.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
Bayern Munich and Borussia Dortmund not joining European Super LeagueStatement says both clubs are staying with the ECAPSG player Ander Herrera hits out at new competition Borussia Dortmund’s Erling Haaland (middle) tries to get the better of Bayern Munich’s David Alaba during Der Klassiker in March. Photograph: Alexander Scheuber/Bundesliga/Bundesliga Collection/Getty Images
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