Categoría: Geovanny Vicente

Amidst Global Pandemic and Economic Upheaval, Democrats Introduce Largest Amnesty in American History, Says FAIR

WASHINGTON, Feb. 18, 2021 /PRNewswire/ — «Today, Congressional Democrats introduced a President Biden-backed mass immigration bill that grants a sweeping amnesty to at least 14.5 million illegal aliens, significantly increases legal immigration levels, and provides $4 billion in foreign aid to Central American countries while eviscerating immigration enforcement. This bill is 353 pages long, indicating just how far the administration intends to go in its pursuit of…

WASHINGTON, Feb. 18, 2021 /PRNewswire/ — «Today, Congressional Democrats introduced a President Biden-backed mass immigration bill that grants a sweeping amnesty to at least 14.5 million illegal aliens, significantly increases legal immigration levels, and provides $4 billion in foreign aid to Central American countries while eviscerating immigration enforcement. This bill is 353 pages long, indicating just how far the administration intends to go in its pursuit of Biden’s promise to amnesty every illegal alien in the country.»

Mass Amnesty:

«This amnesty would be the largest in U.S. history, promising citizenship to nearly 14.5 million people. They do not even have to live here, as the proposal allows any illegal alien who was deported by the Trump administration to return and receive the amnesty as well. The legislation is wide-reaching, and even extends legal status to illegal aliens convicted of multiple crimes.»

Increased Legal Immigration:

«The U.S. Citizenship Act accelerates failed family chain migration policies by clearing long visa backlogs by expediting admission of a whole range of family members already in the queue, and the tens of millions of family members of those who will get amnesty under the bill. FAIR estimates that there will be 52 million more legal and illegal immigrants entering the country because of this amnesty and related policies. This shortsighted legislation increases the unpopular green card lottery from 55,000 to 80,000 visas a year, and awards green cards to all foreign students who graduate with an advanced degree in a STEM field from a U.S. university or college despite the continued unemployment of more than 10 million Americans.»

Non-Enforcement of Immigration Laws:

«An entire section of the bill is devoted to training (and retraining) border and immigration enforcement agents about how not to enforce immigration laws. Under curricula Border Patrol and Immigration and Customs Enforcement agents will be given ‘cultural awareness’ training, taught where they may enforce laws (likely nowhere where immigration law violators are likely to be found), and how to ‘refer complaints to the Ombudsman for Border and Immigration Related Concerns.'»

Foreign Aid:

«The legislation calls for $4 billion in funding to address the so-called ‘root causes’ of migration in Central America, even though history has shown that foreign aid packages do not work in these countries due to corrupt governments and U.S. immigration policies that encourage migrants to come to the U.S. border.»

Not the Time for Any Immigration Bill:

«Even Democratic Representative Vincente Gonzalez, whose district sits along the Texas–Mexico border, noted his concern, stating, ‘The way we’re doing it right now is catastrophic and is a recipe for disaster in the middle of a pandemic.’

«Rep. Gonzalez is dead-on. Now is not the time for any bill that does not address the concerns of the American people, or even worse, exacerbates a border crisis. Even the White House is tacitly acknowledging that the bill will have little public support, and is suggesting that it might be broken up into smaller pieces. The problem is the ‘recipe,’ which ignores every public interest immigration policy. Serving it up in smaller portions will not make it any more palatable.»

Contact: Matthew Tragesser, 202-328-7004 or mtragesser@fairus.org

ABOUT FAIR        

Founded in 1979, FAIR is the country’s largest immigration reform group. With over 3 million members and supporters nationwide, FAIR fights for immigration policies that serve national interests, not special interests. FAIR believes that immigration reform must enhance national security, improve the economy, protect jobs, preserve our environment, and establish a rule of law that is recognized and enforced.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/amidst-global-pandemic-and-economic-upheaval-democrats-introduce-largest-amnesty-in-american-history-says-fair-301231375.html

SOURCE Federation for American Immigration Reform (FAIR)

Yokogawa releases DL950 ScopeCorder to provide deeper insight and efficiency in design and evaluation of renewable and energy efficient technologies

HOUSTON, Feb. 18, 2021 /PRNewswire/ — Yokogawa Test & Measurement Corporation has released the DL950 ScopeCorder to improve efficiency and effectiveness in design and evaluation of renewable and energy efficient technologies. The DL950 ScopeCorder is a unique combination of a multi-channel, mixed-signal oscilloscope and portable data acquisition recorder. It captures both high-speed transient events and long-term trends. Building on the capabilities of the well-established DL850E, the new…

HOUSTON, Feb. 18, 2021 /PRNewswire/ — Yokogawa Test & Measurement Corporation has released the DL950 ScopeCorder to improve efficiency and effectiveness in design and evaluation of renewable and energy efficient technologies. The DL950 ScopeCorder is a unique combination of a multi-channel, mixed-signal oscilloscope and portable data acquisition recorder. It captures both high-speed transient events and long-term trends. Building on the capabilities of the well-established DL850E, the new DL950 ScopeCorder can handle larger amounts of data at a faster sample rate and with a longer recording time. The DL950 is capable of simultaneous measurement of a wide variety of mechanical parameters.

Increasing complexities in electronic systems have resulted in the need to measure a wide range of input signals at fast sampling speeds over lengthy periods. Engineers must often resort to using multiple test instruments to measure several signals under different conditions. That adds complexities with data synchronization, management of multiple data formats and storage locations, and the inability to view all signals in one instrument. Design and test engineers deal with a broad variety of signals such as voltage, current, temperature, vibration, acceleration, strain, and other electro-mechanical and physical phenomena.

The DL950 offers over 20 types of isolated input modules. This provides engineers the freedom and flexibility to mix and match input types as required by the application. The DL950 is equipped with eight modular slots, for up to 128 channels of measurement data, allowing engineers the ability to synchronize measurements of different types with one common instrument. Up to five DL950 units can be connected for the analysis of correlations among data.

Via the IEEE1588 high-precision time synchronization protocol for devices connected to a network, the DL950 achieves accurate synchronized measurement in conjunction with other instruments.

According to Tom Quinlan, Vice President for Yokogawa Corporation of America, «The mechatronics industry has a growing need for the measurement not only of electrical signals but also of noise, vibration, and harshness (NVH), while the number of measuring points is on an upward trend. Manufacturers of industrial equipment will find the DL950 invaluable in testing high-efficiency motors, robots, and sensors.»

For further information on the DL950 ScopeCorder, please visit https://tmi.yokogawa.com/us/solutions/products/data-acquisition-equipment/high-speed-data-acquisition/dl950/

About Yokogawa

Founded in 1915, Yokogawa engages in broad-ranging activities in the areas of measurement, control, and information. The industrial automation business provides vital products, services, and solutions to a diverse range of process industries including oil, chemicals, natural gas, power, iron and steel, and pulp and paper. With the life innovation business, the company aims to radically improve productivity across the pharmaceutical and food industry value chains. The test & measurement, aviation, and other businesses continue to provide essential instruments and equipment with industry-leading precision and reliability. Yokogawa co-innovates with its customers through a global network of 114 companies spanning 62 countries, generating US$3.7 billion in sales in FY2019. For more information, please visit www.yokogawa.com.

The names of corporations, organizations, products, services and logos herein are either registered trademarks or trademarks of Yokogawa Test & Measurement Corporation or their respective holders.

Media Contact:
Cari Hensley
cari.hensley@yokogawa.com

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/yokogawa-releases-dl950-scopecorder-to-provide-deeper-insight-and-efficiency-in-design-and-evaluation-of-renewable-and-energy-efficient-technologies-301231362.html

SOURCE Yokogawa Corporation of America

6 Things to Know About GMOs

MISSION, Kan., Feb. 18, 2021 /PRNewswire/ — (Family Features) You may have heard of «GMO» foods before, but what you may not know is the science and purpose behind them.

MISSION, Kan., Feb. 18, 2021 /PRNewswire/ — (Family Features) You may have heard of «GMO» foods before, but what you may not know is the science and purpose behind them.

«GMO» is a common term used to describe foods that have been created through genetic engineering. A GMO (genetically modified organism) is a plant, animal or microorganism that has had its genetic material (DNA) changed using technology that generally involves the transfer of specific DNA from one organism to another.

Although GMO foods are widely available to consumers, there is sometimes confusion around what GMOs are and how they are used in the United States’ food supply. As part of the Feed Your Mind education initiative, the U.S. Food and Drug Administration (FDA) provides science-based information to help consumers better understand GMOs:

1.  Only a few types of GMO foods are sold in the United States. Soybeans, cotton, corn, alfalfa, apples, canola, papaya, potatoes, summer squash, sugar beets, pineapple and AquAdvantage salmon complete the list of GMO foods currently sold in the U.S. Only a few of these are available in the produce sections of grocery stores. Most are instead used to make ingredients that are then used in other food products like cereals and snack chips.

2.  GMOs can help farmers grow crops that are resistant to diseases and insects. Humans have used traditional ways to modify crops and animals to suit their needs and tastes for more than 10,000 years. Genetic engineering lets scientists take a beneficial gene, like insect resistance, and transfer it into a plant. Results can include higher crop yields, less crop loss, longer storage life, better appearance, better nutrition or some combination of these traits.

3.  GMO foods are as safe to eat as their non-GMO counterparts. The FDA, U.S. Environmental Protection Agency and U.S. Department of Agriculture work together to make sure GMOs are safe for human, plant and animal health. GMO foods are carefully studied before being sold to the public to make sure they are safe. Some GMO plants have even been modified to improve their nutritional value. For example, some GMO soybeans contain healthier oils, which can replace oils containing trans fat.

4.  GMO foods are no more likely to cause allergies than non-GMOs. You will not be allergic to a GMO food unless you’re allergic to the non-GMO version of that food. For example, if you’re not allergic to foods made with non-GMO soy, you won’t be allergic to foods made with GMO soy. When developing GMOs, scientists run tests to make sure allergens aren’t transferred from one food to another.

5.  GMOs can reduce farmers’ use of pesticides. Some GMO plants contain plant-incorporated protectants to make them resistant to insects. This lowers farmers’ need for and use of spray pesticides.

6.  A «bioengineered» disclosure will be on some of the foods you eat. The National Bioengineered Food Disclosure Standard requires bioengineered foods to be labeled by 2022 with text on the packages that reads «bioengineered food,» the bioengineered food symbol or directions for using your phone to find the disclosure. Sometimes the terms «bioengineered,» «GMO» and «genetic engineering» are used interchangeably, but labels required under the Standard use the term «bioengineered.»

Find more answers to your questions about GMOs at fda.gov/feedyourmind.

Photos courtesy of Getty Images

Michael French
mfrench@familyfeatures.com 
1-888-824-3337
editors.familyfeatures.com

About Family Features Editorial Syndicate
A leading source for high-quality food, lifestyle and home and garden content, Family Features provides readers with topically and seasonally relevant tips, takeaways, information, recipes, videos, infographics and more. Find additional articles and information at Culinary.net and eLivingToday.com.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/6-things-to-know-about-gmos-301231359.html

SOURCE Family Features Editorial Syndicate

The Maynard Institute Announces 2021 Maynard 200 Fellowship To Advance Media Professionals Of Color

EMERYVILLE, Calif., Feb. 18, 2021 /PRNewswire-PRWeb/ — The Maynard Institute for Journalism Education [MIJE], a nonprofit dedicated to making newsrooms look like America, has announced it will hold its signature Maynard 200 fellowship program in 2021. The fellowship provides cutting-edge training and year-long mentorship for leaders, storytellers and media entrepreneurs of diverse backgrounds, to prime them as candidates for higher roles in the workplace. Mentorship is provided by distinguished…

EMERYVILLE, Calif., Feb. 18, 2021 /PRNewswire-PRWeb/ — The Maynard Institute for Journalism Education [MIJE], a nonprofit dedicated to making newsrooms look like America, has announced it will hold its signature Maynard 200 fellowship program in 2021. The fellowship provides cutting-edge training and year-long mentorship for leaders, storytellers and media entrepreneurs of diverse backgrounds, to prime them as candidates for higher roles in the workplace. Mentorship is provided by distinguished media professionals and experts of varying backgrounds. By emboldening the next generation of leaders in media, the Maynard 200 is facilitating equity and belonging in the newsroom and beyond.

The program is tuition-free thanks to funding by Google News Initiative, Craig Newmark Philanthropies, The Wunderkinder Foundation and the McClatchy Foundation. Candidates can apply for one of three tracks — Storytelling, Advanced Leadership and Media Entrepreneurship. Applications are now open, and will be accepted through March 5th.

«Our program’s mission, built on the reinvigoration of the diversity pipeline in media, is now sharpened by the triple crises of our time: the public health and economic devastation of the global pandemic, America’s racial reckoning and deep societal fractures laid bare again by the 2020 vote,» said Odette Alcazaren-Keeley, Maynard 200 director. «Responding to these seismic shifts, Maynard 200 continues to bolster the authentic voice, leadership power and change agency of professionals of color.»

«We are fortunate to have top executives, well-known journalists and news leaders, outstanding business strategists and leading academics as members of our program faculty and as mentors,» said Evelyn Hsu, co-executive director of the institute and chief architect of Maynard 200. «They are a generous and dedicated group that has made Maynard 200 a top training program.»

MIJE co-executive director Martin G. Reynolds said, «The fellows represent the future of our industry. Given where we are now as a nation, their perspectives, influence, passion, skill and creativity are essential as they seek to ascend to top leadership roles, create nuanced journalism and start new media enterprises that will help shape the journalistic landscape in the years to come. This program is as much about building up the person as it is about supporting the work they do. It is an honor to see them flourish.»

Reynolds will once again lead the fellows in Fault Lines ®, a core training session of the institute’s foundational framework of diversity, equity and belonging. It’s one of several marquee sessions in the program including Finding Your Authentic Voice and Being Heard, a discussion between public media powerhouses Tonya Mosley and Aarti Shahani.

And this year’s Maynard 200 faculty will be another high-caliber roster as in past years, comprised of esteemed experts across various disciplines. This includes the AP’s Global Investigations Editor Ron Nixon, who also co-founded the Ida B. Wells Society; renowned executive coach and career expert Caroline Ceniza-Levine, also a senior contributor to Forbes.com; and speaker coach Tom Nixon, who has mentored business top brass including from Coca Cola and VISA.

The Maynard 200 Fellowship will begin with a virtual training week, April 12-16. The second training week is scheduled November 8-12 and may be in-person, depending on public health protocols related to the COVID-19 pandemic. Some travel support will be available for the second training week if it is in person.

Fellows are required to attend both training weeks and to participate in the year-long mentorship and supplementary courses.

Since 2018, Maynard 200 has trained 49 media professionals representing African American, Latino, Asian American, Native American and Middle Eastern communities; mainstream and ethnic media organizations, and entrepreneurial ventures from various regions of the United States. Included are fellows who are now being promoted at The New York Times, Los Angeles Times, Mother Jones, CNN, theGrio, Associated Press, The Washington Informer, Mundo Hispano Digital Network, LinkedIn, Nieman Journalism Lab, ABS-CBN international — The Filipino Channel, Sing Tao Daily, the Indigenous Media Freedom Alliance and many others.

For more information, visit https://mije.org/professional-development/maynard-200/ or contact Odette Alcazaren-Keeley at     okeeley@mije.org or (650) 455-3063.

###

ABOUT THE MAYNARD INSTITUTE FOR JOURNALISM EDUCATION
The Robert C. Maynard Institute for Journalism Education is the nation’s oldest organization dedicated to helping the news media accurately portray all segments of society, particularly those often overlooked, such as communities of color. The media play a pivotal role in shaping our perceptions of each other. The distorted coverage of communities of color influences public policy and the decisions we make in our personal lives.

Media Contact

Odette Keeley, The Maynard Institute, +1 (650)455-3063, okeeley@mije.org

 

SOURCE The Maynard Institute

Complete Solar Acquires Current Insight

LEHI, Utah, Feb. 18, 2021 /PRNewswire/ — Complete Solar recently acquired Current Insight, LLC. Current Insight is an engineering company that provides CAD designs, structural engineering stamps, and electrical engineering stamps to solar companies.

LEHI, Utah, Feb. 18, 2021 /PRNewswire/ — Complete Solar recently acquired Current Insight, LLC. Current Insight is an engineering company that provides CAD designs, structural engineering stamps, and electrical engineering stamps to solar companies.

Current Insight is a domestic company that delivers the highest quality designs and engineering services at more affordable rates than many of their offshore competitors because of their focus on automation and technology.

As part of Complete Solar, Current Insight will continue to deliver CAD and engineering services to the solar industry. These products are very complementary to Complete Solar’s proposal services line of business. This acquisition augments Complete Solar’s offerings with three new products, creates new revenue opportunities, and further establishes their position as a sales, fulfillment, and services platform for the entire solar industry and beyond.

Complete Solar CEO, Will Anderson said, «Complete Solar is committed to being a ‘Complete’ platform for the solar industry. We partner with the best companies in the industry to deliver critical tools and services. Current Insight is a leader in design and engineering services and is a perfect fit for our expanded offering.»

Chris Bagley of Current Insight said, «By joining forces with Complete Solar we will greatly improve our already high standard of service for our customers and will rapidly begin providing them greater automation and integration. We are passionate about delivering the best customer experience and removing pain from the design engineering process. The Complete Solar platform gives us greater opportunities to achieve those goals.»

Current Insight is led by Chris Bagley. With over 10 years of solar experience, Chris has piloted many solar sales, training, operations, and engineering programs. His breadth and depth of experience positioned him not only to identify industry engineering pain points but to also build a company focused on eliminating those frustrations.

About Complete Solar: Complete Solar is a leading residential solar company with platform technology for managing every aspect of the customer experience. Through this platform and technology, Complete Solar partners with best-in-class companies that specialize in each link of the solar value chain. The platform is designed to become an industry standard that enables further specialization and improves each aspect of the value chain, reducing costs and enhancing the customer experience. The company currently serves 14 states and is headquartered in San Ramon, California.

Visit www.completesolar.com to learn more.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/complete-solar-acquires-current-insight-301231329.html

SOURCE Complete Solar

Surf Air Mobility Announces Entry Into Definitive Agreement To Acquire Electric Aviation Pioneer Ampaire

LOS ANGELES, Feb. 18, 2021 /PRNewswire/ — Surf Air Mobility, a platform for regional air travel, today announced it has entered into a definitive agreement to acquire hybrid electric aviation technology pioneer <a target="_blank"…

LOS ANGELES, Feb. 18, 2021 /PRNewswire/ — Surf Air Mobility, a platform for regional air travel, today announced it has entered into a definitive agreement to acquire hybrid electric aviation technology pioneer Ampaire. The addition of Ampaire’s proprietary hybrid electric powertrain technology is a critical component in Surf Air Mobility’s plans to dramatically improve the affordability, accessibility, and environmental footprint of aviation, beginning with regional travel.

«With flight demonstrations and testing already in progress, Ampaire’s hybrid electric powertrain technology brings us closer to the next great shift in air travel: sustainable aviation that’s accessible to everyone,» said Sudhin Shahani, Surf Air Mobility’s co-founder and CEO. «With this advanced technology, we have the opportunity to solve aviation’s biggest problems—operating cost and environmental impact—through electrification. We see the near-term opportunity to transform existing turboprop aircraft across the entire industry as the first step to ultimately extend to fully electric aviation across all trip lengths.»

Today Ampaire is creating hybrid electric powertrains for existing popular aircraft, aimed at upgrading a first generation fleet of vehicles focused on 9- to 19-seat piston and turboprop aircraft. There are tens of thousands of aircraft eligible for this type of powertrain upgrade worldwide. Surf Air Mobility intends to make hybrid electric powertrain upgrades available to fleet owners on and off its consumer platform, as well as license its technology to original equipment manufacturers (OEMs) for new aircraft types. Extending the availability of electric technology will further Surf Air Mobility’s mission to move the world forward faster, and accelerate the industry’s path to zero emission travel.

Electrification has the potential to unleash a new mobility market of previously uncaptured opportunity. The Union Bank of Switzerland estimates that the global market opportunity for hybrid electric aircraft is estimated to grow to $178 billion by 2040. Surf Air Mobility is building the ecosystem needed to accelerate the entire industry’s adoption of sustainable flight with its marketplace platform, customer base, and focus on regional routes. Hybrid electric aircraft, which can lower direct operating costs, are on track to make air travel more affordable and more accessible for an even broader range of flyers and destinations. Surf Air Mobility and Ampaire intend to drive further advances toward fully electric aircraft, with the goal of significantly reducing direct carbon emissions. Transitioning to electric aircraft could also reduce fuel costs by up to 90 percent according to the World Economic Forum, as well as lower maintenance expense and noise.

«Working with Surf Air Mobility will allow us to follow the successful path of hybrid electric automobiles and take that model to the sky more quickly,» said Ampaire CEO Kevin Noertker. «It is our intention to be one of the first to make this technology available at scale on both existing and new commercial routes.»

Ampaire has successfully completed a month-long demonstration program of the first electric-powered flight on a commercial route with its Electric EEL, a hybrid electric Cessna 337 aircraft. This is the first aircraft of this type to receive FAA experimental market survey approval, allowing the company to carry passengers other than flight crew. The deployment exemplified the performance benefits of hybrid electric systems, with 100 percent dispatch reliability and long endurance flights of more than 340 miles and durations up to three hours. Ampaire has also cultivated extensive partnerships, including NASA, the Department of Energy Advanced Research Projects Agency–Energy (ARPA-E), and The United States Air Force. With an active multimillion dollar contract under NASA’s initiative for electrifying megawatt class planes, Ampaire is a trusted contributor to NASA’s goals for achieving noise, emissions, and fuel burn reduction in commercial aviation. Surf Air Mobility will continue this work to make industry-wide progress toward affordable, sustainable electric air travel.

«By focusing on shorter, regional routes in the near term, hybrid electric aircraft will completely transform the way we think about how we travel,» said Fred Reid, Surf Air Mobility’s President. «By improving the cost structure, we’re able to create a new kind of point-to-point network that opens up previously untenable markets with more direct connections. With half of all U.S. flights 500 miles or less, hybrid electric technology will have an immediate and broad-reaching impact.»

Surf Air Mobility is working to create the foundation to make electric air travel broadly available by incubating the technology for the rest of the industry. Surf Air Mobility believes the coupling of its consumer platform with Ampaire’s technology will make air travel more sustainable and affordable to more people in more places than ever before.

Completion of the transaction is subject to certain closing conditions, including, among others, the approval of the Ampaire stockholders of the transaction. For more information, visit: www.SurfAirMobility.com  

About Surf Air Mobility
Surf Air Mobility is accelerating the world’s path to zero emission travel. Using technology and infrastructure that exists today, Los Angeles-based Surf Air Mobility has assembled all the critical components needed to drive the next great revolution in aviation, including its consumer aviation marketplace, hybrid electric powertrain technology, and regional route networks. By creating the foundation to make electric aviation a reality, Surf Air Mobility aims to bring more affordable, sustainable, and personalized air transportation to everyone, beginning with regional travel. Substantially reducing the cost and environmental impact of aviation will unlock a new world of travel. For more information, visit: www.surfairmobility.com.

About Ampaire
Ampaire is leading the charge in aircraft electrification. The Los Angeles-based company’s mission is to be the world’s most trusted developer of practical and compelling electric aircraft. To start, the company is upgrading existing passenger aircraft to electric power—the quickest and most capital efficient approach to making commercial electric air travel a reality. Ampaire flew the largest hybrid electric aircraft at the time in May 2019 and is exploring larger aircraft conversions with support from NASA and the U.S. Department of Energy’s ARPA-E research arm. Ampaire’s vision is to make flights more accessible to more people from more airports by providing electric aircraft that are clean, quiet, and affordable. Ampaire is a portfolio company of Elemental Excelerator, the Los Angeles Cleantech Incubator, and Techstars, with additional support from Starburst Accelerator and others. Ampaire has received numerous prestigious industry awards including Top 100 Global Cleantech and winner, Future of Mobility. For more information, visit ampaire.com.

Cautions regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements. Forward-looking statements can be identified by such words and phrases as «believes,» «anticipates,» «expects,» «intends,» «estimates,» «may,» «will,» «should,» «continue» and similar expressions, comparable terminology or the negative thereof, and includes statements in this press release concerning the business plans, objectives, expectations and intentions of Surf Air Mobility and Ampaire prior to and once the transaction is complete, and Surf Air Mobility’s and Ampaire’s future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive acquisition agreement; (2) the inability to complete the transaction due to the failure to obtain approval of the stockholders of Ampaire or other conditions to closing in the definitive acquisition agreement; (3) the ability to recognize the anticipated benefits of the transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (4) the inability to develop products and execute Surf Air Mobility’s or Ampaire’s business plan as anticipated; (5) not realizing the anticipated cost benefits of the future products in a timely and economical manner; (6) costs related to the transaction; (7) changes in applicable laws or regulations; (8) the possibility that Surf Air Mobility or Ampaire may be adversely affected by other economic, business, regulatory and/or competitive factors; or (9) the impact of COVID-19 on Surf Air Mobility’s or Ampaire’s business and/or the ability of the parties to complete the transaction.  Many of these risks and uncertainties are outside our control, and there may be other risks and uncertainties which we do not currently anticipate because they relate to events and depend on circumstances that may or may not occur in the future.  Although we believe that the expectations reflected in any forward-looking statements are based on reasonable assumptions at the time made, we can give no assurance that our expectations will be achieved.  Undue reliance should not be placed on these forward-looking statements, which speak only as of the date hereof.  We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue because of subsequent events, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/surf-air-mobility-announces-entry-into-definitive-agreement-to-acquire-electric-aviation-pioneer-ampaire-301231314.html

SOURCE Surf Air Mobility

Covanta Holding Corporation Reports 2020 Fourth Quarter and Full Year Results and Provides 2021 Guidance

MORRISTOWN, N.J., Feb. 18, 2021 /PRNewswire/ — Covanta Holding Corporation (NYSE: CVA) («Covanta» or the «Company»), a world leader in sustainable waste and energy solutions, reported financial results today for the year ended December 31, 2020.

MORRISTOWN, N.J., Feb. 18, 2021 /PRNewswire/ — Covanta Holding Corporation (NYSE: CVA) («Covanta» or the «Company»), a world leader in sustainable waste and energy solutions, reported financial results today for the year ended December 31, 2020.

Year Ended December 31,

2020

2019

(Unaudited, $ in millions)

Revenue

$1,904

$1,870

Net (loss) income

$(28)

$10

Adjusted EBITDA

$424

$428

Net cash provided by operating activities

$254

$226

Free Cash Flow

$95

$140

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

Key Highlights

  • Strategic review progressing, with initial implementation steps to be announced by mid-year 2021
  • Protos project reached financial close in Q4, marking fourth UK project in construction
  • Resilient business model minimized financial impact of the pandemic in 2020
  • Reestablishing guidance for Adjusted EBITDA and Free Cash Flow for 2021

«Covanta’s 2020 results highlighted the underlying resilience of our business model and the capabilities of our incredible operating team,» said Michael Ranger, President and CEO. «Waste flows in our markets have largely returned to pre-pandemic levels and we’ve seen recent strength in the recycled metal markets, both of which are adding momentum as we look ahead to 2021.  Our strategic review is progressing and we look forward to announcing concrete steps as they are developed and executed in the coming quarters.»

More detail on our fourth quarter results can be found in the exhibits to this release and in our fourth quarter 2020 earnings presentation found in the Investor Relations section of the Covanta website at www.covanta.com.  

2021 Guidance

The Company established 2021 guidance for the following key metrics:

($ in millions)

Metric

2020 Actual

2021

Guidance Range

Adjusted EBITDA

$424

$435 – $465

Free Cash Flow

$95

$100 – $140

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

Guidance as of February 19, 2021.

Conference Call Information

Covanta will host a conference call at 8:30 AM (Eastern) on Friday, February 19, 2021 to discuss its fourth quarter results.

The conference call will begin with prepared remarks, which will be followed by a question and answer session.  To participate on the live call, please dial 1-888-317-6003 (US) or 1-412-317-6061 (international) approximately 15 minutes prior to the scheduled start of the call and enter the passcode 3286737. The conference call will also be webcast live from the Investor Relations section of the Company’s website. A presentation will be made available during the call and will be found in the Investor Relations section of the Covanta website at www.covanta.com.

An archived webcast will be available two hours after the end of the conference call and can be accessed through the Investor Relations section of the Covanta website at www.covanta.com.

About Covanta

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

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may constitute «forward-looking» statements as defined in Section 27A of the Securities Act of 1933, as amended (the «Securities Act»), Section 21E of the Securities Exchange Act of 1934 (the «Exchange Act»), the Private Securities Litigation Reform Act of 1995 (the «PSLRA») or in releases made by the Securities and Exchange Commission («SEC»), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta Holding Corporation and its subsidiaries («Covanta») or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. For additional information see the Cautionary Note Regarding Forward-Looking Statements at the end of the Exhibits.

 


Covanta Holding Corporation

Exhibit 1

Consolidated Statements of Operations

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2020

2019

2020

2019

(Unaudited)
(In millions, except per
share amounts)

OPERATING REVENUE:

Waste and service revenue

$

356

$

354

$

1,412

$

1,393

Energy revenue

93

82

357

329

Recycled metals revenue

24

25

81

86

Other operating revenue

18

24

54

62

Total operating revenue

491

485

1,904

1,870

OPERATING EXPENSE:

Plant operating expense

370

333

1,420

1,371

Other operating expense, net

15

21

52

64

General and administrative expense

37

32

120

122

Depreciation and amortization expense

56

56

224

221

Impairment charges (a)

—

(1)

19

2

Total operating expense

478

441

1,835

1,780

Operating income

13

44

69

90

OTHER (EXPENSE) INCOME:

Interest expense

(33)

(35)

(133)

(143)

Net gain on sale of business and investments (a)

17

—

26

49

Loss on extinguishment of debt (a)

—

—

(12)

—

Other income

2

—

—

1

Total other expense

(14)

(35)

(119)

(93)

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

(1)

9

(50)

(3)

Income tax benefit

12

1

18

7

Equity in net income from unconsolidated investments

1

2

4

6

Net income (loss)

$

12

$

12

$

(28)

$

10

Weighted Average Common Shares Outstanding:

Basic

132

131

132

131

Diluted

135

134

132

133

Earnings (Loss) Per Share

Basic

$

0.09

$

0.09

$

(0.21)

$

0.07

Diluted

$

0.09

$

0.09

$

(0.21)

$

0.07

Cash Dividend Declared Per Share

$

0.08

$

0.25

$

0.49

$

1.00

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

 

Covanta Holding Corporation

Exhibit 2

Consolidated Balance Sheets

As of December 31,

2020

2019

(Unaudited)

ASSETS

(In millions, except per share amounts)

Current:

Cash and cash equivalents

$

55

$

37

Restricted funds held in trust

11

18

Receivables (less allowances of $8 and $9, respectively)

260

240

Prepaid expenses and other current assets

117

105

Total Current Assets

443

400

Property, plant and equipment, net

2,421

2,451

Restricted funds held in trust

6

8

Intangible assets, net

237

258

Goodwill

302

321

Other assets

297

277

Total Assets

$

3,706

$

3,715

LIABILITIES AND EQUITY

Current:

Current portion of long-term debt

$

18

$

17

Current portion of project debt

9

8

Accounts payable

75

36

Accrued expenses and other current liabilities

303

292

Total Current Liabilities

405

353

Long-term debt

2,396

2,366

Project debt

116

125

Deferred income taxes

362

372

Other liabilities

117

123

Total Liabilities

3,396

3,339

Equity:

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

—

—

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

14

14

Additional paid-in capital

882

857

Accumulated other comprehensive loss

(32)

(35)

Accumulated deficit

(554)

(460)

Treasury stock, at par

—

—

Total Equity

310

376

Total Liabilities and Equity

$

3,706

$

3,715

 

Covanta Holding Corporation

Exhibit 3

Consolidated Statements of Cash Flow

Twelve Months Ended December 31,

2020

2019

(Unaudited, in millions)

OPERATING ACTIVITIES:

Net (loss) income

$

(28)

$

10

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization expense

224

221

Amortization of deferred debt financing costs

4

5

Net gain on sale of business and investments (a)

(26)

(49)

Impairment charges (a)

19

2

Loss on extinguishment of debt (a)

12

—

Provision for expected credit losses

1

2

Stock-based compensation expense

29

25

Equity in net income from unconsolidated investments

(4)

(6)

Deferred income taxes

(10)

(9)

Dividends from unconsolidated investments

9

9

Other, net

(6)

3

Change in working capital, net of effects of acquisitions and dispositions

24

12

Changes in noncurrent assets and liabilities, net

6

1

Net cash provided by operating activities

254

226

INVESTING ACTIVITIES:

Purchase of property, plant and equipment

(162)

(158)

Acquisition of businesses, net of cash acquired

—

2

Proceeds from asset sales

15

27

Property insurance proceeds

1

—

Investment in equity affiliates

(15)

(14)

Other, net

(15)

(2)

Net cash used in investing activities

(176)

(145)

FINANCING ACTIVITIES:

Proceeds from borrowings on long-term debt

538

80

Proceeds from borrowings on revolving credit facility

724

536

Proceeds from insurance premium financing

37

29

Payments on long-term debt

(555)

(16)

Payments on revolving credit facility

(685)

(565)

Payments on project debt

(8)

(18)

Payment of deferred financing costs

(8)

(1)

Cash dividends paid to stockholders

(89)

(133)

Payment of insurance premium financing

(33)

(26)

Proceeds from related party note

9

—

Other, net

(1)

(8)

Net cash used in financing activities

(71)

(122)

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

2

(1)

Net increase (decrease) in cash, cash equivalents and restricted cash

9

(42)

Cash, cash equivalents and restricted cash at beginning of period

63

105

Cash, cash equivalents and restricted cash at end of period

$

72

$

63

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

 

Covanta Holding Corporation

Exhibit 4

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

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2020

2019

2020

2019

(Unaudited, in millions)

Net income (loss)

$

12

$

12

$

(28)

$

10

Depreciation and amortization expense

56

56

224

221

Interest expense

33

35

133

143

Income tax benefit

(12)

(1)

(18)

(7)

Impairment charges (a)

—

(1)

19

2

Net gain on sale of businesses and investments (b)

(17)

—

(26)

(49)

Loss on extinguishment of debt(c)

—

—

12

—

Property insurance recoveries, net

(1)

—

(1)

—

Loss on asset retirements

1

1

3

4

Accretion expense

—

—

2

2

Business development and transaction costs (f)

—

—

1

2

Severance and reorganization costs (d) (f)

3

2

5

13

Stock-based compensation expense

10

5

29

25

Adjustments to reflect Adjusted EBITDA from unconsolidated
investments

6

7

24

25

Capital type expenditures at client owned facilities (e)

12

6

36

34

Other (f)

—

3

9

3

Adjusted EBITDA

$

103

$

125

$

424

$

428

(a)

During the year ended December 31, 2020, we recorded a $19 million non-cash impairment charge related to our Covanta Environmental Solutions reporting unit.

(b)

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

During the year ended December 31, 2019, we recorded a $56 million gain related to the Rookery South Energy Recovery Facility development project and a $11 million loss related to the divestiture of our Springfield and Pittsfield WtE facilities.

(c)

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

(d)

During the years ended December 31, 2020 and 2019, we recorded $5 million and  $13 million, respectively, of costs related to our ongoing asset rationalization and portfolio optimization efforts, early retirement program, and certain organizational restructuring activities.

(e)

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

(f)

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

 

Three Months Ended
December 31,

Twelve Months Ended
December 31,

2020

2019

2020

2019

(Unaudited, in millions)

Net cash provided by operating activities

$

63

$

114

$

254

$

226

Capital type expenditures at client owned facilities (a)

12

6

36

34

Cash paid for interest

8

29

112

152

Cash (refunded) paid for taxes, net

(7)

—

(4)

5

Equity in net income from unconsolidated investments

1

2

4

6

Adjustments to reflect Adjusted EBITDA from unconsolidated 
     investments

6

7

24

25

Dividends from unconsolidated investments

(6)

(4)

(9)

(9)

Adjustment for working capital and other

26

(29)

7

(11)

Adjusted EBITDA

$

103

$

125

$

424

$

428

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

 

Covanta Holding Corporation

Exhibit 5

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

Three Months Ended
December 31,

Twelve Months Ended
December 31,

Full Year
Estimated 2021

2020

2019

2020

2019

(Unaudited, in millions)

Net cash provided by operating activities

$

63

$

114

$

254

$

226

$230 – $260

Add: Changes in restricted funds – operating (a)

1

2

1

20

–

Less: Maintenance capital expenditures (b)

(53)

(25)

(160)

(106)

(120) – (135)

Free Cash Flow

$

11

$

91

$

95

$

140

$100 – $140

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

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

Three Months Ended
December 31,

Twelve Months Ended

December 31,

2020

2019

2020

2019

(Unaudited, in millions)

Maintenance capital expenditures

$

(53)

$

(25)

$

(160)

$

(106)

Net maintenance capital expenditures paid but incurred
in prior periods

10

(2)

12

(9)

Total ash processing system

(2)

(5)

(13)

(9)

Capital expenditures associated with the New York City
MTS contract

—

—

—

(19)

Capital expenditures associated with other organic
growth initiatives

—

(3)

(1)

(13)

Total capital expenditures associated with growth 
     investments (c)

(2)

(8)

(14)

(41)

Capital expenditures associated with property
insurance events

—

(2)

—

(2)

Total purchases of property, plant and equipment

$

(45)

$

(37)

$

(162)

$

(158)

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

Capital expenditures associated with growth investments

$

(2)

$

(8)

$

(14)

$

(41)

UK business development projects

(4)

(2)

(13)

(3)

Investment in equity affiliate

(4)

(5)

(15)

(14)

Asset and business acquisitions, net of cash acquired

—

—

—

2

Less: third party project loan proceeds collateralized
by project equity

—

—

9

—

Total growth investments

$

(10)

$

(15)

$

(33)

$

(56)

 

Covanta Holding Corporation

Exhibit 6

Supplemental Information

(Unaudited, $ in millions)

Twelve Months Ended
December 31,

2020

2019

REVENUE:

Waste and service revenue:

WtE tip fees

$

651

$

638

WtE service fees

466

466

Environmental services (a) 

136

140

Municipal services (b)

242

231

Other (c)

37

34

Intercompany (d)

(120)

(116)

Total waste and service

1,412

1,393

Energy revenue:

Energy sales

266

273

Capacity

41

44

Other (e)

51

12

Total energy

357

329

Recycled metals revenue:

Ferrous

47

46

Non-ferrous

34

40

Total recycled metals

81

86

Other revenue (f)

54

62

Total revenue

$

1,904

$

1,870

OPERATING EXPENSE:

Plant operating expense:

Plant maintenance

$

326

$

308

Other plant operating expense

1,094

1,063

Total plant operating expense

1,420

1,371

Other operating expense

52

64

General and administrative

120

122

Depreciation and amortization

224

221

Impairment charges

19

2

Total operating expense

$

1,835

$

1,780

Operating income

$

69

$

90

Plus: impairment charges

19

2

Operating income excluding impairment charges

$

88

$

92

(a) Includes the operation of material processing facilities and related services provided by our Covanta Environmental Solutions business.

(b) Consists of transfer stations and the transportation component of our NYC Marine Transfer Station contract.

(c) Includes waste brokerage, debt service and other revenue not directly related to WtE waste processing activities.

(d) Consists of elimination of intercompany transactions primarily relating to transfer stations.

(e) Primarily components of wholesale load serving revenue not included in Energy sales line, such as transmission and ancillaries.

(f) Consists primarily of construction revenue.

Note: Certain amounts may not total due to rounding.

 

Covanta Holding Corporation

Exhibit 7

Revenue and Operating Income Changes – FY 2019 to FY 2020

(Unaudited, $ in millions)

Contract
Transitions(b)

FY 2019

Organic
Growth (a)

%

Waste

Transactions (c)

Total
Changes

FY 2020

REVENUE:

Waste and service:

WtE tip fees

$

638

$

16

2.5

%

$

4

$

(7)

$

13

$

651

WtE service fees

466

(1)

(0.3)

%

1

—

—

466

Environmental services

140

(4)

(2.8)

%

—

(1)

(4)

136

Municipal services

231

9

4.1

%

—

2

11

242

Other revenue

34

3

9.6

%

—

—

3

37

Intercompany

(116)

(3)

—

(1)

(4)

(120)

Total waste and service

1,393

20

1.5

%

5

(7)

19

1,412

Energy revenue:

Energy sales

273

(5)

(1.9)

%

1

(3)

(7)

266

Capacity

44

(3)

(6.5)

%

—

—

(3)

41

Other

12

39

—

%

—

—

39

51

Total energy

329

31

9.3

%

1

(3)

28

357

Recycled metals:

Ferrous

46

2

3.4

%

—

—

1

47

Non-ferrous

40

(6)

(15.3)

%

—

—

(6)

34

Total recycled metals

86

(5)

(5.3)

%

—

—

(5)

81

Other revenue

62

(9)

(14.0)

%

—

—

(8)

54

Total revenue

$

1,870

$

38

2.0

%

$

6

$

(10)

$

34

$

1,904

OPERATING EXPENSE:

Plant operating expense:

Plant maintenance

$

308

$

20

6.4

%

$

—

$

(2)

$

18

$

326

Other plant operating expense

1,063

37

3.5

%

6

(11)

31

1,094

Total plant operating expense

1,371

57

4.2

%

6

(13)

49

1,420

Other operating expense

64

(11)

—

—

(12)

52

General and administrative

122

(2)

—

—

(2)

120

Depreciation and amortization

221

5

—

(2)

3

224

Total operating expense(d)

$

1,778

$

48

$

6

$

(15)

$

38

$

1,816

Operating income (loss) (d)

$

92

$

(11)

$

1

$

5

$

(4)

$

88

(a) Reflects the performance at each facility on a comparable period-over-period basis, excluding the impacts of transitions and transactions.

(b) Includes the impact of the expiration of: (1) long-term major waste and service contracts, most typically representing the transition to a new contract
structure, and (2) long-term energy contracts.

(c) Includes the impacts of acquisitions, divestitures and the addition or loss of operating contracts.

(d) Excludes impairment charges

Note: Certain amounts may not total due to rounding

 

WtE Operating Metrics (Unaudited)

Exhibit 8

Three Months Ended

Year
Ended

Three Months Ended

Year
Ended

Mar 31,

Jun 30,

Sep 30,

Dec 31,

Dec 31,

Mar 31,

Jun 30,

Sep 30,

Dec 31,

Dec 31,

2020

2020

2020

2020

2020

2019

2019

2019

2019

2019

WtE Waste

Tons: (in millions)

Tip fee – contracted

2.08

2.15

2.28

2.14

8.65

2.04

2.29

2.28

2.18

8.78

Tip fee – uncontracted

0.58

0.52

0.46

0.53

2.09

0.54

0.43

0.48

0.57

2.01

Service fee

2.62

2.51

2.74

2.53

10.41

2.62

2.70

2.74

2.64

10.70

Total tons

5.28

5.19

5.48

5.20

21.15

5.20

5.41

5.49

5.39

21.49

WtE tip fee per ton:

Contracted

$

54.04

$

54.37

$

55.45

$

55.77

$

54.92

$

52.64

$

54.16

$

53.93

$

53.93

$

53.69

Uncontracted

$

82.87

$

78.71

$

89.89

$

84.96

$

83.91

$

76.57

$

89.06

$

85.22

$

81.31

$

82.61

Average revenue per ton

$

60.36

$

59.10

$

61.23

$

61.57

$

60.57

$

57.66

$

59.66

$

59.36

$

59.58

$

59.08

WtE Energy

Energy sales: (MWh in millions)

Contracted

0.51

0.48

0.51

0.53

2.03

0.47

0.47

0.55

0.57

2.06

Hedged

0.82

0.87

1.13

0.99

3.81

0.80

0.73

0.76

0.73

3.02

Market

0.30

0.18

NM

0.12

0.62

0.29

0.37

0.38

0.27

1.31

Total energy sales

1.64

1.52

1.65

1.64

6.45

1.56

1.57

1.69

1.56

6.38

Market sales by geography:

PJM East

0.1

—

—

—

0.1

0.1

0.2

0.2

0.1

0.6

NEPOOL

0.1

—

—

—

0.1

0.1

0.1

0.1

0.1

0.3

NYISO

—

—

—

—

0.1

—

—

—

—

0.1

Other

0.1

0.1

—

0.1

0.3

0.1

0.1

0.1

0.1

0.3

Revenue per MWh: (excludes capacity)

Contracted

$

66.32

$

69.06

$

65.89

$

70.30

$

67.90

$

67.33

$

66.00

$

62.77

$

67.33

$

65.80

Hedged

$

45.68

$

23.76

$

26.31

$

28.54

$

30.51

$

49.67

$

26.42

$

28.69

$

31.10

$

34.29

Market

$

19.15

$

17.85

NM

$

27.09

$

19.83

$

32.44

$

21.69

$

25.36

$

27.22

$

26.31

Average revenue per MWh

$

47.27

$

37.25

$

38.24

$

41.97

$

41.24

$

51.74

$

37.19

$

39.08

$

43.52

$

42.81

Metals

Tons recovered, net: (in thousands)

Ferrous

103.1

115.7

118.2

120.3

457.3

96.3

110.8

111.9

104.7

423.7

Non-ferrous

12.0

12.3

12.2

11.5

47.9

12.6

12.5

12.8

13.0

50.8

Tons sold, net: (in thousands)

Ferrous

90.6

99.2

101.3

110.8

401.8

84.0

94.9

96.4

94.9

370.3

Non-ferrous

7.5

8.1

9.1

7.3

32.1

8.3

6.7

8.2

10.4

33.7

Revenue per ton: ($ in millions)

Ferrous

$

115

$

104

$

115

$

133

$

117

$

137

$

132

$

118

$

108

$

123

Non-ferrous

$

900

$

1,123

$

1,003

$

1,201

$

1,054

$

1,123

$

1,255

$

984

$

1,346

$

1,184

WtE plant operating expenses: ($ in millions)

Plant operating
expenses – gross

$

292

$

274

$

270

$

300

$

1,137

$

294

$

278

$

256

$

269

$

1,097

Less: Client pass-
through costs

(13)

(10)

(13)

(22)

(58)

(13)

(12)

(12)

(20)

(57)

Less: REC sales –
contra-expense

(4)

(3)

(3)

(7)

(17)

(3)

(2)

(4)

(3)

(12)

Plant operating
expenses – reported

$

275

$

261

$

255

$

271

$

1,062

$

278

$

264

$

240

$

247

$

1,028

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

Note: Certain amounts may not total due to rounding

 

Discussion of Non-GAAP Financial Measures

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

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

Adjusted EBITDA

We use Adjusted EBITDA to provide additional ways of viewing aspects of operations that, when viewed with the GAAP results provide a more complete understanding of our core business. As we define it, Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, as adjusted for additional items subtracted from or added to net income including the effects of impairment losses, gains or losses on sales, dispositions or retirements of assets, adjustments to reflect the Adjusted EBITDA from our unconsolidated investments, adjustments to exclude significant unusual or non-recurring items that are not directly related to our operating performance plus adjustments to capital type expenses for our service fee facilities in line with our credit agreements. We adjust for these items in our Adjusted EBITDA as our management believes that these items would distort their ability to efficiently view and assess our core operating trends. As larger parts of our business are conducted through unconsolidated investments, we adjust EBITDA for our proportionate share of the entity’s depreciation and amortization, interest expense, tax expense and other adjustments to exclude significant unusual or non-recurring items that are not directly related to the entity’s  operating performance. in order to improve comparability to the Adjusted EBITDA of our wholly owned entities. We do not have control, nor have any legal claim to the portion of our unconsolidated investees’ revenues and expenses allocable to our joint venture partners. As we do not control, but do exercise significant influence, we account for these unconsolidated investments in accordance with the equity method of accounting. Net income (losses) from these investments are reflected within our consolidated statements of operations in Equity in net income from unconsolidated investments. In order to provide a meaningful basis for comparison, we are providing information with respect to our Adjusted EBITDA for the year ended December 31, 2020 and 2019, reconciled for each such period to net income and cash flow provided by operating activities, which are believed to be the most directly comparable measures under GAAP.

Our projections of the proportional contribution of our interests in joint ventures to our Adjusted EBITDA and Free Cash Flow are not based on GAAP net income/loss or cash flow provided by operating activities, respectively, and are anticipated to be adjusted to exclude the effects of events or circumstances in 2020 that are not representative or indicative of our results of operations and that are not currently determinable. Due to the uncertainty of the likelihood, amount and timing of any such adjusting items, we do not have information available to provide a quantitative reconciliation of projected net income/loss to an Adjusted EBITDA projection.

Free Cash Flow

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

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

In order to provide a meaningful basis for comparison, we are providing information with respect to our Free Cash Flow for the year ended December 31, 2020 and 2019, reconciled for each such period to cash flow provided by operating activities, which we believe to be the most directly comparable measure under GAAP.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

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

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

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

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/covanta-holding-corporation-reports-2020-fourth-quarter-and-full-year-results-and-provides-2021-guidance-301231283.html

SOURCE Covanta Holding Corporation

National Alliance Releases 12th Annual Ranking of State Charter School Laws; Little Change, Despite Sharp Spike in Charter School Enrollment

WASHINGTON, Feb. 18, 2021 /PRNewswire/ — Today, the National Alliance for Public Charter Schools released its annual ranking of state charter school laws,

WASHINGTON, Feb. 18, 2021 /PRNewswire/ — Today, the National Alliance for Public Charter Schools released its annual ranking of state charter school laws, Measuring Up to the Model: A Ranking of State Public Charter School Laws, Twelfth Edition. This report analyzes how well each state’s charter school law compares to our «model law.» States are ranked by their composite score, which is based on 21 critical benchmarks like accountability, authorization, flexibility, performance-based contracts, and funding equity.

While there was relatively little movement in the order of state rankings this year, the team at the National Alliance noticed an interesting trend related to the pandemic. Over the past year, the nation saw a sharp increase in charter school enrollment marked by heightened parent demand for different educational options for their children. Charter school sectors in certain states were particularly well positioned to meet the increased demand.

In the states where we saw the greatest year-over-year charter school enrollment growth – New York, South Carolina, North Carolina, and Idaho – three key model law components were in place: a variety of charter school models, non-district authorizers, and autonomous governing boards. Charter schools in these states were especially able to flex and be nimble, meeting the increased demand. Conversely, Pennsylvania was the only state in the bottom 11 of our model law ranking that showed significant growth during 2020. Much of that growth was specifically in full-time virtual charter schools in the state.

«In the months ahead, the National Alliance will be watching to see whether states and the federal government will enact changes that impact critical measures of a strong charter school law, such as the ability to have or maintain non-district authorizers,» said Todd Ziebarth, senior vice president of state advocacy, National Alliance for Public Charter Schools. «This year’s state charter school laws rankings report shows that only having district authorizers clearly suppresses the growth of charter schools, making it more difficult to meet increased parent demand at a time when they need it most.»  

Many families who never considered any school other than the district school their children were zoned to attend were open to other options when instruction was essentially halted for kids across the country. The spike in charter school enrollment last year continues into 2021 and may indicate a long-term shift in enrollment patterns.

For the sixth year in a row, Indiana has the nation’s strongest charter school law, ranking No. 1 out of 45. Indiana’s law does not cap charter school growth, includes multiple authorizers, and provides a fair amount of autonomy and accountability. Although the coronavirus pandemic has made the work more challenging than ever, Indiana has made notable strides in recent years to provide more equitable funding to charter schools and their students. There is still work to do, but we applaud their strong law.

Other notable takeaways from this year include:

  • The Top 10 charter school laws in the nation include a mixture of states with more mature charter sectors including Indiana (No. 1), Colorado (No. 2), Minnesota (No. 4), Florida (No. 7), Louisiana (No. 8), and the District of Columbia (No. 10); and states with newer sectors like Washington (No. 3), Alabama (No. 5), Mississippi (No. 6), and Maine (No. 9).
  • Many states with mature sectors continue to strengthen their laws based on what’s working or not. Also, states with newer laws rely heavily on lessons learned so they don’t repeat mistakes of the states that came before them.
  • Maryland has the nation’s weakest law. While its law does not include a cap on charter schools, it only allows district authorizers, which effectively accomplishes the same goal. Maryland’s charter school law also provides little autonomy, insufficient accountability, and inequitable funding to charter schools.

Click here to read the full report: Measuring Up to the Model: A Ranking of State Public Charter School Laws, Twelfth Edition.

Cision View original content:http://www.prnewswire.com/news-releases/national-alliance-releases-12th-annual-ranking-of-state-charter-school-laws-little-change-despite-sharp-spike-in-charter-school-enrollment-301231299.html

SOURCE National Alliance for Public Charter Schools

Baxter Spearheads Passive House Movement In Upstate New York

POUGHKEEPSIE, N.Y., Feb. 18, 2021 /PRNewswire/ — Hudson Valley based contractor, Baxter is continuing to expand its foothold in the sustainable building movement by using passive house principles that mitigate net carbon emissions while using recycled materials and energy to increase efficiency. The demands of…

POUGHKEEPSIE, N.Y., Feb. 18, 2021 /PRNewswire/ — Hudson Valley based contractor, Baxter is continuing to expand its foothold in the sustainable building movement by using passive house principles that mitigate net carbon emissions while using recycled materials and energy to increase efficiency. The demands of environmentally-conscientious consumers have been embraced by Baxter who has successfully completed two sustainable projects in Upstate New York with another slated for April.

Amanda Baxter, President of Baxter, commented, «It’s important to raise awareness on the value of passive house construction. If we continue to develop using passive house principles, the long-term effects range from reducing CO2 emissions to creating new jobs and ultimately stimulating the economy.»

«The team at Baxter is taking an innovative approach and leading the way to make sustainable construction a priority that will directly benefit residents for generations to come. As New York looks for ways to become a leader in the green economy, it is projects like this that will serve as unique models for others to follow, and we are excited to see the projects progress,» stated Senator Sue Serino. 

In early January, Baxter completed a 4,600 square foot Passive House designed private residence in Catskill, NY. The 4-bed, 3-bath retreat home featuring Bensonwood SIP-panels and a Tesla Powerwall system has been recognized as highly energy efficient.

Baxter has also completed the first Passive House Certified (PHIUS) cidery in the world, Seminary Hill Orchard and Cidery in Callicoon, NY. Some of the PHIUS components include an air-tight envelope with high-performance windows and doors to capture and store solar energy. The building also features a mechanical ventilation system with heat recovery and filtered fresh-air by Zehnder

«The Baxter team is very knowledgeable and professional in their approach. Baxter placed the same emphasis on meeting the Certification requirements as they did on all aspects of the project,» said Anthony V. Lisanti, CEM, CPH. 

Celebrity Interior Designer, Cathy Hobbs chooses Baxter as contractor for her Design Recipes headquarters in Highland, NY with the intent of achieving Net-Zero designation. This project is seeking to be North America’s first Passive House Institute [PHI] Certified multi-use warehouse building, making this the second «first of its kind» for Baxter in one year.

Cathy Hobbs, said, «In seeking the ideal partner and contractor for the crown jewel of my company, Baxter stood out from the start. I was impressed with not only their project portfolio, Passive House construction knowledge, and craftsmanship, but also integrity and family dynamic.»

Since 1983, Baxter has been proud to serve the Hudson Valley as a premier construction firm. With their expertise in real estate development, construction and property management, Baxter’s hard-earned reputation has enabled them to build some of the Hudson Valley’s most prestigious projects. With over 100 years of combined experience and rounding $780M in completed projects, Baxter’s seasoned team brings superior expertise to each one of their projects. 

For more information visit baxterbuilt.com, follow us on Facebook and Instagram @baxter_built

CONTACT: Kimberly Kane, pr@baxterbuilt.com, 845-471-1047

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/baxter-spearheads-passive-house-movement-in-upstate-new-york-301231293.html

SOURCE Baxter

Senator Richard Pan Calls for State Civil Service Reforms

SACRAMENTO, Calif., Feb. 18, 2021 /PRNewswire/ — Today, the largest union representing licensed physicians and dentists, the Union of American Physicians and Dentists (UAPD), announced the introduction of Senate Bill 422.

<div…

SACRAMENTO, Calif., Feb. 18, 2021 /PRNewswire/ — Today, the largest union representing licensed physicians and dentists, the Union of American Physicians and Dentists (UAPD), announced the introduction of Senate Bill 422.

This legislation, authored by Senator Richard Pan (D-Sacramento) and sponsored by UAPD, amends the State Civil Services Act so that the State can expand healthcare services at state prisons and hospitals. Modeled after a successful Los Angeles County partnership with UAPD, the state would establish an employment registry for state physicians and other professionals who wish to remain at their place of employment but seek additional work through flexible scheduling.

«During the COVID-19 pandemic there is an urgent need to improve accountability and continuity of care at California State facilities,» said Senator Richard Pan, MD, a pediatrician. «This best can be achieved by providing patients entrusted with state care greater access to the quality care provided by state physicians.»  

As of July 2020, data reveals a vacancy rate of 29% among all state medical professionals, and within some state agencies the vacancy rate for psychiatrists ranges from 47%-87%.  To partially satisfy the state’s lack of physicians, private contractors are utilized at a much greater cost to California taxpayers.

«Current civil service laws limit the ability for state physicians to work additional hours which can disrupt a patient’s continuity and quality of care,» said Dr. Stuart Bussey. «This legislation will improve patient care, all the while saving taxpayer dollars by reducing the State’s dependency on costly contractors.»

Senate Bill 422 will also establish eligibility and compensation for registry work.  The bill would require the California Department of Corrections and Rehabilitation and Department of State Hospitals, by January 1, 2026, to conduct a study of the effectiveness of the registry to determine if the registry compensation rates were successful in addressing the operational needs for flexible services at a lower cost than contract registries.

Dr. Richard Pan represents Sacramento in California’s 6th Senate District and serves as chair of the Senate Committee on Health.

Founded by a private practice physician in 1972, over the last forty years the Union of American Physicians and Dentists (UAPD) has grown into the largest union representing licensed doctors in the US.  In Washington, UAPD represents physicians, advanced nurse practitioners, and physician assistants. Affiliated with AFSCME and the AFL-CIO, UAPD is proud to bring the strength of the labor movement to the aid of working doctors in the interest of better healthcare for all. www.UAPD.com

Media Contacts:
Marko Mlikotin, UAPD Media Consultant, (916) 817-4444
Dr. Stuart Bussey, Union President, (925) 200-9310
Shannan Velayas, Senator Pan (916) 271-2867, Shannan.Velayas@sen.ca.gov  

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/senator-richard-pan-calls-for-state-civil-service-reforms-301231261.html

SOURCE Union of American Physicians and Dentists (UAPD)