CaribPR Wire

CALGARY, AB, Aug. 16, 2024 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we” or “our”) (TSX: PKI) announced today the closing of its previously announced private offering (the “offering”) of US$500 million aggregate principal amount of 6.625% senior unsecured notes due 2032 (the “notes”).

CALGARY, AB, March 28, 2024 /PRNewswire-HISPANIC PR WIRE/– Parkland Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX: PKI) held its annual general meeting of shareholders on March 28, 2024 (the “Meeting”).

The Company is pleased to announce that all matters presented at the Meeting were approved including the election of all ten nominees listed in the management information circular dated February 27, 2024 (the “Information Circular”). The complete results of voting for business considered at the Meeting are set out below:

Election of directors of Parkland until the next annual general meeting.

The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2024.

The approval, on a non-binding and advisory basis, of Parkland’s approach to executive compensation as set forth and described in the Information Circular.

Voting results for all matters have been posted on SEDAR+.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 26 countries across the Americas. We serve over one million customers each day. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include renewable fuels sourcing, manufacturing and blending, carbon and renewables trading, solar power, and ultra-fast EV charging. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

Our strategy is focused on two pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers, cultivating their loyalty through proprietary brands, differentiated offers, our extensive network, competitive pricing, reliable service, and our compelling loyalty program. Our Supply Advantage is based on achieving the lowest cost to serve among independent fuel marketers and distributors in the hard-to-serve markets in which we operate, through our well-positioned assets, significant scale, and deep supply and logistics capabilities. Our business is underpinned by our people and our values of safety, integrity, community and respect, which are deeply embedded across our organization.

CARIBPR WIRE, Basseterre, St. Kitts, Feb. 29, 2024: The Government of St Kitts and Nevis proudly announces a landmark achievement in its ongoing commitment to realizing the Sustainable Island State Agenda. In a ground-breaking move, the nation unveils an unprecedented initiative aimed at fostering collaboration and investment to propel the twin-federation into a prosperous future.

This pivotal moment not only signifies a significant stride towards sustainability but also underscores the Government’s visionary approach to uniting its global citizens. In an extraordinary display of inclusivity, St Kitts and Nevis extends its arms to every citizen worldwide, ushering them to partake in shaping the nation’s trajectory.

The Government will host their inaugural event, “The Investment Gateway Summit” in May, marking a historical moment in the country’s journey towards fulfilling the Sustainable Island State Agenda. This momentous event presents an unparalleled opportunity to collaborate and invest in shaping the future of the twin-federation.

It’s a personal invitation from the Prime Minister of St Kitts and Nevis, Honourable Dr. Terrance Drew, and his Government to engage citizens and investors to come to the country for this exclusive inaugural Investment Gateway Summit taking place from 11 to 15 May 2024!

Through this forward-thinking endeavour, the Government unites individuals under a common banner – that of being a proud citizen of St Kitts and Nevis, while fostering opportunities for success as entrepreneurs, investors, and innovators.

Each day of the five-day Summit promises unique events and interactions with the leaders of the country and global experts to ensure an engaging and interactive experience in the twin-island federation.

Who will attend the Summit?

This Summit is all about the St Kitts and Nevis citizens. The event also promises a mix of discerning investors, and high-net-worth individuals (HNWIs) seeking prospects; prospective Citizenship by Investment (CBI) applicants and entrepreneurs, CEOs and C-Suite businesspeople and the wider investor immigration community.

Why is this Summit not to be missed?

This is an opportunity to connect with like-minded global citizens, investors, HNWIs and special guests, as well as identify potential new business opportunities in the idyllic twin-island federation. This unique platform will unlock new ventures for growth throughout various sectors of the country’s economy, including agriculture, information technology, renewable energy and tourism.

From diverse panel discussions and networking opportunities to exclusive investment highlights and site visits, the Summit is crafted to connect, collaborate and celebrate the country and its global citizens.

Investment Opportunities in St Kitts and Nevis

To showcase St Kitts and Nevis’ commitment to the Sustainable Island State Agenda, the Summit will highlight initiatives that global investors can participate in to nurture community development, empower businesses and foster growth and development.

The Government of St Kitts and Nevis together with the Citizenship by Investment Unit (CIU) look forward to hosting this riveting event and opening their nation‘s doors to explore the twin federation’s active investment projects, spectacular beaches, distinct tourism amenities and luxury accommodation.

Please click here to secure your exclusive spot at the Investment Gateway Summit.

This is not just a unique investment opportunity in a tropical Caribbean country, it is a meeting of minds to form meaningful connections, through engaging workshops and insightful panel discussions. Additionally, the Government aims to build strong communities with shared values of excellence.

Get Involved

Should you like to promote your brand, business services or enquire about sponsorship opportunities, you can leave your comment here with your interest in the contact form, and you will receive a response with available packages.

Attachment

• St Kitts and Nevis

CALGARY, AB, Dec. 31, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced the departure of Simpson Oil Limited (”Simpson“) nominees Michael Christiansen and Marc Halley from the Company’s Board of Directors, effective December 31, 2023.

“We would like to thank Michael and Marc for their contributions to the Board,” stated Steven Richardson, the Chair of Parkland’s Board of Directors. “We have an independent Board that has unwavering confidence in the Company’s strategy and the management team’s capability to deliver shareholder value. The outstanding share performance of Parkland in 2023 is a clear expression of our shareholders’ support of Parkland’s direction and strategy.”

Parkland is in discussions with Simpson about its shareholding in the Company.

At its 2023 Investor Day, Parkland outlined its strategy to reduce debt, grow the business and increase shareholder returns. Driven by consistent operational execution, Parkland confirmed its 2024 Adjusted EBITDA Guidance of $2 billion, accelerating its previous guidance by a year. In addition, the Company set a longer-term objective to double Available Cash Flow per share by 2028.

In 2023, Parkland was a top performer on the Toronto Stock Exchange, achieving a total shareholder return of approximately 50 percent. The Company’s Board and management are focused on executing its strategy that will continue to create long-term value for all shareholders.

Mr. Christiansen and Mr. Halley were nominated for election to the Board pursuant to the terms of the Board Nomination Agreement between Simpson Oil and Parkland, dated March 21, 2023 (the “Board Nomination Agreement“), and subsequently elected to the Board at Parkland’s Annual General Meeting on May 4, 2023. Simpson has provided notice of its waiver of its nomination rights under the Board Nomination Agreement. In accordance with its terms, the Board Nomination Agreement will terminate as of April 2, 2024.

Simpson remains subject to the standstill, voting and other obligations set forth in the governance agreement between Simpson and Parkland dated January 8, 2019 (the “Governance Agreement“). Parkland will continue to enforce the terms of the Governance Agreement going forward. Copies of the Board Nomination Agreement and the Governance Agreement are available on Parkland’s SEDAR+ profile at www.sedarplus.ca.

Supported by a leading global search firm, Parkland is committed to ongoing Board renewal, including identifying qualified professionals to replace today’s departed Board members.

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with industrial fuels so that they can better serve their customers. With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance.

In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging. Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully.

Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements“). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business objectives, strategies and model; Parkland’s cash flow, organic growth and the progress thereof; and Parkland’s Revised financial targets, including Adjusted EBITDA and Available Cash Flow per share objectives. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refinery margins; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. See also the assumptions, risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q3 2023 MD&A, each filed on SEDAR+ and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures“). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Record third quarter and year-to-date Adjusted EBITDA of $585 million and $1,450 million, respectively
Record third quarter and year-to-date Net earnings per share of $1.31 and $2.19, respectively
Leverage Ratio of 2.9 times is within target range

CALGARY, AB, Nov. 1, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced its financial and operating results for the three and nine months ended September 30, 2023.

Q3 2023 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”¹) of $585 million, up 78 percent from the third quarter of 2022.
• Net earnings attributable to Parkland (”Net earnings”) of $230 million ($1.31 per share, basic) more than double the Net earnings from the third quarter of 2022, and Adjusted earnings attributable to Parkland (”Adjusted earnings”²) of $231 million ($1.31 per share, basic) nearly five times the Adjusted earnings from the third quarter of 2022.
• Cash generated from (used in) operating activities of $528 million ($3.00 per share, basic³), up 31 percent from the third quarter of 2022.
• Reduced borrowing under credit facility by $162 million, liquidity available³ of $1.8 billion, and lowered Leverage Ratio⁴ to 2.9 times (3.3 times in Q2 2023), within Parkland’s target range of 2 to 3 times.
• Record Composite utilization⁵ at the Burnaby Refinery of 102.9 percent including record co-processing volumes of 2,600 barrels per day and consistent operational execution.
• Parkland has electric vehicle (”EV”) charging operational at 33 sites, including 63 chargers, and is on track to meet our plan for 50 charging sites by early 2024.
• Parkland now expects to exceed its Revised 2023 Adjusted EBITDA Guidance range of $1.8 to $1.85 billion, driven by strong utilization, optimization at the refinery, and favourable refinery margins, as well as the strength of the International business in the third quarter of 2023.

“I want to congratulate the Parkland team for delivering an exceptional quarter,” said Bob Espey, President and Chief Executive Officer. “Our consistent performance demonstrates the quality of the business we have built and has enabled us to increase our 2023 Adjusted EBITDA Guidance, accelerate our 2024 Adjusted EBITDA Guidance of $2 billion, and lower our Leverage Ratio to 2.9 times. I have conviction in our strategy and confidence in our team’s ability to meet and beat the ambitious targets we have set for ourselves. We look forward to sharing more about our plan to deliver value to shareholders at our upcoming investor day.”

Q3 2023 Segment Highlights

• Canada delivered Adjusted EBITDA of $206 million, up 47 percent from Q3 2022 ($140 million). Fuel unit margins were higher than the comparable period as a result of continued optimization of our supply and integrated logistic capabilities and favourable market conditions. Company Volume Same Store Sales Growth (”SSSG”²) was 4.2 percent and Food and Company C-Store SSSG (excluding cigarettes)² was 3.6 percent, driven by organic growth initiatives in our loyalty and C-store programs. Canada delivered Food and Company C-store revenue of $81 million, up 17 percent from Q3 2022 ($69 million), primarily due to organic growth.
• International delivered Adjusted EBITDA of $170 million, up 63 percent, from Q3 2022 ($104 million). Performance was driven by organic growth that resulted in higher volumes in the wholesale business, strong fuel unit margins driven by favourable market conditions and pricing strategies, and the consolidation of Sol.
• USA delivered Adjusted EBITDA of $52 million, up $70 million from Q3 2022 (Adjusted EBITDA loss of $18 million). Results for Q3 2022 include spot wholesale inventory and risk management losses of $65 million. Excluding these losses, Adjusted EBITDA in the third quarter of 2022 was $47 million, and Q3 2023 Adjusted EBITDA was up 11 percent. Performance was underpinned by effective cost management initiatives and strong fuel unit margins in the Commercial line of business, partially offset by weakness in Retail fuel volumes and unit margins.
• Refining delivered Adjusted EBITDA of $188 million, up more than 39 percent, from Q3 2022 ($135 million). Performance was underpinned by robust crack spreads, record composite utilization of 102.9 percent, including record co-processing volumes of 2,600 barrels per day, and optimization of the production mix.
• Parkland’s total recordable injury frequency rate⁵ on a trailing-twelve-months basis was 0.95, a decrease of 16 percent compared to 1.13 in the third quarter of 2022.

Consolidated Financial Overview

Q3 2023 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, November 2, 2023 at 6:30 am MDT (8:30 am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/39A5XB5PMgZ

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 19474746). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 19474746).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Interim Consolidated Financial Statements

The Management’s Discussion and Analysis for the three and nine months ended September 30, 2023 (the “Q3 2023 MD&A”) and consolidated financial statements for the three and nine months ended September 30, 2023 (the “Q3 2023 Interim Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three and nine months ended September 30, 2023. An English version of these documents will be available online at www.parkland.ca and the System for Electronic Data Analysis and Retrieval + (”SEDAR+”) after the results are released by newswire under Parkland’s profile at www.sedarplus.ca. The French versions of the Q3 2023 MD&A and the Q3 2023 Interim Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR+ as soon as they become available.

2023 Investor Day Registration

Parkland will host its 2023 Investor Day presentation on November 14, 2023 at 9:00 am EST (7:00 am MST) to provide details on the continued execution of our strategy, capital allocation framework, and the Company’s financial outlook. The event will be held at the Fairmont Royal York in Toronto, Ontario and simultaneously webcast with video for those unable to attend in person. Analysts and investors who wish to attend the event, either in person or remotely, are invited to register using the following link:

https:// h umancontact.formstack.com/forms/pkl_2023_investor_day_for m

About Parkland Corporation

Parkland is an international fuel distributor, marketer, and convenience retailer with operations in 25 countries across the Americas. We serve over one million customers each day. Our vast retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provides businesses with industrial fuels so that they can better serve their customers.

With approximately 4,000 retail and commercial locations across Canada, the United States and the Caribbean region, we have developed supply, distribution and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast EV charging.

Parkland’s proven business model is centered around organic growth, our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience and renewable energy businesses and helping customers to decarbonize. Our business is underpinned by our people, our values of safety, integrity, community and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: business objectives, strategies and model; Parkland’s strategy to deliver synergies, cost efficiencies, and organic growth and the progress thereof; Parkland’s Revised 2023 Adjusted EBITDA Guidance, its expectation to exceed its Revised 2023 Adjusted EBITDA Guidance range of $1.8 to $1.85 billion, and acceleration of the 2024 Adjusted EBITDA Guidance of approximately $2 billion; and Parkland’s plan to have 50 electric vehicle charging stations by early 2024.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refinery margins; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. In addition, the Revised 2023 Adjusted EBITDA Guidance range reflects the full year contribution of 2022 acquisitions, integration and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin of approximately 10 percent and Food, convenience and other adjusted gross margin of approximately 15 percent as compared to the year ended December 31, 2022; and Refining adjusted gross margin of approximately $45 per barrel and average Burnaby Refinery utilization of approximately 80 percent based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day. Confidence in Parkland’s ability to exceed the Revised 2023 Adjusted EBITDA Guidance range is driven by the favourable refinery margins environment and the strength of the International wholesale business in the third quarter of 2023. 2024 Adjusted EBITDA Guidance reflects continued integration and synergy capture, and organic growth initiatives, and the key material assumptions include: an increase in Retail and Commercial Fuel and petroleum product adjusted gross margin and Food, convenience and other adjusted gross margin of approximately 5 percent as compared to the year ending December 31, 2023; the realization of $100 million of MG&A cost efficiencies by 2024; and Refining adjusted gross margin of approximately $40 per barrel and average Burnaby Refinery utilization of 90 percent to 95 percent based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q3 2023 MD&A, each filed on SEDAR+ and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization and total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures are not accounting measures, do not have comparable International Financial Reporting Standards (”IFRS”) measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings (loss) is a non-GAAP financial measure and Adjusted earnings (loss) per share is a non-GAAP financial ratio, each representing the underlying core operating performance of business activities of Parkland at a consolidated level.

Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland’s operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company’s overall performance as they exclude certain significant items that are not reflective of the Company’s underlying business operations.

See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for the detailed definition of Adjusted earnings (loss).

Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share.

Food and Company C-Store SSSG is a non-GAAP financial ratio and refers to the period-over-period sales growth generated by retail food and convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Please see below for a reconciliation of convenience store revenue (Food and C-Store revenue) of the Canada segment with the Food and Company C-Store same store sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including cash generated from (used in) operating activities per share, and liquidity available to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Capital Management Measures

Parkland’s primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland’s overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA (each as defined in the Q3 2023 Interim Consolidated Financial Statements) and does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding capital management measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three and nine months ended September 30, 2023 and September 30, 2022.

Parkland uses Adjusted gross margin as a measure of segment profit (loss) to analyze the performance of sale and purchase transactions and performance on margin.

See Section 16 of the Q3 2023 MD&A, which is incorporated by reference into this news release, for the detailed definition of Adjusted gross margin.

Refer to the table below for a detailed calculation of Adjusted gross margin for the three months ended September 30, 2023 and September 30, 2022

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CALGARY, AB, Oct. 18, 2023 /PRNewswire-HISPANIC PR WIRE/– Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2023 third quarter results after markets close on Wednesday, November 1, 2023. A conference call and webcast will then be held at 6:30 a.m. MDT (8:30 a.m. EDT) on Thursday, November 2, 2023, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/39A5XB5PMgZ

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 19474746). International participants may call 1-800-389-0704 (toll free) (Conference ID: 19474746).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

Financial Statements and Management’s Discussion and Analysis will be posted to www.parkland.ca and www.sedar.com after the results are released.

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centred around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

Second quarter Adjusted EBITDA of $470 million
Publishes 2022 Sustainability Report

CALGARY, AB, Aug. 3, 2023 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced its financial and operating results for the three and six months ended June 30, 2023.

Q2 2023 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”¹) of $470 million, up 4 percent from the second quarter of 2022.
• Net earnings attributable to Parkland (”net earnings”) of $78 million ($0.44 per share, basic) down 4 percent from the second quarter of 2022, and Adjusted earnings attributable to Parkland (”Adjusted earnings”²) of $130 million ($0.74 per share, basic) down 22 percent from the second quarter of 2022.
• Cash generated from (used in) operating activities of $521 million ($2.97 per share, basic³) up 53 percent from the second quarter of 2022.
• Leverage ratio⁴ of 3.3x and liquidity available³ of $1.6 billion.
• In July, launched proprietary food offering, Bites ON the RUN by M&M Food Market, within a standalone ON the RUN convenience store in Montreal.
• As of July 31, 2023, completed or reached agreements to sell non-core assets totaling approximately $100 million.

“I would like to thank the Parkland team for safe, consistent execution this quarter. We are building tremendous momentum across Parkland, positioning us to deliver a strong year at the higher end of our 2023 Adjusted EBITDA guidance,” said Bob Espey, President and Chief Executive Officer. “We are advancing every part of our strategy, driving organic growth through customer-focused marketing programs, capturing synergies and cost efficiencies, and advancing our portfolio optimization efforts. I am confident we will deliver our $2 billion Adjusted EBITDA ambition by 2025 without further acquisitions, while reducing leverage, and improving shareholder returns.”

Q2 2023 Segment Highlights

• Canada delivered Adjusted EBITDA of $150 million, down 14 percent from Q2 2022 ($174 million). Fuel unit margins were lower than the comparable historical highs in the second quarter of 2022. Fuel volume increased from the prior year due to Company Volume Same Store Sales Growth (”SSSG”²) of 9.3 percent and the incremental benefit of 2022 acquisitions. Food and Company C-Store SSSG (excluding cigarettes)² increased to 3.1 percent, up from (0.6) percent in Q2 2022.
• International delivered Adjusted EBITDA of $168 million, up 93 percent, from Q2 2022 ($87 million). Performance was driven by the consolidation of Sol, higher volumes in our retail and contracted commercial businesses, organic growth in our aviation business, and contributions from our Jamaica acquisition.
• USA delivered Adjusted EBITDA of $74 million, up 45 percent from Q2 2022 ($51 million). Strong performance reflects the capabilities of our USA team and was underpinned by strong fuel unit margins. Favourable market conditions and strong market positions enabled us to capture margin opportunities.
• Refining delivered Adjusted EBITDA of $109 million, down 34 percent, from Q2 2022 ($164 million) primarily reflecting lower crack spreads. The scheduled maintenance turnaround was completed in early April and composite utilization⁵ was 91.0 percent.
• The Company realized non-recurring foreign exchange gains of $25 million on the settlement of financing balances during the quarter.
• Parkland’s total recordable injury frequency rate⁵ on a trailing-twelve-months basis was 0.87, a decrease of 18 percent compared to 1.06 in the second quarter of 2022.

2022 Sustainability Report

Today, we published our fourth Sustainability Report. Titled ‘Drive to Zero’, it outlines our strategy and the actions we are taking to drive sustainable growth and shareholder returns. The report highlights the many successful initiatives underway. Among them are: industry-leading efforts on co-processing low-carbon, renewable fuels; safer, more diverse, and inclusive work environments; and the incorporation of sustainability metrics into executive compensation.

Parkland’s Sustainability Report can be viewed here:
https://www.parkland.ca/sustainability/sustainability-report

Consolidated Financial Overview

Q2 2023 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Friday, August 4, 2023 at 6:30 am MDT (8:30 am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/XDpG4K6kMy5

Analysts and investors interested in participating in the question and answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 77390959). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 77390959).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The management’s discussion and analysis for the three and six months ended June 30, 2023 (the “Q2 2023 MD&A”) and consolidated financial statements for the three and six months ended June 30, 2023 (the “Q2 2023 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results for the three and six months ended June 30, 2023. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedarplus.ca. The French versions of the Q2 2023 MD&A and the Q2 2023 Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to power what moves people, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s business model, objectives and strategies, including its ambition to reach $2 billion of Adjusted EBITDA by 2025 without further acquisitions, reduce leverage and improve shareholder returns and Parkland’s expectation of delivering at the higher end of its 2023 Adjusted EBITDA guidance.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic and the Russia-Ukraine conflict; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. In addition, the key material assumptions underlying the 2023 Adjusted EBITDA Guidance Range include: an increase in the retail fuel and petroleum product volumes by approximately 10% as compared to the year ended December 31, 2022, reflecting the full year contribution of 2022 acquisitions, integration and synergy capture, and organic growth initiatives; Food, convenience and other gross margin of approximately 30% of total retail gross margin and approximately 20% of total commercial gross margin; Refining adjusted gross margin of approximately $40 per barrel and average Burnaby Refinery utilization of between 75% and 85% based on the Burnaby Refinery’s crude processing capacity of 55,000 barrels per day; and an approximate $100 million Adjusted EBITDA impact as a result of 2023 refinery turnaround and maintenance capital expenditure of approximately $100 million relating thereto. The key material assumptions underlying the 2025 Adjusted EBITDA Ambition include an estimated $150 million of synergies and cost efficiencies and $180 million of organic growth compared to 2022 actuals. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q2 2023 MD&A, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization and total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures are not accounting measures, do not have comparable International Financial Reporting Standards (”IFRS”) measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage, and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings (loss) is a non-GAAP financial measure and Adjusted earnings (loss) per share is a non-GAAP financial ratio, each representing the underlying core operating performance of business activities of Parkland at a consolidated level.

Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland’s operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company’s overall performance as they exclude certain significant items that are not reflective of the Company’s underlying business operations.

Adjusted earnings (loss) excludes costs that are not considered representative of Parkland’s underlying core operating performance including: (i) costs related to potential and completed acquisitions, (ii) non-core acquisition and integration employee costs, (iii) business integration and restructuring costs, (iv) changes in the fair value of share-based compensation liabilities, (v) unrealized gains and losses on (a) foreign exchange, (b) risk management assets and liabilities unless they relate to underlying physical sales activity in the current period and (c) derivatives, (vi) adjustments to foreign exchange gains and losses as a result of cash pooling arrangements and refinancing activities, (vii) realized foreign exchange gains and losses on accrued financing costs in foreign currency and the offsetting realized risk management gains and losses on the related foreign exchange risk management instruments, (viii) changes in values of the Sol Put Option, Redemption Options, environmental liabilities and asset retirement obligations, (ix) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains, (x) impairments of non-current assets, (xi) loss on modification of long-term debt, (xii) earnings impact from hyperinflation accounting, (xiii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, (xiv) gains and losses on asset disposals, (xv) adjustment for the effect of market-based performance conditions for equity settled share-based award settlements, and (xvi) other adjusting items. Parkland’s Adjusted earnings (loss) and Adjusted earnings (loss) per share are also adjusted to include Parkland’s proportionate share of its joint-venture investees’ Adjusted earnings (loss). Concurrently with Parkland entering into the Share Exchange Agreement, effective August 4, 2022, Parkland does not allocate a portion of Adjusted earnings (loss) to NCI and includes 100 percent of International results as Adjusted earnings (loss).

Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share.

Food and Company C-Store SSSG refers to the period-over-period sales growth generated by retail food and convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Please see below for a reconciliation of convenience store revenue (Food and C-Store revenue) of the Canada segment with the Food and Company C-Store same store sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including cash generated from (used in) operating activities per share, and liquidity available to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Capital Management Measures

Parkland’s primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland’s overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA (each as defined in the Q2 2023 Consolidated Financial Statements) and does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding capital management measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 16 of the Q2 2023 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three months ended June 30, 2023 and June 30, 2022.

Parkland uses Adjusted gross margin as a measure of segment profit (loss) to analyze the performance of sale and purchase transactions and performance on margin. Adjusted gross margin excludes the effects of significant items of income and expenditure that are not considered representative of Parkland’s underlying core margin performance and may have an impact on the quality of margins, such as (i) unrealized gains and losses on (a) foreign exchange, (b) risk management and other unless underlying physical sales activity has occurred, (ii) loss on inventory write-downs for which there are offsetting associated risk management and other with unrealized gains, (iii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, and (iv) other adjusting items. Refer to the table below for a detailed calculation of Adjusted gross margin for the three months ended June 30, 2023 and June 30, 2022

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CALGARY, AB, May 4, 2023 /PRNewswire-HISPANIC PR WIRE/ –  Parkland Corporation, (”Parkland”, “We”, the “Company”, or “Our”) (TSX: PKI) held its annual and special meeting of shareholders on May 4, 2023 (the “Meeting”).

The Company is pleased to announce that all matters presented at the Meeting were approved including the election of all ten nominees listed in the management information circular dated March 22, 2023 (the “Information Circular”). The complete results of voting for business considered at the Meeting are set out below:

Resolution 1
Election of directors of Parkland for the ensuing year.

Resolution 2
The reappointment of PricewaterhouseCoopers LLP, Chartered Accountants, as auditor of Parkland for the fiscal year ending December 31, 2023.

Resolution 3
The approval of Parkland’s restated shareholder rights plan, as set forth and described in the Information Circular.

Resolution 4
The approval of amendments to Parkland’s stock option plan, as set forth and described in the Information Circular.

Resolution 5
The approval of unallocated options under Parkland’s stock option plan, as set forth and described in the Information Circular.

Resolution 6
The approval of amendments to Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Resolution 7
The approval of unallocated restricted share units under Parkland’s restricted share unit plan, as set forth and described in the Information Circular.

Resolution 8
The approval, on a non-binding and advisory basis, of Parkland’s approach to executive compensation as set forth and described in the Information Circular.

Voting results for all matters have been posted on SEDAR.

About Parkland Corporation

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

First quarter Adjusted EBITDA of $395 million
Safely completed scheduled turnaround at Burnaby Refinery on time and on budget

CALGARY, AB, May 3, 2023 /PRNewswire/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), today announced its financial and operating results for the three months ended March 31, 2023.

Q1 2023 Highlights

• Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”¹) of $395 million, consistent with the first quarter of 2022 with contributions from acquisitions and organic growth offsetting the impact of the scheduled turnaround completed at the Burnaby Refinery in the first quarter of 2023 (the “2023 Turnaround”).
• Net earnings attributable to Parkland (”net earnings”) of $77 million ($0.44 per share, basic) up 40 percent from the first quarter of 2022, and Adjusted earnings attributable to Parkland (”Adjusted earnings”²) of $114 million ($0.65 per share, basic) down 16 percent from the first quarter of 2022.
• Cash generated from operating activities of $314 million ($1.79 per share, basic³) up $362 million from the first quarter of 2022.
• Leverage ratio⁴ of 3.3x (3.4x in Q4 2022) and liquidity available³ of $1.5 billion.
• Continued to expand our ON the RUN convenience brand to approximately 670 locations and grew our JOURNIE^TM rewards loyalty program to 4.5 million members.
• Subsequent to the quarter, announced a partnership between JOURNIE^TM rewards loyalty program and Aeroplan and opened the first ON the RUN standalone retail location in British Columbia.

“The Company’s disciplined focus on delivering shareholder value continues to guide us and we are on track for a successful year. Our performance this quarter demonstrates our ability to execute on our strategy, capture synergies and deliver organic growth throughout our retail and commercial businesses,” said Bob Espey, President and Chief Executive Officer. “I am confident Parkland will deliver its $2 billion Adjusted EBITDA ambition by 2025 without additional acquisitions, while reducing leverage and improving shareholder returns.”

Q1 2023 Segment Highlights

• Canada delivered Adjusted EBITDA of $167 million, down 13 percent from Q1 2022 ($191 million). Unseasonably warm weather lowered commercial volumes, partially offset by 2022 acquisitions and organic growth. Fuel margins declined year-over-year due to favourable retail market conditions in Q1 2022. Food and Company C-Store Same Store Sales Growth (”SSSG”) (excluding cigarettes)² was 6.8 percent (1.7 percent in Q1 2022).
• International delivered Adjusted EBITDA of $183 million, up 123 percent, from Q1 2022 ($82 million). Performance was largely driven by the consolidation of the remaining 25% of Sol and additional volumes captured largely in the contracted commercial and retail business, organic growth initiatives and synergies.
• USA delivered Adjusted EBITDA of $21 million, down 55 percent, from Q1 2022 ($47 million). Results were negatively impacted by the compliance obligations accounted for in the current period of $17 million, commodity price fluctuations in 2022 and severe winter weather across certain markets.
• Refining delivered Adjusted EBITDA of $38 million, down 57 percent, from Q1 2022 ($89 million) reflecting the scheduled 2023 Turnaround. Composite utilization⁵ was 33.9 percent. These impacts were partially offset by increased sales of imported product and efficient management of pipeline capacity.

Parkland’s sustainability accomplishments are described in the Q1 2023 MD&A (as defined below). Notably, Parkland’s total recordable injury frequency rate (”TRIF”⁵) on a trailing-twelve-months basis was 0.97 in Q1 2023, a decrease of 18 percent compared to the Q1 2022 TRIF of 1.19.

Consolidated Financial Overview

Q1 2023 Conference Call and Webcast Details

Parkland will host a webcast and conference call on Thursday, May 4, 2023 at 6:30 am MDT (8:30 am EDT) to discuss the results. To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/nog8aEnNBqP

Analysts and investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-390-0546 (toll-free) (Conference ID: 79037941). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 79037941).

Please connect and log in approximately 10 minutes before the beginning of the call. The webcast will be available for replay two hours after the conference call ends at the link above. It will remain available for one year and will also be posted to www.parkland.ca.

MD&A and Consolidated Financial Statements

The management’s discussion and analysis for the three months ended March 31, 2023 (the “Q1 2023 MD&A”) and consolidated financial statements for the three months ended March 31, 2023 (the “Q1 2023 Consolidated Financial Statements”) provide a detailed explanation of Parkland’s operating results. An English version of these documents will be available online at www.parkland.ca and SEDAR after the results are released by newswire under Parkland’s profile at www.sedar.com. The French versions of the Q1 2023 MD&A and the Q1 2023 Consolidated Financial Statements will be posted to www.parkland.ca and SEDAR as soon as they become available.

About Parkland Corporation

Parkland is an international fuel distributor and retailer with operations in twenty-five countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultrafast Electric Vehicle charging.

Our proven business model is centered around organic growth, our supply advantage, driven by scale and our integrated refinery and supply infrastructure, acquiring prudently, and integrating successfully. Our strategy is focused on developing our existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values; safety, integrity, community, and respect, which are deeply embedded across our organization.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements (collectively, “forward-looking statements”). When used in this news release the words “expect”, “will”, “could”, “would”, “believe”, “continue”, “pursue” and similar expressions are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things: Parkland’s business model, objectives and strategies, including its ambition to reach $2 billion of Adjusted EBITDA by 2025 without further acquisitions, reduce leverage and improve shareholder returns.

These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These forward-looking statements speak only as of the date of this news release. Parkland does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks, assumptions and uncertainties including, but not limited to: general economic, market and business conditions, including the duration and impact of the COVID-19 pandemic and the Russia-Ukraine conflict; micro and macroeconomic trends and conditions, including increases in interest rates, inflation and commodity prices; Parkland’s ability to execute its business objectives, projects and strategies, including the completion, financing and timing thereof, realizing the benefits therefrom and meeting our targets and commitments relating thereto; Parkland’s management systems and programs and risk management strategy; the competitive environment of our industry; retail pricing, margins and refining crack spreads; availability and pricing of petroleum product supply; volatility of crude oil and refined product prices; ability of suppliers to meet commitments; actions by governmental authorities and other regulators including but not limited to increases in taxes or restricted access to markets; environmental impact; changes in environmental and regulatory laws, including the ability to obtain or maintain required permits; and other factors, many of which are beyond the control of Parkland. Assumptions related to Parkland’s ambition to reach $2 billion of Adjusted EBITDA by 2025 include an estimated $150 million of synergies from completed acquisitions and cost efficiencies and $180 million of organic growth compared to the 2022 financial results. See also the risks and uncertainties described in “Cautionary Statement Regarding Forward-Looking Information” and “Risk Factors” included in Parkland’s most recent Annual Information Form, and in “Forward-Looking Information” and “Risk Factors” included in the Q1 2023 MD&A, each filed on SEDAR and available on the Parkland website at www.parkland.ca. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Non-Financial Measures

Parkland uses a number of non-financial measures, including composite utilization and total recordable injury frequency rate, in measuring the success of our strategic objectives and to set variable compensation targets for employees. These non-financial measures are not accounting measures, do not have comparable International Financial Reporting Standards (”IFRS”) measures, and may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details on the non-financial measures used by Parkland.

Specified Financial Measures

This news release contains total of segments measures, non-GAAP financial measures and non-GAAP financial ratios, supplementary financial measures and capital management measures (collectively, “specified financial measures”). Parkland’s management uses certain specified financial measures to analyze the operating and financial performance, leverage and liquidity of the business. These specified financial measures do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. The specified financial measures should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding specified financial measures used by Parkland.

Non-GAAP Financial Measures and Ratios

Adjusted earnings (loss) and Adjusted earnings (loss) per share are a non-GAAP financial measure and a non-GAAP financial ratio, respectively, representing the underlying core operating performance of business activities of Parkland at a consolidated level.

Adjusted earnings (loss) and Adjusted earnings (loss) per share represent how well Parkland’s operational business is performing, while considering depreciation and amortization, interest on leases and long-term debt, accretion and other finance costs, and income taxes. The Company uses these measures because it believes that Adjusted earnings (loss) and Adjusted earnings (loss) per share are useful for management and investors in assessing the Company’s overall performance as they exclude certain significant items that are not reflective of the Company’s underlying business operations.

Adjusted earnings (loss) excludes costs that are not considered representative of Parkland’s underlying core operating performance including: (i) costs related to potential and completed acquisitions, (ii) non-core acquisition and integration employee costs, (iii) business integration and restructuring costs, (iv) changes in the fair value of share-based compensation liabilities, (v) unrealized gains and losses on (a) foreign exchange, (b) risk management assets and liabilities unless they relate to underlying physical sales activity in current period and (c) derivatives, (vi) realized foreign exchange gains and losses as a result of cash pooling arrangements and refinancing activities, (vii) realized foreign exchange gains and losses on accrued financing costs in foreign currency and the offsetting realized risk management gains and losses on the related foreign exchange risk management instruments, (viii) changes in values of the Sol put option, redemption options under Parkland’s senior unsecured notes, environmental liabilities and asset retirement obligations, (ix) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains, (x) impairments of non-current assets, (xi) loss on modification of long-term debt, (xii) earnings impact from hyperinflation accounting, (xiii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, (xiv) gains and losses on asset disposals, (xv) adjustment for the effect of market-based performance conditions for equity settled share-based award settlements, and (xvi) other adjusting items. Parkland’s Adjusted earnings (loss) and Adjusted earnings (loss) per share are also adjusted to include Parkland’s proportionate share of its joint-venture investees’ Adjusted earnings (loss). Concurrently with Parkland entering into the Share Exchange Agreement, effective August 4, 2022, Parkland does not allocate a portion of Adjusted earnings (loss) to NCI and includes 100 percent of International results as Adjusted earnings (loss).

Please see below for the reconciliation of Adjusted earnings (loss) to net earnings (loss) and calculation of Adjusted earnings (loss) per share.

Food and Company C-Store SSSG refers to the period-over-period sales growth generated by retail food and convenience stores at the same company sites. The effects of opening and closing stores, temporary closures (including closures for ON the RUN / Marché Express conversions), expansions of stores, renovations of stores, and stores with changes in food service models in the period are excluded to derive a comparable same-store metric. Same-store sales growth is a metric commonly used in the retail industry that provides meaningful information to investors in assessing the health and strength of Parkland’s brands and retail network, which ultimately impacts financial performance. Food and Company C-Store SSSG does not have any standardized meaning prescribed under IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. Please see below for a reconciliation of convenience store revenue (Food and C-Store revenue) of the Canada segment with the Food and Company C-Store same store sales (”SSS”) and calculation of the Food and Company C-Store SSSG.

The non-GAAP financial measures and ratios should not be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Except as otherwise indicated, these non-GAAP measures and ratios are calculated and disclosed on a consistent basis from period to period. See section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding Parkland’s non-GAAP financial measures and ratios.

Supplementary Financial Measures

Parkland uses a number of supplementary financial measures, including cash generated from (used in) operating activities per share and liquidity available to evaluate the success of our strategic objectives and to set variable compensation targets for employees. These measures may not be comparable to similar measures presented by other issuers, as other issuers may calculate these metrics differently. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding supplementary financial measures used by Parkland.

Capital Management Measures

Parkland’s primary capital management measure is the Leverage Ratio, which is used internally by key management personnel to monitor Parkland’s overall financial strength, capital structure flexibility, and ability to service debt and meet current and future commitments. The Leverage Ratio is calculated as a ratio of Leverage Debt to Leverage EBITDA (each as defined in the Q1 2023 Consolidated Financial Statements) and does not have any standardized meaning prescribed under IFRS. It is therefore unlikely to be comparable to similar measures presented by other companies. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding capital management measures used by Parkland.

Total of Segments Measures

Adjusted EBITDA is a total of segments measure used by the chief operating decision maker to make decisions about resource allocation to the segment and to assess its performance. In accordance with IFRS, adjustments and eliminations made in preparing an entity’s financial statements and allocations of revenue, expenses, and gains or losses shall be included in determining reported segment profit or loss only if they are included in the measure of the segment’s profit or loss that is used by the chief operating decision maker. As such, Parkland’s Adjusted EBITDA is unlikely to be comparable to similarly named measures presented by other issuers, who may calculate these measures differently. Parkland views Adjusted EBITDA as the key measure for the underlying core operating performance of business segment activities at an operational level. Adjusted EBITDA is used by management to set targets for Parkland (including annual guidance and variable compensation targets) and is used to determine Parkland’s ability to service debt, finance capital expenditures and provide for dividend payments to shareholders. See Section 16 of the Q1 2023 MD&A, which is incorporated by reference into this news release, for further details regarding total of segments measures used by Parkland. Refer to the table below for the reconciliation of Adjusted EBITDA to net earnings (loss) for the three months ended March 31, 2023 and March 31, 2022.

Parkland uses Adjusted gross margin as a measure of segment profit (loss) to analyze the performance of sale and purchase transactions and performance on margin. Adjusted gross margin excludes the effects of significant items of income and expenditure that are not considered representative of Parkland’s underlying core margin performance and may have an impact on the quality of margins, such as (i) unrealized gains and losses on (a) foreign exchange, (b) risk management and other unless underlying physical sales activity has occurred, (ii) loss on inventory write-downs for which there are offsetting associated risk management and other with unrealized gains, (iii) certain realized gains and losses on risk management assets and liabilities that are related to underlying physical sales activity in another period, and (iv) other adjusting items. Refer to the table below for the reconciliation of Adjusted gross margn.

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CALGARY, AB, April 11, 2023 /PRNewswire/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI), announced today that the previously announced eight-week turnaround at the Burnaby Refinery has been safely completed. Following a successful start-up phase, the facility is now fully operational.

“I would like to congratulate the team who worked diligently and safely to complete this maintenance turnaround on time and within budget,” says Ryan Krogmeier, Senior Vice President, Supply, Trading and Refining. “Our team’s consistent execution and use of innovative technologies delivered a successful project that will help optimize ongoing refinery operations.”

Parkland is an international fuel distributor and retailer with operations in 25 countries. Our purpose is to Power Journeys and Energize Communities, and every day, we provide over one million customers with the essential fuels, convenience items and quality foods on which they depend.

With approximately 4,000 retail and commercial locations across Canada, the United States, and the Caribbean region, we have developed supply, distribution, and trading capabilities to accelerate growth and business performance. In addition to meeting our customers’ needs for essential fuels, we provide a range of choices to help them lower their environmental impact. These include carbon and renewables trading, solar power, renewables manufacturing and ultra-fast electric vehicle charging.

Our proven business model is centered around organic growth and our supply advantage, and is driven by scale, our integrated refinery and supply infrastructure, and focus on acquiring prudently, and integrating successfully. Our strategy is focused on developing the existing business in resilient markets, growing our food, convenience, and renewable energy businesses, and helping customers to decarbonize. Our business is underpinned by our people, and our values of safety, integrity, community, and respect, which are deeply embedded across our organization.

Supercar Blondie partners with Vantage Markets for financial education

GRAND CAYMAN, Cayman Islands, Jan. 18, 2023 /PRNewswire-HISPANIC PR WIRE/ — Multi-asset broker, Vantage International Group Limited (”Vantage” or “Vantage Markets”) is pleased to unveil Alexandra Mary Hirschi, of Supercar Blondie, as its Brand Ambassador.

This partnership marks a milestone between an online brokerage with a social media publisher, aimed to use their respective expertise to provide accessible and relevant financial education both on Vantage’s platforms and on Supercar Blondie’s online education channel, Xplained.

Marc Despallieres, Chief Strategy and Trading Officer at Vantage, says, “We are truly excited to work with Supercar Blondie once again, in a greater capacity as our brand ambassador. Her adventurous attitude, tech-savvy, and global appeal makes her a perfect fit for us to raise Vantage’s brand awareness among younger and more discerning audiences. I know her unique presentation style will help demystify trading, and make it approachable and relevant for all.”

The social media publisher draws over 1 billion views per month across the group, with over 85 million followers globally. As a leading voice and influence in a traditionally masculine industry, Supercar Blondie engenders Vantage’s beliefs in female empowerment, alongside a shared commitment of Vantage towards innovation, and climate action, which is aligned with Vantage’s partnership with NEOM McLaren Extreme E.

Alexandra Mary Hirschi says, “I am all for bringing exciting and transformative content to our audience. One of our key goals in 2023 is to empower our audience by providing accessible financial education materials. With that, I’m thrilled to partner with a market leader like Vantage to raise the bar on financial education and strengthen financial literacy for all. Vantage is a company with a big heart, and It’s exciting to see the impact we can make together.”

This announcement marks a strengthening of the partnership between the two organisations that was first established in 2022 when Supercar Blondie participated in the Blue Carbon initiative in Sardinia, Italy, to formally launch Vantage’s corporate ESG journey, and bring awareness to climate change.

About Vantage

Vantage (Vantage International Group Limited) is a multi-asset broker offering clients access to a nimble and powerful service for trading CFD on Forex, Commodities, Indices, Shares, ETFs and Bonds.

With more than 13 years of market experience, Vantage entities now have over 1,000 employees across more than 30 global offices.

Vantage is more than a broker. It provides a trusted trading ecosystem, an award-winning mobile trading app, and a user- friendly trading platform that enables clients to take advantage of trading opportunities. Download the Vantage App on App Store or Google Play.

trade smarter @vantage.

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MIAMI, Dec. 19, 2022 /PRNewswire-HISPANIC PR WIRE/ — Royal Caribbean Group (NYSE: RCL) announced today that it has entered into a new partnership with iCON Infrastructure Partners VI, L.P. (”iCON VI”)¹, a fund advised by iCON Infrastructure LLP (”iCON Infrastructure” or “iCON”) to develop strategic cruise port infrastructure in support of Royal Caribbean Group’s robust growth plans.

Access to destinations continues to be of strategic importance to Royal Caribbean Group’s core business. The proposed partnership will own, develop, and manage cruise terminal facilities and infrastructure in home ports and key ports of call. The partnership, which will be owned 90% by iCON VI and 10% by Royal Caribbean Group, will be managed by an independent management team with strategic support from Royal Caribbean Group. Both parties have committed to provide funding for future expansion in accordance with their percentage interest.

“Our partnership with iCON is a unique opportunity to catapult us into the coming decades of port investments, build further financial strength, and provide exceptional cruising experiences, responsibly, to our guests at the best destinations in the world,” said Jason Liberty, president and CEO, Royal Caribbean Group. “Over the last few years, we have developed more destinations than any other cruise company and this new partnership will allow us to implement a capital-light investment framework to accelerate the development of strategic destinations around the world. We selected iCON because of our shared strategic priorities – delivering the best experiences in the world, responsibly – and our shared commitment to sustainability, being a committed partner in each of the destinations we visit and exploring the very best locations around the world.”

iCON is a leading independent investment group with a focus on investing in high-quality infrastructure assets located predominantly in North America and Europe, with extensive experience investing in ports and port-related infrastructure.

The new partnership will initially include PortMiami Terminal A, and several development projects in Italy, Spain, and the U.S. Virgin Islands. The partnership will also pursue additional port infrastructure developments based on the robust pipeline of projects as part of Royal Caribbean Group’s destination development strategy. At closing (anticipated for the first quarter of 2023), Royal Caribbean Group expects to receive net cash proceeds of approximately $210 million. The partnership is expected to be accretive to earnings, ROIC, and leverage metrics and will allow Royal Caribbean Group to continue investing in the development of strategic infrastructure while supporting the goals of its Trifecta program.

“We are thrilled to be partnering with Royal Caribbean Group to develop, own and manage a portfolio of cruise terminals in key strategic markets,” said Iain Macleod, Managing Partner at iCON. “Through this partnership, we will provide world class cruise terminal infrastructure, offering cruise guests more opportunities to see and experience the world in partnership with the Royal Caribbean Group, a world class operator. In the years to come, we look forward to delivering new high-quality terminals, working closely with key destination communities and with a strong focus on sustainability.”

BofA Securities is serving as exclusive financial advisor to Royal Caribbean Group.

About Royal Caribbean Group:

Royal Caribbean Group (NYSE: RCL) is one of the leading cruise companies in the world with a global fleet of 64 ships traveling to approximately 1,000 destinations around the world. Royal Caribbean Group is the owner and operator of three award-winning cruise brands: Royal Caribbean International, Celebrity Cruises, and Silversea Cruises, and it is also a 50% owner of a joint venture that operates TUI Cruises and Hapag-Lloyd Cruises. Together, the brands have an additional 10 ships on order as of September 30, 2022. Learn more at www.royalcaribbeangroup.com or www.rclinvestor.com.

About iCON:

iCON is the exclusive advisor to funds with cumulative commitments in excess of $8bn. iCON VI, iCON’s latest flagship fund, closed fundraising in June 2022 with $3.6bn of capital committed from over 50  investors. Investors in iCON’s funds comprise globally recognized corporate and public pension funds, asset managers, insurance companies and sovereign wealth funds.

iCON is a long-term investor with an extensive track record of partnering alongside strategic counterparties that share a similar focus on growth, operational excellence and sustainability. iCON advised funds invest across a range of infrastructure sectors including ports, transport, telecommunications, healthcare, water, energy generation, distribution and storage. Learn more at www.iconinfrastructure.com.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements in this press release relating to, among other things, our future performance estimates, forecasts and projections constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited, to: statements regarding the impact of the Partnership on our financial performance, projections and balance sheet. Words such as “anticipate,” “believe,” “could,” “driving,” “estimate,” “expect,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “will,” “would,” “considering,” and similar expressions are intended to help identify forward-looking statements. Forward-looking statements reflect management’s current expectations, are based on judgments, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in those forward-looking statements. Examples of these risks, uncertainties and other factors include, but are not limited to, the following: the impact of the global incidence and continued spread of COVID-19, which has had and may continue to have a material adverse impact on our business, liquidity and results of operations, or other contagious illnesses on economic conditions and the travel industry in general and the financial position and operating results of our Company in particular, such as: governmental and self-imposed travel restrictions and guest cancellations; our ability to obtain sufficient financing, capital or revenues to satisfy liquidity needs, capital expenditures, debt repayments and other financing needs; the effectiveness of the actions we have taken to improve and address our liquidity needs; the impact of the economic and geopolitical environment on key aspects of our business including the conflict between Ukraine and Russia, such as the demand for cruises, passenger spending, and operating costs; incidents or adverse publicity concerning our ships, port facilities, land destinations and/or passengers or the cruise vacation industry in general; concerns over safety, health and security of guests and crew; our COVID-19 protocols and any other health protocols we may develop in response to infectious diseases may be costly and less effective than we expect in reducing the risk of infection and spread of such disease on our cruise ships; further impairments of our goodwill, long-lived assets, equity investments and notes receivable; an inability to source our crew or our provisions and supplies from certain places; an increase in concern about the risk of illness on our ships or when travelling to or from our ships, all of which reduces demand; unavailability of ports of call; growing anti-tourism sentiments and environmental concerns; changes in U.S. foreign travel policy; the uncertainties of conducting business internationally and expanding into new markets and new ventures; our ability to recruit, develop and retain high quality personnel; changes in operating and financing costs; our indebtedness, any additional indebtedness we may incur and restrictions in the agreements governing our indebtedness that limit our flexibility in operating our business; the impact of foreign currency exchange rates, the impact of higher interest rate and fuel prices; the settlement of conversions of our convertible notes, if any, in shares of our common stock or a combination of cash and shares of our common stock, which may result in substantial dilution for our existing shareholders; our expectation that we will not declare or pay dividends on our common stock for the near future; vacation industry competition and changes in industry capacity and overcapacity; the risks and costs related to cyber security attacks, data breaches, protecting our systems and maintaining integrity and security of our business information, as well as personal data of our guests, employees and others; the impact of new or changing legislation and regulations (including environmental regulations) or governmental orders on our business; pending or threatened litigation, investigations and enforcement actions; the effects of weather, natural disasters and seasonality on our business; the impact of issues at shipyards, including ship delivery delays, ship cancellations or ship construction cost increases; shipyard unavailability; the unavailability or cost of air service; and uncertainties of a foreign legal system as we are not incorporated in the United States.

More information about factors that could affect our operating results is included under the caption “Risk Factors” in our most recent current report on Form 10-Q, as well as our other filings with the SEC, copies of which may be obtained by visiting our Investor Relations website at www.rclinvestor.com or the SEC’s website at www.sec.gov. Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Selected Definitions

Trifecta refers to the multi-year Adjusted EBITDA per APCD, Adjusted EPS and ROIC goals we publicly announced in November 2022 and are seeking to achieve by the end of 2025. We designed this program to help us better execute and achieve our business goals by clearly articulating longer-term financial objectives. Under the Trifecta Program, we are targeting Adjusted EBITDA per APCD of at least $100, Adjusted EPS of at least $10, and ROIC of 13% or higher by the end of 2025.

Adjusted EBITDA is a non-GAAP measure that represents EBITDA (as defined below) excluding certain items that we believe adjusting for is meaningful when assessing our profitability on a comparative basis. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations within Item 2 of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 for a discussion of items adjusted to arrive at Adjusted EBITDA.

Adjusted Earnings (Loss) per Share (”Adjusted EPS”) is a non-GAAP measure that represents Adjusted Net Income (Loss) (as defined below) divided by weighted average shares outstanding or by diluted weighted average shares outstanding, as applicable. We believe that this non-GAAP measure is meaningful when assessing our performance on a comparative basis.

Adjusted Net Income (Loss) is a non-GAAP measure that represents net income (loss) excluding certain items that we believe adjusting for is meaningful when assessing our performance on a comparative basis. Refer to Management’s Discussion and Analysis of Financial Condition and Results of Operations within Item 2 of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, and within Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2021 for a discussion of items adjusted to arrive at Adjusted Net Income (Loss).

Adjusted Operating Income (Loss) is a non-GAAP measure that represents operating income (loss) including income (loss) from equity investments and income taxes but excluding certain items that we believe adjusting for is meaningful when assessing our operating performance on a comparative basis. Refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 for a discussion of items adjusted to arrive at Adjusted Operating Income (Loss). We use this non-GAAP measure to calculate ROIC (as defined below).

Available Passenger Cruise Days (”APCD”) is our measurement of capacity and represents double occupancy per cabin multiplied by the number of cruise days for the period, which excludes canceled cruise days and cabins not available for sale. We use this measure to perform capacity and rate analysis to identify our main non-capacity drivers that cause our cruise revenue and expenses to vary.

EBITDA is a non-GAAP measure that represents net income (loss) excluding (i) interest income; (ii) interest expense, net of interest capitalized; (iii) depreciation and amortization expenses; and (iv) income tax benefit or expense. We believe that this non-GAAP measure is meaningful when assessing our operating performance on a comparative basis.

Invested Capital represents the most recent five-quarter average of total debt (i.e., Current portion of long-term debt plus Long-term debt) plus Total shareholders’ equity. We use this measure to calculate ROIC (as defined below).

Return on Invested Capital (”ROIC”) represents Adjusted Operating Income (Loss) divided by Invested Capital. We believe ROIC is a meaningful measure because it quantifies how efficiently we generated operating income relative to the capital we have invested in the business. ROIC is also used as a key metric in our long-term incentive compensation program for our executive officers.

¹ iCON Infrastructure Partners VI (”iCON VI”) comprises two parallel limited partnerships, iCON Infrastructure Partners VI, L.P. and iCON Infrastructure Partners VI-B, L.P. iCON Infrastructure Management VI Limited, the managing general partner of each of iCON Infrastructure Partners VI, L.P. and iCON Infrastructure Partners VI-B, L.P., is licensed by the Guernsey Financial Services Commission. iCON Infrastructure LLP (”iCON”), the investment advisor to the managing general partner, is regulated by the Financial Conduct Authority.

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CARIBPR WIRE, Basseterre, St. Kitts, Dec. 12, 2022: Prime Minister Terrance Drew of the island nation of St Kitts and Nevis was in Dubai recently for a state visit that not only aims to strengthen bilateral relations but also glean lessons from the United Arab Emirates that will pivot the island into a sought-after business and leisure hub in the Caribbean.

The new prime minister and his delegation had several meetings and engagements over the four-day trip which took place from 29 November to 3 December 2022.

The two regions have enjoyed years of fruitful relations that have resulted in several areas of cooperation in which both countries have achieved together. This includes the signing of a historic Air Services Agreement. The seminal move paved the way for air traffic between the Federation of St Kitts and Nevis and the UAE.

The UAE also expressed previous interest in assisting the twin island Federation in adapting stronger climate change resilient measures, particularly as it relates to infrastructure. As climate related weather patterns become more fierce, St Kitts and Nevis is looking to tap into Dubai’s knowledge and expertise in constructing durable and resilient structures.

Just as recently as the 1960s, Dubai’s economy was merely dependent on the revenues generated from trade and oil exploration concessions. A major chunk of revenue obtained from oil reserves started to flow in 1969 and the rapid development of Dubai began – including major infrastructure like schools and hos­pitals and, over the years, it trans­formed Dubai into the business hub we know today.

St Kitts and Nevis developed and instituted its citizenship by investment programme in 1984 as a way to increase and diversify revenue generation. For nearly 40 years the programme has been instrumental in catapulting the nation from just a small island in the Caribbean to a globally recognized investment destination.

Without this foreign direct investment into the nation, St Kitts and Nevis would have certainly progressed at a much slower pace than desired.

The government of St Kitts and Nevis has made considerable progress in reducing its public debt and is among other countries in the Caribbean that supplement their economic activity through CBI programmes which provide astute investors with the option to obtain citizenship by investing in the country. The new government administration of St Kitts and Nevis believes that residents of the United Arab Emirates (UAE) have a lot to benefit from its CBI programme.

The country is looking to build its reputation on the international stage and the CBI programme is one way to direct foreign direct investment to innovative projects across the spheres of education, health, agriculture and tourism.

For example, the travel and tourism sector accounted for one tenth of the gross domestic product (GPD) in St Kitts and Nevis in 2021, dropping for the second consecutive year. Part of the funds channeled the citizenship by investment programme will be used to revitalize the sector and re-establish St Kitts and Nevis as must-visit destination.

Attracting the right kind of developers who will inject cash into developing attractive real estate projects that will charm discerning investors, is one way to grow the tourism sector. Not only that but the upgrading and development of important infrastructure such as schools, hospitals, airports and hotel chains is another way the funds will be used to not only bring up tourist numbers but investors too.

The visit was also aimed at deepening relationships with important stakeholders including international investors and government approved agents, who play a vital role in promoting and supporting the country’s recently upgraded citizenship by investment programme.

St Kitts and Nevis is the first country of the Caribbean Community to establish a formal diplomatic presence in the UAE, recently opening an embassy and consulate in the region.

The members of the delegation which included, Cabinet Secretary, Dr Natta, Attorney General, Mr. Wilkin, Minister of Tourism, Ms. Henderson, Mr. Anthony and Ms. Galloway, were positive following the visit and believe that there were many lessons learned from visit that they could take back home and implement.

The visit also signifies to the world St Kitts and Nevis is open for business. During the visit, business partners, investors and citizens were able to meet the Prime Minister and the accompanying delegation members at an exclusive cocktail event that was hosted by the High Commission of St Kitts and Nevis during the trip.

The visit provided an opportunity for St Kitts and Nevis to attract investors who seek mutually beneficial partnerships with the nation.

Saint Kitts and Nevis administers one of the most successful citizenship by investment programmes in the world. This government delegation was aimed at showing investors, entrepreneurs and families from the UAE that they are all welcome in Saint Kitts and Nevis.

The Prime Minister’s visit has come at a time when the economies of many countries are affected by the lingering impact of the COVID-19 pandemic and by the consequences of the Ukraine-Russia conflict.

Prime Minister Drew is on a drive to find and implement solutions that will prosper St Kitts and Nevis and one of those actions included upgrading the country’s CBI programme – the government is taking measures to sustain and enhance the image of the twin-island federation’s CBI programme, so it is more transparent and follows the principles of integrity and good governance.

The St Kitts and Nevis government also recently launched its “Venture Deeper” campaign. This is a branding campaign aimed at highlighting the country’s famous and marked natural environment while introducing elements of introspective self-discovery and intention.

The campaign’s visual assets, showcased at a May 20 media premiere in New York, highlighted St Kitts and Nevis’ lush natural environment, including the territory’s rainforest, abundant historic landmarks and immersive cultural experiences.

St Kitts and Nevis’ revamped citizenship by investment programme is aimed at intelligent investors looking not only to prosper themselves, but those who are sustainability minded in their investment decisions.

CARIBPR Wire, Castries, Saint Lucia, Dec. 08, 2022: The head of Saint Lucia’s Citizenship by Investment Unit, Mc Claude Emmanuel, was in the United States of America recently for the 7^th Annual Private Wealth Florida Forum.

The invitation-only event is attended by private wealth and institutional investors, including wealth managers, corporate pensions, public pensions, insurance funds, endowments, foundations, sovereign wealth funds, health care organizations and private bankers. The event aims to bring together the investment management community for peer driven thought leadership experiences that provide a platform for education, business development and networking.

Emmanuel was speaking to wealth managers on why Saint Lucia should form part of their basket of offshore investment options.

As one of the youngest citizenship by investment offerings on the market, Saint Lucia certainly competes with the best in terms of what it has to offer investors.

There are currently four main ways investors can gain a coveted Saint Lucia citizenship, with the main one being through the National Economic Fund. This Fund was established to drive foreign direct investment to nation building projects such as increasing and improving infrastructure in country. Through this Fund, highways, bridges, schools and hospitals have been upgraded and built.

For a minimum investment of US$100 000.00 for a single applicant, US investors can become part of the Caribbeans biggest success stories.

“Saint Lucia has a strong economy and our currency, the Eastern Caribbean Dollar, is pegged against the United States Dollar – at a rate of US$1.00 being the equivalent of EC$2.70 – and has been so for the last 70 years,” stated Emmanuel.

According to Moody’s Analytics, the island nation has been able to attract foreign business and investment, especially in its offshore banking and tourism industries. Tourism is Saint Lucia’s main source of jobs and income – accounting for 65 percent of GDP – and the island’s main source of foreign exchange earnings. The manufacturing sector is the most diverse in the Eastern Caribbean area.

In this context, the Eastern Caribbean nation of Saint Lucia has emerged as a new favourite for investors. This is due to its growing economy, stable business environment and tax regime which supports the growth and development of its businesses, investors, and citizens.

“We have a strong tourism product, being rated the number one honeymoon destination in world for the last 10 years. Saint Lucia is also home to major hospitality brands like Hilton and Marriott and our shores attract over one million tourists from the USA, Canada and Europe every year,” added Emmanuel.

Saint Lucia’s colourful heritage is ingrained in the culture of the island and celebrated by locals and visitors alike. With a history spanning hundreds of years and including stories of pirates, colonies, and battles, it’s enough to pique anyone’s interest.

Each part of the island has distinct features to be experienced and enjoyed. The island’s volcanic origin is the reason for its lush vegetation, soothing mud pools and iconic Sulphur Springs.

When asked why Saint Lucia should be favourable to asset managers and applicants, Emmanuel responded that country has a favourable tax regime, stable economy and its policies make it easy for entrepreneurs to do business, not to mention the favourable Caribbean weather conditions.

Saint Lucia is also very well-connected to the rest of the world with international flights to the United States, Canada, and Europe. The low cost of living coupled with the high quality of life makes it the ideal place to live. The Caribbean way of life has a universal appeal that simply cannot be matched.

“During the Covid-19 pandemic, we had a surge of applications from north Americans who want to be able to work from anywhere – we commonly see people with their laptops on the beach, in hotel lobbies and villas – that’s one of the strong selling points for US citizens looking to invest in Saint Lucia.”

Those looking to get away from the pressures and humdrum of city life will be well suited to invest in the country.

The country also has a favourable tax regime, American investors do not need to pay inheritance tax, worldwide income tax, or capital gains tax – making it an ideal destination for wealth planning.

Looking at which nationalities have favoured getting second citizenship from Saint Lucia, Emmanuel said “In terms of applicants, China continues to be number one and as of 2021, US applicants have taken the second spot – particularly applicants from the states of New York, Philadelphia, Florida and a small number from Las Vegas. In Canada, a lot of applicants come from Toronto.”

Emmanuel also added that the two major reasons for Americans looking to gain second citizenship from Saint Lucia are safety and tax planning.

“Many US citizens are looking for safety. Americans travel extensively and their passport can be seen as a target due to ongoing geopolitical conflict, especially in regions like the Middle East and Eastern Europe. What they do when travelling to these regions is use our passport and keep their American passport in their back pocket. The second major reason for investing in our citizenship by investment programme is to tap into our favourable tax system, which continues to be a drawcard. Saint Lucia offers a lot of offshore financial solutions.”

The popular product update will be extended to trades made for other digital assets

PORT VILA, Vanuatu, Dec. 8, 2022 /PRNewswire-HISPANIC PR WIRE/ – Vantage, (or “Vantage Markets”) says its swap-free gold XAUUSD trading has seen overwhelming response from clients. Within the first three months of its implementation, Vantage traders enjoyed nearly USD 1 million in savings* from overnight fees.

In response to client’s positive feedback, Vantage has decided to continue its swap-free trading beyond 2022 and extend the offering to other digital assets to benefit more clients.

The swap-free product enhancement was designed to provide greater convenience for gold XAUUSD traders. Clients are not charged overnight fees when trading across all trading accounts, including on the Vantage App, regardless of trade size. Details of the swap-free trading can be found here. Clients can also calculate their own potential savings with the Vantage Swap Calculator.

Marc Despallieres, Chief Strategy and Trading Officer, says, “We have received much positive feedback from our clients, and are pleased to extend this offering for their benefit. Amid extreme market volatility, swap-free trading eliminates overnight fees as a cost consideration for our clients when they choose to pursue longer term trading strategies. It also affords them the flexibility to close their trades at a time of their choosing, for their hedging purposes, removing the necessity of closing their trades on a daily basis.”

“At Vantage, we are constantly looking to enhance our offerings to allow our clients to trade market opportunities on their own terms.”

*Based on figures provided by Vantage entities.

About Vantage

Vantage (or “Vantage Markets”) is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares, ETFs and Bonds. With more than 13 years of market experience. Vantage now has over 1,000 employees across more than 30 global offices.

Vantage is more than a broker. It provides a trusted trading ecosystem, an award-winning mobile trading app, and a user-friendly trading platform that enables clients to take advantage of trading opportunities. Download the Vantage App on App Store or Google Play.

Be empowered to better capitalise on winning market opportunities when you trade smarter @vantage.

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