CaribPR Wire » #Businessnews

PLAYBOY TO RELOCATE GLOBAL HEADQUARTERS TO MIAMI BEACH, PLANS TO DEVELOP NEW PLAYBOY CLUB

caribpr — Wed, 13 Aug 2025 18:32:58 +0000

Strategic move underscores iconic brand’s next chapter with expanded hospitality offerings, advanced content studios, and renewed cultural presence

LOS ANGELES, Aug. 13, 2025 /PRNewswire-HISPANIC PR WIRE/ — Playboy has announced that it will relocate its global corporate headquarters from Los Angeles to Miami Beach, reflecting the company’s commitment to aligning with one of the nation’s most dynamic, culturally relevant, and business-friendly cities.

In conjunction with the relocation, Playboy is developing a new Playboy Club in Miami Beach with a leading hospitality company. The planned Club will feature a world-class restaurant, alongside an exclusive members-only space inspired by the storied Playboy Mansion—bringing the brand’s celebrated heritage to one of the most vibrant destinations in the world.

The move will also include the establishment of state-of-the-art content studios in Miami Beach to support Playboy’s growing creator network. These facilities will produce original multimedia content across digital platforms, including podcasts, photography, and other media ventures, further reinforcing Playboy’s position at the intersection of culture, entertainment, and lifestyle.

“Miami Beach is among the most dynamic and culturally influential cities in the country, making it the ideal home for Playboy’s next chapter,” said Ben Kohn, CEO of Playboy, Inc. “Our vision is to create world-class content and experiences that resonate globally, and Miami Beach provides the perfect environment for that ambition. The City of Miami Beach has been an outstanding partner throughout this process—its vibrancy, pro-business approach, and quality of life make it an extraordinary home for our employees and for our future.”

Joseph Magazine, Commissioner of the City of Miami Beach, added: “As Miami Beach continues to establish itself as one of the premier cities in the world to live, work, and conduct business, we are thrilled to welcome Playboy’s global headquarters. This move is expected to bring a significant number of well-paying jobs to our city, and it reinforces our commitment to fostering innovation, cultural vitality, and economic growth in partnership with one of the most iconic brands in history.”

The headquarters relocation and development of the new Playboy Club represent key milestones in Playboy’s broader transformation strategy, as the company reclaims its position as one of the world’s most enduring and influential lifestyle and media brands.

Playboy’s headquarters will be located at the first of its kind Class X office building , THE RIVANI, led by distinguished real estate developer Robert Rivani.

About Playboy

Playboy is one of the most recognizable brands in the world, synonymous with pleasure, leisure, style, and sophistication. In collaboration with leading licensees, Playboy connects consumers with products, content and experiences across approximately 180 countries. Our mission—to create a culture where all people can pursue pleasure—builds upon over 70 years of creating groundbreaking media and hospitality experiences and fighting for cultural progress rooted in the core values of equality, freedom of expression and the idea that pleasure is a fundamental human right. Learn more at https://investors.playboy.com/.

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Parkland Announces Management and Business Updates

caribpr — Wed, 16 Apr 2025 11:31:20 +0000

Bob Espey, President & CEO, Announces Decision to Step Down

Michael Jennings, Chair of the Board, Appointed as Executive Chair

Provides Preliminary Q1 2025 Results Amidst Macroeconomic and Regulatory Volatility

CALGARY, AB, April 16, 2025 /PRNewswire- Hispanic PR Wire/ — Parkland Corporation (”Parkland” or the “Company”) today announced key management and business updates.

CEO Succession

Bob Espey has informed the Board of Directors that he will step down as President and Chief Executive Officer of Parkland.

“On behalf of the Board, I would like to thank Bob for his vision and leadership over the last fifteen years as President & CEO,” said Michael Jennings, Executive Chair of Parkland. “Bob has led Parkland through a period of exponential growth, transforming the Company from a small regional fuel retailer into one of Canada’s leading fuel and convenience retailers with international operations in twenty-six countries. We thank him for his unwavering commitment and dedication.”

“Serving as Parkland’s CEO has been the opportunity of a lifetime. I want to thank the entire Parkland team — past and present — for their incredible dedication and drive. I am proud of what we have built together,” said Mr. Espey. “Over the past few months, it became clear that stepping down and announcing my departure may help bring resolution to the situation with Simpson Oil Limited and benefit all shareholders. I remain deeply committed to Parkland and will support a smooth transition to new leadership. I look forward to working closely with Michael in his new role as Executive Chair.”

The Board of Directors has formed a CEO search committee (the “Search Committee”) comprised of independent directors to oversee an extensive executive search process to select a qualified candidate to replace Mr. Espey. Mr. Espey’s deep understanding of Parkland’s operations will provide continuity during the search process. He will stay on until the appointment of a new CEO, the completion of the strategic review, or December 31, 2025, whichever occurs first.

Update to Board Responsibilities

Effective immediately, Michael Jennings is appointed Executive Chair. In addition to providing continued leadership to the Board, Mr. Jennings will remain focused on the governance and delivery of a disciplined strategic review process which is being led by a Special Committee of experienced directors, supported by Goldman Sachs Canada and BofA Securities.

The strategic review aims to identify opportunities to maximize shareholder value by evaluating the current business strategy and optimization opportunities, while also considering alternatives including asset divestments, acquisitions, transformative business combinations and a sale of the Company.

In line with best corporate governance practices, James Neate is appointed Lead Independent Director of the Board.

Q1 2025 Preliminary Results

Parkland has a diversified and resilient business. Its base business is well positioned and retains significant operational flexibility to navigate macroeconomic uncertainty on the horizon, which is impacting fuel demand and unit margins.

Recent regulatory developments in Canada and the United States have created volatility and intensified market disruptions. These are curtailing the profitability and movement of refined products into the United States and creating structural shifts in climate and carbon compliance programs.

For the first quarter of 2025, Parkland expects to deliver Adjusted EBITDA of approximately $375 million.

Canada expects to deliver Adjusted EBITDA of approximately $110 million. While our base fuel retailing, convenience and supply business performed in line with our expectations, the quarter was impacted by a commercial decision to wind down our Californian compliance market position¹. While these markets have historically benefited our strategy, and been profitable, given the broader shift in the macro and regulatory environment listed above, we chose to fully exit our positions in the first quarter, resulting in a charge of approximately $55 million.
International expects to deliver Adjusted EBITDA of approximately $181 million. This reflects strong underlying commercial and wholesale performance, and continued strength in our South American region, as well as the translation impact of a strengthening U.S. dollar.
USA expects to deliver Adjusted EBITDA of approximately $16 million. We continue to see macro pressures impacting fuel and convenience demand in line with broader industry trends, as well as competitive market dynamics which are impacting unit margins. Furthermore, a core tenet of our U.S. strategy, which is capitalizing on supply arbitrage opportunities moving refined product between Canada and the U.S., has been impacted by the macro-economic and regulatory developments noted above.
Refining expects to deliver Adjusted EBITDA of approximately $79 million, which includes the successful completion of a three-week planned maintenance event. The refinery performed safely and reliably in the first quarter which allowed us to benefit from favourable market conditions.

The 2025 Adjusted EBITDA guidance of $1.8 billion to $2.1 billion was purposefully broad to reflect the potential impact of ongoing macroeconomic volatility. Based on current market conditions, Parkland now expects results to be toward the lower end of that range.

Parkland will release its first quarter 2025 results after market close on May 5, 2025. The Annual General Meeting of Shareholders will be held at 9:00 a.m. MT on May 6, 2025, in Calgary, Alberta.

The financial information contained in this release is preliminary, unaudited, and subject to change based on completion of the Company’s quarter-end financial close process and final accounting review.

________________________________

¹ These positions are held within our integrated Canadian logistics business, which is reported within the Canada segment.

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in twenty-six countries across the Americas. Our retail network meets the fuel, and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including manufacturing and blending renewable fuels, ultra-fast EV charging, a variety of solutions for carbon credits and renewables, and solar power. 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 interconnected pillars: our Customer Advantage and our Supply Advantage. Through our Customer Advantage, we aim to be the first choice of our customers through our proprietary brands, differentiated offers, extensive network, competitive pricing, reliable service, and 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 embedded across our organization.

Forward-Looking Statements

Certain statements contained herein constitute forward-looking information and statements (collectively, “forward-looking statements”). When used 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: the expected first quarter 2025 consolidated Adjusted EBITDA of Parkland and the expected first quarter 2025 Adjusted EBITDA of each operating segment (each calculated consistently as set out in section 16.A. of the management’s discussion and analysis for the quarter ended December 31, 2024, and note 26(a) to the consolidated financial statements for the year ended December 31, 2024, each dated March 5, 2025); Parkland’s expectation of being within the lower end of the 2025 Adjusted EBITDA Guidance range of $1.8 to $2.1 billion; and Mr. Espey remaining President and CEO until the earlier of an appointment of a new CEO, the completion of the strategic review, or December 31, 2025.

Parkland Announces Date of 2024 Fourth Quarter and Year-End Results

caribpr — Thu, 20 Feb 2025 00:48:05 +0000

CALGARY, AB, Feb. 19, 2025 /PRNewswire-HISPANIC PR WIRE/ — Parkland Corporation (”Parkland”, “we”, the “Company”, or “our”) (TSX: PKI) expects to announce its 2024 fourth quarter and year-end results after markets close on Wednesday, March 5, 2025. A conference call and webcast will then be held at 6:30 a.m. MT (8:30 a.m. ET) on Thursday, March 6, 2025, to discuss the results.

To listen to the live webcast and watch the presentation, please use the following link: https://app.webinar.net/o5PNjYomM2w

Analysts and investors interested in participating in the question-and-answer session of the conference call may do so by calling 1-888-510-2154 (toll-free) (Conference ID: 19397). International participants may call 1-800-389-0704 (toll-free) (Conference ID: 19397).

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.sedarplus.ca after the results are released.

About Parkland Corporation

Parkland is a leading international fuel distributor, marketer, and convenience retailer with safe and reliable operations in 26 countries across the Americas. Our retail network meets the fuel and convenience needs of everyday consumers. Our commercial operations provide businesses with fuel to operate, complete projects and better serve their customers. In addition to meeting our customers’ needs for essential fuels, Parkland provides a range of choices to help them lower their environmental impact, including renewable fuels, ultra-fast EV charging, manufacturing and blending, carbon and renewables trading, and solar power. 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 embedded across our organization.

For Further Information: Investor Inquiries: 1-855-355-1051, Investor.Relations@parkland.ca.

Parkland Announces Closing of Senior Unsecured Notes Offering

caribpr — Fri, 16 Aug 2024 16:56:52 +0000

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”).

Parkland will use the net proceeds of the offering for the repayment of a portion of the outstanding drawings under its credit facilities.

The notes were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and offered and sold outside the United States pursuant to Regulation S under the Securities Act. The notes have not been registered under the Securities Act or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes were offered and sold in Canada on a private placement basis only to “accredited investors” pursuant to certain prospectus exemptions.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer or sale of the notes in any state, or jurisdiction in which such offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements based on current expectations, including the use of proceeds from the offering. By their nature, forward-looking statements require us to make assumptions and are subject to important known and unknown risks and uncertainties, which may cause our actual results in future periods to differ materially from those set forth in the forward-looking statements.

Any forward-looking statements are made as of the date hereof and Parkland does not undertake any obligation, except as required under applicable law, to publicly update or revise such statements to reflect new information, subsequent or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

About Parkland Corporation

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.

BC.GAME Secures New Curacao LOK License, Enhancing Legal Compliance and Global Reach

caribpr — Mon, 22 Apr 2024 14:05:30 +0000

WILLEMSTAD, Curacao, April 22, 2024 /PRNewswire-HISPANIC PR WIRE/ — In an important development for the gambling industry, BC.GAME® is thrilled to announce the acquisition of a new gaming license, fully compliant with the cutting-edge Curacao’s National Ordinance for Games of Chance (LOK) regulatory framework. This achievement reaffirms BC.GAME’s unwavering commitment to providing a secure and legally compliant gambling environment for its global user base.

Jack Dorsey, the CEO of BC.GAME, said: “We are immensely grateful for Curacao’s robust regulatory framework, which has been pivotal in the gambling industry. Obtaining this license is a vital milestone in BC.GAME’s ongoing development and our commitment to providing a trustworthy and secure gambling experience.”

The introduction of the LOK legislation, designed to replace the previous National Ordinance on Offshore Games of Hazard (NOOGH) framework, has set a new precedent in the gambling license domain. Under the NOOGH regime, BC.GAME operated under a sub-license issued by Curacao Interactive Licensing NV (CIL). The new LOK framework, however, brings about significant changes, including the discontinuation of new sub-license issuance and stringent requirements for existing licensees seeking renewal.

Curacao was one of the pioneering nations in establishing regulations for gaming activities. Consequently, this small Caribbean island nation has become a hub for gaming businesses worldwide aiming to adhere to the country’s comprehensive gaming legal framework. BC.GAME has set up a local office to ensure compliance with regulations and to offer support to fulfill the requirements of the local gaming ecosystem.

Acquisition of the license, specifically designed for LOK services, coincides with BC.GAME’s efforts to enhance user trust, forge new partnerships, and broaden the accessibility of its comprehensive gaming services. Obtaining licenses and ensuring compliance are crucial steps in solidifying BC.GAME’s position as a dependable and well-regulated global online gaming platform.

Through this new license, BC.Game has seven years of experience in the online gaming sector, creating various popular and original games. “Curacao is an essential first step in our broader global strategy. As we continue to accelerate our expansion, expect more exciting developments and good news in the near future.” said Jack Dorsey.

About BC.GAME

BC.GAME is an innovative online casino platform continually redefining industry standards. Committed to providing innovative solutions, BC.GAME creates a secure, fair, and professional service environment. Utilizing cutting-edge blockchain technology, BC.GAME ensures the highest standards of security and fairness for its users.

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Parkland Corporation Announces the Results of the 2024 Annual General Meeting of Shareholders

caribpr — Thu, 28 Mar 2024 22:12:17 +0000

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:

Resolution 1

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

Nominee	Votes For	%For	Votes Withheld	%Withheld
Lisa Colnett	87,985,530	92.68 %	6,947,875	7.32 %
Nora Duke	94,850,886	99.91 %	82,519	0.09 %
Robert Espey	94,709,295	99.76 %	224,110	0.24 %
Timothy Hogarth	94,538,289	99.58 %	395,116	0.42 %
Richard Hookway	94,015,109	99.03 %	918,296	0.97 %
Michael Jennings	94,854,622	99.92 %	78,783	0.08 %
Angela John	94,755,015	99.81 %	178,390	0.19 %
James Neate	94,827,070	99.89 %	106,335	0.11 %
Steven Richardson	81,571,382	85.92 %	13,362,023	14.08 %
Mariame McIntosh Robinson	94,831,476	99.89 %	101,929	0.11 %

Resolution 2

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

Votes For	89,602,753	93.67 %
Votes Withheld	6,058,872	6.33 %

Resolution 3

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.

Votes For	81,796,813	86.16 %
Votes Against	13,136,592	13.84 %

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

About Parkland Corporation

St Kitts and Nevis unveils the Investment Gateway Summit

caribpr — Thu, 29 Feb 2024 15:22:17 +0000

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

Parkland Announces Board of Directors Changes

caribpr — Sun, 31 Dec 2023 21:12:30 +0000

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.

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 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.

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 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.

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.

Parkland Reports 2023 Third Quarter Results

caribpr — Wed, 01 Nov 2023 23:54:34 +0000

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.”

_________________________________

¹ Total of segments measure. See “Total of Segments Measures” section of this news release.

² Non-GAAP financial measure or non-GAAP financial ratio. See “Non-GAAP Financial Measures and Ratios” section of this news release.

³ Supplementary financial measure. See “Supplementary Financial Measures” section of this news release.

⁴ Capital management measure. See “Capital Management Measures” section of this news release.

⁵ Non-financial measure. See “Non-Financial Measures” section of this news release.

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

($ millions, unless otherwise noted)	Three months ended September 30,
Financial Summary	2023	2022
Sales and operating revenue	8,873	9,422
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)⁽¹⁾	585	328
Canada	206	140
International	170	104
USA	52	(18)
Refining	188	135
Corporate	(31)	(33)
Net earnings (loss) attributable to Parkland	230	105
Net earnings (loss) per share – basic ($ per share)	1.31	0.67
Net earnings (loss) per share – diluted ($ per share)	1.28	0.66
Trailing-twelve-month (”TTM”) Cash generated from (used in) operating activities⁽²⁾	1,992	815
TTM Cash generated from (used in) operating activities per share⁽²⁾	11.39	5.26
Cash generated from (used in) operating activities	528	404
Cash generated from (used in) operating activities per share⁽²⁾	3.00	2.59

(1) Total of segments measure. See “Total of Segments Measures” section of this news release.

(2) Supplementary financial measure. “Supplementary Financial Measures” section of this news release.

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).

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

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.

	Three months ended September 30,
($ millions, unless otherwise stated)	2023	2022
Net earnings (loss) attributable to Parkland	230	105
Add: Net earnings (loss) attributable to NCI	—	13
Net earnings (loss)	230	118
Add:
Acquisition, integration and other costs	38	45
(Gain) loss on foreign exchange – unrealized	1	(16)
(Gain) loss on risk management and other – unrealized	(19)	(1)
Other (gains) and losses	(37)	(88)
Other adjusting items⁽¹⁾	20	(5)
Tax normalization⁽²⁾	(2)	2
Adjusted earnings (loss) including NCI	231	55
Less: Adjusted earnings (loss) attributable to NCI	—	6
Adjusted earnings (loss)	231	49
Weighted average number of common shares (million shares)⁽³⁾	176	156
Weighted average number of common shares adjusted for the effects of dilution (million shares)⁽³⁾	180	158
Adjusted earnings (loss) per share ($ per share)
Basic	1.31	0.31
Diluted	1.28	0.31

⁽¹⁾	Other adjusting Items for the three months ended September 30, 2023 include: (i) other income of $15 million (2022 – $3 million); (ii) the share of depreciation and income taxes for the Isla joint venture of $5 million (2022 – $2 million); (iii) realized risk management gain related to underlying physical sales activity in another period of $1 million (2022 – $3 million); (iv) adjustment to foreign exchange gains and losses related to cash pooling arrangements of $1 million (2022 – $1 million); (v) unrealized risk management loss related to underlying physical sales activity in current period of nil (2022 – $10 million); and (vi) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains of nil (2022 – $2 million).
⁽²⁾	The tax normalization adjustment was applied to net earnings (loss) adjusting items that were considered temporary differences, such as acquisition, integration and other costs, unrealized foreign exchange gains and losses, unrealized gains and losses on risk management and other, gains and losses on asset disposals, changes in fair value of redemption options, changes in estimates of environmental provisions, loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains, impairments of non-current assets and debt modifications. The tax impact was estimated using the effective tax rates applicable to jurisdictions where the related items occur.
⁽³⁾	Weighted average number of common shares are calculated in accordance with Parkland’s accounting policy contained in Note 2 of the Annual Consolidated Financial Statements.

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.

	Three months ended September 30,
($ millions)	2023	2022	%⁽¹⁾
Food and Company C-Store revenue	81	69
Add:
Point-of-sale (”POS”) value of goods and services sold at Food and Company C-Store operated by retailers and franchisees⁽²⁾	329	302
Less:
Rental and royalty income from retailers, franchisees and others⁽³⁾	(64)	(54)
Same Store revenue adjustments⁽⁴⁾ (excluding cigarettes)	(37)	(17)
Food and Company C-Store same-store sales	309	300	3.0 %
Less:
Same Store revenue adjustments⁽⁴⁾ (cigarettes)	(108)	(105)
Food and Company C-Store same-store sales (excluding cigarettes)	201	195	3.6 %

	Three months ended September 30,
($ millions)	2022	2021	%⁽¹⁾
Food and Company C-Store revenue	69	102
Add:
POS value of goods and services sold at Food and Company C-Store operated by retailers⁽²⁾	302	164
Less:
Rental income from retailers and others⁽³⁾	(40)	(27)
Same Store revenue adjustments⁽⁴⁾⁽⁵⁾ (excluding cigarettes)	(112)	(8)
Food and Company C-Store same-store sales	219	231	(5.1) %
Less:
Same Store revenue adjustments⁽⁴⁾⁽⁵⁾ (cigarettes)	(101)	(119)
Food and Company C-Store same-store sales (excluding cigarettes)	118	112	5.2 %

⁽¹⁾	Percentages are calculated based on actual amounts and are impacted by rounding.
⁽²⁾	POS values used to calculate Food and Company C-Store SSSG are not a Parkland financial measure and do not form part of Parkland’s consolidated financial statements as Parkland earns rental income from retailers in the form of a percentage rent on convenience store sales. POS values are calculated based on the information obtained from Parkland’s POS systems at retail sites, including transactional data, such as sales, costs and volumes which are subject to internal controls over financial reporting. We also use this data to calculate rental income from retailers in the form of a percentage rent on convenience store sales, which is recorded as revenue in our consolidated financial statements.
⁽³⁾	Includes rental income from retailers in the form of a percentage rent on Food and Company C-Store sales, royalty, franchisee fees and excludes revenues from automated teller machine, POS system licensing fees, and other.
⁽⁴⁾	This adjustment excludes the effects of acquisitions, 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, to derive a comparable same-store metric.
⁽⁵⁾	Excludes sales from acquisitions completed within the year as these will not impact the metric until after the completion of one year of the acquisitions when the sales or volume generated establish the baseline for these metrics.

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.

	Three months ended September 30,		Nine months ended September 30,
($ millions)	2023	2022	2023	2022
Adjusted EBITDA attributable to Parkland (”Adjusted EBITDA”)	585	328	1,450	1,165
Add: Attributable to NCI	—	12	—	67
Adjusted EBITDA including NCI	585	340	1,450	1,232
Less/(add):
Acquisition, integration and other costs	38	45	104	76
Depreciation and amortization	205	202	601	531
Finance costs	93	87	295	237
(Gain) loss on foreign exchange – unrealized	1	(16)	35	(16)
(Gain) loss on risk management and other – unrealized	(19)	(1)	(62)	30
Other (gains) and losses⁽¹⁾	(37)	(88)	(2)	44
Other adjusting items⁽²⁾	20	(5)	42	5
Income tax expense (recovery)	54	(2)	52	48
Net earnings (loss)	230	118	385	277
Net earnings (loss) attributable to Parkland	230	105	385	241
Net earnings (loss) attributable to NCI	—	13	—	36

⁽¹⁾

Other (gains) and losses for the three months ended September 30, 2023 include the following: (i) $15 million gain (2022 – $4 million) in Other income; (ii) $13 million non-cash valuation gain (2022 – $37 million) due to the change in fair value of redemption options; (iii) $7 million non-cash valuation gain (2022 – $7 million loss) due to the change in estimates of environment provision; (iv) $6 million gain (2022 – nil) on disposal of assets; and (v) $4 million loss (2022 – $54 million gain) in Others, including $3 million (2022 – nil) associated with the write-off of certain assets related to the renewable diesel complex, and gains of nil (2022 – $59 million) in relation to changes in redemption value of the Sol Put Option, which was de-recognized on Parkland’s acquisition of the remaining 25% of the issued and outstanding shares in Sol on October 18, 2022. Other (gains) and losses for the nine months ended September 30, 2023 include the following: (i) $32 million loss (2022 – $10 million gain) in Others, including $27 million associated with the write-off of certain assets related to the renewable diesel complex, and gains of nil (2022 – $11 million) in relation to changes in redemption value of the Sol Put Option, which was de-recognized on Parkland’s acquisition of the remaining 25% of the issued and outstanding shares in Sol on October 18, 2022; (ii) $21 million gain (2022 – $5 million) in Other income; (iii) $17 million non-cash valuation gain (2022 – $65 million loss) due to the change in fair value of redemption options; (iv) $3 million loss (2022 – $11 million gain) due to the change in estimates of environment provision; and (v) $1 million loss (2022 – $5 million) on disposal of assets. Refer to Note 12 of the Interim Condensed Consolidated Financial Statements.

⁽²⁾

Other adjusting items for the three months ended September 30, 2023 include: (i) other income of $15 million (2022 – $3 million); (ii) the share of depreciation and income taxes for the Isla joint venture of $5 million (2022 – $2 million); (iii) realized risk management gain related to underlying physical sales activity in another period of $1 million (2022 – $3 million); (iv) adjustment to foreign exchange gains and losses related to cash pooling arrangements of $1 million (2022 – $1 million); (v) unrealized risk management loss related to underlying physical sales activity in current period of nil (2022 – $10 million); and (vi) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains of nil (2022 – $2 million). Other adjusting items for the nine months ended September 30, 2023 include: (i) other income of $21 million (2022 – $4 million); (ii) the effect of market-based performance conditions for equity-settled share-based award settlements of $13 million (2022 – nil); (iii) the share of depreciation and income taxes for the Isla joint venture of $11 million (2022 – $9 million); (iv) realized risk management gain related to underlying physical sales activity in another period of $4 million (2022 – $3 million); (v) adjustment to foreign exchange gains and losses related to cash pooling arrangements of $1 million (2022 – $3 million); (vi) unrealized risk management loss related to underlying physical sales activity in the current period of nil (2022 – $10 million); and (vii) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains of nil (2022 – $2 million).

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

	Three months ended September 30,
($ millions)	2023	2022⁽²⁾
Sales and operating revenue	8,873	9,422
Cost of purchases	(7,638)	(8,635)
Gain (loss) on risk management and other – realized	(130)	100
Gain (loss) on foreign exchange – realized	(8)	(13)
Other adjusting items to Adjusted gross margin⁽¹⁾	—	(10)
Adjusted gross margin	1,097	864

Fuel and petroleum product adjusted gross margin	908	687
Food, convenience and other adjusted gross margin	189	177
Adjusted gross margin	1,097	864

⁽¹⁾ Other adjusting items to Adjusted gross margin for the three months ended September 30, 2023 includes (i) realized risk management gain related to underlying physical sales activity in another period of $1 million (2022 – $3 million); (ii) adjustment to foreign exchange gains and losses related to cash pooling arrangements of $1 million (2022 – $1 million); (iii) unrealized risk management loss related to underlying physical sales activity in current period of nil (2022 – $10 million ); and (iv) loss on inventory write-downs for which there are offsetting associated risk management derivatives with unrealized gains of nil (2022 – $2 million).

⁽²⁾For comparative purposes, certain amounts within sales and operating revenue, and cost of purchases for the three months ended September 30, 2022, were revised to conform to the presentation used in the current period.

PaySett Corporation expands its regional payments partnership with Sagicor

caribpr — Tue, 24 Oct 2023 17:09:34 +0000

The real time payments (RTP) solution PayExpedite^® will further expand the financial institution’s payment capabilities in Barbados under the Amazon Web Services (AWS) platform.

ATLANTA and BRIDGETOWN, Barbados, Oct. 24, 2023 /PRNewswire-HISPANIC PR WIRE/ – PaySett Corporation a global provider of payment solutions and Sagicor Bank (Barbados) announced today the launch of the bank’s new real time payments service based on the ISO 20022 messaging standard running under the AWS platform.

George Thomas, CEO of Sagicor Bank (Barbados) stated, “As the region’s first digital bank, we are duty bound to work with our partners to ensure that their technology posture is robust, modern, and forward-thinking. We partnered with PaySett to future proof their solution and as such we worked with them to certify their platform in the cloud. This is a mutually beneficial and monumental achievement which is the first of its kind in the anglophone Caribbean.”

Jesus Garcia VP of Business Development at PaySett Corporation added, “The Sagicor Bank real time payments implementation with our market proven PayExpedite^® solution demonstrates the product’s flexibility to adapt to different operating environments of our customers while at the same time providing seamless integration with Sagicor Bank’s core banking system and origination channels, as well as the local clearing house. Our research indicates that over the coming years regional financial institutions will be looking to move some of their infrastructure to cloud platforms such as AWS in order to streamline operations and reduce costs. We are delighted to support these efforts. Additionally Sagicor Bank’s future electronic payment offerings will be backed by a world class payments engine that will complement the bank’s future strategy and is capable of supporting different types of payment services including P2P, digital wallets, eCommerce, and others for consumers, businesses, and government institutions.”

About PaySett Corporation

Atlanta Georgia based PaySett Corporation is a global provider of payment software solutions. PaySett provides products/services that allow global financial institutions to effectively manage the way money moves throughout their organizations and for their customers. PaySett’s two decades of experience moving payments through national and international payment networks has allowed for the development of advance payment software for assisting global institutions with the capability to enhance their regional and global payment network processing capabilities. Twelve of the top twenty global financial institutions process payments through PaySett software.

About Sagicor Bank (Barbados)

Sagicor Bank (Barbados) is a dynamic digital financial institution offering commercial banking services to personal and business clients. We provide unmatched benefits and convenience to clients in our portfolio supported by a diversely skilled team located in Barbados. We are leading the digital banking revolution by boldly presenting banking options that are easy-to-get, simple-to-use, safe and secure and rewarding. Find out more by visiting www.sagicor.bank, Instagram, Facebook, LinkedIn, Twitter or YouTube.

Sagicor Bank is a wholly-owned subsidiary of Sagicor Financial Company. Sagicor Financial Company Ltd. (TSX: SFC) is a leading financial services provider in the Caribbean, with over 180 years of history, and has a growing presence as a provider of life insurance products in the United States. Sagicor offers a wide range of products and services, including life, health, and general insurance, banking, pensions, annuities, and real estate. Sagicor’s registered office is located at Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda, with its principal office located at Cecil F De Caires Building, Wildey, St. Michael, Barbados. Additional information about Sagicor can be obtained by visiting www.sagicor.com

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