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Earnings Release • Aug 4, 2022
2276_ir_2022-08-04_123f76fd-6144-4b09-a0ce-e6758fc18219.pdf
Earnings Release
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Press Release
SES H1 2022 RESULTS
"Solid execution against full year targets and strategic value creation initiatives"
Luxembourg, 4 August 2022 -- SES S.A. announces financial results for the six months ended 30 June 2022.
Solid First Half financial performance
- Revenue of €899 million (+2.8% YOY as reported) and Adjusted EBITDA(1) of €545 million (flat YOY as reported)
- Important renewals in Video (-5.1% YOY including periodic(2) ) underpin Full Year outlook
- Revenue expansion in Q2 2022 driving Networks growth (+2.1% YOY(2)) and supporting Full Year growth expectation
- Adjusted Net Profit improved by 11% YOY to €168 million, while leverage reduced to 3.0 times(3)
On track to deliver robust 2022 Revenue and EBITDA and drive long-term value from differentiated growth investments
- Over 90% of 2022 Group Revenue outlook (€1,750-1,810 million(4) ) under contract; 2022 Adjusted EBITDA outlook also on track
- \$930 million(5) of gross backlog for SES-17 (now in service) & O3b mPOWER (progressing towards service introduction in Q2 2023)
- \$450 million DRS GES acquisition completed expanding revenue base in profitable and growing Government segment
Important milestones achieved in US C-band clearing
- First satellite (SES-22) successfully launched and now in service; Phase 2 clearing on track
- Over \$520 million of cost reimbursements received to date via the clearinghouse process
- Additional clearing for Verizon over 50% complete; expect to complete in H2 2022 to earn up to \$170 million (gross) payments
Steve Collar, CEO of SES, commented: "I am pleased with our H1 2022 results reflecting solid execution across the business and affirming that we are fully on track to deliver on our full year revenue and EBITDA outlook.
Our Networks business delivered growth of 2% year-on-year and this trajectory will be further strengthened by important wins with ARSAT and AXESS Networks, agreements signed with Explora Journeys and another leading cruise provider reinforcing our leading position in cruise, and the entry into service of SES-17 which is now operational and delivering commercial services to customers.
We have closed the acquisition of DRS GES, allowing us to combine the best-in-class Government solutions provider together with our state-of-the-art multi-orbit satellite networking capabilities at SES Government Solutions and expanding our value proposition towards US Government end users. The combination is compelling in view of our leadership in Medium Earth Orbit and the highly differentiated capabilities of the O3b mPOWER constellation, launching in Q4 with service introduction during the second quarter of 2023.
We secured several important renewals at our core video neighbourhoods in the first half and, with limited contract maturities in the second half, have clear line of sight to our full year revenue outlook, with first half performance complemented by growth in our HD+ and Sports & Events businesses.
Finally, our C-band clearing is proceeding well with the successful launch of SES-22, the first significant reimbursement payment received, and we are well on track to capture the \$170 million of gross cash proceeds from our additional C-band agreement with Verizon."
1 Excluding operating expenses/income recognised in relation to US C-band repurposing and other significant special items (disclosed separately)
2 At constant FX which refers to comparative figures restated to neutralise currency variations
3 Ratio of Adjusted Net Debt (including 50% of the €1.175 billion of hybrid bonds as debt) to Adjusted EBITDA 4 Financial outlook assumes a €/\$ FX rate of €1 = \$1.13, nominal satellite health, and nominal launch schedule
5 Gross backlog \$930 million (fully protected: \$685 million)
Key business and financial highlights (at constant FX unless explained otherwise)
SES regularly uses Alternative Performance Measures (APM) to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position.
| €million | H1 2022 | H1 2021 | ∆ as reported | ∆ at constant FX |
|---|---|---|---|---|
| Average €/\$ FX rate | 1.10 | 1.21 | ||
| Revenue | 899 | 875 | +2.8% | -2.1% |
| Adjusted EBITDA | 545 | 544 | +0.1% | -3.8% |
| Adjusted Net Profit | 168 | 152 | +10.6% | n/a |
| Adjusted Net Debt / Adjusted EBITDA | 3.0 times | 3.3 times | n/a | n/a |
- H1 2022 underlying revenue (excluding periodic and other) was 3.3% lower year-on-year at €888 million.
- Video underlying revenue of €501 million represents a reduction of 7.0% year-on-year including the planned impact of lower US wholesale revenue. Excluding US wholesale, Video was 4.8% lower than H1 2021 as lower volumes in mature markets were partially offset by growth in HD+ and Sports & Events. Including periodic revenue of €10 million in Q1 2022, overall Video revenue was 5.1% lower compared with H1 2021.
- At 30 June 2022, SES delivers 8,028 total TV channels to 366 million TV homes around the world, including 3,092 High Definition TV channels. 72% of total TV channels are broadcast in MPEG-4 with an additional 6% broadcast in HEVC.
- Networks underlying revenue of €387 million represented a growth of 2.1% year-on-year compared with H1 2021 with growth in Mobility (of +16.0%) and Fixed Data (of +2.8%), while the rapid US withdrawal from Afghanistan in Q3 2021 contributed to lower Government (-7.5%) albeit with new business wins in Global Government supporting positive quarter-on-quarter performance.
- Adjusted EBITDA of €545 million represented an Adjusted EBITDA margin of 60.6% (H1 2021: 62.2%) including recurring operating expenses of €354 million. Adjusted EBITDA excludes US C-band operating expenses (net of reimbursement income) of €13 million (H1 2021: €12 million) and other significant special items of €3 million (H1 2021: €6 million).
- Adjusted Net Profit (as reported) improved to €168 million including a 12.4% reduction in net interest expense, net foreign exchange gain of €26 million (H1 2021: €20 million gain), and income tax expense of €27 million (H1 2021: €20 million expense).
- At 30 June 2022, Adjusted Net Debt (including 50% of the €1,175 million of hybrid bonds as debt) was €3,310 million (down 9.5% compared with 30 June 2021) and represented an Adjusted Net Debt to Adjusted EBITDA ratio of 3.0 times. In June 2022, SES launched and priced a bond offering of €750 million senior unsecured fixed rate notes due in 2029 with a coupon of 3.5% and, because of the transaction, SES now has no senior debt maturities to be refinanced until 2024.
- Contract backlog at 30 June 2022 was €5.1 billion (€5.8 billion gross backlog including backlog with contractual break clauses).
- 2022 group revenue and Adjusted EBITDA outlook (assuming an FX rate of €1=\$1.13, nominal satellite health, and nominal launch schedule) is unchanged and expected to be between €1,750-1,810 million and between €1,030-1,070 million respectively.
- On 1 August 2022, SES completed the acquisition of DRS Global Enterprise Solutions (GES) for \$450 million, having obtained the necessary regulatory approvals.
- Capital expenditure (net cash absorbed by investing activities excluding acquisitions, financial investments, and US C-band repurposing) outlook is also unchanged and expected to be €950 million in 2022 with an average of €460 million for 2023-2026.
- In March 2022, SES secured an agreement to expand access for Verizon Communications to the 3700-3800 MHz C-band block in certain US markets beyond those cleared in Phase I and earlier than the deadline for Phase II clearing. SES will earn additional payments of up to \$170 million (pre-costs), subject to delivering the clearing on the agreed timeline. During Q2 2022, SES completed the first part of this clearing and expects to receive a portion of the total payment during H2 2022.
Operational performance
REVENUE BY BUSINESS UNIT
| Revenue (€ million) as reported | Change (YOY) at constant FX | |||||
|---|---|---|---|---|---|---|
| Q1 2022 | Q2 2022 | H1 2022 | Q1 2022 | Q2 2022 | H1 2022 | |
| Average €/\$ FX rate | 1.12 | 1.08 | 1.10 | |||
| Video (total) | 261 | 250 | 511 | -2.6% | -7.7% | -5.1% |
| - Video (underlying) | 251 | 250 | 501 | -6.4% | -7.7% | -7.0% |
| - Periodic | 10 | - | 10 | n/m | n/m | n/m |
| Government (underlying) | 71 | 75 | 146 | -5.7% | -9.2% | -7.5% |
| Fixed Data (underlying) | 58 | 64 | 122 | -2.4% | +7.9% | +2.8% |
| Mobility (underlying) | 57 | 62 | 119 | +9.9% | +22.2% | +16.0% |
| Networks (total) | 186 | 201 | 387 | -0.3% | +4.4% | +2.1% |
| - Networks (underlying) | 186 | 201 | 387 | -0.3% | +4.4% | +2.1% |
| Sub-total | 447 | 451 | 898 | -1.7% | -2.7% | -2.2% |
| - Underlying | 437 | 451 | 888 | -3.9% | -2.7% | -3.3% |
| Other | 1 | - | 1 | n/m | n/m | n/m |
| Group Total | 448 | 451 | 899 | -1.6% | -2.7% | -2.1% |
"At constant FX" refers to comparative figures restated at the current period FX to neutralise currency variations. "Underlying" revenue represents the core business of capacity sales, as well as associated services and equipment. This revenue may be impacted by changes in launch schedule and satellite health status. "Periodic" revenue separates revenues that are not directly related to or would distort the underlying business trends on a quarterly basis. Periodic revenue includes: the outright sale of transponders or transponder equivalents; accelerated revenue from hosted payloads during construction; termination fees; insurance proceeds; certain interim satellite missions, and other such items when material. "Other" includes revenue not directly applicable to Video or Networks
Future satellite launches
| Satellite | Region | Application | Launch Date |
|---|---|---|---|
| SES-22 | North America | Video (US C-band accelerated clearing) | Launched |
| SES-20 & SES-21 | North America | Video (US C-band accelerated clearing) | Q3 2022 |
| O3b mPOWER (satellites 1-2) | Global | Fixed Data, Mobility, Government | Q4 2022 |
| O3b mPOWER (satellites 3-4) | Global | Fixed Data, Mobility, Government | Q4 2022 |
| O3b mPOWER (satellites 5-6) | Global | Fixed Data, Mobility, Government | Q4 2022 |
| SES-18 & SES-19 | North America | Video (US C-band accelerated clearing) | Q4 2022 |
| O3b mPOWER (satellites 7-8) | Global | Fixed Data, Mobility, Government | 2023 |
| O3b mPOWER (satellites 9-11) | Global | Fixed Data, Mobility, Government | 2024 |
| ASTRA 1P | Europe | Video | 2024 |
| ASTRA 1Q | Europe | Video, Fixed Data, Mobility, Government | 2024 |
| SES-26 | Africa, Asia, Europe, Middle East | Video, Fixed Data, Mobility, Government | 2024 |
CONSOLIDATED INCOME STATEMENT
| € million | H1 2022 | H1 2021 |
|---|---|---|
| Average €/\$ FX rate | 1.10 | 1.21 |
| Revenue | 899 | 875 |
| US C-band repurposing income | 4 | 47 |
| Operating expenses | (374) | (396) |
| EBITDA | 529 | 526 |
| Depreciation expense | (296) | (283) |
| Impairment expense | (24) | - |
| Amortisation expense | (24) | (48) |
| Operating profit | 185 | 195 |
| Net financing costs | (30) | (44) |
| Profit before tax | 155 | 151 |
| Income tax expense | (54) | (16) |
| Non-controlling interests | - | 2 |
| Net profit attributable to owners of the parent | 101 | 137 |
| Basic and diluted earnings per A-share (in €)(1) | 0.19 | 0.25 |
| Basic and diluted earnings per B-share (in €)(1) | 0.08 | 0.10 |
1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of sha res outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary shareholders has been adjusted to include the assumed coupon, net of tax, on the perpetual bonds.
| € million | H1 2022 | H1 2021 |
|---|---|---|
| Adjusted EBITDA | 545 | 544 |
| US C-band reimbursement income | 4 | 47 |
| US C-band operating expenses | (17) | (59) |
| Other significant special items | (3) | (6) |
| EBITDA | 529 | 526 |
| € million | H1 2022 | H1 2021 |
|---|---|---|
| Adjusted Net Profit | 168 | 152 |
| US C-band reimbursement income | 4 | 47 |
| US C-band operating expenses | (17) | (59) |
| Impairment expense | (24) | - |
| Other significant special items | (3) | (6) |
| Tax on significant special items | (27) | 3 |
| Net profit attributable to owners of the parent | 101 | 137 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| € million | 30 June 2022 | 31 December 2021 | |
|---|---|---|---|
| Property, plant, and equipment | 4,140 | 3,773 | |
| Assets in the course of construction | 1,592 | 1,788 | |
| Intangible assets | 4,110 | 3,790 | |
| Other financial assets | 30 | 26 | |
| Trade and other receivables(1) | 217 | 245 | |
| Deferred customer contract costs | 7 | 9 | |
| Deferred tax assets | 536 | 568 | |
| Total non-current assets | 10,632 | 10,199 | |
| Inventories | 30 | 23 | |
| Trade and other receivables(1) | 1,020 | 1,746 | |
| Deferred customer contract costs | 4 | 3 | |
| Prepayments | 55 | 48 | |
| Income tax receivable | 21 | 13 | |
| Cash and cash equivalents (A) | 1,669 | 1,049 | |
| Total current assets | 2,799 | 2,882 | |
| Total assets | 13,431 | 13,081 | |
| Equity attributable to the owners of the parent | 5,908 | 5,670 | |
| Non-controlling interests | 65 | 63 | |
| Total equity | 5,973 | 5,733 | |
| Borrowings (B) | 3,653 | 3,524 | |
| Provisions | 7 | 6 | |
| Deferred income | 311 | 314 | |
| Deferred tax liabilities | 420 | 399 | |
| Other long-term liabilities | 106 83 |
||
| Lease liabilities | 22 | 22 | |
| Fixed assets suppliers(2) | 557 | 472 | |
| Total non-current liabilities | 5,076 | 4,820 | |
| Borrowings (C) | 738 | 57 | |
| Provisions | 63 | 56 | |
| Deferred income | 344 | 404 | |
| Trade and other payables | 253 | 292 | |
| Lease liabilities | 13 | 11 | |
| Fixed assets suppliers(2) | 943 | 1,554 | |
| Income tax liabilities | 28 | 154 | |
| Total current liabilities | 2,382 | 2,528 | |
| Total liabilities | 7,458 | 7,348 | |
| Total equity and liabilities | 13,431 | 13,081 |
1) Trade and other receivables (current and non-current) include €534 million related to US C-band repurposing (31 December 2021: €1,273 million). 2) Fixed Asset Suppliers (current and non-current) includes €7 million (31 December 2021: €655 million) related to US C-band repurposing
Reported Net Debt (B + C – A) 2,722 2,532
CONSOLIDATED STATEMENT OF CASH FLOWS
| € million | H1 2022 | H1 2021 |
|---|---|---|
| Profit/(loss) before tax | 155 | 151 |
| Taxes paid during the year | (169) | (14) |
| Adjustment for non-cash items | 371 | 356 |
| Changes in working capital | 423 | (95) |
| Net cash generated by operating activities | 780 | 398 |
| Payments for purchases of intangible assets | (25) | (10) |
| Payments for purchases of tangible assets(1) | (555) | (83) |
| Other investing activities | (1) | (2) |
| Net cash absorbed by investing activities | (581) | (95) |
| Proceeds from borrowings | 745 | 285 |
| Repayment of borrowings | (49) | (585) |
| Proceeds from perpetual bond, net of transaction costs | - | 619 |
| Redemption of perpetual bond, net of transaction costs | - | (768) |
| Coupon paid on perpetual bond | (31) | (80) |
| Dividends paid on ordinary shares(2) | (219) | (181) |
| Interest paid on borrowings | (48) | (71) |
| Payments for acquisition of treasury shares | - | (76) |
| Proceeds from treasury shares sold and exercise of stock options | 4 | - |
| Lease payments | (9) | (7) |
| Net cash absorbed by financing activities | 393 | (864) |
| Net foreign exchange movements | 28 | 3 |
| Net increase in cash and cash equivalents | 620 | (558) |
| Cash and cash equivalents at beginning of the year | 1,049 | 1,162 |
| Cash and cash equivalents at end of the year | 1,669 | 604 |
1) Including €351 million related to US C-band repurposing (2021: €21 million). 2) Net of dividends received on treasury shares of €4 million (2021: €3 million)
| € million | H1 2022 | H1 2021 |
|---|---|---|
| Net cash generated by operating activities | 780 | 398 |
| Net cash absorbed by investing activities | (581) | (95) |
| Free cash flow before financing activities | 199 | 303 |
| Interest paid on borrowings | (48) | (71) |
| Lease payments | (9) | (7) |
| Free cash flow before equity distributions and treasury activities | 142 | 225 |
SUPPLEMENTARY INFORMATION
QUARTERLY INCOME STATEMENT (AS REPORTED)
| € million | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 |
|---|---|---|---|---|---|---|
| Average €/\$ FX rate | 1.22 | 1.20 | 1.19 | 1.15 | 1.12 | 1.08 |
| Revenue | 436 | 439 | 444 | 463 | 448 | 451 |
| US C-band repurposing income | 27 | 20 | 10 | 844 | 2 | 2 |
| Operating expenses | (203) | (193) | (182) | (243) | (184) | (190) |
| EBITDA | 260 | 266 | 272 | 1,064 | 266 | 263 |
| Depreciation expense | (140) | (143) | (143) | (149) | (147) | (149) |
| Amortisation expense | (19) | (29) | (24) | (23) | (12) | (12) |
| Impairment expense | - | - | - | (724) | - | (24) |
| Operating profit | 101 | 94 | 105 | 168 | 107 | 78 |
| Net financing costs | (26) | (18) | (23) | (4) | (16) | (14) |
| Profit before tax | 75 | 76 | 82 | 164 | 91 | 64 |
| Income tax benefit/(expense) | (8) | (8) | (14) | 79 | (9) | (45) |
| Non-controlling interests | 2 | - | - | 5 | - | - |
| Net Profit | 69 | 68 | 68 | 248 | 82 | 19 |
| Basic earnings per share (in €)(1) | ||||||
| Class A shares | 0.13 | 0.12 | 0.14 | 0.53 | 0.17 | 0.02 |
| Class B shares | 0.05 | 0.05 | 0.05 | 0.22 | 0.07 | 0.01 |
| Adjusted EBITDA | 268 | 276 | 279 | 268 | 274 | 271 |
| Adjusted EBITDA margin | 61% | 63% | 63% | 58% | 61% | 60% |
| US C-band repurposing income | 27 | 20 | 10 | 844 | 2 | 2 |
| US C-band operating expenses | (34) | (25) | (16) | (47) | (9) | (8) |
| Other significant special items | (1) | (5) | (1) | (1) | (1) | (2) |
| EBITDA | 260 | 266 | 272 | 1,064 | 266 | 263 |
1) Earnings per share is calculated as profit attributable to owners of the parent divided by the weighted average number of shares outstanding during the year, as adjusted to reflect the economic rights of each class of share. For the purposes of the EPS calculation only, the net profit for the year attributable to ordinary share holders has been adjusted to include the coupon, net of tax, on the perpetual bonds. Fully diluted earnings per share are not significantly different from basic earnings per share.
QUARTERLY OPERATING PROFIT (AT CONSTANT €/\$ FX RATE OF €1: \$1.13)
| € million | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 |
|---|---|---|---|---|---|---|
| Average €/\$ FX rate | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 | 1.13 |
| Revenue | 454 | 452 | 455 | 468 | 446 | 440 |
| US C-band repurposing income | 29 | 21 | 11 | 861 | 2 | 2 |
| Operating expenses | (213) | (199) | (187) | (246) | (182) | (183) |
| EBITDA | 270 | 274 | 279 | 1,083 | 266 | 259 |
| Depreciation expense | (149) | (150) | (149) | (154) | (147) | (148) |
| Amortisation expense | (19) | (30) | (23) | (23) | (12) | (12) |
| Impairment expense | - | - | - | (739) | - | (24) |
| Operating profit | 102 | 94 | 107 | 167 | 107 | 75 |
| Adjusted EBITDA | 278 | 285 | 286 | 271 | 274 | 267 |
| Adjusted EBITDA margin | 61% | 63% | 63% | 58% | 61% | 60% |
| US C-band repurposing income | 29 | 21 | 11 | 861 | 2 | 2 |
| US C-band operating expenses | (36) | (27) | (17) | (48) | (9) | (8) |
| Other significant special items | (1) | (5) | (1) | (1) | (1) | (2) |
| EBITDA | 270 | 274 | 279 | 1,083 | 266 | 259 |
ALTERNATIVE PERFORMANCE MEASURES
SES regularly uses Alternative Performance Measures ('APM') to present the performance of the Group and believes that these APMs are relevant to enhance understanding of the financial performance and financial position. These measures may not be comparable to similarly titled measures used by other companies and are not measurements under IFRS or any other body of generally accepted accounting principles, and thus should not be considered substitutes for the information contained in the Group's financial statements.
| Alternative Performance Measure | Definition | ||
|---|---|---|---|
| Reported EBITDA and EBITDA margin | EBITDA is profit for the period before depreciation, amortisation, net financing cost and income tax. EBITDA margin is EBITDA divided by revenue. |
||
| Adjusted EBITDA and Adjusted EBITDA margin | EBITDA adjusted to exclude significant special items. In 2021 and 2022, the primary exceptional items are the net impact of the repurposing of US C-band spectrum, restructuring charges, and costs associated with the acquisition and integration of new subsidiaries. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. |
||
| Adjusted Net Debt to Adjusted EBITDA | Adjusted Net Debt to Adjusted EBITDA, represents the ratio of Net Debt plus 50% of the group's hybrid bonds (per the rating agency methodology) divided by the last 12 months' (rolling) Adjusted EBITDA. |
||
| Adjusted Net Profit | Net profit attributable to owners of the parent adjusted to exclude the After tax impact of significant special items. |
For further information please contact:
Richard Whiteing Suzanne Ong Investor Relations External Communications Tel: +352 710 725 261 Tel: +352 710 725 500 [email protected] [email protected]
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Presentation of Results:
A presentation of the results for investors and analysts will be hosted at 9.30 CEST on 4 August 2022 and will be broadcast via webcast and conference call. The details for the conference call and webcast are as follows:
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The presentation is available for download from https://www.ses.com/investors/financial-results and a replay will be available shortly after the conclusion of the presentation.
About SES
SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content an d providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world's only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially proven, low latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world's leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES's video network carries over 8,000 channels and has an unparalleled reach of 366 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.
Disclaimer
This presentation does not, in any jurisdiction, including without limitation in the U.S., constitute or form part of, and should not be construed as, any offer for sale of, or solicitation of any offer to buy, or any investment advice in connection with, any securities of SES, nor should it or any part of it form the basis of, or be relied on in connection with, any contract or commitment whatsoever.
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This presentation includes "forward-looking statements". All statements other than statements of historical fact included in this presentation, including without limitation those regarding SES's financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to SES products and services), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance, or achievements of SES to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding SES and its subsidiaries and affiliates, present and future business strategies, and the environment in which SES will operate in the future, and such assumptions may or may not prove to be correct. These forward-looking statements speak only as at the date of this presentation. Forward-looking statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will occur or continue in the future. SES, and its directors, officers and advisors do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.