Shutterfly debt leaks lower as 3Q21 EBITDA and revenue fall YoY

Shorts are leaning on Shutterfly’s bonds after the digital imaging company posted disappointing results for 3Q21, with lower revenue and EBITDA figures year-over-year, according to two sources following the company.  Adjusted revenue excluding Spoonflower – a marketplace connecting consumers with artists in the home decor space that Shutterfly acquired last year – totaled USD 325m, compared…

Read more Shutterfly debt leaks lower as 3Q21 EBITDA and revenue fall YoY

Cooper-Standard investors map out recovery valuations as liquidity concerns grow

A slew of disappointing earnings reports from Cooper-Standard, coupled with the lower guidance for full-year 2021 has incited investor concerns regarding the auto supplier’s thinning liquidity profile, according to three sources familiar with the situation. The grim financial reports along with the continued semiconductor shortage has put the spotlight on the issuer’s recovery estimates, the sources…

Read more Cooper-Standard investors map out recovery valuations as liquidity concerns grow

Service King adds going concern language in 3Q21 report, secures USD 15m loan from sponsors 

Service King disclosed going concern language in its 3Q21 earnings report late yesterday, according to three sources familiar with the situation. The event came after the collision repair center operator’s bonds due 1 October 2022 became current, they said.   The company also unveiled that it received a USD 15m Libor+ 675bps (75bps floor) term loan…

Read more Service King adds going concern language in 3Q21 report, secures USD 15m loan from sponsors 

Veritas posts EBITDA and revenue gain in 2Q, but cash burn intensifies 

Veritas Technologies’ fiscal 2Q22 earnings edged higher as the company’s appliance hardware business continued to grow, according to two sources familiar with the situation.   For fiscal 2Q ended 30 September, Veritas booked USD 194m of adjusted EBITDA, compared to USD 181m in the prior year period, the sources said. The latest adjusted EBITDA figure…

Read more Veritas posts EBITDA and revenue gain in 2Q, but cash burn intensifies 

MultiPlan debt craters as UnitedHealth contract termination fears flare up

MultiPlan bonds traded off today on growing fears that UnitedHealthcare — one of its largest customers — will stop using MultiPlan’s services to help resolve claims, according to three sources following the situation.  The unrest unfolded amid United’s ongoing litigation against physician staffing firm Team Health, with the lawsuit fueling anxiety that the insurance provider could drop MultiPlan’s services…

Read more MultiPlan debt craters as UnitedHealth contract termination fears flare up

American Axle gains as 3Q21 EBITDA clocks in at high end of estimates, despite lower forecast for 2021 — Market React

American Axle’s debt and equity edged up after the auto supplier reported 3Q21 EBITDA at the high end of expectations and exceeded revenue estimates. The gains came even after the company lowered earnings guidance for 2021.  For the quarter ended 30 September, the issuer reported USD 183.2m of adjusted EBITDA, which while 38% lower versus…

Read more American Axle gains as 3Q21 EBITDA clocks in at high end of estimates, despite lower forecast for 2021 — Market React

Cooper-Standard tumbles as 2021 EBITDA guidance turns negative, 3Q21 earnings slip — Market React

Cooper-Standard’s debt and equity dipped after the auto supplier reported weak 3Q21 earnings and reduced full-year guidance for 2021 after market close yesterday (3 November).  The company starkly lowered its outlook for 2021 EBITDA to negative USD 10m – negative USD 25m,  from previous expectations of positive USD 75m–USD 105m. Revenue is now expected to…

Read more Cooper-Standard tumbles as 2021 EBITDA guidance turns negative, 3Q21 earnings slip — Market React

American Axle projected to generate FCF in 2021, despite chip shortage troubles

American Axle’s earnings will continue to take a slight hit in the second half of 2021, as the auto supplier continues to feel the effects of the semiconductor shortage, according to three sources following the company. Carmakers this year have cut production amid supply chain disruptions, creating earnings pressure for a host of auto suppliers.…

Read more American Axle projected to generate FCF in 2021, despite chip shortage troubles