LIBERTY LAKE, Wash. - August 2, 2022 - ( Newswire.com )
- Replaces antiquated VDI/VPN technologies to achieve maximum performance and security
- One-way communication egress and isolated workstation pools neutralize cyberattacks
- Reduces up to 25% of bandwidth requirements with PCoIP protocol that delivers performance regardless of network conditions
Vega Cloud, Inc., the cloud automation and optimization platform for highly regulated and performance-driven industries, today announced a collaboration with HP Teradici, creator of the industry-leading PCoIP® remote display protocol, to develop services that will deliver businesses the freedom to efficiently deliver high-performance digital workstations, even over the most challenging network conditions.
Vega Cloud will leverage HP Anyware* (formerly Teradici CAS) and PCoIP® technology to develop two digital workstation services: Secure WorkRemote (SWR) for regulated industries and Vega Atelier remote studios for resource-intensive industries like Media and Entertainment. Vega Cloud has proven its all-inclusive, digital workstations provide robust security and sustainability performance anywhere, on any device, from any network. As critical business assets, healthcare and financial institution customers demand detailed evidence to ensure digital desktops comply with applicable laws and regulations. Vega Cloud consistently exceeds the information security and performance requirements and will continue to evolve as guidelines change.
Secure WorkRemote and Vega Atelier remote studios incorporate multilayered security and IP protection. Each workstation is deployed inside a zero-trust isolation pool to trap and inoculate bad actors. The Teradici PCoIP® protocol and AES 256 encryption ensures that only pixels leave the environment. Both services have built-in optimization to auto-scale memory, graphics, and CPU to efficiently power through intensive applications.
The platforms contain a robust catalog of pre-configured desktop SKUs so administrators can quickly deploy and decommission workstations, significantly reducing operational management and support. Operational metrics and key performance indicators can be monitored by workgroups or discipline with drag-and-drop simplicity and automated workflows. Administrators have confidence controls around desktop delivery and compliance are delivered appropriately and rapidly.
"Hybrid workplaces operate on several different networks and this complexity has outstripped perimeter-based network security," said Kris Bliesner, CEO, Vega Cloud. "The strategic partnership with HP Teradici and Vega Cloud focuses on data and service protection and expands protection and performance to include all workstation assets (devices, infrastructure components, applications, virtual and cloud components) and end users. This is a paradigm-shifting approach to digital workstations powered by Cloud Infrastructure and Optimized by Vega's Platform."
"HP Anyware provides the security and performance that Vega Cloud needs for its new services to excel in the most demanding use cases," said Paul Austin, Worldwide Head of Teradici Channel Sales at HP. "Vega Cloud's capabilities align with our focus on delivering secure digital workspace solutions, and we're proud to work with them on enabling the industries we serve together to realize the benefits of hybrid work."
About Vega Cloud
Vega is a Software as a Service (SaaS) platform for enterprise cloud management. Vega unlocks the power of public cloud infrastructure, giving businesses the freedom to innovate and efficiently deliver world-class products and services. Vega combines scale management with speed and efficiency to drive business outcomes that align with end-user goals. Public Cloud infrastructure isn't just for architects or DevOps engineers anymore. Vega puts the power of fully optimized, fully managed infrastructure to work for your business.
About HP Teradici
HP Teradici is the creator of the PCoIP remote display protocol, which delivers digital workspaces from the data center or public cloud to end users with the highest levels of security, responsiveness, and fidelity. HP Anyware (formerly Teradici CAS), which won an Engineering Emmy® from the Television Academy in 2020, powers the most secure remote solutions with unparalleled performance for even the most graphics-intensive applications. HP Teradici technology is trusted by leading media companies, design houses, financial firms and government agencies and is deployed to millions of users worldwide. For more information, visit www.teradici.com or www.hp.com/anyware.
Connect with HP Teradici on Twitter @Teradici, LinkedIn, YouTube and the Teradici blog.
For more information about Vega SWR and Vega Atelier, please visit https://www.vegacloud.io/secureworkremote and https://www.vegacloud.io/vega-atelier.
Teradici and PCoIP are trademarks of HP, Inc., and are registered in the United States and/or other countries. Any other trademarks or registered trademarks mentioned in this release are the intellectual property of their respective owners.
*Network access required. HP Anyware supports Windows®, Linux® and MacOS® host environments and Window, Linux, MacOS, iOS®, Android®, and Chrome OS® end-user devices. For more on the system requirements for installing HP Anyware, refer to the Admin Guides at: https://docs.teradici.com/find/product/cloud-access-software
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Original Source: Vega Cloud Announces Global Strategic Collaboration With HP Teradici for the Next Generation of Hybrid Digital Workspace Performance and Security
PALO ALTO, Calif. , July 21, 2022 (GLOBE NEWSWIRE) -- HP Inc. (NYSE: HPQ) today released The Evolution of Cybercrime: Why the Dark Web is Supercharging the Threat Landscape and How to Fight Back – an HP Wolf Security Report. The findings show cybercrime is being supercharged through “plug and play” malware kits that make it easier than ever to launch attacks. Cyber syndicates are collaborating with amateur attackers to target businesses, putting our online world at risk.
The HP Wolf Security threat team worked with Forensic Pathways, a leading group of global forensic professionals, on a three-month dark web investigation, scraping and analyzing over 35 million cybercriminal marketplaces and forum posts to understand how cybercriminals operate, gain trust, and build reputation.
Key findings include:
- Malware is cheap and readily available – Over three quarters (76%) of malware advertisements listed, and 91% of exploits (i.e. code that gives attackers control over systems by taking advantage of software bugs), retail for under $10 USD. The average cost of compromised Remote Desktop Protocol credentials is just $5 USD. Vendors are selling products in bundles, with plug-and-play malware kits, malware-as-a-service, tutorials, and mentoring services reducing the need for technical skills and experience to conduct complex, targeted attacks – in fact, just 2-3% of threat actors today are advanced coders1.
- The irony of ‘honor amongst cyber-thieves’ – Much like the legitimate online retail world, trust and reputation are ironically essential parts of cybercriminal commerce: 77% of cybercriminal marketplaces analyzed require a vendor bond – a license to sell – which can cost up to $3,000. 85% of these use escrow payments, and 92% have a third-party dispute resolution service. Every marketplace provides vendor feedback scores. Cybercriminals also try to stay a step ahead of law enforcement by transferring reputation between websites – as the average lifespan of a dark net Tor website is only 55 days.
- Popular software is giving cybercriminals a foot in the door – Cybercriminals are focusing on finding gaps in software that will allow them to get a foothold and take control of systems by targeting known bugs and vulnerabilities in popular software. Examples include the Windows operating system, Microsoft Office, web content management systems, and web and mail servers. Kits that exploit vulnerabilities in niche systems command the highest prices (typically ranging from $1,000-$4,000 USD). Zero Days (vulnerabilities that are not yet publicly known) are retailing at 10s of thousands of dollars on dark web markets.
“Unfortunately, it’s never been easier to be a cybercriminal. Complex attacks previously required serious skills, knowledge and resource. Now the technology and training is available for the price of a gallons of gas. And whether it’s having your company ad customer data exposed, deliveries delayed or even a hospital appointment cancelled, the explosion in cybercrime affects us all,” comments report author Alex Holland, Senior Malware Analyst at HP Inc.
“At the heart of this is ransomware, which has created a new cybercriminal ecosystem rewarding smaller players with a slice of the profits. This is creating a cybercrime factory line, churning out attacks that can be very hard to defend against and putting the businesses we all rely on in the crosshairs,” Holland adds.
HP consulted with a panel of experts from cybersecurity and academia – including ex-black hat hacker Michael ‘Mafia Boy’ Calce and authored criminologist, Dr. Mike McGuire – to understand how cybercrime has evolved and what businesses can do to better protect themselves against the threats of today and tomorrow. They warned that businesses should prepare for destructive data denial attacks, increasingly targeted cyber campaigns, and cybercriminals using emerging technologies like artificial intelligence to challenge organizations’ data integrity.
To protect against current and future threats, the report offers up the following advice for businesses:
Master the basics to reduce cybercriminals’ chances: Follow best practices, such as multi-factor authentication and patch management; reduce your attack surface from top attack vectors like email, web browsing and file downloads; and prioritize self-healing hardware to boost resilience.
Focus on winning the game: plan for the worst; limit risk posed by your people and partners by putting processes in place to vet supplier security and educate workforces on social engineering; and be process-oriented and rehearse responses to attacks so you can identify problems, make improvements and be better prepared.
Cybercrime is a team sport. Cybersecurity must be too: talk to your peers to share threat information and intelligence in real-time; use threat intelligence and be proactive in horizon scanning by monitoring open discussions on underground forums; and work with third-party security services to uncover weak spots and critical risks that need addressing.
“We all need to do more to fight the growing cybercrime machine,” says Dr. Ian Pratt, Global Head of Security for Personal Systems at HP Inc. “For individuals, this means becoming cyber aware. Most attacks start with a click of a mouse, so thinking before you click is always important. But giving yourself a safety net by buying technology that can mitigate and recover from the impact of bad clicks is even better.”
“For businesses, it’s important to build resiliency and shut off as many common attack routes as possible,” Pratt continues. “For example, cybercriminals study patches on release to reverse engineer the vulnerability being patched and can rapidly create exploits to use before organizations have patched. So, speeding up patch management is important. Many of the most common categories of threat such as those delivered via email and the web can be fully neutralized through techniques such as threat containment and isolation, greatly reducing an organization’s attack surface regardless of whether the vulnerabilities are patched or not.”
You can read the full report herehttps://threatresearch.ext.hp.com/evolution-of-cybercrime-report/
Media contacts:
Vanessa Godsal / vgodsal@hp.com
About the research
The Evolution of Cybercrime – The Evolution of Cybercrime: Why the Dark Web is Supercharging the Threat Landscape and How to Fight Back – an HP Wolf Security Report is based on findings from:
- An independent study carried out by dark web investigation firm Forensic Pathways and commissioned by HP Wolf Security. The firm collected dark web marketplace listings using their automated crawlers that monitor content on the Tor network. Their Dark Search Engine tool has an index consisting of >35 million URLs of scraped data. The collected data was examined and validated by Forensic Pathway’s analysts. This report analyzed approximately 33,000 active websites across the dark web, including 5,502 forums and 6,529 marketplaces. Between February and April 2022, Forensic Pathways identified 17 recently active cybercrime marketplaces across the Tor network and 16 hacking forums across the Tor network and the web containing relevant listings that comprise the data set.
- The report also includes threat telemetry from HP Wolf Security and research into the leaked communications of the Conti ransomware group.
- Interviews with and contributions from a panel of cybersecurity experts including:
- Alex Holland, report author, Senior Malware Analyst at HP Inc.
- Joanna Burkey, Chief Information Security Officer at HP Inc.
- Dr. Ian Pratt, Global Head of Security for Personal Systems at HP Inc.
- Boris Balacheff, Chief Technologist for Security Research and Innovation at HP Labs, HP Inc.
- Patrick Schlapfer, Malware Analyst at HP Inc.
- Michael Calce, former black hat “MafiaBoy”, HP Security Advisory Board Chairman, CEO of decentraweb, and President of Optimal Secure.
- Dr. Mike McGuire, senior lecturer of criminology at the University of Surrey, UK and authored expert on cybersecurity.
- Robert Masse, HP Security Advisory Board member and Partner at Deloitte.
- Justine Bone, HP Security Advisory Board member and CEO at Medsec.
About HP
HP Inc. is a technology company that believes one thoughtful idea has the power to change the world. Its product and service portfolio of personal systems, printers, and 3D printing solutions helps bring these ideas to life. Visit http://www.hp.com.
About HP Wolf Security
From the maker of the world’s most secure PCs2 and Printers3, HP Wolf Security is a new breed of endpoint security. HP’s portfolio of hardware-enforced security and endpoint-focused security services are designed to help organizations safeguard PCs, printers, and people from circling cyber predators. HP Wolf Security provides comprehensive endpoint protection and resiliency that starts at the hardware level and extends across software and services.
©Copyright 2022 HP Development Company, L.P. The information contained herein is subject to change without notice. The only warranties for HP products and services are set forth in the express warranty statements accompanying such products and services. Nothing herein should be construed as constituting an additional warranty. HP shall not be liable for technical or editorial errors or omissions contained herein.
1 According to Michael Calce, former black hat “MafiaBoy”, HP Security Advisory Board Member, CEO of decentraweb, and President of Optimal Secure
2 Based on HP’s unique and comprehensive security capabilities at no additional cost among vendors on HP Elite PCs with Windows and 8th Gen and higher Intel® processors or AMD Ryzen™ 4000 processors and higher; HP ProDesk 600 G6 with Intel® 10th Gen and higher processors; and HP ProBook 600 with AMD Ryzen™ 4000 or Intel® 11th Gen processors and higher.
3 HP’s most advanced embedded security features are available on HP Enterprise and HP Managed devices with HP FutureSmart firmware 4.5 or above. Claim based on HP review of 2021 published features of competitive in-class printers. Only HP offers a combination of security features to automatically detect, stop, and recover from attacks with a self-healing reboot, in alignment with NIST SP 800-193 guidelines for device cyber resiliency. For a list of compatible products, visit: hp.com/go/PrintersThatProtect. For more information, visit: hp.com/go/PrinterSecurityClaims.
STAMFORD — Investment management giant Franklin Templeton has renewed its lease in the First Stamford Place complex, property owner Empire State Realty Trust announced Tuesday.
Franklin Templeton’s lease covers 79,059 square feet at 100 First Stamford Place, which represents about 10 percent of First Stamford Place’s building square footage. The new lease runs until 2035, in a property that stands yards from the downtown Metro-North Railroad station and Interstate 95’s Exit 7.
“Franklin Templeton has entered into a new lease extension agreement at One Stamford Place,” Franklin Templeton said in a statement. “This marks an exciting new chapter for the firm to bring all Stamford-based employees...together in one location.”
The company’s more than 200 Stamford-based employees includes staff who joined following the completion in January of the acquisition of Stamford-based O’Shaughnessy Asset Management.
Franklin Templeton’s offices at First Stamford Place were opened in 2006. They had served as a local hub for asset management firm Legg Mason and taken over by Franklin Templeton following its $4.5 billion acquisition of Legg Mason in 2020.
The San Mateo, Calif.-headquartered Franklin Templeton ranks No. 411 on this year’s Fortune 500 list of the largest U.S. corporations, with about $8.4 billion in revenues in 2021.
In the leasing negotiations, Jeffrey Newman and Kimberly Zaccagnino of ESRT represented the property owner. Commercial real estate firm Cushman & Wakefield’s Jay Hruska, Rob Lowe, Jeff Cushman and John C. Cushman III represented Franklin Templeton.
“ESRT provides exceptional value with healthy, modernized workplaces and industry-leading sustainability practices to serve the market flight to quality,” Newman, senior vice president of leasing at ESRT, said in a statement. “Franklin Templeton’s long-term renewal and consolidated relocation of its entire Stamford office space to First Stamford Place is a testament to the property’s ideal location for companies to recruit and retain employees from across the tri-state area, and to our successful tenant partnerships and industry leadership in indoor environmental quality and energy efficiency.”
Covering more than 777,000 square feet of rentable space across three buildings, First Stamford Place comprises one of the largest office complexes in Connecticut.
The property is 78 percent occupied. Among other large tenants, Fortune 500 firm United Rentals, which is the world’s largest equipment-rentals provider, last year renewed its headquarters lease for about 51,000 square feet.
Reinsurance firm OdysseyRe is the largest tenant at First Stamford Place, leasing 88,581 square feet.
pschott@stamfordadvocate.com; twitter: @paulschott
PORTSMOUTH, N.H., Aug. 04, 2022 (GLOBE NEWSWIRE) -- Sprague Resources LP (“Sprague”) (NYSE: SRLP) today reported its financial results for the second quarter ended June 30, 2022.
Second Quarter 2022 Highlights
Net sales were $1,278.3 million for the second quarter of 2022, compared to net sales of $657.7 million for the second quarter of 2021.
GAAP net loss was $45.3 million for the second quarter of 2022, compared to net loss of $45.6 million for the second quarter of 2021.
Adjusted gross margin* was $51.1 million for the second quarter of 2022, compared to adjusted gross margin of $38.8 million for the second quarter of 2021.
Adjusted EBITDA* was $7.0 million for the second quarter of 2022, compared to adjusted EBITDA of $3.0 million for the second quarter of 2021.
"Sprague's solid second quarter results were driven by continued strong execution across our portfolio of businesses. Global tightness in commodity markets created opportunities to leverage our supply and logistics expertise," said David Glendon, President and Chief Executive Officer.
Refined Products
Volumes in the Refined Products segment increased 2% to 293.8 million gallons in the second quarter of 2022, compared to 289.5 million gallons in the second quarter of 2021.
Adjusted gross margin in the Refined Products segment increased $2.7 million, or 10%, to $29.9 million in the second quarter of 2022, compared to $27.2 million in the second quarter of 2021.
“Sales volume increases in gasoline led to stronger results versus last year's second quarter," stated Mr. Glendon. "Despite the challenges of a backwardated market, our teams kept customers supplied while limiting inventories."
Natural Gas
Natural Gas segment volumes decreased 7% to 10.9 million Bcf in the second quarter of 2022, compared to 11.7 million Bcf in the second quarter of 2021.
Natural Gas adjusted gross margin increased $8.5 million, or 311%, to $5.8 million for the second quarter of 2022, compared to $(2.7) million for the second quarter of 2021.
"Our Natural Gas business enjoyed continued healthy results by optimizing our asset portfolio and logistical expertise in the constrained Northeast markets," added Mr. Glendon.
Materials Handling
Materials Handling adjusted gross margin increased by $0.1 million, to $12.8 million for the second quarter of 2022, compared to $12.7 million for the second quarter of 2021.
"Materials Handling continued its steady contribution to our overall results, leveraging our extensive infrastructure assets," concluded Mr. Glendon.
Quarterly Distribution
On July 25, 2022, the Board of Directors ("Board") of Sprague’s general partner, Sprague Resources GP LLC, announced a cash distribution of $0.4338 per unit for the quarter ended June 30, 2022. The distribution will be paid on August 10, 2022 to unitholders of record as of the close of business on August 5, 2022.
2022 Guidance
As announced and described in our Form 8-K filing with the Securities and Exchange Commission on June 2, 2022, Sprague, and its general partner, Sprague Resources GP LLC, entered into an Agreement and Plan of Merger with Sprague HP Holdings, LLC, a wholly owned subsidiary of Hartree Partners, LP, and Sparrow HP Merger Sub, LLC, pursuant to which Sparrow HP Merger Sub, LLC will merge with and into the Partnership, with the Partnership surviving as a direct wholly owned subsidiary of Sprague Resources GP LLC and Hartree Partners, LP (the “Merger”).
In light of the proposed Merger, and as is customary during the pendency of a merger, Sprague Resources LP will not be hosting a conference call or providing financial guidance in conjunction with our second quarter 2022 earnings release.
About Sprague Resources LP
Sprague Resources LP is a master limited partnership engaged in the purchase, storage, distribution and sale of refined petroleum products and natural gas. Sprague also provides storage and handling services for a broad range of materials.
*Non-GAAP Financial Measures
EBITDA, adjusted EBITDA, adjusted gross margin and distributable cash flow are measures not defined by GAAP. Sprague defines EBITDA as net income (loss) before interest, income taxes, depreciation and amortization.
We define adjusted EBITDA as EBITDA increased for unrealized hedging losses and decreased by unrealized hedging gains (in each case with respect to refined products and natural gas inventory, prepaid forward contracts and natural gas transportation contracts), changes in fair value of contingent consideration, adjusted for the impact of acquisition related expenses, and when applicable, adjusted for the net impact of retroactive legislation that reinstates an excise tax credit program available for certain of our biofuel blending activities that had previously expired.
We define adjusted gross margin as net sales less cost of products sold (exclusive of depreciation and amortization) decreased by total commodity derivative gains and losses included in net income (loss) and increased by realized commodity derivative gains and losses included in net income (loss), in each case with respect to refined products and natural gas inventory, prepaid forward contracts and natural gas transportation contracts. Adjusted gross margin has no impact on reported volumes or net sales.
To manage Sprague's underlying performance, including its physical and derivative positions, management utilizes adjusted gross margin. Adjusted gross margin is also used by external users of our consolidated financial statements to assess our economic results of operations and its commodity market value reporting to lenders. EBITDA and adjusted EBITDA are used as supplemental financial measures by external users of our financial statements, such as investors, trade suppliers, research analysts and commercial banks to assess the financial performance of our assets, operations and return on capital without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate sufficient revenue, that when rendered to cash, will be available to pay interest on our indebtedness and make distributions to our equity holders; repeatable operating performance that is not distorted by non-recurring items or market volatility; and, the viability of acquisitions and capital expenditure projects.
Sprague believes that investors benefit from having access to the same financial measures that are used by its management and that these measures are useful to investors because they aid in comparing its operating performance with that of other companies with similar operations. The adjusted EBITDA and adjusted gross margin data presented by Sprague may not be comparable to similarly titled measures at other companies because these items may be defined differently by other companies. Please see the attached reconciliations of net income to adjusted EBITDA and operating income to adjusted gross margin.
Sprague defines distributable cash flow as adjusted EBITDA less cash interest expense (excluding imputed interest on deferred acquisition payments), cash taxes, and maintenance capital expenditures. Distributable cash flow calculations also reflect the elimination of compensation expense expected to be settled with the issuance of Partnership units, expenses related to business combinations and other adjustments. Distributable cash flow is a significant performance measure used by Sprague and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare the cash generating performance of the Partnership in relation to the cash distributions expected to be paid to its unitholders.
With regard to guidance, reconciliation of non-GAAP adjusted EBITDA to the closest corresponding GAAP measure (expected net income (loss)) is not available without unreasonable efforts on a forward-looking basis due to the inherent difficulty and impracticality of forecasting certain amounts required by GAAP such as unrealized gains and losses on derivative hedges, which can have a significant and potentially unpredictable impact on our future GAAP financial results.
Cautionary Statement Regarding Forward Looking Statements
Any statements in this press release about future expectations, plans and prospects for Sprague Resources LP or about Sprague Resources LP’s future expectations, beliefs, goals, plans or prospects, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Any statements that are not statements of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions) should also be considered forward-looking statements. These forward-looking statements involve risks and uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. Although Sprague believes that the assumptions underlying these statements are reasonable, investors are cautioned that such forward-looking statements are inherently uncertain and involve risks that may affect our business prospects and performance causing real results to differ from those discussed in the foregoing release. Such risks and uncertainties include, by way of example and not of limitation: our ability to complete the Merger in a timely manner, or at all; greater than expected operating costs, customer loss, business disruption and employee attrition as a result of the proposed Merger; diversion of management time on the proposed Merger and changes in management and other personnel before the closing of the Merger; the direct and indirect effects of the COVID-19 global pandemic and other public health developments on our business and those of our business partners, suppliers and customers, including Sprague; increased competition for our products or services; adverse weather conditions; changes in supply or demand for our products or services; nonperformance by major customers or suppliers; changes in operating conditions and costs; changes in the level of environmental remediation spending; potential equipment malfunction and unexpected capital expenditures; our ability to complete organic growth and acquisition projects; our ability to integrate acquired assets; potential labor issues; the legislative or regulatory environment; terminal construction/repair delays; political and economic conditions; the impact of security risks including terrorism, international hostilities and cyber-risk; and the inability to amend or extend the maturity of our Credit Agreement. . These are not all of the important factors that could cause real results to differ materially from those expressed in forward looking statements. Other applicable risks and uncertainties have been described more fully in Sprague’s most exact Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 4, 2022 and in the Partnership's subsequent Form 10-Q, Form 8-K and other documents filed with the SEC. Sprague undertakes no obligation and does not intend to update any forward-looking statements to reflect new information or future events. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
(Financial Tables Below)
Sprague Resources LP
Summary Financial Data
Three and Six Months Ended June 30, 2022 and 2021
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||
Income Statements Data: | |||||||||||||||
Net sales | $ | 1,278,310 | $ | 657,672 | $ | 3,091,625 | $ | 1,693,805 | |||||||
Operating costs and expenses: | |||||||||||||||
Cost of products sold (exclusive of depreciation and amortization) | 1,261,935 | 659,803 | 2,991,013 | 1,584,585 | |||||||||||
Operating expenses | 22,092 | 19,148 | 45,327 | 38,379 | |||||||||||
Selling, general and administrative | 21,941 | 16,719 | 50,661 | 41,958 | |||||||||||
Depreciation and amortization | 8,049 | 8,258 | 16,175 | 16,741 | |||||||||||
Total operating costs and expenses | 1,314,017 | 703,928 | 3,103,176 | 1,681,663 | |||||||||||
Other operating income | — | 9,725 | — | 9,725 | |||||||||||
Operating (loss) income | (35,707 | ) | (36,531 | ) | (11,551 | ) | 21,867 | ||||||||
Other (loss) income | — | — | (1 | ) | 2 | ||||||||||
Interest income | 115 | 77 | 143 | 143 | |||||||||||
Interest expense | (9,242 | ) | (8,587 | ) | (19,814 | ) | (17,402 | ) | |||||||
(Loss) income before income taxes | (44,834 | ) | (45,041 | ) | (31,223 | ) | 4,610 | ||||||||
Income tax (provision) benefit | (461 | ) | (562 | ) | 3,874 | (1,433 | ) | ||||||||
Net (loss) income | (45,295 | ) | (45,603 | ) | (27,349 | ) | 3,177 | ||||||||
Limited partners' interest in net (loss) income | $ | (45,295 | ) | $ | (45,603 | ) | $ | (27,349 | ) | $ | 3,177 | ||||
Net (loss) income per limited partner unit: | |||||||||||||||
Common - basic | $ | (1.73 | ) | $ | (1.74 | ) | $ | (1.04 | ) | $ | 0.13 | ||||
Common - diluted | $ | (1.73 | ) | $ | (1.74 | ) | $ | (1.04 | ) | $ | 0.13 | ||||
Units used to compute net income per limited partner unit: | |||||||||||||||
Common - basic | 26,236,612 | 26,226,255 | 26,235,585 | 25,066,494 | |||||||||||
Common - diluted | 26,236,612 | 26,226,255 | 26,235,585 | 25,066,494 | |||||||||||
Distribution declared per unit | $ | 0.4338 | $ | 0.6675 | $ | 0.8676 | $ | 1.3350 | |||||||
Sprague Resources LP
Volume, Net Sales and Adjusted Gross Margin by Segment
Three and Six Months Ended June 30, 2022 and 2021
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
($ and volumes in thousands) | |||||||||||||||
Volumes: | |||||||||||||||
Refined products (gallons) | 293,810 | 289,458 | 859,478 | 805,303 | |||||||||||
Natural gas (MMBtus) | 10,895 | 11,692 | 28,556 | 30,527 | |||||||||||
Materials handling (short tons) | 407 | 507 | 1,038 | 924 | |||||||||||
Materials handling (gallons) | 96,697 | 124,444 | 184,851 | 182,303 | |||||||||||
Net Sales: | |||||||||||||||
Refined products | $ | 1,189,213 | $ | 589,142 | $ | 2,856,043 | $ | 1,505,342 | |||||||
Natural gas | 70,510 | 51,360 | 196,354 | 153,935 | |||||||||||
Materials handling | 12,871 | 12,725 | 25,964 | 24,771 | |||||||||||
Other operations | 5,716 | 4,445 | 13,264 | 9,757 | |||||||||||
Total net sales | $ | 1,278,310 | $ | 657,672 | $ | 3,091,625 | $ | 1,693,805 | |||||||
Reconciliation of Operating Income to Adjusted Gross Margin: | |||||||||||||||
Operating (loss) income | $ | (35,707 | ) | $ | (36,531 | ) | $ | (11,551 | ) | $ | 21,867 | ||||
Operating costs and expenses not allocated to operating segments: | |||||||||||||||
Operating expenses | 22,092 | 19,148 | 45,327 | 38,379 | |||||||||||
Selling, general and administrative | 21,941 | 16,719 | 50,661 | 41,958 | |||||||||||
Depreciation and amortization | 8,049 | 8,258 | 16,175 | 16,741 | |||||||||||
Other Operating Income | (9,725 | ) | (9,727 | ) | |||||||||||
Change in unrealized (gain) loss on inventory | (21,998 | ) | 5,369 | (6,629 | ) | (20,888 | ) | ||||||||
Change in unrealized value on natural gas transportation contracts | 56,673 | 35,592 | 98,596 | 56,711 | |||||||||||
Total adjusted gross margin: | $ | 51,050 | $ | 38,830 | $ | 192,579 | $ | 145,041 | |||||||
Adjusted Gross Margin: | |||||||||||||||
Refined products | $ | 29,868 | $ | 27,165 | $ | 83,994 | $ | 78,198 | |||||||
Natural gas | 5,755 | (2,725 | ) | 77,106 | 38,364 | ||||||||||
Materials handling | 12,799 | 12,694 | 25,929 | 24,770 | |||||||||||
Other operations | 2,628 | 1,696 | 5,550 | 3,709 | |||||||||||
Total adjusted gross margin | $ | 51,050 | $ | 38,830 | $ | 192,579 | $ | 145,041 | |||||||
Sprague Resources LP
Reconciliation of Net Income to Non-GAAP Measures
Three and Six Months Ended June 30, 2022 and 2021
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
($ in thousands) | ($ in thousands) | ||||||||||||||
Reconciliation of net income to EBITDA, Adjusted EBITDA and Distributable Cash Flow: | |||||||||||||||
Net (loss) income | $ | (45,295 | ) | $ | (45,603 | ) | $ | (27,349 | ) | $ | 3,177 | ||||
Add/(deduct): | |||||||||||||||
Interest expense, net | 9,127 | 8,510 | 19,671 | 17,259 | |||||||||||
Tax provision | 461 | 562 | (3,874 | ) | 1,433 | ||||||||||
Depreciation and amortization | 8,049 | 8,258 | 16,175 | 16,741 | |||||||||||
EBITDA | $ | (27,658 | ) | $ | (28,273 | ) | $ | 4,623 | $ | 38,610 | |||||
Add/(deduct): | |||||||||||||||
Change in unrealized (gain) loss on inventory | (21,998 | ) | 5,369 | (6,629 | ) | (20,888 | ) | ||||||||
Change in unrealized value on natural gas transportation contracts | 56,673 | 35,592 | 98,596 | 56,711 | |||||||||||
Gain on sale of fixed assets not in the ordinary course of business and other operating income | — | (9,725 | ) | — | (9,727 | ) | |||||||||
Other adjustments | 31 | 35 | 62 | 65 | |||||||||||
Adjusted EBITDA | $ | 7,048 | $ | 2,998 | $ | 96,652 | $ | 64,771 | |||||||
Add/(deduct): | |||||||||||||||
Cash interest expense, net | (7,672 | ) | (6,664 | ) | (16,902 | ) | (14,031 | ) | |||||||
Cash taxes | (3,440 | ) | (694 | ) | 2,473 | (1,677 | ) | ||||||||
Maintenance capital expenditures | (3,925 | ) | (3,515 | ) | (6,595 | ) | (5,523 | ) | |||||||
Elimination of expense relating to incentive compensation and directors fees expected to be paid in common units | — | 185 | — | 2,553 | |||||||||||
Other | — | (6 | ) | — | — | ||||||||||
Distributable cash flow | $ | (7,989 | ) | $ | (7,696 | ) | $ | 75,628 | $ | 46,093 | |||||
Investor Contact:
Paul Scoff
+1 800.225.1560
investorrelations@spragueenergy.com
Galeanu Mihai/iStock via Getty Images
Workday, Inc. (NASDAQ:WDAY) offers a SaaS (software as a service) platform which is the gold standard in Enterprise Management. Its cloud-based platform helps track and Strengthen the efficiency of back-office functions such as Finance, Human Resources and Spend Management. The company was founded in 2005 and initially funded by Duffield and VC Greylock Partners. A partner at Greylock is LinkedIn co-founder Reid Hoffman who is a master of "Blitzscaling." Thus, a platform such as Workday fits nicely into his portfolio, as it helps Enterprises run efficient operations and scale employment more easily.
Workday now has over 9,500 customers across 175 countries. They serve a substantial 50% of the Fortune 500, including 70% of the top 50 Fortune 500 companies. The company has high customer retention (95%), high switching costs and leading product reviews with a Customer Satisfaction score of 97%.
The stock price went on a tremendous bull run in 2020 and increased by a rapid 115%. However, since November 2021, the stock price has been butchered by over 50% on the back of the high inflation numbers released during the period and a slight miss on earnings expectations. The stock price is now trading at the cheapest price to multiple since its IPO in 2012. In addition, the stock is "fairly valued" intrinsically according to my Discounted Cash Flow Model.
Catalysts
Workday has recently announced (July 13th 2022) they have achieved FedRAMP Authorization. This is a major event, as it means Workday can now provide services to Federal Government agencies, which opens up a new growth avenue. In addition, a exact survey by Credit Suisse forecasts an increase in IT Spend for Enterprises. Let's dive into the Business Model, Financials and Valuation for the juicy details.
SaaS Business Model
The Workday Enterprise Management Cloud consists of three core platforms, Human Capital Management, Financial Management and Spend Management. The estimated total addressable market (TAM) across these segments is $105 billion, which means there is plenty of runway ahead.
Workday Platform (Investor presentation)
1. Human Capital Management (HCM)
Workday understands that employees are the lifeblood of any company, especially those in the consulting or service-based industries. As the old saying goes "if you can measure it you can manage it." Workday HCM offers the ability to view headcount, turnover, hiring needs, employee cost, and much more, all from one unified dashboard. As your company gathers more data, the system uses Machine Learning and natural language processing to help estimate the average "Time to hire Gaps" or fill specific management positions.
Workday HCM (Official Website)
The Workday Onboarding solution enables the rapid onboarding of new employees and decreases the time to productivity so they can hit the ground running.
The retention and attrition sections deliver your company insights into how well employees are being retained and if there are any red flags you need to be aware off. The platform even enables the ability to build talent management programs, listen to employee feedback, perform consistent performance reviews, track diversity, set compensation levels, and much more.
The fact the solution is "cloud based" means it's ideal for remote workforces or even retail chains which can track employee metrics across multiple stores, states, and countries.
2. Financial Management
The Financial Management platform enables the ability to intelligently manage finance processes. From billings to revenue, cash flow and more. The machine learning helps with forecasting, forecasting and planning business strategy. In addition, the platforms gives visibility into international compliance and processes, which can be hard to track for organizations.
Workday Financial (Website)
3. Spend Management
The Spend Management platform gives a seamless overview of all the costs associated with running an organization, to tracking various "cost centers," cost trends, and much more.
Spend Management (Workday)
High Retention Rate and Moat
Workday has a high retention rate of over 95%, which means customers are staying with the product. I believe this is for a couple of reasons. The first is it's a great product, which is rated number one in Human Resources software for Enterprises on G2. In addition, the platform has 4.4 out of 5 star reviews on Gartner.
Workday Review (Gartner)
The other reason I believe the product has high retention is its high switching costs. The product is deeply embedded into vital operations such as Finance and Human Resources. There is also the training costs for employees having to relearn a new software. Thus, I believe Workday could demonstrate "pricing power" in the future, as even if there are slightly cheaper alternatives on the market, companies would be unlikely to switch due to the aforementioned reasons.
Powering the platform's success has been an army of 15,900 employees, and as an extra data point it is interesting to see the company has 4.2 out of 5 star reviews for great places to work. Even the negative reviews don't seem too bad. For example, someone commented about the lack of "free food," which personally I don't believe is needed to be offered by a company.
Workday (Glassdoor)
Growing Financials
Workday has been rapidly growing its financials over the past few years. As you can see from the chart below, Annual Subscription Revenue has compounded by a 21% CAGR since 2020 and was $4.5 billion for FY22.
Financials Workday (Investor presentation)
Total Revenue for the quarter ending April 30th 2022 also showed a similar increase, jumping to $1.43 billion, up by 22.1% over the prior year. The majority of this was driven by subscription revenue, which was up 23.2% YoY to $1.27 billion. Total Subscription Revenue Backlog also showed rapid growth of 26% to $12.65 billion.
The Non GAAP Operation Margin has improved by 900 bps over the past couple of years, with Non-GAAP operating income of $228.6 million, or 20.1% of revenues. The company did generate an Operating loss of $72.5 million, or -5.1%, which was greater than the -3.3%, or -$38.3 million, in the prior year.
Total costs and expenses increased by ~24%, which is at a slightly faster rate than revenue growth of ~22.1%. Approximately $100 million of this increase can be attributed to Product Development, which is okay. However, I would like to see General and Administrative expenses and overall costs growing at a slower rate longer term. I believe the company can accomplish this, as they offer a cloud SaaS platform which should have operating leverage - theoretically.
Total Costs (Workday)
Share-based compensation increased by 17.7% to $311.5 million, which does lead to some concern about the sustainability of long term compensation plans. Stock-based compensation makes up ~20% of revenue, which does seem very high for a company which isn't a startup and is a mature technology company. The good news with high stock based compensation is it attracts the best talent and gives employees "skin in the game." Thus, this promotes a harder working and more aligned organization. Of course, when valuing the company's equity, it makes sense to take this into account.
Workday's balance sheet has cash, equivalents, and marketable securities of $6.26 billion, up a substantial 72% from $3.64 billion in the prior year. However, the company does have a substantial amount of total debt - $4.83 billion. The good news is this is well covered in the short term with $1.15 billion being in current debt. However, it is unusual to see a "money losing" technology company with such high debt levels, definitely something to keep an eye on but not a major issue right now.
Valuation
In order to value Workday, I have plugged the latest financials into my advanced valuation model, which uses the discounted cash flow method of valuation. I have forecasted 20% growth rate for next year and 19% growth rate for the next 2 to 5 years, which is aligned with managements guidance.
Workday stock Valuation 1 (created by author Ben at Motivation 2 Invest)
I have forecasted the operation margin to increase to 22% in the next five years as the company scales operations.
R&D expenses (Valuation model)
In addition, I have capitalized the company's large R&D spend over the past couple of years to increase model accuracy.
Valuation Model (created by author Ben at Motivation 2 invest)
Given these factors, I get a fair value of $141/share. The stock is currently trading at $139/share and thus is "fairly valued."
As an extra datapoint, Workday is trading at a price-to-sales ratio = 5.7, which is the cheapest it's ever been historically since the IPO in 2012.
Workday is trading at a midrange price-to-sales ratio (forward) = 5.7 (purple line) relative to other enterprise software companies.
Risks
Valuation and High Debt
Despite the major pullback in share price, the stock isn't really cheap but is fairly valued. The high debt levels are also a concern and definitely something to keep an eye on.
Competition
Gartner outlines various alternatives in the Human Capital Management space. These include;
- SAP SuccessFactors.
- Oracle Fusion Cloud HCM.
- Ceridian Dayforce.
- Darwinbox.
- Workforce Now.
- BambooHR.
- PeopleStrong.
and many more. However, I do believe Workday is the gold standard solution for enterprises.
Final Thoughts
Workday is a tremendous company which offers the gold standard in Enterprise Management Software. The platform has an elite customer base of Fortune 500 giants and high customer retention. The exact crash in share price now means the stock is "fairly valued," and thus this could be a great opportunity for the long-term growth stock investor.
HP CET 2022 Result Declared
HP CET Result 2022: Himachal Pradesh Technical University (HPTU) declared the Himachal Pradesh Common Entrance Test (HP CET) 2022 result today, July 20. The HP CET result is now available on the official website of the university -- himtu.ac.in. Candidates who have appeared for the entrance exam can check and get HP CET score card by using their roll number or name. The Himachal Pradesh CET examination was conducted on July 10, in the offline mode as pen and paper based.
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The duration of the HP CET exam was 03 hours (180 minutes). The HP CET paper for undergraduate courses consisted of 150 multiple choice questions (MCQs). While, for the postgraduate programme, the exam paper consisted of 100 MCQs.
Go to the HPTU official website at himtu.ac.in
Click on the 'Result of HPCET-2022' link scrolling on the top of the homepage
It will redirect you to the result portal
Search your HP CET result 2022 using roll number or name
Check the CET scorecard and get it
Take a print out of the HP CET 2022 result pdf for future use.
HP CET Result 2022: Direct Link
Candidates who qualify the entrance exam would be required to appear for the counselling process. The 15 per cent seats are reserved under All India Quota (AIQ) out of the total number of seats. While 65 per cent seats are reserved for HP State Quota (HPSQ), 5 per cent are reserved for non-resident Indians (NRI) and 15 per cent seats are reserved for management students in only private institutions.
HPTU conducted the HP CET entrance exam to provide admission to candidates in undergraduate and postgraduate courses offered by the universities and institutions across the Himachal Pradesh state.
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One listing for a remote access trojan (RAT) setup and mentoring service promised
“Make money. Fast. Simple. Easy.”
For $449, amateur cybercriminals were provided with functionalities including a full desktop clone and control with hidden browser capability, built-in keylogger and XMR miner, and hidden file manager.
“From cryptocurrency mining to data extraction, there’s [sic] many ways that you can earn money using my RAT setup service,” the seller promised, dubbing its listing a “NOOB [newbie] FRIENDLY MENTORING SERVICE!!”
Rise of ‘plug and play’
This is just one example of countless in the flourishing cybercrime economy, as uncovered by HP Wolf Security. The endpoint security service from HP. today released the findings of a three-month-long investigation in the report “The Evolution of Cybercrime: Why the Dark Web Is Supercharging the Threat Landscape and How to Fight Back.”
The report’s starkest takeaway: Cybercriminals are operating on a near-professional footing with easy-to-launch, plug-and-play malware and ransomware attacks being offered on a software-as-a-service basis. This enables those with even the most rudimentary skills to launch cyberattacks.
“Unfortunately, it’s never been easier to be a cybercriminal,” said the report’s author, Alex Holland, a senior malware analyst with HP. “Now the technology and training is available for the price of a gallon of gas.”
Taking a walk on the dark side
The HP Wolf Security threat intelligence team led the research, in collaboration with dark web investigators Forensic Pathways and numerous experts from cybersecurity and academia. Such cybersecurity luminaries included ex-Black Hat Michael “MafiaBoy” Calce (who hacked the FBI while still in high school) and criminologist and dark web expert Mike McGuire, Ph.D., of the University of Surrey.
The investigation involved analysis of more than 35 million cybercriminal marketplace and forum posts, including 33,000 active dark web websites, 5,502 forums and 6,529 marketplaces. It also researched leaked communications of the Conti ransomware group.
Most notably, findings reveal an explosion in cheap and readily available “plug and play” malware kits. Vendors bundle malware with malware-as-a-service, tutorials, and mentoring services – 76% of malware and 91% of such exploits retail for less than $10. As a result, just 2 to 3% of today’s cybercriminals are high coders.
Popular software is also providing simple entry for cybercriminals. Vulnerabilities in Windows OS, Microsoft Office, and other web content management systems were of frequent discussion.
“It’s striking how cheap and plentiful unauthorized access is,” said Holland. “You don’t have to be a capable threat attacker, you don’t have to have many skills and resources available to you. With bundling, you can get a foot in the door of the cybercrime world.”
The investigation also found the following:
- 77% of cybercriminal marketplaces require a vendor bond – or a license to sell – that can cost up to $3,000.
- 85% of marketplaces use escrow payments, 92% have third-party dispute resolution services, and all provide some sort of review service.
Also, because the average lifespan of a darknet Tor website is only 55 days, cybercriminals have established mechanisms to transfer reputation between sites. One such example provided a cybercriminal’s username, principle role, when they were last active, positive and negative feedback and star ratings.
As Holland noted, this reveals an “honor among thieves” mentality, with cybercriminals looking to ensure “fair dealings” because they have no other legal recourse. Ransomware has created a “new cybercriminal ecosystem” that rewards smaller players, ultimately creating a “cybercrime factory line,” Holland said.
Increasingly sophisticated cybercriminals
The cybercrime landscape has evolved to today’s commoditization of DIY cybercrime and malware kits since hobbyists began congregating in internet chat rooms and collaborating via internet relay chat (IRC) in the early 1990s.
Today, cybercrime is estimated to cost the world trillions of dollars annually – and the FBI estimates that in 2021 alone, cybercrime in the U.S. ran roughly $6.9 billion.
The future will bring more sophisticated attacks but also cybercrime that is increasingly efficient, procedural, reproducible and “more boring, more mundane,” Holland said. He anticipates more damaging destructive data-denial attacks and increased professionalization that will drive far more targeted attacks. Attackers will also focus on driving efficiencies to increase ROI, and emerging technologies such as Web3 will be “both weapon and shield.” Similarly, IoT will become a bigger target.
“Cybercriminals have been increasingly adopting procedures of nation-state attacks,” Holland said, pointing out that many have moved away from “smash and grab” methods. Instead, they perform more reconnaissance on a target before intruding into their network – allowing for more time ultimately spent within a compromised environment.
Mastering the basics
There’s no doubt that cybercriminals are often outpacing organizations. Cyberattacks are increasing and tools and techniques are evolving.
“You have to accept that with unauthorized access so cheap, you can’t have the mentality that it’s never going to happen to you,” Holland said.
Still, there is hope – and great opportunity for organizations to prepare and defend themselves, he emphasized. Key attack vectors have remained relatively unchanged, which presents defenders with “the chance to challenge whole classes of threat and enhance resilience.”
Businesses should prepare for destructive data-denial attacks, increasingly targeted cyber campaigns, and cybercriminals that are employing emerging technologies, including artificial intelligence, that ultimately challenge data integrity.
This comes down to “mastering the basics,” as Holland put it:
- Adopt best practices such as multifactor authentication and patch management.
- Reduce attack surface from top attack vectors like email, web browsing and file downloads by developing response plans.
- Prioritize self-healing hardware to boost resilience.
- Limit risk posed by people and partners by putting processes in place to vet supplier security and educate workforces on social engineering.
- Plan for worst-case scenarios by rehearsing to identify problems, make improvements and be better prepared.
“Think of it as a fire drill – you have to really practice, practice, practice,” Holland said.
Cybersecurity as a team sport
Organizations should also be willing to collaborate. There is an opportunity for “more real-time threat intelligence sharing” among peers, he said.
For instance, organizations can use threat intelligence and be proactive in horizon scanning by monitoring open discussions on underground forums. They can also work with third-party security services to uncover weak spots and critical risks that need addressing.
As most attacks start “with the click of a mouse,” it is critical that everyone become more “cyber aware” on an individual level, said Ian Pratt, Ph.D., global head of security for personal systems at HP Inc.
On the enterprise level, he emphasized the importance of building resiliency and shutting off as many common attack routes as possible. For instance, cybercriminals study patches upon release to reverse-engineer vulnerabilities and rapidly create exploits before other organizations need patching. Thus, speeding up patch management is essential, he said.
Meanwhile, many of the most common categories of threat – such as those delivered via email and the web – can be fully neutralized through techniques such as threat containment and isolation. This can greatly reduce an organization’s attack surface regardless of whether vulnerabilities are patched.
As Pratt put it, “we all need to do more to fight the growing cybercrime machine.”
Holland agreed, saying: “Cybercrime is a team sport. Cybersecurity must be too.”
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