Stratus Properties Inc. (NASDAQ: STRS), a diversified real
estate company with holdings, interests and operations in the
Austin, Texas area and other select markets in Texas, today
reported first-quarter 2023 results.
Highlights and Recent
Developments:
- Net loss attributable to common stockholders totaled
$5.8 million, or $0.71 per diluted share, in first-quarter 2023,
compared to net income attributable to common stockholders of $2.3
million, or $0.27 per diluted share, in first-quarter 2022.
- Stratus’ total stockholders’ equity increased to $200.9
million at March 31, 2023, from $158.1 million at December 31,
2021, primarily as a result of the gain realized on Stratus’ sale
of Block 21 in 2022.
- In first-quarter 2023, Stratus obtained third-party equity and
debt financing for and commenced construction on Holden
Hills, designed to feature 475 unique residences within the
Barton Creek community in Austin, Texas. The Holden Hills limited
partnership distributed and paid $35.8 million in cash to
Stratus.
- In 2022, Stratus’ Board approved a share repurchase program,
which authorizes repurchases of up to $10.0 million of Stratus’
common stock. Through May 10, 2023, Stratus has acquired
359,553 shares of its common stock for a total cost of $9.2 million
at an average price of $25.64 per share.
- Stratus had $50.9 million of cash and cash equivalents
at March 31, 2023 and no amounts drawn on its revolving credit
facility.
- Earnings Before Interest, Taxes, Depreciation and
Amortization (EBITDA) totaled $(4.2) million in first-quarter
2023, compared to $2.4 million in first-quarter 2022. EBITDA does
not reflect net income from discontinued operations, which was $0.4
million in 2022, related to Block 21. For a reconciliation of net
(loss) income from continuing operations to EBITDA, see the
supplemental schedule, “Reconciliation of Non-GAAP Measure EBITDA,”
below.
- Stratus continues construction on The Saint June, a
182-unit luxury garden-style multi-family project within the Amarra
development in Barton Creek. The first units are expected to be
ready for occupancy in June 2023, and the project is expected to be
completed in third-quarter 2023. Stratus also continues
construction on The Saint George and on the last ten
Amarra Villas homes.
- Stratus’ three stabilized mixed-use projects anchored or
shadow-anchored by H-E-B grocery stores, Kingwood Place, Jones
Crossing, and West Killeen Market, and its fourth
stabilized mixed-use project Lantana Place, continue to
perform well. At Magnolia Place, an H-E-B grocery
shadow-anchored, mixed-use project in Magnolia, Texas, Stratus has
signed leases for all the retail space in the first phase of
development.
William H. Armstrong III, Chairman of the Board and Chief
Executive Officer of Stratus, stated, “Our track record of strong
execution continued in the first quarter during which we secured
financing for and began construction on the unique and beautiful
Holden Hills, the crown jewel of our more than 30 years of
residential development in Barton Creek. In connection with the
financing, the Holden Hills partnership distributed and paid $35.8
million in cash to Stratus in the first quarter. I am proud of our
team’s hard work and ability to execute on our strategy while
navigating the continued headwinds from rising inflation and
interest rates. Supported by our strong liquidity position, we
remain focused on completing our projects under development,
controlling costs, continuing to source third-party equity capital
and working to secure entitlements for our pipeline of future
projects. Our team has the experience and dedication to see us
through current economic conditions, and I believe our strong
portfolio of projects in our Texas markets continues to position us
well for the future.”
Summary Financial
Results
Three Months Ended March 31,
2023
2022
(In Thousands, Except Per Share
Amounts) (Unaudited)
Revenues
Real estate operations
$
2,493
$
23
Leasing operations
3,309
3,080
Eliminations and other
—
(4
)
Total consolidated revenue
$
5,802
$
3,099
Operating (loss)
income
Real estate operations
$
(2,021
)
$
(1,368
)
Leasing operations a
1,142
6,056
Corporate, eliminations and other b
(4,714
)
(3,167
)
Total consolidated operating (loss)
income
$
(5,593
)
$
1,521
Net (loss) income from continuing
operations
$
(6,273
)
$
1,812
Net income from discontinued
operations
$
—
$
375
Net (loss) income
$
(6,273
)
$
2,187
Net loss attributable to noncontrolling
interests in subsidiaries c
$
472
$
85
Net (loss) income attributable to common
stockholders
$
(5,801
)
$
2,272
Basic net (loss) income per share:
Continuing operations
$
(0.71
)
$
0.23
Discontinued operations
—
0.05
$
(0.71
)
$
0.28
Diluted net (loss) income per share:
Continuing operations
$
(0.71
)
$
0.23
Discontinued operations
—
0.04
$
(0.71
)
$
0.27
EBITDA
$
(4,183
)
$
2,398
Capital expenditures and purchases and
development of real estate properties
$
19,033
$
19,588
Weighted-average shares of common stock
outstanding:
Basic
8,224
8,251
Diluted
8,224
8,355
a.
The three months ended March 31, 2022
includes a $4.8 million pre-tax gain recognized on the reversal of
accruals for costs to lease and construct buildings under a master
lease arrangement that Stratus entered into in connection with its
sale of The Oaks at Lakeway in 2017.
b.
Includes consolidated general and
administrative expenses and eliminations of intersegment amounts.
The increase in 2023 from 2022 is primarily the result of higher
compensation costs for salary increases, estimated cash incentive
awards for 2023, as well as restricted stock units (RSUs) granted
in second-quarter 2022 in connection with the Profit Participation
Incentive Plan (PPIP) payouts for Lantana Place and The Santal.
Fees related to a new consulting arrangement in 2023 to help raise
third-party equity capital and office rent, which was eliminated in
consolidation prior to the sale of Block 21, also contributed to
the increase.
c.
Represents noncontrolling interest
partners' share in the results of the consolidated projects in
which they participate.
Continuing Operations
The increase in revenue from the Real Estate Operations
segment in first-quarter 2023, compared to first-quarter 2022,
reflects the sale of one Amarra Villas home compared to no sales in
first-quarter 2022.
The increase in revenue from the Leasing Operations
segment in first-quarter 2023, compared to first-quarter 2022,
primarily reflects revenue from Magnolia Place, which had no rental
revenue in first-quarter 2022, and increased revenue at Kingwood
Place.
Debt and Liquidity
At March 31, 2023, Stratus had $50.9 million in cash and cash
equivalents, compared to $37.7 million at December 31, 2022. At
March 31, 2023, consolidated debt totaled $128.3 million compared
with consolidated debt of $122.8 million at December 31, 2022. In
February 2023, a Stratus subsidiary entered into a three-year $26.1
million construction loan with Comerica Bank, guaranteed by
Stratus, to finance the development of Phase I of Holden Hills. No
amounts were drawn on this construction loan as of March 31,
2023.
As of March 31, 2023, Stratus had $42.7 million available under
its revolving credit facility and no amount was borrowed. Letters
of credit, totaling $11.0 million, have been issued under the
revolving credit facility, and secure Stratus’ obligation to build
certain roads and utilities facilities benefiting Holden Hills and
Section N. In March 2023, we entered into an amendment to the
revolving credit facility, which extended the maturity date to
March 27, 2025 and increased the floor of the facility’s benchmark
rate. As amended, advances under the revolving credit facility bear
interest at the one-month Bloomberg Short-Term Bank Yield Index
(BSBY) Rate (with a floor of 0.50 percent) plus 4.00 percent.
Purchases and development of real estate properties (included in
operating cash flows) and capital expenditures (included in
investing cash flows) totaled $19.0 million for 2023, primarily
related to the development of Barton Creek properties (including
The Saint June, Amarra Villas and Holden Hills) and The Saint
George, compared with $19.6 million for 2022, primarily related to
the development of The Saint June, Magnolia Place and Barton Creek
properties, including Amarra Villas.
CAUTIONARY STATEMENT
This press release contains forward-looking statements in which
Stratus discusses factors it believes may affect its future
performance. Forward-looking statements are all statements other
than statements of historical fact, such as plans, projections or
expectations related to the impact of inflation and interest rate
changes, supply chain constraints and tightening bank credit,
Stratus’ ability to meet its future debt service and other cash
obligations, future cash flows and liquidity, Stratus’ expectations
about the Austin and Texas real estate markets, the planning,
financing, development, construction, completion and stabilization
of Stratus’ development projects, plans to sell, recapitalize, or
refinance properties, future operational and financial performance,
municipal utility district (MUD) reimbursements for infrastructure
costs, regulatory matters, leasing activities, tax rates, future
capital expenditures and financing plans, possible joint ventures,
partnerships, or other strategic relationships, other plans and
objectives of management for future operations and development
projects, the impacts of any major public health crisis, and future
cash returns to shareholders, including the timing and amount of
repurchases under Stratus’ share repurchase program. The words
“anticipate,” “may,” “can,” “plan,” “believe,” “potential,”
“estimate,” “expect,” “project,” "target," “intend,” “likely,”
“will,” “should,” “to be” and any similar expressions and/or
statements are intended to identify those assertions as
forward-looking statements.
Under Stratus’ Comerica Bank debt agreements, Stratus is not
permitted to repurchase its common stock in excess of $1.0 million
or pay dividends on its common stock without Comerica Bank’s prior
written consent, which was obtained in connection with the special
cash dividend and share repurchase program. Any future declaration
of dividends or decision to repurchase Stratus’ common stock is at
the discretion of Stratus’ Board, subject to restrictions under
Stratus’ Comerica Bank debt agreements, and will depend on Stratus’
financial results, cash requirements, projected compliance with
covenants in its debt agreements, outlook and other factors deemed
relevant by the Board. Stratus’ future debt agreements, future
refinancings of or amendments to existing debt agreements or other
future agreements may restrict Stratus’ ability to declare
dividends or repurchase shares.
Stratus cautions readers that forward-looking statements are not
guarantees of future performance, and its actual results may differ
materially from those anticipated, expected, projected or assumed
in the forward-looking statements. Important factors that can cause
Stratus’ actual results to differ materially from those anticipated
in the forward-looking statements include, but are not limited to,
Stratus’ ability to implement its business strategy successfully,
including its ability to develop, construct and sell or lease
properties on terms its Board considers acceptable, increases in
operating and construction costs, including real estate taxes and
the cost of building materials and labor, increases in inflation
and interest rates, supply chain constraints, tightening bank
credit, defaults by contractors and subcontractors, declines in the
market value of Stratus’ assets, market conditions or corporate
developments that could preclude, impair or delay any opportunities
with respect to plans to sell, recapitalize or refinance
properties, a decrease in the demand for real estate in select
markets in Texas where Stratus operates, particularly in Austin,
changes in economic, market, tax and business conditions, including
as a result of the war in Ukraine, potential U.S. or local economic
downturn or recession or failure of the U.S. Congress to raise the
statutory debt limit, the availability and terms of financing for
development projects and other corporate purposes, the failure of
any bank in which Stratus deposits funds, any major public health
crisis, Stratus’ ability to collect anticipated rental payments and
close projected asset sales, loss of key personnel, Stratus’
ability to enter into and maintain joint ventures, partnerships, or
other strategic relationships, including risks associated with such
joint ventures, Stratus’ ability to pay or refinance its debt,
extend maturity dates of its loans or comply with or obtain waivers
of financial and other covenants in debt agreements and to meet
other cash obligations, eligibility for and potential receipt and
timing of receipt of MUD reimbursements, industry risks, changes in
buyer preferences, potential additional impairment charges,
competition from other real estate developers, Stratus’ ability to
obtain various entitlements and permits, changes in laws,
regulations or the regulatory environment affecting the development
of real estate, opposition from special interest groups or local
governments with respect to development projects, weather- and
climate-related risks, environmental and litigation risks, the
failure to attract buyers or tenants for Stratus’ developments or
such buyers’ or tenants’ failure to satisfy their purchase
commitments or leasing obligations, cybersecurity incidents and
other factors described in more detail under the heading “Risk
Factors” in Stratus’ Annual Report on Form 10-K for the year ended
December 31, 2022, filed with the U.S. Securities and Exchange
Commission (SEC).
Investors are cautioned that many of the assumptions upon which
Stratus’ forward-looking statements are based are likely to change
after the date the forward-looking statements are made. Further,
Stratus may make changes to its business plans that could affect
its results. Stratus cautions investors that it undertakes no
obligation to update any forward-looking statements, which speak
only as of the date made, notwithstanding any changes in its
assumptions, business plans, actual experience, or other
changes.
This press release also includes EBITDA, which is not recognized
under U.S. generally accepted accounting principles (GAAP).
Stratus’ management believes this measure can be helpful to
investors in evaluating its business because EBITDA is a financial
measure frequently used by securities analysts, lenders and others
to evaluate Stratus' recurring operating performance. EBITDA is
intended to be a performance measure that should not be regarded as
more meaningful than GAAP measures. Other companies may calculate
EBITDA differently. As required by SEC rules, a reconciliation of
Stratus' net (loss) income from continuing operations to EBITDA is
included in the supplemental schedule of this press release.
A copy of this release is available on Stratus’
website, stratusproperties.com.
STRATUS PROPERTIES
INC.
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS) INCOME (Unaudited)
(In Thousands, Except Per Share
Amounts)
Three Months Ended
March 31,
2023
2022
Revenues:
Real estate operations
$
2,493
$
19
Leasing operations
3,309
3,080
Total revenues
5,802
3,099
Cost of sales:
Real estate operations
4,487
1,366
Leasing operations
1,261
984
Depreciation and amortization
928
873
Total cost of sales
6,676
3,223
General and administrative expenses a
4,719
3,167
Gain on sale of assets b
—
(4,812
)
Total
11,395
1,578
Operating (loss) income
(5,593
)
1,521
Interest expense, net
—
(15
)
Other income, net
485
6
(Loss) income before income taxes and
equity in unconsolidated affiliate’s loss
(5,108
)
1,512
(Provision for) benefit from income
taxes
(1,162
)
302
Equity in unconsolidated affiliate’s
loss
(3
)
(2
)
Net (loss) income from continuing
operations
(6,273
)
1,812
Net income from discontinued
operations
—
375
Net (loss) income and total comprehensive
(loss) income
(6,273
)
2,187
Total comprehensive loss attributable to
noncontrolling interests c
472
85
Net (loss) income and total comprehensive
(loss) income attributable to common stockholders
$
(5,801
)
$
2,272
Basic net (loss) income per share
attributable to common stockholders:
Continuing operations
$
(0.71
)
$
0.23
Discontinued operations
—
0.05
$
(0.71
)
$
0.28
Diluted net (loss) income per share
attributable to common stockholders:
Continuing operations
$
(0.71
)
$
0.23
Discontinued operations
—
0.04
$
(0.71
)
$
0.27
Weighted-average shares of common stock
outstanding:
Basic
8,224
8,251
Diluted
8,224
8,355
a.
The increase in first-quarter 2023 from
first-quarter 2022 is primarily the result of higher compensation
costs for salary increases, estimated cash incentive awards for
2023, as well as RSUs granted in second-quarter 2022 in connection
with the PPIP payouts for Lantana Place and The Santal. Fees
related to a new consulting arrangement in 2023 to help raise
third-party equity capital and office rent, which was eliminated in
consolidation prior to the sale of Block 21, also contributed to
the increase.
b.
The three months ended March 31, 2022
includes a $4.8 million pre-tax gain recognized on the reversal of
accruals for costs to lease and construct buildings under a master
lease arrangement that Stratus entered into in connection with its
sale of The Oaks at Lakeway in 2017.
c.
Represents noncontrolling interest
partners' share in the results of the consolidated projects in
which they participate.
STRATUS PROPERTIES
INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In Thousands)
March 31, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
50,895
$
37,666
Restricted cash
8,889
8,043
Real estate held for sale
1,773
1,773
Real estate under development
246,819
239,278
Land available for development
48,858
39,855
Real estate held for investment, net
92,433
92,377
Lease right-of-use assets
11,981
10,631
Deferred tax assets
38
38
Other assets
18,033
15,479
Total assets
$
479,719
$
445,140
LIABILITIES AND EQUITY
Liabilities:
Accounts payable
$
14,684
$
15,244
Accrued liabilities, including taxes
5,929
7,049
Debt
128,336
122,765
Lease liabilities
16,382
14,848
Deferred gain
3,289
3,519
Other liabilities
5,874
9,642
Total liabilities
174,494
173,067
Commitments and contingencies
Equity:
Stockholders' equity:
Common stock
94
94
Capital in excess of par value of common
stock
196,308
195,773
Retained earnings
35,651
41,452
Common stock held in treasury
(31,181
)
(30,071
)
Total stockholders' equity
200,872
207,248
Noncontrolling interests in
subsidiaries
104,353
64,825
Total equity
305,225
272,073
Total liabilities and equity
$
479,719
$
445,140
STRATUS PROPERTIES
INC.
CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited)
(In Thousands)
Three Months Ended
March 31,
2023
2022
Cash flow from operating activities:
Net (loss) income
$
(6,273
)
$
2,187
Adjustments to reconcile net (loss) income
to net cash used in operating activities:
Depreciation and amortization
928
873
Cost of real estate sold
2,010
—
Gain on sale of assets
—
(4,812
)
Debt issuance cost amortization and
stock-based compensation
713
515
Equity in unconsolidated affiliate’s
loss
3
2
Deferred income taxes
—
1,167
Purchases and development of real estate
properties
(9,027
)
(4,864
)
Increase in other assets
(2,945
)
(5,559
)
Decrease in accounts payable, accrued
liabilities and other
(3,813
)
(7,629
)
Net cash used in operating activities
(18,404
)
(18,120
)
Cash flow from investing activities:
Capital expenditures
(10,006
)
(14,724
)
Payments on master lease obligations
(248
)
(182
)
Other
22
—
Net cash used in investing activities
(10,232
)
(14,906
)
Cash flow from financing activities:
Borrowings from revolving credit
facility
—
10,000
Borrowings from project loans
11,618
5,111
Payments on project and term loans
(6,551
)
(1,172
)
Payment of dividends
(184
)
—
Finance lease principal payments
(4
)
—
Stock-based awards net payments
(216
)
(452
)
Purchases of treasury stock
(894
)
—
Noncontrolling interests’
contributions
40,000
—
Financing costs
(1,058
)
(17
)
Net cash provided by financing
activities
42,711
13,470
Net increase (decrease) in cash, cash
equivalents and restricted cash
14,075
(19,556
)
Cash, cash equivalents and restricted cash
at beginning of year
45,709
70,139
Cash, cash equivalents and restricted cash
at end of period
$
59,784
$
50,583
STRATUS PROPERTIES INC. BUSINESS
SEGMENTS
As a result of the sale of Block 21, Stratus has two operating
segments: Real Estate Operations and Leasing Operations. Block 21,
which encompassed Stratus’ Hotel and Entertainment segments, along
with some leasing operations, is presented as discontinued
operations.
The Real Estate Operations segment is comprised of Stratus’ real
estate assets (developed for sale, under development and available
for development), which consists of its properties in Austin, Texas
(including the Barton Creek Community, which includes Section N,
Holden Hills, Amarra multi-family and commercial land, Amarra
Villas, The Saint June, Amarra Drive lots and other vacant land;
the Circle C community; the Lantana community, which includes a
portion of Lantana Place planned for a multi-family phase now known
as The Saint Julia; The Saint George; and the land for The Annie
B); in Lakeway, Texas, located in the greater Austin area
(Lakeway); in College Station, Texas (land for future phases of
retail and multi-family development and retail pad sites at Jones
Crossing); and in Magnolia, Texas (land for a future phase of
retail development and for future multi-family use and retail pad
sites at Magnolia Place), Kingwood, Texas (a retail pad site) and
New Caney, Texas (New Caney), each located in the greater Houston
area.
The Leasing Operations segment is comprised of Stratus’ real
estate assets held for investment that are leased or available for
lease and includes retail space at West Killeen Market, Lantana
Place, Kingwood Place and the completed portions of Jones Crossing
and Magnolia Place and retail pad sites subject to ground leases at
Lantana Place, Kingwood Place and Jones Crossing.
Stratus uses operating income or loss to measure the performance
of each segment. General and administrative expenses, which
primarily consist of employee salaries, wages and other costs, are
managed on a consolidated basis and are not allocated to Stratus’
operating segments. The following segment information reflects
management determinations that may not be indicative of what the
actual financial performance of each segment would be if it were an
independent entity.
Summarized financial information by segment for the three months
ended March 31, 2023, based on Stratus’ internal financial
reporting system utilized by its chief operating decision maker,
follows (in thousands):
Real Estate Operations a
Leasing Operations
Corporate, Eliminations and Other
b
Total
Revenues:
Unaffiliated customers
$
2,493
$
3,309
$
—
$
5,802
Cost of sales, excluding depreciation
(4,487
)
(1,261
)
—
(5,748
)
Depreciation and amortization
(27
)
(906
)
5
(928
)
General and administrative expenses
—
—
(4,719
)
(4,719
)
Operating (loss) income
$
(2,021
)
$
1,142
$
(4,714
)
$
(5,593
)
Capital expenditures and purchases and
development of real estate properties
$
9,027
$
10,006
$
—
$
19,033
Total assets at March 31, 2023 c
307,571
109,136
63,012
479,719
a.
Includes sales commissions and other
revenues together with related expenses.
b.
Includes consolidated general and
administrative expenses and eliminations of intersegment
amounts.
c.
Corporate, eliminations and other includes
cash and cash equivalents of $57.0 million.
Summarized financial information by segment for the three months
ended March 31, 2022, based on Stratus’ internal financial
reporting system utilized by its chief operating decision maker,
follows (in thousands):
Real Estate Operations a
Leasing Operations
Corporate, Eliminations and Other
b
Total
Revenues:
Unaffiliated customers
$
19
$
3,080
$
—
$
3,099
Intersegment
4
—
(4
)
—
Cost of sales, excluding depreciation
(1,366
)
(984
)
—
(2,350
)
Depreciation and amortization
(25
)
(852
)
4
(873
)
General and administrative expenses
—
—
(3,167
)
(3,167
)
Gain on sale of assets c
—
4,812
—
4,812
Operating (loss) income
$
(1,368
)
$
6,056
$
(3,167
)
$
1,521
Capital expenditures and purchases and
development of real estate properties
$
4,864
$
14,542
$
182
$
19,588
Total assets at March 31, 2022 d
254,212
106,652
183,904
544,768
a.
Includes sales commissions and other
revenues together with related expenses.
b.
Includes consolidated general and
administrative expenses and eliminations of intersegment
amounts.
c.
Represents a pre-tax gain recognized on
the reversal of accruals for costs to lease and construct buildings
under a master lease arrangement that Stratus entered into in
connection with its sale of The Oaks at Lakeway in 2017.
d.
Corporate, eliminations and other includes
$151.2 million of assets held for sale associated with discontinued
operations at Block 21 and cash and cash equivalents of $15.8
million.
RECONCILIATION OF NON-GAAP MEASURE
EBITDA
EBITDA (earnings before interest, taxes, depreciation and
amortization) is a non-GAAP (generally accepted accounting
principles in the U.S.) financial measure that is frequently used
by securities analysts, investors, lenders and others to evaluate
companies’ recurring operating performance, including, among other
things, profitability before the effect of financing and similar
decisions. Because securities analysts, investors, lenders and
others use EBITDA, management believes that Stratus’ presentation
of EBITDA affords them greater transparency in assessing its
financial performance. This information differs from net (loss)
income from continuing operations determined in accordance with
GAAP and should not be considered in isolation or as a substitute
for measures of performance determined in accordance with GAAP.
EBITDA may not be comparable to similarly titled measures reported
by other companies, as different companies may calculate such
measures differently. Management strongly encourages investors to
review Stratus’ consolidated financial statements and publicly
filed reports in their entirety. A reconciliation of Stratus’ net
(loss) income from continuing operations to EBITDA follows (in
thousands):
Three Months Ended
March 31,
2023
2022
Net (loss) income from continuing
operations a
$
(6,273
)
$
1,812
Depreciation and amortization
928
873
Interest expense, net
—
15
Provision for (benefit from) income
taxes
1,162
(302
)
EBITDA b
$
(4,183
)
$
2,398
a.
For first-quarter 2022, includes a $4.8
million pre-tax gain recognized on the reversal of accruals for
costs to lease and construct buildings under a master lease
arrangement that Stratus entered into in connection with its sale
of The Oaks at Lakeway in 2017.
b.
EBITDA does not reflect net income from
discontinued operations, which was $0.4 million in first-quarter
2022, related to Block 21. The impact of accounting for the Block
21 sale as discontinued operations reduced EBITDA by $2.5 million
in first-quarter 2022.
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005195/en/
Financial and Media Contact: William H. Armstrong III
(512) 478-5788
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