Daily Archives: February 13, 2020

Hillbrook Partners Team to Join Global Infrastructure Partners

New York, NY, Feb. 13, 2020 (GLOBE NEWSWIRE) — Global Infrastructure Partners (“GIP”), a leading independent global infrastructure investor today announced that a team from Hillbrook Partners, including both of its founding partners, Charles Roast and Justin Symonds, have joined GIP in London. They will focus on infrastructure investments in the transportation sector.

Hillbrook Partners, which was formed in 2013, has provided independent mergers and acquisitions advice to its clients, with a particular focus on investments in transport assets including airports, ports, rail and road infrastructure. Speaking about the move, Hillbrook’s founding partners commented: “We have enjoyed working with our clients on a variety of interesting and complex transport transactions and we believe our move to GIP will enable us to work with them in new and different ways.”

Bayo Ogunlesi, Chairman and Managing Partner of GIP commented, “We are pleased that Charles, Justin and their team are joining GIP as we continue to invest in our best in class team. Their expertise and experience in the Transport industry will further enhance GIP’s capabilities as we identify opportunities to deliver attractive returns for our investors by investing in and managing high quality infrastructure assets in the sector.”

About Global Infrastructure Partners

Global Infrastructure Partners (“GIP”) is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport and water/waste sectors in both OECD and select emerging market countries. GIP’s 41 portfolio companies employ over 67,000 people in over 50 countries.  GIP’s teams are located in 10 offices: London, New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. For more information, visit www.global-infra.com.

Media Inquiries Team
Global Infrastructure Partners
646.282.1545
mediainquiries@global-infra.com

Two internationally recognized health standards organizations join the effort to manage an escalating global public health emergency

London, United Kingdom, Feb. 13, 2020 (GLOBE NEWSWIRE) — The world is focused on the outbreak of respiratory illness caused by a novel coronavirus.  The World Health Organization (WHO) has named the syndrome caused by this coronavirus “COVID-19”, and the International Committee on Taxonomy of Viruses (ICTV) has named the virus “Severe acute respiratory syndrome coronavirus 2” or SARS-CoV-2.

As part of the global effort to manage and contain this global public health emergency, two global health standards organizations, Regenstrief Institute and SNOMED International, are doing their part to support care teams globally to code and track SARS-CoV-2 testing and COVID-19 cases, and by extension support clinicians and researchers in their efforts to address its containment.

Both subject matter experts in coding and structuring clinical information, Regenstrief Institute and SNOMED International have recently introduced new content to their respective products, a laboratory and health observations oriented coding system in the case of LOINC, and a broad spectrum clinical terminology in the case of SNOMED CT. With the high rate of global adoption for both standards, LOINC and SNOMED CT have taken swift action to make this content immediately available to support those on the ground in tackling the virus.

“With novel viruses that appear to be easily transmittable, such as the coronavirus, it is vitally important that all identified cases be reported quickly for public health tracking,” said Regenstrief Research Scientist Theresa Cullen, M.D., M.S., global health expert with the Regenstrief Institute. Don Sweete from SNOMED International says “the creation of new COVID-19 and SARS-CoV-2 codes and concepts from LOINC and SNOMED CT introduce the structure in coding needed for health systems internationally to manage the outbreak. Both Cullen and Sweete agree that in possessing superior data, health leaders worldwide can engage in a higher degree of analysis to inform their outbreak management approach. Based on the formal naming of the syndrome and virus by WHO and ICTV, both organizations are presently updating their respective code and concepts to reflect the change.

For more information on the specific actions that each organization has taken, visit Regenstrief Institute and SNOMED International respectively.

Regenstrief Institute and SNOMED International mutually recognize the importance of interoperability through standardization in the pursuit of timely, safe and efficient health care and continue to work collaboratively to achieve this end.

About Regenstrief Institute and LOINC  l  https://loinc.org/

Founded in 1969 in Indianapolis, the Regenstrief Institute is a local, national and global leader dedicated to a world where better information empowers people to end disease and realize true health. A key research partner to Indiana University, Regenstrief and its researchers are responsible for a growing number of major healthcare innovations and studies. Examples range from the development of global health information technology standards that enable the use and interoperability of electronic health records to improving patient-physician communications, to creating models of care that inform practice and improve the lives of patients around the globe.

LOINC was created in 1994 at Regenstrief Institute in an effort to facilitate interoperability in healthcare. There was a growing trend to send clinical data electronically between healthcare entities, a practice that is integral today. The LOINC coding system contains more than 92,000 terms for everything from a serum alpha 1 antitrypsin level to a zygomatic arch x-ray report. For each concept, LOINC covers many other rich details, such as synonyms, units of measure, and carefully crafted descriptions.

About SNOMED International and SNOMED CT  l  www.snomed.org 

SNOMED International is a not-for-profit organization that owns, administers and develops SNOMED CT, the world’s most comprehensive clinical terminology. The safe, accurate and effective exchange of health information is an essential part of the foundation to improve healthcare around the world. We strive to determine the best global standards for health terminology, and to engage with the global healthcare community to improve SNOMED CT and patient safety.

We work to ensure that SNOMED CT can be routinely integrated into healthcare information systems. With SNOMED CT, users can record patient data more accurately and comprehensively – and use tools and analytics to provide better patient care and health management.

Attachment

Kelly Kuru
SNOMED International
+1 (416) 566-8725
kku@snomed.org

John Erickson
Regenstrief Institute
+1 (317) 643-2313
prteam@regenstrief.org

 

VistaJet สานต่อความร่วมมือกับ Scuderia Ferrari ในการแข่งขัน 2020 Formula One World Championship

สนับสนุนการเดินทางของทีมผ่านคุณค่าที่มีร่วมกัน ทั้งในด้านความเร็ว ความเป็นเลิศ ความหลงใหล และนวัตกรรม

ลอนดอน, Feb. 13, 2020 (GLOBE NEWSWIRE) — VistaJet บริษัทการบินเพื่อธุรกิจระดับโลกแห่งแรกและแห่งเดียวได้ประกาศความร่วมมือกับทีม Scuderia Ferrari ต่อเนื่องเป็นปีที่ 2 ในฐานะผู้ให้บริการการเดินทางด้วยเครื่องบินเจ็ทส่วนตัวอย่างเป็นทางการVistaJet_Ferrari

ด้วยกำหนดการแข่งขันที่มีความกระชั้นชิดยิ่งขึ้น ในเวลาห่างกันเพียงไม่กี่วันระหว่างการแข่งขัน Grands Prix ทำให้ทีมต้องเผชิญกับความท้าทายยิ่ง VistaJet จะให้การสนับสนุนทีมด้านการเดินทางตามหมายกำหนดการตลอดฤดูกาลแข่งขัน 2020 Formula One ในอุตสาหกรรมที่ความเร็วและประสิทธิภาพคือสิ่งสำคัญ ทีม Scuderia Ferrari จะใช้เวลาช่วงที่ไม่ได้ทำการแข่งขันให้เกิดประโยชน์สูงสุด

ด้วยประสบการณ์การแข่งขันกับ Ferrari นานหลายปี และจากการเป็นนักแข่งอย่างเป็นทางการในการแข่งขัน FIA World Endurance Championship, WEC ทำให้ Thomas Flohr ผู้ก่อตั้งและประธานของ VistaJet เข้าใจความต้องการ และความมุ่งมั่นที่ต้องใช้ในการแข่งขัน

Thomas Flohr กล่าวในการประกาศความร่วมมือว่า: “ผมรู้สึกภูมิใจอย่างยิ่งที่ได้เป็นผู้สนับสนุนทีมแข่งรถที่มีชื่อเสียงและประสบความสำเร็จมากที่สุดในโลกเป็นปีที่ 2 ติดต่อกัน นวัตกรรม เทคโนโลยีและความมุ่งมั่นด้านประสิทธิภาพคือคุณค่าที่เรามีร่วมกัน VistaJet จะให้บริการการเดินทางแก่ทีม Scuderia Ferrari อย่างราบรื่น เพื่อให้พวกเขาได้มุ่งเน้นไปที่สิ่งที่สำคัญที่สุด ซึ่งก็คือการแข่งขันในสนาม ผมรู้สึกตื่นเต้นที่จะได้เห็นว่าฤดูกาลแข่งขันประจำปี 2020 จะเป็นอย่างไรบ้างสำหรับ Sebastian Vettel, Charles Leclerc และสมาชิกทุกคนของทีม Ferrari Forza Ferrari!”VistaJet - Ferrari

VistaJet ให้ความสำคัญอย่างยิ่งกับบริการ และความเป็นเลิศในการทำงาน ด้วยเครื่องบินมากกว่า 70 ลำ VistaJet ได้ทำการบินมากกว่า 174,000 เที่ยวบินทั่วโลก ขนส่งผู้โดยสารกว่า 436,000 คนไปยังท่าอากาศยานมากกว่า 1,900 แห่งทั่วโลก

www.vistajet.com/ferrari

ข้อมูลติดต่อ
Jennifer Farquhar | VistaJet | T: +44 203 617 3077 | jennifer.farquhar@vistajet.com

เกี่ยวกับ VistaJet
VistaJet เป็นบริษัทธุรกิจการบินระดับโลกเพียงแห่งแรกและแห่งเดียว ที่มีฝูงบินที่ประกอบด้วยเครื่องบินธุรกิจสีเงินและสีแดงกว่า 70 ลำ โดย VistaJet ให้บริการทางการบินแก่ลูกค้าต่างๆ ไม่ว่าจะเป็นองค์กร รัฐบาล และเอกชนสำหรับการเดินทางไปยัง 187 ประเทศ ซึ่งครอบคลุม 96% ของโลก บริษัทก่อตั้งในปี 2004 โดยบริษัทได้บุกเบิกนวัตกรรมโมเดลทางธุรกิจแบบใหม่ ที่จะให้ลูกค้าสามารถเข้าใช้งานเครื่องบินได้ทั้งลำโดยจ่ายเงินเฉพาะค่าชั่วโมงบินเท่านั้น ไม่ต้องรับผิดชอบและความเสี่ยงทางทรัพย์สินที่เกี่ยวเนื่องกับกรรมสิทธิ์ของอากาศยาน โปรแกรมสมาชิกภาพอันเป็นเอกลักษณ์ของ VistaJet จะเสนอให้ลูกค้าลงทะเบียนชั่วโมงบินตามความต้องการเพื่อใช้บริการฝูงบินที่ประกอบด้วยเครื่องบินสำหรับเดินทางระยะกลางและระยะไกล เพื่อการเดินทางไปยังทุกที่ ทุกเวลา
VistaJet คือส่วนหนึ่งของ Vista Global Holding – กลุ่มธุรกิจการบินชั้นนำของโลก โดยควบรวมบริษัทต่างๆ ที่ให้บริการโซลูชัน Asset-light เพื่อครอบคลุมทุกด้านสำคัญของการบินธุรกิจ
ข้อมูลและข่าวสารอื่นๆ ของ VistaJet ได้ที่ vistajet.com

รูปภาพประกอบของการแถลงนี้สามารถรับชมได้ที่

https://www.globenewswire.com/NewsRoom/AttachmentNg/782c8017-86c6-4593-becb-42bf7a799013

https://www.globenewswire.com/NewsRoom/AttachmentNg/23c18cae-8d5a-4f33-8120-cfd61008a510

Synchronoss Integrates its Personal Cloud Solution into the Assurant Pocket Geek Platform

Device and content protection solution delivers enhanced cloud-based features to subscribers while driving new global revenue opportunities for mobile operators

BRIDGEWATER, N.J., Feb. 13, 2020 (GLOBE NEWSWIRE) — Synchronoss Technologies, Inc. (NASDAQ: SNCR), a global leader and innovator of cloud, messaging, digital and IoT products, announced today that Synchronoss’ Personal Cloud Solution has been fully integrated with Pocket Geek by Assurant to provide an enhanced device and content protection solution to a leading North American carrier.

Assurant, Inc., a market leader in mobile device protection and risk management solutions, chose Synchronoss’ Personal Cloud Platform to add incremental value to its mobile device protection offerings, improve the customer experience and create new revenue opportunities for its clients.

“By bundling Synchronoss’ personal cloud solution into our Pocket Geek platform, we will be able to offer customers a meaningful way to engage with their content while also protecting their precious personal data across a wide range of devices and operating systems,” said Manny Becerra, President of Global Connected Living, Assurant. “We are excited to provide our clients and their customers with the industry’s most comprehensive, feature-rich mobile protection and personal cloud solution at a time when the protection and management of consumer digital content is so critical.”

The now-completed integration means customers of Assurant clients will be able to conveniently back up all personal data from their devices through Assurant’s Pocket Geek device protection application. Customers will be able to protect and restore their content in case of device damage or loss as well as access new, valuable features such as highlights, flashback, tag and search, photo editing, and photo printing capabilities that are bundled into their protection program and accessed via the Pocket Geek Cloud companion app.

“We see tremendous value in working with Assurant to provide global operators with new options for simplified device and content protection plans and bundles, and look forward to completing additional planned deployments, including one later in 2020 with a leading UK mobile operator,” said Glenn Lurie, President and CEO, Synchronoss. “Our goal is to enable operators around the world with the capacity to protect the entire customer relationship, encompassing both devices and content, while also generating new incremental revenue streams, giving consumers peace of mind, and providing the ability to easily access and engage with their content in the cloud.”

To learn more, visit Synchronoss at www.synchronoss.com.

About Synchronoss
Synchronoss (NASDAQ: SNCR) transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging, digital and IoT products, supporting hundreds of millions of subscribers across the globe. Synchronoss’ secure, scalable and groundbreaking new technologies, trusted partnerships and talented people change the way Technology-Media-Telecommunications customers grow their business. For more information, visit us at www.synchronoss.com

Media Contact:

North America
Diane Rose, CCgroup
M: +1 202-350-2469
E: synchronoss@ccgrouppr.com

International
Anais Merlin, CCgroup
T: +44 (0)203 824 9219
E: synchronoss@ccgrouppr.com

Bombardier Announces Full-Year Financial Results

  • Exit of commercial aerospace completed with sale of remaining interest in A220 partnership for ~$600M cash proceeds and the elimination of future investments of ~ $700M(1)
  • Pro Forma(1) cash on-hand of more than $4B, including all previously announced transactions, enhancing financial position
  • Company continuing to actively pursue strategic options to accelerate deleveraging
  • Fourth quarter, and full-year results in line with preliminary results previously announced
  • 2020 consolidated outlook: double-digit organic revenue growth(3) to more than $15B(1)
  • 2020 consolidated adjusted EBITDA margin(2) expected at ~ 7.0%, adjusted EBIT margin(2) expected at ~3.5%(1)
  • 2020 consolidated free cash flow(2) expected to be positive, excluding Residual Value Guarantee (RVG) payments(1)

MONTRÉAL, Feb. 13, 2020 (GLOBE NEWSWIRE) — Bombardier (TSX: BBD.B) today reported its fourth quarter and full year 2019 results, in line with previously announced preliminary results. The company also confirmed it is still actively pursuing options to accelerate deleveraging, strengthen its balance sheet and enhance shareholder value.

Sale of A220 Partnership Interest

Bombardier has entered into an agreement with Airbus SE and the Government of Quebec, under which Bombardier transferred its shares in the Airbus Canada Limited Partnership (ACLP) to Airbus and the Government of Quebec, improving Bombardier’s cash position. This includes cash proceeds of ~$600 million from Airbus, of which $531 million was paid upon closing with the balance to be paid over 2020-21, and the elimination of all future capital requirements for the A220 program, estimated at ~ $700 million.(1)

Bombardier will also transfer aerostructures activities and employees supporting the A220 and A330 in St-Laurent, Québec to Airbus subsidiary Stelia Aerospace. Finally, the agreement provides for the cancelation of 100,000,000 Bombardier warrants owned by Airbus.

Bombardier’s decision to sell its stake in the A220 partnership completes its exit from commercial aerospace, a significant undertaking. In 2016, Bombardier’s commercial aerospace business lost approximately $400 million and was consuming approximately $1 billion in cash. Addressing this challenging portfolio was a fundamental step in the Company’s turnaround plan.

“We are incredibly proud of the many achievements and tremendous impact Bombardier had on the commercial aviation industry,” said Alain Bellemare, President and Chief Executive Officer, Bombardier Inc. “We are equally proud of the responsible way in which we have exited commercial aerospace, preserving jobs and reinforcing the aerospace cluster in Québec and Canada. And, we are confident that the A220 program will enjoy a long and successful run under Airbus’ and Québec’s stewardship.”

Acceleration of Deleveraging Phase of Turnaround

The sale of our interest in the ACLP, combined with the previously announced aerospace divestitures, will generate more than $1.6 billion in cash proceeds and eliminate close to $2 billion in liabilities and future commitments.  Liquidity remains strong, with Pro Forma cash-on-hand of more than $4 billion and $5.5 billion in liquidity, providing the necessary flexibility to complete the turnaround. Both the CRJ program sale to Mitsubishi Heavy Industries, Inc. and sale of the aerostructures business to Spirit AeroSystems, Holding Inc. are expected to close in the first half of 2020.(1)

As previously announced, the Company is actively pursuing options that would allow it to accelerate deleveraging, paydown debt and position the business for long-term success with greater operating and financial flexibility. This process remains ongoing, however the company does not intent to provide any further updates at this time.

Overview Financial Performance

Bombardier’s consolidated revenues for the year were $15.8 billion, highlighted by an 8.5% growth in business aircraft activities. The growth in Aviation revenues were offset by the lower contribution from commercial aircraft businesses following their divestitures. Revenues at Transportation also decreased, mainly due to contract estimate revisions.

Consolidated adjusted EBITDA and adjusted EBIT for the year were $896 million and $470 million, respectively, reflecting (i) improvements at Aviation as it exits underperforming commercial programs and ramps-up production on the Global 7500 aircraft; and (ii) additional charges and investments at Transportation to complete challenging projects. Reported EBIT loss for the year of $498 million includes a $1.6B impairment charge related to the ACLP investment.

Fourth quarter cash generation reached $1.0 billion, reducing free cash flow usage to $1.2 billion for the year.  Higher than anticipated cash usage was driven by additional investments made to address challenging rail projects, as well as, the deferral of deliveries, mainly at Transportation. Cash usage from operating activities amounted to $680 million for the full year.

2020 Outlook

Revenues from our sustaining business aircraft and Transportation activities in 2020 are expected to grow organically by double-digit percentage over the $13.7 billion revenues recorded from these businesses in 2019(1).  This strong growth is driven mainly from the acceleration of Global 7500 deliveries contributing to a total of 160 aircraft or more for the year at Aviation. The consolidated revenue growth is also supported by the ongoing production ramp-up of Transportation, driven by the solid orders from the past few years.

Adjusted EBITDA and adjusted EBIT are expected to increase to approximately 7.0% and 3.5% respectively, mainly from the acceleration of Global 7500 deliveries at Aviation and gradual margin normalization at Transportation. The adjusted EBIT margin expansion includes a higher amortization expense as Global 7500 deliveries increase. The full year outlook for earnings reflects the partial year contribution from ongoing divestitures of the CRJ program and Aerostructures businesses.(1)

Free cash flow is expected to be positive in 2020, excluding Credit and RVG payments. These residual liabilities related to the exit of commercial aircraft are estimated to be approximately $200 million for the year and are expected to be paid from the CRJ transaction proceeds.(1)

Selected results

RESULTS
For the fiscal years ended December 31 2019 (4) 2018 Variance
Revenues $ 15,757 $ 16,236 (3)%
Adjusted EBITDA(5) $ 896 $ 1,304 (31)%
Adjusted EBITDA margin(5) 5.7 % 8.0 % (230) bps
Adjusted EBIT(5) $ 470 $ 1,029 (54)%
Adjusted EBIT margin(5) 3.0 % 6.3 % (330) bps
EBIT $ (498 ) $ 1,001 nmf
EBIT margin (3.2 )% 6.2 % (940) bps
Net income (loss) $ (1,607 ) $ 318 nmf
Diluted EPS (in dollars) $ (0.76 ) $ 0.09 $ (0.85)
Adjusted net income (loss)(5) $ (396 ) $ 438 nmf
Adjusted EPS (in dollars)(5) $ (0.25 ) $ 0.14 $ (0.39)
Cash flows from operating activities $ (680 ) $ 597 nmf
Net additions to PP&E and intangible assets $ 523 $ 415 (6) 26%
Free cash flow (usage)(5) $ (1,203 ) $ 182 (6) nmf
As at December 31 2019 2018 Variance
Cash and cash equivalents(7) $ 2,629 $ 3,187 (18)%
Available short-term capital resources(8)(9) $ 3,925 $ 4,373 (10)%
Order backlog (in billions of dollars)
Aviation
Business aircraft $ 14.4 $ 14.3 1%
Other aviation(10) $ 1.9 $ 4.3 (56)%
Transportation $ 35.8 $ 34.5 4%
RESULTS
For the fourth quarters ended December 31 2019 2018 Variance
Revenues $ 4,205 $ 4,303 (2)%
Adjusted EBIT $ (66 ) $ 286 (123)%
Adjusted EBIT margin (1.6 )% 6.6 % (820) bps
Adjusted EBITDA $ 63 $ 370 (83)%
Adjusted EBITDA margin 1.5 % 8.6 % (710) bps
EBIT $ (1,696 ) $ 342 (596)%
EBIT margin (40.3 )% 7.9 % (4820) bps
Net income (loss) $ (1,719 ) $ 55 nmf
Diluted EPS (in dollars) $ (0.74 ) $ 0.02 $ (0.76)
Adjusted net income (loss) $ (172 ) $ 149 nmf
Adjusted EPS (in dollars) $ (0.10 ) $ 0.05 $ (0.15)
Cash flows from operating activities $ 1,073 $ 1,289 (17)%
Net additions to PP&E and intangible assets $ 121 $ 248 (51)%
Free cash flow $ 952 $ 1,041 (9)%
All amounts in this press release are in U.S. dollars, unless otherwise indicated.
Amounts in tables are in millions except per share amounts, unless otherwise indicated.

SEGMENTED RESULTS AND HIGHLIGHTS

Aviation

RESULTS(11)
For the fiscal years ended December 31 2019 (4) 2018 Variance
Revenues $ 7,501 $ 7,324 2%
Aircraft deliveries (in units)
Business aircraft 142 137 5
Commercial aircraft(11) 33 35 (2)
Adjusted EBITDA $ 812 $ 643 26%
Adjusted EBITDA margin 10.8 % 8.8 % 200 bps
Adjusted EBIT $ 531 $ 472 13%
Adjusted EBIT margin 7.1 % 6.4 % 70 bps
EBIT $ 1,194 $ 424 182%
EBIT margin 15.9 % 5.8 % 1010 bps
Net additions to PP&E and intangible assets $ 373 $ 303 (6) 23%
As at December 31 2019
2018 Variance
Order backlog (in billions of dollars)
Business aircraft $ 14.4 $ 14.3 1%
Other aviation(10) $ 1.9 $ 4.3 (56)%

Stronger Financial Performance as Aviation Reshapes its Portfolio

  • Revenues for Aviation totalled $7.5 billion for 2019. This reflects an 8.5% revenue growth from business aircraft activities and continued double-digit organic growth from aftermarket.
  • The segment achieved 175 aircraft deliveries during the year, comprised of 54 Global, 76 Challenger, 12 Learjet, as well as 33 commercial aircraft.
    °  The fourth quarter’s activity level was high, with deliveries reaching 52 business aircraft as Global 7500 deliveries accelerated.
  • Adjusted EBITDA margin was 10.8% for the year, up 200 bps driven by the exit of the Q400 and C Series programs. This profitability was nonetheless diluted in 2019 by CRJ activities, accounting for $1.2 billion in revenues for the year.
  • The adjusted EBIT margin of 7.1% is up 70 bps year-over-year, reflecting the early production ramp up and higher amortization associated with Global 7500 deliveries, as well as the dilution from commercial aircraft activities.
  • Business aircraft backlog increased slightly for the second consecutive year, reaching $14.4 billion at year end, while the CRJ backlog declined as production winds down.

Concentrating on Business Aircraft while Addressing Underperforming Programs

  • In February 2019, the Corporation acquired the Global 7500 aircraft wing program operations and assets from Triumph Group Inc. This transaction enabled the company to leverage its extensive technical expertise to support the ramp-up of the Global 7500 aircraft and secure its long-term success.
  • In March 2019, we concluded the sale of Business Aircraft’s flight and technical training activities to CAE Inc. for net proceeds of $532 million.
  • In May 2019, we completed the previously announced sale of the Q Series program assets, including aftermarket operations and assets, to De Havilland Aircraft of Canada for net proceeds of $285 million.
  • In June 2019, the Corporation entered into a definitive agreement with Mitsubishi Heavy Industries, Ltd (MHI) for the sale of its regional jet program for a cash consideration of $550 million payable upon closing, and the assumption by MHI of approximately $200 million of liabilities related to credit and residual value guarantees and lease subsidies. The transaction is currently expected to close by mid-year 2020 and remains subject to regulatory approvals and customary closing conditions.
  • In October 2019, the Corporation and Spirit AeroSystems Holding, Inc. (Spirit) announced that they have entered into a definitive agreement, whereby Spirit will acquire Bombardier’s aerostructures activities and aftermarket services operations in Belfast, U.K. and Casablanca, Morocco, and its aerostructures maintenance, repair and overhaul facility in Dallas, U.S. for a cash consideration of $500 million and the assumption of approximately $700 million of liabilities, including government refundable advances and pension obligations. The transaction is expected to close by mid-year 2020 and remains subject to regulatory approvals and customary closing conditions.

Positioned for Growth through certification and ramp up of New Programs and Service Network Expansion

  • Reaching full-scale production of the class-defining Global 7500 aircraft. With increased deliveries, the Global 7500 aircraft is expected to contribute significantly to revenues growth in 2020. As the aircraft progresses on the learning curve, it will also contribute to margin expansion.
  • Certified the new Global 5500 and Global 6500 aircraft, followed by the entry into service of the Global 6500 aircraft in 2019, offering customers the perfect combination of range, speed, field performance and smooth ride.
  • Continued and consistent growth of the aftermarket business, with further expansion of the service network in Singapore planned for 2020.
Transportation

RESULTS
For the fiscal years ended December 31 2019
(4) 2018 Variance
Revenues $ 8,269 $ 8,915 (7)%
Order intake (in billions of dollars) $ 10.0 $ 9.9 1%
Book-to-bill ratio(12) 1.2 1.1 0.1
Adjusted EBITDA $ 212 $ 851 (75)%
Adjusted EBITDA margin 2.6 % 9.5 % (690) bps
Adjusted EBIT $ 70 $ 750 (91)%
Adjusted EBIT margin 0.8 % 8.4 % (760) bps
EBIT $ 22 $ 774 (97)%
EBIT margin 0.3 % 8.7 % (840) bps
Net additions to PP&E and intangible assets $ 157 $ 108 45%
As at December 31 2019
2018 Variance
Order backlog (in billions of dollars) $ 35.8 $ 34.5 4%

Full-year financial results reflect actions and initiatives undertaken to move forward and complete challenging projects

  • During the past year, Transportation continued to progress through its turnaround, by re-synchronizing production and resetting certain project delivery schedules, while also investing to support in-service reliability improvements and funding additional manufacturing and engineering capacity. The higher than anticipated cost to implement these initiatives and to address late-stage legacy projects, mainly concentrated in the U.K., Switzerland and Germany, led to lower earnings and free cash flow for the segment.
    °  Over $500 million in cost estimate changes embedded in 2019 earnings.
  • Completed delivery of several large legacy projects, including Metropolitan Transportation Authority (MTA) in New York City, Crossrail in the U.K. and Toronto Transit Commission (TTC) in Toronto.
  • As Transportation exited the year, progress was also made in achieving key milestones on other major projects, including significant in-service reliability improvement on Swiss Federal Railways (SBB) in Switzerland and the homologation of the multi-unit software for LoTrain in the U.K., paving the way for the delivery of trains on this project and subsequent AVENTRA contracts in the U.K.

Backlog Improvement Positions for Stronger Financial Results

  • Transportation continued to grow and improve the quality of its backlog with $10.0 billion in new orders, and a book-to-bill ratio of 1.2 for the year. Backlog reached $35.8 billion at year end.
  • Approximately 70% of 2019 orders coming from service contracts, signalling projects and options on rolling stock projects, carrying lower execution risk. Backlog share of services and signalling contracts increased to 48% (42% a year ago).

Focused on Stronger Project Execution to Drive Sustainable Financial Performance

  • Appointment of Danny Di Perna as President, Bombardier Transportation, in February 2019 strengthened focus on customer relationships and disciplined project execution.
    °  Strengthened Transportation’s leadership team with appointments of new Head of Engineering and new Regional Presidents to better deliver on customer commitments.
  • Clear management priorities – focus on significant production ramp-up in the U.K. and France, reliability in Germany, settlement of claims and acceptance of trains on the SBB project in Switzerland, and continuing to drive efficiency across the organization.

CDPQ Investments in Transportation

  • Transportation’s results for 2019 did not reach the performance targets underlying CDPQ’s investment in BT Holdco. Accordingly, for the 12-month period starting on February 12, 2020, Bombardier’s percentage of ownership on conversion of CDPQ’s shares will decrease by 2.5%, to 67.5%; and the preference return entitlement rate on liquidation of its shares will increase from 9.5% to 12.0% for this period. Any dividends paid by BT Holdco to its shareholders during this period will be distributed on the basis of each shareholder’s percentage of ownership upon conversion, being 67.5% for Bombardier and 32.5% for CDPQ. These adjustments will become effective once the audited consolidated financial statements of BT Holdco are duly approved by its board of directors.

About Bombardier
With over 60,000 employees across two business segments, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montréal, Canada, Bombardier has production and engineering sites in over 25 countries across the segments of Business Aviation and Transportation. Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2019, Bombardier posted revenues of $15.8 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

Bombardier Inc. uses its website as a channel of distribution for material company information. Financial and other material information regarding Bombardier Inc. is routinely posted on its website and accessible at bombardier.com. Investors are hereby notified information about regular dividends declared and paid by Bombardier is only made available through its website, unless otherwise required by applicable securities laws.

AVENTRA, Bombardier, Challenger, Challenger 350, Challenger 650, CRJ, CRJ200, CRJ900, Global, Global 5500, Global 6500, Global 7500, Global 8000, Learjet, Learjet 75, Learjet 75 Liberty, are trademarks of Bombardier Inc. or its subsidiaries.

For information

Jessica McDonald
Advisor, Media Relations and Public Affairs
Bombardier Inc.
+1 514 861 9481
Patrick Ghoche
Vice President, Corporate Strategy and Investor Relations, Bombardier Inc.
+1 514 861 5727

Readers are strongly advised to view a more detailed discussion of our results by segment in our Management’s Discussion and Analysis and Consolidated financial statements which are posted on our website at ir.bombardier.com.

bps: basis points
nmf: information not meaningful

(1) See the forward-looking statements assumptions on which the guidance is based and forward-looking statements disclaimer in Overview.
(2) Non-GAAP financial measures. Refer to the Non-GAAP financial measures section in Overview for definitions of these metrics and the Analysis of results section hereafter for reconciliations to the most comparable IFRS measures.
(3) Excluding divestitures and currency translation impact.
(4) Refer to Note 3 – Changes in accounting policies, to our Consolidated financial statements, for the impact of the adoption of IFRS 16, Leases. Under the modified retrospective approach adopted by the Corporation, 2018 figures are not restated.
(5) Non-GAAP financial measures. Refer to the Non-GAAP financial measures section in Overview for definitions of these metrics and to the  Analysis of results section and Liquidity and capital resources section for reconciliations to the most comparable IFRS measures. Prior to the first quarter of fiscal year 2019, the Corporation reported non-GAAP measures labelled “EBIT before special items” and “EBITDA before special items”. Beginning in the first quarter of fiscal year 2019, the Corporation changed the label of these non-GAAP measures to “adjusted EBIT” and “adjusted EBITDA”, respectively, without making any change to the composition of these non-GAAP measures. The Corporation believes that this new label aligns better with broad market practice in its industry and better distinguishes these measures from the IFRS measurement “EBIT”.
(6) Included the proceeds from the sale of the Downsview property for approximately $600 million in 2018.
(7) Includes cash and cash equivalents of the aerostructures businesses presented under Assets held for sale totalling $51 million as of December 31, 2019. Refer to Reshaping the portfolio section in Aviation, Note 15 – Cash and cash equivalents and Note 30 – Assets held for sale in the Consolidated financial statements for more details on the transactions as well as the accounting treatments.
(8) Defined as cash and cash equivalents plus the amount available under our revolving credit facilities.
(9)  Including 20 firm orders for CRJ900 as of December 31, 2019 and 45 firm orders for CRJ900 as of December 31, 2018. CRJ production is expected to conclude in the second half of 2020, following the delivery of the current backlog of the aircraft.
(10) Figures are restated as a result of the formation of Bombardier Aviation, our new reportable segment. Refer to the Segment reporting section in Overview for further details.
(11) On May 31, 2019, the Corporation completed the previously announced sale of the Q Series aircraft program assets, including aftermarket operations and assets, to De Havilland Aircraft of Canada Limited (formerly Longview Aircraft Company of Canada Limited). Hence, the 7 Q Series aircraft deliveries for the fiscal year ended December 31, 2019 are for the first five months only; the deliveries for the fiscal year ended December 31, 2018 included 15 Q Series aircraft.
(12) Ratio of new orders over revenues.

CAUTION REGARDING NON-GAAP MEASURES
This press release is based on reported earnings in accordance with IFRS and on the following non-GAAP financial measures:

Non-GAAP financial measures
Adjusted EBIT(1) EBIT excluding special items. Special items comprise items which do not reflect the Corporation’s core performance or where their separate presentation will assist users of the consolidated financial statements in understanding the Corporation’s results for the period. Such items include, among others, the impact of restructuring charges and significant impairment charges and reversals.
Adjusted EBITDA(1) Adjusted EBIT plus amortization and impairment charges on PP&E and intangible assets.
Adjusted net income (loss) Net income (loss) excluding special items, accretion on net retirement benefit obligations, certain net gains and losses arising from changes in measurement of provisions and of financial instruments carried at FVTP&L and the related tax impacts of these items.
Adjusted EPS EPS calculated based on adjusted net income attributable to equity holders of Bombardier Inc., using the treasury stock method, giving effect to the exercise of all dilutive elements.
Free cash flow (usage) Cash flows from operating activities less net additions to PP&E and intangible assets.
Adjusted debt Long-term debt as presented in the consolidated statements of financial position adjusted for the fair value of derivatives (or settled derivatives) designated in related hedge relationships plus short-term borrowings and lease liabilities.

(1) Starting January 1, 2019, EBIT before special items and EBITDA before special items are replaced with adjusted EBIT and adjusted EBITDA, respectively. The definitions of both measures remain unchanged.

Non-GAAP financial measures are mainly derived from the consolidated financial statements but do not have standardized meanings prescribed by IFRS. The exclusion of certain items from non-GAAP performance measures does not imply that these items are necessarily non-recurring. Other entities in our industry may define the above measures differently than we do. In those cases, it may be difficult to compare the performance of those entities to ours based on these similarly-named non-GAAP measures.

Prior to the first quarter of fiscal year 2019, the Corporation reported non-GAAP measures labelled “EBIT before special items” and “EBITDA before special items”. Beginning in the first quarter of fiscal year 2019, the Corporation changed the label of these non-GAAP measures to “adjusted EBIT” and “adjusted EBITDA”, respectively, without making any change to the composition of these non-GAAP measures. The Corporation believes that this new label aligns better with broad market practice in its industry and better distinguishes these measures from the IFRS measurement “EBIT”.

Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS
Management uses adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS for purposes of evaluating underlying business performance. Management believes these non-GAAP earnings measures in addition to IFRS measures provide users of our Financial Report with enhanced understanding of our results and related trends and increases the transparency and clarity of the core results of our business. Adjusted EBIT, adjusted EBITDA, adjusted net income (loss) and adjusted EPS exclude items that do not reflect our core performance or where their exclusion will assist users in understanding our results for the period. For these reasons, a significant number of users of the MD&A analyze our results based on these financial measures. Management believes these measures help users of MD&A to better analyze results, enabling better comparability of our results from one period to another and with peers.

Free cash flow (usage)
Free cash flow is defined as cash flows from operating activities less net additions to PP&E and intangible assets. Management believes that this non-GAAP cash flow measure provides investors with an important perspective on the Corporation’s generation of cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long-term value creation. This non-GAAP cash flow measure does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow as a measure to assess both business performance and overall liquidity generation.

Adjusted debt
We analyze our capital structure using global metrics, based on adjusted debt, adjusted EBIT, adjusted EBITDA and adjusted interest(1). Refer to the Capital structure section for more detail.

Reconciliations of non-GAAP financial measures to the most comparable IFRS financial measures are provided in the tables hereafter, except for the following reconciliations:

  • adjusted EBIT to EBIT – see the Results of operations tables in the reporting segments and Consolidated results of operations section; and
  • free cash flow usage to cash flows from operating activities – see the Free cash flow usage table in the Liquidity and

Airbus and the Government of Québec become sole owners of the A220 Programme as Bombardier completes its strategic exit from Commercial Aviation

@Airbus @Bombardier #A220

  • Bombardier transfers its remaining interest in Airbus Canada Limited Partnership (Airbus Canada) to Airbus SE and the Government of Québec
  • Airbus now holds 75 percent of Airbus Canada with the Government of Québec increasing its holding to 25 percent for no cash consideration
  • Bombardier work packages for the A220 and A330 will be transferred to Airbus, through its subsidiary Stelia Aerospace, securing 360 jobs in Québec
  • Bombardier will receive US$591M, net of adjustments, of which US$531M was received at closing, and is released of its future funding capital requirement to Airbus Canada
  • Over 3,300 Airbus jobs secured in Québec

AMSTERDAM, Netherlands and MONTREAL, Feb. 13, 2020 (GLOBE NEWSWIRE) — Airbus SE (EPA: AIR), the Government of Québec and  Bombardier Inc. (TSX: BBD.B) have agreed upon a new ownership structure for the A220 programme, whereby Bombardier transferred its remaining shares in Airbus Canada Limited Partnership (Airbus Canada) to Airbus and the Government of Québec. The transaction is effective immediately.

This agreement brings the shareholdings in Airbus Canada, responsible for the A220, to 75 percent for Airbus and 25 percent for the Government of Québec respectively. The Government’s stake is redeemable by Airbus in 2026 – three years later than before. As part of this transaction, Airbus, via its wholly owned subsidiary Stelia Aerospace, has also acquired the A220 and A330 work package production capabilities from Bombardier in Saint-Laurent, Québec.

This new agreement underlines the commitment of Airbus and the Government of Québec to the A220 programme during this phase of continuous ramp-up and increasing customer demand. Since Airbus took majority ownership of the A220 programme on July 1, 2018, total cumulative net orders for the aircraft have increased by 64 percent to 658 units at the end of January 2020.

“This agreement with Bombardier and the Government of Québec demonstrates our support and commitment to the A220 and Airbus in Canada. Furthermore it extends our trustful partnership with the Government of Québec. This is good news for our customers and employees as well as for the Québec and Canadian aerospace industry,” said Airbus Chief Executive Officer Guillaume Faury. “I would like to sincerely thank Bombardier for the strong collaboration during our partnership. We are committed to this fantastic aircraft programme and we are aligned with the Government of Québec in our ambition to bring long-term visibility to the Québec and Canadian aerospace industry.”

“I am proud that our government was able to reach this agreement. We have succeeded in protecting paying jobs and the exceptional expertise developed in Québec, despite the major challenges we faced in this regard when we took office. We have consolidated the government’s position in the partnership, while respecting our commitment not to reinvest in the program. By opting to strengthen its presence here, Airbus has chosen to focus on our talents and our creativity. The decision of an industrial giant like Airbus to invest more in Québec will help attract other world-class prime contractors,” the Premier of Québec, François Legault, stated.

“This agreement is excellent news for Québec and its aerospace industry. The A220 partnership is now well established and will continue to grow in Québec. The agreement will allow Bombardier to improve its financial situation and Airbus to increase its presence and footprint in Québec. It’s a win–win situation for both the private partners and the industry,” pointed out Pierre Fitzgibbon, Minister of the Economy and Innovation.

With this transaction, Bombardier will receive a consideration of $591M from Airbus, net of adjustments, of which $531M was received at closing and $60M to be paid over the 2020-21 period. The agreement also provides for the cancellation of Bombardier warrants owned by Airbus, as well as releasing Bombardier of its future funding capital requirement to Airbus Canada.

“This transaction supports our efforts to address our capital structure and completes our strategic exit from commercial aerospace,” said Alain Bellemare, President and CEO Bombardier, Inc.  “We are incredibly proud of the many achievements and tremendous impact Bombardier had on the commercial aviation industry.  We are equally proud of the responsible way in which we have exited commercial aerospace, preserving jobs and reinforcing the aerospace cluster in Québec and Canada.  We are confident that the A220 program will enjoy a long and successful run under Airbus’ and the Government of Québec’s stewardship.”

The single aisle market is a key growth driver, representing 70 percent of the expected global future demand for aircraft. Ranging from 100 to 150 seats, the A220 is highly complementary to Airbus’ existing single aisle aircraft portfolio, which focuses on the higher end of the single-aisle business (150-240 seats).

As part of the agreement, Airbus has acquired the Airbus A220 and A330 work package production capability from Bombardier in Saint-Laurent, Québec. These production activities will be operated in the Saint Laurent site by Stelia Aéronautique Saint Laurent Inc., a newly created subsidiary of Stelia Aerospace, which is a 100 percent Airbus subsidiary.

Stelia Aéronautique Saint-Laurent will continue the production of the A220 cockpit and aft fuselage production, as well as A330 workpackages, for a transition period of approximately three years at the Saint-Laurent facility. A220 workpackages will then be transferred to the Stelia Aerospace site in Mirabel to optimize the logistical flow to the A220 Final Assembly Line also located in Mirabel. Airbus plans to offer all current Bombardier employees working on the A220 and A330 work packages at Saint-Laurent opportunities around the A220 programme’s ramp-up, ensuring know-how retention as well as business continuity and growth in Québec.

At the end of January 2020, 107 A220 aircraft were flying with seven customers on four continents. In 2019 alone, Airbus delivered 48 A220s, with the further ramp-up to be continued.

For more information about A220-Family

About Airbus
Airbus is a global leader in aeronautics, space and related services. In 2018 it generated revenues of € 64 billion and employed a workforce of around 134,000. Airbus offers the most comprehensive range of passenger airliners. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as one of the world’s leading space companies. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.

Contacts for the media – Airbus
Marcella Cortellazzi (Mirabel) marcella.cortellazzi@abc.airbus +1 514 244 83 14
Annabelle Duchesne (Mirabel) annabelle.duchesne@abc.airbus +1 438 402 42 76
Anne Galabert (Toulouse) anne.galabert@airbus.com +33 609 240 974
Stefan Schaffrath (Toulouse) stefan.schaffrath@airbus.com +33 616 095 592

About Bombardier
With over 68,000 employees, Bombardier is a global leader in the transportation industry, creating innovative and game-changing planes and trains. Our products and services provide world-class transportation experiences that set new standards in passenger comfort, energy efficiency, reliability and safety.

Headquartered in Montreal, Canada, Bombardier has production and engineering sites in 28 countries as well as a broad portfolio of products and services for the business aviation, commercial aviation and rail transportation markets. Bombardier shares are traded on the Toronto Stock Exchange (BBD). In the fiscal year ended December 31, 2018, Bombardier posted revenues of $16.2 billion US. The company is recognized on the 2019 Global 100 Most Sustainable Corporations in the World Index. News and information are available at bombardier.com or follow us on Twitter @Bombardier.

Contacts for the media – Bombardier
Jessica McDonald jessica.mcdonald@bmbardier.com +1 514 861 9481
Patrick Ghoche patrick.ghoche@bombardier.com +1 514 861 5727

About Stelia Aerospace
With a turnover of 2,4 billion euros and 7,100 employees worldwide (4,500 in France and 2,600 in North America, Tunisia, Morocco and Portugal), Stelia Aerospace is one of the world leaders in the field of aerostructures, pilot seats and Business Class and First Class passenger seats.

Stelia Aerospace designs and manufactures the front fuselage sections for the entire Airbus family, as well as fuselage sections and specific sub-assemblies for Airbus, fully equipped wings for ATR, fully equipped central fuselages for Bombardier’s Global 7500, and complex metallic and composite aerostructure parts for Boeing, Bombardier, Embraer, Northrop-Grumman.

Contact for the media – Stelia Aerospace
 Caroline Brown  caroline.brown.rp@gmail.com +33 622 088 623

About Investissement Quebec
The mission of Investissement Québec is to participate actively in Québec’s economic development by stimulating business innovation, entrepreneurship and the growth of exports and investment in every region of Québec. The Corporation provides enterprises and entrepreneurs with support services, including technology-based measures, as well as adapted financial solutions and investments. Through its Investissement Québec International division, the Corporation assists enterprises with exports and prospects for foreign investments.

Contacts for the media – Investissement Quebec
Ewan Sauves Prime Minister’s Office Press Manager +1 514 585 44 51
Mathieu St-Amand Press Manager of the Minister of the +1 418 691 56 50
Economy and Innovation and Lanaudière region

This and other press releases and high resolution photos are available on: AirbusMedia

Nyxoah raises €25 million in private funding round

Nyxoah raises €25 million in private funding round

Mont-Saint-Guibert, Belgium – 12 February 2020, Nyxoah S.A., a healthtech company developing neuromodulation-based therapeutic solutions for sleep disordered breathing conditions, today announced that it has raised €25 million in a private financing round. Completion of the financing round is subject to customary closing conditions and is expected to occur later this month.

ResMed Inc. (NYSE:RMD) (ASX:RMD), a world-leading digital health company in the fields of sleep apnea, COPD, and other chronic diseases, joined as a new shareholder.

Under the lead of Mr. Robert Taub, Nyxoah executive chairman, Cochlear Limited (ASX:COH) and several historical shareholders completed the €25 million financing round.

The proceeds will enable Nyxoah to further advance in developing long-term clinical evidence on the Genio® system, prepare for the IDE pivotal trial in the United States and accelerate the ongoing market access and commercialisation activities in Europe, Australia and New Zealand.

Olivier Taelman, CEO of Nyxoah, commented: “We have an innovative approach to treating OSA. Having ResMed, the global leader in sleep apnea, support this significant funding round along with our existing shareholders will help Nyxoah to further accelerate its development.”

– ENDS –

About Obstructive Sleep Apnea (OSA) and the Genio® system
OSA is the world’s most common sleep disorder, affecting almost one billion people globally1.
OSA makes a person stop breathing during sleep, while the airway repeatedly becomes partially (hypopnea) or totally (apnea) blocked, limiting the amount of air that reaches the lungs. OSA is a chronic condition that is associated with increased mortality risk and comorbidities, including cardiovascular diseases, type 2 diabetes, obesity, depression and stroke. The current standard of care consists of Positive Airway Pressure (PAP) therapy, a treatment whereby air is pushed into the upper airway to keep it open.

The Genio® system is the world’s first and only, battery-free, leadless and minimally invasive implanted neurostimulator designed to keep the upper airway open during sleep for certain people with OSA by bilateral stimulation of the hypoglossal nerve.

About Nyxoah
Nyxoah is a healthtech company focused on the development and commercialisation of innovative solutions and services for sleep disordered breathing conditions. Nyxoah’s lead solution platform is based on the Genio® system, a validated, user-centered, next generation hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and comorbidities including cardiovascular diseases, depression and stroke.

Following successful completion of the BLAST OSA study in patients with moderate to severe OSA, the Genio® system received its European CE Mark in March 2019. The Company is currently conducting the BETTER SLEEP study in Australia and New Zealand for therapy indication expansion, and a post-marketing EliSA study in Europe to confirm the long-term safety and efficacy of the Genio® system. The IDE pivotal study to prepare for US market entrance is currently in discussion with the FDA.

For more information, please visit www.nyxoah.com.
Caution – CE marked since 2019. Investigational device in the United States. Limited by federal law to investigational use.

1 Benjafield, Adam V et al. Estimation of the global prevalence and burden of obstructive sleep apnoea: a literature-based analysis. Lancet Respir Med 2019 Published Online July 9, 2019 http://dx.doi.org/10.1016/S2213-2600(19)30198-5