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New Jersey American Water Announces New Vice President of Business Development, Government Affairs and External Affairs

New Jersey American Water Announces New Vice President of Business Development, Government Affairs and External Affairs

Business Wire23-04-2025
BUSINESS WIRE)--New Jersey American Water is pleased to announce that Kimberly Schalek Downes has joined the company this month as Vice President of Business Development, Government Affairs and External Affairs. In this role, Schalek Downes will lead the company's strategic outreach, legislative engagement, and growth efforts across the state. She will oversee the Business Development, Government Affairs, and External Affairs teams, reporting directly to the company president.
Schalek Downes brings more than 35 years of experience in government relations, strategic consulting, and public policy. Most recently, she served as President and CEO of Salmon Ventures Limited (SVL), a consulting firm she founded in 2003. At SVL, she managed a wide range of client relationships spanning utility companies, government bodies, and public institutions, and led the creation of the New Jersey Energy Coalition. Her extensive experience in public affairs, combined with her strategic vision, will help New Jersey American Water continue to grow and strengthen relationships with stakeholders across the state.
'I'm thrilled to welcome Kim to the leadership team,' said Mark McDonough, President of New Jersey American Water. 'Her deep roots in policy and government, along with her commitment to community engagement and infrastructure advancement, make her the ideal person to lead this integrated team at such a critical time for the company.'
In addition to Schalek Downes' appointment, the company is pleased to announce the following recent promotions within the department:
Chelsea Kulp has been promoted to Director of Communications and External Affairs, where she will lead strategic communications, digital engagement and community outreach across the state. Since joining the company in 2015, Kulp has advanced through multiple roles, most recently serving as Senior Manager. She has been instrumental in initiatives like the Lead Service Line Replacement Program and has helped the company earn top rankings in customer satisfaction. Chelsea is an active leader in the water industry, serving as a Trustee for the American Water Works Association New Jersey Section and contributing nationally through her appointment to the AWWA Public Affairs Council, where she helps shape water policy and communication strategies.
Lee Mueller has been promoted to Director of Business Development. Since joining the company in 2019, Mueller has led communications and stakeholder engagement in both New York and New Jersey. Her background includes more than a decade of public affairs work with federal agencies, and she is a certified Project Management Professional.
David Mayer continues to serve as Director of Government Affairs, a position he has held since June 2019. In this role, Mayer leads legislative strategy and municipal engagement throughout the company's service areas. He brings decades of experience in state and local government, including previous roles as a New Jersey Assemblyman, Camden County Clerk, and Senior Director of Government Affairs for Comcast. Mayer is also the current mayor of Gloucester Township and an adjunct professor.
These strategic appointments reflect New Jersey American Water's ongoing commitment to leadership development, community partnership, and providing solutions to water and wastewater challenges. Together, Kim, Lee, Chelsea, and David will guide the company's efforts to invest in infrastructure, support affordability and conservation initiatives, and enhance stakeholder trust across New Jersey.
About New Jersey American Water
New Jersey American Water, a subsidiary of American Water (NYSE: AWK), is the largest regulated water utility in the state, providing safe, clean, reliable and affordable water and wastewater services to approximately 2.9 million people. For more information, visit www.newjerseyamwater.com and follow New Jersey American Water on LinkedIn, Facebook, X, and Instagram.
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Individuals interested in listening to the conference call on your telephone may do so by dialing approximately ten minutes prior to start time: US domestic callers: +1 833-470-1428 International (Toll): +1 404-975-4839 Global Dial-In Numbers: Access Code: 685760 After the live webcast, the call will be archived on Butterfly's Investor Relations page. In addition, a telephone replay of the call will be available until August 15, 2025, by dialing: About Butterfly Network Butterfly Network, Inc. (NYSE: BFLY) is a healthcare company driving a digital revolution in medical imaging with its proprietary Ultrasound-on-Chip™ semiconductor technology and ultrasound software solutions. In 2018, Butterfly launched the world's first handheld, single-probe, whole-body ultrasound system, Butterfly iQ. The iQ+ followed in 2020, and the iQ3 in 2024, each with improved processing power and performance by leveraging Moore's Law. 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We caution that the foregoing list of factors is not exclusive. We caution you not to place undue reliance upon any forward-looking statements, which speak only as of the date of this press release. We do not undertake or accept any obligation or undertake to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based. BUTTERFLY NETWORK, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share amounts) (Unaudited) 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 148,136 $ 88,775 Accounts receivable, net of allowance for doubtful accounts of $2,726 and $2,583 at June 30, 2025 and December 31, 2024, respectively 24,527 20,793 Inventories 68,907 70,789 Current portion of vendor advances 4,555 5,547 Prepaid expenses and other current assets 7,622 6,709 Total current assets 253,747 192,613 Property and equipment, net 17,329 19,518 Intangible assets, net 8,216 8,916 Non-current portion of vendor advances 14,790 15,042 Operating lease assets 13,461 14,233 Other non-current assets 5,735 5,760 Total assets $ 313,278 $ 256,082 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,320 $ 4,250 Deferred revenue, current 15,642 16,139 Accrued purchase commitments, current 131 131 Warrant liabilities, current 1,239 — Accrued expenses and other current liabilities 24,334 27,695 Total current liabilities 44,666 48,215 Deferred revenue, non-current 7,231 7,315 Warrant liabilities, non-current — 2,685 Operating lease liabilities 19,097 20,398 Other non-current liabilities 9,478 8,637 Total liabilities 80,472 87,250 Commitments and contingencies Stockholders' equity: Class A common stock $.0001 par value; 600,000,000 shares authorized at June 30, 2025 and December 31, 2024; 224,609,833 and 188,626,154 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively 22 19 Class B common stock $.0001 par value; 27,000,000 shares authorized at June 30, 2025 and December 31, 2024; 26,426,937 shares issued and outstanding at June 30, 2025 and December 31, 2024 3 3 Additional paid-in capital 1,062,712 970,940 Accumulated deficit (829,931 ) (802,130 ) Total stockholders' equity 232,806 168,832 Total liabilities and stockholders' equity $ 313,278 $ 256,082 Expand BUTTERFLY NETWORK, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six months ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (27,801 ) $ (37,467 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation, amortization, and impairments 4,442 5,217 Non-cash interest expense 713 607 Write-down of inventories 66 (81 ) Stock-based compensation expense 12,148 11,383 Change in fair value of warrant liabilities (1,446 ) (413 ) Other 172 462 Changes in operating assets and liabilities: Accounts receivable (3,909 ) (3,165 ) Inventories 1,816 (1,072 ) Prepaid expenses and other assets (874 ) 165 Vendor advances 1,244 (1,396 ) Accounts payable (927 ) (587 ) Deferred revenue (581 ) (908 ) Change in operating lease assets and liabilities (411 ) (348 ) Accrued expenses and other liabilities (3,496 ) (3,064 ) Net cash used in operating activities (18,844 ) (30,667 ) Cash flows from investing activities: Purchases of property, equipment, and intangible assets, including capitalized software (1,249 ) (1,872 ) Sales of property and equipment — 35 Net cash used in investing activities (1,249 ) (1,837 ) Cash flows from financing activities: Proceeds from exercise of stock options and warrants 274 — Proceeds from employee stock purchase plan 949 — Net proceeds from share offering 81,006 — Payments to tax authorities for restricted stock units withheld (2,775 ) — Net cash provided by financing activities 79,454 — Net increase (decrease) in cash, cash equivalents, and restricted cash 59,361 (32,504 ) Cash, cash equivalents, and restricted cash, beginning of period 92,790 138,650 Cash, cash equivalents, and restricted cash, end of period $ 152,151 $ 106,146 Expand BUTTERFLY NETWORK, INC. ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN (In thousands) (Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue $ 23,383 $ 21,487 $ 44,608 $ 39,143 Cost of revenue 8,492 8,901 16,336 16,280 Gross profit $ 14,891 $ 12,586 $ 28,272 $ 22,863 Gross margin 63.7 % 58.6 % 63.4 % 58.4 % Add: Write-downs and write-offs of inventories 14 — 66 — Adjusted gross profit $ 14,905 $ 12,586 $ 28,338 $ 22,863 Adjusted gross margin 63.7 % 58.6 % 63.5 % 58.4 % Depreciation and amortization $ 1,138 $ 1,646 $ 2,541 $ 3,231 % of revenue 4.9 % 7.7 % 5.7 % 8.3 % Expand BUTTERFLY NETWORK, INC. ADJUSTED EBITDA AND ADJUSTED EPS (In thousands, except share and per share amounts) (Unaudited) Included on the condensed consolidated statements of operations and comprehensive loss as: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Net loss Net loss $ (13,834 ) $ (15,706 ) $ (27,801 ) $ (37,467 ) Stock-based compensation R&D, S&M, and G&A 5,864 5,859 12,148 11,383 Write-downs and write-offs of inventories Cost of revenue 14 — 66 — Change in fair value of warrant liabilities Change in fair value of warrant liabilities (620 ) (620 ) (1,446 ) (413 ) Other Other 1,987 606 2,691 1,964 Other expense (income), net Other income (expense), net (531 ) 59 (2,906 ) 201 Adjusted net loss (7,120 ) (9,802 ) (17,248 ) (24,332 ) Interest income Interest income (1,503 ) (1,291 ) (3,155 ) (2,802 ) Interest expense Interest expense 368 309 715 609 Provision for income taxes Provision for income taxes 20 17 27 20 Depreciation and amortization Cost of revenue, R&D, S&M, and G&A 2,082 2,633 4,442 5,217 Adjusted EBITDA $ (6,153 ) $ (8,134 ) $ (15,219 ) $ (21,288 ) Adjusted EPS $ (0.03 ) $ (0.05 ) $ (0.07 ) $ (0.12 ) Weighted average shares used to compute adjusted EPS 248,393,811 211,663,554 241,695,884 210,268,501 Expand

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