August 2022 Archives

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Google’s plan to phase out third-party cookies in Chrome will be delayed till late 2024 as Google’s “Privacy Sandbox” won’t be ready at the time anticipated by the company.

“By Q3 2023, we expect the Privacy Sandbox APIs to be launched and generally available in Chrome. As developers adopt these APIs, we now intend to begin phasing out third-party cookies in Chrome in the second half of 2024,” said Anthony Chavez, VP, Privacy Sandbox, in his blog post.

Sandbox timeline

Privacy Sandbox timeline

When you visit a website, it can leave files on your computer called cookies. These cookies can store information like what forms you’ve filled out, how long you’ve been on the website, or if you’re logged in. However, most of the time cookies are used to track your activities across the internet so that companies can show you ads based on what websites you’ve visited. Usually, first-party cookies are helpful because they’re needed for the website to work properly. Third-party cookies are usually just used for advertising and tracking, and you don’t have much control over what those companies do with that data.

“Improving people’s privacy, while giving businesses the tools they need to succeed online, is vital to the future of the open web. That’s why we started the Privacy Sandbox initiative to collaborate with the ecosystem on developing privacy-preserving alternatives to third-party cookies and other forms of cross-site tracking,” said Anthony.

Privacy Sandbox for the Web will block third-party cookies and limit covert tracking. It will provide publishers with safer alternatives to existing technology by creating new web standards, enabling them to build digital businesses while your data stays private. Privacy Sandbox for Android will bring in new technology that operates without cross-app identifiers helping apps to remain free through ads while your data stays protected.

Google is working to refine the design proposals based on inputs from developers, publishers, marketers, and regulators. Based on the most consistent feedback it received, more time is required to evaluate and test the new Privacy Sandbox technologies before phasing out third-party cookies in Chrome.

Also, as per Google’s agreement with the UK’s Competition and Markets Authority (CMA) on how to develop and release the Privacy Sandbox in Chrome worldwide, it must ensure that the Privacy Sandbox provides effective, privacy-preserving technologies and the industries get sufficient time to adopt these new solutions. Google’s approach of transitioning from third-party cookies ensures that the web can continue to expand, without depending on cross-site tracking identifiers or covert techniques like fingerprinting.

Therefore, Google will be expanding the testing windows for the Privacy Sandbox APIs before disabling third-party cookies in Chrome.

Read next: VMware Wins 2021 Google Cloud Technology Partner of the Year – Infrastructure Modernization Award

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VANCOUVER, British Columbia–(BUSINESS WIRE)–Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported preliminary financial results for its second quarter of 2022. All results are reported in U.S. dollars and are prepared in accordance with the United States generally accepted accounting principles (“GAAP”), except as otherwise indicated below.

For the second quarter of 2022, preliminary revenues are expected to be between $185 million and $189 million. Adjusted EBITDA* is expected to be between $21 million and $23 million, as compared to first quarter 2022 adjusted EBITDA* of $15.8 million.

The Sierra Wireless second quarter 2022 unaudited financial information in this press release is preliminary and subject to completion of quarter-end financial reporting processes.

Agreement to be Acquired by Semtech Corporation

Sierra Wireless’ preliminary results are provided in conjunction with today’s announcement that Sierra Wireless has entered into a definitive agreement to be acquired by Semtech Corporation. Please refer to today’s announcement entitled “Semtech Corporation to Acquire Sierra Wireless” available on Sierra Wireless’ website.

Due to Sierra Wireless’ pending transaction with Semtech, Sierra Wireless is canceling its August 11, 2022, conference call and webcast to discuss these financial results. The Company will publish its full second quarter 2022 financial results on August 11, 2022. Additionally, Sierra Wireless will not be providing financial guidance for the third quarter of 2022.

Non-GAAP Financial Measures

This press release refers to a non-GAAP financial measure, such references as designated with an asterisk (*). Our consolidated financial statements are prepared in accordance with U.S. GAAP on a basis consistent for all periods presented. In addition to results reported in accordance with U.S. GAAP, we use non-GAAP financial measures as supplemental indicators of our operating performance. The term “non-GAAP financial measure” is used to refer to a numerical measure of a company’s historical or expected future financial performance, financial position or cash flows that: (i) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with U.S. GAAP in a company’s statement of earnings, balance sheet or statement of cash flows; or (ii) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

The non-GAAP financial measure referenced in this press release is adjusted EBITDA* (earnings before interest, taxes, depreciation and amortization).

Adjusted EBITDA* is defined as net earnings (loss) from continuing operations plus stock-based compensation expense and related social taxes, phantom RSU expense which represents expenses related to compensation units settled in cash based on the stock price at vesting, restructuring costs, government grants related to COVID-19 relief, CEO retirement/search, impairment, gain on sale of Omnilink, the ransomware incident, COVID-19 factory constraint incremental costs, certain other non-recurring costs or recoveries, amortization, interest and other income (expense), foreign exchange gains or losses on translation of certain balance sheet accounts, unrealized foreign exchange gains or losses on forward contracts, recognition of cumulative translation adjustments on dissolution of subsidiaries, and income tax expense (recovery). Adjusted EBITDA* is a metric used by investors and analysts for valuation purposes and is an important indicator of our operating performance and our ability to generate liquidity through operating cash flow that will fund future working capital needs and fund future capital expenditures.

We use the above-noted non-GAAP financial measure for planning purposes and to allow us to assess the performance of our business before including the impacts of the items noted above as they affect the comparability of our financial results. Non-GAAP financial measures are reviewed regularly by management and the Board of Directors as part of the ongoing internal assessment of our operating performance. We disclose non-GAAP financial measures as we believe they provide useful information to investors and analysts to assist them in their evaluation of our operating results and to assist in comparisons from one period to another.

Readers are cautioned that non-GAAP financial measures do not have any standardized meaning prescribed by U.S. GAAP and therefore may not be comparable to similar measures presented by other companies.

Disclaimer

This press release contains certain pre-released second quarter financial metrics related to our financial performance. The second quarter financial ‎metrics contained in this press release are preliminary and represent the most current information available to our management, as financial closing procedures for the three and six months ended June 30, 2022 are ‎not yet complete. Our actual interim financial statements for such period may result in material ‎changes to the financial metrics summarized in this press release (including by any one financial metric, or both of ‎the financial metrics, being below or above the figures indicated) as a result of the completion of normal quarter ‎end accounting procedures and adjustments, and also what one might expect to be in the final interim ‎financial statements based on the financial metrics summarized in this press release. Although we believe the expectations reflected in this press release are based upon reasonable assumptions, we can ‎give no assurance that actual results will not differ materially from these expectations.‎ Readers are thus cautioned not to put undue reliance on the financial guidance contained herein.

Cautionary Note Regarding Forward-Looking Statements

This press release contains certain statements and information that are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (collectively, “forward-looking statements”). These forward-looking statements are made as of the date hereof and we do not intend or assume any obligation to update these forward-looking statements, except as required under applicable securities legislation.

Forward-looking statements are provided to help you understand our views of our short and long term plans, expectations and prospects. We caution you that forward-looking statements may not be appropriate for other purposes. In certain cases, forward-looking statements include words and phrases about the future such as “outlook”, “guidance”, “will”, “may”, “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives”, “potential”, “possible”, or variations thereof. Forward-looking statements contained in this press release include, but are not limited to, statements and information relating to our financial guidance, including for our second quarter of 2022; the expected timing of filing our second quarter 2022 interim financial results; and the consummation of the proposed transaction described herein.

Forward-looking statements reflect management’s current expectations on the date the statements are made and are based on a number of material assumptions and estimates that, while considered reasonable by management, by their very nature are inherently subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation: failure to meet financial expectations or financial performance being materially less or more than anticipated; failure to obtain shareholder approval as required for the proposed transaction; failure to obtain regulatory and other consents and approvals required for the closing of the proposed transaction, including the approval of the Supreme Court of British Columbia; failure to satisfy the conditions to the closing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement; the risk that the proposed transaction will not be consummated; and the additional risk factors set forth in our Annual Information Form included as part of our Form 40-F filed with the Securities Exchange Commission on March 18, 2022 and available under our profile on SEDAR at www.sedar.com, in each case, as such risk factors may be updated, amended or superseded from time to time by subsequent reports that we file with the Securities and Exchange Commission and applicable securities commissions or regulatory authorities in Canada.

Although we have attempted to identify important factors that could cause our actual results, performance or achievements to differ materially from those described in our forward-looking statements, there may be other factors that cause our results, performance or achievements not to be as anticipated, estimated or intended. There can be no assurance that our forward-looking statements prove to be accurate, as our actual results, performance or achievements could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained herein.

About Sierra Wireless

Sierra Wireless (NASDAQ: SWIR) (TSX: SW) is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is a global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com.

Contacts

Louise Matich
Media Relations
pr@sierrawireless.com

Sean Fallis
Investor Relations
investor@sierrawireless.com

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Creating a comprehensive IoT platform to enable the transformation to a smarter, more sustainable planet

  • Brings together the ultra-low power benefits of LoRa® with higher bandwidth capabilities of cellular for easy to use, interoperable solutions that enable innovation and growth for IoT globally
  • Expected to approximately double Semtech annual revenue and add greater than US$100 million of high margin IoT Cloud services recurring revenues
  • Expected to expand Semtech’s IoT SAM by approximately 10x to US$10 billion by 2027
  • Expected to be immediately accretive to Semtech’s non-GAAP EPS before synergies and generate US$40 million of run-rate operational synergies within 12-18 months post-close

CAMARILLO, Calif., & VANCOUVER, British Columbia–(BUSINESS WIRE)–Semtech Corporation (Nasdaq: SMTC), a leading global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms, and Sierra Wireless, Inc. (Nasdaq: SWIR) (TSX: SW), a world-renowned Internet of Things (IoT) solutions provider, today announced a definitive agreement under which Semtech will acquire all outstanding shares of Sierra Wireless for US$31 per share in an all-cash transaction representing a total enterprise value of approximately US$1.2 billion, subject to customary closing conditions. The acquisition will significantly expand Semtech’s addressable market and is expected to approximately double Semtech’s annual revenue and create a strong and diverse portfolio of connectivity solutions for the growing IoT market, making it easier for customers to find innovative end to end solutions for any segment. The deal is also expected to be immediately accretive to Semtech’s non-GAAP EPS before synergies and generate US$40 million of run-rate operational synergies within 12-18 months post-transaction close.

This acquisition brings together two important technologies for the future of IoT – LoRa and cellular – to enable the digitization of the industrial world with a comprehensive chip-to-Cloud platform. Semtech expects the combination of Sierra Wireless’ cellular capabilities across its modules, gateways and managed connectivity together with Semtech’s LoRa-enabled end nodes to create a uniquely differentiated IoT portfolio which will enable a plethora of new IoT use cases to be conceived. In addition, the combination of Sierra Wireless’ Cloud services offerings and Semtech’s LoRa Cloud™ services will bring together a future Cloud services portfolio offering that will include enhanced security, provisioning, device management, and geolocation capabilities for power optimized IoT applications. This new Cloud services capability is expected to add greater than US$100 million of high-margin IoT Cloud services recurring revenues immediately.

“We believe the next era of technology growth is the full digitization of our industrial world – the Internet of Everything. Our vision is to build a simple, horizontal platform with the goal of accelerating this transformation and to bring about a smarter and more sustainable planet,” said Semtech president and chief executive officer, Mohan Maheswaran. “This exciting strategic acquisition of Sierra Wireless is a critical part of bringing this vision to life through the combination of cellular, LoRa and Cloud services. Together, with the world-class Sierra Wireless engineering team, we will be positioned to advance the market with multi-radio solutions that bring new chip-to-Cloud services to support customers and grow our business.”

“Over the last year, Sierra Wireless has taken decisive steps to profitably grow the business, and I am proud that the progress we have made has culminated in this exciting transaction. Together with Semtech, we will be able to extend the reach of IoT solutions by scaling, optimizing and ultimately delivering an even stronger product portfolio and service model to customers,” said Phil Brace, president and chief executive officer of Sierra Wireless. “Sierra Wireless is a high growth business with some of the best, most advanced IoT technology in the industry, and we are pleased to deliver immediate and compelling value to our shareholders through this transaction. Joining Semtech will also allow us to bring cellular and LoRa technology together to create innovative solutions that exceed the expectations of our customers around the world while delivering exciting career opportunities to our talented employees as part of the combined company.”

Sierra Wireless brings highly complementary skills and capabilities to Semtech, including Sierra Wireless’ leading modules, gateways, 5G, and Cloud services. Given Sierra Wireless’ demonstrated expertise in IoT and cellular engineering, software and services, and its extensive knowledge of IoT channels and vertical markets, Semtech expects the combined company will be well positioned to serve high growth segments such as:

  • Supply chain, logistics and asset management
  • Utilities, including water, gas and electric metering
  • Smart cities and building, including air quality monitoring and public safety
  • Smart agriculture and species protection

Transaction Details

Under the terms of the agreement, Sierra Wireless shareholders will receive US$31 per common share. This represents a premium of approximately 25% to the closing price of Sierra Wireless’ common stock on July 29, 2022, the last trading day prior to media speculation regarding a potential transaction, and a premium of approximately 30% to Sierra Wireless’ unaffected 30-day volume weighted average price. Semtech intends to fund the transaction with cash on hand and committed debt financing arranged by J.P. Morgan.

This transaction has been approved by the Semtech and Sierra Wireless Boards of Directors. This transaction is subject to approval by Sierra Wireless shareholders, certain regulatory bodies and the Supreme Court of British Columbia, and other customary closing conditions. This transaction is expected to close in Semtech’s fiscal year 2023. Until close, the parties remain separate independent companies.

Sierra Wireless Preliminary Financial Results

In a separate press release issued today, Sierra Wireless announced preliminary details relating to certain of its financial results for its second quarter of 2022. Sierra Wireless will issue a press release to share its full second quarter financial results after the market closes Aug. 11, 2022. The Sierra Wireless preliminary results press release is available on its website.

In light of the pending transaction, Sierra Wireless is canceling its second quarter financial results conference call previously scheduled for Aug. 11, 2022.

Semtech Conference Call

Semtech will host a conference call for the financial community today to discuss the acquisition.

  • Tuesday, Aug. 2, 3:00 p.m. PT (6:00 p.m. ET)
  • Join online: Webcast
  • Join by phone: (877) 407-0312 (Toll-Free) or +1 (201) 389-0899
  • Conference ID: 13732055

A replay of the webcast will be available approximately two hours after the conclusion of the live call on the events calendar on Semtech’s investor website.

Advisers

J.P. Morgan Securities LLC is serving as the exclusive financial adviser to Semtech. O’Melveny & Myers LLP is serving as its U.S. legal counsel and Stikeman Elliott LLP is its Canadian legal counsel.

Qatalyst Partners and BMO Capital Markets are serving as financial advisers to Sierra Wireless. Skadden, Arps, Slate, Meagher & Flom LLP is serving as its U.S. legal counsel and Blake, Cassels & Graydon LLP is its Canadian legal counsel.

About Semtech

Semtech Corporation is a leading global supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the Nasdaq Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.

About Sierra Wireless

Sierra Wireless (Nasdaq: SWIR) (TSX: SW) is a world leading IoT solutions provider that combines devices, network services, and software to unlock value in the connected economy. Sierra Wireless works with its customers to develop the right industry-specific solution for their IoT deployments, whether this is an integrated solution to help connect edge devices to the cloud, a software/API service to manage processes with billions of connected assets, or a platform to extract real-time data to improve business decisions. With more than 25 years of cellular IoT experience, Sierra Wireless is a global partner customers trust to deliver them their next IoT solution. For more information, visit www.sierrawireless.com.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” within the meaning of Canadian securities legislation (collectively, “forward-looking statements”), and is based on management’s current expectations, estimates and projections regarding future events. Forward-looking statements are statements other than historical information or statements of current condition and, as used in this press release, relate to matters such as, among others, the consummation of the proposed transaction and the expected timing thereof, the synergies and other benefits to be realized if the proposed transaction is consummated, including the impact on Semtech’s revenues, non-GAAP EPS, IoT SAM and addressable market, and Semtech’s ability to grow its business, optimize its product portfolio and achieve its sustainability goals. Statements containing words such as “may,” “believes,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “estimates,” “should,” “will,” “designed to,” or “projections,” or other similar expressions also constitute forward-looking statements.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results and events to differ from those expressed or implied by such forward-looking statements. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the failure of Sierra Wireless to obtain shareholder approval as required for the proposed transaction; the failure to obtain regulatory approvals required for the closing of the proposed transaction, including the approval of the Supreme Court of British Columbia; the failure to satisfy the conditions to the closing of the proposed transaction; the effect of the announcement of the proposed transaction on the ability of Semtech or Sierra Wireless to retain and hire key personnel and maintain business relationships with customers, suppliers and others with whom they each do business, or on Semtech’s or Sierra Wireless’ operating results, the market price of common stock and business generally; potential legal proceedings relating to the proposed transaction and the outcome of any such legal proceeding; the inherent risks, costs and uncertainties associated with integrating the businesses successfully and risks of not achieving all or any of the anticipated benefits of the proposed transaction, or the risk that the anticipated benefits of the proposed transaction may not be fully realized or take longer to realize than expected; the occurrence of any event, change or other circumstances that could give rise to the termination of the arrangement agreement; the risk that the proposed transaction will not be consummated within the expected time period, or at all; the uncertainty surrounding the impact and duration of supply chain constraints and any associated disruptions; the uncertainty surrounding the impact and duration of the COVID-19 pandemic; worldwide economic and political disruptions as a result of current macroeconomic conditions or the ongoing conflict between Russia and Ukraine; competitive changes in the marketplace including, but not limited to, the pace of growth or adoption rates of applicable products or technologies; downturns in the business cycle; and the additional risk factors set forth in Semtech’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“the SEC”) (www.sec.gov) on March 16, 2022 and Sierra Wireless’ Annual Information Form included as part of Sierra Wireless’ Form 40-F filed with the SEC on March 18, 2022 and available under Sierra Wireless’ profile on SEDAR (www.sedar.com), in each case, as such risk factors may be updated, amended or superseded from time to time by subsequent reports that Semtech or Sierra Wireless files with the SEC. These forward-looking statements are made as of the date of this press release and Semtech and Sierra Wireless assume no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.

Semtech, the Semtech logo and LoRa are registered trademarks or service marks, and LoRa Cloud is a trademark or service mark, of Semtech Corporation or its affiliates.

“Sierra Wireless” is a registered trademark of Sierra Wireless, Inc. Other product or service names mentioned herein may be the trademarks of their respective owners.

Additional Information and Where to Find It

This communication may be deemed to be solicitation material in connection with the proposed acquisition of Sierra Wireless by Semtech. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed acquisition, Sierra Wireless intends to file a management information circular with the SEC and the Canadian securities regulatory authorities which will be mailed or otherwise disseminated to Sierra Wireless shareholders. SIERRA WIRELESS SHAREHOLDERS ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC AND CANADIAN SECURITIES REGULATORY AUTHORITIES, INCLUDING THE MANAGEMENT INFORMATION CIRCULAR, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ACQUISITION. Investors and shareholders will be able to obtain the documents free of charge when they become available at the SEC’s web site, http://www.sec.gov, and at the Canadian Securities Administrator’s website, www.sedar.com, or from Sierra Wireless at https://www.sierrawireless.com/company/investor-information/ or by directing a request to Sierra Wireless’ Investor Relations Department at investor@sierrawireless.com. Such documents are not currently available.

SMTC-F

Contacts

Investors & Communications Contacts
Semtech
Julie McGee
Chief Marketing Officer
jmcgee@semtech.com
Sierra Wireless

Louise Matich
Senior Corporate Communications Lead
pr@sierrawireless.com

Sean Fallis
Vice President, Finance
investor@sierrawireless.com

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Global business execution delivers strong financial performance

CHICAGO–(BUSINESS WIRE)–$LFUSLittelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the second quarter ended July 2, 2022:

  • Net sales of $618.4 million were up 18% versus the prior year period, and up 10% organically
  • GAAP diluted EPS was $3.48; adjusted diluted EPS was $4.26, up 25% versus the prior year period
  • Cash flow from operations was $113.6 million and free cash flow was $87.2 million
  • On July 19, the company completed its acquisition of C&K Switches
  • The company’s Board of Directors approved a 13% increase in the quarterly cash dividend from $0.53 to $0.60; this equates to an annualized dividend of $2.40 per share

“We delivered very strong second quarter results above our expectations while continuing to advance our strategic initiatives,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our record performance to date in 2022 is a testament to our global teams’ execution across the breadth of our end markets. I am also excited to welcome C&K to our organization which significantly expands our ability to serve customers with market leading technologies, capabilities and talent. Looking ahead, we remain focused on effectively managing our business through market volatility while securing growth opportunities driven by sustainability, connectivity, and safety, which will deliver long-term value to our stakeholders.”

Third Quarter of 2022*

Based on current market conditions, for the third quarter the company expects,

  • Net sales in the range of $630 to $644 million; adjusted diluted EPS in the range of $3.71 to $3.87

*Littelfuse provides guidance on a non-GAAP (adjusted) basis. GAAP items excluded from guidance may include the after-tax impact of items including acquisition and integration costs, restructuring, impairment and other charges, certain purchase accounting adjustments, non-operating foreign exchange adjustments and significant and unusual items. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. Littelfuse is not able to forecast the excluded items in order to provide the most directly comparable GAAP financial measure without unreasonable efforts.

Dividend

  • The company will pay a cash dividend on its common stock of $0.60 per share on September 8, 2022, to shareholders of record as of August 25, 2022

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, August 3, 2022, at 9:00 a.m. Central Time to discuss the results. The call will be broadcast and available for replay at Littelfuse.com. A slide presentation is available in the Investor Relations section of the company’s website at Littelfuse.com.

About Littelfuse

Littelfuse (NASDAQ: LFUS) is an industrial technology manufacturing company empowering a sustainable, connected, and safer world. Across more than 15 countries, and with approximately 17,000 global associates, we partner with customers to design and deliver innovative, reliable solutions. Serving over 100,000 end customers, our products are found in a variety of industrial, transportation and electronics end markets – everywhere, every day. Learn more at Littelfuse.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

The statements in this press release that are not historical facts are intended to constitute “forward-looking statements” entitled to the safe-harbor provisions of the Private Securities Litigation Reform Act. Such statements are based on Littelfuse, Inc.’s (“Littelfuse” or the “Company”) current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties, include, but are not limited to, risks and uncertainties relating to general economic conditions; the severity and duration of the COVID-19 pandemic and the measures taken in response thereto and the effects of those items on the company’s business; product demand and market acceptance; the impact of competitive products and pricing; product quality problems or product recalls; capacity and supply difficulties or constraints; coal mining exposures reserves; cybersecurity matters; failure of an indemnification for environmental liability; exchange rate fluctuations; commodity and other raw material price fluctuations; the effect of Littelfuse’s accounting policies; labor disputes; restructuring costs in excess of expectations; pension plan asset returns less than assumed; integration of acquisitions; uncertainties related to political or regulatory changes; and other risks which may be detailed in the company’s Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual results and outcomes may differ materially from those indicated or implied in the forward-looking statements. This release should be read in conjunction with information provided in the financial statements appearing in the company’s Annual Report on Form 10-K for the year ended January 1, 2022.

Further discussion of the risk factors of the company can be found under the caption “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended January 1, 2022, its Quarterly Report on Form 10-Q for the quarter ended April 2, 2022, and in other filings and submissions with the SEC, each of which are available free of charge on the company’s investor relations website at investor.littelfuse.com and on the SEC’s website at www.sec.gov. These forward-looking statements are made as of the date hereof. The company does not undertake any obligation to update, amend or clarify these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the availability of new information.

Non-GAAP Financial Measures

The information included in this press release includes the non-GAAP financial measures of organic net sales growth (decline), adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, adjusted effective tax rate, free cash flow, net debt, consolidated EBITDA, and consolidated net leverage ratio (as defined in the credit agreement). Many of these non-GAAP financial measures exclude the effect of certain expenses and income not related directly to the underlying performance of our fundamental business operations.

A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures is set forth in the attached schedules.

The company believes that organic net sales growth (decline), adjusted operating income, adjusted operating margin, adjusted EBITDA, adjusted EBITDA margin, adjusted diluted earnings per share, adjusted income taxes, and adjusted effective tax rate provide useful information to investors regarding its operational performance because they enhance an investor’s overall understanding of our core financial performance and facilitate comparisons to historical results of operations, by excluding items that are not related directly to the underlying performance of our fundamental business operations or were not part of our business operations during a comparable period. The company believes that free cash flow is a useful measure of its ability to generate cash. The company believes that net debt, consolidated EBITDA, and consolidated net leverage ratio are useful measures of its credit position. The company believes that all of these non-GAAP financial measures are commonly used by financial analysts and others in the industries in which we operate, and thus further provide useful information to investors. Management additionally uses these measures when assessing the performance of the business and for business planning purposes. Note that our definitions of these non-GAAP financial measures may differ from those terms as defined or used by other companies.

LFUS-F

LITTELFUSE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)

July 2,
2022

January 1,
2022

ASSETS

Current assets:

Cash and cash equivalents

$

809,122

$

478,473

Short-term investments

20

28

Trade receivables, less allowances of $68,933 and $59,232 at July 2, 2022 and January 1, 2022, respectively

343,321

275,192

Inventories

496,207

445,671

Prepaid income taxes and income taxes receivable

4,861

2,035

Prepaid expenses and other current assets

65,294

68,812

Total current assets

1,718,825

1,270,211

Net property, plant, and equipment

435,683

437,889

Intangible assets, net of amortization

374,593

407,126

Goodwill

914,358

929,790

Investments

25,626

39,211

Deferred income taxes

12,476

13,127

Right of use lease assets, net

39,724

29,616

Other long-term assets

23,184

24,734

Total assets

$

3,544,469

$

3,151,704

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

219,764

$

222,039

Accrued liabilities

137,377

159,689

Accrued income taxes

34,128

27,905

Current portion of long-term debt

7,500

25,000

Total current liabilities

398,769

434,633

Long-term debt, less current portion

884,569

611,897

Deferred income taxes

74,286

81,289

Accrued post-retirement benefits

35,090

37,037

Non-current operating lease liabilities

32,334

22,305

Other long-term liabilities

67,478

71,023

Total equity

2,051,943

1,893,520

Total liabilities and equity

$

3,544,469

$

3,151,704

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

Three Months Ended

Six Months Ended

(in thousands, except per share data)

July 2,
2022

June 26,
2021

July 2,
2022

June 26,
2021

Net sales

$

618,436

$

523,488

$

1,241,766

$

987,282

Cost of sales

355,465

326,092

720,199

629,420

Gross profit

262,971

197,396

521,567

357,862

Selling, general, and administrative expenses

93,093

73,315

168,601

131,603

Research and development expenses

23,488

16,394

43,044

31,133

Amortization of intangibles

11,592

10,641

24,316

21,162

Restructuring, impairment, and other charges

634

789

852

1,226

Total operating expenses

128,807

101,139

236,813

185,124

Operating income

134,164

96,257

284,754

172,738

Interest expense

4,368

4,626

8,670

9,299

Foreign exchange loss (gain)

14,124

(1,676

)

21,860

5,161

Other expense (income), net

6,060

(1,890

)

10,487

(9,627

)

Income before income taxes

109,612

95,197

243,737

167,905

Income taxes

22,596

13,102

39,203

28,097

Net income

$

87,016

$

82,095

$

204,534

$

139,808

Earnings per share:

Basic

$

3.52

$

3.34

$

8.28

$

5.69

Diluted

$

3.48

$

3.30

$

8.19

$

5.62

Weighted-average shares and equivalent shares outstanding:

Basic

24,734

24,592

24,712

24,562

Diluted

24,985

24,900

24,986

24,894

Comprehensive income

$

55,667

$

87,549

$

170,982

$

140,391

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended

(in thousands)

July 2, 2022

June 26, 2021

OPERATING ACTIVITIES

Net income

$

204,534

$

139,808

Adjustments to reconcile net income to net cash provided by operating activities:

114,659

63,947

Changes in operating assets and liabilities:

Trade receivables

(76,807

)

(69,881

)

Inventories

(70,285

)

(38,205

)

Accounts payable

9,153

38,955

Accrued liabilities and income taxes

(23,107

)

4,488

Prepaid expenses and other assets

7,175

(12,766

)

Net cash provided by operating activities

165,322

126,346

INVESTING ACTIVITIES

Acquisitions of businesses, net of cash acquired

(9,758

)

(109,852

)

Purchases of property, plant, and equipment

(56,151

)

(32,657

)

Net proceeds from sale of property, plant and equipment, and other

542

2,569

Net cash used in investing activities

(65,367

)

(139,940

)

FINANCING ACTIVITIES

Net proceeds (payments) from credit facility

275,000

(30,000

)

Cash dividends paid

(26,201

)

(23,596

)

All other cash provided by financing activities

(3,782

)

4,413

Net cash provided by (used in) financing activities

245,017

(49,183

)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(15,511

)

(2,894

)

Increase (decrease) in cash, cash equivalents, and restricted cash

329,461

(65,671

)

Cash, cash equivalents, and restricted cash at beginning of period

482,836

687,525

Cash, cash equivalents, and restricted cash at end of period

$

812,297

$

621,854

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

Second Quarter

Year-to-Date

(in thousands)

2022

2021

%
Growth/
(Decline)

2022

2021

%
Growth

Net sales

Electronics

$

358,176

$

325,347

10.1

%

$

723,997

$

611,882

18.3

%

Transportation

182,027

133,318

36.5

%

366,531

261,847

40.0

%

Industrial

78,233

64,823

20.7

%

151,238

113,553

33.2

%

Total net sales

$

618,436

$

523,488

18.1

%

$

1,241,766

$

987,282

25.8

%

Operating income

Electronics

$

105,958

$

74,236

42.7

%

$

226,535

$

129,759

74.6

%

Transportation

18,309

19,258

(4.9

)%

44,617

39,574

12.7

%

Industrial

15,285

8,375

82.5

%

27,790

11,881

133.9

%

Other(a)

(5,388

)

(5,612

)

N.M.

(14,188

)

(8,476

)

N.M.

Total operating income

$

134,164

$

96,257

39.4

%

$

284,754

$

172,738

64.8

%

Operating Margin

21.7

%

18.4

%

22.9

%

17.5

%

Interest expense

4,368

4,626

8,670

9,299

Foreign exchange loss (gain)

14,124

(1,676

)

21,860

5,161

Other expense (income), net

6,060

(1,890

)

10,487

(9,627

)

Income before income taxes

$

109,612

$

95,197

15.1

%

$

243,737

$

167,905

45.2

%

(a) “other” typically includes non-GAAP adjustments such as acquisition-related and integration costs, purchase accounting inventory adjustments and restructuring and impairment charges. (See Supplemental Financial Information for details.)

N.M. – Not meaningful

Second Quarter

Year-to-Date

(in thousands)

2022

2021

%
Growth
/(Decline)

2022

2021

%
Growth/
(Decline)

Operating Margin

Electronics

29.6

%

22.8

%

6.8

%

31.3

%

21.2

%

10.1

%

Transportation

10.1

%

14.4

%

(4.3

)%

12.2

%

15.1

%

(2.9

)%

Industrial

19.5

%

12.9

%

6.6

%

18.4

%

10.5

%

7.9

%

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(In millions of USD except per share amounts – unaudited)

Non-GAAP EPS reconciliation

Q2-22

Q2-21

YTD-22

YTD-21

GAAP diluted EPS

$

3.48

$

3.30

$

8.19

$

5.62

EPS impact of Non-GAAP adjustments (below)

0.78

0.11

1.06

0.46

Adjusted diluted EPS

$

4.26

$

3.41

$

9.25

$

6.08

Non-GAAP adjustments – (income) / expense

Q2-22

Q2-21

YTD-22

YTD-21

Acquisition-related and integration costs (a)

$

4.8

$

0.5

$

8.6

$

1.3

Purchase accounting inventory adjustments (b)

3.3

4.8

6.8

Restructuring, impairment and other charges (c)

0.6

0.8

0.8

1.3

Loss (gain) on sale of fixed assets (d)

1.0

(0.9

)

Non-GAAP adjustments to operating income

5.4

5.6

14.2

8.5

Other (income) expense, net (e)

(0.5

)

0.5

(0.5

)

0.5

Non-operating foreign exchange loss (gain)

14.1

(1.7

)

21.9

5.2

Non-GAAP adjustments to income before income taxes

19.0

4.4

35.6

14.2

Income taxes (f)

(0.4

)

1.7

9.1

2.5

Non-GAAP adjustments to net income

$

19.4

$

2.7

$

26.5

$

11.7

Total EPS impact

$

0.78

$

0.11

$

1.06

$

0.46

Adjusted operating margin / Adjusted EBITDA reconciliation

Q2-22

Q2-21

YTD-22

YTD-21

Net sales

$

618.4

$

523.5

$

1,241.8

$

987.3

GAAP operating income

$

134.2

$

96.3

$

284.8

$

172.7

Add back non-GAAP adjustments

5.4

5.6

14.2

8.5

Adjusted operating income

$

139.6

$

101.9

$

299.0

$

181.2

Adjusted operating margin

22.6

%

19.5

%

24.1

%

18.4

%

Add back amortization

11.6

10.6

24.3

21.2

Add back depreciation

15.7

13.6

31.3

27.3

Adjusted EBITDA

$

166.9

$

126.1

$

354.6

$

229.7

Adjusted EBITDA margin

27.0

%

24.1

%

28.6

%

23.3

%

Adjusted EBITDA by Segment

Q2-22

Q2-21

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

$

106.0

$

18.3

$

15.3

$

74.2

$

19.3

$

8.4

Add:

Add back amortization

6.1

4.3

1.2

7.0

2.3

1.3

Add back depreciation

8.4

6.3

1.0

8.1

4.6

0.9

Adjusted EBITDA

$

120.5

$

28.9

$

17.5

$

89.3

$

26.2

$

10.6

Adjusted EBITDA Margin

33.6

%

15.9

%

22.3

%

27.5

%

19.7

%

16.2

%

Adjusted EBITDA by Segment

YTD-22

YTD-21

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

$

226.5

$

44.6

$

27.8

$

129.8

$

39.6

$

11.9

Add:

Add back amortization

12.8

9.0

2.5

$

14.2

$

4.7

$

2.3

Add back depreciation

17.1

12.3

1.9

$

16.3

$

9.3

$

1.6

Adjusted EBITDA

$

256.4

$

65.9

$

32.2

$

160.3

$

53.6

$

15.8

Adjusted EBITDA Margin

35.4

%

18.0

%

21.3

%

26.2

%

20.5

%

13.9

%

Net sales reconciliation

Q2-22 vs. Q2-21

Electronics

Transportation

Industrial

Total

Net sales growth

10

%

37

%

21

%

18

%

Less:

Acquisitions

%

45

%

%

11

%

FX impact

(3

)%

(4

)%

(1

)%

(3

)%

Organic net sales growth (decline)

13

%

(4

)%

22

%

10

%

Net sales reconciliation

YTD-22 vs. YTD-21

Electronics

Transportation

Industrial

Total

Net sales growth

18

%

40

%

33

%

26

%

Less:

Acquisitions

%

44

%

8

%

13

%

FX impact

(3

)%

(4

)%

(1

)%

(3

)%

Organic net sales growth

21

%

%

26

%

16

%

Income tax reconciliation

Q2-22

Q2-21

YTD-22

YTD-21

Income taxes

$

22.6

$

13.1

$

39.2

$

28.1

Effective rate

20.6

%

13.8

%

16.1

%

16.7

%

Non-GAAP adjustments – income taxes

(0.4

)

1.7

9.1

2.5

Adjusted income taxes

$

22.2

$

14.8

$

48.3

$

30.6

Adjusted effective rate

17.3

%

14.8

%

17.3

%

16.8

%

Free cash flow reconciliation

Q2-22

Q2-21

YTD-22

YTD-21

Net cash provided by operating activities

$

113.6

$

76.2

$

165.3

$

126.3

Less: Purchases of property, plant and equipment

(26.4

)

(17.9

)

(56.2

)

(32.6

)

Free cash flow

$

87.2

$

58.2

$

109.1

$

93.7

Consolidated Total Debt

As of July 2, 2022

Consolidated Total Debt

$

892.1

Unamortized debt issuance costs

5.0

Consolidated funded indebtedness

897.1

Cash held in U.S. (up to $400 million)

400.0

Net debt

$

497.1

Consolidated EBITDA

Twelve Months Ended
July 2, 2022

Net Income

$

348.5

Interest expense

17.9

Income taxes

68.3

Depreciation

60.0

Amortization

45.9

Non-cash additions (reductions):

Stock-based compensation expense

22.6

Non-cash pension settlement charge

19.9

Purchase accounting inventory step-up charge

6.4

Unrealized loss on investments

12.5

Impairment charges

Other

62.4

Consolidated EBITDA (1)

$

664.4

Consolidated Net Leverage Ratio (as defined in the Credit Agreement) *

0.7x

* Our Credit Agreement and Private Placement Note with maturities ranging from 2023 to 2032, contain financial ratio covenants providing that if, as of the last day of each fiscal quarter, the Consolidated Net Leverage ratio at such time for the then most recently concluded period of four consecutive fiscal quarters of the Company exceeds 3.50:1.00, an Event of Default (as defined in the Credit Agreement and Private Placement Senior Notes) is triggered.

The Credit Agreement and Private Placement Senior Notes were amended in Q2 2022 and now allow for the addition of acquisition and integration costs up to 15% of Consolidated EBITDA and the Netting of up to $400M of Available Cash (Cash held by US Subsidiaries).

(1) Represents Consolidated EBITDA as defined in our Credit Agreement and Private Placement Senior Notes and is calculated using the most recently concluded period of four consecutive quarters.

Note: Total will not always foot due to rounding.

(a) reflected in selling, general and administrative expenses (“SG&A”).

(b) reflected in cost of sales.

(c) reflected in restructuring, impairment and other charges.

(d) reflected in SG&A, a loss of $1.0 million recorded during the second quarter of 2021 for a total year-to-date gain of $0.9 million from the sale of a building within the Electronics segment 2021.

(e) 2022 amount included $0.5 million gain from the sale of a building within Transportation segment. 2021 amount included $0.5 million of impairment charges on certain other investments.

(f) reflected the tax impact associated with the non-GAAP adjustments and the one-time net benefit of $7.2 million that resulted from the dissolution of one of the Company’s affiliates.

Contacts

Trisha Tuntland
Head of Investor Relations
(773) 628-2163

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New Study Commissioned by Elastic Shows 8 out of 10 Data Leaders Agree that Investing in Search-Powered Technology Drives Results that Matter for their Organizations

  • 84% of data leaders report that the success of their digital transformation initiatives relies on search-powered technologies
  • 83% of data leaders agree that a single, integrated search platform would help reduce costs for their business
  • 85% of data leaders say they want to improve the ability to find information across multiple clouds and data storage environments

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Elastic (NYSE: ESTC), the company behind Elasticsearch, today announced a new global study that shows search-powered technology is critical to the success of digital transformation and harnessing the power of data.

The study, titled Search-Powered Technologies: A Mission-Critical Enabler For The Digital Future Of Business, is based on a survey of more than 800 data leaders in eight countries. The research illustrates how search-powered technologies—the tools that enable the search of data across multiple sources—fuel business-critical initiatives, including cloud migration and utilization, cybersecurity, and customer experience.

According to the study, data leaders remain consistent on a future vision to integrate cybersecurity, observability, and enterprise search point solutions into a single platform, citing search-powered solutions that offer a breadth of functionality, including high storage capacity, a cloud-based platform, and scalability, as crucial to powering their digital transformation initiatives.

“As organizations look ahead to the digital future of business, they need technologies that turn a growing volume of raw data from a variety of disparate sources into accessible and useful business insights,” said Matt Minetola, Chief Information Officer, Elastic. “Search-powered technologies provide the critical functionality to help organizations drive speed, scale, and productivity for the next wave of digital transformation.”

Data leaders expect a shift toward integrated platforms over isolated point solutions over the next three years—and they expect integrated platforms to incorporate a wide range of point solution functionality

  • 83% of respondents agree that using a single integrated search platform help them reduce costs for their business and 81% report that it enables them to give time back to their teams to do meaningful work.
  • 76% of respondents report that an integrated platform should include security, data visualization, and analytics solutions.
  • 72% of respondents expect an integrated platform to include enterprise search functionality.
  • 67% of respondents expect an integrated platform to include an observability solution.

The study further reveals that data leaders will require more from search-powered technologies as their organizations continue their digital transformation journeys. To remain competitive, they will need comprehensive, flexible, and integrated cloud-based search solutions that enable scale.

85% of data leaders say they want to improve the ability to find information across multiple clouds and data storage environments to help enable IT operations, security, and development teams.

  • 84% of respondents are investing in search-powered technologies to increase the speed and productivity of their organizations and help them solve business challenges faster.
  • 83% of respondents report that search-powered technologies can deliver essential insights that hasten decisions and create a better user experience for customers and employees.
  • 81% of respondents report that alignment would improve in their organization if it were easier to find and share data.
  • 53% of respondents report that cybersecurity is a key priority driving their digital business initiatives, with data security issues or other risk exposures cited as the most common result of challenges with finding, sharing, and visualizing data.

Find more information and view the full findings from the Search-Powered Technologies: A Mission-Critical Enabler For The Digital Future Of Business study here.

Methodology:

The study “Search-Powered Technologies: A Mission-Critical Enabler For The Digital Future Of Business” (April 2022) was commissioned by Elastic. Forrester Consulting conducted a global survey of 832 data architecture strategy decision-makers at global enterprises in Australia, Brazil, France, Germany, Japan, The Netherlands, the United Kingdom, and the United States. The custom survey began in April 2022 and was completed in April 2022.

About Elastic:

Elastic (NYSE: ESTC) is a leading platform for search-powered solutions. We help organizations, their employees, and their customers accelerate the results that matter. With solutions in Enterprise Search, Observability, and Security, we enhance customer and employee search experiences, keep mission-critical applications running smoothly, and protect against cyber threats. Delivered wherever data lives, in one cloud, across multiple clouds, or on-premise, Elastic enables 18,000+ customers and more than half of the Fortune 500, to achieve new levels of success at scale and on a single platform. Learn more at elastic.co.

Elastic and associated marks are trademarks or registered trademarks of Elastic N.V. and its subsidiaries. All other company and product names may be trademarks of their respective owners.

Contacts

Jenn Malleo
Elastic Public Relations
PR-Team@elastic.co

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CommScope to Enable 5G and CBRS at AT&T Center

HICKORY, N.C.–(BUSINESS WIRE)–CommScope (NASDAQ: COMM) announced today it has been selected by Spurs Sports & Entertainment (SS&E) as the provider for its next generation mobile connectivity transformation at AT&T Center, home of the San Antonio Spurs. CommScope’s in-building wireless solutions will deliver dedicated 4G, 5G, and private wireless network access. These solutions will allow fans and concert goers to enjoy an immersive experience while providing operational efficiency for the venue and vendors.

With CommScope’s ERA® All-Digital DAS, the AT&T Center will increase its mobile broadband wireless capacity to provide an augmented fan experience utilizing ultra-wideband 5G. This enables fans to enjoy frictionless event-day conveniences such as immersive content, paperless entry, cashless payments, and in-seat ordering with their smartphones. They will also experience low latency interaction when they engage with experiences through the recently launched official Spurs Mobile App.

“All these capabilities require venues to provide fast and reliable wireless networks. CommScope is honored to provide our premier ERA DAS platform and CBRS solutions for the Spurs to enable these innovative offerings for their fans at AT&T Center,” stated Darla Braun, SVP Sales and Business Development, CommScope.

In addition to being selected as the in-building cellular platform for fan facing mobile broadband, SS&E selected CommScope CBRS to provide the AT&T Center with its first private wireless network, dedicated to operations and enhanced security around the arena. This purpose-built private network can easily address a wide range of business-critical operational needs and allows for the addition of digital elements such as smart parking, analytics, security, and crowd management without stressing existing networks.

“We are thrilled to have CommScope equip AT&T Center with a high speed and reliable network solution that allows us to realize cost savings while providing an enhanced fan experience,” said Joe Loomis, VP of Finance and Technology, Spurs Sports & Entertainment.

CommScope’s ERA increases efficiency by reducing head-end space by as much as 80% over a traditional analog system, all while minimizing network complexity and costs. Not only will AT&T Center be equipped to maximize the “fan experience,” but it will also capitalize environmentally on power, space and cooling savings. ERA DAS provides the arena with the network architecture necessary to deliver a high-speed and seamless experience from beginning to end, while also being flexible enough to adapt to future needs. CommScope’s CBRS portfolio enables organizations to leverage a high capacity and highly secure mission-critical network that is easily deployed and cloud managed.

All product names, trademarks and registered trademarks are property of their respective owners. NBA and NBA member team trademarks, logos, identifications, statistics and game-action photographs, video and audio are the exclusive property of NBA Properties, Inc. and may not be used without the prior written consent of NBA Properties, Inc. © 2022 NBA Properties, Inc. all rights reserved.

About CommScope:

CommScope (NASDAQ: COMM) is pushing the boundaries of technology to create the world’s most advanced wired and wireless networks. Our global team of employees, innovators and technologists empower customers to anticipate what’s next and invent what’s possible. Discover more at www.commscope.com.

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Sign up for our press releases and blog posts.

About Spurs Sports & Entertainment:

Spurs Sports & Entertainment (SS&E) is a value-based and community-centric sports and entertainment company that provides premier live and global digital experiences for fans across a portfolio of three teams and two venues – all supported by a passionate staff of more than 1,000 full and part-time employees. SS&E owns and operates the San Antonio Spurs (NBA), Austin Spurs (NBA G League), and San Antonio FC (USL), as well as manages the day-to-day operations of the AT&T Center, Toyota Field and STAR Complex. The SS&E investor group is led by Managing Partner Peter J. Holt. For more information about SS&E, please visit https://www.attcenter.com/connect/sse.

About the San Antonio Spurs:

The San Antonio Spurs are an American professional basketball team based in San Antonio. The Spurs compete in the National Basketball Association (NBA) as a member of the league’s Western Conference Southwest Division. The team plays its home games at the AT&T Center in San Antonio, TX. For more information about the San Antonio Spurs, please visit https://www.nba.com/spurs/.

This press release includes forward-looking statements that are based on information currently available to management, management’s beliefs, as well as on a number of assumptions concerning future events. Forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, which could cause the actual results to differ materially from those currently expected. In providing forward-looking statements, the company does not intend, and is not undertaking any obligation or duty, to update these statements as a result of new information, future events or otherwise.

Source: CommScope

Contacts

News Media Contact:
Cheryl Przychodni, CommScope
+1-630-297-1794 or publicrelations@commscope.com

Financial Contact:
Michael McCloskey, CommScope
+1-828-431-9874

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