November 2022 Archives

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Roundup highlights B2B partners that support startups across all business functions and empower growth

LOS ANGELES–(BUSINESS WIRE)–Bambee, the company that makes human resources affordable for small to medium-sized businesses, announced today that it has been selected for Inc. Business Media’s inaugural Power Partner Awards. This roundup honors B2B organizations across the globe with proven track records in supporting entrepreneurs and helping startups grow. The list recognizes 252 firms in marketing and advertising, health and human resources, financial planning, engineering, logistics, and security, as well as other areas of business.

All 252 companies received top marks from clients for being instrumental in helping leadership navigate the dynamic world of startups. These B2B partners support entrepreneurs across various facets of the business, including hiring, compliance, infrastructure development, cloud migration, fundraising, and more, allowing founders to focus on their core missions.

“Trusted B2B partners provide guidance and expertise that founders rely on at various steps of their organization’s journey. Partners that possess a demonstrated ability to deliver quality support are at the core of entrepreneurship and help bring big ideas to life,” says Scott Omelianuk, Editor-in-Chief of Inc. Business Media.

Allan Jones, Bambee CEO & Founder, states: “We are thrilled to be honored by the world’s most trusted business-media brand, Inc. And we have our clients to thank for this.”

Ranked by Forbes as one of America’s best startup employers in 2020, 2021, and 2022, Bambee is a venture-backed Series C business. Investors include SoftBank, QED Investors, Greycroft, Alpha Edison, Mucker Capital, and Ken Chenault (prev. 20-year CEO, American Express).

Bambee’s team is developing and deploying best-in-class human resources technology and services, with the aim of completely reshaping the employment dynamic for America’s small businesses. Its flagship HR Manager product aims to serve those businesses that need HR but often lack the resources to afford it. Bambee solves that problem by offering HR at prices as low as $99/month.

Inc. partnered with leading global social and media intelligence platform Meltwater to develop a proprietary methodology that uses sentiment from online conversations about organizations and translates it into numerical scores. Companies were evaluated on commitment, reliability, trust, creativity, supportiveness, and other virtues that offer value to clients. Inc. also conducted surveys to gather client testimonials as part of the process.

To view the complete list, go to: https://www.inc.com/power-partner-awards/2022

The November 2022 Issue of Inc. magazine is available online now at https://www.inc.com/magazine and will be on newsstands beginning November 8, 2022.

About Bambee

Allan Jones founded Bambee in 2016. Bambee has been at the forefront of solving HR problems for small businesses since its inception. Bambee puts their customers HR on autopilot, starting with a dedicated HR manager and smart automation. Bambee helps each company navigate the complex regulatory world of compliance, HR policy, employee relations, and HR strategy — including internal investigations, hires, furloughs, and return to work procedures. The combination of a real HR manager coupled with an intelligent software platform gets Bambee customers to HR compliance and helps keep them compliant. In October 2021, Goldman Sachs celebrated Jones as one of the 100 most intriguing entrepreneurs, at their Builders + Innovators Summit. For three years running, Forbes has named Bambee a top startup employer in the U.S., and in 2022 listed Bambee as top 5 in Los Angeles. Learn more at www.Bambee.com.

About Inc. Business Media

The world’s most trusted business-media brand, Inc. offers entrepreneurs the knowledge, tools, connections, and community they need to build great companies. Its award-winning multiplatform content reaches more than 50 million people each month across a variety of channels including websites, newsletters, social media, podcasts, and print. Its prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers, and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.com.

Contacts

Richard Laermer
CEO
RLM Public Relations
212-741-5106 X 216
Bambee@RLMpr.com

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PHOENIX, Ariz.–(BUSINESS WIRE)–VIQ Solutions Inc. (“VIQ” or the “Company”) (TSX:VQS and NASDAQ:VQS), a global provider of secure, AI-driven, digital voice and video capture technology and transcription services, will release its financial results for the third quarter and first nine months ended September 30, 2022, after market close on Wednesday, November 9, 2022. VIQ management will host a conference call to discuss these results on Thursday, November 10 at 11:00 AM Eastern Time.

Investors may access a live webcast of the call on the Company’s website at www.viqsolutions.com/investors or by dialing 1-888-440-4052 (North America toll-free) or +1-646-960-0827 (international) to be connected to the call by an operator using conference ID number 4983233. Participants should dial in at least 10 minutes prior to the start of the call.

A replay of the webcast will be available on the Company’s website through the same link approximately one hour after the conference call concludes.

For more information about VIQ, please visit viqsolutions.com.

About VIQ Solutions Inc.

VIQ Solutions is a global provider of secure, AI-driven, digital voice and video capture technology and transcription services. VIQ offers a seamless, comprehensive solution suite that delivers intelligent automation, enhanced with human review, to drive transformation in the way content is captured, secured, and repurposed into actionable information. The cyber-secure, AI technology and services platform are implemented in the most rigid security environments including criminal justice, legal, insurance, government, corporate finance, media, and transcription service provider markets, enabling them to improve the quality and accessibility of evidence, to easily identify predictive insights and to achieve digital transformation faster and at a lower cost.

Contacts

Media:
Laura Haggard
Chief Marketing Officer
VIQ Solutions
Phone: (800) 263-9947
Email: marketing@viqsolutions.com

Investor Relations:
Laura Kiernan
High Touch Investor Relations
Phone: 1-914-598-7733
Email: viq@htir.net

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Year-to-date record performance driven by global business execution

CHICAGO–(BUSINESS WIRE)–Littelfuse, Inc. (NASDAQ: LFUS), an industrial technology manufacturing company empowering a sustainable, connected, and safer world, today reported financial results for the third quarter ended October 1, 2022:

  • Net sales of $658.9 million were up 22% versus the prior year period, and up 8% organically
  • GAAP diluted EPS was $3.02; adjusted diluted EPS was $4.28, up 8% versus the prior year period
  • Cash flow from operations was $148.1 million; free cash flow was $126.5 million, 41% higher than the prior year period
  • On September 29, the company released its 2021 Sustainability Report

“In the third quarter, we continued the outstanding performance we achieved during the first half of this year, once again exceeding our expectations,” said Dave Heinzmann, Littelfuse President and Chief Executive Officer. “Our strong results were driven by growth from global business wins, additions from acquisitions, and progress on our operational excellence initiatives. Our significant achievements to date position us for ongoing long-term profitable growth within the mega themes of sustainability, connectivity, and safety.”

Fourth Quarter of 2022*

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

  • Net sales in the range of $603 to $623 million, the midpoint of which represents 11% growth over the prior year and 4% organic growth; includes an approximately 700 basis point year-over-year sales headwind from foreign exchange and last year’s extra “14th week”
  • Adjusted diluted EPS in the range of $3.14 to $3.34; the midpoint of which represents 11% growth over the prior year when excluding last year’s combined $0.25 benefit from a tax holiday and “14th week”

*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 December 8, 2022, to shareholders of record as of November 24, 2022

Conference Call and Webcast Information

Littelfuse will host a conference call on Wednesday, November 2, 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 19,000 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 July 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, 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, 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)

October 1,
2022

January 1,
2022

ASSETS

Current assets:

Cash and cash equivalents

$

474,003

$

478,473

Short-term investments

79

28

Trade receivables, less allowances of $83,872 and $59,232 at October 1, 2022 and January 1, 2022, respectively

339,729

275,192

Inventories

536,026

445,671

Prepaid income taxes and income taxes receivable

5,833

2,035

Prepaid expenses and other current assets

75,643

68,812

Total current assets

1,431,313

1,270,211

Net property, plant, and equipment

458,234

437,889

Intangible assets, net of amortization

605,310

407,126

Goodwill

1,168,458

929,790

Investments

23,770

39,211

Deferred income taxes

10,461

13,127

Right of use lease assets, net

46,175

29,616

Other long-term assets

34,207

24,734

Total assets

$

3,777,928

$

3,151,704

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable

$

219,447

$

222,039

Accrued liabilities

177,127

159,689

Accrued income taxes

42,016

27,905

Current portion of long-term debt

10,220

25,000

Total current liabilities

448,810

434,633

Long-term debt, less current portion

975,610

611,897

Deferred income taxes

116,595

81,289

Accrued post-retirement benefits

36,842

37,037

Non-current operating lease liabilities

35,778

22,305

Other long-term liabilities

75,402

71,023

Total equity

2,088,891

1,893,520

Total liabilities and equity

$

3,777,928

$

3,151,704

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF NET INCOME

(Unaudited)

Three Months Ended

Nine Months Ended

(in thousands, except per share data)

October 1,
2022

September 25,
2021

October 1,
2022

September 25,
2021

Net sales

$

658,880

$

539,581

$

1,900,646

$

1,526,863

Cost of sales

402,059

325,009

1,122,258

954,429

Gross profit

256,821

214,572

778,388

572,434

Selling, general, and administrative expenses

90,219

67,468

258,820

199,071

Research and development expenses

25,752

15,779

68,796

46,912

Amortization of intangibles

15,567

10,446

39,883

31,608

Restructuring, impairment, and other charges

3,413

772

4,265

1,998

Total operating expenses

134,951

94,465

371,764

279,589

Operating income

121,870

120,107

406,624

292,845

Interest expense

8,399

4,602

17,069

13,901

Foreign exchange loss

18,191

3,154

40,051

8,315

Other (income) expense, net

(698

)

(1,240

)

9,789

(10,867

)

Income before income taxes

95,978

113,591

339,715

281,496

Income taxes

20,510

21,537

59,713

49,634

Net income

$

75,468

$

92,054

$

280,002

$

231,862

Earnings per share:

Basic

$

3.05

$

3.74

$

11.32

$

9.43

Diluted

$

3.02

$

3.69

$

11.21

$

9.31

Weighted-average shares and equivalent shares outstanding:

Basic

24,755

24,622

24,726

24,582

Diluted

24,988

24,926

24,986

24,904

Comprehensive income

$

47,280

$

87,100

$

218,262

$

227,491

LITTELFUSE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Nine Months Ended

(in thousands)

October 1,
2022

September 25,
2021

OPERATING ACTIVITIES

Net income

$

280,002

$

231,862

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

183,942

96,824

Changes in operating assets and liabilities:

Trade receivables

(56,431

)

(83,793

)

Inventories

(83,803

)

(71,232

)

Accounts payable

(3,838

)

53,945

Accrued liabilities and income taxes

(4,399

)

23,294

Prepaid expenses and other assets

(2,034

)

(10,236

)

Net cash provided by operating activities

313,439

240,664

INVESTING ACTIVITIES

Acquisitions of businesses, net of cash acquired

(532,772

)

(110,646

)

Purchases of property, plant, and equipment

(77,773

)

(57,526

)

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

565

2,561

Net cash used in investing activities

(609,980

)

(165,611

)

FINANCING ACTIVITIES

Net proceeds (payments) of credit facility

373,125

(30,000

)

Cash dividends paid

(41,055

)

(36,648

)

All other cash provided by financing activities

(10,147

)

5,771

Net cash provided by (used in) financing activities

321,923

(60,877

)

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

(31,963

)

(5,832

)

(Decrease) increase in cash, cash equivalents, and restricted cash

(6,581

)

8,344

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

482,836

687,525

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

$

476,255

$

695,869

LITTELFUSE, INC.

NET SALES AND OPERATING INCOME BY SEGMENT

(Unaudited)

Third Quarter

Year-to-Date

(in thousands)

2022

2021

%
Growth /
(Decline)

2022

2021

%
Growth

Net sales

Electronics

$

397,629

$

347,240

14.5

%

$

1,121,626

$

959,122

16.9

%

Transportation

181,735

124,415

46.1

%

548,266

386,262

41.9

%

Industrial

79,516

67,926

17.1

%

230,754

181,479

27.2

%

Total net sales

$

658,880

$

539,581

22.1

%

$

1,900,646

$

1,526,863

24.5

%

Operating income

Electronics

$

113,140

$

100,524

12.6

%

$

339,675

$

230,283

47.5

%

Transportation

12,987

15,806

(17.8

) %

57,604

55,380

4.0

%

Industrial

12,178

6,571

85.3

%

39,968

18,452

116.6

%

Other(a)

(16,435

)

(2,794

)

N.M.

(30,623

)

(11,270

)

N.M.

Total operating income

$

121,870

$

120,107

1.5

%

$

406,624

$

292,845

38.9

%

Operating Margin

18.5

%

22.3

%

21.4

%

19.2

%

Interest expense

8,399

4,602

17,069

13,901

Foreign exchange loss

18,191

3,154

40,051

8,315

Other (income) expense, net

(698

)

(1,240

)

9,789

(10,867

)

Income before income taxes

$

95,978

$

113,591

(15.5

) %

$

339,715

$

281,496

20.7

%

(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

Third Quarter

Year-to-Date

(in thousands)

2022

2021

%
Growth /(Decline)

2022

2021

%
Growth /(Decline)

Operating Margin

Electronics

28.5

%

28.9

%

(0.4

) %

30.3

%

24.0

%

6.3

%

Transportation

7.1

%

12.7

%

(5.6

) %

10.5

%

14.3

%

(3.8

) %

Industrial

15.3

%

9.7

%

5.6

%

17.3

%

10.2

%

7.1

%

LITTELFUSE, INC.

SUPPLEMENTAL FINANCIAL INFORMATION

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

Non-GAAP EPS reconciliation

Q3-22

Q3-21

YTD-22

YTD-21

GAAP diluted EPS

$

3.02

$

3.69

$

11.21

$

9.31

EPS impact of Non-GAAP adjustments (below)

1.26

0.26

2.32

0.73

Adjusted diluted EPS

$

4.28

$

3.95

$

13.53

$

10.04

Non-GAAP adjustments – (income) / expense

Q3-22

Q3-21

YTD-22

YTD-21

Acquisition-related and integration costs (a)

$

6.2

$

2.0

$

14.8

$

3.4

Purchase accounting inventory adjustments (b)

6.8

11.6

6.8

Restructuring, impairment and other charges (c)

3.4

0.8

4.3

2.0

Gain on sale of fixed assets (d)

(0.9

)

Non-GAAP adjustments to operating income

16.4

2.8

30.7

11.3

Other expense (income), net (e)

0.1

(0.5

)

0.6

Non-operating foreign exchange loss

18.2

3.2

40.1

8.3

Non-GAAP adjustments to income before income taxes

34.6

6.1

70.3

20.2

Income taxes (f)

3.0

(0.4

)

12.2

2.1

Non-GAAP adjustments to net income

$

31.6

$

6.5

$

58.1

$

18.1

Total EPS impact

$

1.26

$

0.26

$

2.32

$

0.73

Adjusted operating margin / Adjusted EBITDA reconciliation

Q3-22

Q3-21

YTD-22

YTD-21

Net sales

$

658.9

$

539.6

$

1,900.6

$

1,526.9

GAAP operating income

$

121.9

$

120.1

$

406.6

$

292.8

Add back non-GAAP adjustments

16.4

2.8

30.7

11.3

Adjusted operating income

$

138.3

$

122.9

$

437.3

$

304.1

Adjusted operating margin

21.0

%

22.8

%

23.0

%

19.9

%

Add back amortization

15.6

10.4

39.9

31.6

Add back depreciation

17.0

14.2

48.3

41.4

Adjusted EBITDA

$

170.9

$

147.5

$

525.5

$

377.1

Adjusted EBITDA margin

25.9

%

27.3

%

27.6

%

24.7

%

Adjusted EBITDA by Segment

Q3-22

Q3-21

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

$

113.1

$

13.0

$

12.2

$

100.5

$

15.8

$

6.6

Add:

Add back amortization

9.7

4.7

1.2

6.8

2.4

1.2

Add back depreciation

9.4

6.7

1.0

8.7

4.6

0.8

Adjusted EBITDA

$

132.2

$

24.4

$

14.4

$

116.0

$

22.9

$

8.6

Adjusted EBITDA Margin

33.3

%

13.4

%

18.1

%

33.4

%

18.4

%

12.7

%

Adjusted EBITDA by Segment

YTD-22

YTD-21

Electronics

Transportation

Industrial

Electronics

Transportation

Industrial

GAAP operating income

$

339.7

$

57.6

$

40.0

$

230.3

$

55.4

$

18.5

Add:

Add back amortization

22.5

13.7

3.7

$

21.0

$

7.1

$

3.5

Add back depreciation

26.5

19.0

2.9

$

25.0

$

14.0

$

2.5

Adjusted EBITDA

$

388.7

$

90.3

$

46.5

$

276.3

$

76.5

$

24.5

Adjusted EBITDA Margin

34.7

%

16.5

%

20.1

%

28.8

%

19.8

%

13.5

%

Net sales reconciliation

Q3-22 vs. Q3-21

Electronics

Transportation

Industrial

Total

Net sales growth

15

%

46

%

17

%

22

%

Less:

Acquisitions

11

%

49

%

%

18

%

FX impact

(3

) %

(7

) %

(1

) %

(4

) %

Organic net sales growth

7

%

4

%

18

%

8

%

Net sales reconciliation

YTD-22 vs. YTD-21

Electronics

Transportation

Industrial

Total

Net sales growth

17

%

42

%

27

%

24

%

Less:

Acquisitions

4

%

46

%

5

%

14

%

FX impact

(3

) %

(5

) %

(1

) %

(3

) %

Organic net sales growth

16

%

1

%

23

%

13

%

Income tax reconciliation

Q3-22

Q3-21

YTD-22

YTD-21

Income taxes

$

20.5

$

21.5

$

59.7

$

49.6

Effective rate

21.4

%

19.0

%

17.6

%

17.6

%

Non-GAAP adjustments – income taxes

3.0

(0.4

)

12.2

2.1

Adjusted income taxes

$

23.4

$

21.1

$

71.9

$

51.7

Adjusted effective rate

18.0

%

17.6

%

17.5

%

17.1

%

Free cash flow reconciliation

Q3-22

Q3-21

YTD-22

YTD-21

Net cash provided by operating activities

$

148.1

$

114.3

$

313.4

$

240.7

Less: Purchases of property, plant and equipment

(21.7

)

(24.9

)

(77.8

)

(57.5

)

Free cash flow

$

126.5

$

89.4

$

235.7

$

183.2

Consolidated Total Debt

As of October 1, 2022

Consolidated Total Debt

$

985.8

Unamortized debt issuance costs

5.0

Consolidated funded indebtedness

990.8

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

115.9

Net debt

$

874.9

Consolidated EBITDA

Twelve Months Ended October 1, 2022

Net Income

$

331.9

Interest expense

21.7

Income taxes

67.3

Depreciation

62.8

Amortization

51.0

Non-cash additions:

Stock-based compensation expense

23.3

Non-cash pension settlement charge

19.9

Purchase accounting inventory step-up charge

13.1

Unrealized loss on investments

14.6

Other

126.4

Consolidated EBITDA (1)

$

732.0

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

1.2x

* 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 total year-to-date gain of $0.9 million from the sale of a building within the Electronics segment 2021.

(e) 2022 year-to-date amount included $0.5 million gain from the sale of a building within Transportation segment. Q3 2021 included a $0.1 million charge for an asset retirement obligation related to the disposal of a business in 2019. 2021 year-to-date amount included $0.5 million of impairment charges on certain other investments.

(f) reflected the tax impact associated with the non-GAAP adjustments, and 2022 year-to-date amount include 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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LONDON–(BUSINESS WIRE)–Endava (NYSE: DAVA), a leading next-generation technology services provider, today announced it will release results for the first quarter ended September 30, 2022, on Tuesday November 15, 2022 before the opening of regular U.S. market hours.

Following the release, John Cotterell, Endava’s CEO and Mark Thurston, Endava’s CFO, will discuss the results in a conference call beginning at 8:00 am ET.

Conference call access information is:
Participant Toll Free Dial-In Number: 1-844-481-2736
Participant International Dial-In Number: 1-412-317-0665
Conference ID: Endava Call

Webcast: https://investors.endava.com

Additionally, a replay will be available on our investor relations website after the call.

ABOUT ENDAVA PLC:

Endava is reimagining the relationship between people and technology. By leveraging next-generation technologies, our agile, multi-disciplinary teams provide a combination of product & technology strategies, intelligent experiences, and world class engineering to help clients become digital, experience-driven businesses by assisting them in their journey from idea generation to development and deployment of products, platforms and solutions. Endava collaborates with its clients, seamlessly integrating with their teams, catalysing ideation and delivering robust solutions.

Endava services clients in Payments and Financial Services, TMT, Consumer Products, Retail, Mobility and Healthcare. As of June 30, 2022, 11,853 Endavans served clients from locations in Asia-Pacific, Middle East, North America and Western Europe and delivery locations in Argentina, Bosnia & Herzegovina, Bulgaria, Colombia, Croatia, Malaysia, Mexico, Moldova, North Macedonia, Poland, Romania, Serbia, Slovenia and Uruguay.

For more information, visit www.endava.com.

Contacts

Investor Relations:
Laurence Madsen, Endava
investors@endava.com

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LINCOLNSHIRE, Ill.–(BUSINESS WIRE)–Alight, Inc. (NYSE: ALIT), a leading cloud-based human capital technology and services provider, today announced that it will be participating at three upcoming investor events.

J.P. Morgan Ultimate Services Investor Conference – New York, New York

Date: November 17, 2022

Alight Chief Executive Officer Stephan Scholl and Chief Financial Officer Katie Rooney will present at the conference and will also be available for investor meetings.

Webcast Date and Time: November 17, 2022, at 9:50AM ET

Webcast: A live webcast and replay of the presentation will be available through the Alight Investor Relations website at investor.alight.com.

Credit Suisse 26th Annual Technology Conference – Scottsdale, Arizona

Dates: November 30 – December 1, 2022

Alight Chief Financial Officer Katie Rooney will host investor meetings.

2nd Cannae Portfolio Companies Conference – Las Vegas, Nevada

Dates: December 14 – 15, 2022

Alight Chief Executive Officer Stephan Scholl and Chief Financial Officer Katie Rooney will present at the conference and will also be available for investor meetings.

Webcast Date and Time: December 14, 2022 at 8:35AM PT

Webcast: A live webcast and replay of the presentation will be available through the Alight Investor Relations website at investor.alight.com.

About Alight Solutions

Alight is a leading cloud-based human capital technology and services provider that powers confident health, wealth and wellbeing decisions for 36 million people and their dependents. Our Alight Worklife® platform combines data and analytics with a simple, seamless user experience. Supported by our global delivery capabilities, Alight Worklife is transforming the employee experience for people around the world. With personalized, data-driven health, wealth, pay and wellbeing insights, Alight brings people the security of better outcomes and peace of mind throughout life’s big moments and most important decisions. Learn how Alight unlocks growth for organizations of all sizes at alight.com.

Contacts

Investors:
Alight Investor Relations
investor.relations@alight.com

Media:
MacKenzie Lucas
mackenzie.lucas@alight.com

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Elevate shareholders to receive $1.87 per share in cash

Elevate to become a private company upon completion of the transaction

FORT WORTH, Texas–(BUSINESS WIRE)–Elevate Credit, Inc. (“Elevate” or the “Company”), a leading tech-enabled provider of innovative and responsible online credit solutions for non-prime consumers, today announced it has entered into a definitive agreement to be acquired by an affiliate of Park Cities Asset Management LLC (“Park Cities”), an alternative asset manager focused on providing flexible debt solutions.

Park Cities will acquire Elevate for $1.87 per share in an all-cash transaction at an implied value of $67 million. Pursuant to the terms of the merger agreement, 7% of shares and shares underlying equity awards held by certain members of Elevate management are permitted to rollover into equity of the acquiring entity.

Founded in 2014, Elevate has reinvented non-prime credit with online solutions that provide financial relief today, and help people build a brighter financial future. The Company, along with the banks that license its technology, has originated more than $10 billion in credit to nearly 3 million non-prime consumers.

Park Cities brings decades of experience in consumer and commercial lending, extensive corporate finance acumen and significant operating experience that will allow Elevate to continue to serve credit-constrained Americans. Park Cities has a long relationship with Elevate and currently provides corporate debt as well as financing for the Today Card product. Park Cities is also based in Texas and intends to maintain Elevate’s headquarters in Fort Worth, Texas.

“From the beginning, Elevate has strived to be the most trusted and preferred alternative credit provider for the ‘New Middle Class’—the more than 100 million credit constrained Americans,” said Jason Harvison, Chief Executive Officer of Elevate. “I am excited to build on our partnership with Park Cities and continue our work as a leader and innovator in the non-prime market. I look forward to working with the Park Cities leadership team and believe the Company will greatly benefit from their expertise and comprehensive understanding of the credit landscape.”

“Elevate fills a massive void in the lending market, both through its suite of credit solutions and its powerful AI-driven technology platform,” said Alex Dunev of Park Cities. “I am confident that we can help advance the Company’s vision while it maintains its commitment to serving the non-prime consumer.”

Transaction Details

The transaction, which was approved by the Elevate Board of Directors by the unanimous vote of those voting, is expected to close in the 1st Quarter of 2023, subject to customary closing conditions, including approval by Elevate shareholders and receipt of regulatory approvals.

Upon completion of the transaction, Elevate’s shares will no longer trade on the New York Stock Exchange and Elevate will become a private company. The Company will continue to operate under the Elevate name and brand.

Advisors

Morgan Stanley & Co. LLC is serving as financial advisor to Elevate, and Morrison & Foerster LLP is acting as legal counsel.

Haynes and Boone LLP, Wick Phillips Gould & Martin LLP, and Husch Blackwell LLP are acting as legal counsel for Park Cities.

About Elevate

Elevate (NYSE: ELVT), together with the banks that license its marketing and technology services, has originated $10.0 billion in non-prime credit to more than 2.7 million non-prime consumers to date. Its responsible, tech-enabled online credit solutions provide immediate relief to customers today and help them build a brighter financial future. The Company is committed to rewarding borrowers’ good financial behavior with features like interest rates that can go down over time, free financial training and free credit monitoring. Elevate’s platform powers a suite of groundbreaking credit products includes RISE, Elastic, Today Card and Swell. For more information, please visit http://corporate.elevate.com.

About Park Cities Asset Management

Park Cities Asset Management LLC is an alternative asset manager focused on deploying capital across asset classes in the Specialty Finance and FinTech sectors. Park Cities and its predecessor firm have been investing for over a decade and is led by Alex Dunev and Andy Thomas. Park Cities provides investment advice through its SEC Registered Investment Advisor, Park Cities Advisors LLC. For more information about Park Cities, please visit www.parkcitiesmgmt.com.

Source: Elevate Credit, Inc.

Additional Information about the Acquisition and Where to Find It

This communication is being made in respect of the proposed transaction involving Elevate and Park Cities. A meeting of the stockholders of Elevate will be announced as promptly as practicable to seek stockholder approval in connection with the proposed Merger. Elevate expects to file with the SEC a proxy statement and other relevant documents in connection with the proposed Merger. The definitive proxy statement will be sent or given to the stockholders of Elevate and will contain important information about the proposed Merger and related matters. STOCKHOLDERS OF ELEVATE ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT ELEVATE AND THE MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Elevate with the SEC at the SEC’s website at www.sec.gov.

Elevate and certain of its directors, executive officers and other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the Merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Elevate’s stockholders in connection with the proposed transaction will be set forth in Elevate’s definitive proxy statement for its stockholder meeting at which the proposed transaction will be submitted for approval by Elevate’s stockholders. You may also find additional information about Elevate’s directors and executive officers in Elevate’s definitive proxy statement for its 2022 Annual Meeting of Stockholders, which was filed with the SEC on April 5, 2022, and in subsequently filed Current Reports on Form 8-K and Quarterly Reports on Form 10-Q.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains certain forward-looking statements concerning Elevate and the proposed transaction between Elevate and Park Cities. All statements other than statements of fact, including information concerning future results, are forward-looking statements. These forward-looking statements are generally identified by the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “could” or similar expressions. Such forward-looking statements include, but are not limited to, the inability to obtain required regulatory approvals or satisfy other conditions to the closing of the proposed transaction; unexpected costs, liabilities or delays in connection with the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction; the significant transaction costs associated with the proposed transaction and other risks that may imperil the consummation of the proposed transaction, which may result in the transaction not being consummated within the expected time period or at all; negative effects of the announcement, pendency or consummation of the transaction on the market price of Elevate’s common stock or operating results, including as a result of changes in key customer, supplier, employee or other business relationships; the risk of litigation or regulatory actions; the inability of Elevate to retain and hire key personnel; and the risk that certain contractual restrictions contained in the business combination agreement during the pendency of the proposed transaction could adversely affect Elevate’s ability to pursue business opportunities or strategic transactions.

Forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties that may cause actual results to differ materially from those expressed in or implied by such forward-looking statements. Given these risks and uncertainties, persons reading this communication are cautioned not to place undue reliance on such forward-looking statements. Elevate assumes no obligation to update or revise the information contained in this communication (whether as a result of new information, future events or otherwise), except as required by applicable law.

Contacts

For Elevate:

Investor Relations:
Solebury Strategic Communications
Sloan Bohlen, 817-928-1646
investors@elevate.com

or

Media Inquiries:
Solebury Strategic Communications
Laurie Steinberg, 845-558-6370
lsteinberg@soleburystrat.com

For Park Cities Asset Management:

Media Inquiries:
Clay Huffstutter, 469-262-2103
chuffstutter@parkcitiesmgmt.com

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