Category: Business

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of the members of Farmers Insurance Group (Farmers). Concurrently, AM Best has placed under review with developing implications the Long-Term Issue Credit Ratings (Long-Term IR) of “bbb+” on the outstanding surplus notes of Farmers Insurance Exchange (Exchange) (Woodland Hills, CA) and Farmers Exchange Capital. All companies are domiciled in Los Angeles, CA, unless otherwise specified. (Please see link below for a detailed listing of the companies and ratings.)

These Credit Rating (rating) actions follow the announcement that Farmers has entered into a definitive agreement to acquire MetLife Auto & Home Group in a $3.94 billion deal, 60% to be funded by Farmers Group, Inc. and the remaining $1.51 billion by Exchange. The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions, including regulatory approvals.

The under review with developing implications status reflects the need for AM Best to fully assess the financial and operational impacts of the acquisition, including potential benefits that Farmers may receive from the acquisition. AM Best will continue to hold discussions with Farmers’ management and monitor its balance sheet strength, operating performance, business profile and enterprise risk management. The ratings will remain under review until the close of the transaction and a review by AM Best of the post-transaction details.

A complete listing of Farmers’s FSRs, Long-Term ICRs and Long-Term IRs also is available.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Edin Imsirovic

Associate Director
+1 908 439 2200, ext. 5740
edin.imsirovic@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Robert Raber
Director
+1 908 439 2200, ext. 5696
robert.raber@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644

james.peavy@ambest.com

Achieving a top ten ranking in the RiskTech100, NICE Actimize also received a category honor for its communications monitoring solution capabilities

HOBOKEN, N.J.–(BUSINESS WIRE)–NICE Actimize, a NICE (NASDAQ: NICE) business, has been recognized by Chartis Research as the category winner for Communications Monitoring in its recently released 2021 RiskTech100^® rankings. In addition to the Communications Monitoring category leadership accolade, NICE Actimize also maintained its position in the “Top Ten” of Chartis’ comprehensive list of top 100 global vendors in risk and compliance technology, achieving its sixth consecutive year in the top ten rankings. Chartis Research, part of Infopro Digital, is a leading provider of research and analysis on the global market for risk technology.

Reflecting overall value delivered to the financial services market, NICE Actimize achieved among the highest average scores across a range of parameters. The Chartis RiskTech100^® ranking assessment criteria comprise six equally-weighted categories: functionality, core technology, strategy, customer satisfaction, market presence and innovation. The RiskTech100^® only includes companies that sell their own risk management software products and solutions.

Observed Mark Feeley, Global Brand Director, Chartis Research, “Coronavirus has had a profound effect on societies, economies and markets, with impacts that may be longer-lasting than anyone has predicted. Notably, however, in a RiskTech context, COVID-19, rather than introducing new dynamics to RiskTech markets, has accelerated and amplified those that were already there. The pandemic has highlighted serious issues that had been lurking beneath the surface for some time. Addressing these issues and more, we congratulate NICE Actimize on this year’s success and as a continuing leader in the RiskTech100®.”

Chris Wooten, EVP, NICE, said, “As the market continues to turn to NICE Actimize for innovation and support, this year was unprecedented as we provided our customers with targeted solutions to meet the unique needs of this difficult environment. The work at home environment, in particular, required specialized attention in communication monitoring and we were the first to achieve certification in Microsoft Teams for unified communications recording. Our appreciation to Chartis for honoring our market leadership in financial crime and our communications monitoring capabilities.”

About Chartis

Chartis Research is the leading provider of research and analysis on the global market for risk technology. It is part of Infopro Digital, which owns market-leading brands such as Risk and WatersTechnology. The goal of Chartis Research is to support enterprises as they drive business performance through improved risk management, corporate governance and compliance, and to help clients make informed technology and business decisions by providing in-depth analysis and actionable advice on virtually all aspects of risk technology.

RiskTech Quadrant^®, RiskTech100^® and FinTech Quadrant^TM are registered trademarks of Infopro Digital Services Limited (http://www.chartis-research.com).

About NICE Actimize

NICE Actimize is the largest and broadest provider of financial crime, risk and compliance solutions for regional and global financial institutions, as well as government regulators. Consistently ranked as number one in the space, NICE Actimize experts apply innovative technology to protect institutions and safeguard consumers and investors assets by identifying financial crime, preventing fraud and providing regulatory compliance. The company provides real-time, cross-channel fraud prevention, anti-money laundering detection, and trading surveillance solutions that address such concerns as payment fraud, cybercrime, sanctions monitoring, market abuse, customer due diligence and insider trading. Find us at www.niceactimize.com, @NICE_Actimize or Nasdaq: NICE.

About NICE

NICE (Nasdaq: NICE) is the world’s leading provider of both cloud and on-premises enterprise software solutions that empower organizations to make smarter decisions based on advanced analytics of structured and unstructured data. NICE helps organizations of all sizes deliver better customer service, ensure compliance, combat fraud and safeguard citizens. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, are using NICE solutions. www.nice.com.

Trademark Note: NICE and the NICE logo are trademarks or registered trademarks of NICE Ltd. All other marks are trademarks of their respective owners. For a full list of NICE’s marks, please see: www.nice.com/nice-trademarks.

Forward-Looking Statements

This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including the statements by Mr. Wooten, are based on the current beliefs, expectations and assumptions of the management of NICE Ltd. (the “Company”). In some cases, such forward-looking statements can be identified by terms such as “believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,” “project,” “anticipate,” “plan,” “estimate,” or similar words. Forward-looking statements are subject to a number of risks and uncertainties that could cause the actual results or performance of the Company to differ materially from those described herein, including but not limited to the impact of changes in economic and business conditions, including as a result of the COVID-19 pandemic; competition; successful execution of the Company’s growth strategy; success and growth of the Company’s cloud Software-as-a-Service business; changes in technology and market requirements; decline in demand for the Company’s products; inability to timely develop and introduce new technologies, products and applications; difficulties or delays in absorbing and integrating acquired operations, products, technologies and personnel; loss of market share; an inability to maintain certain marketing and distribution arrangements; the Company’s dependency on third-party cloud computing platform providers, hosting facilities and service partners;, cyber security attacks or other security breaches against the Company; the effect of newly enacted or modified laws, regulation or standards on the Company and our products and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the “SEC”). For a more detailed description of the risk factors and uncertainties affecting the company, refer to the Company’s reports filed from time to time with the SEC, including the Company’s Annual Report on Form 20-F. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to update or revise them, except as required by law.

Contacts

Corporate Media Contact:

Cindy Morgan-Olson, +1 551 256 5000, ET, NICE Actimize, cindy.morgan-olson@niceactimize.com

Investors:

Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Yisca Erez, +972 9 775 3798, CET, ir@nice.com

• Net Sales increased 7%; Organic Net Sales increased 8% reflecting continued elevated demand for Campbell’s brands.
• Earnings Before Interest and Taxes (EBIT) increased 45% to $461 million. Adjusted EBIT increased 18% to $463 million.
• Earnings Per Share (EPS) from Continuing Operations of $1.02 increased 82%. Adjusted EPS of $1.02 increased 31%.
• Increases quarterly dividend by 6% to $0.37 per share.
• Provides guidance for the second quarter of fiscal 2021.

CAMDEN, N.J.–(BUSINESS WIRE)–Campbell Soup Company (NYSE:CPB) today reported results for its first-quarter fiscal 2021 and announced a 6% increase to its quarterly dividend.

Continuing Operations	Three Months Ended
($ in millions, except per share)	Nov. 1, 2020			Oct. 27, 2019			% Change
Net Sales
As Reported (GAAP)	$	2,340		$	2,183		7	%
Organic							8	%
Earnings Before Interest and Taxes (EBIT)
As Reported (GAAP)	$	461		$	317		45	%
Adjusted	$	463		$	392		18	%
Diluted Earnings Per Share
As Reported (GAAP)	$	1.02		$	0.56		82	%
Adjusted	$	1.02		$	0.78		31	%

Note: A detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information is included at the end of this news release.

CEO Comments

Mark Clouse, Campbell’s President and CEO, stated, “Fiscal 2021 is off to a strong start with first-quarter sales growth across both divisions and double-digit gains in EBIT and EPS. Our Meals & Beverages division continued to drive impressive sales and margin growth as we positioned our brands to align with macro consumer trends, and retailers rebuilt inventory for the holidays and the heart of soup season. Snacks continued to deliver strong results while increasing capacity in key power brands. We continue to build a high-performing Snacks business with differentiated brands and improving margins.”

Clouse continued: “The Board approved a 6% increase in our quarterly dividend, reflecting the company’s strong earnings performance, cash flows and increasing confidence in our long-term growth prospects, as well as our continued commitment to shareholder returns.”

Items Impacting Comparability for Continuing Operations

The table below presents a summary of items impacting comparability in each period. A detailed reconciliation of the reported (GAAP) financial information to the adjusted information is included at the end of this news release.

		Diluted Earnings Per Share
		Three Months Ended
		Nov. 1, 2020				Oct. 27, 2019
As Reported (GAAP)		$	1.02			$	0.56
Restructuring charges, implementation costs and other related costs associated with cost savings initiatives		$	0.02			$	0.03
Net pension settlement gains		$	(0.01	)		$	—
Charges associated with divestiture		$	—			$	0.20
Adjusted*		$	1.02			$	0.78
*Numbers may not add due to rounding.

First-Quarter Results from Continuing Operations

Net sales increased 7% to $2.34 billion driven by gains in both Meals & Beverages and Snacks. Organic net sales grew 8% driven by a 6% increase in volume and mix and a 2% increase from lower levels of promotional spending. The volume increase reflected heightened demand as at-home food consumption remained elevated as a result of the COVID-19 pandemic as well as improved retailer soup inventories. Organic net sales exclude the impact from the sale of the European chips business in fiscal 2020.

Gross margin increased from 33.8% to 34.7%. Excluding items impacting comparability in the current year, adjusted gross margin increased 100 basis points to 34.8% driven primarily by moderated promotional spending and favorable mix, offset partly by slightly higher net supply chain costs as productivity improvements and improved operating leverage were more than offset by cost inflation, other operational costs and COVID-19 related costs.

Marketing and selling expenses increased 1% to $208 million, driven primarily by increased investments in advertising and consumer promotion, partly offset by the benefits of cost savings initiatives, lower marketing overhead and lower selling expenses. Administrative expenses increased 5% to $141 million. Excluding items impacting comparability, adjusted administrative expenses increased by $11 million, or 9%, driven primarily by higher benefit costs, general administrative costs and inflation, partially offset by the benefits of cost savings initiatives.

Other income was $18 million compared to other expenses of $56 million in the prior year. Excluding items impacting comparability, adjusted other income was $14 million compared to $8 million in the prior year.

As reported EBIT increased 45% to $461 million. Excluding items impacting comparability, adjusted EBIT increased 18% to $463 million primarily due to higher sales volumes, improved gross margin performance and lower selling expenses, offset partly by increased marketing investment and higher adjusted administrative expenses.

Net interest expense was $55 million compared to $80 million in the prior year reflecting lower levels of debt. Taxes increased to $97 million compared to $68 million in the prior year. Excluding items impacting comparability, the adjusted tax rate decreased 20 basis points to 23.8% from 24.0%.

As reported and adjusted EPS from continuing operations were $1.02 per share. Excluding items impacting comparability, adjusted EPS from continuing operations increased 31% reflecting an increase in adjusted EBIT and lower net interest expense.

Cash flows from operations of $180 million were comparable to the prior year. Capital expenditures were $74 million compared to $98 million in the prior year. The decline was due to capital expenditures associated with discontinued operations in the prior year. Capital expenditures for continuing operations were comparable to the prior year. In the first quarter of fiscal 2021, the company paid $108 million of cash dividends, or the equivalent of $0.35 per share, reflecting our commitment to shareholder returns.

Cost Savings Program from Continuing Operations

In the first quarter of fiscal 2021, Campbell achieved $15 million in savings under its multi-year cost savings program, inclusive of Snyder’s-Lance synergies, bringing total program-to-date savings to $740 million. Campbell remains on track to deliver annualized savings of $850 million by the end of fiscal 2022.

Quarterly Dividend Increase

The company’s Board of Directors has approved an increase in its quarterly dividend from $0.35 per share to $0.37 per share, an increase of 6%, or $1.48 on an annualized basis. The quarterly dividend is payable Feb. 1, 2021, to shareholders of record at the close of business Jan. 9, 2021.

Campbell Provides Second-Quarter Fiscal 2021 Guidance

The impact of the continuing pandemic on the company’s fiscal 2021 results is uncertain and makes it difficult to provide a full-year outlook at this time. Based on our expectation of a continued elevated demand landscape and increased investment in our brands, the company is providing second-quarter fiscal 2021 guidance as set forth in the table below:

Continuing Operations		Q2 2020 Results			Q2 2021 Guidance
($ in millions, except per share)
Net Sales		$2,162			+5% to +7%
Adjusted EBIT		$364*			+5% to +7%
Adjusted EPS		$0.72*			+12% to +15%
					$0.81 to $0.83

* Adjusted – refer to the detailed reconciliation of the reported (GAAP) financial information to the adjusted financial information at the end of this news release.

Note: A non-GAAP reconciliation is not provided for 2021 guidance as certain amounts are not estimable, such as pension and postretirement mark-to-market adjustments, and these items are not considered to reflect the company’s ongoing business results.

Segment Operating Review

An analysis of net sales and operating earnings by reportable segment follows:

		Three Months Ended Nov. 1, 2020
		($ in millions)
		Meals & Beverages*		Snacks*		Total
Net Sales, as Reported		$1,342		$998		$2,340
Volume and Mix		11%		1%		6%
Price and Sales Allowances		—%		—%		—%
Promotional Spending		2%		2%		2%
Organic Net Sales		12%		4%		8%
Divestiture		—%		(3)%		(1)%
% Change vs. Prior Year		12%		1%		7%
Segment Operating Earnings		$333		$139
% Change vs. Prior Year		18%		11%

*Numbers may not add due to rounding.

Note: A detailed reconciliation of the reported (GAAP) net sales to organic net sales is included at the end of this news release.

Meals & Beverages

Net sales, both reported and organic, in the quarter increased 12% reflecting increases across U.S retail products, including gains in U.S. soup, inclusive of Pacific Foods soups and broths, Prego pasta sauces, V8 beverages, Campbell’s pasta and Pace Mexican sauces, as well as gains in Canada, partially offset by declines in foodservice. Volume was favorable in U.S. retail and Canada, driven by increased demand of food purchases for at-home consumption, offset partly by the negative impact on foodservice as a result of shifts in consumer behavior and continued COVID-19 related restrictions. Sales of U.S. soup increased 21% due to retailers rebuilding inventory for the upcoming soup season, in-market gains in condensed soups and broth and moderated promotional activity.

Segment operating earnings increased 18%. The increase was primarily due to sales volume gains and improved gross margin performance, offset partly by increased marketing investment. Gross margin performance was impacted by the lower levels of promotional spending and favorable mix, as productivity improvements and improved operating leverage were offset by other operational costs, cost inflation and COVID-19 related costs.

Snacks

Net sales in the quarter increased 1%. Excluding the impact from the sale of the European chips business, organic sales increased 4% fueled by our power brands. Contributors to growth were lower levels of promotional spending as well as healthy velocity on the majority of the base business including volume gains in fresh bakery products, Late July snacks, Pop Secret popcorn, Pepperidge Farm cookies, Snack Factory Pretzel Crisps as well as Kettle Brand potato chips, partly offset by declines in Lance sandwich crackers. Sales of Goldfish crackers were relatively flat in the quarter, as increased demand for family size products was offset by reduced away-from-home consumption.

Segment operating earnings increased 11% driven by lower selling expenses, lower marketing overhead and sales volume gains partly offset by higher administrative expenses. Gross margin performance was consistent with prior year as lower levels of promotional spending were offset by higher net supply chain costs as productivity improvements, cost savings initiatives and improved operating leverage were more than offset by cost inflation and COVID-19 related costs.

Corporate

Corporate expenses were $10 million in the first quarter of fiscal 2021 compared to $87 million in the prior year. Corporate expenses in the first quarter of fiscal 2021 included costs related to cost savings initiatives of $5 million and pension settlement gains of $4 million. Corporate expenses in the first quarter of fiscal 2020 included charges related to the sale of the European chips business of $64 million and costs of $8 million related to cost savings initiatives. Excluding these amounts, the remaining decrease in expenses primarily reflects losses on investments in the prior year.

Conference Call and Webcast

Campbell will host a conference call to discuss these results today at 8:30 a.m. Eastern Time. To join, dial +1 (703) 639-1316. The access code is 4837006. Access to a live webcast of the call with accompanying slides, as well as a replay of the call will be available at investor.campbellsoupcompany.com/events-and-presentations. A recording of the call will also be available until midnight on December 23, 2020, at +1 (404) 537-3406. The access code for the replay is 4837006.

Reportable Segments

Campbell Soup Company earnings results are reported as follows:

Meals & Beverages includes the retail and foodservice businesses in the U.S. and Canada. The segment includes the following products: Campbell’s condensed and ready-to-serve soups; Swanson broth and stocks; Pacific Foods broth, soups and non-dairy beverages; Prego pasta sauces; Pace Mexican sauces; Campbell’s gravies, pasta, beans and dinner sauces; Swanson canned poultry; Plum baby food and snacks; V8 juices and beverages; and Campbell’s tomato juice.

Snacks includes Pepperidge Farm cookies, crackers, fresh bakery and frozen products in U.S. retail, including Milano cookies and Goldfish crackers, as well as Snyder’s of Hanover pretzels, Lance sandwich crackers, Cape Cod and Kettle Brand potato chips, Late July snacks, Snack Factory Pretzel Crisps, Pop Secret popcorn, Emerald nuts, and other snacking products in the U.S. and Canada. The segment also includes the retail business in Latin America.

About Campbell Soup Company

Campbell (NYSE:CPB) is driven and inspired by our purpose, “Real food that matters for life’s moments.” For generations, people have trusted Campbell to provide authentic, flavorful and affordable snacks, soups and simple meals, and beverages. Founded in 1869, Campbell has a heritage of giving back and acting as a good steward of the planet’s natural resources. The company is a member of the Standard and Poor’s 500 and the FTSE4Good Index. For more information, visit www.campbellsoupcompany.com or follow company news on Twitter via @CampbellSoupCo.

Forward-Looking Statements

This release contains “forward-looking statements” that reflect the company’s current expectations about the impact of its future plans and performance on the company’s business or financial results. These forward-looking statements, including any statements made regarding sales, EBIT and EPS guidance, rely on a number of assumptions and estimates that could be inaccurate and which are subject to risks and uncertainties. The factors that could cause the company’s actual results to vary materially from those anticipated or expressed in any forward-looking statement include: (1) impacts of, and associated responses to, the COVID-19 pandemic; (2) the company’s ability to execute on and realize the expected benefits from its strategy, including growing sales in snacks and maintaining its market share position in soup; (3) the impact of strong competitive responses to the company’s efforts to leverage its brand power with product innovation, promotional programs and new advertising; (4) the risks associated with trade and consumer acceptance of product improvements, shelving initiatives, new products and pricing and promotional strategies; (5) the ability to realize projected cost savings and benefits from cost savings initiatives and the integration of recent acquisitions; (6) disruptions to the company’s supply chain and/or operations, as well as fluctuations in the supply of and inflation in energy and raw and packaging materials cost; (7) the company’s ability to manage changes to its organizational structure and/or business processes, including selling, distribution, manufacturing and information management systems or processes; (8) changes in consumer demand for the company’s products and favorable perception of the company’s brands; (9) changing inventory management practices by certain of the company’s key customers; (10) a changing customer landscape, with value and e-commerce retailers expanding their market presence, while certain of the company’s key customers maintain significance to the company’s business; (11) product quality and safety issues, including recalls and product liabilities; (12) the possible disruption to the independent contractor distribution models used by certain of the company’s businesses, including as a result of litigation or regulatory actions affecting their independent contractor classification; (13) the uncertainties of litigation and regulatory actions against the company; (14) the costs, disruption and diversion of management’s attention associated with activist investors; (15) a material failure in or breach of the company’s information technology systems; (16) impairment to goodwill or other intangible assets; (17) the company’s ability to protect its intellectual property rights; (18) increased liabilities and costs related to the company’s defined benefit pension plans; (19) the company’s ability to attract and retain key talent; (20) negative changes and volatility in financial and credit markets, deteriorating economic conditions and other external factors, including changes in laws and regulations; (21) unforeseen business disruptions in one or more of the company’s markets due to political instability, civil disobedience, terrorism, armed hostilities, extreme weather conditions, natural disasters, other pandemics or other calamities; and (22) other factors described in the company’s most recent Form 10-K and subsequent Securities and Exchange Commission filings. The company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)
		Three Months Ended
		November 1, 2020				October 27, 2019
Net sales		$	2,340			$	2,183
Costs and expenses
Cost of products sold		1,527				1,445
Marketing and selling expenses		208				206
Administrative expenses		141				134
Research and development expenses		20				22
Other expenses / (income)		(18		)		56
Restructuring charges		1				3
Total costs and expenses		1,879				1,866
Earnings before interest and taxes		461				317
Interest, net		55				80
Earnings before taxes		406				237
Taxes on earnings		97				68
Earnings from continuing operations		309				169
Loss from discontinued operations		—				(3		)
Net earnings		309				166
Net loss attributable to noncontrolling interests		—				—
Net earnings attributable to Campbell Soup Company		$	309			$	166
Per share – basic
Earnings from continuing operations attributable to Campbell Soup Company		$	1.02			$	.56
Loss from discontinued operations		—				(.01		)
Net earnings attributable to Campbell Soup Company		$	1.02			$	.55
Weighted average shares outstanding – basic		302				301
Per share – assuming dilution
Earnings from continuing operations attributable to Campbell Soup Company		$	1.02			$	.56
Loss from discontinued operations		—				(.01		)
Net earnings attributable to Campbell Soup Company		$	1.02			$	.55
Weighted average shares outstanding – assuming dilution		304				303

CAMPBELL SOUP COMPANY
CONSOLIDATED SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)
		Three Months Ended
		November 1, 2020				October 27, 2019				Percent Change
Sales
Contributions:
Meals & Beverages		$	1,342			$	1,194			12	%
Snacks		998				989				1	%
Total sales		$	2,340			$	2,183			7	%
Earnings
Contributions:
Meals & Beverages		$	333			$	282			18	%
Snacks		139				125				11	%
Total operating earnings		472				407				16	%
Corporate		(10		)		(87		)
Restructuring charges		(1		)		(3		)
Earnings before interest and taxes		461				317				45	%
Interest, net		55				80
Taxes on earnings		97				68
Earnings from continuing operations		309				169
Loss from discontinued operations		—				(3		)
Net earnings		309				166				86	%
Net loss attributable to noncontrolling interests		—				—
Net earnings attributable to Campbell Soup Company		$	309			$	166			86	%
Per share – assuming dilution
Earnings from continuing operations attributable to Campbell Soup Company		$	1.02			$	.56			82	%
Loss from discontinued operations		—				(.01		)
Net earnings attributable to Campbell Soup Company		$	1.02			$	.55			85	%

CAMPBELL SOUP COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(millions)
		November 1, 2020				October 27, 2019
Current assets		$	2,463			$	1,738
Current assets of discontinued operations		—				315
Plant assets, net		2,352				2,352
Intangible assets, net		7,327				7,371
Other assets		275				390
Noncurrent assets of discontinued operations		—				944
Total assets		$	12,417			$	13,110
Current liabilities		$	2,906			$	3,252
Current liabilities of discontinued operations		—				183
Long-term debt		4,996				6,706
Other liabilities		1,742				1,679
Noncurrent liabilities of discontinued operations		—				41
Total equity		2,773				1,249
Total liabilities and equity		$	12,417			$	13,110
Total debt*		$	6,080			$	8,344
Total cash and cash equivalents*		$	722			$	176

*Includes discontinued operations as of October 27, 2019.

CAMPBELL SOUP COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
(millions)
		Three Months Ended
		November 1, 2020				October 27, 2019
Cash flows from operating activities:
Net earnings		$	309			$	166
Adjustments to reconcile net earnings to operating cash flow
Restructuring charges		1				3
Stock-based compensation		16				14
Pension and postretirement benefit income		(20		)		(18		)
Depreciation and amortization		76				81
Deferred income taxes		25				(9		)
Loss on sales of businesses		—				104
Other		21				28
Changes in working capital, net of divestitures
Accounts receivable		(189		)		(174		)
Inventories		(38		)		(37		)
Prepaid assets		8				6
Accounts payable and accrued liabilities		(28		)		32
Other		(1		)		(14		)
Net cash provided by operating activities		180				182
Cash flows from investing activities:
Purchases of plant assets		(74		)		(98		)
Purchases of route businesses		(1		)		(3		)
Sales of route businesses		3				2
Sales of businesses, net of cash divested		—				368
Net cash provided by (used in) investing activities		(72		)		269
Cash flows from financing activities:
Short-term borrowings, including commercial paper		—				2,508
Short-term repayments, including commercial paper		(123		)		(2,447		)
Long-term repayments		—				(399		)
Dividends paid		(108		)		(107		)
Treasury stock issuances		—				1
Payments related to tax withholding for stock-based compensation		(13		)		(9		)
Other		(1		)		—
Net cash used in financing activities		(245		)		(453		)
Effect of exchange rate changes on cash		—				(1		)
Net change in cash and cash equivalents		(137		)		(3		)
Cash and cash equivalents — beginning of period		859				31
Cash balance of discontinued operations — beginning of period		—				148
Cash balance of discontinued operations — end of period		—				(115		)
Cash and cash equivalents — end of period		$	722			$	61

Reconciliation of GAAP to Non-GAAP Financial Measures

First Quarter Ended November 1, 2020

Campbell Soup Company uses certain non-GAAP financial measures as defined by the Securities and Exchange Commission in certain communications. These non-GAAP financial measures are measures of performance not defined by accounting principles generally accepted in the United States and should be considered in addition to, not in lieu of, GAAP reported measures. Management believes that also presenting certain non-GAAP financial measures provides additional information to facilitate comparison of the company’s historical operating results and trends in its underlying operating results, and provides transparency on how the company evaluates its business. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and in evaluating the company’s performance.

Organic Net Sales

Organic net sales are net sales excluding the impact of currency, acquisitions, and divestitures. Management believes that excluding these items, which are not part of the ongoing business, improves the comparability of year-to-year results. A reconciliation of net sales as reported to organic net sales follows.

Three Months Ended
		November 1, 2020												October 27, 2019												% Change
(millions)		Net Sales, as Reported				Impact of Currency				Organic Net Sales				Net Sales, as Reported				Impact of Divestiture				Organic Net Sales				Net Sales, as Reported			Organic Net Sales
Meals & Beverages		$	1,342			$	—			$	1,342			$	1,194			$	—			$	1,194			12	%		12	%
Snacks		998				—				998				989				(25		)		964				1	%		4	%
Total Net Sales		$	2,340			$	—			$	2,340			$	2,183			$	(25	)		$	2,158			7	%		8	%

Contacts

INVESTOR CONTACT:
Rebecca Gardy

(856) 342-6081

rebecca_gardy@campbells.com

MEDIA CONTACT:
Thomas Hushen

(856) 342-5227

thomas_hushen@campbells.com

Read full story here

Crestron adds Teams software to its new 70 Series hardware to create a workplace solution that gives on-site employees comprehensive, real-time control over their office environment.

ROCKLEIGH, N.J.–(BUSINESS WIRE)–Crestron, the global leader in workplace technology, today announces the new Crestron 70 Series Scheduling Panels integrated with Microsoft Teams^®. The Crestron collaboration with Microsoft will drive the scheduling device category for enterprise applications to the next level, as both companies have made commitments to supporting and reimagining the workplace of the future, including managing meeting spaces more efficiently.

Building upon the recently launched Crestron’s 70 Series products, the new scheduling panels bring Teams meeting scheduling functionality to panel displays. The Crestron Scheduling Panels provide in-office employees with the ability to manage and monitor room availability and capacity using enterprise tools and software that they’re already familiar with, such as Microsoft Exchange and the Teams Admin Center.

Room Scheduling Emerges as Key Tool to Connecting Co-workers In-Office

As companies strive to bring simplicity and confidence to on-site employees, room scheduling has emerged as a key tool in the modern workplace. Crestron’s new 70 Series Scheduling Panels for Teams panels will provide a native Teams experience for in-office employees with a comprehensive overview of each room’s status in real-time, including occupancy, availability, cleanliness, and more via the Teams panel functionality coupled with Crestron hardware for any bookable spaces. The ability to gather, share, and act on room scheduling data in real time helps keep employees and management efficient and compliant with reconfigured safety protocols.

Employees use Teams panels to view meeting room details, reserve a space, view upcoming reservations, and easily identify the current availability of a room. Designed to be mounted outside the meeting room, the Crestron Scheduling Panel displays data from inside the room to the people approaching the room, avoiding issues before they arise. Network-based occupancy sensors provide data to notify employees when a room is at capacity or automatically release the space if no one shows up. Employees can even locate an available room close by with the “Nearby Rooms” feature in the event their desired room is occupied.

“In the reconfigured workplace, the journey to the room is just as important as the room itself, particularly as we face challenges in re-opening physical spaces post-pandemic,” said Andrew Gross, Sr. Director, UC Enterprise, Crestron. “Our collaboration with Microsoft represents a step forward in the room scheduling device category, an important component of supporting and building the workplace of the future. The Crestron 70 Series Scheduling Panels offer more than just the ability to book meetings – organizations can now better understand room utilization and improve how they manage their spaces which keeps organizations and their employees safe and informed.”

“The new Crestron 70 Series Scheduling Panels unlock the full Microsoft Teams Room experience and will let customers optimize and track the use of meeting spaces. Together with Crestron, we aim to provide a way to monitor and manage space usage, enforce company policies, and plan for future technology investments, all based on Microsoft Teams and Microsoft 365,” said Albert Kooiman, Director of Microsoft Teams Devices Partner Engineering and Certification.

Crestron 70 Series Room Scheduling Panels are enterprise-grade devices engineered to meet the demands of a corporate office, conference center, or higher education environment.

Flexibility to Suit Evolving Company Needs

With Crestron Room Scheduling, customers can future-proof their investment by purchasing a single hardware solution from Crestron. Customers can then upgrade for future solutions and capabilities, such as Teams integration, without having to replace or purchase new hardware. Support staff have the ability to configure the panels with new partners via firmware updates and confirm room status without needing to be on-site. Organizations are also able to configure, deploy, and manage their Crestron Scheduling Panels remotely through the Teams Admin Center augmented by the onboard Crestron XiO Cloud^® platform.

Offering enterprise-grade networking and robust security features, the Crestron 70 Series Scheduling Panels feature proximity sensors that wake upon approach to reveal the intuitive user interface, as well as dual USB 2.0 ports, and add-on capabilities such as an optional RFID indicator that controls badge access to rooms to support contact tracing.

Available in black and white finishes, the new panels feature a modern design and thin bezel with 7” and 10” sizes. Crestron offers a variety of options for mounting the panels to drywall, masonry, glass, mullions, and other surfaces.

In addition to direct integration with Teams, the 70 Series products integrate seamlessly with more than 15 scheduling partners to optimize the use of meeting spaces, as well as customize experiences through integration of first and third-party apps.

Availability

Crestron 70 Series Scheduling Panels are available for order today with a Microsoft Teams firmware upgrade available in Q1 2021. Crestron customers can install the hardware now and connect to Microsoft Exchange, with the ability to switch to the Teams panel experience once generally available. For more information and pricing options, please visit: www.crestron.com/roomscheduling

About Crestron

At Crestron we build technology for every way people work, everywhere in the world – from desktop to boardrooms, offices to multi-nationals. Technology that adapts to what you have and prepares you for what you’ll need. Platforms, devices, and systems designed to improve communication and collaboration. All managed by a cloud-based system for easy deployment, monitoring and upgrading. At Crestron we create faster, better, simpler solutions so people can work faster, better, and more productively.

Our products are backed by more than 90 fully-staffed offices that provide 24 x 7 x 365 sales, technical, and training support across the globe. In addition to our World Headquarters in Rockleigh, New Jersey, Crestron has sales and support offices throughout the U.S., Canada, Europe, Asia, Latin America, and Australia. Discover Crestron by visiting www.crestron.com.

All brand names, product names, and trademarks are the property of their respective owners. Certain trademarks, registered trademarks, and trade names may be used in this document to refer to either the entities claiming the marks and names or their products. Crestron disclaims any proprietary interest in the marks and names of others. Crestron is not responsible for errors in typography or photography. ©2020 Crestron Electronics, Inc.

Contacts

Caster Communications

O: 401-792-7080

crestron@castercomm.com

OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of the core Blue Cross Blue Shield-branded insurance subsidiaries of Anthem, Inc. (Anthem) (Indianapolis, IN) [NYSE:ANTM]. Concurrently, AM Best has affirmed the Long-Term ICR of “bbb+”, the Long- and Short-Term Issue Credit Ratings (Long-Term IR; Short-Term IR) of Anthem and the Long-Term IR on the existing surplus notes of Anthem Insurance Companies, Inc. (Indianapolis, IN).

Furthermore, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICRs of “a-” of the UNICARE Life & Health Group (UNICARE) and AMERIGROUP Health Companies (AMERIGROUP).

The outlook of these Credit Ratings (ratings) is stable. See below for detailed listing of the companies and Long-Term IRs.

The Blue Cross Blue Shield-branded entities, also referred to as Anthem Health Group (Anthem Health), are part of the core subsidiaries of Anthem. The ratings of Anthem Health reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Anthem Health’s risk-adjusted capitalization is viewed as strongest, as measured by Best’s Capital Adequacy Ratio (BCAR). The Anthem Health entities comprise the main source of earnings and dividends for the parent organization, Anthem, with dividends from subsidiaries exceeding $3 billion in each of the past two years, and projected to be in line with these levels in 2020. The Anthem Health entities generally have been able to grow capital despite these dividend payments. Anthem Health’s reported underwriting results and net income in aggregate have been favorable with some fluctuations at the product and entity level. The Anthem Health entities have reported underwriting income of approximately $4 billion per year and net income of approximately $3 billion to $4 billion annually, with return on revenue in the 5-6% range and return on equity of approximately 30% in the past few years. The group has good product and geographic diversity, as Anthem operates Blue Cross Blue Shield plans in 14 states with excellent brand recognition and leading market share in the majority of its states. While there is geographic limitation to its business, based on the Blue Cross/Blue Shield licenses, the companies have a solid presence across its various product offerings, including small-mid-large and national accounts and the fully insured and self-insured segments, as well as through BlueCard.

Anthem Health’s ERM is managed by Anthem­ in conjunction with local oversight and involvement. Anthem has a well-established, developed ERM program that has a formalized governance structure and is considered appropriate for its risk profile. Risk identification and reporting are completed on a regular basis throughout the year and incorporated into the organization’s strategic planning process.

Anthem has strong and well-diversified revenue and earnings through its Blue Cross Blue Shield-branded entities in 14 states, as well as its non-Blue-branded entities under AMERIGROUP and UNICAREs, and has developed its integrated medical and pharmacy benefit management organization, Ingenio RX, which provides additional nonregulated income. Financial leverage at Anthem declined to approximately 38.5% as of the end of third-quarter 2020 and AM Best expects financial leverage to moderate slightly through a combination of eliminating existing debt and increases in shareholders’ equity. Earnings before interest and taxes interest coverage was adequate at 8.9 times for 2019, improving in each of the past two years. The holding company maintains ample liquidity with access to a $2.5 billion revolving-credit facility, a $1 billion, 364-day senior revolving credit facility, a $3.5 billion commercial paper program and access to the Federal Home Loan Bank through several of its insurance subsidiaries. However, AM Best considers Anthem’s goodwill plus intangibles to equity as high, at over 92%, through September 2020. Furthermore, AM Best acknowledges that a portion of the intangibles is the Blue Cross Blue Shield trademarks, which are required to operate as a Blue Cross Blue Shield-branded entity.

The ratings of Anthem Life Insurance Group (Anthem Life) reflect its balance sheet strength, which AM Best categorizes as strongest, as well as its strong operating performance, neutral business profile and appropriate ERM. Anthem Life has ample capital with all members adequately capitalized, and AM Best has assessed its risk-adjusted capital at the strongest BCAR level. While Anthem has taken dividends, none were taken in 2019, and capital expansion overall has not been hindered significantly. Anthem Life has produced favorable operating results, with some fluctuations, but the organization has typically reported double-digit returns on equity in the midteen range. The business written by this group is not a main focus for the overall organization and its product offerings complement those offered by Anthem Health, specifically in the employer group market.

The ratings of AMERIGROUP reflect its balance sheet strength, which AM Best categorizes as weak, as well as its strong operating performance, favorable business profile, appropriate ERM and its strategic importance to Anthem. On a consolidated basis, capitalization for the AMERIGROUP operating entities has increased to nearly $2 billion. Risk-adjusted capital, as measured by BCAR, improved in 2019, but remained weak. Capital measures improved incrementally in 2019, mainly due to retained earnings exceeding large dividends to the parent; however, these companies still have a weak level of risk-adjusted capital in support of their current business and investment risk. AM Best notes that Anthem is in a good capital position for the size of its operations and its financial flexibility, and has supported AMERIGROUP as needed. Additionally, the group produces very favorable operating results and is a material contributor to revenue, earnings and cash flow for its parent. AMERIGROUP has built excellent brand awareness and has solid enrollment in its core markets, and allows Anthem access to Medicaid markets outside of its core Blue Cross Blue Shield states.

The ratings of UNICARE reflect its balance sheet strength, which AM Best categorizes as adequate, as well as its adequate operating performance, limited business profile, appropriate ERM and support from as well as strategic importance to Anthem. On a consolidated basis, capital for the UNICARE operating entities increased significantly in 2019 due to a sizeable contribution from its parent combined with positive operating results. As a result, the companies’ risk-adjusted capital has improved dramatically in support of their current growing business and investment risk. Investments are conservative and provide sufficient liquidity to the group. UNICARE has produced good operating results in aggregate, although premiums and earnings have fluctuated widely. Earnings increased again through year-end 2019, as did business growth, mainly from assumed business. UNICARE is one of Anthem’s brands in the Medicaid market and has a limited scope of business, writing primarily Medicaid and dual Medicare-Medicaid business. Through UNICARE, Anthem has licenses in all 50 states, Washington DC and Puerto Rico; nevertheless, premiums are generated predominantly from 10 states.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” of the following subsidiaries of Anthem, Inc. have been affirmed with a stable outlook:

• Anthem Blue Cross Life and Health Insurance Company
• Anthem Health Plans of Kentucky, Inc.
• Anthem Health Plans of Maine, Inc.
• Anthem Health Plans of New Hampshire, Inc.
• Anthem Health Plans of Virginia, Inc.
• Anthem Health Plans, Inc.
• Anthem Insurance Companies, Inc.
• Anthem Kentucky Managed Care Plan, Inc.
• Anthem Life & Disability Insurance Company
• Anthem Life Insurance Company
• BlueCare Health Plan
• Blue Cross Blue Shield Healthcare Plan of Georgia, Inc.
• Blue Cross Blue Shield of Wisconsin
• Blue Cross of California
• Community Insurance Company
• Compcare Health Services Insurance Corporation
• Empire HealthChoice Assurance, Inc.
• Empire HealthChoice HMO, Inc.
• Greater Georgia Life Insurance Company
• HealthKeepers, Inc.
• Healthy Alliance Life Insurance Company
• HMO Colorado, Inc.
• HMO Maine
• HMO Missouri, Inc.
• Matthew Thornton Health Plan, Inc.
• Rocky Mountain Hospital and Medical Service, Inc.

The FSR of A- (Excellent) and the Long-Term ICRs of “a-” of the following subsidiaries of Anthem, Inc. have been affirmed with a stable outlook:

• UNICARE Life & Health Insurance Company
• UNICARE Health Plan of West Virginia, Inc.
• AMERIGROUP Community Care of New Mexico, Inc.
• AMERIGROUP Maryland, Inc.
• AMERIGROUP New Jersey, Inc.
• AMERIGROUP Tennessee, Inc.
• AMERIGROUP Texas, Inc.
• AMGP Georgia Managed Care Company, Inc.
• AMERIGROUP Washington, Inc.
• AMERIGROUP Insurance Company
• AMERIGROUP Kansas Inc.
• Community Care Health Plan of Louisiana, Inc.
• Community Care Health Plan of Nevada, Inc.

The following Long-Term IRs have been affirmed with a stable outlook:

Anthem, Inc.—

— “bbb+” on $700 million 3.70% senior unsecured notes, due 2021

— “bbb+” on $850 million 3.125% senior unsecured notes, due 2022

— “bbb+” on $750 million 2.95% senior unsecured notes, due 2022

— “bbb+” on $1 billion 3.3% senior unsecured notes, due 2023

— “bbb+” on $800 million 3.50% senior unsecured notes, due 2024

— “bbb+” on $850 million 3.35% senior unsecured notes, due 2024

— “bbb+” on $1.25 billion 2.375% senior unsecured notes, due 2025

— “bbb+” on $1.6 billion 3.65% senior unsecured notes, due 2027

— “bbb+” on $1.25 million 4.101% senior unsecured notes, due 2028

— “bbb+” on $825 million 2.875% senior unsecured notes, due 2029

— “bbb+” on $1.1 billion 2.25% senior unsecured notes, due 2030

— “bbb+” on $499 million 5.95% senior unsecured notes, due 2034

— “bbb+” on $900 million 5.85% senior unsecured notes, due 2036

— “bbb+” on $800 million 6.375% senior unsecured notes, due 2037

— “bbb+” on $300 million 5.80% senior unsecured notes, due 2040

— “bbb+” on $900 million 4.625% senior unsecured notes, due 2042

— “bbb+” on $1.5 billion 2.75% senior unsecured convertible debentures, due 2042

— “bbb+” on $1.0 billion 4.65% senior unsecured notes, due 2043

— “bbb+” on $800 million 4.65% senior unsecured notes, due 2044

— “bbb+” on $600 million 5.10% senior unsecured notes, due 2044

— “bbb+” on $1.4 billion 4.375% senior unsecured notes, due 2047

— “bbb+” on $850 million 4.55% senior unsecured notes, due 2048

— “bbb+” on $825 million 3.70% senior unsecured notes, due 2049

— “bbb+” on $1.0 billion 3.125% senior unsecured notes, due 2050

— “bbb+” on $250 million 4.85% senior unsecured notes, due 2054

Anthem Insurance Companies, Inc.—

— “a-” on $25.1 million 9.0% surplus notes, due 2027

The following Short-Term IR has been affirmed:

Anthem, Inc.—

— AMB-2 on commercial paper program

The following indicative Long-Term IRs have been assigned with a stable outlook to its new shelf registration. The ratings on the previous shelf registration have been withdrawn:

Anthem, Inc.—

— “bbb+” on senior unsecured debt

— “bbb” on subordinated debt

— “bbb-” on preferred stock

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and AM Best press releases, please view Guide for Media – Proper Use of Best’s Credit Ratings and AM Best Rating Action Press Releases.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2020 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Joseph Zazzera, MBA
Director
+1 908 439 2200, ext. 5797
joseph.zazzera@ambest.com

Christopher Sharkey
Manager, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Sally Rosen
Senior Director
+1 908 439 2200, ext. 5280
sally.rosen@ambest.com

Jim Peavy
Director, Communications
+1 908 439 2200, ext. 5644
james.peavy@ambest.com

Proven Financial Executive to Focus on Building Financial Strategy and Infrastructure to Support the Rapid Expansion of East Coast-Based Cybersecurity Leader

NEW YORK–(BUSINESS WIRE)–#accounting—Semperis, the pioneer of identity-driven cyber resilience for enterprises, today announced the appointment of Rob Porell as its CFO. In this role, Porell will be responsible for building the financial strategy and infrastructure that will support Semperis’ continued expansion to capture market demand for threat mitigation and rapid response to directory attacks.

Porell is an industry veteran who brings more than 35 years of progressive experience in managing accounting, finance, and budgeting operations. Prior to joining Semperis, Porell was the CFO of Waltz, Inc., and played a major role in the sale of the software security startup to WeWork. As a former Partner and CFO at Gefinor Capital, he also has extensive background in overseeing investments in the software industry.

“Semperis is proud to be part of the next generation of cutting-edge cybersecurity companies coming out of the East Coast,” said Mickey Bresman, CEO of Semperis. “Cyberattacks are evolving fast, and Semperis is helping organizations stay ahead of the threats. As Semperis continues to see rapid market adoption, Rob Porell will play a key role in supporting our global expansion, advancing our positions in key markets, and driving even more value to customers and partners. Rob is a stellar business leader who has a proven track record of success scaling growth-stage tech companies, and we’re happy to welcome him to the team.”

Microsoft Active Directory (AD) remains a prime target for cyberattacks as an increasing number of malicious actors seek access to the directory service that is used by 90% of organizations worldwide. With the elevated risk ransomware and other data integrity attacks pose to AD, the need for organizations to elevate their focus on AD security and recovery has never been greater. Semperis empowers organizations with comprehensive protection for directory services on-premises and in the cloud, increasing their cyber preparedness, incident response, and disaster recovery capabilities.

“Semperis provides a unique suite of products to a client base of government agencies and Fortune 2000 companies, all with world-class security programs,” said Porell. “During a year of uncertainty for business everywhere, Semperis quickly adapted its operations to stay lean and agile while continuing to deliver excellence to its customers and drive high levels of growth, which is nothing short of impressive. Looking forward, I’m thrilled to join the amazing team at Semperis to lead the company’s financial strategy along with supporting the infrastructure to foster its success.”

Porell joins recent appointees Sharon Vardi, Chief Operating Officer, and Richard A. Weeks, Vice President of Global Channels and Alliances, during a period of rapid expansion for Semperis. The company was recognized on Deloitte’s Technology Fast 500™ as the fourth fastest-growing company in the Tri-State area and placed number 35 on the overall list. Earlier this year, Semperis also completed a $40 million Series B funding round after achieving six consecutive profitable quarters.

About Semperis

Semperis is the pioneer of identity-driven cyber resilience for cross-cloud and hybrid environments. The company provides cyber preparedness, incident response, and disaster recovery solutions for enterprise directory services—the keys to the kingdom. Semperis’ patented technology for Microsoft Active Directory protects over 40 million identities from cyberattacks, data breaches, and operational errors. Semperis is headquartered in New Jersey and operates internationally, with its research and development team distributed between San Francisco and Tel Aviv.

Semperis hosts the award-winning Hybrid Identity Protection conference (www.hipconf.com). The company has received the highest level of industry accolades; most recently being named “2021 Distinguished Vendor” by Tag Cyber.

Semperis is accredited by Microsoft and recognized by Gartner.

Twitter https://twitter.com/SemperisTech
LinkedIn https://www.linkedin.com/company/semperis
Facebook https://www.facebook.com/SemperisTech
YouTube https://www.youtube.com/channel/UCycrWXhxOTaUQ0sidlyN9SA

Contacts

Media Contact:
Katie Leonowitz

fama PR for Semperis

617-986-5028

semperis@famapr.com

PARSIPPANY, N.J. — (BUSINESS WIRE) — B&G Foods, Inc. (NYSE: BGS) announced today that it intends to refinance existing revolving loans with additional tranche B term loans under its senior secured credit facility. The Company also plans to increase the revolver capacity and extend the maturity date of its revolving credit facility. The consummation of the refinancing is subject to completion of definitive agreements as well as customary closing conditions, and is subject to market conditions. There can be no assurance that the refinancing will occur, or, if it does, as to the terms of the refinancing.

This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About B&G Foods, Inc.

Based in Parsippany, New Jersey, B&G Foods and its subsidiaries manufacture, sell and distribute high-quality, branded shelf-stable and frozen foods across the United States, Canada and Puerto Rico. With B&G Foods’ diverse portfolio of more than 50 brands you know and love, including Back to Nature, B&G, B&M, Cream of Wheat, Crisco, Dash, Green Giant, Las Palmas, Le Sueur, Mama Mary’s, Maple Grove Farms, New York Style, Ortega, Polaner, Spice Islands and Victoria, there’s a little something for everyone. For more information about B&G Foods and its brands, please visit www.bgfoods.com.

Forward-Looking Statements

Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” The forward-looking statements contained in this press release include, without limitation, statements related to the proposed refinancing and the Company’s plans with respect thereto. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of B&G Foods to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe such risks and uncertainties readers are urged to consider statements labeled with the terms “believes,” “belief,” “expects,” “projects,” “intends,” “anticipates,” “assumes,” “could,” “should,” “estimates,” “potential,” “seek,” “predict,” “may,” “will,” or “plans” and similar references to future periods to be uncertain and forward-looking. Factors that may affect actual results include, without limitation: whether and when the Company will be able to realize the expected financial results and accretive effect of the recently completed Crisco acquisition, and how customers, competitors, suppliers and employees will react to the acquisition; the impact of the COVID-19 pandemic on the Company’s business, including, without limitation, the ability of the Company and its supply chain partners to continue to operate manufacturing facilities, distribution centers and other work locations without material disruption; the Company’s substantial leverage; the effects of rising costs for the Company’s raw materials, packaging and ingredients; crude oil prices and their impact on distribution, packaging and energy costs; the Company’s ability to successfully implement sales price increases and cost saving measures to offset any cost increases; intense competition, changes in consumer preferences, demand for the Company’s products and local economic and market conditions; the Company’s continued ability to promote brand equity successfully, to anticipate and respond to new consumer trends, to develop new products and markets, to broaden brand portfolios in order to compete effectively with lower priced products and in markets that are consolidating at the retail and manufacturing levels and to improve productivity; the risks associated with the expansion of the Company’s business; the Company’s possible inability to identify new acquisitions or to integrate recent or future acquisitions or the Company’s failure to realize anticipated revenue enhancements, cost savings or other synergies; tax reform and legislation, including the effects of the U.S. Tax Cuts and Jobs Act and the U.S. CARES Act; the Company’s ability to access the credit markets and the Company’s borrowing costs and credit ratings, which may be influenced by credit markets generally and the credit ratings of the Company’s competitors; unanticipated expenses, including, without limitation, litigation or legal settlement expenses; the effects of currency movements of the Canadian dollar and the Mexican peso as compared to the U.S. dollar; the effects of international trade disputes, tariffs, quotas, and other import or export restrictions on the Company’s international procurement, sales and operations; future impairments of the Company’s goodwill and intangible assets; the Company’s ability to successfully complete the implementation of additional modules and the integration and operation of a new enterprise resource planning (ERP) system; the Company’s ability to protect information systems against, or effectively respond to, a cybersecurity incident or other disruption; the Company’s sustainability initiatives and changes to environmental laws and regulations; and other factors that affect the food industry generally. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in B&G Foods’ filings with the Securities and Exchange Commission, including under Item 1A, “Risk Factors” in the Company’s Annual Report on Form 10-K for fiscal 2019 filed on February 26, 2020 and in its subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. B&G Foods undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Contacts

Investor Relations:

ICR, Inc.

Dara Dierks

866.211.8151

Media Relations:

ICR, Inc.

Matt Lindberg

203.682.8214

EAST RUTHERFORD, N.J.–(BUSINESS WIRE)–Hudson Ltd. (NYSE: HUD) (“Hudson” or “Company”) today announced that it has completed the previously announced merger with Dufry AG (“Dufry”).

The closing of the transaction earlier today follows a special general meeting of Hudson’s shareholders held virtually on November 30, 2020, where Hudson’s shareholders voted to approve and adopt the Merger Agreement and the related Statutory Merger Agreement between Hudson, Dufry AG and Dufry Holdco Ltd., and the transactions contemplated thereby, including the merger, by 98.59% of the votes cast at the meeting.

Following shareholder approval and pursuant to the terms of the Merger Agreement, Hudson became an indirect wholly owned subsidiary of Dufry. Hudson’s Class A shareholders are entitled to receive $7.70 in cash for each Class A share held.

In connection with the completion of the merger, trading in Hudson’s Class A common shares on the New York Stock Exchange has been suspended with immediate effect and the shares will be delisted in approximately 10 days.

About Hudson

Hudson, a Dufry Company, is a travel experience company turning the world of travel into a world of opportunity by being the Traveler’s Best Friend in more than 1,000 stores in airport, commuter hub, landmark, and tourist locations. Our team members care for travelers as friends at our travel convenience, specialty retail, duty free and food and beverage destinations. At the intersection of travel and retail, we partner with landlords and vendors, and take innovative, commercial approaches to deliver exceptional value. To learn more about how we can make your location a travel destination, please visit us at hudsongroup.com.

Contacts

Investor/Media
Cindi Buckwalter

VP of Investor Relations & Corporate Communications

investorrelations@hudsongroup.com
communications@hudsongroup.com

1. Outlines Valuable Infrastructure Investments Across Complementary Businesses Driving NJR’s Leadership in Clean Energy Future

Presents Financial Growth Targets, Including Higher Long-Term NFE Growth Rate from FY 2022, and Increased Dividend Growth Rate

Company Management to Discuss Further Details During Investor Webcast Today at 8:30 AM ET

WALL, N.J.–(BUSINESS WIRE)–New Jersey Resources (NYSE: NJR) (the “company” or “NJR”) today will host a virtual 2020 Analyst Day to provide an update on the Company’s strategic plan and financial growth targets, including:

• 6-10% long-term annual growth in consolidated net financial earnings per share (NFEPS), a non-GAAP financial measure, beginning in fiscal 2022;
• 6-10% long-term annual dividend growth;
• Approximately 20% growth in annual Cash Flows from Operations (CFFO) from fiscal 2020 to fiscal 2024; and
• Approximately 11% rate base Compounded Annual Growth Rate (CAGR) between fiscal 2019 and fiscal 2024 at New Jersey Natural Gas, the company’s regulated utility and largest business segment.

“With our talented and capable team, disciplined execution and strong position in the clean energy transition, we are poised to drive long-term value for our shareowners,” said Steve Westhoven, President and CEO of New Jersey Resources. “As we move ahead, we will focus on growth at our regulated utility, NJNG, and Clean Energy Ventures, CEV. NJNG is as strong as it has ever been, with an approximately 11% rate base CAGR expected between fiscal 2019 and fiscal 2024. CEV will continue to drive growth as we expand and invest beyond New Jersey, action supported by an approximate doubling of our rate of investment in solar initiatives in four years. At the same time, we are taking a number of strategic steps to deliver more predictable and stable net financial earnings across our other complementary businesses. We remain committed to growing our dividend and, following a reset of NFE in fiscal 2021, are projecting an increase in our long-term NFEPS growth rate.”

Complementary Businesses Across NJR Platform

• NJNG: Driving an approximately 11% rate base CAGR through strategic infrastructure investments and accelerated infrastructure recovery. NFE contributions from NJNG are expected to be in the 60-70% range on an ongoing basis.

• CEV: Investing $850 million over four years to take advantage of the robust solar market. CEV will benefit from NJR’s expertise in public policy and its commitment to further climate goals in New Jersey. To better position CEV for accelerated growth, NJR is pursuing regional market opportunities in the Northeastern U.S., one of the fastest growing solar markets in the country, due to public policy mandates and aggressive clean energy targets.

• Storage and Transportation (formerly known as Midstream): Generating stable, fee-based revenue through a portfolio of low-risk infrastructure investments and from long-term capacity commitments with high-quality customers. Storage and Transportation serves constrained or growing end-use markets and offers organic growth opportunities through optimization and expansion. While NJR remains committed to PennEast, any financial contributions from the project are not included in the Company’s long-term NFEPS targets.

• Energy Services: Focusing on higher fee-based revenue and benefiting from strong customer relationships and a deep understanding of wholesale energy markets rooted in its natural gas supply management expertise. In years of strong performance, Energy Services has contributed excess cash flows as growth capital for NJR, strengthening the balance sheet and lessening the need for debt and equity issuances. There will be minimal reliance on Energy Services to achieve the Company’s NFEPS targets.

Fiscal 2021 NFE Guidance

Included in NJR’s release today is the Company’s NFE guidance for fiscal 2021. Beginning in fiscal 2021, NJR is adopting a change in the accounting policy for investment tax credits and the expected use of tax equity financing for its solar projects. Principally as a result of the accounting policy change, the Company anticipates fiscal 2021 NFE to be in the range of $1.55 to $1.65 per share. There will be no impact to CEV’s cash flows as a result of this accounting change.

Patrick Migliaccio, Senior Vice President and CFO, said, “Consistent with our strategic plan to generate sustainable growth across our businesses, going forward we will change the way NJR accounts for investment tax credits and we expect to implement tax equity financing for our solar projects. While this results in a short-term decline in net financial earnings in fiscal 2021, these changes provide the foundation for increasing our investment in solar and are expected to result in stable net financial earnings from our CEV business. Following the earnings reset in fiscal 2021, we expect approximately 30% year-over-year growth in NFE in fiscal 2022, with a 6-10% long-term growth rate thereafter. With ample liquidity to support our businesses, no meaningful refinancings in the near term and a strong capital structure, NJR is extremely well-positioned for the future.”

The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2021:

Company	Expected Fiscal 2021 Net Financial Earnings Contribution
New Jersey Natural Gas	65 to 72 percent
Clean Energy Ventures	15 to 20 percent
Storage and Transportation (formerly Midstream)	8 to 10 percent
Energy Services	3 to 4 percent
Home Services and Other	0 to 2 percent

In providing fiscal 2021 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. For further discussion of NFE, please see the explanation below under “Non-GAAP Financial Information.”

Webcast Information

The video webcast of the virtual 2020 Analyst Day, including a copy of the presentation, and a question and answer session, will be broadcast via the internet today at 8:30 a.m. Eastern time and can be accessed at https://investor.njresources.com/events-and-presentations/default.aspx. For those unable to listen to the webcast, an archived version will be available at the same location.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (NJR, or the Company) cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this release include, but are not limited to, certain statements regarding NJR’s net financial earnings (NFE) guidance for fiscal 2021 through fiscal 2024, as well as NJR’s long-term NFE growth rate, dividend growth, forecasted contribution of business segments to NJR’s NFE from fiscal 2021 through fiscal 2024, NJNG’s rate base compound annual growth rate (CAGR), NJR Clean Energy Ventures’ future capital investment target, the ability to pursue tax equity financing through sale leasebacks of our solar projects, and the impact of a change in accounting policy for investment tax credits (ITCs).

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, https://www.sec.gov. Information included in this release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information

This release includes the non-GAAP financial measures NFE and NFE per basic share. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found in NJR’s 2020 Form 10-K, Item 7. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE/net financial loss excludes unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to CEV, as such the adjustment is related to tax credits generated by CEV.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.
• Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 350 megawatts, providing residential and commercial customers with low-carbon solutions.
• Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.
• Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,100 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®. For more information about NJR: www.njresources.com.

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Contacts

Media:
Michael Kinney

732-938-1031

mkinney@njresources.com

Investor:
Dennis Puma

732-938-1229

dpuma@njresources.com