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Essential Properties announces second quarter 2022 results

– Second Quarter Net Income per Share of $0.27 and AFFO per Share of $0.38 –

– Closed Investments of $175.7 million at a 7.0% Weighted Average Cash Cap Rate –

– Increases 2022 AFFO Guidance to $1.52 to $1.54 per Share –

 

PRINCETON, N.J. — (BUSINESS WIRE) — Essential Properties Realty Trust, Inc. (NYSE: EPRT; “Essential Properties” or the “Company”) today announced operating results for the three and six months ended June 30, 2022.

Second Quarter 2022 Financial and Operating Highlights:

Operating Results (compared to Second Quarter 2021):

  • Investments (39 properties)

$ Invested

$175.7 million

Weighted Avg Cash Cap Rate

7.0%
  • Dispositions (8 properties)

Net Proceeds

$26.1 million

Weighted Avg Cash Cap Rate

6.2%
  • Net Income per Share

Increased by 35%

$0.27
  • Funds from Operations (“FFO”) per Share

Increased by 28%

$0.41
  • Core Funds from Operations (“Core FFO”) per Share

Increased by 17%

$0.41
  • Adjusted Funds from Operations (“AFFO”) per Share

Increased by 12%

$0.38

Equity Activity:

  • Equity Raised (Gross) – ATM Program

$21.74/share

$32.6 million

 

Year to Date 2022 Financial and Operating Highlights:

Operating Results (compared to YTD Second Quarter 2021):

  • Investments (144 properties)

$ Invested

$413.5 million

Weighted Avg Cash Cap Rate

7.0%
  • Dispositions (14 properties)

Net Proceeds

$44.5 million

Weighted Avg Cash Cap Rate

6.6%
  • Net Income per share

Increased by 41%

$0.48
  • FFO per share

Increased by 32%

$0.79
  • Core FFO per share

Increased by 27%

$0.81
  • AFFO per share

Increased by 23%

$0.76

Equity Activity:

  • Equity Raised (Gross) – ATM Program

$24.39/share

$192.3 million

Highlights Subsequent to Second Quarter 2022:

  • Investments (6 properties)

$ Invested

$45.7 million

Equity & Debt Activity:

  • Equity Raised (Gross) – ATM Program

$21.57/share

$20.5 million
  • New 2028 Term Loan

5.5 Year Tenor; Adjusted Term SOFR + 95 bps

$400.0 million

 

CEO Comments

Commenting on the second quarter 2022 results, the Company’s President and Chief Executive Officer, Pete Mavoides, said, “The portfolio’s strong operating performance continued into the second quarter with high occupancy, solid same-store rent growth, and increased unit-level coverage.” Mr. Mavoides continued, “Despite a challenging capital market environment, our established tenant relationships and direct origination process allowed us to invest at favorable yields once again this quarter. With a robust investment pipeline and our well-priced debt execution recharging our low-levered balance sheet for growth, we are increasing our 2022 AFFO per share guidance to $1.52 to $1.54.”

 

Portfolio Update

Investments

The Company’s investment activity during the three and six months ended June 30, 2022 is summarized as follows:

 

Quarter Ended

June 30, 2022

Year to Date

June 30, 2022

Investments:

$ Invested

$175.7 million

$413.5 million

# of Properties

39

144

# of Separate Transactions

23

46

Weighted Average Cash / GAAP Cap Rate

7.0%/8.0%

7.0%/7.9%

Weighted Average Lease Term (WALT)

17.2 years

15.9 years

% Sale-Leaseback Transactions

100%

100%

% Subject to Master Lease

86%

84%

% Required Financial Reporting (tenant/guarantor)

100%

100%

 

Dispositions

The Company’s disposition activity during the three and six months ended June 30, 2022 is summarized as follows:

 

Quarter Ended

June 30, 2022

Year to Date

June 30, 2022

Dispositions:

Net Proceeds

$26.1 million

$44.5 million

# of Properties Sold

8

14

Net Gain / (Loss)

$10.1 million

$11.8 million

Weighted Average Cash Cap Rate (excluding vacant properties and sales subject to a tenant purchase option )

6.2%

6.6%

 

Loan Repayments

Loan repayments to the Company during the three and six months ended June 30, 2022 are summarized as follows:

 

Quarter Ended

June 30, 2022

Year to Date

June 30, 2022

Proceeds—Principal

$37.8 million

$48.4 million

Proceeds—Prepayment Penalties

$0.3 million

$0.4 million

# of Properties

15

20

 

Portfolio Highlights

The Company’s investment portfolio as of June 30, 2022 is summarized as follows:

 

Number of properties

1,561

WALT

13.8 years

Weighted average rent coverage ratio

4.0x

Number of tenants

322

Number of states

46

Number of industries

16

Weighted average occupancy

99.9%

Total square feet of rentable space

14,401,377

Cash ABR – service-oriented or experience-based

93.1%

Cash ABR – properties subject to master lease

63.8%

 

Leverage and Balance Sheet and Liquidity

The Company’s leverage, balance sheet and liquidity are summarized in the following table.

 

June 30, 2022

Leverage:

Net debt to Annualized Adjusted EBITDAre

4.7x

Balance Sheet and Liquidity:

Cash and cash equivalents and restricted cash

$26.2 million

Unused borrowing capacity

$382.0 million

Total available liquidity

$408.2 million

ATM Program:

2022 ATM Program initial availability

$500.0 million

Aggregate gross sales under the 2022 ATM Program

$32.6 million

Availability remaining under the 2022 ATM Program

$467.4 million

Average price per share of gross sales to date

$21.74

 

Subsequent Debt Activity

In July 2022, the Company entered into a new term loan permitting up to $400.0 million of borrowings. The below table provides a summary of this new debt agreement.

 

2028 Term Loan

Maturity Date

January 2028

Initial Principal Drawn

$250.0 million

Maximum Available Principal

$400.0 million

Delayed Draw Period

90 Days

Interest Rate

Adjusted Term SOFR + 95 bps(1)
________________

1.

Includes 10 bps SOFR premium adjustment.

 

Dividend Information

As previously announced, on June 2, 2022 Essential Properties’ board of directors declared a cash dividend of $0.27 per share of common stock for the quarter ended June 30, 2022. The dividend was paid on July 14, 2022 to stockholders of record as of the close of business on June 30, 2022.

 

Guidance

2022 Guidance

The Company is increasing its expectation that 2022 AFFO per share on a fully diluted basis will be within a range of $1.52 to $1.54 from its previously announced range of $1.50 to $1.53.

 

Note: The Company does not provide guidance for the most comparable GAAP financial measure, net income, or a reconciliation of the forward-looking non-GAAP financial measure of AFFO to net income computed in accordance with GAAP, because it is unable to reasonably predict, without unreasonable efforts, certain items that would be contained in the GAAP measure, including items that are not indicative of the Company’s ongoing operations, such as, without limitation, potential impairments of real estate assets, net gain/loss on dispositions of real estate assets, changes in allowance for credit losses and stock-based compensation expense. These items are uncertain, depend on various factors, and could have a material impact on the Company’s GAAP results for the guidance periods.

 

Conference Call Information

In conjunction with the release of Essential Properties’ operating results, the Company will host a conference call on Friday, July 29, 2022 at 11:00 a.m. EDT to discuss the results. To access the conference, dial 877-407-9208 (International: 201-493-6784). A live webcast will also be available in listen-only mode by clicking on the webcast link in the Investor Relations section at www.essentialproperties.com.

 

A telephone replay of the conference call can also be accessed by calling 844-512-2921 (International: 412-317-6671) and entering the access code: 13731457. The telephone replay will be available through August 12, 2022.

 

A replay of the conference call webcast will be available on our website approximately two hours after the conclusion of the live broadcast. The webcast replay will be available for 90 days. No access code is required for this replay.

 

Supplemental Materials

The Company’s Supplemental Operating & Financial Data—Second Quarter Ended June 30, 2022 is available on Essential Properties’ website at investors.essentialproperties.com.

 

About Essential Properties Realty Trust, Inc.

Essential Properties Realty Trust, Inc. is an internally managed REIT that acquires, owns and manages primarily single- tenant properties that are net leased on a long-term basis to companies operating service-oriented or experience-based businesses. As of June 30, 2022, the Company’s portfolio consisted of 1,561 freestanding net lease properties with a weighted average lease term of 13.8 years and a weighted average rent coverage ratio of 4.0x. In addition, as of June 30, 2022, the Company’s portfolio was 99.9% leased to 322 tenants operating 469 different concepts in 16 industries across 46 states.

 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. When used in this press release, the words “estimate,” “anticipate,” “expect,” “believe,” “intend,” “may,” “will,” “should,” “seek,” “approximately” or “plan,” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters are intended to identify forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions of management. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and the Company may not be able to realize them. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all). You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this press release. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law. In light of these risks and uncertainties, the forward-looking events discussed in this press release might not occur as described, or at all.

 

Additional information concerning factors that could cause actual results to differ materially from these forward-looking statements is contained in the company’s Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Copies of each filing may be obtained from the Company or the Commission. Such forward-looking statements should be regarded solely as reflections of the Company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release.

 

The results reported in this press release are preliminary and not final. There can be no assurance that these results will not vary from the final results reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 that it will file with the Commission.

 

Non-GAAP Financial Measures and Certain Definitions

The Company’s reported results are presented in accordance with GAAP. The Company also discloses the following non-GAAP financial measures: FFO, Core FFO, AFFO, earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA further adjusted to exclude gains (or losses) on sales of depreciable property and real estate impairment losses (“EBITDAre”), adjusted EBITDAre, annualized adjusted EBITDAre, net debt, net operating income (“NOI”) and cash NOI (“Cash NOI”). The Company believes these non-GAAP financial measures are industry measures used by analysts and investors to compare the operating performance of REITs.

 

FFO, Core FFO and AFFO

The Company computes FFO in accordance with the definition adopted by the Board of Governors of the National Association of Real Estate Investment Trusts (“NAREIT”). NAREIT defines FFO as GAAP net income or loss adjusted to exclude extraordinary items (as defined by GAAP), net gain or loss from sales of depreciable real estate assets, impairment write-downs associated with depreciable real estate assets and real estate-related depreciation and amortization (excluding amortization of deferred financing costs and depreciation of non-real estate assets), including the pro rata share of such adjustments of unconsolidated subsidiaries. FFO is used by management, and may be useful to investors and analysts, to facilitate meaningful comparisons of operating performance between periods and among the Company’s peers primarily because it excludes the effect of real estate depreciation and amortization and net gains and losses on sales (which are dependent on historical costs and implicitly assume that the value of real estate diminishes predictably over time, rather than fluctuating based on existing market conditions).

 

The Company computes Core FFO by adjusting FFO, as defined by NAREIT, to exclude certain GAAP income and expense amounts that it believes are infrequent and unusual in nature and/or not related to its core real estate operations. Exclusion of these items from similar FFO-type metrics is common within the equity REIT industry, and management believes that presentation of Core FFO provides investors with a metric to assist in their evaluation of our operating performance across multiple periods and in comparison to the operating performance of our peers, because it removes the effect of unusual items that are not expected to impact our operating performance on an ongoing basis.

 

Core FFO is used by management in evaluating the performance of our core business operations. Items included in calculating FFO that may be excluded in calculating Core FFO include certain transaction related gains, losses, income or expense or other non-core amounts as they occur.

 

To derive AFFO, the Company modifies its computation of Core FFO to include other adjustments to GAAP net income related to certain items that it believes are not indicative of the Company’s operating performance, including straight-line rental revenue, non-cash interest expense, non-cash compensation expense, other amortization expense, other non-cash charges (including changes to our provision for loan losses following the adoption of ASC 326), capitalized interest expense and transaction costs. Such items may cause short-term fluctuations in net income but have no impact on operating cash flows or long-term operating performance. The Company believes that AFFO is an additional useful supplemental measure for investors to consider when assessing the Company’s operating performance without the distortions created by non-cash items and certain other revenues and expenses.

 

FFO, Core FFO and AFFO do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, our computation of FFO, Core FFO and AFFO may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

 

EBITDA and EBITDAre

The Company computes EBITDA as earnings before interest, income taxes and depreciation and amortization. In 2017, NAREIT issued a white paper recommending that companies that report EBITDA also report EBITDAre. The Company computes EBITDAre in accordance with the definition adopted by NAREIT. NAREIT defines EBITDAre as EBITDA (as defined above) excluding gains (or losses) from the sales of depreciable property and real estate impairment losses. The Company presents EBITDA and EBITDAre as they are measures commonly used in its industry and the Company believes that these measures are useful to investors and analysts because they provide supplemental information concerning its operating performance, exclusive of certain non-cash items and other costs. The Company uses EBITDA and EBITDAre as measures of its operating performance and not as measures of liquidity.

 

EBITDA and EBITDAre do not include all items of revenue and expense included in net income, they do not represent cash generated from operating activities and they are not necessarily indicative of cash available to fund cash requirements; accordingly, they should not be considered alternatives to net income as a performance measure or cash flows from operations as a liquidity measure and should be considered in addition to, and not in lieu of, GAAP financial measures. Additionally, the Company’s computation of EBITDA and EBITDAre may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

 

Net Debt

The Company calculates its net debt as its gross debt (defined as total debt plus net deferred financing costs on its secured borrowings) less cash and cash equivalents and restricted cash available for future investment. The Company believes excluding cash and cash equivalents and restricted cash available for future investment from gross debt, all of which could be used to repay debt, provides an estimate of the net contractual amount of borrowed capital to be repaid, which it believes is a beneficial disclosure to investors and analysts.

 

NOI and Cash NOI

The Company computes NOI as total revenues less property expenses. NOI excludes all other items of expense and income included in the financial statements in calculating net income or loss. Cash NOI further excludes non-cash items included in total revenues and property expenses, such as straight-line rental revenue and other amortization and non-cash charges. The Company believes NOI and Cash NOI provide useful information because they reflect only those revenue and expense items that are incurred at the property level and present such items on an unlevered basis.

 

NOI and Cash NOI are not measures of financial performance under GAAP. You should not consider the Company’s NOI and Cash NOI as alternatives to net income or cash flows from operating activities determined in accordance with GAAP. Additionally, the Company’s computation of NOI and Cash NOI may differ from the methodology for calculating these metrics used by other equity REITs and, therefore, may not be comparable to similarly titled measures reported by other equity REITs.

 

Adjusted EBITDAre / Adjusted NOI / Adjusted Cash NOI

The Company further adjusts EBITDAre, NOI and Cash NOI i) based on an estimate calculated as if all investment and disposition activity that took place during the quarter had occurred on the first day of the quarter, ii) to exclude certain GAAP income and expense amounts that the Company believes are infrequent and unusual in nature and iii) to eliminate the impact of lease termination or loan prepayment fees and contingent rental revenue from its tenants which is subject to sales thresholds specified in the lease. The Company then annualizes these estimates for the current quarter by multiplying them by four, which it believes provides a meaningful estimate of the Company’s current run rate for all investments as of the end of the current quarter. You should not unduly rely on these measures, as they are based on assumptions and estimates that may prove to be inaccurate. The Company’s actual reported EBITDAre, NOI and Cash NOI for future periods may be significantly less than these estimates of current run rates.

 

Cash ABR

Cash ABR means annualized contractually specified cash base rent in effect as of the end of the current quarter for all of the Company’s leases (including those accounted for as direct financing leases) commenced as of that date and annualized cash interest on its mortgage loans receivable as of that date.

 

Cash Cap Rate

Cash Cap Rate means annualized contractually specified cash base rent for the first full month after investment or disposition divided by the purchase or sale price, as applicable, for the property.

 

GAAP Cap Rate

GAAP Cap Rate means annualized rental income computed in accordance with GAAP for the first full month after investment divided by the purchase price, as applicable, for the property.

 

Rent Coverage Ratio

Rent coverage ratio means the ratio of tenant-reported or, when unavailable, management’s estimate based on tenant-reported financial information, annual EBITDA and cash rent attributable to the leased property (or properties, in the case of a master lease) to the annualized base rental obligation as of a specified date.

 

Disclaimer

Essential Properties Realty Trust, Inc. and the Essential Properties Realty Trust REIT are not affiliated with or sponsored by Griffin Capital Essential Asset Operating Partnership, L.P. or the Griffin Capital Essential Asset REIT, information about which can be obtained at (https://www.gcear.com).

 

Essential Properties Realty Trust, Inc.

Consolidated Statements of Operations

Three months ended June 30,

Six months ended June 30,

(in thousands, except share and per share data)

2022

2021

2022

2021

(unaudited)

(unaudited)

(unaudited)

(unaudited)

Revenues:

Rental revenue1,2

$

67,089

$

53,150

$

133,201

$

98,582

Interest on loans and direct financing lease receivables

3,949

3,879

7,771

6,984

Other revenue

408

37

595

52

Total revenues

71,446

57,066

141,567

105,618

Expenses:

General and administrative

7,026

6,470

15,089

12,901

Property expenses3

828

1,174

1,837

2,588

Depreciation and amortization

22,074

17,184

42,387

32,830

Provision for impairment of real estate

6,258

398

10,193

6,120

Change in provision for loan losses

107

(166

)

167

(128

)

Total expenses

36,293

25,060

69,673

54,311

Other operating income:

Gain on dispositions of real estate, net

10,094

3,710

11,752

7,498

Income from operations

45,247

35,716

83,646

58,805

Other (expense)/income:

Loss on debt extinguishment4

—

(4,461

)

(2,138

)

(4,461

)

Interest expense

(9,190

)

(7,811

)

(18,350

)

(15,489

)

Interest income

30

17

48

37

Income before income tax expense

36,087

23,461

63,206

38,892

Income tax expense

275

61

576

117

Net income

35,812

23,400

62,630

38,775

Net income attributable to non-controlling interests

(159

)

(116

)

(278

)

(196

)

Net income attributable to stockholders

$

35,653

$

23,284

$

62,352

$

38,579

Basic weighted-average shares outstanding

131,271,882

116,318,386

129,068,197

111,678,562

Basic net income per share

$

0.27

$

0.20

$

0.48

$

0.34

Diluted weighted-average shares outstanding

132,019,501

117,513,344

129,983,198

112,770,501

Diluted net income per share

$

0.27

$

0.20

$

0.48

$

0.34

_________________

1.

Includes contingent rent (based on a percentage of the tenant’s gross sales at the leased property) of $159, $62 ,$315 and $231 for the three and six months ended June 30, 2022 and 2021, respectively.

2.

Includes reimbursable income from the Company’s tenants of $501, $399, $1,054 and $852 for the three and six months ended June 30, 2022 and 2021, respectively.

3.

Includes reimbursable expenses from the Company’s tenants $500, $399, $1,054 and $852 for the three and six months ended June 30, 2022 and 2021, respectively.

4.

During the six months ended June 30, 2022, includes debt extinguishment costs associated with the Company’s restructuring of its credit and term loan facilities and, during the three and six months ended June 30, 2021, includes debt extinguishment costs associated with the full repayment of the Company’s remaining secured debt.

 

Contacts

Investor/Media:
Essential Properties Realty Trust, Inc.

Daniel Donlan, Senior Vice President, Capital Markets

609-436-0619

info@essentialproperties.com

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Categories
Business Healthcare Lifestyle Local News Science

Zicam®, the #1 cold-shortening brand†, adds daily immune support products to its lineup

The brand’s first-ever immune support daily gummy supplements, Zicam Daily Immune Support* and Zicam Sleep + Immune Support* with Melatonin, are set to be released in July 2022 in select retailers nationwide and online

 

EWING, N.J. — (BUSINESS WIRE) — Zicam®, the #1 cold-shortening brand†, announces the launch of two new immune support gummy supplements – Zicam Daily Immune Support* and Zicam Sleep + Immune Support* with Melatonin – developed to provide immune support year-round, day and night.*


Zicam Daily Immune Support* provides immune support while Zicam Sleep + Immune Support* with Melatonin provides the same immune support plus melatonin to support sleep.*

 

Featuring its signature zinc formulas, the new gummy supplements offer 100% daily value of three immune-supporting ingredients: Zinc, Vitamin C, and Vitamin D per serving, with the addition of 3mg of melatonin per serving in Zicam Sleep + Immune Support* with Melatonin.

 

“For over 20 years, Zicam has led the way in helping consumers shorten their colds, and we’re constantly looking at new and innovative ways to aid consumers who care about their immune health,” said Michael Vercelletto, marketing director of Zicam. “Our expansion into the immune support space, with Zicam Daily Immune Support* and Zicam Sleep + Immune Support* with Melatonin, is focused on giving consumers the boost of support that they can rely on in an easy to take delicious gummy supplement — day and night.”

 

Zicam Daily Immune Support* is available in a Citrus Strawberry flavor and Zicam Sleep + Immune Support* with Melatonin is available in a Blackberry Lavender flavor. The daily supplements can be found online and select retailers nationwide, in July 2022, with an MSRP of $16.49.

 

To learn more about Zicam’s products, visit www.zicam.com.

 

About Zicam®

Zicam® is America’s #1 cold-shortening brand† and offers a range of over-the-counter products to shorten colds when taken at the first sign. Zicam delivers a portfolio of homeopathic zinc-based and nasal non-zinc based cold shortening formulas as well as products ranging across multiple categories including nasal health, congestion/sinus relief, immune support, and allergy relief products. With a variety of forms, Zicam is easy to take on the go – allowing consumers to feel equipped to take on any common cold that might come their way.

 

About Church & Dwight Co., Inc.

With a rich heritage of commitment to people and the planet for over 150 years, Church & Dwight is committed to conducting our operations in a sustainable and environmentally responsible manner using recycled materials in our cartons. We are continually assessing the impacts of our operations on the environment while developing, manufacturing, and marketing a broad range of consumer household, personal care and specialty products with sustainability efforts incorporated into our new product innovation including Arm & Hammer™, Xtra™, Trojan™, Oxiclean™, Waterpik™, Orajel™, Kaboom™, Nair™, Viviscal™, Flawless™, Toppik™, Zicam™, Batiste™, Replens™, RepHresh™ and First Response™.

 

*These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure, or prevent any disease.

† Based on unit sales data, IRI Total US Multi-Outlet, latest 52 weeks-ending 5/29/22.

Contacts

Cristina DiCocco

646.964.4446

cristina@gcomworks.com

Categories
Business Culture Lifestyle

Unilever Food Solutions U.S. recalls Knorr Professional Soup du Jour Red Thai Style Curry Chicken with Rice Soup Mix due to undeclared milk allergen

ENGLEWOOD CLIFFS, N.J. — (BUSINESS WIRE) — Unilever Food Solutions in the United States is recalling approximately 553 cases of Knorr Professional Soup du Jour Red Thai Style Curry Chicken with Rice Soup Mix because the product contains milk, which is not listed as an ingredient on the label. Persons who have an allergy or severe sensitivity to milk run the risk of a serious or life-threatening allergic reaction if they consume this product.

The following products are subject to recall:

Brand

Product

Lot Code

Size

GTIN/UPC

Case UPC

Knorr

Knorr Professional Soup du Jour Red Thai Style Curry Chicken with Rice Soup Mix

JAN1924PX8

20.6 oz

10048001253428

48001253421

 

The products bear establishment number “P-44055” inside the USDA mark of inspection.

 

The products were produced on January 19, 2022 and distributed nationally to professional food service distributors and operators between March 15, 2022 and July 12, 2022. A limited quantity of products were sold directly to consumers.

 

No other Unilever or Knorr products are affected by this recall. To date, the company has not received any reports of consumer complaints or allergic reactions associated with this product. Anyone concerned about an allergic reaction should contact a healthcare provider.

 

Consumers who have purchased the recalled product should not consume it and should visit www.knorrfoodsolutionsrecall.com. Refunds will be provided with proof of purchase.

 

Contacts

Unilever U.S. Media Relations Contact:
MediaRelations.USA@unilever.com
201-500-9100

Categories
Business Culture Lifestyle

Q2 Yelp Economic Average finds consumers are experiencing inflation at record rates and reporting new experiences of ‘shrinkflation’

Amid inflation and rising gas prices, in Q2 consumers seek fewer higher-priced businesses and turn to electric vehicles

In the first half of 2022, consumers are booking reservations further in advance than ever before

 

SAN FRANCISCO — (BUSINESS WIRE) — Yelp Inc. (NYSE: YELP), the company that connects people with great local businesses, today released second quarter 2022 data for the Yelp Economic Average (YEA) report, a benchmark of local economic strength in the U.S. The Q2 2022 YEA report reveals consumers are experiencing inflation at record rates, with review mentions of inflationary language up by 28% compared to Q2 2021, and up by 33% compared to the same time period in 2020.


For the first time, Yelp found that consumers are reporting experiences of shrinkflation in reviews published in Q2 2022. In response to rising gas prices, Yelp data in the second quarter also points to a nearly two-fold increase in searches for electric vehicles compared to Q2 2021. While fewer consumers sought out higher-priced businesses than earlier in 2022, according to Yelp data, people are still looking for more expensive businesses compared to pre-pandemic. In the first half of 2022, they’re also waiting longer than ever to get a reservation at restaurants.

 

“Despite rising inflation, activity on Yelp suggests that consumer spending remains strong as people search for higher-priced businesses more frequently than prior to the pandemic,” said Pria Mudan, data science leader at Yelp. “However, that doesn’t mean consumers and businesses aren’t feeling the pinch of inflation. We saw reviewers use inflation-related language at record levels, particularly in the dining, arts and entertainment and travel categories. And for the first time, reviewers are describing shrinkflation-related experiences where the size or quantity of goods are noticeably smaller, which is most referenced at restaurants serving more affordable fare.”

 

Consumers Report Inflationary Experiences at Record Rates

While inflation has been rapidly increasing since 2021, consumers have especially experienced inflation at an increasing rate in 2022, as mentions of inflationary language in Yelp reviews are up 7% in Q2 compared to Q1 of this year. When compared to Q2 2021, consumers are experiencing inflation most at more casual restaurants (up 38%) and food businesses (up 36%), followed by arts and entertainment (up 33%), nightlife businesses (up 30%), event services (up 22%), and hotel and travel businesses (up 20%).

 

However, inflation has not been felt equally across the U.S. In Q2 2022, 47 states (including Washington D.C.) saw an overall increase of inflation mentions in Yelp reviews compared to Q2 2021 – with 35 states seeing more than a 25% increase of inflation mentions. Six of the top 10 states with the highest inflation experiences are in the Northeast, including Massachusetts, New York, Maine, Washington D.C., New Jersey and New Hampshire.

 

Consumer Searches for Higher Priced Businesses Fell, Yet Remain Above Pre-pandemic Levels

In Q2 2022, the share of all searches on Yelp using the inexpensive “$” filter increased by 7% compared to Q1 2022, while the share of the highest “$$$$” filter had decreased by 12%. While quarter-over-quarter consumers are generally searching for lower-priced businesses, when compared to pre-pandemic levels (Q2 2019), consumers still searched for higher-priced businesses more frequently in the second quarter of this year. Searches on Yelp using the highest “$$$$” filter increased up by 55% in Q2 2022 compared to Q2 2019, whereas the use of the inexpensive “$” filter decreased by 24%. While restaurants, food, and travel and hotel searches reflect a similar trend, auto services searches oppose the trend.

 

Consumers are Booking Reservations Further in Advance Than Ever Before

In Q2, the average time elapsed between booking a reservation on Yelp and the reservation date was 3.3 days – a 14% increase in time compared to Q2 2021 and 40% more than pre-pandemic (Q2 2019). Up-and-coming and growing cities saw the largest increase in the average time between booking a restaurant reservation and the date of the reservation in Q2 compared to pre-pandemic: Birmingham, AL; Jacksonville, FL; Grand Rapids, MI; Lancaster, PA; High Point, NC; Austin, TX and Nashville, TN.

 

The median wait time for Yelp Waitlist restaurants has also been longer this year. The median wait time for a table in Q2 2022 was 35 minutes; whereas the median wait time in the same period in 2021 and 2020, was 22 and 16 minutes, respectively.

 

Consumers Turn to Electric Vehicles in Response to Raising Gas Prices

Consumer searches for “electric vehicles” (EV) were up 97% in Q2 2022 from the year before, and up 175% compared to pre-pandemic Q2 2019. Additionally, searches for specific EV models were up 63% in Q2 2022 compared to Q2 2021, and up 118% from Q2 2019. EV Charging stations also experienced a 23% increase in consumer interest in Q2 2022 compared to Q2 2021.

 

Read the full Q2 2022 YEA report, as well as previous YEA reports, at yelpeconomicaverage.com. Assets and images from the report can be found here. For more information and Yelp’s latest company metrics, visit: https://www.yelp-press.com/company/fast-facts/default.aspx

 

Methodology

Review Text Mentions of Inflation

We analyzed review text from 2020 through Q2 2022 to observe how Yelp consumers are referencing inflation in reviews. These inflation references can include phrases mentioning inflation itself or higher or rising prices at businesses. The volume of review text phrases are normalized by the number of times per every million words the phrases appeared in reviews, and is calculated for each Yelp category and on a national and state basis. Changes in mentions are on a year-over-year basis unless otherwise specified. A minimum threshold of review mentions was implemented in nearly all states to uncover the most noteworthy inflation experiences.

 

Price Range Filter Usage

There are currently four pricing tiers ($, $$, $$$ and $$$$) on Yelp and the pricing tier of a business is voted on by Yelp consumer users (business users cannot alter this information). Consumers can use the price range filter when searching for businesses on Yelp. The share of different pricing tiers used by consumers in Yelp search results signals their general willingness to spend in various price ranges.

 

Reservation Booking Days in Advance and Wait Times

We used information from Yelp Guest Manager’s reservations and waitlist services to analyze how far in advance consumers are booking reservations and for how long they are waiting before being seated. Reservation booking days in advance are given as monthly averages, and wait times are given as monthly medians.

 

Electric Vehicle Search Text Mentions

For the data regarding electric vehicle mentions in searches, we measured the share of every million Yelp searches that contained phrases related to electric vehicles or specific models from electric vehicle manufacturers. For “electric vehicle” related searches, we excluded searches that were related to charging stations to better observe interest in the vehicles themselves.

 

Consumer Interest

We measure consumer interest by looking at select actions users take in connection with businesses on Yelp: such as viewing business pages, or posting photos or reviews.

 

Changes in consumer interest for each category were measured by comparing year-over-year data from Q2 2019-2022, focusing on each category’s share of all consumer actions in its root category.

 

About Yelp Inc.

Yelp Inc. (www.yelp.com) connects people with great local businesses. With unmatched local business information, photos and review content, Yelp provides a one-stop local platform for consumers to discover, connect and transact with local businesses of all sizes by making it easy to request a quote, join a waitlist, and make a reservation, appointment or purchase. Yelp was founded in San Francisco in July 2004.

 

Contacts

Yelp Inc.

Julianne Rowe

press@yelp.com

Categories
Culture Lifestyle Local News

Morris Day to bring funk, old-school R&B to Mercer County Park Friday

WEST WINDSOR, N.J. — If you actually sang that phone number (777-9311) as you read it, then you know Morris Day and the Time, the group that epitomized cool as they sang and danced their way through the ‘80s.

With his zoot suit, pompadour and ever-present mirror in which to admire his own reflection, Morris Day kept his listeners dancing and singing to songs like “Jungle Love,” “Cool” and “The Bird.”

As a kid, Day developed a strong relationship with another aspiring Minneapolis musician, bonding because of their own unique talents. One brought his glamorous, androgynous style and soulful R&B. The other brought self-confident streetwise funk. They grew up and performed together as kids — but it was Day’s performance in the movie “Purple Rain” that helped connect him forever to the musical genius who at one time called himself the Artist Formerly Known as Prince.

 

On Friday, July 22, Morris Day is bringing the funk and old-school R&B to Mercer County Park in West Windsor. The Park Commission is expecting this concert to be one of the highlights of the year.

“We are very excited to bring Morris Day to Mercer County,” said Park Commission Executive Director Aaron T. Watson. “He and Prince made a profound impact on our musical culture during the ‘80s, and after 40 years in the business, Morris Day is still putting out hits. Getting him on our schedule was a big win.”

The $5 Friday Summer Concert Series at the Mercer County Park Festival Grounds began July 8 with the Earth Wind and Fire Tribute Band and runs through Aug. 26.

Morris Day tickets are available at https://mercer-county-parks.ticketleap.com/morris-day/. Tickets are $15 per person and there will be a $5 parking fee.

For information on the concert series and free movie nights, which begin the first Saturday in August, go to https://mercercountyparks.org/#!/festival-grounds-events/.

Categories
Business Lifestyle News Now!

Paysafe wins ‘Payment Innovation’ Award at 2022 SBC Awards North America

Company recognized for tech upgrade of Skrill USA digital wallet to support instant funding of deposits and payouts plus VIP player program 

LONDON — (BUSINESS WIRE) — Paysafe (NYSE: PSFE), a leading specialized payments platform, has won in the ‘Payment Innovation of the Year’ award category at the 2022 SBC Awards North America, held Thursday, July 14th, at Pier Sixty in New York City. The award recognizes the product revamp of Paysafe’s Skrill USA digital wallet to enable players to instantly fund iGaming deposits and receive payouts, while also tailoring the wallet for high-stakes bettors with a VIP player program.

 

Held on the final evening of this year’s SBC Summit North America gaming industry conference in New Jersey, the 2022 SBC Awards North America honored the U.S. and Canadian iGaming operators and service providers like Paysafe that have excelled and innovated in their business areas over the last 12 months. Last October for the NFL season, Paysafe unveiled the revamped Skrill USA wallet, which now allows players to log-in and fund their player accounts within seconds through instant online bank transfer.

 

Boasting a state-of-the-art ‘look and feel’ and all-new user experience (UX), the upgraded Skrill USA wallet enables players to access their winnings in their Skrill account in real-time. Payouts can then be transferred into players’ linked bank accounts.

 

Paysafe continued to bolster the Skrill USA wallet into 2022 with the launch of a VIP player program in May. The program caters to high-stakes U.S. sports bettors and iGaming players, a customer segment that prefers digital wallets over all other payment methods, according to Paysafe’s 2021 iGaming research. Through the program, operators can set single transaction limits for players that are as much as several hundred times the Skrill USA wallet’s standard limit, depending on individual KYC verification.

 

Zak Cutler, EVP and President of Global Gaming at Paysafe, said: “We’re honored to receive the ‘Payment Innovation’ Award at this year’s SBC Awards North America for our all-new Skrill USA digital wallet. The award recognizes Skrill USA as a game-changer for U.S. iGaming brands and their players, especially their VIP customers, and it reflects the incredible dedication and passion of our entire team, who continue to knock it out the park.”

 

About Paysafe Limited

Paysafe Limited (“Paysafe”) (NYSE: PSFE) (PSFE.WS) is a leading specialized payments platform. Its core purpose is to enable businesses and consumers to connect and transact seamlessly through industry-leading capabilities in payment processing, digital wallet, and online cash solutions. With over 20 years of online payment experience, an annualized transactional volume of over U.S. $120 billion in 2021, and approximately 3,500 employees located in 10+ countries, Paysafe connects businesses and consumers across 100 payment types in over 40 currencies around the world. Delivered through an integrated platform, Paysafe solutions are geared toward mobile-initiated transactions, real-time analytics and the convergence between brick-and-mortar and online payments. Further information is available at www.paysafe.com.

 

About Paysafe iGaming

Paysafe brings over two decades of specialized payments experience supporting the global iGaming and sports-betting sectors and provides operators with a comprehensive suite of traditional and alternative payment methods through a single, streamlined API integration. Paysafe is also a leader in digital and affiliate marketing technology and services for iGaming operators through its Income Access business unit.

 

Since the opening-up of the U.S. iGaming market in May 2018, Paysafe has consistently stated its ambitions to be the payments leader in the fast-growing sector, building on its leadership in Canada and Europe. As of July 18th, 2022, the company supports 75% of operators in the country with payments or marketing solutions across 22 jurisdictions. In Canada, Paysafe also has a leading position and partners with the majority of regulated iLottery and gaming brands.

 

Contacts

For further information, please contact:
Nick Say, Senior Manager, Corporate Communications, North America, Paysafe

E: Nick.Say@Paysafe.com

Categories
Lifestyle Local News Travel & Leisure

County clerk advises summer travelers to apply for passport now

TRENTON, N.J. — Mercer County Clerk Paula Sollami Covello reminds Mercer County residents planning summer travel to apply for their U.S. passport now.

 

Every year, a large number of Mercer County residents embark on summer trips to areas that require valid U.S. passports. Residents should check to make sure their passports are valid and not expired.

If you need to apply for a new passport, please start early. Routine applications for U.S. passports are now being processed from eight to 11 weeks, and expedited passports from five to seven weeks. The early-summer season is a good time to apply since the U.S. State Department historically receives a large number of applications as the summer travel season nears.

 

To apply for a U.S. passport, residents will need:

1) A state-certified birth certificate, a U.S. naturalization certificate, or a previous U.S. passport as proof of U.S. citizenship; and

 

2) Proof of identity in the form of a current driver’s license or state-issued identification card. A U.S. Passport is valid for 10 years for adults and five years for minors. The cost of a passport is $130 for adults and $100 for minors, plus a processing fee of $35. The federal government requires a separate check for each passport application. Passport photos will be taken on site for $15 or $10 for senior citizens and minors. The Clerk’s Office will accept checks or money orders for payment.  

 

Federal passport guidelines for children require both parents to appear in person –or one parent in person with required documentation — when applying for a passport for a child under 16.

 

The Mercer County Clerk’s Office processes U.S. passport and U.S. passport card applications Monday through Friday during business hours from 8 a.m. to 4:30 p.m. and Wednesdays until 6:45 p.m. at the County Clerk’s Office, 209 South Broad St. in Trenton.  Appointments are also offered at the Mercer County Connection, located at 957 NJ-33, Hamilton. Appointments are available Monday, Wednesday, Friday, 10 a.m. to 5 p.m.; Tuesday and Thursday, 10 a.m. to 7 p.m.; and Saturday, 10 a.m. to 2 p.m.Passport services end one hour before closing.

 

To schedule an appointment at the Mercer County Connection, please call (609) 890-9800. For more information regarding passports, please visit the Mercer County Clerk’s website at https://www.mercercounty.org/government/county-clerk-/office-services/passports or call 609-989-6473; for Spanish, 609-989-6131.

Categories
Business Healthcare Lifestyle Regulations & Security Science

United Food and Commercial Workers Local 360 endorses Psilocybin Behavioral Health Access and Services Act

WEST BERLIN, N.J. — (BUSINESS WIRE) — The United Food and Commercial Workers (UFCW) union Local 360 is proud to be the first labor organization to publicly endorse bill S2934, the Psilocybin Behavioral Health Access and Services Act.

 

Sponsored and submitted by Senate President Nicholas P. Scutari, the act represents a workable framework for New Jersey to quickly authorize “production and use of psilocybin.” In particular, Local 360 supports the bill’s intent to establish a network of “safe, legal, and affordable psilocybin service centers” for eligible residents, and sees a key role for organized labor in creating, expanding and sustaining such a network.

“This is the right time to take this step,” said Sam Ferraino, president of UFCW Local 360. “The involvement of Local 360 and other bona fide labor organizations has already allowed New Jersey to create a thriving, safe, employee-oriented and community supporting cannabis industry. We are advocating the same approach here, which means high standards of safety and training, and a real focus on greater equity within a well-regulated psilocybin industry.”

 

In February of 2021, New Jersey Governor Phil Murphy signed into law a bill that downgraded historic penalties for the possession of small, personal amounts of psilocybin. UFCW Local 360 sees the Psilocybin Behavioral Health Access and Services Act as the next logical step in efforts to, as Senate President Scutari said, “destigmatize this natural product and to promote research to benefit mental and physical health.”

 

“The move towards psilocybin legalization is nationwide, as more states and municipalities start to recognize the benefits it can bring,” noted Local 360 president Ferraino. “We believe that New Jersey can become a leader in this space, as long as Labor Peace and Project Labor Agreements are added to the bill, and space is made for vital social and economic justice provisions.”

 

The Psilocybin Behavioral Health Access and Services Act is designed not only to authorize the production and use of psilocybin to promote health and wellness, it would also expunge many past offenses involving psilocybin.

 

About United Food and Commercial Workers: The UFCW International Union represents over 1.3 million hardworking families across the U.S. and Canada. These members work in essential industries such as Retail, Warehousing, Manufacturing, Healthcare, Transportation, the Public Sector and Cannabis.

 

Contacts

Hugh Giordano,

UFCW 360 Director of Organizing,

609-367-5594

hgiordano@ufcw360.org

Categories
Business Lifestyle News Now!

Utah Transit Authority selects Xpan Interactive to drive workforce development via rail apprenticeship training programs

CALGARY, Alberta — (BUSINESS WIRE) — With over two decades of experience supporting competency development in the global mobility industry, Xpan Interactive (Xpan) was the logical partner for the Utah Transit Authority’s (UTA) expansion of their successful apprenticeship training programs.

 

The program expansion will focus on UTA rail assets and includes three unique program offerings: Light Rail Vehicle Maintenance, Maintenance of Way, and Commuter Rail Vehicle Maintenance.


“Our bus maintenance apprenticeship program has been an incredible success for UTA, so it was a logical decision to expand our offering to support skill development in our rail division,” says Cherryl Beveridge, UTA’s Acting Chief Operating Officer. “We train approximately 40 apprentices in our bus maintenance apprentice program and see 10 graduates from our program annually creating lifetime careers at UTA. “

 

Apprenticeship training programs are recognized by the United States Department of Labor and their successful completion conveys occupational proficiency aligned with national standards. There are more than 1,200 occupations currently recognized as apprenticeable and more are continuously being added. Registered Apprenticeship Programs (RAPs) can be customized for specific needs with time-based, competency-based, and hybrid models. RAPs are a proven model of apprenticeship that are great options for individuals looking to acquire in-demand skills while earning a wage throughout their education.

 

“Creating blended learning solutions for the transportation industry has been the core of Xpan’s 20-year history,” says Xpan Founder and President Ron Thiele. “We’re incredibly grateful to shape the future of UTA’s workforce with Xpan digital knowledge experiences, and love that our solution will create accessible career opportunities for individuals without the financial burden typically associated with education.”

 

Each comprehensive program is three years in length and will harness the power of the multi-modality approach Xpan is known for. Leveraging the latest methods in adult education, the high-quality content will be a mix of eLearning, interactive simulations, Instructor-Led Training, labs, and on-the-job training to meet learner needs while incorporating safety and regulatory requirements. To host ILT and lab-based training activities UTA is constructing a facility called the Transit Technical Education Center (TTEC) where learners will be able to perform exercises in a safe, controlled environment.

 

The program development is scheduled for completion in January 2023, and following the successful construction of training facilities, UTA’s first classes of aspiring apprentices will begin their career journeys shortly after.

 

About Xpan Interactive Ltd.: Since 2001, Xpan has helped organizations around the world build people-centric learning cultures with frictionless technical solutions that transfer knowledge to create fulfilled learners. It has a proven track record of creating high-quality learning experiences in various fields and has built programs for dozens of major transportation authorities. Its clients include Amtrack, New Jersey Transit, Chicago Transit Authority, Metro Atlanta Rapid Transit Authority, DC Metro, Denver Regional Transportation District, and Calgary Transit, among others.

 

About Utah Transit Authority: The Utah Transit Authority’s (UTA) mission is to provide mobility solutions to service life’s connections, improve public health and enhance the quality of life. As part of this mission, the UTA has developed a culture of employee development, currently with two apprenticeship programs to enhance employees in its bus maintenance and body shop repair fields. These programs have been successful in helping UTA maintain its fleet, create a culture where employees are valued and create a sustainable employee pipeline. It is due to these successes that UTA is partnering with Xpan to expand its apprenticeship programs into its rail technical fields.

 

Contacts

Media:

Xpan Interactive USA Inc.
Tim Heinrichs

Senior Account Executive

1-587-891-8144

tim@xpan.ca

Utah Transit Authority
Carl Arky

Sr. Media Relations Specialist

carky@rideuta.com
(801) 859-6095 (cell)

(801) 287-2070 (desk)

Categories
Business Lifestyle

BMW of North America reports Q2 2022 U.S. sales results.

  • Sales of BMW’s U.S.-Built Sports Activity Vehicles increase 4.6% in Q2, improve 9.8% YTD vs 2021.

 

WOODCLIFF LAKE, N.J. — (BUSINESS WIRE) — BMW of North America recently reported Q2 2022 sales results for the BMW and MINI brands in the U.S.

BMW Brand

 

In the second quarter of 2022, BMW brand sales in the U.S. totaled 78,905 vehicles, a 18.3% decrease from the 94,144 vehicles sold in the record-setting second quarter of 2021.

 

While supply constraints continued to impact inventory availability, high demand for BMW Sports Activity Vehicles and increased allocation from the company’s U.S. plant in Spartanburg, SC led to year-over-year growth of BMW X5 (+15.1%) and BMW X7 (+18.3%) sales, and an overall increase of 4.6% in the light truck segment vs Q2 2021. In total, sales of BMW’s U.S.-built Sports Activity Vehicles are up 9.8% when compared to the first half of 2021.

 

Despite single digit day supply, sales of BMW’s newest fully electric vehicles also continue to grow, with nearly 1,500 BMW iX Sports Activity Vehicles and more than 1,100 BMW i4 Gran Coupe models now on U.S. roads since they first began arriving in late March.

 

“We are pleased that demand remains strong, however this quarter was not without its challenges, as our sales were constricted only by the limitations of available inventory,” said Sebastian Mackensen, President and CEO, BMW of North America. “Since the arrival of the iX and i4 in market this past March, it is clear that enthusiasm for BMW electric vehicles is here to stay. In April, we hosted the world premiere of the first-ever, fully electric BMW i7, to rave reviews from dealers, customers, and press. We look forward to launching this incredible vehicle later this year.”

 

MINI Brand

MINI brand sales in the U.S. totaled 5,131 vehicles in the second quarter of 2022, a decrease of 45.1% vs the 9,340 vehicles sold in the second quarter of 2021.

 

Table 1: New Vehicle Sales BMW of North America, LLC, Q2 2022.

  Q2 2022 Q2 2021 % YTD 2022 YTD 2021 %
i3

0

511

-100.0%

9

851

-99.0%
i8

1

2

50.0%

5

10

-50.0%
2 Series

3,581

4,033

-11.2%

7,605

9,340

-18.6%
3 Series

6,174

14,350

-57.0%

14,330

23,776

-39.7%
4 Series

6,646

7,748

-14.2%

14,025

12,533

11.9%
5 Series

4,166

7,268

-42.7%

9,811

13,701

-28.4%
6 Series

0

7

-100.0%

0

48

-100.0%
7 Series

1,391

1,995

-30.3%

2,889

3,915

-26.2%
8 Series

2,185

2,279

-4.1%

3,586

3,781

-5.2%
Z4

477

696

-31.5%

756

891

-15.2%
X1

1,691

6,054

-72.1%

3,894

10,022

-61.1%
X2

730

2,030

-64.0%

1,565

3,367

-53.5%
BMW passenger cars

27,042

46,973

-42.4%

58,475

82,235

-28.9%

X3

18,710

21,285

-12.1%

32,651

36,273

-10.0%
X4

2,686

2,669

0.6%

4,972

4,351

14.3%
X5

19,049

16,544

15.1%

35,526

29,244

21.5%
X6

2,631

2,574

2.2%

5,399

4,612

17.1%
X7

7,706

6,516

18.3%

14,168

11,279

25.6%
iX

1,081

0

0.0%

1,428

0

0.0%
BMW light trucks 

51,863

49,588

4.6%

94,144

85,759

9.8%

BMW brand

78,905

96,561

-18.3%

152,619

167,994

-9.2%

Cooper /S Hardtop 2 Door

1,848

2,464

-25.0%

3,691

4,236

-12.9%
Cooper /S Hardtop 4 Door

1,167

1,714

-31.9%

1,890

2,746

-31.2%
Cooper /S Convertible

545

1,224

-55.5%

1,281

2,034

-37.0%
Cooper /S Clubman

558

749

-25.5%

1,135

1,258

-9.8%
Countryman

1,013

3,189

-68.2%

4,010

5,351

-25.1%
MINI brand

5,131

9,340

-45.1%

12,007

15,625

-23.2%

TOTAL BMW of North America, LLC

84,036

105,901

-20.6%

164,626

183,619

-10.3%

 

The sales reported in today’s figures are of BMW passenger cars and light trucks, as well as MINI passenger cars. Consistent with auto industry practice in the U.S., BMW of North America follows the U.S. Auto Industry Sales Release Schedule issued annually by Motor Intelligence for purposes of reporting sales of BMW passenger cars and light trucks and MINI passenger cars. As a result, the sales of BMW passenger cars and light trucks and MINI passenger cars reflected in today’s Q2 2022 report occurred between April 1, 2022 and June 30, 2022.

 

About BMW North America

BMW of North America, LLC has been present in the United States since 1975. Rolls-Royce Motor Cars NA, LLC began distributing vehicles in 2003. The BMW Group in the United States has grown to include marketing, sales, and financial service organizations for the BMW brand of motor vehicles, including motorcycles, the MINI brand, and the Rolls-Royce brand of Motor Cars; Designworks, a strategic design consultancy based in California; a technology office in Silicon Valley, and various other operations throughout the country. BMW Manufacturing Co., LLC in South Carolina is the BMW Group global center of competence for BMW X models and manufactures the X3, X4, X5, X6 and X7 Sports Activity Vehicles. The BMW Group sales organization is represented in the U.S. through networks of 350 BMW passenger car and BMW Sports Activity Vehicle centers, 146 BMW motorcycle retailers, 105 MINI passenger car dealers, and 38 Rolls-Royce Motor Car dealers. BMW (US) Holding Corp., the BMW Group’s sales headquarters for North America, is located in Woodcliff Lake, New Jersey.

 

Journalist note: Information about BMW Group and its products in the USA is available to journalists on-line at www.bmwusanews.com and www.press.bmwna.com.

Contacts

Phil DiIanni

BMW of North America, LLC

(201) 571-5660 / phil.diianni@bmwna.com

Mariella Kapsaskis

BMW of North America, LLC

(201) 930-3166 / mariella.kapsaskis@bmwna.com