Tag: New Jersey

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Business Culture

Crestron Partners with Mercedes-AMG Petronas Formula One Team as North American Regional Partner for 2022 season

When the reigning Formula One World Champions needed frictionless collaboration across their team no matter the location, they turned to Crestron, a proven meeting room industry leader.

 

ROCKLEIGH, N.J. — (BUSINESS WIRE) — Crestron Electronics, a leader in workplace collaboration solutions, proudly announces the sponsorship of the Mercedes-AMG Petronas Formula One™ Team as a Regional Partner for all North American races, beginning with the Miami Grand Prix on May 6th. The partnership began when Crestron® technology was installed throughout the Mercedes-AMG Petronas Formula One Team headquarters in Brackley, United Kingdom, a state-of-the-art technology center for the design and development of the team’s F1 cars.


Though video conferencing has been a factor in F1 racing for quite some time, it exploded during the pandemic and the increased adoption of hybrid work. The Mercedes-AMG Petronas Formula One Team was well prepared for this transition, having integrated Crestron room control systems including Crestron touch screens and DM NVX® AV-over-IP technology into Brackley facilities.

 

Video collaboration became more important than ever

In order to more fully support a corporate culture built on immediate, in-person communication, the Team installed Crestron to further equip their tens of meeting places and over a thousand employees with frictionless collaboration solutions that prioritized performance and reliability. Engineers, designers, IT teams, pit crews, factory technicians, business operations teams, and executives used the Crestron Flex Digital Workplace platform for video conferencing throughout the 2021 Formula 1™ season, in which unprecedented innovation and engineering helped the team break already impressive records.

 

“One of the main reasons we chose Crestron was they were synonymous with meeting room technology. That proved to us that not only did they have a track record of past performance, but also that we could rely upon them as an innovative partner for the long term,” shared David Cadywould, Head of Core Technology for Mercedes-AMG Petronas Formula One Team.

 

Minimizing friction amid mass communication

Performance is paramount in the world of racing, especially with regard to video collaboration technology. For World Championship-winning teams like Mercedes F1, collaboration technologies must provide both speed and reliability so that when people walk into meeting spaces everything works straight away, regardless of how many people are participating or where they are joining from.

 

“There are times when our senior engineering community will fly straight from one race location to the next without returning to the UK, and that’s exactly where the link between the track and the factory is so critical,” said Cadywould. “Following each of the race events, there are a series of race debriefs where an immense amount of information and data gathered at the track needs to be disseminated to the factory and around each department of the business, and we can’t afford any lag time.”

 

“Crestron and the Mercedes-AMG Petronas Formula One Team are both high-performing teams with an intense desire to deliver excellence and we’re thrilled to play a role in their success, whether that’s through cutting edge technology or sponsoring the team across the series of North American events,” said Brad Hintze, executive vice president, global marketing for Crestron. “We both want to maintain a frictionless experience. Anything that slows down the collaboration process leads to diminished performance on the track, so we’re proud to provide solutions that reliably enable immediate meeting experiences from the factory, the paddock, debrief rooms, or anywhere collaboration happens.”

 

Performance and Reliability

“Crestron was the right way to go based on the fact we’ve used their technologies for quite some time, and it’s always been reliable. We talk about performance quite a lot, being the type of team we are, but it’s actually reliability that we chase and that makes some of our decision making quite straightforward,” concluded Cadywould.

 

Today at 2:30 pm E.T. Crestron will be presenting the Mercedes-AMG Petronas Formula One Team case study during the Digital Workplace Experience 2022 event presented by Reworked. You can register to catch the mainstage event here. Crestron is proud to be an official sponsor of the Mercedes-AMG Petronas Formula One Team in North America. You can enjoy the races beginning with the Miami Grand Prix on May 8th, the Canadian Grand Prix in Montreal on June 19th, and the United States Grand Prix in Austin, Texas on October 23rd. Get more information at www.crestron.com/mercedes-amgpetronas.

 

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. Discover Crestron at 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. ©2022 Crestron Electronics, Inc.

Contacts

Crestron Press Contact
Caster Communications

O: 401-792-7080

crestron@castercomm.com

Categories
Business

Best’s Market Segment Report: U.S. Medical Professional Liability Insurance environment remains difficult despite some improvement in 2021

OLDWICK, N.J. — (BUSINESS WIRE) — The U.S. medical professional liability (MPL) segment’s profitability improved considerably in 2021, with the net income of AM Best’s composite group of MPL specialists rising by approximately 30%, driven by realized capital gains owing to the favorable performance of the capital markets, according to a new AM Best report.

However, AM Best notes in its Best’s Market Segment Report, titled, “Difficult Environment for U.S. Medical Professional Liability,” that it is still maintaining a negative market segment outlook on the segment, given considerable challenges to profitability from continued depressed demand, rising loss cost trends drivein by the increased frequency of high severity claims, social inflation and eroding tort reform. These challenges have resulted in persistently high underwriting combined ratios, and waning reserve redundancies over the past ten years. However, AM Best believes the segment’s reserve position now appears to have stabilized with the 2020 calendar year-end reserves. The outlook also takes into account carriers’ inability to settle often-complex claims expeditiously due to pandemic-related court closures and delays, which could further increase claims-related expenses.

 

Direct premiums written for AM Best’s composite of MPL insurers increased by 7.5% in 2021, to $8.4 billion, after rising 3.1% in 2020 and 4.4% in 2019. Price firming, as well as evolving industry dynamics, largely spurred this premium growth. The report notes that in the five years prior to 2021, premiums for hospitals, other health care professionals and other health care facilities grew, while those for physicians declined steadily. “The segment’s core client base has shrunk in recent years by physician group and hospital consolidations, along with the hospitals’ employment of physicians,” said David Blades, associate director, industry research and analytics, AM Best. “Today, many hospitals have their own captives or self-insurance mechanisms.”

 

The MPL segment’s net investment income declined by 11% in 2021, which partially offset strong realized capital gains and a reduction in underwriting losses. Despite a slight improvement in underwriting results, and the net income increase to $932 million, the MPL composite experienced a seventh-straight year of underwriting losses, and a combined ratio of 110.1 for 2021.

 

“AM Best believes operating and underwriting results are likely to remain pressured through the end of 2022, despite much-needed rate actions improving top-line premium revenue,” said Sharon Marks, director, AM Best. “AM Best believes underwriting and operating results are likely to remain challenged through the remainder of 2022, despite much-needed rate actions improving top-line premium revenue. Challenges brought by worsening claims severity, depressed demand and significant available capacity in the physician segment, coupled with persistent inflation and rising interest rates, are likely to limit any improvement in underwriting results.”

 

To access the full copy of this market segment report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=319635.

 

AM Best will host an analytical briefing on the state of the MPL insurance sector on May 5, 2022, at 11:00 a.m. (EDT), featuring leading market executives and AM Best analysts. To register for the complementary event, please go to http://www.ambest.com/conferences/MPL22/index.html.

 

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

David Blades
Associate Director, Industry
Research and Analytics
+1 908 439 2200, ext. 5422
david.blades@ambest.com

Sharon Marks
Director
+1 908 439 2200, ext. 5477
sharon.marks@ambest.com

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

Jeff Mango
Managing Director,
Strategy & Communications

+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business Lifestyle

LookPrior™ is the first online marketplace that allows videos of products and services

MULLICA HILL, N.J. — (BUSINESS WIRE) — #Buy–In an industry first, LookPrior™ marketplace allows users to upload videos, along with photographs, of what they are selling, so buyers can get a true sense of what they are purchasing. The site has already been a hit with realtors, car dealers and tradesmen, to name a few. With video, sellers can showcase their products, or service providers can highlight their talents in a way that ads with only images cannot. Other hot categories include electronics, home and garden, fashion, and jewelry.

Company founder Joseph Hyacinthe emphasizes the company’s vision, “We want to bring clarity and trust to buying and selling online. When you see a video of a product, you know exactly what you are getting. There are no guessing games or questions about what you are actually about to purchase.”

 

LookPrior™ uses a mobile app, configured for either IOS or Android, as well as having a web option. Users can browse and post for free. Hyacinthe believes that having a variety of paid options truly sets LookPrior™ apart. There are customizable sales plans for small to mid-sized businesses, and other sales options for smaller sellers. “The app is a really great tool for small business owners,” explains Hyacinthe. He continues, “They can post and create ads that bring buyers directly to their business websites. We have a sales team that can help create a specific sales plan for the platform, if they choose.” Currently, businesses are being offered a discounted rate to sign up and new users are being rewarded with free storage space for posting their first ad.

 

Hyacinthe, who moved to the US from Haiti in 1998, is an IT veteran and entrepreneur. He realized that there was a fundamental issue with many classified ad marketplaces, and saw room for technological innovation to make the buying and selling process easier and clearer for both parties. He also wanted to create a sense of community between buyers and sellers by emphasizing transparency. He explains that “overcoming the challenges of posting video ads together with images has been a breakthrough. No other marketplace has been able to achieve this technology.”

Contacts

Shivali Gupta

LookPrior™ Marketing Specialist

Phone: (833) 400-1550

Email: Info@LookPrior.com

Categories
Business

AM Best downgrades credit rating of Aegis Security Insurance Company; maintains under review with negative implications status

OLDWICK, N.J. — (BUSINESS WIRE) — #insurance—AM Best has downgraded the Financial Strength Rating to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating to “bbb+” (Good) from “a-” (Excellent) of Aegis Security Insurance Company (Aegis) (Harrisburg, PA). Concurrently, AM Best has maintained the under review with negative implications status on these Credit Ratings (ratings).

The ratings reflect Aegis’ balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management.

 

The rating downgrades reflect a revision in the business profile assessment to limited from neutral given the company’s ongoing fluctuations in distribution agreements, product offerings, somewhat inconsistent business plans and geographic concentration of risk.

 

The maintaining of the under review with negative implications status is mainly due to the company’s decline in risk-adjusted capitalization at year-end 2021. The reduction was driven by a considerable increase in underwriting leverage due to the assumption of a property book of business, coupled with a surplus decline of nearly 7% due to weather related losses and corresponding net underwriting loss. The maintaining of the under review with negative implications status also recognizes the efforts to improve risk-adjusted capitalization with the sale of its wholly owned subsidiary, American Sentinel Insurance Company. A definitive agreement has been signed with a projected close date of late June or July 2022. The sale is anticipated to result in a net gain and subsequent improvement in risk-adjusted capitalization. In addition, management has indicated a likely reduction in premium writings given various re-underwriting initiatives and continued decline in one of its current distribution channels. In the absence of capital improvement, the ratings likely will be downgraded further. The ratings will remain under review pending the close of the subsidiary sale and AM Best’s review of the full impact of these transactions.

 

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 use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

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 London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2022 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Joseph Burtone

Director

+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com

Richard Attanasio

Senior Director

+1 908 439 2200, ext. 5432
richard.attanasio@ambest.com

Christopher Sharkey

Manager, Public Relations

+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Jeff Mango

Managing Director,

Strategy & Communications

+1 908 439 2200, ext. 5204
jeffrey.mango@ambest.com

Categories
Business

New Jersey Resources reports second-quarter fiscal 2022 results and increases net financial earnings guidance for fiscal 2022

Energy Services’ Long Option Strategy Contributes to Guidance Increase 

 

WALL, N.J. — (BUSINESS WIRE) — Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the second-quarter of fiscal 2022. Highlights include:

 

 

  • Consolidated net income of $96.0 million, compared with $149.8 million in the second quarter of fiscal 2021.
  • Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $130.2 million, or $1.36 per share, compared with $170.6 million, or $1.77 per share, in the second quarter of fiscal 2021.
  • The comparable prior year period included unusually high net financial earnings at Energy Services due to increased natural gas price volatility related to the extreme weather during February 2021.
  • Increased fiscal 2022 net financial earnings per share (NFEPS) guidance range to $2.30 to $2.40 from the previously announced range of $2.20 to $2.30.
  • Adelphia Gateway is now flowing gas to its South Zone, allowing for at least one large industrial customer in the Philadelphia metro area to replace coal power generation with natural gas.

 

Second-quarter fiscal 2022 net income totaled $96.0 million, or $1.00 per share, compared with $149.8 million, or $1.56 per share, during the same period in fiscal 2021. Fiscal 2022 year-to-date net income totaled $207.3 million, or $2.16 per share, compared with $230.9 million, or $2.40 per share, for the same period in fiscal 2021.

 

Second-quarter fiscal 2022 NFE totaled $130.2 million, or $1.36 per share, compared to NFE of $170.6 million, or $1.77 per share, during the same period in fiscal 2021. Fiscal 2022 year-to-date NFE totaled $196.0 million, or $2.04 per share, compared with $215.3 million, or $2.24 per share, for the same period in fiscal 2021.

 

Steve Westhoven, President and CEO, stated, “NJR reported strong operating results for the second quarter of fiscal 2022, led by our utility, New Jersey Natural Gas, and Energy Services. Better than expected performance from Energy Services is enabling us to raise our fiscal 2022 NFEPS guidance to a range of $2.30 to $2.40.”

 

Key Performance Metrics

Three Months Ended

Six Months Ended

March 31,

March 31,

($ in Thousands)

2022

2021

2022

2021

Net income

$

96,035

$

149,809

$

207,347

$

230,854

Basic EPS

$

1.00

$

1.56

$

2.16

$

2.40

Net financial earnings

$

130,206

$

170,604

$

195,976

$

215,261

Basic net financial earnings per share

$

1.36

$

1.77

$

2.04

$

2.24

A reconciliation of net income to NFE for the three and six months ended March 31, 2022 and 2021, is provided below.

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands)

2022

2021

2022

2021

Net income

$

96,035

$

149,809

$

207,347

$

230,854

Add:

Unrealized loss (gain) on derivative instruments and related transactions

42,022

29,255

(40,169

)

(8,235

)

Tax effect

(9,980

)

(6,954

)

9,556

1,958

Effects of economic hedging related to natural gas inventory

1,155

(7,209

)

24,732

(14,741

)

Tax effect

(274

)

1,713

(5,877

)

3,503

Net income to NFE tax adjustment

1,248

3,990

387

1,922

Net financial earnings

$

130,206

$

170,604

$

195,976

$

215,261

Weighted Average Shares Outstanding

Basic

96,068

96,248

96,006

96,181

Diluted

96,516

96,618

96,480

96,598

Basic earnings per share

$

1.00

$

1.56

$

2.16

$

2.40

Add:

Unrealized loss (gain) on derivative instruments and related transactions

0.44

0.30

(0.42

)

(0.09

)

Tax effect

(0.10

)

(0.08

)

0.10

0.02

Effects of economic hedging related to natural gas inventory

0.01

(0.07

)

0.26

(0.15

)

Tax effect

—

0.02

(0.06

)

0.04

Net income to NFE tax adjustment

0.01

0.04

—

0.02

Basic net financial earnings per share

$

1.36

$

1.77

$

2.04

$

2.24

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also may exclude impairment charges associated with equity method investments, which are non-cash charges considered unusual in nature that occur infrequently and are not indicative of the Company’s performance for its ongoing operations. For the six months ended March 31, 2022 and 2021, there were no impairments of equity method investments recorded to earnings. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

A table detailing NFE for the three and six months ended March 31, 2022 and 2021, is provided below.

Net Financial Earnings (Loss) by Business Unit

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands)

2022

2021

2022

2021

New Jersey Natural Gas

$

102,783

$

80,541

$

153,863

$

130,008

Clean Energy Ventures

(6,491

)

(8,872

)

(13,312

)

(19,146

)

Storage and Transportation

4,625

4,711

7,587

8,219

Energy Services

29,940

96,528

47,507

98,028

Home Services and Other

451

747

898

685

Subtotal

131,308

173,655

196,543

217,794

Eliminations

(1,102

)

(3,051

)

(567

)

(2,533

)

Total

$

130,206

$

170,604

$

195,976

$

215,261

Fiscal 2022 NFE Guidance:

NJR increased fiscal 2022 NFE guidance to $2.30 to $2.40 per share, subject to the risk and uncertainties identified below under “Forward-Looking Statements.” The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2022:

Company

Expected Fiscal 2022

Net Financial Earnings Contribution

New Jersey Natural Gas

60 to 62 percent

Clean Energy Ventures

17 to 20 percent

Storage and Transportation

5 to 8 percent

Energy Services

13 to 15 percent

Home Services and Other

0 to 1 percent

In providing fiscal 2022 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.

New Jersey Natural Gas

New Jersey Natural Gas Company (NJNG) reported second-quarter fiscal 2022 NFE of $102.8 million, compared to NFE of $80.5 million during the same period in fiscal 2021. Fiscal 2022 year-to-date NFE were $153.9 million, compared to NFE of $130.0 million during the same period in fiscal 2021. The increase for both periods was due primarily to higher base rates, which became effective on December 1, 2021.

Customer Growth:

  • NJNG added 3,579 new customers during the first six months of fiscal 2022, compared with 3,694 during the same period in fiscal 2021. NJNG expects these new customers to contribute approximately $2.9 million of incremental utility gross margin on an annualized basis.

Infrastructure Update:

  • NJNG’s Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG’s natural gas distribution system. In the second quarter, NJNG spent $10.0 million under the program on various distribution system reinforcement projects. On March 31, 2022, the Company filed its first rate recovery request with the BPU for $25.6 million of estimated investments, including AFUDC, from November 30, 2020 through June 30, 2022.

BGSS Incentive Programs:

BGSS incentive programs contributed $6.3 million to utility gross margin in the second-quarter of fiscal 2022, compared with $2.1 million during the same period in fiscal 2021.

Fiscal 2022 year-to-date, these programs contributed $10.1 million to utility gross margin, compared with $6.7 million during the same period in fiscal 2021.

The increase in both periods was due primarily to increased margins from off-system sales, partially offset by the timing differences for storage incentives and lower capacity release volumes.

For more information on utility gross margin, please see “Non-GAAP Financial Information” below.

Energy-Efficiency Programs:

SAVEGREEN invested $24.2 million during the first six months of fiscal 2022 in energy-efficiency upgrades for their customers’ homes and businesses. NJNG recovered $12.5 million of its outstanding investments during the first six months of fiscal 2022. On January 26, 2022, the BPU approved the annual SAVEGREEN filing, which will increase annual recoveries by $2.2 million, effective February 1, 2022.

Clean Energy Ventures (CEV)

CEV reported second-quarter fiscal 2022 net financial loss of $6.5 million, compared with net financial loss of $8.9 million during the same period in fiscal 2021. Fiscal 2022 year-to-date net financial loss was $13.3 million, compared with a net financial loss of $19.1 million during the same period in fiscal 2021. The improvement for both periods was due primarily to increased revenue from the sale of SRECs and higher electricity prices.

CEV now has over 680 megawatts (MW) of potential capital deployment through fiscal 2027 in projects under construction, under exclusivity or under contract. However, current policy transitions, interconnect delays, land-use constraints and supply chain issues are temporarily slowing CEV’s ability to deploy capital in the short-term and will delay our previously expected in-service timeline for fiscal year 2022.

Storage and Transportation

Storage and Transportation reported second-quarter fiscal 2022 NFE of $4.6 million, compared with NFE of $4.7 million during the same period in fiscal 2021. Fiscal 2022 year-to-date NFE were $7.6 million, compared with NFE of $8.2 million during the same period in fiscal 2021. The decrease in NFE was due primarily to lower equity in earnings of affiliates, partially offset by higher AFUDC equity at Adelphia Gateway.

Infrastructure Update:

  • Adelphia Gateway – Adelphia Gateway is an 84-mile pipeline running from Marcus Hook to Martins Creek, Pennsylvania originally built as an oil pipeline, which is now being repurposed to deliver natural gas to the Philadelphia and New Jersey markets. Adelphia Gateway is now flowing gas to its South Zone allowing for Kimberly Clark’s mill in Chester, Pennsylvania to replace coal power generation with natural gas. Adelphia Gateway is now 90% complete and the project is expected to be completed by the end of the year.

Energy Services

Energy Services reported second-quarter fiscal 2022 NFE of $29.9 million, compared with NFE of $96.5 million for the same period last fiscal year. Fiscal 2022 year-to-date NFE were $47.5 million, compared with NFE of $98.0 million during the same period in fiscal 2021. The lower NFE for the second quarter of fiscal 2022 was due primarily to higher natural gas price volatility in February 2021, as a result of cold weather in regions where Energy Services had contracted rights to storage assets, offset by the recognition of revenues from the Asset Management Agreements entered into during fiscal 2021 that became effective during the first quarter of fiscal 2022.

Home Services and Other Operations

Home Services and Other Operations reported second-quarter fiscal 2022 NFE of $0.5 million compared to NFE of $0.7 million for the same period in fiscal 2021. The decrease was due to due primarily to increased O&M for the three months. Fiscal 2022 year-to-date NFE were $0.9 million, compared with NFE of $0.7 million during the same period in fiscal 2021. The increase was due primarily to higher operating income related to an increase in installation revenue.

Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile.

  • During the first six months of fiscal 2022, capital expenditures were $285.7 million, including accruals, of which $119.3 million were related to NJNG, compared with $257.6 million, of which $188.4 million were related to NJNG, during the same period in fiscal 2021.
  • During the first six months of fiscal 2022, cash flows from operations were $330.5 million, compared with cash flows from operations of $356.3 million during the same period of fiscal 2021. The decrease in operating cash flows was due primarily to the reduction in net income due to the outperformance of Energy Services in fiscal 2021.

Forward-Looking Statements:

This earnings 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. NJR 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 earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2022, projected NFEPS growth rate, results of future rate cases, forecasted contribution of business segments to NJR’s NFE for fiscal 2022, customer growth at NJNG, future NJR and NJNG capital expenditures, infrastructure programs and investments such as IIP and energy efficiency programs, the ability to complete the Adelphia Gateway Pipeline project, and other legal and regulatory expectations.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the 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, http://www.sec.gov. Information included in this earnings 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 earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. 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 below. 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 and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’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 and the impairment on NJR’s investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. 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 NJR Energy Services Company.

NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.

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. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Report on Form 10-K, Item 7 and NJR’s Form 10-Q filed on May 5, 2022.

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 7,600 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 370 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 and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • 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 over 1,200 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.

Follow us on Twitter @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands, except per share data)

2022

2021

2022

2021

OPERATING REVENUES

Utility

$

463,474

$

310,167

$

737,909

$

505,896

Nonutility

448,842

492,020

850,249

750,596

Total operating revenues

912,316

802,187

1,588,158

1,256,492

OPERATING EXPENSES

Gas purchases

Utility

212,892

113,235

335,161

169,380

Nonutility

410,535

330,488

689,329

503,735

Related parties

1,883

1,730

3,729

3,464

Operation and maintenance

85,786

110,265

154,770

183,901

Regulatory rider expenses

30,910

18,413

47,581

29,114

Depreciation and amortization

31,435

26,848

61,828

54,210

Total operating expenses

773,441

600,979

1,292,398

943,804

OPERATING INCOME

138,875

201,208

295,760

312,688

Other income, net

4,127

5,007

8,263

9,124

Interest expense, net of capitalized interest

18,926

20,153

38,403

39,939

INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

124,076

186,062

265,620

281,873

Income tax provision

28,810

39,057

59,617

56,498

Equity in earnings of affiliates

769

2,804

1,344

5,479

NET INCOME

$

96,035

$

149,809

$

207,347

$

230,854

EARNINGS PER COMMON SHARE

Basic

$

1.00

$

1.56

$

2.16

$

2.40

Diluted

$

1.00

$

1.55

$

2.15

$

2.39

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

96,068

96,248

96,006

96,181

Diluted

96,516

96,618

96,480

96,598

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

Three Months Ended

Six Months Ended

March 31,

March 31,

(Thousands)

2022

2021

2022

2021

NEW JERSEY RESOURCES

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

Net income

$

96,035

$

149,809

$

207,347

$

230,854

Add:

Unrealized loss (gain) on derivative instruments and related transactions

42,022

29,255

(40,169

)

(8,235

)

Tax effect

(9,980

)

(6,954

)

9,556

1,958

Effects of economic hedging related to natural gas inventory

1,155

(7,209

)

24,732

(14,741

)

Tax effect

(274

)

1,713

(5,877

)

3,503

Net income to NFE tax adjustment

1,248

3,990

387

1,922

Net financial earnings

$

130,206

$

170,604

$

195,976

$

215,261

Weighted Average Shares Outstanding

Basic

96,068

96,248

96,006

96,181

Diluted

96,516

96,618

96,480

96,598

A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:

Basic earnings per share

$

1.00

$

1.56

$

2.16

$

2.40

Add:

Unrealized loss (gain) on derivative instruments and related transactions

$

0.44

$

0.30

$

(0.42

)

$

(0.09

)

Tax effect

$

(0.10

)

$

(0.08

)

$

0.10

$

0.02

Effects of economic hedging related to natural gas inventory

$

0.01

$

(0.07

)

$

0.26

$

(0.15

)

Tax effect

$

—

$

0.02

$

(0.06

)

$

0.04

Net income to NFE tax adjustment

$

0.01

$

0.04

$

—

$

0.02

Basic NFE per share

$

1.36

$

1.77

$

2.04

$

2.24

NATURAL GAS DISTRIBUTION

A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:

Operating revenues

$

463,812

$

310,167

$

738,584

$

505,896

Less:

Natural gas purchases

215,223

118,452

339,817

177,761

Operating and maintenance (1)

26,748

26,281

39,889

51,106

Regulatory rider expense

30,910

18,413

47,581

29,114

Depreciation and amortization

23,344

19,475

46,237

38,644

Gross margin

167,587

127,546

265,060

209,271

Add:

Operating and maintenance (1)

26,748

26,281

39,889

51,106

Depreciation and amortization

23,344

19,475

46,237

38,644

Utility gross margin

$

217,679

$

173,302

$

351,186

$

299,021

(1) Excludes selling, general and administrative expenses of $26.3 million and $26.7 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $49.6 million and $45.5 million for the six months ended March 31, 2022 and 2021, respectively

Three Months Ended

Six Months Ended

(Unaudited)

March 31,

March 31,

(Thousands)

2022

2021

2022

2021

ENERGY SERVICES

A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services’ financial margin is as follows:

Operating revenues

$

412,645

$

462,569

$

781,889

$

692,046

Less:

Natural Gas purchases

411,146

330,280

689,833

504,117

Operation and maintenance (1)

3,978

20,924

7,247

24,608

Depreciation and amortization

32

13

60

55

Gross margin

(2,511

)

111,352

84,749

163,266

Add:

Operation and maintenance (1)

3,978

20,924

7,247

24,608

Depreciation and amortization

32

13

60

55

Unrealized loss (gain) on derivative instruments and related transactions

40,446

29,348

(45,201

)

(9,433

)

Effects of economic hedging related to natural gas inventory

1,155

(7,209

)

24,732

(14,741

)

Financial margin

$

43,100

$

154,428

$

71,587

$

163,755

(1) Excludes selling, general and administrative expenses of $0.6 million and $12.1 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $1.1 million and $12.4 million for the six months ended March 31, 2022 and 2021, respectively.

A reconciliation of net income to net financial earnings is as follows:

Net (loss) income

$

(3,031

)

$

75,662

$

62,713

$

114,534

Add:

Unrealized loss (gain) on derivative instruments and related transactions

40,446

29,348

(45,201

)

(9,433

)

Tax effect

(9,604

)

(6,976

)

10,753

2,243

Effects of economic hedging related to natural gas

1,155

(7,209

)

24,732

(14,741

)

Tax effect

(274

)

1,713

(5,877

)

3,503

Net income to NFE tax adjustment

1,248

3,990

387

1,922

Net financial earnings

$

29,940

$

96,528

$

47,507

$

98,028

Contacts

Media:

Michael Kinney

732-938-1031

mkinney@njresources.com

Investor:

Dennis Puma

732-938-1229

dpuma@njresources.com

Read full story here

Categories
Business Environment

Hayward CEO Kevin Holleran and Three-Time Olympic Gold Medalist Rowdy Gaines cut ribbon on new global corporate headquarters, raise awareness about water safety

Hayward actively hires, growing already strong foothold in the Tar Heel State

Olympian Rowdy Gaines on hand in support of Step Into Swim™ initiative to promote safe swimming

 

CHARLOTTE, N.C. — (BUSINESS WIRE) — Today, Hayward Holdings, Inc. (NYSE: HAYW) “(Hayward” or the “Company),” a global designer, manufacturer and marketer of a broad portfolio of pool equipment and technology, celebrated the opening of its new corporate headquarters in Charlotte’s South End neighborhood with a ribbon cutting featuring three-time Olympic Gold medalist Rowdy Gaines, Hayward CEO Kevin Holleran, and a team of company employees.


Hayward has deep connections to North Carolina. Since 1995, the company has had a manufacturing facility in Clemmons, which today employs more than 1,000 people. In October, Hayward furthered its commitment to North Carolina with the opening of a 324,000-square-foot distribution facility in Mocksville, North Carolina.

 

Last year, the company also announced its intention to relocate its New Jersey headquarters to North Carolina. The company’s new 21,000 square foot office is located in the Vantage South End building and houses approximately 90 employees including Hayward’s senior management, human resources, finance, legal, information technology and sales and marketing teams. Hayward is hiring across the Charlotte-metropolitan area, with open positions posted on Hayward’s career website at www.hayward.com/careers.

 

“Since 1995 Clemmons has served as our manufacturing hub, and I am excited that we’re adding to that presence by moving our headquarters here to the Queen City. We want to be a great neighbor and an active part of this community,” Holleran said. “Every day in Clemmons and now here in Charlotte we are using cutting-edge technology to develop products that save energy and help people make the most of their pools and backyards. We want to continue growing and developing our team here in North Carolina and look forward to taking advantage of the strong talent pool in the area.”

 

Three-time Olympic Gold Medalist Rowdy Gaines joined the Company to cut the ribbon. Hayward is a platinum-level sponsor of Step Into Swim™, a 10-year initiative organized by the Pool & Hot Tub Alliance to create one million more swimmers. In 2021, Step Into Swim™ awarded 22 grants to facilities across the country including in North Carolina.

 

“Whether you’re just learning to walk or you’re using a walker, knowing how to swim safely can improve your life,” Gaines said. “Step Into Swim’s goal is to equip kids and adults with the skills they need to swim safely. To date, we have funded more than 280,000 swimming lessons nationwide, and we’ve been able to do it because of Hayward’s support and the support of its peers in the Pool & Hot Tub Alliance. I am so excited to help Hayward open this new headquarters.”

 

May is National Water Safety Month, an annual awareness campaign coordinated by the Pool & Hot Tub Alliance with support from the American Red Cross, National Recreation and Park Association and the World Waterpark Association. Hayward is a member of the Pool & Hot Tub Alliance and a sponsor of Step Into Swim.™

 

About Hayward Holdings, Inc.

Hayward Holdings, Inc. (NYSE:HAYW) is a leading global designer and manufacturer of pool equipment and technology all key to the SmartPad™ conversion strategy designed to provide a superior outdoor living experience. Hayward offers a full line of innovative, energy-efficient and sustainable residential and commercial pool equipment, including a complete line of advanced pumps, filters, heaters, automatic pool cleaners, LED lighting, internet of things (IoT) enabled controls, alternate sanitizers and water features.

 

About Step Into Swim

Step Into Swim, with support from founding partner Every Child A Swimmer, is an initiative of the Pool & Hot Tub Alliance committed to safe swim education and drowning prevention. The initiative provides children with the education and learn-to-swim programming they need to be safer in the water.

 

Since 2012, the Step Into Swim program has provided more than 285,000 children with swimming lessons. The organization’s goal is to raise $500,000 a year for Step Into Swim initiatives.

Contacts

Media Relations:
Tanya McNabb

tmcnabb@hayward.com

Investor Relations:
Hayward Investor Relations

908.288.9706

investor.relations@hayward.com

Categories
Business Culture Lifestyle

Swander Pace Capital completes the sale of T-Bev, Inc. to Florida Food Products

SAN FRANCISCO & BEDMINSTER, N.J. — (BUSINESS WIRE) — Swander Pace Capital (“SPC”), a leading private equity firm specializing in consumer product companies, announced the sale of T-Bev, Inc. (“T-Bev”), a manufacturer and distributor of tea extracts, instant tea, natural and organic caffeine and other botanical extracts catering to the functional beverage and dietary supplement markets, to Florida Food Products (“FFP”).

Since being acquired by SPC in June 2021, T-Bev has benefited from significant investments in innovation, sales, and operational infrastructure. As the demand for natural, organic and clean-label ingredients continues to grow, T-Bev has emerged as a leading player in the functional ingredients category.

 

“We’ve been able to build on the T-Bev legacy with the successful launch of several exciting new growth opportunities over the last year,” said Daniel Muth, Executive Chairman of T-Bev. “Additionally, our ability to partner with and leverage the Swander Pace portfolio was integral for the success of the T-Bev investment.”

 

“It has been a real privilege to partner with Dan Muth, Anson Gu, and this incredible company as we expanded its presence across new and existing customers to help accelerate growth,” said Mo Stout, Managing Director at Swander Pace Capital. “We’re excited to watch the company thrive as it enters this new chapter with Florida Food Products.”

 

T-Bev represents Swander Pace Capital’s third completed food ingredient investment. Prior investments in the food ingredient category include International Fiber Corporation and Fleischmann’s Vinegar. Going forward, SPC will continue to seek opportunities in the functional ingredients category to leverage its experience and expertise.

 

About T-Bev

T-Bev is a manufacturer and distributor of natural and organic caffeine and functional botanical extracts. The Company creates high quality formulations for the food and beverage and dietary supplements industries, supplying tea, natural and organic caffeine and other value-added ingredients to businesses looking to utilize clean-label ingredients. For more information, visit www.t-bev.com.

 

About Swander Pace Capital

Swander Pace Capital (“SPC”) is a private equity firm that invests in companies that are integral to consumers’ lives. Representative present and historical investments include Mommy’s Bliss, Renew Life, Bragg Live Food Products, Swanson Health Products, Clarion Brands, Aden & Anais, HALO, Merrick Pet Care, Kicking Horse Coffee, Fleischmann’s Vinegar, Patriot Pickle and other leading companies. The firm partners with management teams to help build companies to their full potential. With offices in California, New Jersey, and Ontario (Canada), SPC has invested in more than 55 companies and raised cumulative equity commitments of approximately $1.8 billion since 1996. For more information, visit www.spcap.com.

Contacts

Jeremy Milner

BackBay Communications

401-862-9422

jeremy.milner@backbaycommunications.com

Categories
Business News Now!

NICE CXone digitizes contact center operations for Regional Australia Bank

Regional Australia Bank achieves functionality and flexibility for its distributed workforce with NICE’s market-leading CXone cloud platform, driving frictionless agent and customer experiences

 

HOBOKEN, N.J. — (BUSINESS WIRE) — #CXone—NICE (Nasdaq: NICE) today announced that Regional Australia Bank, one of Australia’s premier banking alternatives to the ‘Big Four’ banks, has successfully implemented the NICE CXone platform to help streamline its contact center operations and better support its branches across New South Wales (NSW). The implementation delivers greater functionality, flexibility, and adaptability for contact center agents and banking staff distributed across its regional NSW branches.

Kim Burraston, Senior Manager – Branch Operations, Regional Australia Bank, said, “As part of our digital transformation, Regional Australia Bank needed a cloud-based system that could scale with the business and meet privacy and security requirements. After assessing several solutions on the market, Regional Australia Bank identified NICE CXone as the ideal solution as it offered much more functionality and adaptability than its alternatives. In addition, it was easy to manage and train staff which enabled better support for our organization in its effort to decentralize contact center operations. Transitioning to CXone was a critical step in Regional Australia Bank’s journey to streamline the customer and agent experiences.”

 

Regional Australia Bank maintains a branch network across 38 towns throughout regional NSW, supporting more than 80,000 customers, including families and small and medium-sized businesses. Regional Australia Bank is heavily committed to the communities in which it operates. Its Community Partnership Program lets members support their local community simply by transacting with a selected savings account and nominating their choice of organizations from a list of 1,600 registered groups and causes. In 2022, this program has reached a new milestone of more than AU$2 million in donations.

 

To keep pace with the rate of digital transformation and maintain compliance with changing security and privacy requirements, Regional Australia Bank needed to upgrade its system to a more flexible and secure solution. In addition, it needed a solution that would help decentralize contact center operations and optimally leverage branch staff as needed to continue efficiently supporting regional towns without impacting headcount.

 

Darren Rushworth, International President, NICE, said, “NICE is pleased to collaborate with Regional Australia Bank and its implementation partner, Generation-e, to successfully implement CXone across the bank’s branch and contact center operations. The solution is already helping Regional Australia Bank streamline its contact center engagement while providing greater support for branch and remote employees, leading to exceptional, frictionless agent and customer experiences.”

 

Regional Australia Bank engaged NICE partner Generation-e to help transition to an omnichannel solution that helps deliver greater flexibility to its regional contact center and banking workforce.

 

Biagio Larossa, Managing Director, Generation-e, said, “Given the type of customers that Regional Australia Bank caters to, transitioning the team from their on-premise legacy contact center solution to the cloud was a real challenge. Along with modernizing their workplace, we had to ensure the solution was PCI compliant and followed strict security protocols for the customer, while not compromising on Regional Australia Bank’s customer experience. NICE CXone was the ideal cloud-based solution for Regional Australia Bank based on its scalability. It provided a great user experience for staff and end customer, enabling a smooth transition to the new system as well as removing a lot of the daily administration involved with the bank’s on-prem solution. Prior to the implementation, Regional Australia Bank was also operating with both Skype for Business and Microsoft Teams in different departments. This created significant challenges for agents trying to transfer calls between departments. CXone offered compatibility with Microsoft Teams, which let Regional Australia Bank streamline its interdepartmental communication and call transfers, leading to a better customer and agent experience. The new solution empowers Regional Australia Bank to achieve significant business benefits now and into the future.”

 

About Regional Australia Bank

Regional Australia Bank is a customer owned bank that has been helping regional Australians achieve their lifestyle goals for almost 50 years. It has a reputation for being flexible, personable, and being able to make the complex simple. With roots in regional NSW and head office located in Armidale, Regional Australia Bank has grown to be one of the premier banking alternatives to the ‘Big Four’ banks. Unlike the ‘retail’ approach taken by many competing institutions, it continues to add value to its customers by recognising everyone’s circumstances are different. This means it can provide personalised financial solutions, working with its customers to save them time, money, and effort.

 

About NICE

With NICE (Nasdaq: NICE), it’s never been easier for organizations of all sizes around the globe to create extraordinary customer experiences while meeting key business metrics. Featuring the world’s #1 cloud native customer experience platform, CXone, NICE is a worldwide leader in AI-powered self-service and agent-assisted CX software for the contact center – and beyond. Over 25,000 organizations in more than 150 countries, including over 85 of the Fortune 100 companies, partner with NICE to transform – and elevate – every customer interaction. 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. Rushworth, 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
Christopher Irwin-Dudek, +1 201 561 4442, ET, chris.irwin-dudek@nice.com

Investors
Marty Cohen, +1 551 256 5354, ET, ir@nice.com
Omri Arens, +972 3 763 0127, CET, ir@nice.com

Categories
Business Lifestyle

11:11 Systems launches expanded managed security services

Solution suite is focused on defending customers against today’s most pressing cyber threats

 

FAIRFIELD, N.J. — (BUSINESS WIRE) — #SDWAN—11:11 Systems, (“11:11”), a managed infrastructure solutions provider, recently announced the launch of its Managed Security Services portfolio designed to prevent, detect and respond to malicious activities.

The FBI reports a 300% surge in reported cybercrimes and a 400% year-over-year increase in phishing attacks* since COVID-19 and the increase in the remote workforce. It also estimated that 30,000+ websites on average are hacked every day with enterprises facing a cyberattack every 39 seconds. With the increasing complexity of traditional and multi-cloud infrastructures and high sophistication of today’s cybercriminals, the need for dedicated security solutions to address evolving threats is crucial to ensuring proper protection of business-critical data. With a robust family of managed security services, 11:11 provides companies of any size the ability to prevent, detect and respond to malicious activities, freeing up IT resources to focus on their core business.

 

“These additional features are a natural expansion of the work we have done for years backing up our customers’ critical data and helping them to recover their applications and restore operations after security incidents,” said Justin Giardina, CTO of 11:11. “Our customers and partners will have new tools available to them to defend against those attacks. It’s an exciting step forward for the protection of our customer’s businesses.”

 

11:11 Managed Security Services protect networks from attacks, detect active malicious activities on endpoints and identify risks across a company’s infrastructure. With decades of cybersecurity experience, the 24x7x365 Security Operations Center will protect a business’s infrastructure from malicious cyber attacks.

 

11:11 Managed Security Services include:

  • Managed Firewall services provide customers immediate visibility into their network to help increase performance and guard against attacks and unplanned downtime. With advanced technology protecting the perimeter managed by a 24x7x365 team of security experts, organizations can rest assured the network, employees and data are protected.
  • Continuous Risk Scanning provides deep, contextual risk analysis to prioritize vulnerabilities and minimize an organization’s attack surface. It is constantly monitoring security, both internally and externally, tuned to an organization’s specific environment. Reports are then generated to quickly and easily identify the most critical vulnerabilities that pose risk to data and customers.
  • Managed Security Information and Event Management (SIEM) relieves the burden of log collection and analysis by providing a real-time machine analysis of all log files that can identify and alert on suspicious activities. This allows customers to react quicker to time-sensitive security threats.
  • Managed Endpoint Detection and Response (EDR) enables businesses to get ahead of cybercrime, like ransomware, by reducing the time gap between detection and response. Real-time detection and active prevention of malicious activities can prevent security breaches where they happen. Utilizing next-generation antivirus technology, the detection of both known and unknown malicious behaviors (including zero-day attacks) can be quickly identified and addressed.

 

For more information, download the Data Sheets here and download the Safeguarding Your Business in the Digital Age White Paper here.

* https://www.fbi.gov/file-repository/ransomware-prevention-and-response-for-cisos.pdf/view

 

ABOUT 11:11 SYSTEMS

11:11 Systems is a managed infrastructure solutions provider that holistically addresses the challenges of next-generation managed cloud, connectivity and security. The 11:11 model empowers customers and partners to “Rethink Connected,” which includes fully-integrated, fully-automated services, activities and data powered on a single platform delivering increased performance, optimization and savings. Learn more at 1111Systems.com.

Contacts

Media:
Candice Mayan

Director of Communications

cmayan@iland.com

Agency:

Jason McGee-Abe and Melissa Coffman

1111Systems@26FIVE.com

Categories
Environment Healthcare Lifestyle

Claritin® teams up with Nate Berkus and Jeremiah Brent to inspire families to spend more time outside and embrace their outdoor space

As part of its year-two initiative, The Outsideologist Project, will launch the #BackyardChallenge Sweepstakes to give one lucky family the backyard of their dreams with help from the designer duo

 

WHIPPANY, N.J. — (BUSINESS WIRE) — Today, Claritin® from Bayer, the #1 doctor recommended non-drowsy oral allergy OTC brand, announced the year-two launch of The Outsideologist Project, a multi-year initiative aimed at encouraging children to spend more time outside. A new survey commissioned by the brand found that while 81% of parents surveyed agree their child is excited to be outside, more than half (55%) are worried their kids aren’t spending enough time outside. To help kids and their families, establish a lifelong love of being outside, the brand enlisted celebrity designers, longtime couple and parents of two, Nate Berkus and Jeremiah Brent, to join with the makers of Claritin® on their mission to provide outdoor inspiration and help give one lucky family the backyard of their dreams.

In the program’s inaugural year, Claritin gave parents the resources and inspiration needed to encourage their families to spend more time outside with a goal to get kids to spend an extra hour outside each week. This year, the project will help families rediscover the extraordinary experiences awaiting in their own backyards and local communities.

 

“As a family, we love spending time outdoors, whether walking around our neighborhood or visiting the park,” said Nate Berkus. “Raising our kids in a big city has shown us how much wonder lies right outside our front door, which is why we are so excited to be teaming up with Claritin for this project to help families rediscover their own backyards and get excited about being outside this summer.”

 

“As parents, we try to instill a love for play and imagination in our kids just as we experienced when we were their age,” said Jeremiah Brent. “Some of my fondest childhood memories are of playing outside until the sun went down, and we want Poppy and Oskar, as well as children across the country, to experience the same sort of joy.”

 

A new Claritin® survey of 5,000 American parents of children aged 5 to 13 found that while kids are excited to spend time outside, they are doing so less than their parents did at their age. The majority of parents surveyed (76%) state that most of their playtime as a child was spent outdoors, but nearly three quarters (74%) of them note they believe their child does not play outside as often as they did. When kids do get outside, 61% of parents shared that their kids typically play outside in their backyard, followed by their front yard (54%) and local park (50%).

 

Furthermore, 72% of parents agree that their family would spend more time outside if their personal space were more exciting. Beginning today through July 7, Claritin® will help one lucky family build the backyard space of their dreams with the #BackyardChallenge sweepstakes. Families are encouraged to use the dedicated hashtag on Instagram with a photo or video of how they’re having fun outside for a chance to win a $10,000 prize and a virtual design consultation with Nate Berkus and Jeremiah Brent. Additional prizes will be available throughout the entry period. *NO PURCHASE NECESSARY TO ENTER OR WIN IN THE CLARITIN “THE OUTSIDEOLOGIST PROJECT” SWEEPSTAKES. Open to legal residents of the 50 US & DC, 18 or older. Void where prohibited. Sweepstakes starts 4/26/22 and ends 7/7/22. For Official Rules, which govern, visit https://bit.ly/3ws37I1. Sponsor: Bayer HealthCare LLC.

 

Broadening the world of possibilities for learning and playing right in one’s own backyard, Claritin will offer families an exciting, expert-guided curriculum in the areas of backyard games, sports, gardening, camping and art. The activities will be led by members of The Outsideologist Project’s Advisory Board, a group of experts within each of the curriculum areas including Olympic soccer player and mom of two, Sydney Leroux (@sydneyleroux), and Ilana Wiles (@mommyshorts), author, content creator and mom of two daughters. Their original and inspirational content will be shared on Instagram (@OutsideologistProject) and Facebook.com/OutsideologistProject.

 

“Last year, Claritin set out to inspire families across the country to get outside an extra hour per week,” said Catherine Vennat, a spokesperson for Claritin®. “This year, to continue that momentum, we’re helping families create meaningful memories together by discovering the wonders that await them right outside their doors.”

 

For additional information about The Outsideologist Project or Claritin®, visit www.Claritin.com and our social channels.

 

Bayer: Science For A Better Life

Bayer is a global enterprise with core competencies in the life science fields of health care and nutrition. Its products and services are designed to help people and planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population. Bayer is committed to drive sustainable development and generate a positive impact with its businesses. At the same time, the Group aims to increase its earning power and create value through innovation and growth. The Bayer brand stands for trust, reliability and quality throughout the world. In fiscal 2020, the Group employed around 100,000 people and had sales of 41.4 billion euros. R&D expenses before special items amounted to 4.9 billion euros. For more information, go to www.bayer.us.

 

Bayer U.S. Social Media Channels: Facebook / Twitter / Instagram

Bayer® and the Bayer Cross® are registered trademarks of Bayer.

 

About Nate Berkus

Since Nate’s first appearance on The Oprah Winfrey Show in 2002, he has become one of the world’s most recognizable interior designers. His work has been featured in publications including Architectural Digest, House Beautiful, VOGUE, InStyle, O Magazine and People. He is included on the ELLE DÉCOR A-List of the world’s top designers and the AD100 list. His popular product lines include roller shades and drapery for The Shade Store; a furniture line with California based retailer Living Spaces; and a fabric collection for Kravet. He currently serves as the Travel Ambassador for Celebrity Edge by Celebrity Cruises. He has authored two New York Times bestselling books: Home Rules (2005) and The Things That Matter (2012), and in 2011 he served as Executive Producer of the Oscar winning film, The Help. Audiences followed Berkus through his own television show, the daily-syndicated The Nate Berkus Show and 2014’s American Dream Builders (NBC). Nate and Jeremiah By Design premiered on TLC in 2017 and ran for three seasons. Nate appeared in Season 2 of Rock the Block, a design competition show on HGTV, alongside husband Jeremiah Brent in Spring 2021. In Fall 2021, The Nate and Jeremiah Home Project, a home renovation show, launched on HGTV with Season 2 premiering in Spring 2023.

 

To learn more about Nate Berkus visit www.nateberkus.com and @NateBerkus on Instagram.

 

About Jeremiah Brent

Jeremiah’s love of artistry and interiors first cultivated with furniture design. Expanding upon his technical skills, he parlayed his love of artistry and fashion into decor, quickly gaining notoriety in the interior design world. After founding his design firm in 2011, Jeremiah has transformed countless homes, restaurants, and public spaces across coasts. His “no rules” approach to California Modern style is inspired by the natural beauty of his home state and travels to the far reaches of the globe. Featured in publications such as Architectural Digest, Elle Décor, Domino and Harper’s Bazaar, his work shows the effortless depth, fearlessness, and creativity behind his designs. Brent has been named to Architectural Digest’s AD100 list which showcases the top design talent creating today. With a keen eye for style and craftsmanship, Jeremiah has established himself as both a tastemaker and influencer continually inspiring those around him through various partnerships, television series, and branded collaborations. He was the host of Emmy Award-winning show, Home Made Simple for two seasons on OWN. Jeremiah returned to television with Nate on HGTV’s “The Nate & Jeremiah Home Project.” In 2018, Nate and Jeremiah successfully debuted their exclusive furniture line with Living Spaces, featuring beautiful, timeless, and transitional pieces for the modern home.

 

Survey Methodology:

This random double-opt-in survey of 5,000 American parents of children ages 5-13, split evenly by state, was commissioned by Claritin between March 1 and March 12, 2022. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).

Contacts

Cristina Ibarra

Office: 212.938.0153

cibarra@coynepr.com