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Urban Edge Properties Declares a Quarterly Common Dividend of $0.16 per Share

NEW YORK–(BUSINESS WIRE)–
Urban Edge Properties (NYSE: UE) announced today that its Board of Trustees has declared a regular quarterly dividend of $0.16 per common share. The dividend will be payable on September 29, 2023 to common shareholders of record on September 15, 2023.

ABOUT URBAN EDGE PROPERTIES

Urban Edge Properties is a NYSE listed real estate investment trust focused on owning, managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area.

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Mark Langer, EVP and Chief

Financial Officer

(212) 956-0082

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Retail Other Retail Department Stores Commercial Building & Real Estate Construction & Property REIT

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Trinseo Reports Second Quarter 2023 Financial Results, Announces Additional Restructuring Initiatives and Updates 2023 Outlook

Second Quarter 2023

• Net loss from continuing operations of $349 million and diluted EPS from continuing operations of negative $9.93

• Net loss includes a pre-tax, non-cash goodwill impairment charge of $349 million related to the Engineered Materials reporting unit

• Adjusted EBITDA* of $57 million, including unfavorable impacts of $16 million from net timing, $12 million from natural gas hedges and $4 million from fixed cost under absorption due to inventory reduction initiatives; Adjusted Net Loss* of $68 million

• Cash provided by operations of $57 million and capital expenditures of $14 million resulted in Free Cash Flow* of $43 million including a $52 million decrease in working capital

• Second quarter ending cash of $270 million with approximately $236 million of additional available liquidity under two undrawn, committed financing facilities

• Announced restructuring actions, including the potential closure of the Terneuzen, the Netherlands styrene plant, which, in aggregate, are expected to result in annual cost savings of approximately $70 million to $90 million in 2024

WAYNE, Pa.–(BUSINESS WIRE)–Trinseo (NYSE: TSE):

*For a reconciliation of EBITDA, Adjusted EBITDA, and Adjusted Net Income (Loss), all of which are non-GAAP measures, to Net Income (Loss), as well as a reconciliation of Free Cash Flow and Adjusted EPS, see Notes 2 and 3 to the financial statements included below.

Trinseo (NYSE: TSE), a specialty material solutions provider, today reported its second quarter 2023 financial results. Net sales in the second quarter decreased 32% versus prior year. Lower sales volume across all reporting segments caused by continued customer destocking and underlying demand weakness led to a 16% decrease. Lower price, from the pass-through of lower raw material costs, led to a 17% decrease.

Results included a non-cash impairment charge of $349 million related to the Engineered Materials reporting unit goodwill balances established in 2021. The persistence of challenging operating conditions, customer destocking and underlying demand weakness contributed to a revised outlook including a further reduction in near-term forecasted operating results and growth projections, as well as an additional decrease in market capitalization. These impairment charges do not affect the Company’s cash position, and the Company remains encouraged about the businesses’ expected growth opportunities, cost savings initiatives and strategic value as it continues to evolve as a specialty material and sustainable solutions provider.

Second quarter net loss from continuing operations of $349 million was $386 million below prior year. Adjusted EBITDA of $57 million was $107 million below prior year. In addition to the goodwill impairment, the reduced year-over-year profitability was driven by lower volume across all segments as well as lower margin, including an unfavorable $48 million net timing variance, as well as lower equity affiliate income from Americas Styrenics. Second quarter results included unfavorable impacts of $16 million from net timing, $12 million from natural gas hedging as well as $4 million from manufacturing cost under absorption.

Commenting on the Company’s second quarter performance, Frank Bozich, President and Chief Executive Officer of Trinseo, said, “As expected, second quarter sales volume was sequentially similar as general market conditions remained unchanged. Despite this, we delivered our third consecutive quarter of increasing profitability due to the asset footprint actions and other initiatives we’ve put in place. In addition, we had another quarter of positive cash generation from our ongoing cash initiatives. I continue to be impressed with our employees’ dedication and resilience to deliver amid this challenging demand environment.”

Second Quarter Results and Commentary by Business Segment

• Engineered Materials net sales of $206 million for the quarter decreased 32% versus prior year including an 18% impact from lower volume across all products from weak underlying demand and continued customer destocking, particularly in building & construction, consumer electronics and wellness applications, as well as a 13% impact from lower price due to raw material pass-through. Adjusted EBITDA of $12 million was $22 million below prior year mainly from lower sales volume. Results included unfavorable impacts of $6 million from natural gas hedging and $9 million from net timing. Sequentially, Adjusted EBITDA increased $24 million from lower raw material cost as well as higher volume mainly to consumer electronics applications.
• Latex Binders net sales of $254 million for the quarter decreased 28% versus prior year including a 17% impact from lower volumes across all regions and applications and a 12% impact from lower price from the pass-through of lower raw material costs. Adjusted EBITDA of $25 million was $4 million below prior year as lower volumes and fixed cost under absorption were mostly offset by pricing initiatives. Volume for CASE applications declined by 7% in the second quarter compared to prior year, a better result in comparison to other applications, and represented 16% of segment revenue during the quarter, a record-high proportion. Adjusted EBITDA was flat on a sequential basis.
• Plastics Solutions net sales of $272 million for the quarter were 25% below prior year including a 14% decrease in price from the pass-through of lower raw material costs and an 11% decrease from lower volumes. Sales decreased in polycarbonate from the announced shutdown of one production line as well as in copolymers for building & construction, industrial and consumer durables applications. Sales volume to automotive applications was in line with prior year. Adjusted EBITDA of $25 million was $21 million below prior year primarily from ABS, as weaker demand led to lower sales volume and also pressured margins. Results included an $11 million negative net timing variance versus prior year. Adjusted EBITDA was in line with prior quarter.
• Polystyrene net sales of $193 million for the quarter were 38% below prior year. Lower price, primarily from the pass-through of lower styrene costs, led to a 25% decrease and lower volume, from weaker demand in appliance and building & construction applications, led to a 14% decrease. Adjusted EBITDA of $6 million was $17 million below prior year from lower sales volume, lower margin from an $8 million net timing variance, as well as fixed cost under absorption. Sequentially, Adjusted EBITDA decreased $10 million from an unfavorable net timing variance of $3 million as well as lower volume and fixed cost under absorption.
• Feedstocks net sales of $37 million for the quarter were 61% below prior year from a 33% impact from lower volume and a 28% impact from lower price. Adjusted EBITDA of negative $7 million was $21 million below prior year from lower styrene margin, including an unfavorable net timing variance of $23 million and a natural gas hedge loss of $5 million.
• Americas Styrenics Adjusted EBITDA of $13 million for the quarter was $26 million below prior year from lower styrene margins compared to very high levels in the prior year. Adjusted EBITDA decreased $5 million versus prior quarter due to lower styrene and polystyrene margin from weaker economic conditions.

Restructuring Initiatives

• Potential closure of the Terneuzen, the Netherlands styrene plant: The Company has commenced discussions with the Works Council of Trinseo Netherlands B.V. regarding the potential closure of this facility. If closed, Trinseo will no longer produce styrene, and will obtain styrene for its downstream businesses entirely via external purchases.
• Optimization of Europe PMMA sheet network: The Company has commenced discussions with relevant works councils regarding the optimization of its PMMA sheet network in Europe, including the consolidation of operations.
• Cost savings: The Company is currently taking measures to lower operating costs including headcount and other reductions.

2023 Outlook

• Full-year 2023 net loss from continuing operations of $460 million and Adjusted EBITDA of $215 million (prior outlook of net loss from continuing operations of $94 million to $61 million and Adjusted EBITDA of $275 million to $325 million†). Adjusted EBITDA is $60 million below the low end of the prior outlook primarily from weaker market conditions in the second half of the year leading to lower expected margins in Feedstocks, Engineered Materials and Polystyrene, with the remainder due to second quarter impacts of $23 million mostly from unfavorable net timing.

• Full-year 2023 cash from operations of approximately $190 million resulting in Free Cash Flow of approximately $100 million (prior outlook of cash from operations of approximately $165 million and Free Cash Flow of approximately $75 million†); higher Free Cash Flow outlook despite lower profitability due to working capital reductions.

Commenting on the outlook for 2023, Bozich said, “Our forecast assumes a similar, constrained demand environment though the remainder of the year and we anticipate second half performance to be similar to the second quarter runrate. Despite the economic environment, we continue to improve our cash and liquidity profile, including working capital reductions and capital expenditure deferments. In addition, refinancing our near-term debt maturities is one of our highest priorities, and we are confident we’ll be able to accomplish that in the third quarter.”

Bozich continued, “We are also taking incremental actions to improve our cost position. We believe these initiatives, and the expected natural gas hedge loss reduction, will result in a sequential profitability increase of more than $100 million in 2024 and better position us to achieve higher growth, higher margin and lower volatility as demand normalizes.”

†For the prior outlook, refer to the Company’s press release, furnished on its Form 8-K dated May 4, 2023, for a reconciliation of non-GAAP measures to their corresponding GAAP measures.

Conference Call and Webcast Information

Trinseo will host a conference call to discuss its second quarter 2023 financial results on Friday, August 4, 2023 at 10 a.m. Eastern Time.

Commenting on results will be Frank Bozich, President and Chief Executive Officer, David Stasse, Executive Vice President and Chief Financial Officer, and Andy Myers, Director of Investor Relations.

For those interested in asking questions during the Q&A session, please register using the following link:

• Conference Call Registration

For those interested in listening only, please register for the webcast using the following link:

• Webcast Registration

After registering for the conference call, you will receive a confirmation email with a meeting invitation and information for entry. Registration is open through the live call, but it is advised that you register in advance to ensure you are connected for the full call.

Trinseo has posted its second quarter 2023 financial results on the Company’s Investor Relations website. The presentation slides will also be made available in the webcast player prior to the conference call. The Company will also furnish copies of the financial results press release and presentation slides to investors by means of a Form 8-K filing with the U.S. Securities and Exchange Commission.

A replay of the conference call and transcript will be archived on the Company’s Investor Relations website shortly following the conference call. The replay will be available until August 4, 2024.

About Trinseo

Trinseo (NYSE: TSE), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart and sustainably focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers’ unique challenges in a wide range of industries, including building and construction, consumer goods, medical and mobility.

Trinseo’s approximately 3,400 employees bring endless creativity to reimagining the possibilities with clients all over the world from the company’s locations in North America, Europe and Asia Pacific. Trinseo reported net sales of approximately $5.0 billion in 2022. Discover more by visiting www.trinseo.com and connecting with Trinseo on LinkedIn, Twitter, Facebook and WeChat.

Use of non-GAAP measures

In addition to using standard measures of performance and liquidity that are recognized in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we use additional measures of income excluding certain GAAP items (“non-GAAP measures”), such as Adjusted Net Income, EBITDA, Adjusted EBITDA and Adjusted EPS and measures of liquidity excluding certain GAAP items, such as Free Cash Flow. We believe these measures are useful for investors and management in evaluating business trends and performance each period. These measures are also used to manage our business and assess current period profitability, as well as to provide an appropriate basis to evaluate the effectiveness of our pricing strategies. Such measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance or liquidity, as applicable. The definitions of each of these measures, further discussion of usefulness, and reconciliations of non-GAAP measures to GAAP measures are provided in the Notes to Condensed Consolidated Financial Information presented herein.

Cautionary Note on Forward-Looking Statements

This press release may contain forward-looking statements including, without limitation, statements concerning plans, objectives, goals, projections, forecasts, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward-looking statements may be identified by the use of words like “expect,” “anticipate,” “believe,” “intend,” “forecast,” “outlook,” “will,” “may,” “might,” “see,” “tend,” “assume,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause future results to differ from those expressed by the forward-looking statements include, but are not limited to, our ability to successfully investigate and remediate chemical releases on or from our sites, make related capital expenditures, reimburse third-party cleanup costs or settle potential regulatory penalties or other claims; our ability to successfully execute our business and transformation strategy; increased costs or disruption in the supply of raw materials; increased energy costs; our ability to successfully generate cost savings and increase profitability through asset restructuring initiatives; compliance with laws and regulations impacting our business; conditions in the global economy and capital markets; and those discussed in our Annual Report on Form 10-K, under Part I, Item 1A —”Risk Factors” and elsewhere in our other reports, filings and furnishings made with the U.S. Securities and Exchange Commission from time to time. As a result of these or other factors, our actual results, performance or achievements may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

TRINSEO PLC

Notes to Condensed Consolidated Financial Information

(Unaudited)

Note 1: Net Sales by Segment

* The results of this segment are comprised entirely of earnings from Americas Styrenics, our 50%-owned equity method investment. As such, we do not separately report net sales of Americas Styrenics within our condensed consolidated statements of operations.

Note 2: Reconciliation of Non-GAAP Performance Measures to Net Income

EBITDA is a non-GAAP financial performance measure, which is defined as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense. We refer to EBITDA in making operating decisions because we believe it provides our management as well as our investors with meaningful information regarding the Company’s operational performance. We believe the use of EBITDA as a metric assists our board of directors, management and investors in comparing our operating performance on a consistent basis.

We also present Adjusted EBITDA as a non-GAAP financial performance measure, which we define as income from continuing operations before interest expense, net; income tax provision; depreciation and amortization expense; loss on extinguishment of long-term debt; asset impairment charges; gains or losses on the dispositions of businesses and assets; restructuring charges; acquisition related costs and benefits, and other items. In doing so, we are providing management, investors, and credit rating agencies with an indicator of our ongoing performance and business trends, removing the impact of transactions and events that we would not consider a part of our core operations.

Lastly, we present Adjusted Net Income (Loss) and Adjusted EPS as additional performance measures. Adjusted Net Income (Loss) is calculated as Adjusted EBITDA (defined beginning with net income from continuing operations, above), less interest expense, less the provision for income taxes and depreciation and amortization, tax affected for various discrete items, as appropriate. Adjusted EPS is calculated as Adjusted Net Income (Loss) per weighted average diluted shares outstanding for a given period. We believe that Adjusted Net Income (Loss) and Adjusted EPS provide transparent and useful information to management, investors, analysts and other stakeholders in evaluating and assessing our operating results from period-to-period after removing the impact of certain transactions and activities that affect comparability and that are not considered part of our core operations.

There are limitations to using the financial performance measures noted above. These performance measures are not intended to represent net income or other measures of financial performance. As such, they should not be used as alternatives to net income as indicators of operating performance. Other companies in our industry may define these performance measures differently than we do. As a result, it may be difficult to use these or similarly-named financial measures that other companies may use, to compare the performance of those companies to our performance. We compensate for these limitations by providing reconciliations of these performance measures to our net income, which is determined in accordance with GAAP.

For the same reasons discussed above, we are providing the following reconciliation of forecasted net income (loss) to forecasted Adjusted EBITDA, Adjusted Net Income (Loss) and Adjusted EPS for the full year ended December 31, 2023. See “Note on Forward-Looking Statements” above for a discussion of the limitations of these forecasts. Totals may not sum due to rounding.

Note 3: Reconciliation of Non-GAAP Liquidity Measures to Cash from Operations

The Company uses certain measures, such as Free Cash Flow as non-GAAP measures, to evaluate and discuss its liquidity position and results. Free Cash Flow is defined as cash from operating activities, less capital expenditures. We believe that Free Cash Flow provides an indicator of the Company’s ongoing ability to generate cash through core operations, as it excludes the cash impacts of various financing transactions as well as cash flows from business combinations that are not considered organic in nature. We also believe that Free Cash Flow provides management and investors with useful analytical indicators of our ability to service our indebtedness, pay dividends (when declared), and meet our ongoing cash obligations.

Free Cash Flow is not intended to represent cash flows from operations as defined by GAAP, and therefore, should not be used as alternatives for that measure. Other companies in our industry may define Free Cash Flow differently than we do. As a result, it may be difficult to use this or similarly-named financial measures that other companies may use, to compare the liquidity and cash generation of those companies to our own. The Company compensates for these limitations by providing the following detail, which is determined in accordance with GAAP.

Free Cash Flow

For the same reasons discussed above, we are providing the following reconciliation of forecasted cash provided by operations and cash used for capital expenditures to forecasted Free Cash Flow for the year ended December 31, 2023. See “Note on Forward-Looking Statements” above for a discussion of the limitations of these forecasts.

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Andy Myers

Tel : +1 610-240-3221

Email: [email protected]

KEYWORDS: United States North America Pennsylvania

INDUSTRY KEYWORDS: Automotive Manufacturing Manufacturing Textiles Packaging Chemicals/Plastics

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Information Services Group Announces Second-Quarter 2023 Results

• Reports GAAP revenues of $75 million, a second-quarter record
• Reports net income of $2.3 million, GAAP EPS of $0.05 and adjusted EPS of $0.11
• Reports second-quarter adjusted EBITDA of $10 million
• Declares third-quarter dividend of $0.045 per share, payable September 28 to record holders as of September 6
• Announces $25 million expansion of share repurchase program
• Sets third-quarter guidance: revenues between $73 million and $75 million and adjusted EBITDA between $10.5 million and $11.5 million

STAMFORD, Conn.–(BUSINESS WIRE)–
Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, today announced financial results, including record second-quarter revenues, for the quarter ended June 30, 2023.

“ISG continued its strong start to the year, with record second-quarter revenues of $75 million completing a first half with topline growth of 9 percent on an operating basis,” said Michael P. Connors, chairman and CEO. “Strong demand for our research and platform services in the second quarter led to 21 percent growth in our recurring revenues, which now represent more than 40 percent of our firmwide total. Our mix of portfolio solutions and services around cost optimization and digital transformation continue to resonate with clients.”

Connors noted margins in the second quarter were impacted by an unplanned healthcare expense related to the firm’s self-insurance program, along with a reset of the firm’s resource levels. “During the second quarter, ISG optimized its total resource levels slightly downward, resulting in approximately $1 million of severance expense, primarily in Europe, which lowered our operating income for the quarter,” he said.

Connors said the firm remains committed to delivering superior returns to investors. “In addition to returning cash to shareholders through quarterly dividends, our Board of Directors authorized a $25 million expansion of our share repurchase program. Both our ongoing dividend payments and share buybacks underscore our steadfast commitment to shareholders and our confidence in the long-term future of ISG.”

Second-Quarter 2023 Results

Reported revenues for the second quarter were a record $74.6 million, up 6 percent from $70.7 million in the prior year. Currency translation negatively impacted reported revenues by $0.1 million versus the prior year. Reported revenues were $42.3 million in the Americas, up 7 percent; $24.4 million in Europe, up 5 percent; and $8.0 million in Asia Pacific, flat versus the prior year.

ISG reported second-quarter operating income of $4.9 million, down 32 percent from $7.1 million in the second quarter of 2022. Reported second-quarter net income was $2.3 million, down 53 percent from net income of $5.0 million in the prior year. Fully diluted earnings per share was $0.05, compared with $0.10 per fully diluted share in the prior year. Net income margin (calculated by dividing net income by reported revenues) was 3.1 percent, compared with 7.0 percent in the second quarter of 2022.

Adjusted net income (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) for the second quarter was $5.3 million, or $0.11 per share on a fully diluted basis, compared with adjusted net income of $6.8 million, or $0.13 per share on a fully diluted basis, in the prior year’s second quarter.

Second-quarter adjusted EBITDA (a non-GAAP measure defined below under “Non-GAAP Financial Measures”) was $10.1 million, down 6 percent from the prior-year second quarter. Adjusted EBITDA margin (a non-GAAP measure calculated by dividing adjusted EBITDA by reported revenues) was 14 percent, down 159 basis points from the prior year.

Other Financial and Operating Highlights

ISG generated $2.8 million of cash from operations in the second quarter, compared with $0.8 million in the second quarter last year. The firm’s cash balance totaled $19.6 million at June 30, 2023, down from $23.7 million at March 31, 2023.

During the second quarter, ISG paid dividends of $2.2 million, repurchased $2.9 million of shares and made $1.5 million of earnout payments related to the 2022 acquisition of Change4Growth. As of June 30, 2023, ISG had $79.2 million in debt outstanding, unchanged from December 31, 2022. The firm’s gross-debt-to-adjusted-EBITDA ratio (a non-GAAP measure calculated by dividing outstanding debt by adjusted EBITDA) was 1.81 times.

2023 Third-Quarter Revenue and Adjusted EBITDA Guidance

“For the third quarter, ISG is targeting revenues of between $73 million and $75 million and adjusted EBITDA of between $10.5 million and $11.5 million. We will continue to monitor the macroeconomic environment, including the impact of FX, inflation and other factors, and adjust our business plans accordingly.”

Quarterly Dividend

The ISG Board of Directors declared a third-quarter dividend of $0.045 per share payable on September 28, 2023, to shareholders of record on September 6, 2023.

Share Repurchase Authorization

The Board of Directors approved a new share repurchase authorization of $25.0 million, increasing to $28.6 million the aggregate available under the firm’s share repurchase program. The new share repurchase program will take effect upon completion of the current program, which had approximately $3.6 million remaining as of June 30, 2023.

Conference Call

ISG has scheduled a call for 9 a.m., U.S. Eastern Time, Friday, August 4, 2023, to discuss the company’s second-quarter results. The call can be accessed by dialing +1 (888) 330-2057; or, for international callers, by dialing +1 (646) 960-0203. The access code is 1482106. A recording of the conference call will be accessible on ISG’s website (www.isg-one.com) for approximately four weeks following the call.

Forward-Looking Statements

This communication contains “forward-looking statements” which represent the current expectations and beliefs of management of ISG concerning future events and their potential effects. Statements contained herein including words such as “anticipate,” “believe,” “contemplate,” “plan,” “estimate,” “target,” “expect,” “intend,” “will,” “continue,” “should,” “may,” and other similar expressions, are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future results and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Those risks relate to inherent business, economic and competitive uncertainties and contingencies relating to the businesses of ISG and its subsidiaries including without limitation: (1) failure to secure new engagements or loss of important clients; (2) ability to hire and retain enough qualified employees to support operations; (3) ability to maintain or increase billing and utilization rates; (4) management of growth; (5) success of expansion internationally; (6) competition; (7) ability to move the product mix into higher margin businesses; (8) general political and social conditions such as war, political unrest and terrorism; (9) healthcare and benefit cost management; (10) ability to protect ISG and its subsidiaries’ intellectual property or data and the intellectual property or data of others; (11) currency fluctuations and exchange rate adjustments; (12) ability to successfully consummate or integrate strategic acquisitions; (13) outbreaks of diseases, including coronavirus, or similar public health threats or fear of such an event; and (14) engagements may be terminated, delayed or reduced in scope by clients. Certain of these and other applicable risks, cautionary statements and factors that could cause actual results to differ from ISG’s forward-looking statements are included in ISG’s filings with the U.S. Securities and Exchange Commission. ISG undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.

Non-GAAP Financial Measures

ISG reports all financial information required in accordance with U.S. generally accepted accounting principles (GAAP). In this release, ISG has presented both GAAP financial results as well as non-GAAP information for the three and six months ended June 30, 2023, and June 30, 2022. ISG believes that evaluating its ongoing operating results will be enhanced if it discloses certain non-GAAP information. These non-GAAP financial measures exclude non-cash and certain other special charges that many investors believe may obscure the user’s overall understanding of ISG’s current financial performance and the Company’s prospects for the future. ISG believes that these non-GAAP measures provide useful information to investors because they improve the comparability of the financial results between periods and provide for greater transparency of key measures used to evaluate the Company’s performance.

ISG provides adjusted EBITDA (defined as net income plus interest, taxes, depreciation and amortization, foreign currency transaction gains/losses, non-cash stock compensation, interest accretion associated with contingent consideration, acquisition-related costs, and severance, integration and other expense), adjusted net income (defined as net income plus amortization of intangible assets, non-cash stock compensation, foreign currency transaction gains/losses, interest accretion associated with contingent consideration, acquisition-related costs, write-off of deferred financing costs, and severance, integration and other expense, on a tax-adjusted basis), adjusted net income per diluted share, adjusted EBITDA margin, gross-debt-to-adjusted-EBITDA ratio and selected financial data on a constant currency basis which are non-GAAP measures that the Company believes provide useful information to both management and investors by excluding certain expenses and financial implications of foreign currency translations, which management believes are not indicative of ISG’s core operations. These non-GAAP measures are used by ISG to evaluate the Company’s business strategies and management’s performance.

We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP financial measure, excludes the impact of year-over-year fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the Company’s performance. We calculate constant currency percentages by converting our current and prior-periods local currency financial results using the same point in time exchange rates and then compare the adjusted current and prior period results. This calculation may differ from similarly titled measures used by others and, accordingly, the constant currency presentation is not meant to be a substitution for recorded amounts presented in conformity with GAAP, nor should such amounts be considered in isolation.

Management believes this information facilitates comparison of underlying results over time. Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure. Non-GAAP measures are provided as additional information and should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the forward-looking non-GAAP estimates contained herein to the corresponding GAAP measures is not being provided, due to the unreasonable efforts required to prepare it.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

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Press Contact:

Will Thoretz

+1 203 517 3119

[email protected]

Investor Contact:

Bert Alfonso

+1 203 517 3104

[email protected]

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Professional Services Data Management Data Analytics Technology Software Networks Consulting

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NIKE, Inc. Declares $0.340 Quarterly Dividend

BEAVERTON, Ore.–(BUSINESS WIRE)–
NIKE, Inc. (NYSE: NKE) announced today that its Board of Directors has declared a quarterly cash dividend of $0.340 per share on the Company’s outstanding Class A and Class B Common Stock payable on October 2, 2023, to shareholders of record at the close of business September 5, 2023.

About NIKE, Inc.

NIKE, Inc., headquartered near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at https://investors.nike.com. Individuals can also visit https://about.nike.com/en/newsroom and follow NIKE on LinkedIn, Instagram and YouTube.

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Investor Contact:

Paul Trussell

[email protected]

Media Contact:

Virginia Rustique-Petteni

[email protected]

KEYWORDS: Oregon United States North America

INDUSTRY KEYWORDS: Men Other Sports Footwear Retail General Sports Manufacturing Consumer Sports Other Retail Teens Women Other Manufacturing Textiles Fashion

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