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Adtran brings energy-efficient multigigabit broadband to homes and businesses with next-gen ONTs

News summary:

• Demand for high-capacity Ethernet connectivity is soaring, driven by remote work, gamers and cloud-based applications

• Versatile, high-performance SDX 630 Series XGS-PON ONTs offer service providers a green and cost-effective route to 10G service delivery

• Newest addition to Adtran’s SD-Access ecosystem ready to support evolving Wi-Fi technology

HUNTSVILLE, Ala.–(BUSINESS WIRE)–
Adtran today launched its SDX 630 Series, a new generation of 10G symmetric XGS-PON optical network terminals (ONTs) designed to address the demands of residential and business customers in the multigigabit era. The flexible, open technology provides a cost-effective path to high-bandwidth services while enabling service providers to support existing FTTH subscribers. With speeds up to 10Gbit/s, the SDX 630 Series meets all connectivity needs, from streaming high-quality videos on multiple devices to running data-intensive cloud applications. The low-power devices are easy to deploy and feature zero-touch service provisioning capabilities. Coupled with Adtran service delivery gateways (SDGs), they meet the demand of current and future Wi-Fi standards and enable seamless integration with Adtran’s intelligent Mosaic One management system for enhanced control and monitoring.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230504005600/en/

“In today’s digital age, households and enterprises require high-capacity broadband with unparalleled quality to stay connected and productive. That’s why we’ve engineered our new generation of XGS-PON ONTs to simultaneously meet all the needs of remote work, gamers and cloud-based applications. Our SDX 630 Series enables service providers to succeed in the multigigabit era by harnessing the benefits of high-speed fiber optic transmission and the flexibility offered by our full portfolio of customer premises equipment,” said Robert Conger, SVP of technology and strategy at Adtran. “Our ONTs are specifically designed to remain at the premises for the long term, meeting the requirements of ever-advancing Wi-Fi residential gateways for years to come. Maintenance-free and with a compact, modern design, they discretely blend into a range of environments.”

The SDX 630 Series of ONTs addresses today’s key challenges around delivering cost-efficient, converged residential and business services. Part of the Adtran ecosystem of open-API access products, they enable easy integration into existing network infrastructure and SDN-based management systems. Simple zero-touch provisioning allows for end user installations without the need for truck rolls, reducing complexity and opex. What’s more, they feature advanced operational monitoring features, such as Y.1731, continuity check and ONT-generated multigigabit speed tests. With 10GbE and 2.5GbE LAN interfaces, integrated voice ports, as well as outdoor ONT variants, service providers can offer any flavor of multigigabit service. Also available is an XGS-PON SFP+ ONT that offers a complete ONT in a small form factor pluggable package.

“Meeting today’s soaring bandwidth demands takes more than just great technology. It takes a company that’s committed to building environmentally responsible solutions. Our SDX 630 Series is a distillation of everything we’ve learned over the past decade. It features recyclable enclosures, cloud-hosted documentation and optimized packaging, all designed to put sustainability first,” commented Eric Presworsky, GM of residential solutions at Adtran. “We’ve worked closely with service providers to address some of their key concerns when it comes to building networks in a cost-effective and sustainable way. For example, just take a look at the low-power capabilities of our SDX 630 Series. It’s compliant with Energy Efficient Ethernet (EEE) and European Union COC v8. We’re confident that it’s going to help service providers in a big way.”

Further information on the SDX 630 Series is available in these slides.

About Adtran

ADTRAN Holdings, Inc. (NASDAQ: ADTN and FSE: QH9) is the parent company of Adtran, Inc., a leading global provider of open, disaggregated networking and communications solutions that enable voice, data, video and internet communications across any network infrastructure. From the cloud edge to the subscriber edge, Adtran empowers communications service providers around the world to manage and scale services that connect people, places and things. Adtran solutions are used by service providers, private enterprises, government organizations and millions of individual users worldwide. ADTRAN Holdings, Inc. is also the largest shareholder of ADVA. Find more at Adtran, LinkedIn and Twitter.

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ADTRAN Holdings, Inc.

www.adtran.com

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Adtran’s SDX 630 Series will be key in helping service providers deliver multigigabit broadband in the most sustainable and cost-effective way. (Photo: Business Wire)

TempusDirect Joins the CCC Network to Deliver Third-Party Casualty Solutions

Integration Establishes a Single Workflow for Insurers to Optimize the Review, Adjustment, and Negotiation of Third-Party Medical Bills

CHICAGO–(BUSINESS WIRE)–CCC Intelligent Solutions Inc. (CCC), a leading cloud platform powering the P&C insurance economy, announces today that TempusDirect (Tempus), an innovation leader in repricing services for third-party medical billing, is the newest company to integrate into the CCC Network. CCC Casualty customers will be able to perform medical bill review in CCC’s Injury Evaluation Solutions (IES) offering and seamlessly refer medical bills to Tempus for a variety of services. Referral results will be returned to CCC’s IES where the adjuster can easily apply adjustments and finalize an evaluation with the click of a button.

“We are excited to work with CCC and integrate with their best-in-class bill review platform, helping our customers pay what they owe with the most efficient workflow possible,” said Josh Dickerson, COO and Cofounder at TempusDirect. “By working with CCC we can help our mutual customers identify eligible bills, ingest referrals automatically or manually based on customer preference, and provide these valuable services in an integrated solution that will be unmatched in the industry.”

CCC can help carriers identify and flag casualty risks early in the claims process through photo-based AI, segment those claims properly, and then – leveraging its newly upgraded bill review engine – facilitate line-level bill evaluation in ways that are intuitive for the adjuster to ensure reasonableness of charges and treatment patterns. With the Tempus integration, adjusters will be able to seamlessly add collateral source validation, live benchmarking, and direct-to-provider networks and negotiations.

“Combining CCC’s bill review engine and full suite of offerings with integrated access to TempusDirect’s suite of direct-to-provider solutions will create powerful synergy to drive outcome accuracy,” said Kevin Moynihan, Vice President of Product Management at CCC. “This integration also improves the adjuster experience by eliminating the need to access multiple systems to perform these critical evaluation activities. We can’t wait to help more insurers connect with Tempus offerings – both current and future.”

Added Mike Silva, CCC’s Executive Vice President of Customer Success, “CCC is always looking to innovate on behalf of our customers, and that includes serving as a hub for companies whose complementary solutions add unique benefits. I’m excited about the value our work with Tempus will bring to the market and our growing customer base.”

Learn more about CCC® Third-Party Casualty solutions.

About TempusDirect

Tempus is built upon the foundation of user-inspired innovation and a promise to listen and serve with a sense of urgency. Tempus creates new and proprietary solutions to reprice 3rd Party medical bills and offers a Direct to Provider suite of solutions capable of retrieving, discounting, and paying the provider directly. These solutions work together to offer the ideal balance of liability-specific networks and direct negotiations. Additionally, Tempus’ first to market Claims Validation and Live Benchmarks solution offers medical bill validation for fraud and collateral source combined with liability specific benchmark data. Learn more about current and future offers at www.tempusdirect.com or www.linkedin.com/company/tempusdirect/.

About CCC

CCC Intelligent Solutions Inc. (CCC), a subsidiary of CCC Intelligent Solutions Holdings Inc. (NASDAQ: CCCS), is a leading SaaS platform for the multi-trillion-dollar P&C insurance economy powering operations for insurers, repairers, automakers, part suppliers, lenders, and more. CCC cloud technology connects more than 30,000 businesses digitizing mission-critical workflows, commerce, and customer experiences. A trusted leader in AI, IoT, customer experience, network and workflow management, CCC delivers innovations that keep people’s lives moving forward when it matters most. Learn more about CCC at www.cccis.com.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are based on beliefs and assumptions and on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding future use and performance of CCC’s digital solutions. Such differences may be material. We cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, competition, including technological advances and new products marketed by competitors; changes to applicable laws and regulations and other risks and uncertainties, including those included under the header “Risk Factors” in most recently filed Form 10-K by CCC with the Securities and Exchange Commission (“SEC”) on March 2, 2023, which can be obtained, without charge, at the SEC’s website (www.sec.gov). The forward-looking statements in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

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Charles River Associates (CRA) Declares Quarterly Cash Dividend of $0.36 Per Common Share

BOSTON–(BUSINESS WIRE)–Charles River Associates (NASDAQ: CRAI), a worldwide leader in providing economic, financial and management consulting services, today announced that its Board of Directors has declared a quarterly cash dividend of $0.36 per common share to be paid on June 9, 2023 to shareholders of record of CRA’s common stock as of the close of business on May 30, 2023. The Company expects to continue paying quarterly dividends, the declaration, timing and amounts of which remain subject to the discretion of CRA’s Board of Directors.

About Charles River Associates (CRA)

Charles River Associates® is a leading global consulting firm specializing in economic, financial and management consulting services. CRA advises clients on economic and financial matters pertaining to litigation and regulatory proceedings, and guides corporations through critical business strategy and performance-related issues. Since 1965, clients have engaged CRA for its unique combination of functional expertise and industry knowledge, and for its objective solutions to complex problems. Headquartered in Boston, CRA has offices throughout the world. Detailed information about Charles River Associates, a registered trade name of CRA International, Inc., is available at www.crai.com. Follow us on LinkedIn, Twitter, and Facebook.

SAFE HARBOR STATEMENT

Statements in this press release concerning our expectations regarding the payment of future quarterly dividends are “forward-looking” statements as defined in Section 21 of the Exchange Act. These statements are based upon our current expectations and various underlying assumptions. Although we believe there is a reasonable basis for these statements and assumptions, and these statements are expressed in good faith, these statements are subject to a number of additional factors and uncertainties. These factors include, but are not limited to, the possibility that the demand for our services may decline as a result of changes in general and industry specific economic conditions; the timing of engagements for our services; the effects of competitive services and pricing; our ability to attract and retain key employee or non-employee experts; the inability to integrate and utilize existing consultants and personnel; the decline or reduction in project work or activity; global economic conditions including less stable political and economic environments; the impact of epidemics or pandemics such as the COVID-19 pandemic; foreign currency exchange rate fluctuations; unanticipated expenses and liabilities; risks inherent in international operations; changes in tax law or accounting standards, rules, and regulations; our ability to collect on forgivable loans should any become due; and professional and other legal liability or settlements. Additional risks and uncertainties are discussed in our periodic filings with the Securities and Exchange Commission under the heading “Risk Factors.” The inclusion of such forward-looking information should not be regarded as our representation that the future events, plans, or expectations contemplated will be achieved. Except as may be required by law, we undertake no obligation to update any forward-looking statements after the date of this press release, and we do not intend to do so.

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Charles River Associates

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Sharon Merrill Associates, Inc.

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UnitedHealthcare Provides $275,000 to Three North Carolina Nonprofits to Improve Health Outcomes for Children

Funds will advance stability and provide critical resources for children in kinship and foster care across North Carolina

RALEIGH, N.C.–(BUSINESS WIRE)–
UnitedHealthcare Community Plan of North Carolina has announced $275,000 in grant funding to three local organizations supporting children in kinship and foster care across the state.

“Caring for the most vulnerable members of our community starts with meeting their most basic needs, and we are dedicated to supporting the children of North Carolina who face elevated challenges each day,” said Anita Bachmann, CEO, UnitedHealthcare Community Plan of North Carolina. “We’re honored to collaborate with these nonprofits in their efforts to keep kids healthy and in caring homes.”

Grant funds will help Methodist Home for Children, Boys & Girls Home of North Carolina, and Foster Family Alliance of North Carolina to expand or introduce new offerings for foster families as well as kinship families, defined as a family friend or relative who has assumed the role of primary caregiver for a child. Grants include:

• $125,000 to Methodist Home for Children to enhance programs that stabilize placements with families for children with dual diagnoses.

• $75,000 to Boys & Girls Home of North Carolina to increase preventive and aftercare services for families and support kinship placements.

• $75,000 to Foster Family Alliance of North Carolina to increase support groups, kinship navigation and resources for kinship families.

“Kinship families deserve to be supported in their child welfare journey, just as foster parents are,” said Gaile Osborne, executive director, Foster Family Alliance. “Collaboration with UnitedHealthcare has allowed our organization to increase capacity across the state to help kinship families navigate physical and mental health services.”

The support from UnitedHealthcare will further each organization’s efforts to foster stability and permanency for children, increase access to care and build healthier communities across North Carolina.

“UnitedHealthcare’s generous grant will provide much needed support to our ongoing efforts to stabilize struggling families in North Carolina,” said Marc Murphy, CEO, Boys & Girls Home. “Children in foster care often come to us having experienced trauma and behind their peers in so many key developmental areas. This collaboration will enable our staff to expand services to improve health outcomes for more children and families in our area.”

According to the American Academy of Pediatrics, children in foster care face increased barriers to health care, and 1 in 3 children enter foster care with a chronic medical condition. Additionally, 60% of children in foster care under 5 years old have developmental health issues, and more than 40% of school-age children face educational challenges.

“At Methodist Home for Children, we believe every child deserves a chance – and that includes the historically underserved population of children dually diagnosed with a developmental disability and mental health disorder,” said Bruce Stanley, CEO and president, Methodist Home for Children. “The generous support of UnitedHealthcare builds our capacity to equip dually diagnosed children to successfully re-integrate to their homes and school communities – and to live their lives as productively and independently as possible.”

UnitedHealthcare serves more than 1.7 million members enrolled in Medicaid, employer-sponsored, individual and Medicare and retirement plans in North Carolina, with a network of 141 hospitals, and over 60,000 physicians and other care providers statewide.

About UnitedHealthcare

UnitedHealthcare is dedicated to helping people live healthier lives and making the health system work better for everyone by simplifying the health care experience, meeting consumer health and wellness needs, and sustaining trusted relationships with care providers. In the United States, UnitedHealthcare offers the full spectrum of health benefit programs for individuals, employers, and Medicare and Medicaid beneficiaries, and contracts directly with more than 1.5 million physicians and care professionals, and 7,000 hospitals and other care facilities nationwide. The company also provides health benefits and delivers care to people through owned and operated health care facilities in South America. UnitedHealthcare is one of the businesses of UnitedHealth Group (NYSE: UNH), a diversified health care company. For more information, visit UnitedHealthcare at www.uhc.com or follow @UHC on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230504005280/en/

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Posted on May 4, 2023 9:28 am

Lineage Cell Therapeutics to Report First Quarter 2023 Financial Results and Provide Business Update on May 11, 2023

Lineage Cell Therapeutics to Report First Quarter 2023 Financial Results and Provide Business Update on May 11, 2023

CARLSBAD, Calif.–(BUSINESS WIRE)–Lineage Cell Therapeutics, Inc. (NYSE American and TASE: LCTX), a clinical-stage biotechnology company developing allogeneic cell therapies for unmet medical needs, today announced that it will report its first quarter 2023 financial and operating results on Thursday, May 11, 2023, following the close of the U.S. financial markets. Lineage management will also host a conference call and webcast on Thursday, May 11, 2023, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss its first quarter 2023 financial and operating results and to provide a business update.

Interested parties may access the conference call on May 11^th, 2023, by dialing (800) 715-9871 from the U.S. and Canada and should request the “Lineage Cell Therapeutics Call”. A live webcast of the conference call will be available online in the Investors section of Lineage’s website. A replay of the webcast will be available on Lineage’s website for 30 days and a telephone replay will be available through May 18, 2023, by dialing (800) 770-2030 from the U.S. and Canada and entering conference ID number 8339383.

About Lineage Cell Therapeutics, Inc.

Lineage Cell Therapeutics is a clinical-stage biotechnology company developing novel cell therapies for unmet medical needs. Lineage’s programs are based on its robust proprietary cell-based therapy platform and associated in-house development and manufacturing capabilities. With this platform Lineage develops and manufactures specialized, terminally differentiated human cells from its pluripotent and progenitor cell starting materials. These differentiated cells are developed to either replace or support cells that are dysfunctional or absent due to degenerative disease or traumatic injury or administered as a means of helping the body mount an effective immune response to cancer. Lineage’s clinical and preclinical programs are in markets with billion dollar opportunities and include five allogeneic (“off-the-shelf”) product candidates: (i) OpRegen^®, a retinal pigment epithelial cell therapy in Phase 2a development for the treatment of geographic atrophy secondary to age-related macular degeneration, is being developed under a worldwide collaboration with Roche and Genentech, a member of the Roche Group; (ii) OPC1, an oligodendrocyte progenitor cell therapy in Phase 1/2a development for the treatment of acute spinal cord injuries; (iii) VAC2, a dendritic cell therapy produced from Lineage’s VAC technology platform for immuno-oncology and infectious disease, currently in Phase 1 clinical development for the treatment of non-small cell lung cancer; (iv) ANP1, an auditory neuronal progenitor cell therapy for the potential treatment of auditory neuropathy; and (v) PNC1, a photoreceptor neural cell therapy for the potential treatment of vision loss due to photoreceptor dysfunction or damage. For more information, please visit www.lineagecell.com or follow the company on Twitter @LineageCell.

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Mawson Infrastructure Group Inc. Announces $5 Million Registered Direct Offering

SHARON, Pa.–(BUSINESS WIRE)–
Mawson Infrastructure Group Inc. (NASDAQ:MIGI) (“Mawson” or the “Company”), a digital infrastructure provider, today announced a $5 million registered direct offering.

Mawson has entered into a definitive agreement with institutional investors for the issuance and sale of 2,083,336 shares of its common stock (or pre-funded warrants in lieu thereof) at a purchase price of $2.40 per share of common stock (or $2.399 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.001 per share exercise price for each pre-funded warrant) in a registered direct offering. In addition, in a concurrent private placement, the Company will issue to the institutional investors unregistered warrants to purchase up to 2,604,170 shares of its common stock with an exercise price of $3.23 per share and are exercisable six months following issuance for a period of five and one-half years following issuance. The closing of the registered direct offering and the concurrent private placement is expected to occur on or about May 8, 2023, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to Mawson from the offering are expected to be approximately $5 million, before deducting the placement agent’s fees and other offering expenses payable by Mawson. Mawson intends to use the net proceeds from this offering to continue to build out its digital infrastructure, for potential strategic transactions and also for general corporate purposes, including working capital. The shares of common stock and pre-funded warrants described above are being offered and sold by Mawson pursuant to a “shelf” registration statement on Form S-3 (File No. 333-264062), including a base prospectus, previously filed with the Securities and Exchange Commission, or the SEC, on April 1, 2022 and declared effective by the SEC on April 11, 2022. Such shares of common stock and pre-funded warrants may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and an accompanying base prospectus relating to the registered direct offering will be filed with the SEC. Electronic copies of the prospectus supplement and the accompanying base prospectus may be obtained, when available, by visiting the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3^rd Floor, New York, NY 10022, by e-mail at [email protected] or telephone at (212) 856-5711.

The warrants described above are being issued in a concurrent private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder and, along with the shares of common stock underlying such warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.

The Company also has agreed to amend certain existing warrants to purchase up to 1,666,667 shares of the Company’s common stock that were previously issued in July 2022 and have an exercise price of $6.06 per share, effective upon the closing of the offering, such that the amended warrants will have a reduced exercise price of $3.23 per share, will be exercisable six months following the closing of the offering, and will expire five and one-half years following the closing of the offering.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Mawson Infrastructure Group

Mawson Infrastructure Group (NASDAQ: MIGI) is a digital infrastructure provider, with operations throughout the USA. Mawson’s vertically integrated model is based on a long-term strategy to promote the global transition to the new digital economy. Mawson matches sustainable energy infrastructure with next-generation Mobile Data Center (MDC) solutions, enabling low-cost Bitcoin production and on-demand deployment of infrastructure assets. With a strong focus on shareholder returns and an aligned board and management, Mawson Infrastructure Group is emerging as a global leader in ESG focused Bitcoin mining and digital infrastructure.

For more information, visit: www.mawsoninc.com

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Mawson cautions that statements in this press release that are not a description of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words referencing future events or circumstances such as “expect,” “intend,” “plan,” “anticipate,” “believe,” and “will,” among others. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon Mawson’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the possibility that Mawson’s need and ability to raise additional capital, the satisfaction of the closing conditions in this offering, the use of proceeds of this offering, the development and acceptance of digital asset networks and digital assets and their protocols and software, the reduction in incentives to mine digital assets over time, the costs associated with digital asset mining, the volatility in the value and prices of cryptocurrencies and further or new regulation of digital assets. More detailed information about the risks and uncertainties affecting Mawson is contained under the heading “Risk Factors” included in Mawson’s Annual Report on Form 10-K filed with the SEC on March 23, 2023, and in other filings Mawson has made and may make with the SEC in the future. One should not place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Mawson undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as may be required by law.

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Posted on May 4, 2023 9:27 am

Diversey Reports First Quarter 2023 Results

• Reported sales +5.5% compared to prior year; +12.6% adjusted for constant currency
• Loss before taxes of $44.3 million for the first quarter, representing loss before taxes margin of (6.4)%
  • Adjusted EBITDA was $52.6 million, representing Adjusted EBITDA margin of 7.6%

FORT MILL, S.C., May 04, 2023 (GLOBE NEWSWIRE) — Diversey Holdings, Ltd. (“Diversey”) (NASDAQ: DSEY) announces first quarter results.

Unaudited	First Quarter Ended March 31
(millions)		2023			2022		% Change
Net sales	$	696.0		$	660.0		5.5	%
Loss before taxes		(44.3	)		(37.2	)	(19.1) %
% Margin	(6.4) %			(5.6) %			(80) bps
Net loss		(53.6	)		(39.1	)	(37.1) %
Adjusted net income (loss)(1)		1.5			3.7		(59.5) %
Adjusted EBITDA(1)		52.6			60.3		(12.8) %
% Margin (1)		7.6	%		9.1	%	(150) bps

(1) See the “Non-GAAP Financial Information and Segment Adjusted EBITDA” section herein for explanations of these financial measures.

First Quarter 2023 Consolidated Results

Net sales increased 5.5% versus prior year or 12.6% when adjusting for currency, continuing positive momentum entering the year. Each segment continues to win new customers while passing through pricing to combat high cost inflation.

Loss before taxes of $44.3 million in the first quarter of 2023 included Special Items (as defined below) impact of $55.1 million and compared to loss before taxes of $37.2 million in first quarter 2022 including Special Items impact of $42.8 million. Loss before taxes margin declined 80 basis points compared to the same prior year period. Adjusted EBITDA for the first quarter 2023 was $52.6 million, representing a decline of 12.8% versus the period in 2022 as reported or a decline of 0.8% when adjusting for currency. Adjusted EBITDA margin declined 150 basis points compared to the same period 2022. Growth from accelerating pricing was more than offset by higher costs and foreign exchange pressures in the period.

Net loss of $53.6 million for the first quarter of 2023 representing a decline of 37.1% versus the first quarter of 2022 with EPS of $(0.17) in the first quarter of 2023 compared to $(0.12) in the first quarter of 2022. Adjusted net income in the first quarter 2023 was $1.5 million compared to Adjusted net income of $3.7 million in the first quarter 2022 with Adjusted EPS of $0.00 in the first quarter 2023 compared to $0.01 in the first quarter 2022.

Segment Review

Institutional

Unaudited	First Quarter Ended March 31
(millions)		2023			2022		% Change
Net sales	$	477.1		$	472.2		1.0	%
Adjusted EBITDA		37.6			53.0		(29.1) %
% Margin		7.9	%		11.2	%	(330) bps

Net sales of $477.1 million in the Institutional segment were 1.0% above the first quarter of 2022 or 7.3% when adjusting for currency. Growth in the quarter reflects a combination of pricing, new customer wins, and expansion with our existing customers. Adjusted EBITDA of $37.6 million declined 29.1% compared to the first quarter of 2022 or 21.3% when adjusting for currency. Adjusted EBITDA margin declined 330 basis points versus the first quarter of 2022 due to cost pressures, partially offset by pricing which is not yet fully realized. Acquisitions contributed $3.7 million to sales growth and $0.6 million to Adjusted EBITDA.

Food & Beverage

Unaudited	First Quarter Ended March 31
(millions)		2023			2022		% Change
Net sales	$	218.9		$	187.8		16.6	%
Adjusted EBITDA		25.7			22.1		16.3	%
% Margin		11.7	%		11.8	%	(10) bps

Net sales of $218.9 million in the Food & Beverage segment were 16.6% above the first quarter of 2022 or 25.8% when adjusting for currency. This was driven by pricing, new customer wins and continued success with the water treatment offering. Adjusted EBITDA of $25.7 million increased 16.3% and margin declined 10 basis points compared to the first quarter of 2022. Adjusted EBITDA increased 29.9% when adjusting for currency.

Take-Private Merger Agreement

On March 8, 2023, Diversey entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Olympus Water Holdings IV, L.P. (acting by its General Partner, Olympus Water Holdings Limited), and Diamond Merger Limited, pursuant to which Diamond Merger Limited will be merged with and into Diversey with Diversey continuing as the surviving company and as a wholly-owned subsidiary of Olympus Water Holdings IV, L.P. (the “Merger”). If the Merger is completed, Diversey’s ordinary shares will be removed from listing on The Nasdaq Stock Market LLC and deregistered under the Securities Exchange Act of 1934 and Diversey will no longer file periodic reports with the Securities and Exchange Commission (the “SEC”). Diversey expects the Merger to be completed in the second half of 2023, subject to the satisfaction of certain conditions, including the affirmative vote of holders of ordinary shares representing at least two-thirds of the shares present and voting in person or by proxy at the extraordinary general meeting (the “Requisite Shareholder Approval”), the expiration of waiting periods, receipt of certain other specified regulatory approvals, and other customary closing conditions. In light of this transaction, as is customary during the pendency of an acquisition, Diversey will not be hosting an earnings conference call or live webcast to discuss its first quarter 2023 financial results and Diversey will not be providing guidance for 2023. For further details and discussion of our financial performance please refer to our Form 10-Q for the quarter ended March 31, 2023.

About Diversey

Diversey’s purpose is to go beyond clean to take care of what’s precious through leading hygiene, infection prevention, and cleaning solutions. We develop and deliver innovative products, services, and technologies that save lives and protect our environment. Over the course of 100 years, the Diversey brand has become synonymous with product quality, service, and innovation.

For more information about Diversey, visit www.diversey.com or follow us on LinkedIn, Facebook, or Twitter @diversey.

Diversey Holdings, Ltd.

Investor Contact:
Grant Graver
[email protected]

Cautionary Statements Regarding Forward-Looking Information

This communication contains forward-looking statements that are subject to substantial risks and uncertainties. All statements other than statements of historical fact included in this communication, including statements regarding the proposed Merger, our business strategy, future operations and results thereof, future financial position, future revenue, projected costs, prospects, current and prospective products, current and prospective collaborations, timing and likelihood of success, plans and objectives of management, expected market growth and future results of current and anticipated products are forward-looking statements. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “potential”, “predict”, “intend”, “believe”, “may”, “might”, “will”, “would”, “should”, “can have”, “could”, “continue”, “contemplate”, “target”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events although not all forward-looking statements contain these identifying words. For example, all statements we make relating to the proposed Merger and its completion, our estimated and projected costs, expenditures, cash flows, growth rates and financial results or our plans and objectives for future operations, growth initiatives, or strategies are forward-looking statements. All forward-looking statements involve unknown risks, and other important factors that may cause actual results performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including:

• uncertainties associated with the proposed Merger, including the failure to complete the Merger in a timely manner or at all, restrictions on business conduct and potential lawsuits related to the proposed Merger;
• the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement;
• the inability to complete the proposed Merger due to the failure to satisfy conditions precedent, including satisfaction of the Requisite Shareholder Approval;
• risks related to disruption of management’s attention from our ongoing business operations due to the proposed Merger;
• the effect of the announcement of the proposed Merger on our relationships with our customers and on our operating results and business generally;
• the costs of the proposed Merger if the proposed Merger is not consummated;
• uncertain global economic conditions which have had and could continue to have an adverse effect on our consolidated financial condition and results of operations;
• the global nature of our operations exposes us to numerous risks that could materially adversely affect our consolidated financial condition and results of operations;
• fluctuations between non-U.S. currencies and the U.S. dollar could materially impact our consolidated financial condition or results of operations;
• political and economic instability and risk of government actions affecting our business and our customers or suppliers may adversely impact our business, results of operations and cash flows;
• raw material pricing, availability and allocation by suppliers as well as energy-related costs may negatively impact our results of operations, including our profit margins;
• if we do not develop new and innovative products or if customers in our markets do not accept them, our results would be negatively affected;
• cyber risks and the failure to maintain the integrity of our operational or security systems or infrastructure;
• the introduction of the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting may adversely affect our effective rate of tax in future periods;
• the consolidation of customers may adversely affect our business, consolidated financial condition or results of operations;
• we experience competition in the markets for our products and services and in the geographic areas in which we operate;
• instability and uncertainty in the credit and financial markets could adversely impact the availability of credit that we and our customers need to operate our business;
• new and stricter regulations may affect our business and consolidated condition and results of operations; and
• the other risks described under “Risk Factors” in our Annual Report on Form 10-K filed with the SEC.

We derive many of our forward-looking statements from our operating budgets and forecasts, which are based on many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements in the context of these risks and uncertainties.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included herein are made only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Non-GAAP Financial Information

We present financial information that conforms to generally accepted accounting principles in the United States (“U.S. GAAP”). We also present financial information that does not conform to U.S. GAAP (“Non-GAAP”), as our management believes it is useful to investors.

The Non-GAAP financial metrics exclude items that we consider to be certain specified items (“Special Items”), such as restructuring charges, transaction and integration costs, certain transaction and other charges related to acquisitions and divestitures, gains and losses related to acquisitions and divestitures, and certain other items. We evaluate unusual or Special Items on an individual basis. Our evaluation of whether to exclude an unusual or Special Item for purposes of determining our Non-GAAP financial measures considers both the quantitative and qualitative aspects of the item, including among other things (i) its nature, (ii) whether or not it relates to our ongoing business operations, and (iii) whether or not we expect it to occur as part of our normal business on a regular basis.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are supplemental measures that are not required by, or presented in accordance with, U.S. GAAP. We define EBITDA as income (loss) before income tax provisions (benefit), interest expense, and depreciation and amortization, and Adjusted EBITDA, as EBITDA adjusted for other items to (i) eliminate certain non-operating income or expense items, (ii) eliminate the impact of certain non-cash and other items that are included in net income (loss) that we do not consider indicative of our ongoing operating performance, and (iii) eliminate certain unusual and non-recurring items impacting results in a particular period.

EBITDA and Adjusted EBITDA are not measures of our financial performance under U.S. GAAP and should not be considered as an alternative to revenues, net income (loss), income (loss) before income tax provision or any other performance measures derived in accordance with U.S. GAAP, nor should they be considered as alternatives to cash flows from operating activities as a measure of liquidity in accordance with U.S. GAAP. In addition, our method of calculating EBITDA and Adjusted EBITDA may vary from the methods used by other companies.

Our management considers EBITDA and Adjusted EBITDA to be key indicators of our financial performance. Additionally, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. We also believe that investors, analysts and rating agencies consider EBITDA and Adjusted EBITDA useful means of measuring our ability to meet our debt service obligations and evaluating our financial performance, and management uses these measures for one or more of these purposes. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items. EBITDA and Adjusted EBITDA have important limitations as analytical tools and you should not consider them in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. The use of EBITDA and Adjusted EBITDA instead of net income has limitations as an analytical tool.

Adjusted Net Income

Adjusted Net Income (as defined below) and Adjusted Earnings (Loss) Per Share (“Adjusted EPS”) are Non-GAAP financial measures. We define Adjusted Net Income as net income (loss) adjusted to (i) eliminate certain non-operating income or expense items, (ii) eliminate the impact of certain non-cash and other items that are included in net income that we do not consider indicative of our ongoing operating performance, (iii) eliminate certain unusual and non-recurring items impacting results in a particular period, and (iv) reflect the tax effect of items (i) through (iii) and other tax special items. We define Adjusted EPS as our Adjusted Net Income (Loss) divided by the number of weighted average shares outstanding in the period.

We believe that in addition to our results determined in accordance with GAAP, Adjusted Net Income and Adjusted EPS are useful in evaluating our business, results of operations and financial condition. We believe that Adjusted Net Income and Adjusted EPS may be helpful to investors because they provide consistency and comparability with past financial performance and facilitate period to period comparisons of our operations and financial results, as they eliminate the effects of certain variables from period to period for reasons that we do not believe reflect our underlying operating performance or are unusual or infrequent in nature. However, Adjusted Net Income and Adjusted EPS are presented for supplemental informational purposes only and should not be considered in isolation or as a substitute or alternative for financial information presented in accordance with GAAP.

Adjusted Net Income and Adjusted EPS have limitations as analytical tools.

Diversey Holdings, Ltd.

Condensed Consolidated Balance Sheets

(Unaudited)

(in millions except per share amounts)		March 31, 2023			December 31, 2022
Assets
Current assets:
	Cash and cash equivalents	$	125.7		$	205.6
	Trade receivables, net of allowance for doubtful accounts of $22.6 and $21.7		434.6			457.4
	Other receivables		77.4			77.1
	Inventories		405.5			354.6
	Prepaid expenses and other current assets		114.6			110.6
	Total current assets		1,157.8			1,205.3
Property and equipment, net			260.2			254.1
Goodwill			468.0			462.8
Intangible assets, net			1,985.0			1,984.1
Other non-current assets			339.3			348.4
	Total assets	$	4,210.3		$	4,254.7
Liabilities and stockholders’ equity
Current liabilities:
	Short-term borrowings	$	1.1		$	3.8
	Current portion of long-term debt		12.0			12.4
	Accounts payable		547.1			552.6
	Accrued restructuring costs		22.7			28.0
	Other current liabilities		415.6			399.2
	Total current liabilities		998.5			996.0
Long-term debt, less current portion			1,965.8			1,969.0
Deferred taxes			148.8			148.6
Other non-current liabilities			468.4			468.1
	Total liabilities		3,581.5			3,581.7
Commitments and contingencies
Stockholders’ equity:
	Ordinary shares, $0.01 par value per share; 1,000,000,000 shares authorized, 324,683,350 and 324,328,774 shares outstanding in 2023 and 2022		—			—
	Preferred shares, $0.0001 par value per share, 200,000,000 shares authorized, 0 shares outstanding in 2023 and 2022		—			—
	Additional paid-in capital		1725.9			1,717.5
	Accumulated deficit		(943.0	)		(889.4	)
	Accumulated other comprehensive loss		(154.1	)		(155.1	)
	Total stockholders’ equity		628.8			673.0
	Total liabilities and stockholders’ equity	$	4,210.3		$	4,254.7

Diversey Holdings, Ltd.

Condensed Consolidated Statements of Operations

(Unaudited)

(in millions except per share amounts)	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
Net sales	$	696.0		$	660.0
Cost of sales		476.4			423.9
Gross profit		219.6			236.1
Selling, general and administrative expenses		219.1			213.7
Transaction and integration costs		8.0			4.5
Amortization of intangible assets		21.9			24.2
Restructuring and exit costs		0.5			9.8
Operating loss		(29.9	)		(16.1	)
Interest expense		28.2			30.3
Foreign currency gain related to hyperinflationary subsidiaries		(3.1	)		(0.3	)
Other (income) expense, net		(10.7	)		(8.9	)
Loss before income tax provision		(44.3	)		(37.2	)
Income tax provision		9.3			1.9
Net loss	$	(53.6	)	$	(39.1	)
Basic and diluted loss per share	$	(0.17	)	$	(0.12	)
Basic and diluted weighted average shares outstanding		323.2			319.6

Diversey Holdings, Ltd.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in millions)		Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
Operating activities:
	Net loss	$	(53.6	)	$	(39.1	)
	Adjustments to reconcile net loss to cash provided by (used in) operating activities:
	Depreciation and amortization		43.4			47.4
	Amortization of deferred financing costs and original issue discount		1.8			1.8
	Gain on cash flow hedges		1.1			1.1
	Deferred taxes		0.3			(3.5	)
	Unrealized foreign currency exchange gain		(0.6	)		(1.1	)
	Share-based compensation		8.4			15.1
	Impact of highly inflationary subsidiaries		(3.1	)		(0.3	)
	Provision for bad debts		1.7			1.9
	Provision for slow moving inventory		2.9			0.4
	Non-cash pension benefit		(0.8	)		(3.6	)
	Non-cash tax receivable agreement adjustments		(4.9	)		(6.4	)
	Gain on sale of property and equipment		(3.7	)		—
	Changes in operating assets and liabilities:
	Trade receivables, net		21.7			3.0
	Inventories, net		(44.6	)		(39.9	)
	Accounts payable		(11.3	)		68.3
	Income taxes, net		2.2			(4.6	)
	Other assets and liabilities, net		(3.3	)		5.4
Cash provided by (used in) operating activities			(42.4	)		45.9
Investing activities:
	Business acquired in purchase transactions, net of cash acquired		(11.7	)		(41.4	)
	Proceeds from sale of property and equipment and other assets		6.2			—
	Dosing and dispensing equipment		(18.4	)		(17.3	)
	Capital expenditures		(6.1	)		(10.0	)
Cash used in investing activities			(30.0	)		(68.7	)
Financing activities:
	Payments on short-term borrowings		(2.5	)		(7.2	)
	Proceeds from revolving credit facility		20.0			50.0
	Payments on revolving credit facility		(20.0	)		(50.0	)
	Payments on long-term borrowings		(5.2	)		(4.3	)
	Proceeds from derivatives		—			45.3
Cash provided by (used in) financing activities			(7.7	)		33.8
Effect of exchange rate changes on cash and cash equivalents			0.2			(2.4	)
	Increase (decrease) in cash and cash equivalents		(79.9	)		8.6
Cash and cash equivalents at beginning of period			206.2			208.2
Cash, cash equivalents and restricted cash at end of period		$	126.3		$	216.8
Supplemental Cash Flow Information:
	Interest payments	$	22.0		$	25.3
	Income tax payments	$	4.9		$	9.8

The following table reconciles loss before income tax provision to EBITDA and Adjusted EBITDA for the periods presented:

(in millions)	Three Months Ended March 31, 2023			Three Months Ended March 31, 2022
Loss before income tax provision	$	(44.3	)	$	(37.2	)
Interest expense		28.2			30.3
Interest income		(1.7	)		(0.7	)
Amortization expense of intangible assets		21.9			24.2
Depreciation expense included in cost of sales		19.9			20.6
Depreciation expense included in selling, general and administrative expenses		1.6			2.6
EBITDA		25.6			39.8
Transaction and integration costs(1)		8.0			4.5
Restructuring and exit costs(2)		0.5			9.8
Other costs related to facilities consolidations(3)		18.1			—
Foreign currency gain related to hyperinflationary subsidiaries(4)		(3.1	)		(0.3	)
Adjustment for tax indemnification asset(5)		—			(0.1	)
Acquisition accounting adjustments(6)		—			1.3
Non-cash pension and other post-employment benefit plan(7)		(0.8	)		(3.6	)
Unrealized foreign currency exchange gain(8)		(0.6	)		(1.1	)
Securitization fees(9)		2.4			0.9
Share-based compensation(10)		11.0			15.1
Tax receivable agreement adjustments(11)		(4.9	)		(6.4	)
Gain on sale of property and equipment(12)		(3.7	)		—
Other items		0.1			0.4
Consolidated Adjusted EBITDA	$	52.6		$	60.3

The following table reconciles net loss to Adjusted Net Income and basic and diluted earnings (loss) per share to Adjusted EPS for the periods presented:

	Three Months Ended March 31, 2023						Three Months Ended March 31, 2022
(in millions, except per share amounts)	Net Income (Loss)			Basic and diluted EPS			Net Income (Loss)			Basic and diluted EPS
Reported (GAAP)	$	(53.6	)	$	(0.17	)	$	(39.1	)	$	(0.12	)
Amortization expense of intangible assets acquired		21.9			0.07			24.2			0.08
Transaction and integration costs(1)		8.0			0.02			4.5			0.01
Restructuring and exit costs(2)		0.5			0.00			9.8			0.03
Other costs related to facilities consolidations(3)		18.1			0.06			—			—
Foreign currency gain related to hyperinflationary subsidiaries(4)		(3.1	)		(0.01	)		(0.3	)		0.00
Adjustment for tax indemnification asset(5)		—			—			(0.1	)		0.00
Acquisition accounting adjustments(6)		—			—			1.3			0.00
Non-cash pension and other post-employment benefit plan(7)		(0.8	)		0.00			(3.6	)		(0.01	)
Unrealized foreign currency exchange gain(8)		(0.6	)		0.00			(1.1	)		0.00
Share-based compensation(10)		11.0			0.03			15.1			0.05
Tax receivable agreement adjustments(11)		(4.9	)		(0.02	)		(6.4	)		(0.02	)
Gain on sale of property and equipment(12)		(3.7	)		(0.01	)		—			—
Other items		0.1			0.00			0.4			0.00
Tax effects related to non-GAAP adjustments(13)		(10.9	)		(0.03	)		(10.5	)		(0.04	)
Discrete tax adjustments(14)		19.5			0.06			9.5			0.03
Adjusted (Non-GAAP)	$	1.5		$	0.00		$	3.7		$	0.01

(1) These costs consist primarily of professional and consulting services which are non-operational in nature, costs related to strategic initiatives, acquisition-related costs, costs incurred in preparing to become a publicly traded company, and costs related to the Merger.

(2) Includes costs related to restructuring programs and business exit activities. Refer to Note 16 — Restructuring and Exit Activities in the Notes to our Condensed Consolidated Financial Statements included elsewhere in our Quarterly Report on Form 10-Q for additional information.

(3) Represents other costs related to consolidating certain manufacturing and warehousing facilities within Europe and North America, which are non-recurring and included in Cost of Sales in our Condensed Consolidated Statements of Operations.

(4) Argentina and Turkey were deemed to have highly inflationary economies and the functional currencies for our Argentina and Turkey operations were changed from the Argentine peso and Turkish lira to the U.S. dollar and remeasurement charges/credits are recorded in our Condensed Consolidated Statements of Operations rather than as a component of Cumulative Translation Adjustment on our Condensed Consolidated Balance Sheets.

(5) In connection with the original acquisition of the Diversey business in 2017, the purchase agreement governing the transaction includes indemnification provisions with respect to tax liabilities. The offset to this adjustment is included in income tax provision.

(6) In connection with various acquisitions we recorded fair value increases to our inventory. These amounts represent the amortization of this increase.

(7) Represents the net impact of the expected return on plan assets, interest cost, and settlement cost components of net periodic defined benefit income related to our defined benefit pension plans.

(8) Represents the unrealized foreign currency exchange impact on our operations, primarily attributed to the valuation of the U.S. Dollar-denominated debt held by our European entity.

(9) Represents the fees to complete the sale of the receivables without recourse under our accounts receivable securitization agreements. Refer to Note 5 — Financial Statement Details in the Notes to our Condensed Consolidated Financial Statements included elsewhere in our Quarterly Report on Form 10-Q for additional information.

(10) Represents compensation expense associated with our share-based equity and liability awards. See Note 15 — Share-Based Compensation in the Notes to our Condensed Consolidated Financial Statements included elsewhere in our Quarterly Report on Form 10-Q for additional information.

(11) Represents the adjustment to our tax receivable agreement liability due to changes in valuation allowances that impact the realizability of the attributes of the tax receivable agreement.

(12) Represents the gain on sale of property and equipment, primarily attributed to the sale of certain facilities.

(13) The tax rate used to calculate the tax impact of the pre-tax adjustments is based on the jurisdiction in which the charge was recorded.

(14) Represents adjustments related to discrete tax items including uncertain tax provisions, impacts from rate changes in certain jurisdictions and changes in our valuation allowance.

The following table represents net sales by segment:

(in millions, except percentages)	Institutional					Food & Beverage					Total
First Quarter 2022 Net Sales	$	472.2		71.5	%	$	187.8		28.5	%	$	660.0
Organic change (non-U.S. GAAP)		31.0		6.6	%		48.4		25.8	%		79.4		12.0	%
Acquisition		3.7		0.8	%		—		—	%		3.7		0.6	%
Constant dollar change (non-U.S. GAAP)		34.7		7.3	%		48.4		25.8	%		83.1		12.6	%
Foreign currency translation		(29.8	)	(6.3	)%		(17.3	)	(9.2)%			(47.1	)	(7.1)%
Total change		4.9		1.0	%		31.1		16.6	%		36.0		5.5	%
First Quarter 2023 Net Sales	$	477.1		68.5	%	$	218.9		31.5	%	$	696.0