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WEX to Host Benefits Investor Event Today

PORTLAND, Maine–(BUSINESS WIRE)–WEX (NYSE: WEX), the global commerce platform that simplifies the business of running a business, will host its previously announced Benefits Investor Event today beginning at 3:30 p.m. ET and concluding at approximately 4:30 p.m. ET. Melissa Smith, WEX’s Chair, Chief Executive Officer, and President, and other members of the WEX leadership team will provide an in-depth review of the Benefits segment, including the product set, growth drivers, and financial profile.

Webcast Details

Investors and other interested parties can register to attend virtually at https://wex-benefits-ir-event-virtual.open-exchange.net/registration. The accompanying slide presentation will be accessible by visiting the Investor Relations section of the WEX website at https://ir.wexinc.com approximately one hour prior to the event. A replay will also be available on the WEX website following the event for no fewer than three months.

About WEX

WEX (NYSE: WEX) is the global commerce platform that simplifies the business of running a business. WEX has created a powerful ecosystem that offers seamlessly embedded, personalized solutions for its customers around the world. Through its rich data and specialized expertise in simplifying benefits, reimagining mobility and paying and getting paid, WEX aims to make it easy for companies to overcome complexity and reach their full potential. For more information, please visit www.wexinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230601005166/en/

News media:

WEX

Julie Lydon, 415-816-9397

[email protected]

Investor:

WEX

Steve Elder, 207-523-7769

[email protected]

KEYWORDS: Maine United States North America

INDUSTRY KEYWORDS: Technology Electronic Commerce Professional Services Business

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Maritime Cleantech Company Selects Spire Global to Provide Ship-Tracking Data

VIENNA, Va.–(BUSINESS WIRE)–Spire Global, Inc. (NYSE: SPIR) (“Spire” or “the Company”), a global provider of space-based data, analytics and space services, was selected by Navidium, an innovative software company active in the maritime industry, to provide real-time automatic identification system (AIS) vessel-tracking data.

Navidium will integrate the data into its Voyage Optimization & Environmental Compliance products to help users track vessel position along a route, reoptimize routes based on various conditions and automatically record environmental compliance data, such as Carbon Intensity Indicator (CII). This product supports crew onboard a vessel, along with fleet managers on shore who need to be aware of their fleet’s current position and progress through a planned journey.

Navidium is also leveraging Spire’s historical and real-time AIS data to train machine learning algorithms that provide users with insights to augment decision making and optimize their vessels for safety, emissions and performance, giving them an edge in a highly competitive environment.

“Working with a flexible solution provider like Spire allows us to adjust quickly to our customers’ needs and gather very meaningful data that we can use to bring a lot of value to our customers,” said Marty Cochrane, Navidium CTO.

Navidium is part of over 1,000 SME and start-up companies in the maritime space, a number that has been growing steadily in the double digits.

About Spire Global, Inc.

Spire (NYSE: SPIR) is a global provider of space-based data, analytics and space services, offering unique datasets and powerful insights about Earth so that organizations can make decisions with confidence in a rapidly changing world. Spire builds, owns, and operates a fully deployed satellite constellation that observes the Earth in real time using radio frequency technology. The data acquired by Spire’s satellites provides global weather intelligence, ship and plane movements, and spoofing and jamming detection to better predict how their patterns impact economies, global security, business operations, and the environment. Spire also offers Space as a Service solutions that empower customers to leverage its established infrastructure to put their business in space. Spire has eight offices across the U.S., Canada, UK, Luxembourg and Singapore. To learn more, visit spire.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230601005218/en/

For Media:

Kristina Spychalski

Director of Communications

[email protected]

For Investors:

Benjamin Hackman

Head of Investor Relations

[email protected]

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Data Management Technology Professional Services Maritime Transport Satellite Green Technology Data Analytics Software Artificial Intelligence Environment

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Caleres Reports First Quarter 2023 Results

• Delivers $0.97 in earnings per share, the upper end of previous guidance
• Generates record quarterly operating earnings and operating margin in the Brand Portfolio segment
• Reiterates full year fiscal 2023 adjusted earnings per share guidance
• Reduces revolving credit facility borrowings by $16 million from fiscal year-end 2022
• Announces strategic expense reduction initiatives

ST. LOUIS–(BUSINESS WIRE)–
Caleres (NYSE: CAL), a diverse portfolio of consumer-driven footwear brands, today reported financial results for the first quarter of 2023, and reiterated its full year fiscal 2023 earnings per share outlook.

“The Caleres team delivered a solid financial performance at the upper end of our earnings per share guidance driven by record quarterly profit from the Brand Portfolio and despite a challenging operating environment at Famous Footwear,” said Jay Schmidt, president and chief executive officer. “These first quarter results underscore the value of our diversified structure, the strength of our omnichannel capabilities and the power of our portfolio.”

First Quarter 2023 Results

(13-weeks ended April 29, 2023, compared to 13-weeks ended April 30, 2022)

• Net sales were $662.7 million, down 9.8 percent from the first quarter of 2022;
  • Famous Footwear segment sales declined 9.2 percent, with comparable sales down 8.5 percent, due to soft consumer demand in shoe chains.

  • Brand Portfolio segment sales decreased 11.0 percent, in-line with expectations and primarily due to the timing of wholesale shipments in the Brand Portfolio in first quarter of 2022 to satisfy customer restocking efforts.

  • Direct-to-consumer sales represented approximately 68 percent of total net sales.

• Gross profit was $302.7 million, while gross margin was 45.7 percent;
  • Famous Footwear segment gross margin of 45.6 percent

  • Brand Portfolio segment gross margin of 44.2 percent

• SG&A as a percentage of net sales was 38.2 percent;

• Net earnings of $34.7 million, or earnings per diluted share of $0.97, compared to net earnings of $50.5 million, or earnings per diluted share of $1.32 in the first quarter of 2022;

• Earnings before interest, taxes, depreciation, and amortization (EBITDA) of $63.7 million, or 9.6 percent of sales;

• Inventory was down 13.1 percent compared to first quarter of 2022, reflecting the company’s disciplined approach to inventory management and lower in-transit inventory; and

• Borrowings under the asset-based revolving credit facility were $291.5 million at the end of the quarter.

Capital Allocation Update

In line with its capital allocation priorities, Caleres continued to reduce the borrowings under its asset-based revolving credit facility, paying down $16 million during the first quarter of 2023. The company also invested $6.5 million in capital expenditures and returned $2.5 million to shareholders through its quarterly dividend. The Caleres board of directors recently approved its next quarterly dividend, which will be paid on June 28, 2023, to shareholders of record as of June 9, 2023.

Fiscal 2023 Outlook:

“Looking ahead, we are encouraged by the increased financial contribution from the Brand Portfolio and the strong momentum in our lead brands – Sam Edelman, Vionic, Naturalizer and Allen Edmonds,” said Schmidt. “While we expect near-term pressure to persist at Famous Footwear, we are highly confident in our ability to remain the leader in footwear for the family, which we believe plays an essential role in the footwear sector overall.”

As a result of the more challenging operating environment, Caleres has taken several steps to reduce expenses across its business. These actions include eliminating open corporate positions, reducing non-merchandise procurement costs, realizing additional Brand Portfolio synergies, and lowering depreciation expense, and are expected to result in $20 million of in-year savings. The company also anticipates better-than-expected freight costs, which is expected to be an additional $10 million in savings. These cost savings are versus prior guidance assumptions, some of which were realized in the first quarter. Caleres anticipates a one-time cash charge of approximately $4 million in the second quarter of 2023 associated with these actions. Additionally, the company anticipates gross margin strength in the Brand Portfolio segment for the balance of the year.

For fiscal 2023, the company is expecting full year diluted earnings per share of $4.02 to $4.22, inclusive of the $4 million one-time charge associated with expense reduction actions in the second quarter. The company is reiterating its full year diluted adjusted earnings per share range of $4.10 to $4.30 and updating its consolidated net sales range to be down 3 percent to down 5 percent. This topline adjustment reflects the company’s revised sales expectations at Famous Footwear.

In addition, Caleres now expects:

• Consolidated operating margin of 7.3 percent to 7.5 percent, versus previous guidance of 7.1 percent to 7.3 percent;

• Interest expense of $17 million to $19 million, versus previous guidance of $18 million to $20 million; and

• Capital expenditures of $55 million to $65 million, versus previous guidance of $60 million to $70 million.

The company still expects an effective tax rate of about 25 percent and weighted average shares outstanding of 34.3 million.

For second quarter of 2023 the company expects:

• Consolidated net sales down 4 percent to 5 percent;

• Diluted earnings per share of $0.79 to $0.84; and

• Adjusted diluted earnings per share of $0.87 to $0.92.

“As we progress through 2023, we are focused on tightly managing our expenses, investing in value-enhancing opportunities, and maximizing our capabilities to position the organization for growth,” said Schmidt. “We believe we have the right foundation and strategic initiatives in place to consistently deliver annual earnings per share of more than $4.00 as we generate strong levels of free cash flow and create value for our shareholders.”

Investor Conference Call

Caleres will host a conference call at 10:00 a.m. ET today, Thursday, June 1. The webcast and associated slides will be available at investor.caleres.com/news/events. A live conference call will be available at (877) 704-4453 for North America participants or (201) 389-0920 for international participants, no passcode necessary. A replay will be also available at investor.caleres.com/news/events/archive for a limited period. Investors may also access the replay by dialing (844) 512-2921 in North America or (412) 317-6671 internationally and using the conference pin 13738707.

Definitions

All references in this press release, outside of the condensed consolidated financial statements that follow, unless otherwise noted, related to net earnings attributable to Caleres, Inc. and diluted earnings per common share attributable to Caleres, Inc. shareholders, are presented as net earnings and earnings per diluted share, respectively.

Non-GAAP Financial Measures

In this press release, the company’s financial results are provided both in accordance with generally accepted accounting principles (GAAP) and using certain non-GAAP financial measures. In particular, the company provides earnings before interest, taxes, depreciation and amortization, and estimated future earnings per diluted share adjusted to exclude certain gains, charges, and recoveries, which are non-GAAP financial measures. These results are included as a complement to results provided in accordance with GAAP because management believes these non-GAAP financial measures help identify underlying trends in the company’s business and provide useful information to both management and investors by excluding certain items that may not be indicative of the company’s core operating results. These measures should not be considered a substitute for or superior to GAAP results.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains certain forward-looking statements and expectations regarding the company’s future performance and the performance of its brands. Such statements are subject to various risks and uncertainties that could cause actual results to differ materially. These risks include (i) inflationary pressures; (ii) supply chain disruptions (iii) changing consumer demands, which may be influenced by general economic conditions and other factors; (iv) rapidly changing consumer preferences and purchasing patterns and fashion trends; (v) customer concentration and increased consolidation in the retail industry; (vi) intense competition within the footwear industry; (vii) foreign currency fluctuations; (viii) political and economic conditions or other threats to the continued and uninterrupted flow of inventory from China and other countries, where the company relies heavily on third-party manufacturing facilities for a significant amount of its inventory; (ix) cybersecurity threats or other major disruption to the company’s information technology systems; (x) the ability to accurately forecast sales and manage inventory levels; (xi) a disruption in the company’s distribution centers; (xii) the ability to recruit and retain senior management and other key associates; (xiii) the ability to secure/exit leases on favorable terms; (xiv) the ability to maintain relationships with current suppliers; (xv) transitional challenges with acquisitions and divestitures; (xvi) changes to tax laws, policies and treaties; (xvii) our commitments and shareholder expectations related to environmental, social and governance considerations; (xviii) compliance with applicable laws and standards with respect to labor, trade and product safety issues; and (xix) the ability to attract, retain, and maintain good relationships with licensors and protect our intellectual property rights. The company’s reports to the Securities and Exchange Commission contain detailed information relating to such factors, including, without limitation, the information under the caption Risk Factors in Item 1A of the company’s Annual Report on Form 10-K for the year ended January 28, 2023, which information is incorporated by reference herein and updated by the company’s Quarterly Reports on Form 10-Q. The company does not undertake any obligation or plan to update these forward-looking statements, even though its situation may change.

SCHEDULE 1

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

		(Unaudited)
		Thirteen Weeks Ended
($ thousands, except per share data)		April 29, 2023				April 30, 2022
Net sales		$	662,734			$	735,116
Cost of goods sold			360,052				408,122
Gross profit			302,682				326,994
Selling and administrative expenses			253,095				260,799
Operating earnings			49,587				66,195
Interest expense, net			(5,623	)			(2,299	)
Other income, net			1,492				3,422
Earnings before income taxes			45,456				67,318
Income tax provision			(10,664	)			(17,333	)
Net earnings			34,792				49,985
Net earnings (loss) attributable to noncontrolling interests			65				(524	)
Net earnings attributable to Caleres, Inc.		$	34,727			$	50,509
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	0.97			$	1.34
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	0.97			$	1.32

SCHEDULE 2

CALERES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

		(Unaudited)
($ thousands)		April 29, 2023			April 30, 2022
ASSETS
Cash and cash equivalents		$	36,151		$	33,717
Receivables, net			148,068			181,551
Inventories, net			559,467			643,527
Property and equipment, held for sale			16,777			16,777
Prepaid expenses and other current assets			60,417			58,069
Total current assets			820,880			933,641
Lease right-of-use assets			513,817			503,393
Property and equipment, net			157,730			137,600
Goodwill and intangible assets, net			212,353			224,475
Other assets			113,303			129,189
Total assets		$	1,818,083		$	1,928,298
LIABILITIES AND EQUITY
Borrowings under revolving credit agreement		$	291,500		$	305,000
Trade accounts payable			261,753			386,821
Lease obligations			136,297			118,692
Other accrued expenses			189,727			259,374
Total current liabilities			879,277			1,069,887
Noncurrent lease obligations			437,171			452,742
Other liabilities			49,754			47,641
Total other liabilities			486,925			500,383
Total Caleres, Inc. shareholders’ equity			446,317			352,236
Noncontrolling interests			5,564			5,792
Total equity			451,881			358,028
Total liabilities and equity		$	1,818,083		$	1,928,298

SCHEDULE 3

CALERES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

		(Unaudited)
		Thirteen Weeks Ended
($ thousands)		April 29, 2023				April 30, 2022
OPERATING ACTIVITIES:
Net cash provided by operating activities		$	37,497			$	19,686
INVESTING ACTIVITIES:
Purchases of property and equipment			(5,750	)			(9,305	)
Capitalized software			(798	)			(2,345	)
Net cash used for investing activities			(6,548	)			(11,650	)
FINANCING ACTIVITIES:
Borrowings under revolving credit agreement			126,000				205,000
Repayments under revolving credit agreement			(142,000	)			(190,000	)
Dividends paid			(2,482	)			(2,648	)
Acquisition of treasury stock			—				(14,673	)
Issuance of common stock under share-based plans, net			(10,006	)			(3,599	)
Contributions by noncontrolling interests			—				1,500
Net cash used for financing activities			(28,488	)			(4,420	)
Effect of exchange rate changes on cash and cash equivalents			(10	)			(14	)
Increase in cash and cash equivalents			2,451				3,602
Cash and cash equivalents at beginning of period			33,700				30,115
Cash and cash equivalents at end of period		$	36,151			$	33,717

SCHEDULE 4
CALERES, INC.
SUMMARY FINANCIAL RESULTS BY SEGMENT
SUMMARY FINANCIAL RESULTS

		(Unaudited)
		Thirteen Weeks Ended
		Famous Footwear						Brand Portfolio						Eliminations and Other						Consolidated
		April 29,			April 30,			April 29,			April 30,			April 29,			April 30,			April 29,			April 30,
($ thousands)		2023			2022			2023			2022			2023			2022			2023			2022
Net sales		$	349,158		$	384,502		$	325,516		$	365,740		$	(11,940	)	$	(15,126	)	$	662,734		$	735,116
Gross profit			159,133			189,234			143,858			139,299			(309	)		(1,539	)		302,682			326,994
Gross margin			45.6	%		49.2	%		44.2	%		38.1	%		2.6	%		10.2	%		45.7	%		44.5	%
Operating earnings (loss)			17,056			49,688			42,669			41,349			(10,138	)		(24,842	)		49,587			66,195
Operating margin			4.9	%		12.9	%		13.1	%		11.3	%		n/m	%		n/m	%		7.5	%		9.0	%
Comparable sales % (on a 13-week basis)			(8.5	)%		(4.0	)%		9.4	%		66.0	%		—	%		—	%		—	%		—	%
Number of stores			866			887			93			83			—			—			959			970
n/m – Not meaningful

SCHEDULE 5

CALERES, INC.

BASIC AND DILUTED EARNINGS PER SHARE RECONCILIATION

		(Unaudited)
		Thirteen Weeks Ended
		April 29,				April 30,
		2023				2022
($ thousands, except per share data)
Net earnings attributable to Caleres, Inc.:
Net earnings		$	34,792			$	49,985
Net (earnings) loss attributable to noncontrolling interests			(65	)			524
Net earnings attributable to Caleres, Inc.			34,727				50,509
Net earnings allocated to participating securities			(1,478	)			(2,017	)
Net earnings attributable to Caleres, Inc. after allocation of earnings to participating securities		$	33,249			$	48,492
Basic and diluted common shares attributable to Caleres, Inc.:
Basic common shares			34,407				36,209
Dilutive effect of share-based awards			—				467
Diluted common shares attributable to Caleres, Inc.			34,407				36,676
Basic earnings per common share attributable to Caleres, Inc. shareholders		$	0.97			$	1.34
Diluted earnings per common share attributable to Caleres, Inc. shareholders		$	0.97			$	1.32

SCHEDULE 6

CALERES, INC.

CALCULATION OF EBITDA (NON-GAAP METRIC)

		(Unaudited)
		Thirteen Weeks Ended
($ thousands)		April 29, 2023				April 30, 2022
EBITDA:
Net earnings attributable to Caleres, Inc.		$	34,727			$	50,509
Income tax provision			10,664				17,333
Interest expense, net			5,623				2,299
Depreciation and amortization (1)			12,714				12,357
EBITDA		$	63,728			$	82,498
EBITDA margin			9.6	%			11.2	%

__________________________
(1)	Includes depreciation and amortization of capitalized software and intangible assets.

SCHEDULE 7

CALERES, INC.

RECONCILIATION OF DILUTED EARNINGS PER SHARE (GAAP BASIS) TO ADJUSTED DILUTED EARNINGS PER SHARE (NON-GAAP BASIS) – SECOND QUARTER AND FISCAL 2023 GUIDANCE

		(Unaudited)
		Second Quarter 2023 Guidance						Fiscal 2023 Guidance
		Low			High			Low			High
GAAP diluted earnings per share		$	0.79		$	0.84		$	4.02		$	4.22
Charges/other items:
Expense reduction initiatives			0.08			0.08			0.08			0.08
Adjusted diluted earnings per share		$	0.87		$	0.92		$	4.10		$	4.30

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230601005391/en/

Investor Contact:

Logan Bonacorsi

[email protected]

KEYWORDS: Missouri United States North America

INDUSTRY KEYWORDS: Footwear Fashion Online Retail Retail Department Stores Manufacturing Textiles

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Air Lease Corporation Announces Lease Placement of Four New Airbus A220 Aircraft with Czech Airlines

LOS ANGELES–(BUSINESS WIRE)–
Today Air Lease Corporation (NYSE: AL) announced long-term lease placements for four new Airbus A220-300 aircraft with Czech Airlines. All four aircraft are scheduled to deliver to the European airline in 2024 from ALC’s order book with Airbus.

“We are pleased to announce this lease placement for four new Airbus A220 aircraft with Czech Airlines,” said Steven Udvar-Házy, Executive Chairman of Air Lease Corporation. “As the first to introduce the A220 to the airline, ALC looks forward to working with Czech Airlines long-term to modernize and enhance the airline’s fleet with the most technologically advanced and fuel-efficient new aircraft.”

Petr Kudela, Chairman of the Board of Directors, Czech Airlines, added: “These ALC A220s will greatly enhance our airline’s operational strength as we modernize our fleet with highly efficient and environmentally friendly single-aisle aircraft. Czech Airlines is pleased to launch the cooperation with the ALC team at the time we celebrate our 100th anniversary in October 2023. Thanks to a brand-new cabin configuration, the aircraft offers best in class comfort for short- and medium-haul flights. I am, therefore, convinced that this step will be appreciated particularly by our customers.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.

About Air Lease Corporation (NYSE: AL)

Air Lease Corporation is a leading global aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing new commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. The company routinely posts information that may be important to investors in the “Investors” section of its website at www.airleasecorp.com. Investors and potential investors are encouraged to consult Air Lease Corporation’s website regularly for important information. The information contained on, or that may be accessed through, ALC’s website is not incorporated by reference into, and is not a part of, this press release.

About Czech Airlines

Czech Airlines is the Czech Republic’s flag carrier. Founded in 1923, it ranks among the five oldest airlines in the world. The Company specializes in regular passenger air transport, focusing primarily on direct scheduled connections between Prague and important destinations in Europe. Being a member of the SkyTeam global airline alliance and cooperating with its partner airlines, Czech Airlines offers its customers a wide range of destinations, daily frequencies and connecting services around the world.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230601005318/en/

Investors:

Jason Arnold

Vice President, Investor Relations

Email: [email protected]

Media:

Laura Woeste

Senior Manager, Media and Investor Relations

Email: [email protected]

Ashley Arnold

Manager, Media and Investor Relations

Email: [email protected]

KEYWORDS: California Europe Czech Republic United States North America

INDUSTRY KEYWORDS: Professional Services Air Transport Aerospace Manufacturing Finance

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