Market Newsdesk

Arco Reports Fourth Quarter and Full Year 2020 Financial Results

Arco delivers R$1,002B revenues and 38% adjusted EBITDA for FY2020 and confirms 2021 ACV of R$1,163 million

SÃO PAULO–(BUSINESS WIRE)–Arco Platform Limited, or Arco (Nasdaq: ARCE), today reported financial and operating results for the fourth quarter and full year ended December 31, 2020.

“While the year of 2020 presented an unprecedented global challenge, the Brazilian K-12 education sector has undergone an important technological transformation that will benefit Arco for a long time. While taking care of our team and being financially responsible, we were able to quickly evolve our solutions and go-to-market to better serve existing clients and attract new prospects. In 2021, we will continue evolving our winning factors of brand reputation, superior solutions and distribution capability to pursue our mission of delivering high-quality education at scale,” said Ari de Sá Neto, CEO and founder of Arco.

Full Year 2020 Results

• Net Revenue of R$1,001.7 million;
• Adjusted EBITDA of R$381.0 million;
• Adjusted Net Income of R$220.3 million;

Fourth Quarter 2020 Results

• Net Revenue of R$296.5 million;
• Adjusted EBITDA of R$125.9 million;
• Adjusted Net Income of R$67.4 million;

Key Messages

2020 results: solid FY Revenues with high EBITDA margin

• FY20 Net Revenue of R$1,001.7 million
• Above guidance FY20 adjusted EBITDA margin of 38.0%

2021: ACV of R$1,163 million with sustained high margin

• 2021 ACV of R$1,163 million, 21% growth versus 2020
• Recovery of COVID related revenue impact of ~R$96 million not considered in 2021 ACV
• FY21 adjusted EBITDA margin guidance of 35.5% to 37.5%

Recent acquisitions progressing as planned

• COC and Dom Bosco complement Core portfolio and reinforce Arco’s leadership
• Arco enters the supplemental test prep vertical with the acquisition of Me Salva!
• Escola da Inteligência, national leader in social-emotional, close to full integration

Priorities for 2021: growth, digital and ESG

• Leverage stronger winning factors to continue growing on large & untapped market
• Drive K-12 digitalization
• Disclose and further pursue ESG impact

Conference Call Information

Arco will discuss its fourth quarter and full year 2020 results today, March 31, 2021, via a conference call at 6:00 p.m. Eastern Time. To access the call, please dial: +1 412 717-9627, +1 844 204-8942, +55 11 3181-8565 or +55 11 4118-4632. An audio replay of the call will be available through April 6, 2021, by dialing +55 11 3193-1012 and entering access code 1608874#. A live and archived webcast of the call will be available on the Investor Relations section of the Company’s website at https://investor.arcoplatform.com/.

Information related to COVID-19 pandemic

As of December 31, 2020, there was a total impact of R$14.6 million on the Company’s condensed consolidated financial statements related to the COVID-19 pandemic mainly related to: (i) revision of the expected credit losses considering estimated increases in financial defaults, arising from renegotiations with customers and in unemployment rates in Brazil for the foreseeable future due COVID-19, which resulted in an increase of R$ 7.0 million in allowance for doubtful accounts as of December 31, 2020, (ii) additional expenses of R$ 7.7 million during the year ended December 31, 2020 related to IT, network infrastructure and an integrated teaching platform, as well as expenses to maintain protective measures such as cleaning and disinfecting the installations, distribution of protective masks and alcohol to employees and delivery of chairs, computers and work kits, (iii) increase in inventory reserves to accurately reflect the expected realization of inventories, which resulted in an incremental charge of R$287 thousand, and (iv) rent concessions, regarding leased buildings, that occurred as a direct consequence of the COVID-19 pandemic, amounting R$350 thousand.

The future impact of the COVID-19 pandemic on an ongoing basis is still uncertain, and the Company’s management team will continue to closely monitor and assess the potential impacts it may have on the Company’s business, its financial performance and position.

For full disclosure regarding the COVID-19 discussion, please refer to the December 31, 2020 condensed consolidated financial statements submitted to the Securities and Exchange Commission on Form 6-K.

About Arco Platform Limited (Nasdaq: ARCE)

Arco has empowered hundreds of thousands of students to rewrite their futures through education. Our data-driven learning methodology, proprietary adaptable curriculum, interactive hybrid content, and high-quality pedagogical services allow students to personalize their learning experience while enabling schools to thrive.

Forward-Looking Statements

This press release contains forward-looking statements as pertains to Arco Platform Limited (the “Company”) within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the Company’s expectations or predictions of future financial or business performance conditions. The achievement or success of the matters covered by statements herein involves substantial known and unknown risks, uncertainties, and assumptions, including with respect to the COVID-19 pandemic. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company’s results could differ materially from the results expressed or implied by the statements we make. You should not rely upon forward-looking statements as predictions of future events. Forward looking statements are made based on the Company’s current expectations and projections relating to its financial conditions, result of operations, plans, objectives, future performance and business, and these statements are not guarantees of future performance.

Statements which herein address activities, events, conditions or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. You can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “evaluate,” “expect,” “explore,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “view,” or “will,” or the negative thereof or other variations thereon or comparable terminology. All statements other than statements of historical fact could be deemed forward looking, including risks and uncertainties related to statements about our competition; our ability to attract, upsell and retain customers; our ability to increase the price of our solutions; our ability to expand our sales and marketing capabilities; general market, political, economic, and business conditions in Brazil or abroad; and our financial targets which include revenue, share count and other IFRS measures, as well as non-IFRS financial measures including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, Free Cash Flow and Adjusted Free Cash Flow.

Forward-looking statements represent the Company management’s beliefs and assumptions only as of the date such statements are made, and the Company undertakes no obligation to update any forward-looking statements made in this presentation to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Further information on these and other factors that could affect the Company’s financial results is included in filings the Company makes with the Securities and Exchange Commission from time to time, including the section titled “Risk Factors” in the Company’s most recent Forms 20-F and 6-K. These documents are available on the SEC Filings section of the Investor Relations section of the Company’s website at: https://investor.arcoplatform.com/

Key Business Metrics

ACV Bookings: we define ACV Bookings as the revenue we would contractually expect to recognize from a partner school in each school year pursuant to the terms of our contract with such partner school, assuming no further additions or reductions in the number of enrolled students that will access our content at such partner school in such school year (we define “school year” for purposes of calculation of ACV Bookings as the twelve-month period starting in October of the previous year to September of the mentioned current year). We calculate ACV Bookings by multiplying the number of enrolled students at each partner school with the average ticket per student per year; the related number of enrolled students and average ticket per student per year are each calculated in accordance with the terms of each contract with the related partner school.

Non-GAAP Financial Measures

To supplement the Company’s condensed consolidated financial statements, which are prepared and presented in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board—IASB, we use Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, Free Cash Flow and Adjusted Free Cash Flow which are non-GAAP financial measures.

We calculate Adjusted EBITDA as profit (loss) for the year (or period) plus/minus income taxes, plus/minus finance result, plus depreciation and amortization, plus/minus share of (profit) loss of equity-accounted investees, plus share-based compensation plan, restricted stock units and provision for payroll taxes (restricted stock units), plus M&A expenses, plus non-recurring expenses and plus effects related to COVID-19 pandemic. We calculate Adjusted EBITDA Margin as Adjusted EBITDA divided by Net Revenue.

We calculate Adjusted Net Income as profit (loss) for the year (or period), plus share-based compensation plan, restricted stock units and provision for payroll taxes (restricted stock units), plus amortization of intangible assets from business combinations (which refers to the amortization of the following intangible assets from business combinations: (i) rights on contracts, (ii) customer relationships, (iii) educational system, (iv) trademarks, (v) non-compete agreement (vi) software and (vii) educational platform resulting from acquisitions), plus/minus changes in fair value of derivative instruments (which refers to (i) changes in fair value of derivative instruments—finance income, and plus (ii) changes in fair value of derivative instruments—finance costs), plus/minus changes in accounts payable to selling shareholders plus share of (profit) loss of equity-accounted investees, plus/minus changes in current and deferred tax recognized in statements of income applied to all adjustments to net income, plus/minus foreign exchange gains/loss on cash and cash equivalents, plus interest expenses, net, plus M&A expenses, plus non-recurring expenses and plus effects related to COVID-19 pandemic. We calculate Adjusted Net Income Margin as Adjusted Net Income divided by Net Revenue.

We calculate Free Cash Flow as Net Cash Flows from Operating activities, less acquisition of property and equipment, less acquisition of intangible assets. We consider Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by operating activities and cash used for investments in property and equipment required to maintain and grow our business. We calculate Adjusted Free Cash Flow as free cash flow for the year (or period) plus (i) interest change in financial investments, (ii) M&A expenses, and (iii) non-recurring expenses.

We understand that, although Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin, Free Cash Flow and Adjusted Free Cash Flow are used by investors and securities analysts in their evaluation of companies, these measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results of operations as reported under IFRS. Additionally, our calculations of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, Adjusted Net Income Margin Free Cash Flow and Adjusted Free Cash Flow may be different from the calculation used by other companies, including our competitors in the education services industry, and therefore, our measures may not be comparable to those of other companies.

 

Arco Platform Limited
Consolidated Statements of Financial Position
		December 30,			December 31,
(In thousands of Brazilian reais)		2020			2019
Assets
Current assets
Cash and cash equivalents		424,410			48,900
Financial investments		712,645			574,804
Trade receivables		415,282			329,428
Inventories		74,076			40,106
Recoverable taxes		19,304			15,612
Financial instruments from acquisition of interest		–			3,794
Related parties		9,970			1,298
Other assets		24,073			14,630
Total current assets		1,679,760			1,028,572
Non-current assets
Financial instruments from acquisition of interest		–			32,152
Deferred income tax		236,903			156,748
Recoverable taxes		1,121			6,613
Financial investments		10,349			4,690
Related parties		10,508			14,813
Other assets		22,239			14,399
Investments and interests in other entities		9,654			48,574
Property and equipment		26,087			21,328
Right-of-use assets		30,022			21,631
Intangible assets		2,549,637			1,811,903
Total non-current assets		2,896,520			2,132,851
Total assets		4,576,280			3,161,423
		December 30,			December 31,
(In thousands of Brazilian reais)		2020			2019
Liabilities
Current liabilities
Trade payables		40,925			34,521
Labor and social obligations		85,069			68,511
Taxes and contributions payable		9,676			7,508
Income taxes payable		44,731			52,038
Advances from customers		23,080			25,626
Lease liabilities		12,742			6,845
Loans and financing		107,706			98,561
Accounts payable to selling shareholders		656,014			117,959
Other liabilities		331			607
Total current liabilities		980,274			412,176
Non-current liabilities
Labor and social obligations		36,570			2,801
Lease liabilities		22,478			19,012
Loans and financing		203,413			–
Financial instruments from acquisition of interest		–			33,940
Provision for legal proceedings		1,366			251
Accounts payable to selling shareholders		1,130,501			1,098,273
Other liabilities		794			160
Total non-current liabilities		1,395,122			1,154,437
Equity
Share capital		11			11
Capital reserve		2,200,645			1,607,622
Share-based compensation reserve		80,817			84,546
Accumulated losses		(80,589	)		(97,369	)
Total equity		2,200,884			1,594,810
Total liabilities and equity		4,576,280			3,161,423

Arco Platform Limited
Consolidated Statements of Income
	Three months ended December 31,						Twelve months ended December 31,
(In thousands of Brazilian reais, except earnings per share)	2020			2019			2020			2019
Net revenue	296,537			247,644			1,001,710			572,837
Cost of sales	(66,305	)		(55,374	)		(221,130	)		(117,258	)
Gross profit	230,232			192,270			780,580			455,579
Operating expenses:
Selling expenses	(97,687	)		(76,691	)		(372,269	)		(199,780	)
General and administrative expenses	(71,528	)		(56,165	)		(270,558	)		(191,438	)
Other income (expense), net	(6,251	)		(8,738	)		(2,258	)		(6,287	)
Operating profit	54,766			50,676			135,495			58,074
Finance income	9,614			24,943			45,211			72,047
Finance costs	(28,110	)		(37,032	)		(142,013	)		(170,855	)
Finance result	(18,496	)		(12,089	)		(96,802	)		(98,808	)
Share of profit (loss) of equity-accounted investees	8,450			153			409			(1,800	)
Profit before income taxes	44,720			38,740			39,102			(42,534	)
Income taxes – income (expense)
Current	(18,538	)		(14,596	)		(87,379	)		(46,850	)
Deferred	(1,979	)		18,371			65,057			79,953
Total income taxes – income (expense)	(20,517	)		3,775			(22,322	)		33,103
Profit (loss) for the period	24,203			42,515			16,780			(9,431	)
Basic earnings per share – in Brazilian reais
Class A	0.42			0.79			0.30			(0.18	)
Class B	0.42			0.79			0.30			(0.18	)
Diluted earnings per share – in Brazilian reais
Class A	0.42			0.78			0.30			(0.18	)
Class B	0.42			0.78			0.30			(0.18	)
Weighted-average shares used to compute net income per share:
Basic	57,588			53,812			55,758			51,552
Diluted	57,749			54,149			55,919			51,552

Arco Platform Limited
Consolidated Statements of Cash Flows
	Three months ended December 31,						Twelve months ended December 31,
(In thousands of Brazilian reais)	2020			2019			2020			2019
Operating activities
Profit (loss) before income taxes for the period	44,720			38,740			39,102			(42,534	)
Adjustments to reconcile profit (loss) before income taxes
Depreciation and amortization	37,692			23,865			127,455			48,314
Inventory reserves	4,114			4,273			7,453			8,476
Allowance for doubtful accounts	6,451			7,903			34,684			17,392
Loss on sale/disposal of property and equipment and intangible assets disposed	2,753			2,906			4,277			3,499
Fair value change in financial instruments from acquisition interests	(124	)		(10,822	)		(562	)		(473	)
Changes in accounts payable to selling shareholders	458			7,622			20,330			89,403
Share of (profit) loss of equity-accounted investees	(8,450	)		(153	)		(409	)		1,800
Share-based compensation plan	21,024			612			36,333			33,043
Accrued interest on loans and financing	3,810			1,002			19,862			1,002
Interest accretion on acquisition liability	18,389			17,496			68,379			42,206
Income from non-cash equivalents	(3,532	)		(45,797	)		(13,388	)		(45,797	)
Interest on lease liabilities	976			258			3,036			1,489
Provision for legal proceedings	(7	)		20			587			120
Provision for payroll taxes (restricted stock units)	(1,831	)		(15,066	)		(2,997	)		8,333
Foreign exchange income (loss)	183			571			(188	)		555
Changes in fair value of step acquisitions	3,555			(3,708	)		307			(3,708	)
Gain on sale of investment	–			(34	)		–			(3,286	)
Other financial cost/revenue, net	(466	)		(881	)		(2,315	)		(2,362	)
	129,715			28,807			341,946			157,472
Changes in assets and liabilities
Trade receivables	(148,908	)		(176,193	)		(108,087	)		(136,407	)
Inventories	(10,109	)		(3,669	)		(18,161	)		(14,637	)
Recoverable taxes	7,970			(944	)		3,152			(8,494	)
Other assets	(6,768	)		(9,376	)		(14,087	)		(16,035	)
Trade payables	7,677			(37	)		3,886			8,455
Labor and social obligations	(37,593	)		(2,390	)		7,239			15,950
Taxes and contributions payable	(8,650	)		2,491			1,147			1,951
Advances from customers	17,292			22,334			(2,981	)		19,997
Other liabilities	(533	)		112			(1,420	)		(268	)
Cash (used in) generated from operations	(49,907	)		(138,865	)		212,634			27,984
Income taxes paid	(4,641	)		(6,107	)		(95,053	)		(34,747	)
Interest paid on lease liabilities	(914	)		(455	)		(2,100	)		(852	)
Interest paid on accounts payable to selling shareholders	(140	)		–			(187	)		–
Interest paid on loans and financing	(3,556	)		–			(13,423	)		–
Payments for contingent consideration	(9,520	)		–			(9,520	)		–
Net cash flows (used in) generated from operating activities	(68,678	)		(145,427	)		92,351			(7,615	)
Investing activities
Acquisition of property and equipment	(5,159	)		(3,382	)		(10,822	)		(10,991	)
Payment of investments and interests in other entities	–			(36,435	)		(32,628	)		(41,853	)
Acquisition of subsidiaries, net of cash acquired	(182,284	)		(782,748	)		(204,286	)		(798,885	)
Payment of accounts payables to selling shareholders	–			–			–			–
Acquisition of intangible assets	(33,758	)		(16,741	)		(96,827	)		(43,102	)
Net sales (purchases) of financial investments	192,028			365,821			(130,113	)		277,389
Loans to related parties	(5,000	)		–			(5,000	)		(14,000	)
Net cash flows used in investing activities	(34,173	)		(473,485	)		(479,676	)		(631,442	)
Financing activities
Capital increase – exercised stock options	–			1			–			13,830
Capital increase – proceeds from public offering	–			589,602			591,898			589,602
Share issuance costs	1,240			(18,224	)		(16,291	)		(18,897	)
Payment of lease liabilities	(2,782	)		(1,698	)		(8,510	)		(4,407	)
Payment of loans and financing	(837	)		(511	)		(301,151	)		(563	)
Payment to owners to acquire entity’s shares	(779	)		(928	)		(1,733	)		(928	)
Loans and financing	62			97,574			498,434			97,574
Dividends paid by subsidiaries	3,696			–			–			–
Net cash flows generated from financing activities	600			665,816			762,647			676,211
Foreign exchange effects on cash and cash equivalents	(183	)		(572	)		188			(555	)
(Decrease) increase in cash and cash equivalents	(102,434	)		46,332			375,510			36,599
Cash and cash equivalents at the beginning of the period	526,844			2,568			48,900			12,301
Cash and cash equivalents at the end of the period	424,410			48,900			424,410			48,900
(Decrease) increase in cash and cash equivalents	(102,434	)		46,332			375,510			36,599

Arco Platform Limited
Reconciliation of Non-GAAP Measures
		Three months ended December 31,						Twelve months ended December 31,
(In thousands of Brazilian reais)		2020			2019			2020			2019
Adjusted EBITDA Reconciliation
Profit (loss) for the period		24,203			42,515			16,780			(9,431		)
(+/-) Income taxes		20,517			(3,775	)		22,322			(33,103		)
(+/-) Finance result		18,496			12,089			96,802			98,808
(+) Depreciation and amortization		37,692			23,865			127,455			48,314
(+/-) Share of (profit) loss of equity-accounted investees		(8,450	)		(153	)		(409	)		1,800
EBITDA		92,458			74,541			262,950			106,388
(+) Share-based compensation plan, restricted stock units and provision for payroll taxes (restricted stock units)		18,566			11,148			69,846			66,978
(+) M&A expenses		8,063			15,939			13,751			28,848
(+) Non-recurring expenses		2,736			4,675			19,488			7,142
(+) Effects related to Covid-19 pandemic		4,075			–			14,990			–
Adjusted EBITDA		125,898			106,303			381,025			209,356
Net Revenue		296,537			247,644			1,001,710			572,837
EBITDA Margin		31.2	%		30.1	%		26.3	%		18.6		%
Adjusted EBITDA Margin		42.5	%		42.9	%		38.0	%		36.5		%
		Three months ended December 31,						Twelve months ended December 31,
(In thousands of Brazilian reais)		2020			2019			2020			2019
Adjusted Net Income Reconciliation
Profit (loss) for the period		24,203			42,515			16,780			(9,431		)
(+) Share-based compensation plan, restricted stock units and provision for payroll taxes (restricted stock units).		18,566			11,148			69,846			66,978
(+) Amortization of intangible assets from business combinations		21,349			13,485			76,067			23,173
(+/-) Changes in fair value of derivative instruments		(124	)		(10,822	)		(562	)		(473		)
(+/-) Changes in accounts payable to selling shareholders		458			7,622			20,330			89,403
(+) Share of loss (profit) of equity-accounted investees		(8,450	)		(153	)		(409	)		1,800
(+/-) Tax effects		(21,706	)		(25,112	)		(76,898	)		(79,569		)
(+/-) Foreign exchange on cash and cash equivalents		183			571			(188	)		555
(+) Interest expenses, net		18,049			17,153			67,058			41,042
(+) M&A expenses		8,063			15,939			13,751			28,848
(+) Non-recurring expenses		2,736			4,675			19,488			7,142
(+) Effects related to Covid-19 pandemic		4,075			–			14,990			–
Adjusted Net Income		67,402			77,021			220,253			169,468
Net Revenue		296,537			247,644			1,001,710			572,837
Adjusted Net Income Margin		22.7	%		31.1	%		22.0	%		29.6		%
		Three months ended December 31,						Twelve months ended December 31,
(In thousands of Brazilian reais)		2020			2019			2020			2019
Free Cash Flow Reconciliation
Cash generated from operations		(49,907	)		(138,865	)		212,634			27,984
(-) Income tax paid		(4,641	)		(6,107	)		(95,053	)		(34,747		)
(-) Interest paid on lease liabilities		(914	)		(455	)		(2,100	)		(852		)
(-) Interest paid on investment acquisition		(140	)		–			(187	)		–
(-) Interest paid on loans and financing		(3,556	)		–			(13,423	)		–
(-) Payments for contingent consideration		(9,520	)		–			(9,520	)		–
Cash Flow from Operating Activities		(68,678	)		(145,427	)		92,351			(7,615		)
(-) Acquisition of property and equipment		(5,159	)		(3,382	)		(10,822	)		(10,991		)
(-) Acquisition of intangible assets		(33,758	)		(16,741	)		(96,827	)		(43,102		)
Free Cash Flow		(107,595	)		(165,550	)		(15,298	)		(61,708		)
(+) Interest change in financial investments		3,532			45,797			13,388			45,797
(+) Working capital of acquired companies		22,915			55,078			22,915			55,078
(+) Business combinations		–			5,699			22,642			5,699
(+) M&A expenses		8,063			15,939			13,751			28,848
(+) Others		2,736			8,784			15,379			11,251
(+) Labor and social obligations of restricted stock units		13,548			(3,561	)		–			(3,561		)
(+) Working capital and expenses related to Covid-19 pandemic		39,943			–			39,943			–
Adjusted Free Cash Flow		(16,858	)		(37,814	)		112,720			81,404

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005974/en/

Investor Relations Contact:

Arco Platform Limited

[email protected]

Carina Carreira ([email protected])

KEYWORDS: New York United States South America North America Brazil

INDUSTRY KEYWORDS: Primary/Secondary Preschool Education Technology Software Training

MEDIA:

Logo

Year End 2020 Net Income Attributable to Common Shareholders Grows 204.7% to $77.1 Million

Air Lease Corporation Announces Delivery of New Boeing 787-9 Aircraft to Air Premia

LOS ANGELES–(BUSINESS WIRE)–
Today Air Lease Corporation (NYSE: AL) announced the delivery of one new Boeing 787-9 aircraft on long-term lease to Air Premia (South Korea). Featuring Rolls-Royce Trent 1000 engines, this aircraft is the first of three new Boeing 787-9s confirmed to deliver to Air Premia from ALC’s order book with Boeing this year.

“We are thrilled to announce this first of three Boeing 787-9 aircraft delivery to Air Premia today,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “As the first aircraft in the Air Premia fleet, this ALC Dreamliner will launch the new airline’s international network and contribute to an excellent debut in the Korea marketplace.”

“We cannot describe in words how grateful and honored we are to receive our first Boeing 787 Dreamliner,” said Mr. Peter JY Sim, CEO of Air Premia. “Today, thanks to our great partnership with ALC, is a historic moment for the Korean Air Transportation Industry with the birth of our new hybrid service carrier: Air Premia. Our airline will soon bring hope and joy to those in dire thirst of a true journey with comfort and care.”

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)

ALC is a leading 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 commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. ALC routinely posts information that may be important to investors in the “Investors” section of ALC’s website at www.airleasecorp.com. Investors and potential investors are encouraged to consult the ALC website regularly for important information about ALC. 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 Air Premia

Air Premia is South Korea’s newly-established hybrid air carrier focused on direct trips from Seoul to worldwide international hubs. The innovative airline offers customers upscale services at a reasonable price. With an exclusively Boeing 787-9 Dreamliner fleet, Air Premia customers will be able to enjoy the most advanced in-flight experience. For more information, please visit www.airpremia.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005927/en/

Investors:

Mary Liz DePalma

Vice President, Investor Relations

Email: [email protected]

Jason Arnold

Assistant Vice President, Finance

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: South Korea United States North America Asia Pacific California

INDUSTRY KEYWORDS: Professional Services Air Transport Aerospace Manufacturing Finance

MEDIA:

Logo

First Trust Enhanced Equity Income Fund Issues Notice Regarding March 2021 Distribution

WHEATON, Ill.–(BUSINESS WIRE)–
The Board of Trustees of First Trust Enhanced Equity Income Fund (the “Fund”) (NYSE: FFA), CUSIP 337318109, previously approved a managed distribution policy for the Fund (the “Managed Distribution Plan”) in reliance on exemptive relief received from the Securities and Exchange Commission which permits the Fund to make periodic distributions of long-term capital gains more frequently than otherwise permitted with respect to its common shares subject to certain conditions.

The Fund has declared a distribution payable on March 31, 2021, to shareholders of record as of March 23, 2021, with an ex-dividend date of March 22, 2021. This Notice is meant to provide you information about the sources of your Fund’s distributions. You should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or from the terms of its Managed Distribution Plan.

The following tables set forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date for the Fund from the following sources: net investment income (“NII”); net realized short-term capital gains (“STCG”); net realized long-term capital gains (“LTCG”); and return of capital (“ROC”). These estimates are based upon information projected through March 31, 2021, are calculated based on a generally accepted accounting principles (“GAAP”) basis and include the prior fiscal year-end undistributed net investment income. The amounts and sources of distributions are expressed per common share.

Fund

Fund

Fiscal

Total Current

Current Distribution ($)

Current Distribution (%)

Annualized Current Dist. Rate as a

5 Yr. Avg. Annual Total Return

Ticker

Cusip

Year End

Distribution

NII

STCG

LTCG

ROC (2)

NII

STCG

LTCG

ROC(2)

% of NAV(3)

on NAV(4)

FFA

337318109

12/31/2021

$0.31500

$0.12732

–

–

$0.18768

40.42%

–

–

59.58%

6.68%

14.17%

Fund

Fund

Fiscal

Total Cumulative Fiscal YTD

Cumulative Distributions Fiscal YTD ($)

Cumulative Distributions Fiscal YTD (%)

Cumulative Fiscal YTD Distributions as

Cumulative Fiscal YTD Total Return

Ticker

Cusip

Year End

Distributions(1)

NII

STCG

LTCG

ROC (2)

NII

STCG

LTCG

ROC(2)

a % of NAV(3)

on NAV(4)

FFA

337318109

12/31/2021

$0.31500

$0.12732

–

–

$0.18768

40.42%

–

–

59.58%

1.67%

3.06%

(1) Includes the most recent quarterly distribution paid on March 31, 2021.

(2) The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

(3) Based on Net Asset Value (“NAV”) as of February 28, 2021.

(4) Total Returns are through February 28, 2021.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes. You should not use this Notice as a substitute for your Form 1099-DIV.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $179 billion as of February 28, 2021 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Chartwell Investment Partners, LLC (“Chartwell”) serves as the Fund’s investment sub-advisor and is an investment firm focusing on institutional, sub-advisory, and private client relationships. The firm is a research-based equity and fixed-income manager with a disciplined, team-oriented investment process. As of February 28, 2021, Chartwell had approximately $10.8 billion in assets under management.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost. There can be no assurance that the Fund’s investment objectives will be achieved. The Fund may not be appropriate for all investors.

Principal Risk Factors: Equity securities prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers or their industries occur.

Securities held by a fund, as well as shares of a fund itself, are subject to market fluctuations caused by factors such as general economic conditions, political events, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a fund could decline in value or underperform other investments as a result of the risk of loss associated with these market fluctuations. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. The outbreak of the respiratory disease designated as COVID-19 in December 2019 has caused significant volatility and declines in global financial markets, which have caused losses for investors. The COVID-19 pandemic may last for an extended period of time, and will continue to impact the economy for the foreseeable future.

The Fund may write (sell) covered call options on all or a portion of the equity securities held in the Fund’s portfolio. The use of options may require the Fund to sell portfolio securities at inopportune times or for prices other than current market values, may limit the amount of appreciation the Fund can realize on an investment, or may cause the Fund to hold an equity security that it might otherwise sell.

There is no guarantee that the issuers of the equity securities in which the Fund invests will declare dividends in the future or that if declared they will remain at current levels. There can be no assurance as to what portion of the distributions paid to the Fund’s Common Shareholders will consist of tax-advantaged qualified dividend income.

Investment in non-U.S. securities is subject to the risk of currency fluctuations and to economic and political risks associated with such foreign countries.

The risks of investing in the Fund are spelled out in the shareholder report and other regulatory filings.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

Forward-Looking Statements

Certain statements made in this press release that are not historical facts are referred to as “forward-looking statements” under the U.S. federal securities laws. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from those anticipated in any forward-looking statements. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no responsibility to update publicly or revise any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005972/en/

Inquiries: Don Swade (630) 765-8661

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo

MetLife Statement on Voting Rights

NEW YORK–(BUSINESS WIRE)–
MetLife, Inc. (NYSE: MET) President and CEO Michel Khalaf issued the following statement today on voting rights:

“The right to vote in America is absolutely fundamental. It’s what gives people the power of self-determination and the ability to have their voices heard. MetLife believes any effort to limit the ability of Black Americans to exercise this hard-won civil right undermines democracy. We believe America is a better place when every voice is heard and every vote counts.”

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help its individual and institutional customers navigate their changing world. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005968/en/

For Media:

Randy Clerihue

(646) 552-0533

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Men Professional Services Consumer White House/Federal Government State/Local Public Policy Women Insurance Elections/Campaigns Finance Congressional News/Views Public Policy/Government

MEDIA:

Logo

Arcimoto Announces Full Year 2020 Financial Results and Provides Corporate Update

EUGENE, Ore.–(BUSINESS WIRE)–Arcimoto, Inc.®, (NASDAQ: FUV) makers of affordable, practical, and joyful pure electric vehicles for everyday commuters and fleets, today provided a corporate update and announced financial results for the fiscal year ended December 31, 2020.

2020 and Recent Company Highlights:

• Delivered 97 vehicles to customers in 2020, an increase of 110% over the prior year, despite production shutdowns in each of the four quarters, as well as supply chain interruptions due to COVID-19.

• Expanded the Arcimoto platform family with the launch of production pilots of the Rapid Responder, developed for first responders and security uses, and the Deliverator, targeting last-mile delivery and general fleet utility uses.

• Achieved the strongest financial foundation in Company history by executing a series of above market capital raises garnering net proceeds of approximately $52.9 million. Eliminated all non-equipment-financing debt ($3.9 million) through the retirement of convertible and senior secured notes.

• Teamed with DHL to enable nationwide home delivery of Arcimoto vehicles, achieving an important milestone for the Company’s direct-to-customer sales model in preparation for mass production.

• Partnered with Munro and Associates to plan for high volume production and to evaluate Arcimoto manufacturing processes and supply chain in order to drive down costs and accelerate scale.

• Expanded customer sales into Florida, the Company’s first East Coast state.

• Unveiled the fourth product concept, the Cameo, targeting the film and influencer industry, and our fifth product concept, the Arcimoto Roadster, an open-air all-electric road trike, which recently made its debut at Dayton Bike Week.

• Entered into pilot programs with HyreCar, Wahlburgers Key West, Carry It Forward, the City of Orlando, and others, which have provided invaluable product feedback as we design future models to meet their respective needs before scaling production.

• Completed the purchase of Tilting Motor Works, makers of patented tilting trike technology that will serve as the foundation for new Arcimoto products aimed at micromobility.

• Selected and agreed to purchase a new manufacturing plant, the rAMP. With a facility footprint of approximately 220,000 square feet across 10.7 acres, the Company is planning for a manufacturing capacity of 50,000 units per year once fully operational. This transaction is anticipated to close on April 19, 2021.

• Joined ZETA, the Zero Emission Transportation Association, which has the goal to electrify all vehicle sales by 2030.

• Prioritized the health and safety of the Arcimoto team by implementing robust pandemic protocols including remote work, social distancing, face mask requirements, temperature checks, and surface testing.

Management Commentary

“This last year has been an incredible challenge for us all,” said Mark Frohnmayer, Founder and CEO of Arcimoto. “It makes me all the more proud to stand alongside and witness the truly transformative accomplishments of this venture. Through pandemic shutdowns, disruptions to supply chain and travel, catastrophic wildfires, and devastating personal losses, this team has made giant strides toward the achievement of the Company’s vision.

“As we look to the year ahead and emerge from the pandemic, our course is clear. 2021 is the year Arcimoto will lay the groundwork for its next decade of growth. As we continue to deliver ultra-efficient, ultra-fun rides to our customers, we aim to lay out our full product family roadmap, and demonstrate the technologies, markets, partnerships, and production systems that will together fulfill the company’s mission to catalyze the shift to a sustainable transportation system. We look forward to sharing our road ahead on today’s update webinar.”

Full Year 2020 Financial Results

Total revenues in 2020 were up 120% to approximately $2.2 million as compared to $987,850 in 2019.

Sources of revenue in 2020 were approximately $2 million from the sale of vehicles, approximately $126,000 from merchandise and outside metal fabrication, and $10,000 from grants. The increased revenue in 2020 was largely driven by the sale of 97 Arcimoto FUVs, an increase of 110% over the prior year, despite production shutdowns and supply chain interruptions due to COVID-19.

In 2020 the Company incurred a net loss of $18.1 million, or ($0.63) per share, versus a net loss of $15.3 million, or ($0.85) per share in 2019. Expense increased in 2020 as the Company increased manufacturing capacity by 110% year over year and hired 38 new employees, an increase of 40% over 2019.

The Company had $39.4 million in cash and cash equivalents as of December 31, 2020, compared to $5.8 million cash and cash equivalents as of December 31, 2019. Total assets increased by $36.8 million to a total of $53.2 million. Liabilities decreased by $3.2 million, resulting in an increase of $40.1 million in net tangible assets for an increase of $1.08 in net tangible assets per share.

About Arcimoto, Inc.

Arcimoto (NASDAQ: FUV) develops and manufactures ultra-efficient and affordable electric vehicles to help the world shift to a sustainable transportation system. Now available to preorder customers in California, Oregon, Washington, and Florida, the Arcimoto FUV® is purpose-built for everyday driving, transforming ordinary trips into pure-electric joyrides. Available for preorder, the Deliverator® and Rapid Responder™ provide last-mile delivery and emergency response functionality, respectively, at a fraction of the cost and environmental impact of traditional gas-powered vehicles. Two additional concept prototypes built on the versatile Arcimoto platform are currently in development: the Cameo™, aimed at the film and influencer industry; and the Roadster, designed to be the ultimate on-road fun machine. Every Arcimoto vehicle is built at the Arcimoto Manufacturing Plant in Eugene, Oregon. For more information, please visit Arcimoto.com.

Safe Harbor / Forward-Looking Statements

Except for historical information, all of the statements, expectations, and assumptions contained in this press release are forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict and include, without limitation, our expectations as to vehicle deliveries, the establishment of our service and delivery network and our expected rate of production. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in the forward-looking statements due to numerous factors discussed from time to time in documents which we file with the SEC. In addition, such statements could be affected by risks and uncertainties related to, among other things: our ability to manage the distribution channels for our products, including our ability to successfully implement our rental strategy, direct to consumer distribution strategy and any additional distribution strategies we may deem appropriate; our ability to design, manufacture and market vehicle models within projected timeframes given that a vehicle consists of several thousand unique items and we can only go as fast as the slowest item; our inexperience to date in manufacturing vehicles at the high volumes that we anticipate; our ability to maintain quality control over our vehicles and avoid material vehicle recalls; the number of reservations and cancellations for our vehicles and our ability to deliver on those reservations; unforeseen or recurring operational problems at our facility, or a catastrophic loss of our manufacturing facility; our dependence on our suppliers; changes in consumer demand for, and acceptance of, our products: changes in the competitive environment, including adoption of technologies and products that compete with our products; the overall strength and stability of general economic conditions and of the automotive industry more specifically; changes in laws or regulations governing our business and operations; costs and risks associated with potential litigation; and other risks described from time to time in periodic and current reports that we file with the SEC. Any forward-looking statements speak only as of the date on which they are made, and except as may be required under applicable securities laws, we do not undertake any obligation to update any forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005895/en/

Public Relations Contact:

Megan Kathman

Main: 646-454-9378

[email protected]

Investor Relations Contact:

[email protected]

Arcimoto Fleet Sales:

Sam Fittipaldi

[email protected]

KEYWORDS: Oregon United States North America

INDUSTRY KEYWORDS: Alternative Vehicles/Fuels Automotive

MEDIA:

Logo

First Trust Advisors L.P. Announces Distribution for FT Cboe Vest Gold Strategy Target Income ETF^®

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust Advisors L.P. (“FTA”) announces the declaration of the Monthly distribution for FT Cboe Vest Gold Strategy Target Income ETF^®, a series of First Trust Exchange-Traded Fund.

The following dates apply to today’s distribution declaration:

Expected Ex-Dividend Date:	April 1, 2021
Record Date:	April 5, 2021
Payable Date:	April 6, 2021

Ticker		Exchange		Fund Name		Frequency		Ordinary Income Per Share Amount
ACTIVELY MANAGED EXCHANGE-TRADED FUNDS
First Trust Exchange-Traded Fund
IGLD		Cboe BZX		FT Cboe Vest Gold Strategy Target Income ETF®		Monthly		$0.0489

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $179 billion as of February 28, 2021 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

You should consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus for the Fund contains this and other important information and is available free of charge by calling toll-free at 1-800-621-1675 or visiting www.ftportfolios.com. The prospectus should be read carefully before investing.

Past performance is no assurance of future results. Investment return and market value of an investment in the Fund will fluctuate. Shares, when sold, may be worth more or less than their original cost.

Principal Risk Factors: The fund has characteristics unlike many other traditional investment products and may not be appropriate for all investors.

If an underlying ETF experiences gains during a Target Outcome Period, the fund will not participate in those gains on a one-to-one basis or beyond the cap.

A fund’s shares will change in value and you could lose money by investing in a fund. A fund is subject to market risk which is that a particular security owned by a fund, fund shares or securities in general may fall in value. There is no guarantee that a fund’s investment objectives will be achieved or the sub-advisor will apply investment techniques and risk analyses that will achieve the desired result. The prices of the fund’s securities may change significantly over a short period of time and may be influenced by general market conditions including the outbreak of the respiratory disease designated as COVID-19 in December 2019 which has caused significant volatility and declines in global financial markets. The COVID-19 pandemic may last for an extended period of time and will continue to impact the economy for the foreseeable future.

Investors buying or selling fund shares on the secondary market may incur customary brokerage commissions. Market prices may differ to some degree from the net asset value of the shares. Investors who sell fund shares may receive less than the share’s net asset value.

Shares may be sold throughout the day on the exchange through any brokerage account. However, unlike mutual funds, shares may only be redeemed directly from a fund by authorized participants, in very large creation/redemption units. If a fund’s authorized participants are unable to proceed with creation/redemption orders and no other authorized participant is able to step forward to create or redeem, fund shares may trade at a discount to a fund’s net asset value and possibly face delisting.

A fund with significant exposure to a single asset class, country, region, industry or sector may be more affected by an adverse economic or political development than a broadly diversified fund. A fund may be a constituent of one or more indices which could affect a fund’s trading activity, size and volatility.

There can be no assurance that an active trading market for fund shares will develop or be maintained.

The fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. Although the fund and the Advisor seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

The use of options and other derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives.

A fund may invest in FLEX Options that reference an ETF, which subjects a fund to certain of the risks of owning shares of an ETF as well as the types of instruments in which the reference ETF invests.

Because a fund may hold FLEX Options that reference the index and/or reference ETFs, a fund has exposure to the equity securities markets.

The FLEX Options held by a fund will be exercisable at the strike price only on their expiration date. Prior to the expiration date, the value of the FLEX Options will be determined based upon market quotations or other recognized pricing methods.

There can be no guarantee that a liquid secondary trading market will exist for the FLEX Options and FLEX Options may be less liquid than exchange-traded options.

The fund is subject to income, inflation and interest rate risks. These risks could result in a decline in a security’s value and/or income, increased volatility as interest rates rise or fall and an adverse impact on a fund’s performance.

The price of gold bullion can be significantly affected by international monetary and political developments. In addition, worldwide metal prices may fluctuate substantially over short periods of time, and as a result, a fund’s share price may be more volatile than other types of investments.

Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government.

The fund does not invest directly in FLEX Options. Rather, it invests in a wholly-owned subsidiary, which will have the same investment objective as the fund, but unlike the fund, it may invest without limitation in FLEX Options. The subsidiary is not registered under the Investment Act of 1940, as amended (the “1940 Act”) and is not subject to all the investor protections of the 1940 Act. Thus, the fund, as an investor in the subsidiary, will not have all the protections offered to investors in registered investment companies.

Commodity prices can have significant volatility, and exposure to commodities can cause the value of a fund’s shares to decline or fluctuate in a rapid and unpredictable manner.

As the use of Internet technology has become more prevalent in the course of business, a fund has become more susceptible to potential operational risks through breaches in cyber security.

Large inflows and outflows may impact a new fund’s market exposure for limited periods of time.

The fund intends to qualify as a “regulated investment company” (RIC), however, the federal income tax treatment of certain aspects of the proposed operations of the fund are not entirely clear. If, in any year, the fund fails to qualify as a RIC under the applicable tax laws, the fund would be taxed as an ordinary corporation. A fund that effects all or a portion of its creations and redemptions for cash rather than inkind may be less tax-efficient.

A fund may be subject to the risk that a counterparty will not fulfill its obligations which may result in significant financial loss to a fund.

A fund classified as “non-diversified” may invest a relatively high percentage of its assets in a limited number of issuers. As a result, a fund may be more susceptible to a single adverse economic or regulatory occurrence affecting one or more of these issuers, experience increased volatility and be highly concentrated in certain issuers.

First Trust Advisors L.P. is the adviser to the fund. First Trust Advisors L.P. is an affiliate of First Trust Portfolios L.P., the fund’s distributor.

First Trust Advisors L.P. is registered as a commodity pool operator and commodity trading advisor and is also a member of the National Futures Association.

The information presented is not intended to constitute an investment recommendation for, or advice to, any specific person. By providing this information, First Trust is not undertaking to give advice in any fiduciary capacity within the meaning of ERISA, the Internal Revenue Code or any other regulatory framework. Financial professionals are responsible for evaluating investment risks independently and for exercising independent judgment in determining whether investments are appropriate for their clients.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210331005967/en/

Press Inquiries Ryan Issakainen 630-765-8689

Broker Inquiries Sales Team 866-848-9727

Analyst Inquiries Stan Ueland 630-517-7633

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Logo