Market Newsdesk

fuboTV Announces Launch of Branded Content Studio at 2021 IAB NewFronts

Signs Soccer Greats Pablo Zabaleta, Melissa Ortiz to Lead Original Programming for South American Qatar World Cup 2022 Qualifying Matches

Fubo Sports Network to Premiere Terrell Owens and Matthew Hatchette’s Getcha Popcorn Ready as Vodcast, New Season of No Chill with Gilbert Arenas

Partners with LiveRamp to Enhance Addressable Targeting for Advertisers

NEW YORK–(BUSINESS WIRE)–
fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV streaming platform, will announce at the 2021 IAB NewFronts today the launch of a branded content studio for advertisers, new and returning shows from Terrell Owens, Matthew Hatchette and Gilbert Arenas on Fubo Sports Network and a partnership with LiveRamp to enhance its addressable advertising capabilities.

Through the new studio, advertisers can collaborate with fuboTV’s creative team to create custom branded content to air on Fubo Sports Network. Working with fuboTV, advertising partners have a full menu of creative options to choose from, including short and long form custom brand content and unique original integrations featuring Fubo Sports Network talent.

The launch comes as fuboTV and Fubo Sports Network are gearing up to exclusively stream the Qatar World Cup 2022 Qualifying matches of South American Football Confederation (CONMEBOL) beginning next month. In addition to CONMEBOL, fuboTV will stream many qualifying matches through its carriage of other channel partners.

To bolster its Qatar World Cup 2022 Qualifiers coverage, fuboTV will produce original programming, including pre, half-time and post match shows, to air throughout the season. fuboTV will announce today it has signed soccer legends Pablo Zabaleta (Manchester City and Argentina star) and Melissa Ortiz (Colombia’s women’s national team) as hosts.

Additional hosts and programming details, including how consumers can stream all South American qualifying matches with fuboTV and Fubo Sports Network, will be announced.

Also during its IAB NewFronts presentation today, fuboTV will announce new original programming for Fubo Sports Network. Terrell Owens, a six-time NFL Pro Bowl selection and five-time first-team All-Pro wide receiver, and Matthew Hatchette, a veteran NFL wide receiver, will bring their Getcha Popcorn Ready podcast to TV for the first time when the show premieres as a vodcast on Fubo Sports Network this summer. Additionally, Fubo Sports Network will premiere the second season of its popular show, No Chill with Gilbert Arenas, hosted by the three-time NBA All-Star.

Getcha Popcorn Ready joins Fubo Sports Network’s growing lineup of talent-driven original programming featuring, in addition to No Chill with Gilbert Arenas, the Julie Stewart-Binks hosted Drinks with Binks and The Cooligans from the self-proclaimed soccer and stand-up comedians.

On the business front, fuboTV will announce today a new partnership with LiveRamp to enhance its existing addressable targeting capabilities. fuboTV advertisers can now seamlessly activate data and measure across all advanced connected TV (CTV) campaign strategies through access to LiveRamp’s unique Advanced TV products. LiveRamp’s products include privacy-safe subscriber file matching, viewership and best-in-class measurement with Data+Math.

“As advertising budgets continue to shift from TV to streaming video and CTVs, providing our clients with custom opportunities to engage their consumers further adds to the power of OTT platforms like ours,” said Diana Horowitz, senior vice president, advertising sales, fuboTV. “Through our new branded content studio, we can bring brands to life as only our fuboTV talent can, all while integrating them into some of the most sought-after live events on the sports calendar. And, aided by our new partnership with LiveRamp that enhances our existing advanced addressability capabilities, our advertising partners can ensure their campaigns are reaching highly engaged, targeted audiences.”

“I’m truly excited about the original programming opportunities fuboTV will be offering consumers and advertisers over the next year,” said Pamela Duckworth, head of fubo Sports Network and original programming. “From our exclusive streaming rights for South American Qatar World Cup 2022 Qualifying matches — and all of the shoulder programming we will produce with icons like Pablo Zabaleta and Melissa Ortiz — to our Fubo Sports Network original shows with Terrell Owens, Matthew Hatchette and Gilbert Arenas, there is no better platform to engage with all things sports.”

fuboTV continues to grow its leading position as a sports-first live TV streaming platform. The company closed 2020 with nearly 548,000 subscribers, an increase of 73% year-over-year. In addition to its growing subscription business, fuboTV’s ad sales operations also closed a record year. Advertising revenue grew 133% year-over-year to $29 million with advertising average revenue per user (ad ARPU) reaching $8.47, an increase of 52% year-over-year. Engagement was also strong with fuboTV users streaming 544.9 million hours of sports, news and entertainment content in 2020, and 7.2 hours per day.

Leveraging a powerful combination of live sports, premium video and custom executions, coupled with industry-leading advertising technology and targeting capabilities, fuboTV’s rapidly growing advertising business offers brands and marketers flexible solutions to reach a highly engaged audience, in a premium connected TV environment.

About fuboTV

With a mission to provide the world’s most thrilling sports-first live TV experience through the greatest breadth of premium content, interactivity and integrated wagering, fuboTV Inc. (NYSE: FUBO) is focused on bringing to life its vision of a streaming platform that transcends the industry’s current virtual MVPD model. fuboTV Inc. operates in the U.S., Canada and Spain.

Leveraging its proprietary data and technology platform optimized for live TV and sports viewership, fuboTV Inc. aims to turn passive viewers into active participants. Through its cable TV replacement product, fuboTV, subscribers can stream a broad mix of 100+ live TV channels, including 42 of the top 50 Nielsen-ranked networks across sports, news and entertainment — more than any other live TV streaming platform (source: Nielsen Total Viewers, 2020). fuboTV intends to add interactivity to its streaming experience with the launch of a predictive free-to-play gaming app in Q3 2021.

Fubo Gaming Inc., a subsidiary of fuboTV Inc., expects to launch Fubo Sportsbook, a comprehensive sports and entertainment experience through sports betting and interactive gaming, in Q4 2021, subject to obtaining requisite regulatory approvals.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on the current beliefs, expectations and assumptions of fuboTV and on information currently available to fuboTV. The forward-looking statements in this press release represent fuboTV’s views as of the date of this press release. These statements may include, but are not limited to, statements regarding future events or future financial and operating performance, including revenue and subscriber guidance and efforts to implement sports wagering into our product. Although fuboTV believes the expectations reflected in such forward-looking statements are reasonable, fuboTV can give no assurance that such expectations will prove to be correct. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause fuboTV’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements. Except as required by applicable law, fuboTV does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Important factors that could cause fuboTV’s actual results to differ materially are detailed from time to time in the reports fuboTV files with the Securities and Exchange Commission, copies of which are available on the Securities and Exchange Commission’s website at www.sec.gov and are available from fuboTV without charge. However, new risk factors and uncertainties may emerge from time to time, and it is not possible to predict all risk factors and uncertainties.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005426/en/

Investor Contact:

The Blueshirt Group for fuboTV

[email protected]

Media Contacts:

Jennifer L. Press, fuboTV

[email protected]

Katie Minogue, fuboTV

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Audio/Video General Sports Entertainment Online Events/Concerts Soccer General Entertainment Celebrity Sports Advertising Communications Internet TV and Radio

MEDIA:

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Five9 Launches CX Maturity Model to Guide Enterprises through the Next Era of Digital Transformation in the Contact Center

Drawing on two decades of market leadership and input from industry experts, Five9 has developed a framework to help businesses reimagine CX and realize results in a fast-moving technology landscape.

SAN RAMON, Calif.–(BUSINESS WIRE)–
Five9, Inc. (NASDAQ: FIVN), a leading provider of the intelligent cloud contact center, today announced the launch of the Five9 Customer Experience (CX) Maturity Model, a framework to help enterprises chart a path to digital customer experience maturity. Developed with input from leading contact center analysts, and experience from several thousand customer deployments, the model allows organizations to assess their current maturity level, map out transformation goals and embrace incremental levels of sophistication to reimagine CX and realize results in a rapidly changing marketplace.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210503005210/en/

“Improving customer experience is the top driver of digital transformation initiatives, which have been greatly accelerated by the COVID-19 pandemic,” said Sheila McGee-Smith, founder and principal analyst at McGee-Smith Analytics, who advised Five9 during the development of the CX Maturity Model. “However, many businesses that invest in digital CX transformation face challenges in translating their best intentions into actions. It has become increasingly important for CX vendors to provide prescriptive tools that will help enterprises understand industry best practices, as well as where to begin their digital transformation journeys and how to make meaningful progress.”

The Five9 CX Maturity Model defines three stages of CX maturity: Emerging, Evolving and Leading. For each maturity stage, the model explores the current state of customer experience using four main criteria: workforce; self-service customer engagement; contact center Intelligence; and contact center administration and infrastructure.

The Five9 CX Maturity Model and Assessment helps organizations understand what separates an Emerging CX strategy from that of a Leading strategy, and provides step-by-step guides to moving CX strategy and processes from Emerging to Evolving to Leading. Organizations can take a free online self-assessment to learn where they stand in the Five9 CX Maturity Model and get specific recommendations on where to focus to achieve greater maturity.

The CX Maturity Model capitalizes on Five9’s partnership with Blackchair and their CX Clarity Platform. This partnership delivers unique insight into enterprise CX and generates decision-grade data to drive the Maturity Model transformation planning.

Blackchair, is recognized as an industry leader in CX automation and optimization. Five9 and Blackchair have built their joint success with enterprise customers who require pre-migration Clarity on what is relevant and irrelevant in their current CX operation. The output of a Clarity Analytics engagement will enable an enterprise to extract valuable operation CX IP to eliminate ineffective processes and configuration elements critical to the transformation planning process. Once the CX transformation plan is complete, Blackchair translates the relevant legacy CX configuration and automatically delivers the data into the Five9 platform. This process accelerates project delivery timelines, protects budget and allows for maximum CX optimization.

“The growing rate of CCaaS innovation, alongside the need to quickly respond to new ways of working and new consumer needs and preferences driven by COVID-19, present a compelling business case for enterprises to rethink the way they plan and execute CX transformation,” said Jason Owen, CEO of Blackchair. “Our experience shows that there is a significant opportunity to improve planning and accelerate transformation by contrasting how an organization performs each day to meet CX demand against their vision for CX, and focusing change efforts on the most relevant areas of the operation.”

Genefa Murphy, CMO, Five9, adds, “It is essential for customers to understand the different drivers of CX maturity, where they are today and where they want to go. The Five9 CX Maturity Model will be a valuable resource for businesses as they look to transform CX from a cost center to a value driver that delights customers. Drawing on 20 years of experience helping businesses of all sizes across many different industries improve customer care, we are committed to being a trusted partner for enterprises that want to continue their CX evolution.”

To learn more, click here.

About Five9

Five9 is an industry-leading provider of cloud contact center solutions, bringing the power of cloud innovation to more than 2,000 customers worldwide and facilitating billions of call minutes annually. The Five9 Intelligent Cloud Contact Center provides digital engagement, analytics, workflow automation, workforce optimization, and practical AI to create more human customer experiences, to engage and empower agents, and deliver tangible business results. Designed to be reliable, secure, compliant, and scalable, the Five9 platform helps contact centers increase productivity, be agile, boost revenue, and create customer trust and loyalty.

For more information, visit www.five9.com.

Engage with us: Twitter, LinkedIn, Facebook, Blog, That’s Genius Podcast.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005210/en/

Five9

Allison Wilson

352-502-9539

[email protected]

KEYWORDS: North America United States Ireland United Kingdom Europe California

INDUSTRY KEYWORDS: Technology Other Communications Marketing Communications Telecommunications Professional Services Software Networks Internet Other Professional Services

MEDIA:

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Empowering contact center agents to deliver results anywhere – even from the face of a cliff – is one of the main criteria of CX Maturity. (Photo: Media One/Five9)

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Empowering contact center agents to deliver results anywhere – even from the face of a cliff – is one of the main criteria of CX Maturity. (Photo: Media One/Five9)

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Empowering contact center agents to deliver results anywhere is one of the main criteria of CX Maturity. (Photo credit: Media One/Five9)

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The Five9 CX Maturity Model is a framework to help enterprises chart a path to digital customer experience maturity. (Graphic: Five9)

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Bill.com and Square Partner To Support Small and Midsize Businesses Navigating the Second Year of the Pandemic

The companies will partner with regional Chambers of Commerce and Economic Development Organizations to provide a free webinar offering insights, advice and access to digital tools

SAN JOSE, Calif.–(BUSINESS WIRE)–
Bill.com (NYSE:BILL) and Square are partnering with the San Francisco Chamber of Commerce, the Black Chambers of Atlanta and the regional economic development organization Greater St. Louis, Inc., to support small and midsize businesses (SMBs) as they navigate the second year of the global pandemic. The free webinar on May 11, 2021 will provide localized insights into how different regions are approaching business in the next year, recommendations for new customer methods, and an overview of digital tools that can assist in operational success.

To even further aid SMBs, Bill.com and Square will be providing special promotions for webinar registrants. For up to 1,000 attendees, Bill.com is offering free 90-day use of the platform with private consultations and introductory support to ensure smooth onboarding and to address any questions for businesses as they transition to digital tools. Square is offering new sellers no processing fees on their first $1,000 in card processing when they sign up to become customers through the webinar.

Webinar attendees will hear directly from Atlanta Black Chambers Executive Director Melvin Coleman, San Francisco Chamber of Commerce President and CEO Rodney Fong, and Greater St. Louis, Inc. CEO Jason Hall. Regional leaders will speak directly to online survey results, polled from local business owners, on issues including business confidence and sustainability, along with hybrid workforce and cash flow considerations. The conversation, moderated by Smart Hustle’sRamon Ray, will center around SMB outlook in their regions for 2021, insights and best tools for helping to navigate the “new normal,” and how to achieve success in the next year and beyond.

“The path to U.S. economic recovery will be paved by small and midsize business resiliency,” said René Lacerte, Bill.com founder and CEO. “SMBs deserve our support as they lead the way to getting us back on track. Through participation from our valued partners, this webinar will provide SMBs the blueprint and digital tools to go from surviving to thriving.”

“We’re honored to continue supporting small businesses as they create and innovate in response to the past year. From launching the ability to create an online presence in a matter of hours to relief funds through the PPP program, Square is focused on providing businesses what they need to continue meeting their customers wherever they are,” said Erin Archuleta, Head of Small Business and Community Advocacy at Square, Inc.

From closures to remote working environments, small and midsize businesses needed to make a huge shift to continue conducting business, with a more urgent need for reliable technology and infrastructure. A recent Bill.com survey found that close to 80 percent of small business owners began or plan to begin digital transformation during the pandemic. This webinar will help owners expand their toolkit to develop additional revenue streams and give them greater knowledge on how they can better integrate new technologies.

“The support by Square and Bill.com is a powerful opportunity for our Black-owned Atlanta businesses to emerge from this pandemic stronger because digital solutions will only expand their potential revenues. It keeps them ahead, instead of lagging the trend,” said Melvin Coleman, executive director of the Atlanta Black Chambers. “We are here to help by offering programs, resources, and initiatives to deliver economic opportunities that keep our Black-owned Atlanta businesses right here and growing. I look forward to seeing them continue to serve the greater Atlanta communities for years to come.”

“The San Francisco Chamber of Commerce is excited to partner with Bill.com and Square on this timely webinar offering tools to support our small business community, which is the backbone and heart of our city and its economic recovery,” said Rodney Fong, CEO and president of the San Francisco Chamber of Commerce.

“Cities that are planning for inclusive growth and how to support their small and midsize businesses, as we are here in St. Louis with our STL 2030 Jobs Plan, will be poised for progress post-pandemic,” said Jason Hall, CEO of Greater St. Louis, Inc. “The nature of work and economic development have changed dramatically over the past year, and many of these changes – increasing use of digital tools, remote work, and even the advent of entirely new technologies – will provide the basis for the economy moving forward. Companies like Square and Bill.com are at the vanguard, and cities that are planning for these shifts will be better poised to navigate the ‘new normal’ in which we will find ourselves post-pandemic.”

Interested business owners and media can register for the free webinar here.

About Bill.com

Bill.com is a leading provider of cloud-based software that simplifies, digitizes, and automates complex, back-office financial operations for small and midsize businesses. Customers use the Bill.com platform to manage end-to-end financial workflows and to process payments. The Bill.com AI-enabled, financial software platform creates connections between businesses and their suppliers and clients. It helps manage cash inflows and outflow. The company partners with several of the largest U.S. financial institutions, the majority of the top 100 U.S. accounting firms, and popular accounting software providers. Bill.com has offices in Palo Alto, California and Houston, Texas. For more information, visit www.bill.com.

About Square

Square, Inc. revolutionized payments in 2009 with Square Reader, making it possible for anyone to accept card payments using a smartphone or tablet. Today, we build tools to empower businesses and individuals to participate in the economy. Sellers use Square to reach buyers online and in-person, manage their business, and access financing. And individuals use Cash App to spend, send, store, and invest money. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain and the UK.

About the Atlanta Black Chambers

The Atlanta Black Chambers is a non-profit organization consisting of individuals engaging in Business, Community and Government activities. Our mission is to serve as an advocate for the creation and growth of competitive, profitable and sustainable Black owned entities. We are committed to providing quality education and training programs that emphasize economic development, ownership and wealth building practices. Learn more at www.atlantablackchambers.org.

About the San Francisco Chamber of Commerce

The San Francisco Chamber of Commerce represents over a thousand local businesses in the City, ranging from small legacy restaurants to large innovation companies. Over 80% of SF Chamber members are small, locally-owned businesses. The SF Chamber advocates for a progressive economy and high quality of life for everyone who lives, works and visits the City. Learn more at www.sfchamber.com.

About Greater St. Louis, Inc.

Greater St. Louis, Inc. is a 501(c)(6) organization of business investors formed through the merger of five private-sector led and St. Louis-focused economic development and civic leadership organizations on January 1, 2021. The five combining organizations were AllianceSTL, Arch to Park, Civic Progress, Downtown STL, Inc., and the St. Louis Regional Chamber. Greater St. Louis, Inc. brings together the business community to help drive economic growth and create opportunities for all with a focus on inclusive growth. As a result of the merger, we are in a position to drive economic growth with a unified voice, a bold agenda, and as one St. Louis metropolitan area that is anchored by a vibrant urban core. Learn more at www.GreaterSTLinc.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005208/en/

Oriana Branon

[email protected]

619-997-0299

KEYWORDS: United States North America Missouri California Georgia

INDUSTRY KEYWORDS: Banking Technology Accounting Professional Services Public Policy/Government Small Business Other Retail Marketing State/Local Communications Software Retail Internet Mobile/Wireless Supply Chain Management Finance Online Retail

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Sweden Adding to BvS10 Fleet, Ordering 127 More of the All-Terrain Vehicles

ÖRNSKÖLDSVIK, Sweden–(BUSINESS WIRE)–
BAE Systems has signed a contract worth around $200 million to produce and deliver 127 BvS10 all-terrain vehicles to the Swedish Army, adding to its existing fleet of BvS10s.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210503005194/en/

The contract signed with the Swedish military procurement agency, FMV, is for both command and control and logistics vehicles. Deliveries of the 127 vehicles are planned to begin in 2022 and complete in 2024.

The vehicle can traverse rocks, mountains, snow, swamps, and Arctic environments, and its amphibious capability allows it to seamlessly transition to swimming. The BvS10’s flexible and modular design accommodates changing mission requirements, including advanced battle management.

Sweden already operates the BvS10 as well as its predecessor Bv206, and adding more BvS10s to the fleet will increase the Army’s ability to carry out its mission.

“The investment from Sweden provides the Swedish Army with more of these extremely mobile, capable and robust vehicles. This continued investment in the BvS10 is an important step toward further opportunities in Sweden and internationally for the BvS10 and its Beowulf unarmored variant,” said Tommy Gustafsson-Rask, managing director of BAE Systems Hägglunds. “This also demonstrates the strong and trusted relationship between BAE Systems and the Swedish customer to deliver the capabilities the Swedish military needs.”

The Swedish BvS10s feature enhanced crew ergonomics, greater internal volume, and advanced protection, building on BAE Systems’ legacy Bv206 vehicles, of which more than 10,000 have been sold to more than 40 countries. The BvS10 has been deployed for missions to Afghanistan, Central Africa, the Balkans, and the Middle East.

“We see an increased interest from many countries for extreme mobility capabilities, such as those seen on our BvS10 and Beowulf platforms. We are especially looking forward to the joint four-nations collaborative all-terrain procurement involving Germany, the Netherlands, Sweden, and the United Kingdom,” added Gustafsson-Rask.

Today Austria, France, the Netherlands, Sweden, and the United Kingdom are operators of the BvS10.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005194/en/

For additional information, please contact:

Ola Thorén, BAE Systems Hägglunds
Office: +46 660 80506; Mobile: +46 708 335000

[email protected]

Rebecca Surtees, BAE Systems, Inc.

Mobile: +44 (0)7825 948274

[email protected]

www.baesystems.com

@BAESystemsInc

KEYWORDS: Sweden Europe

INDUSTRY KEYWORDS: Automotive Defense Aerospace Manufacturing Performance & Special Interest Contracts

MEDIA:

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BAE Systems will produce and deliver 127 BvS10 all-terrain vehicles to the Swedish Army, as it expands its existing fleet of BvS10s to meet mission requirements. The vehicle can traverse rock, mountains, snow, and swamps and its amphibious capability allows it to seamlessly transition to swimming. Photo: BAE Systems

FBL Financial Group Reports First Quarter 2021 Results

Company Highlights

• First quarter 2021 net incomeattributable to FBL Financial Group of $27.7 million, or $1.13 per diluted common share. 
• First quarter 2021 adjusted operating income⁽¹⁾ of $23.5 million, or $0.96 per diluted common share.

WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the first quarter of 2021 of $27.7 million, or $1.13 per diluted common share, compared to a net loss of $2.5 million, or $0.10 per diluted common share, for the first quarter of 2020. Adjusted operating income⁽¹⁾ totaled $23.5 million, or $0.96 per common share, for the first quarter of 2021, compared to $19.6 million, or $0.79 per common share, for the first quarter of 2020. First quarter 2021 earnings reflect:

• Higher equity income
• Favorable market performance resulting in lower amortization of acquisition costs on the closed block of variable business
• The benefit of other investment-related income
• Death benefits in line with expectations
• A lower effective tax rate
• Continued investment in the Wealth Management business

Adjusted operating income differs from the GAAP measure, net income attributable to FBL Financial Group, in that it excludes expenses associated with the proposed acquisition, realized gains and losses on investments including the change in fair value of equity securities, the change in allowances for credit losses on investments and the change in fair value of derivatives. For further information on this non-GAAP financial measure, please refer to Note (1) and the reconciliation provided within this release.

“FBL Financial Group delivered solid earnings for the first quarter of 2021 with adjusted operating income of $0.96 per share, which exceeded our expectations,” said Daniel D. Pitcher, Chief Executive Officer. “Results benefited from higher equity income and the impact of positive market performance. As we move forward in 2021, we remain focused on fulfilling our purpose to protect livelihoods and futures.”

Product Revenues

Premiums and product charges for the first quarter of 2021 totaled $84.8 million compared to $81.0 million in the first quarter of 2020. Interest sensitive product charges increased three percent while traditional life insurance premiums increased five percent during the quarter. Premiums collected⁽²⁾ in the first quarter of 2021 totaled $153.0 million compared to $154.0 million in the first quarter of 2020. Total life insurance premiums collected increased three percent while annuity premiums collected decreased four percent, reflecting the impact of lower market interest rates.

Investment Income

Net investment income in the first quarter of 2021 totaled $100.1 million, compared to $74.9 million in the first quarter of 2020. This increase reflects a change in the fair value of derivatives, an increase in average invested assets and higher investment yields. The annualized yield earned on average invested assets, with securities at amortized cost, including investments held as securities and indebtedness of related parties, was 4.75 percent for the three months ended March 31, 2021 compared to 4.72 percent for the three months ended March 31, 2020. The increase in yield is attributable to an increase in other investment-related income, primarily from prepayment fee income. At March 31, 2021, 96 percent of the fixed maturity securities in FBL Financial Group’s investment portfolio were investment grade debt securities.

Benefits and Expenses

Benefits and expenses totaled $163.9 million in the first quarter of 2021, compared to $141.1 million in the first quarter of 2020. Death benefits, net of reinsurance and reserves released, totaled $34.9 million in the first quarter of 2021, compared to $29.8 million in the first quarter of 2020. While net death benefit expense in the first quarter of 2021 was in line with expectations, FBL Financial Group did experience an increase in the number of claims with COVID-19 as the reported cause of death. The change in fair value of the embedded derivatives on our index products is included in interest sensitive product benefits. Included in benefits and expenses in the first quarter of 2021 is lower than expected amortization of acquisition costs as a result of favorable market performance. Other expenses in the first quarter of 2021 include $2.6 million of transaction expenses related to FBL Financial Group’s proposed merger.

Net Realized Gains/Losses

In the first quarter of 2021, FBL Financial Group recognized net realized gains on investments of $0.2 million. This is attributable to realized gains on sales of $0.1 million, realized losses on sales of $0.9 million and a loss from equity securities held at quarter end of $0.1 million. In addition, in the first quarter of 2021, $1.1 million was recorded as a decrease to the allowance for credit losses.

Capital and Book Value

As of March 31, 2021, the book value per share of FBL Financial Group common stock totaled $60.95, compared to $69.24 at December 31, 2020. Book value per share, excluding accumulated other comprehensive income⁽³⁾,^{totaled $45.78 at March 31, 2021, compared to $45.16 at December 31, 2020. The March 31, 2021 company action level risk based capital ratio of FBL Financial Group’s wholly owned subsidiary, Farm Bureau Life Insurance Company, was approximately 531 percent.}

Farm Bureau Property & Casualty Insurance Company Transaction

Separately, FBL Financial Group issued a news release today announcing that it has agreed to amend its previously-announced definitive merger agreement with Farm Bureau Property & Casualty Insurance Company (“FBPCIC”), dated January 11, 2021. Pursuant to the amended definitive agreement, FBPCIC increased the offer price to acquire all of the outstanding shares of FBL Financial Group Class A and Class B common stock that neither FBPCIC nor the Iowa Farm Bureau Federation (“IFBF”) currently own to $61.00 per share in cash. The amendment was approved by the Boards of Directors of both FBPCIC and FBL Financial Group. The previously-adjourned Special Meeting of Shareholders of FBL Financial Group to approve, among other things, the proposal to adopt the Merger Agreement will reconvene on May 21, 2021 at 10:00 a.m. Central Time at FBL Financial Group’s headquarters at 5400 University Avenue, West Des Moines, Iowa 50266. Additional details can be found in the news release.

Further Financial Information

Further information on FBL Financial Group’s financial results, including results by segment, may be found in FBL Financial Group’s financial supplement, available on its website, www.fblfinancial.com.

Forward-Looking Statements

Certain statements in this release concerning FBL Financial Group’s prospects for the future are forward-looking statements intended to qualify for the “safe harbor” from liability established by the Private Securities Litigation Reform Act. These statements generally can be identified by their context, including terms such as “believes,” “anticipates,” “expects,” or similar words. These statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statement. These risks and uncertainties are detailed in FBL Financial Group’s reports filed with the Securities and Exchange Commission and include, but are not limited to, risks related to the proposed transaction with Farm Bureau Property & Casualty Insurance Company, including failure to complete the proposed transaction, the incurrence of costs related to the proposed transaction and operational disruptions resulting from the proposed transaction, changes in interest rates, difficult conditions in financial markets and the economy, lack of liquidity and access to capital, investment valuations, competitive factors, a decrease in ratings, changes in laws and regulations, differences between actual claims experience and underwriting assumptions, relationships with Farm Bureau organizations, the ability to attract and retain sales agents, adverse results from litigation and the impact of the COVID-19 pandemic and any future pandemics. These forward-looking statements are based on assumptions which FBL Financial Group believes to be reasonable; however, no assurance can be given that the assumptions will prove to be correct. FBL Financial Group undertakes no obligation to update any forward-looking statements.

About FBL Financial Group

FBL Financial Group is a holding company with the purpose to protect livelihoods and futures. Operating under the consumer brand name Farm Bureau Financial Services, its affiliates offer a broad range of life insurance, annuity and investment products distributed by multiline exclusive Farm Bureau agents. Helping complete the financial services offering, advisors offer wealth management and financial planning services. In addition, FBL Financial Group manages all aspects of two Farm Bureau affiliated property-casualty insurance companies for a management fee. Headquartered in West Des Moines, Iowa, FBL Financial Group is traded on the New York Stock Exchange under the symbol FFG. For more information, please visit www.fblfinancial.com and www.fbfs.com.

– FINANCIAL INFORMATION AND NOTES FOLLOW –

FBL Financial Group, Inc. Consolidated Statements of Operations (Unaudited) (Dollars in thousands, except per share data)
		Three months ended March 31,
		2021				2020
Revenues:
Interest sensitive product charges		$	32,741			$	31,720
Traditional life insurance premiums		52,010				49,308
Net investment income		100,111				74,917
Net realized capital losses		(869)				(13,401)
Change in allowance for credit losses on investments		1,113				(12,261)
Other income		6,320				4,980
Total revenues		191,426				135,263
Benefits and expenses:
Interest sensitive product benefits		60,503				44,351
Traditional life insurance benefits		49,848				46,208
Policyholder dividends		1,605				2,529
Underwriting, acquisition and insurance expenses		38,274				39,421
Interest expense		1,213				1,213
Other expenses		12,463				7,421
Total benefits and expenses		163,906				141,143
		27,520				(5,880)
Income tax (expense) benefit		(3,687)				3,081
Equity income, net of related income taxes		3,780				228
Net income (loss)		27,613				(2,571)
Net loss attributable to noncontrolling interest		67				56
Net income (loss) attributable to FBL Financial Group, Inc.		$	27,680			$	(2,515)
Earnings (loss) per common share		$	1.13			$	(0.10)
Weighted average shares – basic		24,480,106				24,762,820
Effect of dilutive securities – stock-based compensation		44				—
Weighted average shares – diluted		24,480,150				24,762,820

(1) Reconciliation of Net Income Attributable to FBL Financial Group to Adjusted Operating Income – Unaudited

FBL Financial Group consistently utilizes adjusted operating income, a financial measure common in the life insurance industry that is not prepared in accordance with U.S. generally accepted accounting principles (GAAP), as a primary economic measure to evaluate its financial performance. Adjusted operating income consists of net income attributable to FBL Financial Group adjusted to exclude expenses associated with the proposed acquisition, realized gains and losses on investments including the change in fair value of equity securities, the change in allowances for credit losses on investments, and the change in fair value of derivatives, which can fluctuate greatly from period to period. These fluctuations make it difficult to analyze core operating trends. In addition, for derivatives not designated as hedges, there is a mismatch between the valuation of the asset and liability when deriving net income (loss). For example, certain call options relating to indexed business are one-year assets while the embedded derivatives in the indexed contracts represent the rights of the contract holder to receive index credits over the entire period the indexed products are expected to be in force. This non-GAAP measure is used for goal setting, determining short-term incentive compensation and evaluating performance on a basis comparable to that used by many in the investment community. FBL Financial Group believes the combined presentation and evaluation of adjusted operating income provides information that may enhance an investor’s understanding of FBL Financial Group’s underlying results and profitability. A reconciliation is provided in the following table:

		Three months ended March 31,
		2021				2020
		(Dollars in thousands, except per share data)
Net income (loss) attributable to FBL Financial Group		$	27,680			$	(2,515)
Adjustments:
Proposed acquisition transaction expenses(a)		2,577				—
Net realized gains/losses on investments(b)		(269)				20,112
Change in fair value of derivatives(b)		(6,537)				2,039
Adjusted operating income		$	23,451			$	19,636
Adjusted operating income per common share – assuming dilution		$	0.96			$	0.79

^(a) Amount represents the transaction expenses relating to FBL Financial Group’s proposed go-private transaction.

^(b) Net of adjustments, as applicable, to amortization of unearned revenue reserves, deferred acquisition costs, interest sensitive policy reserves and income taxes attributable to these items.

(2) Premiums Collected – Net statutory premiums collected is a non-GAAP measure and includes premiums collected from annuities and universal life-type products. It is a useful metric for investors as it is a measure of sales production.

For GAAP reporting, these premiums received are not reported as revenues.

(3) Reconciliation of Book Value Per Share Excluding Accumulated Other Comprehensive Income – Unaudited

		March 31, 2021				December 31, 2020
Book value per share		$	60.95			$	69.24
Less: Per share impact of accumulated other comprehensive income		15.17				24.08
Book value per share, excluding accumulated other comprehensive income		$	45.78			$	45.16

Book value per share excluding accumulated other comprehensive income is a non-GAAP financial measure. Accumulated other comprehensive income totaled $370.1 million at March 31, 2021 and $587.3 million at December 31, 2020. Since accumulated other comprehensive income fluctuates from quarter to quarter due to unrealized changes in the fair value of investments caused principally by changes in market interest rates, FBL Financial Group believes this non-GAAP financial measure provides useful supplemental information.

FBL Financial Group, Inc. Condensed Consolidated Balance Sheets (Unaudited) (Dollars in thousands)
		March 31, 2021				December 31, 2020
Assets
Investments		$	9,412,796			$	9,684,010
Cash and cash equivalents		70,854				12,882
Deferred acquisition costs		282,682				176,085
Other assets		447,503				449,113
Assets held in separate accounts		686,968				674,182
Total assets		$	10,900,803			$	10,996,272
Liabilities and stockholders’ equity
Liabilities
Future policy benefits		$	7,773,635			$	7,616,272
Other policy funds, claims and benefits		602,443				602,989
Debt		97,000				97,000
Other liabilities		250,869				313,713
Liabilities related to separate accounts		686,968				674,182
Total liabilities		9,410,915				9,304,156
Stockholders’ equity
FBL Financial Group, Inc. stockholders’ equity:
Preferred stock		3,000				3,000
Class A common stock		151,134				151,061
Class B common stock		72				72
Accumulated other comprehensive income		370,060				587,279
Retained earnings		965,643				950,687
Total FBL Financial Group, Inc. stockholders’ equity		1,489,909				1,692,099
Noncontrolling interest		(21)				17
Total stockholders’ equity		1,489,888				1,692,116
Total liabilities and stockholders’ equity		$	10,900,803			$	10,996,272
Common shares outstanding		24,396,522				24,395,522

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005225/en/

Investor Relations Contact

Kathleen Till Stange, Vice President Corporate & Investor Relations

(515) 226-6780, [email protected]

KEYWORDS: United States North America Iowa

INDUSTRY KEYWORDS: Banking Professional Services Insurance Finance

MEDIA:

Posted on May 3, 2021 9:04 am

GRAY TO ACQUIRE MEREDITH CORPORATION’S LOCAL MEDIA GROUP IN A $2.7 BILLION TRANSACTION

Addition of Meredith’s 17 TV Stations Will Transform Gray into the Second Largest Television Broadcast Group

Atlanta, Ga., May 03, 2021 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) has agreed to acquire all outstanding shares of Meredith Corporation (“Meredith”) for approximately $14.50 per share in cash, or $2.7 billion in total enterprise value after the spin off of Meredith’s National Media Group to the current Meredith shareholders. The parties expect to close the transaction in the fourth quarter of 2021.

Immediately prior to closing this acquisition, Meredith will spin off to its existing shareholders its National Media Group operating division, which owns the nation’s largest portfolio of magazines as well as digital and marketing assets. At the closing, Gray will acquire Meredith’s other operating division, known as the Local Media Group, which owns the following 17 television stations in 12 local markets:

WGCL (CBS) / WPCH (Independent), Atlanta, Georgia (DMA 7)
KPHO (CBS) / KTVK (Independent), Phoenix, Arizona (DMA 11)
KPTV (FOX) / KPDX (MyNetwork), Portland, Oregon (DMA 21)
KMOV (CBS), St. Louis, Missouri (DMA 23)
WSMV (NBC), Nashville, Tennessee (DMA 29)
WFSB (CBS), Hartford-New Haven, Connecticut (DMA 32)
KCTV (CBS) / KSMO (MyNetwork), Kansas City, Missouri, (DMA 34)
WHNS (FOX), Greenville-Spartanburg, South Carolina (DMA 35)
KVVU (FOX), Las Vegas, Nevada (DMA 40)
WALA (FOX), Mobile, Alabama (DMA 57)
WNEM (CBS), Flint-Saginaw, Michigan (DMA 73)
WGGB (ABC & FOX) / WSHM-LD (CBS), Springfield, Massachusetts (DMA 116)

Gray currently operates in only one of these television markets, the Flint-Saginaw DMA. To facilitate regulatory approvals for this transaction, Gray will divest its ABC affiliate in the market, WJRT-TV, to an independent third-party no later than the closing of the Meredith acquisition.

With a combined net revenue exceeding $3.1 billion on a blended 2019/2020 basis, Gray’s acquisition of Meredith’s television stations will transform Gray into the nation’s second largest television broadcaster. Gray’s portfolio of television stations, including all announced transactions and less divestitures, will serve 113 local markets reaching approximately 36 percent of US television households.

The transaction augments Gray’s position as the largest owner of top-rated local television stations and digital assets in the United States, with a pro forma portfolio including 79 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station according to Comscore’s audience measurement data.

Gray’s Executive Chairman and CEO Hilton H. Howell commented, “The television station portfolios, company cultures, and commitments to localism of Gray and Meredith are highly complementary. We are very excited to acquire Meredith’s excellent television stations, and we look forward to welcoming its employees into the Gray family. Moreover, Gray’s Board and shareholders are deeply appreciative of the tireless efforts of our team led by Kevin Latek and Jim Ryan on this transaction and our other recently announced significant transactions. Building on our successes throughout 2020 and just the first few months of 2021, Gray Television clearly has an even stronger and brighter future than ever!”

Transaction Summary

Gray expects that the Meredith transaction will be significantly accretive to free cash flow per share. To date, Gray has identified an estimated $55 million in synergies annualized for the first full calendar year following the closing. Including these anticipated $55 million of synergies, the purchase price for Gray’s acquisition of Meredith represents a multiple of approximately 7.9 times a blended average of the Meredith television stations’ 2019/2020 operating cash flow.

The transaction is subject to customary closing conditions and regulatory approvals, including certain consents necessary to effectuate the spin-off of Meredith’s National Media Group immediately prior to the closing of Gray’s acquisition of Meredith. Importantly, the proposed transaction will not create any new duopolies of local television stations. Moreover, giving effect to the FCC’s UHF Discount, the pro forma portfolio of television stations will reach approximately 25 percent of US television households, which is well below the FCC’s national audience cap of 39 percent. As a result, subject to the anticipated divestiture of WJRT-TV, Gray’s acquisition of Meredith complies with all FCC ownership rules without the need for any rule waivers.

Wells Fargo has underwritten the debt financing portion of the transaction. Expected strong free cash flow generation through the closing of all pending transactions and throughout 2021 and 2022 is anticipated to allow Gray to deleverage its capital structure following the closing. Assuming a year-end 2021 closing, Gray anticipates that its total leverage ratio, net of all cash, would approximate 5.3 times on a trailing eight-quarter operating cash flow, including estimated annualized synergies from all announced transactions.

The transaction has been approved by the Boards of Directors of both Gray and Meredith. No Gray shareholder vote will be required to consummate the transactions described herein. Completion of the transaction is subject to approval by Meredith’s shareholders. Meredith’s significant shareholders have entered into agreements with Gray to support the transaction.

Conference


Call


and Additional


Information

Gray will host a conference call for all stakeholders and other interested parties to discuss this transaction further beginning at 10:30 a.m. Eastern today, Monday, May 3, 2021.  The live dial-in number is 855-493-3489 and the confirmation code is 6738037.  The call will stream live and be available for replay at www.gray.tv.  Until June 3, 2021, a taped replay of the conference call will be available at 855-859-2056 with the confirmation code 6738037.

Additional information regarding the transaction can be obtained from Gray’s Current Report on Form 8-K being filed with the SEC in connection with the announcement of this transaction, including the investor presentation furnished therewith, which presentation will also be available on Gray’s website.

Advisors

Wells Fargo Securities, LLC served as financial advisor and Eversheds Sutherland LLP and Jones Day served as legal counsel for Gray.

About Gray:

Gray Television is a television broadcast company headquartered in Atlanta, Georgia. Gray is the largest owner of top-rated local television stations and digital assets in the United States (“U.S.”). Gray currently owns and/or operates television stations and leading digital properties in 94 television markets that collectively reach approximately 24% of U.S. television households. During 2020, Gray’s stations were ranked first in 70 markets, and ranked first and/or second in 86 markets, as calculated by Comscore’s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo Honey, and RTM Studios, the producer of PowerNation programs and content, and is the majority owner of Swirl Films.

Forward-Looking Statements:

This press release contains certain forward looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s inability to complete its pending acquisition of Meredith or additional pending transactions, on the terms and within the timeframe currently contemplated, any material regulatory or other unexpected requirements in connection therewith, or the inability to achieve expected synergies therefrom on a timely basis or at all, the impact of recently completed transactions, estimates of future retransmission revenue, future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this presentation should be evaluated in light of these important risk factors. This presentation reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this presentation beyond the published date, whether as a result of new information, future events or otherwise.

#        #        #

 

Attachment

• Gray’s Pro Forma Television Portfolio

Gray Contacts:  

Website: www.gray.tv

Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, 404-266-5512
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

Posted on May 3, 2021 9:04 am

New Relic to Help Engineers ‘Level Up’ Their Observability Skills at FutureStack 21

New Relic to Help Engineers ‘Level Up’ Their Observability Skills at FutureStack 21

Engineers, developers and IT execs from New Relic, Forbes Media, Credit Karma, Cox Communications, Pearson, WellSky and other industry leaders will convene to define the future of observability

SAN FRANCISCO–(BUSINESS WIRE)–New Relic, Inc. (NYSE: NEWR), the observability company, today unveiled the agenda for FutureStack, its annual conference for the global community of engineers and developers passionate about data-driven software development and operations. On May 25-27, thousands of engineers from the largest global enterprises to hypergrowth digital startups will gather virtually to bolster how they plan, build and operate mission critical digital experiences. Through keynotes, technical deep dives and workshops, attendees will explore the future of observability as a community of builders.

“Our vision is to make observability a daily practice for millions of engineers, at every stage of the software lifecycle,” said Bill Staples, president and chief product officer at New Relic. “With the themes of Open-Build-Run, FutureStack 21 is anticipated to be the first conference of its kind where thousands of engineers and developers will gather to learn about extending observability beyond production troubleshooting to the plan, build and deploy phases of software development. I am looking forward to empowering our broader community of engineers to shape the next generation of observability and the future of software.”

This year’s virtual FutureStack event is organized around three themes which reflect New Relic’s vision to extend observability beyond production use cases to inform every aspect of the software lifecycle. This includes “open,” focusing on the democratization of observability for all; “build,” helping engineers leverage observability in software development; and “run,” proving the necessity of observability in running more perfect software.

Featured FutureStack keynote speakers include:

• Jaana Dogan, Principal Engineer, Amazon Web Services
• Kelsey Hightower, Principal Engineer, Google
• Kavitha Gowda, Senior Product Manager, Microsoft Azure
• Lew Cirne, Founder & CEO, New Relic
• Bill Staples, President & Chief Product Officer, New Relic
• Zain Asgar, Global Vice President and General Manager, Pixie
• Seema Kumar, Chief Marketing Officer, New Relic

Featured FutureStack speakers include:

• Eugene Kovshilovsky, Senior Vice President of Engineering, CarParts.com
• Scot Gorman, Site Reliability Engineering Manager, Chegg
• Sagar Thirumala, Administrator, Cox Communications
• Naveen Chittoor, Application Support Engineer, Cox Communications
• Mason Jones, Senior Staff Site Reliability Engineer, Credit Karma
• Peter Espe, Infrastructure Engineer, Credit Karma
• JD Weiner, Manager of Operations, Forbes Media LLC
• Aaron Judy, Chief of Innovation and AI, Maricopa County Clerk of the Superior Court
• Samer Rashdan, Digital Experience and Reliability Engineering Leader, Pearson Education
• Danny Roessner, Director of Engineering, WellSky

Amazon Web Services (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN) is a FutureStack conference sponsor. GitHub and Forem are the sponsors of FutureHack, a 24-hour virtual hackathon where developers, engineers and students compete against their peers to create innovative projects, and the chance to win a $10,000 grand prize.

For information on sponsorship opportunities at FutureStack, email [email protected].

FutureStack is free and open to the engineering and developer community. For more information, the full agenda and to register, please visit https://newrelic.com/futurestack.

About New Relic

The world’s best engineering teams rely on New Relic to visualize, analyze, and troubleshoot their software. New Relic One is the most powerful cloud-based observability platform built to help organizations create more perfect software. Learn why developers trust New Relic for improved uptime and performance, greater scale and efficiency, and accelerated time to market at newrelic.com.

Forward-looking statements

This press release contains “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding New Relic’s FutureStack event, including speakers, event details, anticipated themes, keynotes, workshops and sponsors, and New Relic’s expectations around expanded community engagement, including any anticipated benefits, results and future opportunities related thereto. The achievement or success of the matters covered by such forward-looking statements are based on New Relic’s current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause New Relic’s actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement. Further information on factors that could affect New Relic’s financial and other results and the forward-looking statements in this press release is included in the filings New Relic makes with the SEC from time to time, including in New Relic’s most recent Form 10-Q, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Copies of these documents may be obtained by visiting New Relic’s Investor Relations website at http://ir.newrelic.com or the SEC’s website at www.sec.gov. New Relic assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210503005178/en/

New Relic, Inc.

Greg Perotto

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Technology Networks Internet

MEDIA:

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