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First Quarter 2021 Operating Results Announced By National Retail Properties, Inc.

PR Newswire

ORLANDO, Fla., May 4, 2021 /PRNewswire/ — National Retail Properties, Inc. (NYSE: NNN), a real estate investment trust, today announced its operating results for the quarter ended March 31, 2021.  Highlights include:

Operating Results:

  • Revenues and net earnings, FFO, Core FFO and AFFO available to common stockholders and diluted per share amounts:

Quarter Ended

March 31,

2021

2020

(in thousands, except per share data)

Revenues

$

179,778

$

175,063

Net earnings available to common stockholders

$

52,102

$

60,693

Net earnings per common share

$

0.30

$

0.35

FFO available to common stockholders

$

99,821

$

102,509

FFO per common share

$

0.57

$

0.60

Core FFO available to common stockholders

$

121,149

$

119,188

Core FFO per common share

$

0.69

$

0.70

AFFO available to common stockholders

$

133,532


(1)

$

121,750

AFFO per common share

$

0.76


(1)

$

0.71


(1)

Amounts include $9,385 of net straight-line accrued rent from rent deferral repayments from the COVID-19 rent deferral lease amendments. Excluding such, AFFO per common share would have been $0.71 for the quarter ended March 31, 2021.

First Quarter 2021 Highlights:

  • As of April 28, 2021, NNN had collected approximately 97% of rent originally due for the quarter ended March 31, 2021, and approximately 98% of rent originally due in April 2021
  • Collected approximately $2.2 million of receivables written-off in 2020 from cash basis tenants
  • Maintained high occupancy levels at 98.3%, with a weighted average remaining lease term of 10.6 years, at March 31, 2021 as compared to 98.5% at December 31, 2020 and 98.8% at March 31, 2020
  • Invested $105.6 million in property investments, including the acquisition of 29 properties with an aggregate 355,000 square feet of gross leasable area at an initial cash yield of 6.4%
  • Sold 11 properties for $17.6 million producing $4.3 million of gains on sales
  • Issued $450 million principal amount of 3.500% senior unsecured notes due 2051
  • Redeemed $350 million principal amount of 3.300% senior unsecured notes due 2023
  • Weighted average debt maturity increased to 13.3 years at March 31, 2021
  • Ended the quarter with $311.2 million of cash and no amounts drawn on the $900 million bank credit facility

NNN has entered into rent deferral lease amendments with certain tenants for an aggregate $51,269,000 and $4,677,000 of rent originally due for the years ended December 31, 2020 and December 31, 2021, respectively. The rent deferral lease amendments require the deferred rents to be repaid at a later time during the lease term. Approximately $3,259,000 of deferred rent was repaid in 2020 and approximately $10,817,000 of deferred rent was repaid in the quarter ending March 31, 2021.

Core FFO guidance for 2021 was increased from a range of $2.55 to $2.62 to a range of $2.70 to $2.75 per share. The 2021 AFFO is estimated to be $2.91 to $2.96 per share. The Core FFO guidance equates to net earnings of $1.56 to $1.61 per share, plus $1.14 per share of expected real estate depreciation and amortization and excludes any gains from the sale of real estate and any charges for impairments or loss on early extinguishment of debt. The guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.

Jay Whitehurst, Chief Executive Officer, commented: “2021 is off to a great start for National Retail Properties. As the economic effects of the pandemic appear to recede, our impressive results have once again validated our consistent, long-term strategy of acquiring well-located parcels leased to strong regional and national operators at reasonable rents, all while maintaining low leverage and a flexible balance sheet. Based on our continued high occupancy, strong rent collections, solid quarter of acquisitions, and fortress-like balance sheet, we are pleased to increase our guidance for Core FFO per share by approximately six percent. Our acquisition pipeline of direct sale-leaseback transactions with our relationship tenants continues to grow, and with over $300 million of cash in the bank, zero balance drawn on our line of credit, no material debt maturities until 2024, and an average debt duration of over 13 years, we are well positioned to fund our 2021 acquisition guidance with the available capital on hand.”

National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases.  As of March 31, 2021, the company owned 3,161 properties in 48 states with a gross leasable area of approximately 32.7 million square feet and with a weighted average remaining lease term of 10.6 years.  For more information on the company, visit www.nnnreit.com.

Management will hold a conference call on May 4, 2021, at 10:30 a.m. ET to review these results.  The call can be accessed on the National Retail Properties web site live at http://www.nnnreit.com.  For those unable to listen to the live broadcast, a replay will be available on the company’s web site.  In addition, a summary of any earnings guidance given on the call will be posted to the company’s web site.

Statements in this press release that are not strictly historical are “forward-looking” statements.  These statements generally are characterized by the use of terms such as “believe,” “expect,” “intend,” “may,” “estimated,” or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the company’s actual future results to differ materially from expected results.  These risks include, among others, the potential impacts of the COVID-19 pandemic on the company’s business operations, financial results and financial position and on the world economy, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences and financial condition of the company’s tenants, the availability of capital, and, risks related to the company’s status as a REIT.  Additional information concerning these and other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company’s Securities and Exchange Commission (the “Commission”) filings, including, but not limited to, the company’s (i) Annual Report on Form 10-K for the year ended December 31, 2020 and (ii) Quarterly Report on Form 10-Q for the quarter ended March 31, 2021.  Copies of each filing may be obtained from the company or the Commission.  Such forward-looking statements should be regarded solely as reflections of the company’s current operating plans and estimates.  Actual operating results may differ materially from what is expressed or forecast in this press release.  National Retail Properties, Inc. undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.

Funds From Operations, commonly referred to as FFO, is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP.  FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and is used by the company as follows:  net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses), any applicable taxes and noncontrolling interests on the disposition of certain assets, the company’s share of these items from the company’s unconsolidated partnerships and any impairment charges on a depreciable real estate asset.

FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies.  FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company’s performance or to cash flow as a measure of liquidity or ability to make distributions.  Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.  The company’s computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to FFO, as defined by NAREIT, is included in the financial information accompanying this release.

Core Funds From Operations (“Core FFO”) is a non-GAAP measure of operating performance that adjusts FFO to eliminate the impact of certain GAAP income and expense amounts that the company believes are infrequent and unusual in nature and/or not related to its core real estate operations.  Exclusion of these items from similar FFO-type metrics is common within the REIT industry, and management believes that presentation of Core FFO provides investors with a potential metric to assist in their evaluation of the company’s operating performance across multiple periods and in comparison to the operating performance of its peers because it removes the effect of unusual items that are not expected to impact the company’s operating performance on an ongoing basis.  Core FFO is used by management in evaluating the performance of the company’s core business operations and is a factor in determining management compensation.  Items included in calculating FFO that may be excluded in calculating Core FFO may include items like transaction related gains, income or expense, impairments on land or commercial mortgage residual interests, preferred stock redemption costs or other non-core amounts as they occur.   The company’s computation of Core FFO may differ from the methodology for calculating Core FFO used by other equity REITs, and therefore, may not be comparable to such other REITs. A reconciliation of net earnings (computed in accordance with GAAP) to Core FFO is included in the financial information accompanying this release.

Adjusted Funds From Operations (“AFFO”) is a non-GAAP financial measure of operating performance used by many companies in the REIT industry. AFFO adjusts FFO for certain non-cash items that reduce or increase net income in accordance with GAAP.  AFFO should not be considered an alternative to net earnings, as an indication of the company’s performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers AFFO a useful supplemental measure of the company’s performance.  The company’s computation of AFFO may differ from the methodology for calculating AFFO used by other equity REITs, and therefore, may not be comparable to such other REITs.  A reconciliation of net earnings (computed in accordance with GAAP) to AFFO is included in the financial information accompanying this release.

 

 


National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 

Quarter Ended

March 31,

2021

2020

Income Statement Summary

Revenues:

Rental income

$

179,198

$

174,547

Interest and other income from real estate transactions

580

516

179,778

175,063

Operating expenses:

General and administrative

11,748

10,100

Real estate

7,725

7,635

Depreciation and amortization

49,980

49,188

Leasing transaction costs

38

36

Impairment losses – real estate, net of recoveries

2,131

5,513

71,622

72,472

Gain on disposition of real estate

4,281

12,770

Earnings from operations

112,437

115,361

Other expenses (revenues):

Interest and other income

(65)

(164)

Interest expense

34,587


(1)

33,670


(2)

Loss on early extinguishment of debt

21,328

16,679

55,850

50,185

Net earnings

56,587

65,176

Loss attributable to noncontrolling interests

—

2

Net earnings attributable to NNN

56,587

65,178

Series F preferred stock dividends

(4,485)

(4,485)

Net earnings available to common stockholders

$

52,102

$

60,693

Weighted average common shares outstanding:

Basic

174,589

171,039

Diluted

174,715

171,232

Net earnings per share available to common stockholders:

Basic

$

0.30

$

0.35

Diluted

$

0.30

$

0.35


(1) Includes $2,078 in connection with the redemption of 3.30% senior unsecured notes due 2023 for the quarter ended March 31, 2021.


(2) Includes $2,291 in connection with the redemption of 3.80% senior unsecured notes due 2022 for the quarter ended March 31, 2020.

 

 


National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 

Quarter Ended

March 31,

2021

2020



Funds From Operations (FFO) Reconciliation:

Net earnings available to common stockholders

$

52,102

$

60,693

Real estate depreciation and amortization

49,869

49,073

Gain on disposition of real estate

(4,281)

(12,770)

Impairment losses – depreciable real estate, net of recoveries

2,131

5,513

Total FFO adjustments

47,719

41,816

FFO available to common stockholders

$

99,821

$

102,509

FFO per common share:

Basic

$

0.57

$

0.60

Diluted

$

0.57

$

0.60



Core Funds From Operations (Core FFO) Reconciliation:

Net earnings available to common stockholders

$

52,102

$

60,693

Total FFO adjustments

47,719

41,816

FFO available to common stockholders

99,821

102,509

Loss on early extinguishment of debt

21,328

16,679

Total Core FFO adjustments

21,328

16,679

Core FFO available to common stockholders

$

121,149

$

119,188

Core FFO per common share:

Basic

$

0.69

$

0.70

Diluted

$

0.69

$

0.70

 


National Retail Properties, Inc.

(in thousands, except per share data)

(unaudited)

 

Quarter Ended

March 31,

2021

2020



Adjusted Funds From Operations (AFFO) Reconciliation:

Net earnings available to common stockholders

$

52,102

$

60,693

Total FFO adjustments

47,719

41,816

Total Core FFO adjustments

21,328

16,679

Core FFO available to common stockholders

121,149

119,188

Straight-line accrued rent, net of reserves

8,332

(61)

Net capital lease rent adjustment

90

61

Below-market rent amortization

(162)

(220)

Stock based compensation expense

4,186

3,248

Capitalized interest expense

(63)

(466)

Total AFFO adjustments

12,383

2,562

AFFO available to common stockholders

$

133,532


(1)

$

121,750

AFFO per common share:

Basic

$

0.76


(1)

$

0.71

Diluted

$

0.76


(1)

$

0.71



Other Information:

Rental income from operating leases(2)

$

173,583

$

168,733

Earned income from direct financing leases(2)

$

158

$

164

Percentage rent(2)

$

104

$

403

Real estate expense reimbursement from tenants(2)

$

5,353

$

5,247

Real estate expenses

(7,725)

(7,635)

Real estate expenses, net of tenant reimbursements

$

(2,372)

$

(2,388)

Amortization of debt costs

$

1,840


(3)

$

1,816


(4)

Scheduled debt principal amortization (excluding maturities)

$

156

$

147

Non-real estate depreciation expense

$

113

$

118


(1) 

Amounts include the net straight-line accrued rent impact of the rent deferral repayments from the COVID-19 rent deferral lease amendments of $9,385 for the quarter ended March 31, 2021. Excluding such, AFFO per common share results would have been $0.71 for the quarter ended March 31, 2021.


(2) 

For the quarter ended March 31, 2021 and 2020, the aggregate of such amounts is $179,198 and $174,547, respectively, classified as rental income on the income statement summary.


(3) 

Includes $745 in connection with the redemption of the 3.30% senior unsecured notes due 2023 for the quarter ended March 31, 2021.


(4) 

Includes $851 in connection with the redemption of the 3.80% senior unsecured notes due 2022 for the quarter ended March 31, 2020.

 



2021 Earnings Guidance:

Guidance is based on current plans and assumptions and subject to risks and uncertainties more fully described in this press release
and the company’s reports filed with the Commission.



2021 Guidance

  Net earnings per common share excluding any gains on
   disposition of real estate, impairment charges and loss on early
   extinguishment of debt

$1.56 – $1.61 per share

  Real estate depreciation and amortization per share

$1.14 per share

Core FFO per share

$2.70 – $2.75 per share

  AFFO per share(1)

$2.91 – $2.96 per share

  General and administrative expenses

$43 – $45 Million

  Real estate expenses, net of tenant reimbursements

$11 – $13 Million

  Acquisition volume

$400 – $500 Million

  Disposition volume

$80 – $100 Million


(1) 

Estimates include the net straight-line accrued rent impact of the rent repayment from the COVID-19 rent deferral lease amendments of $24,961,000 for 2021. Absent such, AFFO per common share guidance would have been $2.77 – $2.82 per share for 2021.

 

 


National Retail Properties, Inc.

(in thousands)

(unaudited)

 

March 31,
2021

December 31,
2020

Balance Sheet Summary

Assets:

Real estate portfolio

$

7,249,613

$

7,212,655

Real estate held for sale

6,498

5,671

Cash and cash equivalents

311,231

267,236

Receivables, net of allowance of $846 and $835, respectively

4,611

4,338

Accrued rental income, net of allowance of $6,030 and $6,947, respectively

45,450

53,958

Debt costs, net of accumulated amortization of $17,764 and $17,294, respectively

1,492

1,917

Other assets

93,308

92,069

Total assets

$

7,712,203

$

7,637,844

Liabilities:

Line of credit payable

$

—

$

—

 Mortgages payable, including unamortized premium and net of unamortized debt cost

11,222

11,395

 Notes payable, net of unamortized discount and unamortized debt costs

3,298,302

3,209,527

Accrued interest payable

44,668

19,401

Other liabilities

70,172

78,217

Total liabilities

3,424,364

3,318,540

Stockholders’ equity of NNN

4,287,835

4,319,300

Noncontrolling interests

4

4

Total equity

4,287,839

4,319,304

Total liabilities and equity

$

7,712,203

$

7,637,844

Common shares outstanding

175,580

175,233

Gross leasable area, Property Portfolio (square feet)

32,717

32,461

 


National Retail Properties, Inc.


Debt Summary

As of March 31, 2021

(in thousands)

(unaudited)


Unsecured Debt

Principal

Principal,
Net of
Unamortized
Discount

Stated Rate

Effective Rate

Maturity Date

Line of credit payable

$

—

$

—

L + 87.5 bps

—

%

   January 2022

Unsecured notes payable:

2024

350,000

349,744

3.900

%

3.924

%

   June 2024

2025

400,000

399,509

4.000

%

4.029

%

   November 2025

2026

350,000

347,625

3.600

%

3.733

%

   December 2026

2027

400,000

398,880

3.500

%

3.548

%

   October 2027

2028

400,000

397,751

4.300

%

4.388

%

   October 2028

2030

400,000

398,834

2.500

%

2.536

%

April 2030

2048

300,000

295,928

4.800

%

4.890

%

   October 2048

2050

300,000

294,065

3.100

%

3.205

%

April 2050

2051

450,000

441,601

3.500

%

3.602

%

April 2051

Total

3,350,000

3,323,937

Total unsecured debt(1)

$

3,350,000

$

3,323,937

Debt costs

(33,178)

Accumulated amortization

7,543

Debt costs, net of accumulated amortization

(25,635)

Notes payable, net of unamortized discount and
unamortized debt costs

$

3,298,302


(1)  Unsecured notes payable have a weighted average interest rate of 3.7% and a weighted average maturity of 13.3 years.

 


Mortgages Payable

Principal
Balance

Interest Rate

Maturity Date

Mortgage(1)

$

11,257

5.230

%

   July 2023

Debt costs

(147)

Accumulated amortization

112

Debt costs, net of accumulated amortization

(35)

Mortgages payable, including unamortized
premium and net of unamortized debt costs

$

11,222


(1)   Includes unamortized premium

 


National Retail Properties, Inc.
Debt Summary
As of March 31, 2021



Credit Facility and Note Covenants

The following is a summary of key financial covenants for the company’s unsecured credit facility and notes, as defined and calculated per the terms of the facility’s credit agreement and the notes’ governing documents, respectively, which are included in the company’s filings with the Commission. These calculations, which are not based on U.S. GAAP measurements, are presented to investors to show that as of March 31, 2021, the company believes it is in compliance with the covenants.

Unsecured Credit Facility Key Covenants

Required

March 31, 2021

Maximum leverage ratio

< 0.60

0.38

Minimum fixed charge coverage ratio

> 1.50

3.95

Maximum secured indebtedness ratio

< 0.40

0.001

Unencumbered asset value ratio

> 1.67

2.67

Unencumbered interest ratio

> 1.75

4.96

Unsecured Notes Key Covenants

Required

March 31, 2021

Limitation on incurrence of total debt

≤ 60%

36.5%

Limitation on incurrence of secured debt

≤ 40%

0.1%

Debt service coverage ratio

≥ 1.50

4.37

Maintenance of total unencumbered assets

≥ 150%

274%

 

 


National Retail Properties, Inc.


Property Portfolio

 



Top 20 Lines of Trade

 

% of Rent
Collections
Quarter Ended
March 31,
2021(3)

As of March 31,

Line of Trade

2021(1)

2020(2)

1.

Convenience stores

18.0

%

18.1

%

99.9

%

2.

Automotive service

10.7

%

9.9

%

98.7

%

3.

Restaurants – full service

10.2

%

11.0

%

91.5

%

4.

Restaurants – limited service

9.5

%

8.7

%

99.9

%

5.

Family entertainment centers

6.0

%

6.7

%

99.6

%

6.

Health and fitness

5.2

%

5.2

%

94.2

%

7.

Theaters

4.4

%

4.7

%

75.8

%

8.

Recreational vehicle dealers, parts and accessories

3.5

%

3.4

%

100.0

%

9.

Equipment rental

3.1

%

2.6

%

100.0

%

10.

Automotive parts

3.1

%

3.1

%

99.7

%

11.

Home improvement

2.6

%

2.6

%

99.1

%

12.

Wholesale clubs

2.5

%

2.5

%

100.0

%

13.

Medical service providers

2.1

%

2.1

%

99.6

%

14.

General merchandise

1.7

%

1.7

%

99.1

%

15.

Furniture

1.7

%

1.7

%

99.2

%

16.

Home furnishings

1.6

%

1.6

%

99.9

%

17.

Travel plazas

1.5

%

1.5

%

100.0

%

18.

Consumer electronics

1.5

%

1.5

%

100.0

%

19.

Drug stores

1.4

%

1.5

%

100.0

%

20.

Bank

1.3

%

1.3

%

100.0

%

Other

8.4

%

8.6

%

99.7

%

Total

100.0

%

100.0

%

97.5

%

 



Top 10 States

State

% of Total(1)

State

% of Total(1)

1.

Texas

17.4

%

6.

Georgia

4.4

%

2.

Florida

8.7

%

7.

Indiana

4.2

%

3.

Ohio

5.7

%

8.

Tennessee

3.7

%

4.

Illinois

5.1

%

9.

California

3.4

%

5.

North Carolina

4.4

%

10.

Virginia

3.4

%

As a percentage of annual base rent, which is the annualized base rent for all leases in place.


(1) $684,283,000 as of March 31, 2021.


(2) $677,536,000 as of March 31, 2020.


(3) Rent collections received as of April 28, 2021, excluding the repayment of amounts previously deferred according to

    the rent deferral lease amendments.

 

 


National Retail Properties, Inc.


Property Portfolio

 

 



Top 20 Tenants

Properties

% of Total(1)

1.

7-Eleven

140

5.0

%

2.

Mister Car Wash

115

4.5

%

3.

Camping World

47

4.3

%

4.

LA Fitness

30

3.8

%

5.

Flynn Restaurant Group (Taco Bell/Arby’s)

202

3.4

%

6.

GPM Investments (Convenience Stores)

153

3.3

%

7.

AMC Theatre

19

2.8

%

8.

Couche Tard (Pantry)

82

2.7

%

9.

BJ’s Wholesale Club

11

2.5

%

10.

Sunoco

59

2.2

%

11.

Mavis Tire Express Services

120

2.1

%

12.

Main Event

18

1.8

%

13.

Frisch’s Restaurants

74

1.8

%

14.

Bob Evans

114

1.6

%

15.

Fikes (Convenience Stores)

56

1.6

%

16.

Chuck E. Cheese’s

53

1.6

%

17.

Best Buy

15

1.5

%

18.

Life Time Fitness

3

1.5

%

19.

Dave & Buster’s

11

1.4

%

20.

Ahern Rentals

35

1.4

%

 



Lease Expirations

(2)

% of
Total(1)

# of

Properties

Gross Leasable
Area(3)

% of
Total(1)

# of

Properties

Gross Leasable
Area(3)

2021

2.0

%

79

765,000

2027

6.4

%

176

2,563,000

2022

5.2

%

119

1,493,000

2028

4.8

%

157

1,183,000

2023

2.7

%

113

1,417,000

2029

3.0

%

75

1,052,000

2024

3.5

%

95

1,473,000

2030

3.7

%

106

1,190,000

2025

6.2

%

198

2,092,000

2031

8.7

%

192

2,920,000

2026

5.3

%

200

2,000,000

Thereafter

48.5

%

1,593

13,762,000


(1) 

Based on the annual base rent of $684,283,000, which is the annualized base rent for all leases in place as of March 31, 2021.


(2) 

As of March 31, 2021, the weighted average remaining lease term is 10.6 years.


(3) 

Square feet.

 

 


National Retail Properties, Inc.

Rent Deferral Lease Amendments
(in thousands)

 

 

The following table outlines the rent deferred and corresponding recapture payback by quarter of the rent deferral lease
amendments executed as of March 31, 2021 (dollars in thousands):

 


Deferred


Scheduled Repayment

Accrual
Basis

Cash
Basis

Total

% of Total

Accrual
Basis

Cash
Basis

Total

% of Total

Cumulative
Total

2020

$

33,610

$

17,659

$

51,269

91.6

%

$

3,239

$

20

$

3,259

5.8

%

5.8

%

2021

Q1

678

1,937

2,615

4.7

%

10,063

754

10,817

19.3

%

25.1

%

Q2

278

750

1,028

1.8

%

8,603

1,823

10,426

18.6

%

43.7

%

Q3

34

750

784

1.4

%

4,332

1,698

6,030

10.8

%

54.5

%

Q4

—

250

250

0.4

%

2,953

1,698

4,651

8.3

%

62.8

%

990

3,687

4,677

8.4

%

25,951

5,973

31,924

57.0

%

62.8

%

2022

Q1

—

—

—

—

1,780

2,117

3,897

7.0

%

69.8

%

Q2

—

—

—

—

1,729

2,117

3,846

6.9

%

76.7

%

Q3

—

—

—

—

1,201

2,117

3,318

5.9

%

82.6

%

Q4

—

—

—

—

681

2,117

2,798

5.0

%

87.6

%

—

—

—

—

5,391

8,468

13,859

24.8

%

87.6

%

2023

—

—

—

—

19

3,021

3,040

5.4

%

93.0

%

2024

—

—

—

—

—

1,932

1,932

3.5

%

96.5

%

2025

—

—

—

—

—

1,932

1,932

3.5

%

100.0

%

$

34,600

$

21,346

$

55,946

$

34,600

$

21,346

$

55,946

 

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SOURCE National Retail Properties, Inc.

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Thinking about buying stock in BioLineRx, Cocrystal Pharma, Vaxart, Precipio, or Arrival?

PR Newswire

NEW YORK, May 4, 2021 /PRNewswire/ — InvestorsObserver issues critical PriceWatch Alerts for BLRX, COCP, VXRT, PRPO, and ARVL.

To see how InvestorsObserver’s proprietary scoring system rates these stocks, view the InvestorsObserver’s PriceWatch Alert by selecting the corresponding link.

(Note: You may have to copy this link into your browser then press the [ENTER] key.)

InvestorsObserver’s PriceWatch Alerts are based on our proprietary scoring methodology. Each stock is evaluated based on short-term technical, long-term technical and fundamental factors. Each of those scores is then combined into an overall score that determines a stock’s overall suitability for investment.

 

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SOURCE InvestorsObserver

Posted on

Trading Volumes on EQUOS Grow 300% Over Last 30 Days, Future Product Rollout to Drive Further Volume and Revenue Growth

PR Newswire

SINGAPORE, May 4, 2021 /PRNewswire/ —  Diginex Limited (Nasdaq: EQOS), a digital assets financial services company, today announced that combined spot and derivative volumes on its crypto exchange, EQUOS, exceeded US$2 billion for the last 30 days. This represents an increase of 300% compared to the prior 30 days.

The rapid growth trajectory the exchange has seen over recent weeks is driven by a strong and growing interest in the EQO Token as well as an increase in onboarding and trading volumes from both retail and institutional traders.

Spot volumes continue to grow strongly while derivative volumes from the BTC and ETH perpetual futures products are expanding at an even quicker pace of almost 5 times compared to the previous 30 days. The growth in derivatives volume, which represented over 60% of total volume during the last 30-day period, highlights the enormous growth opportunity that exists in this segment and validates the Company’s focus on being a trusted provider of the products and infrastructure necessary for the derivative industry to develop and mature.

As part of the expansion of its derivative offering, EQUOS is expected to roll-out isolated margin functionality, cross-asset collateralization, customizable leverage, and managed accounts in addition to further coins over the next few months with dated futures and options expected to follow.

Richard Byworth, CEO at Diginex, said: “We are happy to see the ongoing acceleration in volume growth on the exchange. We have designed a product roadmap specifically for how we see the future of this industry evolving, with a growing reliance on derivatives. The next few months will see huge growth of the core foundational piece of our derivative offering as well as more listings and products. We are just getting started.”

About Diginex 

Diginex is a digital assets financial services company focused on delivering a cryptocurrency and digital assets ecosystem offering innovative product and services that are compliant, fair and trusted. The group encompasses cryptocurrency exchange EQUOS.io as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform, Diginex Access, a securitisation advisory service, Diginex Capital, market leading hot and cold custodian Digivault and funds business Bletchley Park.

For more information visit: https://www.diginex.com/

Follow Diginex on social media on Twitter @DiginexGlobal, on Facebook @DiginexGlobal, and on LinkedIn.

This press release is provided by Diginex Limited (“Diginex”) for information purposes only, is a summary only of certain key facts and plans of Diginex and includes forward looking statements that involve risks and uncertainties. Without limitation, the press release does not constitute an offer or solicitation in relation to any securities or other regulated products or services or to make use of any services provided by Diginex, and neither this press release nor anything contained in it will form the basis of any contract or commitment whatsoever. The contents of this press release have not been reviewed by any regulatory authority in any jurisdictions. Forward looking statements are statements that are not historical facts and are subject to risks and uncertainties, which could cause actual results or outcomes to differ materially from the forward-looking statements. Most of these factors are outside of Diginex’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the ability to achieve any anticipated benefits; the ability of Diginex to grow and manage growth profitably; Diginex’s limited operating history and history of net losses; Diginex’s ability to execute its business plan; the inability to maintain the listing of Diginex’s shares on Nasdaq; Diginex’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Diginex’s products; Diginex’s ability to identify and integrate acquisitions; potential litigation involving Diginex or the validity or enforceability of Diginex’s intellectual property; general economic and market conditions impacting demand for Diginex’s products and services; and such other risks and uncertainties indicated in Diginex’s Shell Company Report on Form 20-F, including those under “Risk Factors” therein, and in Diginex’s other filings with the SEC, which are available on the SEC’s website at www.sec.gov.

In addition, any forward-looking statements contained in this press release are based on assumptions that Diginex believes to be reasonable as of this date. Diginex undertakes no obligation to update any forward-looking statements 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.

Other than those of Diginex, all names, trademarks and logos in this press release and used in the materials herein belong to their respective owners. Nothing contained on this press release should be construed as granting, by implication, estoppel, or otherwise, any right or license to use any third-party names, trademarks, or logos displayed on the press release without the written permission of such third-parties. Copyright (c) Diginex 2021.

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SOURCE Diginex Limited

Posted on

Curtis Smith Named Chief Marketing Officer at American Outdoor Brands

PR Newswire

COLUMBIA, Mo., May 4, 2021 /PRNewswire/ — American Outdoor Brands, Inc. (NASDAQ: AOUT), an industry leading provider of products and accessories for rugged outdoor enthusiasts, today announced that Curtis Smith has been named Chief Marketing Officer.  In this newly created role, Smith will lead the company’s Marketing, Brand Management, Creative, e-commerce, and Customer Service teams. 

“Curtis has amassed significant experience within the outdoor industry and managed strategic categories for some of the most widely recognized outdoor product brands in the world, including Coleman, Campingaz, Bushnell, BUBBA, and Crimson Trace,” said Brian Murphy, President and CEO of American Outdoor Brands. “Since joining us in 2017, he has played a pivotal role in helping to develop and implement our brand strategy, most notably our unique Dock & Unlock™ strategy, a key element in setting the growth trajectory for our 20 brands geared toward the outdoor enthusiast.  He has also led our successful initiative to establish an online presence for each of our brands, an accomplishment that positioned us to deliver meaningful growth across our traditional, and e-commerce channels throughout the pandemic. I am excited to welcome Curtis to this new executive leadership role and look forward to his continuing contributions to our success.”

Smith joined the Company as a divisional Vice President of Marketing in October 2017, prior to its spin-off as American Outdoor Brands, Inc. in August 2020.  Earlier, he was a Global Product Lane Director at Vista Outdoor Inc., a publicly held designer, manufacturer, and marketer of outdoor sports and recreation products.  Smith also served as Director of Global Product Line Management and Global Category Manager at the Coleman Company, Inc., a designer, manufacturer, and marketer of primarily outdoor camping gear.

Smith said, “As a lifelong, outdoor enthusiast, I am honored to lead our talented, creative and ambitious team of experts as we bring our diverse portfolio of highly authentic brands to a growing base of consumers.  Together, our team has created an intense and robust brand positioning process, uniquely designed to breathe life into each brand, establish a framework for where each brand has permission to play, and formalize the appropriate guidelines for differentiating the brands within the broader competitive landscape.  I look forward to the future, as we continue the exciting journey that will take our brands from Niche to Known™.” 

Smith earned his B.S. in Chemistry and his M.B.A. at Oklahoma City University.  He currently serves on the Board of Regents for the American Knife & Tool Institute, a non-profit organization dedicated to advocating for the knife industry.


About American Outdoor Brands, Inc.

American Outdoor Brands, Inc. (NASDAQ: AOUT) is an industry leading provider of outdoor products and accessories, including hunting, fishing, camping, shooting, and personal security and defense products, for rugged outdoor enthusiasts.  The company produces innovative, top quality products under the brands Caldwell®; Crimson Trace®; Wheeler®; Tipton®; Frankford Arsenal®; Lockdown®; BOG®; Hooyman®; Smith & Wesson® Accessories; M&P® Accessories; Thompson/Center Arms™ Accessories; Performance Center® Accessories; Schrade®; Old Timer®; Uncle Henry®; Imperial®; BUBBA®; UST®;  LaserLyte®; and MEAT!.   For more information about all the brands and products from American Outdoor Brands, Inc., visit www.aob.com.

Contact: 
Liz Sharp, VP, Investor Relations
[email protected]
(573) 303-4620

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SOURCE American Outdoor Brands, Inc.

Posted on

Celsius Holdings, Inc. to Release First Quarter 2021 Financial Results on Thursday, May 13, 2021

PR Newswire

BOCA RATON, Fla., May 4, 2021 /PRNewswire/ — Celsius Holdings, Inc., (Nasdaq: CELH), maker of the leading global fitness drink, CELSIUS®, today announced that it will release financial results for the first quarter ended March 31, 2021,  on Thursday, May 13, 2021, before the market open. Management will then host a conference call that same day at 10:00 a.m. Eastern Time, to discuss the results with the investment community.

To participate in the conference call, please call one of the following telephone numbers at least 10 minutes before the start of the call:

US: 877-709-8150
International: 201-689-8354

An audio replay of the call will be available on the Company’s website at:
https://www.celsiusholdingsinc.com/press-releases/


About Celsius Holdings, Inc.

Celsius Holdings, Inc. (Nasdaq: CELH), is a global company with a proprietary, clinically proven formula for its master brand CELSIUS® and all its sub-brands. A lifestyle fitness drink and a pioneer in the rapidly growing performance energy sector, CELSIUS® has five beverage lines that each offer proprietary, functional, healthy-energy formulas clinically-proven to offer significant health benefits to its users. The five lines include, CELSIUS® Originals, CELSIUS HEAT™, CELSIUS® BCAA +Energy,  CELSIUS® On-the-Go, and CELSIUS® Sweetened with Stevia. CELSIUS® has zero sugar, no preservatives, no aspartame, no high fructose corn syrup, and is non-GMO, with no artificial flavors or colors. The CELSIUS® line of products is Certified Kosher and Vegan. CELSIUS® is also soy and gluten-free and contains very little sodium. CELSIUS® is backed by six university studies that were published in peer-reviewed journals validating the unique benefits CELSIUS® provides. CELSIUS® is sold nationally at Target, CVS, Walmart, GNC, Vitamin Shoppe, 7-Eleven, Dick’s Sporting Goods, The Fresh Market, Sprouts and other key regional retailers such as HEB, Publix, Winn-Dixie, Harris Teeter, Shaw’s and Food Lion. It is also available on Amazon, at fitness clubs and in select micro-markets across the country. For more information, please visit: http://www.celsiusholdingsinc.com

Investor Relations:
Cameron Donahue
(651) 707-3532
[email protected]

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SOURCE Celsius Holdings, Inc.

Posted on

LiveXLive To Acquire Modern Drummer Publications

Acquisition Will Bolster LiveXLive’s Expanding Distribution Platforms and Flywheel Model Adding to Original Content, Live Events, Pay-Per-View, Podcasts/Vodcasts, Subscribers, NFT Opportunities and Editorial

Anticipated Deal is LiveXLive’s 5th Acquisition in Past 3.5 Years and Company Expects to Make Additional Future Accretive Acquisitions

PR Newswire

LOS ANGELES, May 4, 2021 /PRNewswire/ — LiveXLive Media (Nasdaq: LIVX) (“LiveXLive”), a global platform for livestream and on-demand audio, video and podcast/vodcast content in music, comedy and pop culture, and owner of PodcastOne, Slacker Radio, React Presents and Custom Personalization Solutions, announced today that it has entered into a binding Letter of Intent to acquire Modern Drummer Publications, Inc., the world’s most read drum magazine print edition with a digital reach in the millions and a respected source and gold standard for drumming features, news, education, podcasts and reviews. The proposed acquisition is expected to close by June 30, 2021, subject to customary and other closing conditions.

Modern Drummer Acquisition Will Bolster LiveXLive’s Expanding Distribution Platforms and Flywheel

The planned acquisition will enhance the storied Modern Drummer brand and expand LiveXLive’s growing list of distribution platforms for its original and proprietary content and franchises, which will now include Modern Drummer’s podcast, Modern Drummer Festival, and pay-per-view events. LiveXLive will tap into Modern Drummer’s extensive content library featuring original video, audio, photography and editorial, further strengthening and complementing LiveXLive’s current music streaming subscription across Slacker Radio. The deal further expands LiveXLive’s role in providing passionate audiences and superfans with content verticals they are seeking.

As part of the acquisition, Modern Drummer’s team, including CEO, David Frangioni, will remain with Modern Drummer after the closing of the deal, and Modern Drummer will operate as a wholly owned subsidiary of LiveXLive. Frangioni is an award-winning veteran of the music and audio-visual technology industry, with expertise ranging from being a drummer and producer, to an audio consultant, technologist, integrator and recording engineer. David has worked with numerous top line artists including Aerosmith, Ozzy Osbourne, the Rolling Stones, Ringo Starr, Elton John, Sting, Bryan Adams, Journey, Styx, Phil Collins, Shakira, Rascal Flatts, Cher and Chick Corea. He is a recipient of numerous gold and platinum albums as technical consultant, engineer, and/or programmer.

Robert Ellin, LiveXLive’s Chairman and CEO, commented, “Modern Drummer is an outstanding addition to LiveXLive’s family of franchises. Together with David Frangioni and his team, I am confident that we can substantially grow Modern Drummer’s business, brand, and reach. It fits perfectly into our flywheel business model by adding original content, live events, pay-per-views, podcasts, subscribers, and NFT opportunities from their vast archive of material. Our future is rooted in offering specialized content and this alliance fortifies our position in the marketplace.”

Modern Drummer’s CEO, David Frangioni, added, “Modern Drummer has found the perfect partner in LiveXLive. It is a progressive, cutting-edge company that I believe, when combined with our iconic brand, will grow Modern Drummer and its divisions into the digital stratosphere.”  Frangioni continued, “Drummers have relied on Modern Drummer since 1977 to deliver compelling content, inside views and education direct from the source with unique experiences from every genre and style of drumming. We have hundreds of magazine covers that, combined with our exclusive archive, inspire drummers worldwide on a daily basis.”

Modern Drummer was founded by the late Ron Spagnardi and published its debut issue in 1977 with legendary drummer Buddy Rich on the cover. Today, it is the world’s most read drum magazine print edition available in over 60 countries worldwide with a digital reach in the millions. Its book division is considered the leading publisher of drum and percussion educational material with over 35 titles including the Legends Series, The New Breed by Gary Chester, Master Studies by Joe Morello, and Realistic Rock by Carmine Appice. For the past 30 years, the Modern Drummer Drum Festival has featured performances from numerous legendary drummers including Sheila E, Roy Haynes, Dave Weckl, Mike Portnoy, Aaron Spears, Alex Acuna, Steve Smith & Chad Smith. In 2020 and for the first time, the festival was livestreamed on the LiveXLive streaming platform. The Modern Drummer Hall of Fame is considered the pinnacle lifetime achievement for professional drummers. With strong digital reach, Modern Drummer is a respected source and gold standard for drumming features, news, education, podcasts and reviews.

Current LiveXLive’s original franchises include, “Music Lives” — a 48-hour non-stop livestreamed music festival; “Music Lives ON” — a weekly Thursday night livestream concert; “LiveZone”, a weekly music and celebrity news show; docu-reality series “Artist DNA”; and “LiveXLive Presents,” LiveXLive’s first original music performance show, The Lockdown Awards, The Snubbys hosted by comedian Jeff Ross, and PodcastOne’s 235 exclusive podcast shows.

LiveXLive has the first talent-centric platform focused on superfans and building long-term franchises in on-demand audio and video, podcasting, vodcasting, OTT linear channels, pay-per-view, and livestreaming. Its model includes multiple monetization paths including subscription, advertising, sponsorship, merchandise sales, licensing, and ticketing. LiveXLive recently raised revenue guidance for its 2021 fiscal year based on strength in its core businesses.


About LiveXLive Media, Inc.

Headquartered in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the “Company”) (pronounced Live “by” Live) is a global platform for livestream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1,800 artists since January 2020, has become a go-to partner for the world’s top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called “Music Lives” with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive’s library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. The Company’s wholly-owned subsidiary, PodcastOne, generates more than 2.25 billion downloads per year with 400+ episodes distributed per week across a stable of hundreds of top podcasts. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.


Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue; the Company’s ability to consummate any proposed financing, acquisition or transaction, the timing of the closing of such proposed event, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all, or that the closing of any proposed financing, acquisition or transaction will not occur or whether any such event will enhance shareholder value; the Company’s ability to continue as a going concern; the Company’s ability to attract, maintain and increase the number of its users and paid subscribers; the Company identifying, acquiring, securing and developing content; the Company’s intent to repurchase shares of its common stock from time to time under its announced stock repurchase program and the timing, price, and quantity of repurchases, if any, under the program; the Company’s ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 26, 2020, Quarterly Report on Form 10-Q for the quarter ended December 31, 2020, filed with the SEC on February 16, 2021, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

Press Contact:
LiveXLive
[email protected]
917.842.9653

LiveXLive IR Contact:
310.601.2505
[email protected]

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SOURCE LiveXLive Media, Inc.

Posted on

Job Growth Rate in Small Businesses Increases Significantly in April

Employment gains occurred in all categories, with leisure and hospitality top among industries

PR Newswire

ROCHESTER, N.Y., May 4, 2021 /PRNewswire/ — The Paychex | IHS Markit Small Business Employment Watch, compiled from aggregated payroll data of approximately 350,000 clients on the Paychex human capital management (HCM) suite, is out with the latest numbers. The Small Business Jobs Index increased 4.33 percent from March to 98.34 in April, a positive indicator of job growth returning to pre-pandemic levels. The increase is in part driven by the comparison period of one year ago (detailed below). Each region, state, and metro area analyzed in April 2021 saw employment gains. The South leads all regions at 99.42.

“A return to full employment is not complete. However, the Small Business Jobs Index returned to its pre-pandemic peak, seen in February 2020,” said James Diffley, chief regional economist at IHS Markit. “We’re encouraged by the progress in job growth we see in the April numbers.”

“The country has been waiting for a significant increase in job growth since this time last year—and April delivered. Many businesses are finally able to resume regular operations with the onset of vaccine availability for all U.S. adults,” said Martin Mucci, Paychex president and CEO. “The significant growth seen in the leisure and hospitality industry, over the last two months, will only accelerate with the upcoming financial relief available by the Restaurant Revitalization Fund grants made available this week by the SBA.”

In further detail, the April report showed:

  • Job growth improved in all four U.S. regions in March, as well as in all 20 states, and all 20 metros analyzed.
  • The South continues to lead all regions in small business job growth.
  • Texas took the top ranking for job growth among states.
  • Leisure and hospitality saw the greatest improvement among industry sectors, but construction still has the highest index at 100.72.
  • Leisure and hospitality and construction both also saw a significant gain in hourly earnings growth, 6.78 percent and 4.00 percent, respectively.

Paychex business solutions reach 1 in 12 American private-sector employees, making the Small Business Jobs Index report an industry benchmark. The national jobs index uses a 12-month same-store methodology to gauge small business employment trends on a national, regional, state, metro, and industry basis.

The complete results for April, including interactive charts detailing all data are available at www.paychex.com/watch. Highlights are available below. 

Note:
 Data presented for the month of April was collected between March 19, 2021 and April 22, 2021. The significant increase in the Small Business Jobs Index from March 2021 to April 2021 is driven in part by the same-store year-over-year methodology used to create the Small Business Jobs Index. The comparison used to calculate Small Business Jobs Index for April 2021 was April 2020, the most impactful month of COVID-19-related shutdowns. The lower employment level in April 2020 used for comparison created a base effect impact.

National Jobs Index

  • The national index spiked 4.33 percent in April to an index level of 98.34. Strong gains from March to April were present. However, the year-over-year increase is driven in part by the low employment levels of the April 2020 comparison period.
  • The Small Business Jobs Index has improved for four straight months as smaller decreases in early 2021 gave way to significant gains.
  • At 98.34, small business employment growth is back to pre-pandemic levels.

National Wage Report

  • Hourly earnings growth slowed slightly to 2.84 percent, the first decrease of 2021.
  • Weekly earnings growth settled to 3.43 percent in April. One-month annualized growth has averaged more than five percent during the first four months of 2021.
  • Weekly hours worked growth retreated slightly in April but remains positive year-over-year (0.44 percent).

Regional Jobs Index

  • At 99.42, the South leads all regions in jobs growth recovery, more than a point higher than the next highest region, the Midwest at 98.16.
  • The Northeast had the most significant improvement over last month among regions (4.69 percent) but remained the weakest index at 97.82.

Regional Wage Report 

  • The Northeast leads all regions in hourly earnings growth at 3.70 percent, though the region slowed from four percent in March.
  • The South ranks first among regions in small business employment growth but last in earnings growth.
  • All regions have positive year-over-year weekly hours worked growth.

State Jobs Index

  • Texas, Florida, Arizona, and Tennessee are among the top states, each with index levels that returned to 100 or above.
  • Washington ranks last among states at 94.77, trailing all others by more than a point and a half.
  • New York gained 5.09 percent in April, the third strongest one-month growth rate among states. For context, New York was one of the first states with significant lockdowns last year, which led to a lower employment level for the April 2020 comparison period.

Note: Analysis is provided for the 20 largest states based on U.S. population.

State Wage Report

  • Missouri overtook Massachusetts for the top-ranked state for hourly earnings growth. Both are the only states with hourly earnings growth above four percent.
  • California’s weekly earnings growth has more than doubled to 4.48 percent during the past four months.
  • Texas has propelled to second place among states for weekly hours worked growth.

Note: Analysis is provided for the 20 largest states based on U.S. population.

Metropolitan Jobs Index 

  • Tampa, Dallas, and Phoenix are among the top metros, each with index levels that returned to 100 or above.
  • Seattle, Washington, and San Francisco trail all metros, each below 96. Washington is the only metro with a negative year-over-year growth rate.
  • Minneapolis surged 6.79 percent in April, the best one-month gain among states. Minneapolis was one of the metros hit hardest in April 2020, causing a lower employment level for the comparison period.

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Metropolitan Wage Report

  • At 5.41 percent, hourly earnings growth in Riverside, CA slowed by more than one percent in the past month. However, Riverside led all metros in hourly earnings growth by more than one percent.
  • Seattle’s hourly earnings growth is weakest among regions, slowing below one percent in April.
  • In Houston, weekly hours worked are down 1.10 percent, the only metro with negative weekly hours worked growth.

Note: Analysis is provided for the 20 largest metro areas based on U.S. population.

Industry Jobs Index

  • Leisure and hospitality gained 9.17 percent in April but still trails other sectors at 95.39.
  • Construction was once again the top sector for small business job growth for the twelfth consecutive month.
  • Financial activities, which includes financial, insurance, and real estate firms, gained 1.58 percent to 98.71, returning to its pre-pandemic ranking.

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

Industry Wage Report 

  • As establishments expand capacity and re-open, weekly earnings growth in the leisure and hospitality sector has quickly reversed course, from -1.78 percent in January 2021 to 6.78 percent in April 2021.
  • Weekly earnings in construction increased for the fifth consecutive month to 4.00 percent.
  • Weekly hours worked growth has been negative in manufacturing for the past year.

Note: Analysis is provided for seven major industry sectors. Definitions of each industry sector can be found here. The Other Services (excluding Public Administration) industry category includes religious, civic, and social organizations, as well as personal services, including automotive and household repair, salons, drycleaners, and other businesses.

For more information about the Paychex | IHS Markit Small Business Employment Watch, visit www.paychex.com/watch and sign up to receive monthly Employment Watch alerts.

*Information regarding the professions included in the industry data can be found at the Bureau of Labor Statistics website.

About the Paychex | IHS Markit Small Business Employment Watch
The Paychex | IHS Markit Small Business Employment Watch is released each month by Paychex, Inc., a leading provider of payroll, human resource, insurance, and benefits outsourcing solutions for small-to medium-sized businesses, and IHS Markit, a world leader in critical information, analytics, and expertise. Focused exclusively on small business, the monthly report offers analysis of national employment and wage trends, as well as examines regional, state, metro, and industry sector activity. Drawing from the payroll data of approximately 350,000 Paychex clients, this powerful tool delivers real-time insights into the small business trends driving the U.S. economy.

About Paychex
Paychex, Inc. (Nasdaq:PAYX) is a leading provider of integrated human capital management solutions for payroll, benefits, human resources, and insurance services. By combining its innovative software-as-a-service technology and mobility platform with dedicated, personal service, Paychex empowers small- and medium-sized business owners to focus on the growth and management of their business. Backed by more than 45 years of industry expertise, Paychex served more than 680,000 payroll clients as of May 31, 2020 across more than 100 locations in the U.S. and Europe, and pays one out of every 12 American private sector employees. Learn more about Paychex by visiting paychex.com and stay connected on Twitter and LinkedIn.

About IHS Markit (www.ihsmarkit.com)
IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.

Media Contacts

Lisa Fleming

Paychex, Inc.
+1 585-387-6402
[email protected] 
@Paychex 

Kate Smith

IHS Markit
+1 781-301-9311
[email protected] 

Colleen Bennis

Mower
+1 585-389-1865
[email protected] 

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SOURCE Paychex, Inc.

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BMO Shares Progress on IFC led Operating Principles for Impact Management in First Disclosure Statement

PR Newswire

TORONTO, May 4, 2021 /PRNewswire/ – In May 2020, BMO Financial Group (TSX: BMO) (NYSE: BMO) became the first major bank in Canada to sign the International Finance Corporation (IFC) led Operating Principles for Impact Management (“the Principles”). The Principles set a market standard for investing by which investors seek to contribute to measurable positive social or environmental impacts alongside financial returns, in a transparent and accountable way. Signatories commit to upholding 9 principles, including defining impact objectives, assessing the expected impact of investments, monitoring and reporting on progress.

As part of its pledge, BMO has published its first Disclosure Statement which affirms that the bank has established procedures that ensure investments made through the $250 million BMO Impact Fund are managed in alignment with the Principles. The Fund’s goal is to find and scale solutions to sustainability challenges and was established as part of BMO’s Purpose, its commitment to sustainable finance and a sustainable future.

“In setting up the BMO Impact Fund as part of our broader Sustainable Finance commitment, we wanted to implement processes that met the high-water mark of impact fund management,” said Jonathan Hackett, Managing Director and Head of Sustainable Finance at BMO. “The Principles provide us with that benchmark, have helped inform our impact assessment and management throughout the investment lifecycle, and help us to prioritize investments that demonstrably contribute to sustainability objectives.”

The Disclosure Statement, which can be read here, describes the Fund’s strategy and focus areas, as well as the bespoke methodology BMO has developed to assess impact at a portfolio and individual investment level.

BMO continues to make significant progress on its Purpose to double the good for a sustainable future:

  • In 2019, BMO unveiled its Purpose to Boldly Grow the Good in business and life, announcing commitments to double the good for a thriving economy, sustainable future and inclusive society
  • BMO has been carbon neutral across its operations since 2010 and in October 2020 reached a key milestone in matching 100 per cent of electricity usage with renewable electricity
  • In 2019, BMO issued a $500 million USD Sustainability Bond with use of proceeds tied to the UN Sustainable Development Goals
  • In February 2021, BMO provided the first labelled Green Loan in Canadian history to Atlantic Packaging to finance a new 100 percent recycled containerboard facility, and worked with Atlantic to publish a Green Financing Framework
  • In March 2021, the bank announced its climate ambition, including plans to build unique climate analytics capabilities to be its clients’ lead partner in the transition to a net zero world. As part of the announcement the bank introduced the BMO Climate Institute, a multi-disciplinary organization harnessing science, analytics powered by innovative technology and industry leading expertise. As part of its commitment to Sustainable Finance, BMO has committed to deploying $300 billion in sustainable lending and underwriting by 2025

BMO’s leadership on sustainability has been recognized on numerous rankings:

  • Ranked 15th on The Wall Street Journal‘s 2020 list of the 100 Most Sustainably Managed Companies in the World, third overall on Social Capital – BMO was the only North American bank included
  • Top North American bank on Corporate Knights’ 2021 Global 100 Most Sustainable Corporations in the World for the second year in a row
  • Ranked in the top 10 per cent of banks globally on the 2020 Dow Jones Sustainability Index, and the top North American bank
  • Scored an A- on the 2020 CDP Climate Change disclosure
  • Ethisphere® Institute’s 2020 list of the World’s Most Ethical Companies®
  • Corporate Knights 2020 Best 50 Corporate Citizens in Canada
  • Joint winner of Environmental Finance’s 2021 Lead Manager of the Year, Social Bonds – Local Authority/Municipality category

For more information on BMO’s commitment to a sustainable future, please visit the bank’s Sustainability Report.  To learn more about sustainable finance at BMO click here. For BMO’s climate ambition, visit our Climate page.

About BMO Financial Group 
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $973 billion as of January 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

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SOURCE BMO Financial Group

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Forrester Debuts Next-Generation B2B Revenue Waterfall To Help Firms Accelerate Revenue Growth

Increase in complex buying scenarios and heightened focus on customer retention necessitate including existing customers in the demand mix

PR Newswire

CAMBRIDGE, Mass., May 4, 2021 /PRNewswire/ — Forrester (Nasdaq: FORR) released the latest version of its B2B Revenue Waterfall, formerly known as the SiriusDecisions Demand Unit Waterfall®, to plan and measure progress against both net new and existing customer opportunities. Unveiled at B2B Summit North America, the updated model will help firms accelerate opportunity development and revenue growth. Using the new model, firms can drive new pipeline and revenue opportunities in current accounts, turn buyers into advocates, and fuel demand generation activities such as attracting net new buyers’ attention and accelerating deal closing.

According to Forrester, a sales- and marketing-aligned demand management process leads to better conversion rates (pipeline-to-close ratio) and higher average deal sizes. This year’s Forrester B2B Buying Study shows that more than 80% of purchases now involve complex buying scenarios: consensus scenarios where 95% of current purchases involve three or more people across two or more departments, and committee scenarios where strategic purchases include multiple people and departments across the organization and require executive oversight. With buying groups becoming the norm, sales and marketing functions need to work even more closely to understand and engage with all decision-makers involved in making purchases.

Additionally, before COVID-19, fewer than a third of B2B marketers prioritized customer retention as a measure of marketing success. However, customer retention and expansion are perceived as more important to achieving business growth in tough economic times. An anticipated 75% of B2B marketers will focus their demand generation tactics on customer retention and enrichment this year, a 16% increase from 2020. Currently, though, fewer than half of organizations are tracking customer retention opportunities in their Waterfall models.

An industry standard for B2B organizations to define their demand management processes, the latest iteration of the B2B Revenue Waterfall expands upon the Demand Unit Waterfall® to target buying groups and consider existing clients in the overall demand plan. Forrester’s B2B Revenue Waterfall adds renewal, cross-sell, and upsell opportunities as new opportunity types in the target opportunities stage. By evaluating conversion rates and costs for each opportunity type, B2B marketing and sales leaders can identify the optimal mix of opportunities, allocate resources, and plan and measure their performance accordingly.

“The new role of marketing and sales is to help buyers progress through their buying journey — not push leads through a funnel or pipeline,” said Monica Behncke, VP, Group Research Director, Forrester. “Forrester’s B2B Revenue Waterfall broadens the demand mix to include both new and current customer sales opportunities to drive the performance of organizations’ revenue engines. New B2B opportunities can cycle down through the Revenue Waterfall in a way that optimizes marketing and selling resources, while successful ‘won’ deals are recycled back up to become retention and upsell opportunities. This offers B2B organizations holistic and consistent insights into what their overall business health looks like.”

Resources:

About Forrester

Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We help leaders across technology, marketing, customer experience, product, and sales functions use customer obsession to accelerate growth. Through Forrester’s proprietary research, consulting, and events, leaders from around the globe are empowered to be bold at work — to navigate change and put their customers at the center of their leadership, strategy, and operations. Our unique insights are grounded in annual surveys of more than 675,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective research methodologies, including Forrester Wave™ evaluations; over 52 million real-time feedback votes; and the shared wisdom of our clients. To learn more, visit Forrester.com.

Media Contact:
Ira Kantor
Public Relations
Forrester Research, Inc.
[email protected]

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SOURCE Forrester

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Universal Technical Institute Announces Former Congresswoman Loretta L. Sanchez Joins its Board of Directors

PR Newswire

PHOENIX, May 4, 2021 /PRNewswire/ — Universal Technical Institute Inc. (NYSE: UTI), the nation’s leading provider of transportation technician training, announced the appointment of the Hon. Loretta L. Sanchez, a former 10-term member of the U.S. House of Representatives from California, to the UTI Board of Directors.

Sanchez served in Congress from 1997 to 2017 as a Democrat from California’s 46th Congressional District, representing Orange County. One of her key priorities was ensuring access to all types of higher education, including career and technical skills training. While in Congress, she served on the Education and Labor Committee, Armed Services Committee, and as a ranking member of the Homeland Security Committee Subcommittee on Cybersecurity, Infrastructure Protection, and Security Technologies.

Sanchez is currently chief executive officer of Datamatica LLC, a consulting, data analytics and messaging firm that focuses on local, state, and federal issues and campaigns.

“We are delighted that Congresswoman Loretta Sanchez is joining our Board of Directors. Her deep understanding of education and its importance in developing solid career pathways, her significant accomplishments, extensive public policy expertise and work to ensure education opportunities for all, promise to be invaluable to our organization,” said UTI CEO Jerome Grant.

Said Sanchez, “Universal Technical Institute helps fill an important role in both our national economy and our educational system today – providing high-quality, industry-aligned technical education that enables students to graduate, move quickly into in-demand jobs, and hit the ground running. I look forward to helping UTI grow and advance its strategy.”

Sanchez currently serves on the Board of Directors of Career Education Colleges and Universities, and on the Board of Trustees of Chapman University.

“Loretta Sanchez has an impressive track record of success in the realm of business and the arena of public service. She has accomplished noteworthy achievements while embracing the challenge of working across the ideological and political spectrum. We look forward to adding Loretta’s skills to our board,” said Robert DeVincenzi, UTI’s non-executive Chairman of the Board.

About Universal Technical Institute, Inc.

With more than 220,000 graduates in its 55-year history, Universal Technical Institute, Inc. (NYSE: UTI) is the nation’s leading provider of technical training for automotive, diesel, collision repair, motorcycle and marine technicians, and offers welding technology and computer numerical control (CNC) machining programs. The company has built partnerships with industry leaders, outfits its state-of-the-industry facilities with current technology, and delivers training that is aligned with employer needs. Through its network of 12 campuses nationwide, UTI offers post-secondary programs under the banner of several well-known brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) and NASCAR Technical Institute (NASCAR Tech). The company is headquartered in Phoenix, Arizona.

For more information, visit www.uti.edu. Like UTI on www.facebook.com/UTI or follow UTI on Twitter @UTITweet, @MMITweet, and @NASCARTechUTI.

Company Contact:

Troy Anderson

Chief Financial Officer
Universal Technical Institute, Inc.
(623) 445-9365
[email protected]

Investor Relations Contact:
Robert Winters or Wyatt Turk 
Alpha IR Group 
(312) 445-2870
[email protected]

Media Contact:
Jody Kent 
Vice President, Communications and Public Affairs 
Universal Technical Institute 
(623) 445-0872
[email protected]

 

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SOURCE Universal Technical Institute, Inc.