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Broadcom Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results and Quarterly Dividends

– Revenue of $6,467 million for the fourth quarter, up 12 percent from the prior year period

– GAAP net income of $1,324 million for the fourth quarter; Adjusted EBITDA of $3,827 million for the fourth quarter

– GAAP diluted EPS of $2.93 for the fourth quarter; Non-GAAP diluted EPS of $6.35 for the fourth quarter

– $3,246 million of free cash flow from operations for the fourth quarter, defined as cash from operations of $3,348 million less capital expenditures of $102 million

– Quarterly common stock dividend increased by 11 percent to $3.60 per share from the prior quarter

– First quarter revenue guidance of approximately $6.6 billion, an expected increase of 13 percent from the prior year period

– First quarter Adjusted EBITDA guidance of approximately $3.9 billion, or 59 percent of projected revenue¹

PR Newswire

SAN JOSE, Calif., Dec. 10, 2020 /PRNewswire/ — Broadcom Inc. (Nasdaq: AVGO), a global technology leader that designs, develops and supplies semiconductor and infrastructure software solutions, today reported financial results for its fourth quarter and fiscal year ended November 1, 2020, provided guidance for the first quarter of its fiscal year 2021 and announced its quarterly dividends.

“We concluded the year with strong fourth quarter results driven by continued demand for networking from cloud and for broadband from service providers as well as the significant ramp in wireless, even as enterprise demand remained soft. Our infrastructure software segment continued to be stable and delivered solid results,” said Hock Tan, President and CEO of Broadcom Inc. “Our first quarter revenue outlook, which projects continued overall strength, is expected to show 13 percent year over year growth, all organic.”

“Despite the challenges presented by the ongoing pandemic and macroeconomic uncertainties, we achieved record profitability, generating $11.6 billion of free cash flow in fiscal 2020,” said Tom Krause, CFO of Broadcom Inc. “As a result, we are raising our target common stock dividend by 11 percent to $3.60 per share per quarter for fiscal year 2021.”

Fourth Quarter Fiscal Year 2020 Financial Highlights

GAAP

Non-GAAP


(Dollars in millions, except per share data)

Q4 20

Q4 19

Change

Q4 20

Q4 19

Change

Net revenue

$

6,467

$

5,776

+12%

$

6,467

$

5,776

+12%

Net income

$

1,324

$

847

+$    477

$

2,865

$

2,391

+$     474

Earnings per common share – diluted

$

2.93

$

1.97

+$   0.96

$

6.35

$

5.39

+$    0.96

 


(Dollars in millions)

Q4 20

Q4 19

Change

Cash flow from operations

$

3,348

$

2,479

+$   869

Adjusted EBITDA

$

3,827

$

3,165

+$   662

Free cash flow

$

3,246

$

2,383

+$   863

 


Net revenue by segment


(Dollars in millions)

Q4 20

Q4 19

Change

Semiconductor solutions

$

4,830

75%

$

4,576

79%

+6%

Infrastructure software

1,637

25

1,200

21

+36%

   Total net revenue

$

6,467

100%

$

5,776

100%

The Company’s cash and cash equivalents at the end of the fourth fiscal quarter were $7,618 million, compared to $8,857 million at the end of the prior quarter.

During the fourth fiscal quarter, the Company generated $3,348 million in cash from operations and spent $102 million on capital expenditures.

On September 30, 2020, the Company paid a cash dividend of $3.25 per share of common stock, totaling $1,320 million and a cash dividend of $20.00 per share of mandatory convertible preferred stock, totaling $75 million.

The differences between the Company’s GAAP and non-GAAP results are described generally under “Non-GAAP Financial Measures” below, and presented in detail in the financial reconciliation tables attached to this release.

Fiscal Year 2020 Financial Highlights

GAAP

Non-GAAP


(Dollars in millions, except per share data)

2020

2019

Change

2020

2019

Change

Net revenue

$

23,888

$

22,597

+6%

$

23,888

$

22,597

+6%

Net income

$

2,960

$

2,724

+$    236

$

9,993

$

9,452

+$   541

Earnings per common share – diluted

$

6.33

$

6.43

-$   0.10

$

22.16

$

21.29

+$  0.87

 


(Dollars in millions)

2020

2019

Change

Cash flow from operations

$

12,061

$

9,697

+$  2,364

Adjusted EBITDA

$

13,643

$

12,579

+$  1,064

Free cash flow

$

11,598

$

9,265

+$  2,333

 


Net revenue by segment


(Dollars in millions)

2020

2019

Change

Semiconductor solutions

$

17,267

72%

$

17,441

77%

-1%

Infrastructure software

6,621

28

5,156

23

+28%

   Total net revenue

$

23,888

100%

$

22,597

100%

First Quarter Fiscal Year 2021 Business Outlook

Based on current business trends and conditions, the outlook for the first quarter of fiscal year 2021, ending January 31, 2021, is expected to be as follows: 

  • First quarter revenue guidance of approximately $6.6 billion; and
  • First quarter Adjusted EBITDA of approximately $3.9 billion, or 59 percent of projected revenue.

The guidance provided above is only an estimate of what the Company believes is realizable as of the date of this release. The Company is not readily able to provide a reconciliation of projected Adjusted EBITDA to projected net income without unreasonable effort. Actual results will vary from the guidance and the variations may be material. The Company undertakes no intent or obligation to publicly update or revise any of these projections, whether as a result of new information, future events or otherwise, except as required by law.

Broadcom Inc. will be presenting to investors at the J.P. Morgan Tech Forum on January 12, 2021.

Quarterly Dividends

The Company’s Board of Directors has approved a quarterly cash dividend on its common stock of $3.60 per share. The common stock dividend is payable on December 31, 2020 to common stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 21, 2020.

The Company’s Board of Directors has also approved a quarterly cash dividend on its 8.00% Mandatory Convertible Preferred Stock, Series A, of $20.00 per share. This dividend is payable on December 31, 2020 to preferred stockholders of record at the close of business (5:00 p.m. Eastern Time) on December 15, 2020.

Financial Results Conference Call

Broadcom Inc. will host a conference call to review its financial results for the fourth quarter and fiscal year ended November 1, 2020, and to discuss the business outlook, today at 2:00 p.m. Pacific Time. Those wishing to access the call should dial (866) 310-8712; International +1 (720) 634-2946. The passcode is 5074985. A replay of the call will be accessible for one week after the call. To access the replay dial (855) 859-2056; International +1 (404) 537-3406; and reference the passcode: 5074985. A webcast of the conference call will also be available in the “Investors” section of Broadcom’s website at www.broadcom.com.

Basis of Presentation

The Company’s financial results include contributions from the Symantec enterprise security business’s continuing operations starting in the first quarter of fiscal year 2020. The financial results from businesses that have been classified as discontinued operations in the Company’s financial statements are not included in the results presented above, unless otherwise stated.

Non-GAAP Financial Measures

In addition to GAAP reporting, Broadcom provides investors with net revenue, net income, operating income, gross margin, operating expenses, cash flow and other data on a non-GAAP basis. This non-GAAP information excludes amortization of acquisition-related intangible assets, stock-based compensation expense, restructuring, impairment and disposal charges, acquisition-related costs, including integration costs, purchase accounting effect on inventory, litigation settlements, loss on debt extinguishment, gain from lapse of indemnification, gains (losses) on investments, gain from sale of business, income (loss) from discontinued operations and non-GAAP tax reconciling adjustments. Management does not believe that these items are reflective of the Company’s underlying performance. Internally, these non-GAAP measures are significant measures used by management for purposes of evaluating the core operating performance of the Company, establishing internal budgets, calculating return on investment for development programs and growth initiatives, comparing performance with internal forecasts and targeted business models, strategic planning, evaluating and valuing potential acquisition candidates and how their operations compare to the Company’s operations, and benchmarking performance externally against the Company’s competitors. The exclusion of these and other similar items from Broadcom’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual.

Free cash flow measures have limitations as they omit certain components of the overall cash flow statement and do not represent the residual cash flow available for discretionary expenditures. Investors should not consider presentation of free cash flow measures as implying that stockholders have any right to such cash. Broadcom’s free cash flow may not be calculated in a manner comparable to similarly named measures used by other companies.

Broadcom believes this non-GAAP financial information provides additional insight into the Company’s on-going performance. Therefore, Broadcom provides this information to investors for a more consistent basis of comparison and to help them evaluate the results of the Company’s on-going operations and enable more meaningful period to period comparisons. These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release.

About Broadcom Inc.

Broadcom Inc., (NASDAQ: AVGO), a Delaware corporation headquartered in San Jose, CA, is a global technology leader that designs, develops and supplies a broad range of semiconductor and infrastructure software solutions. Broadcom’s category-leading product portfolio serves critical markets including data center, networking, enterprise software, broadband, wireless, storage and industrial. Our solutions include data center networking and storage, enterprise, mainframe and cyber security software focused on automation, monitoring and security, smartphone components, telecoms and factory automation. For more information, go to www.broadcom.com.

Cautionary Note Regarding Forward-Looking Statements

This announcement contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning Broadcom. These statements include, but are not limited to, statements that address our expected future business and financial performance and other statements identified by words such as “will”, “expect”, “believe”, “anticipate”, “estimate”, “should”, “intend”, “plan”, “potential”, “predict” “project”, “aim”, and similar words, phrases or expressions. These forward-looking statements are based on current expectations and beliefs of the management of Broadcom, as well as assumptions made by, and information currently available to, such management, current market trends and market conditions and involve risks and uncertainties, many of which are outside the Company’s and management’s control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.

Particular uncertainties that could materially affect future results include risks associated with: the COVID-19 pandemic, which has, and will likely continue to, negatively impact the global economy and disrupt normal business activity, and which may have an adverse effect on our results of operations; any loss of our significant customers and fluctuations in the timing and volume of significant customer demand; our dependence on contract manufacturing and outsourced supply chain; our dependency on a limited number of suppliers; global economic conditions and concerns; global political and economic conditions; government regulations, trade restrictions and trade tensions; our significant indebtedness and the need to generate sufficient cash flows to service and repay such debt; dependence on and risks associated with distributors and resellers of our products; dependence on senior management and our ability to attract and retain qualified personnel; any acquisitions we may make, such as delays, challenges and expenses associated with receiving governmental and regulatory approvals and satisfying other closing conditions, and with integrating acquired businesses with our existing businesses and our ability to achieve the benefits, growth prospects and synergies expected by such acquisitions; involvement in legal or administrative proceedings; quarterly and annual fluctuations in operating results; our ability to accurately estimate customers’ demand and adjust our manufacturing and supply chain accordingly; cyclicality in the semiconductor industry or in our target markets; our competitive performance and ability to continue achieving design wins with our customers, as well as the timing of any design wins; prolonged disruptions of our or our contract manufacturers’ manufacturing facilities, warehouses or other significant operations; our ability to improve our manufacturing efficiency and quality; our dependence on outsourced service providers for certain key business services and their ability to execute to our requirements; our ability to maintain or improve gross margin; our ability to protect our intellectual property and the unpredictability of any associated litigation expenses; compatibility of our software products with operating environments, platforms or third-party products; our ability to enter into satisfactory software license agreements; availability of third party software used in our products; use of open source code sources in our products; any expenses or reputational damage associated with resolving customer product warranty and indemnification claims; market acceptance of the end products into which our products are designed; our ability to sell to new types of customers and to keep pace with technological advances; our compliance with privacy and data security laws; our ability to protect against a breach of security systems; fluctuations in foreign exchange rates; our provision for income taxes and overall cash tax costs, legislation that may impact our overall cash tax costs and our ability to maintain tax concessions in certain jurisdictions; and other events and trends on a national, regional and global scale, including those of a political, economic, business, competitive and regulatory nature. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. 

Our filings with the SEC, which you may obtain for free at the SEC’s website at http://www.sec.gov, discuss some of the important risk factors that may affect our business, results of operations and financial condition. Actual results may vary from the estimates provided. We undertake no intent or obligation to publicly update or revise any of the estimates and other forward-looking statements made in this announcement, whether as a result of new information, future events or otherwise, except as required by law.

Contact:
Broadcom Inc.
Beatrice F. Russotto
Investor Relations
408-433-8000
[email protected]


1 The Company is not readily able to provide a reconciliation of the projected non-GAAP financial information presented to the relevant projected GAAP measure without unreasonable effort.

 


BROADCOM INC.


CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS – UNAUDITED


(IN MILLIONS, EXCEPT PER SHARE DATA)


Fiscal Quarter Ended


Fiscal Year Ended


November 1,


August 2,


November 3,


November 1,


November 3,


2020


2020


2019


2020


2019

Net revenue

$

6,467

$

5,821

$

5,776

$

23,888

$

22,597

Cost of revenue:

Cost of revenue

1,753

1,537

1,788

6,518

6,723

Amortization of acquisition-related intangible assets

962

953

827

3,819

3,314

Restructuring charges

5

15

9

35

77

Total cost of revenue

2,720

2,505

2,624

10,372

10,114

Gross margin

3,747

3,316

3,152

13,516

12,483

Research and development

1,182

1,228

1,177

4,968

4,696

Selling, general and administrative

405

428

409

1,935

1,709

Amortization of acquisition-related intangible assets

599

600

474

2,401

1,898

Restructuring, impairment and disposal charges

35

52

38

198

736

Total operating expenses

2,221

2,308

2,098

9,502

9,039

Operating income

1,526

1,008

1,054

4,014

3,444

Interest expense

(420)

(464)

(361)

(1,777)

(1,444)

Other income, net

31

49

54

206

226

Income from continuing operations before income taxes

1,137

593

747

2,443

2,226

Benefit from income taxes

(187)

(96)

(100)

(518)

(510)

Income from continuing operations

1,324

689

847

2,961

2,736

Loss from discontinued operations, net of income taxes

–

(1)

–

(1)

(12)

Net income

1,324

688

847

2,960

2,724

Dividends on preferred stock

(74)

(74)

(29)

(297)

(29)

Net income attributable to common stock

$

1,250

$

614

$

818

$

2,663

$

2,695

Basic income per share attributable to common stock:

Income per share from continuing operations

$

3.09

$

1.53

$

2.06

$

6.62

$

6.80

Loss per share from discontinued operations

–

(0.01)

–

–

(0.03)

Net income per share

$

3.09

$

1.52

$

2.06

$

6.62

$

6.77

Diluted income per share attributable to common stock (1):

Income per share from continuing operations

$

2.93

$

1.46

$

1.97

$

6.33

$

6.46

Loss per share from discontinued operations

–

(0.01)

–

–

(0.03)

Net income per share

$

2.93

$

1.45

$

1.97

$

6.33

$

6.43

Weighted-average shares used in per share calculations:

Basic

405

403

397

402

398

Diluted

426

422

416

421

419

Stock-based compensation expense included in continuing operations:

Cost of revenue

$

38

$

37

$

41

$

159

$

163

Research and development

318

337

394

1,419

1,532

Selling, general and administrative

93

91

109

398

490

Total stock-based compensation expense

$

449

$

465

$

544

$

1,976

$

2,185

(1) Excludes the potentially dilutive effect of Mandatory Convertible Preferred Stock as the impact was antidilutive.

 


BROADCOM INC.


FINANCIAL RECONCILIATION: GAAP TO NON-GAAP – UNAUDITED


(IN MILLIONS, EXCEPT PERCENTAGES)


Fiscal Quarter Ended


Fiscal Year Ended


November 1,


August 2,


November 3,


November 1,


November 3,


2020


2020


2019


2020


2019

Gross margin on GAAP basis

$

3,747

$

3,316

$

3,152

$

13,516

$

12,483

Purchase accounting effect on inventory

–

–

–

11

–

Amortization of acquisition-related intangible assets

962

953

827

3,819

3,314

Stock-based compensation expense

38

37

41

159

163

Restructuring charges

5

15

9

35

77

Acquisition-related costs

6

–

6

12

18

Gross margin on non-GAAP basis

$

4,758

$

4,321

$

4,035

$

17,552

$

16,055

Research and development on GAAP basis

$

1,182

$

1,228

$

1,177

$

4,968

$

4,696

Stock-based compensation expense

318

337

394

1,419

1,532

Acquisition-related costs

1

1

1

14

5

Research and development on non-GAAP basis

$

863

$

890

$

782

$

3,535

$

3,159

Selling, general and administrative expense on GAAP basis

$

405

$

428

$

409

$

1,935

$

1,709

Stock-based compensation expense

93

91

109

398

490

Acquisition-related costs

60

66

65

396

252

Litigation settlements

–

21

–

63

–

Selling, general and administrative expense on non-GAAP basis

$

252

$

250

$

235

$

1,078

$

967

Total operating expenses on GAAP basis

$

2,221

$

2,308

$

2,098

$

9,502

$

9,039

Amortization of acquisition-related intangible assets

599

600

474

2,401

1,898

Stock-based compensation expense

411

428

503

1,817

2,022

Restructuring, impairment and disposal charges

35

52

38

198

736

Litigation settlements

–

21

–

63

–

Acquisition-related costs

61

67

66

410

257

Total operating expenses on non-GAAP basis

$

1,115

$

1,140

$

1,017

$

4,613

$

4,126

Operating income on GAAP basis

$

1,526

$

1,008

$

1,054

$

4,014

$

3,444

Purchase accounting effect on inventory

–

–

–

11

–

Amortization of acquisition-related intangible assets

1,561

1,553

1,301

6,220

5,212

Stock-based compensation expense

449

465

544

1,976

2,185

Restructuring, impairment and disposal charges

40

67

47

233

813

Litigation settlements

–

21

–

63

–

Acquisition-related costs

67

67

72

422

275

Operating income on non-GAAP basis

$

3,643

$

3,181

$

3,018

$

12,939

$

11,929

Interest expense on GAAP basis

$

(420)

$

(464)

$

(361)

$

(1,777)

$

(1,444)

Loss on debt extinguishment

16

55

26

169

54

Interest expense on non-GAAP basis

$

(404)

$

(409)

$

(335)

$

(1,608)

$

(1,390)

Other income, net on GAAP basis

$

31

$

49

$

54

$

206

$

226

Gain from lapse of indemnification

–

–

–

(116)

–

Gains on investments

(10)

(31)

(50)

(31)

(145)

Gain from sale of business

–

(23)

–

(23)

–

Acquisition-related gain

(4)

–

–

(11)

–

Other income (loss), net on non-GAAP basis

$

17

$

(5)

$

4

$

25

$

81

Benefit from income taxes on GAAP basis

$

(187)

$

(96)

$

(100)

$

(518)

$

(510)

Non-GAAP tax reconciling adjustments

578

428

396

1,881

1,678

Provision for income taxes on non-GAAP basis

$

391

$

332

$

296

$

1,363

$

1,168

Net income on GAAP basis

$

1,324

$

688

$

847

$

2,960

$

2,724

Purchase accounting effect on inventory

–

–

–

11

–

Amortization of acquisition-related intangible assets

1,561

1,553

1,301

6,220

5,212

Stock-based compensation expense

449

465

544

1,976

2,185

Restructuring, impairment and disposal charges

40

67

47

233

813

Litigation settlements

–

21

–

63

–

Acquisition-related costs

63

67

72

411

275

Loss on debt extinguishment

16

55

26

169

54

Gain from lapse of indemnification

–

–

–

(116)

–

Gains on investments

(10)

(31)

(50)

(31)

(145)

Gain from sale of business

–

(23)

–

(23)

–

Non-GAAP tax reconciling adjustments

(578)

(428)

(396)

(1,881)

(1,678)

Discontinued operations, net of income taxes

–

1

–

1

12

Net income on non-GAAP basis

$

2,865

$

2,435

$

2,391

$

9,993

$

9,452

Weighted-average shares used in per share calculations – diluted on GAAP basis

426

422

416

421

419

Non-GAAP adjustment (1)

25

29

28

30

25

Weighted-average shares used in per share calculations – diluted on non-GAAP basis

451

451

444

451

444

Net income on non-GAAP basis

$

2,865

$

2,435

$

2,391

$

9,993

$

9,452

Interest expense on non-GAAP basis

404

409

335

1,608

1,390

Provision for income taxes on non-GAAP basis

391

332

296

1,363

1,168

Depreciation

139

138

143

570

569

Amortization of purchased intangibles and right-of-use assets

28

28

–

109

–

Adjusted EBITDA

$

3,827

$

3,342

$

3,165

$

13,643

$

12,579

Net cash provided by operating activities

$

3,348

$

3,178

$

2,479

$

12,061

$

9,697

Purchases of property, plant and equipment

(102)

(105)

(96)

(463)

(432)

Free cash flow

$

3,246

$

3,073

$

2,383

$

11,598

$

9,265


 Fiscal Quarter
Ending 


January 31,

Expected average diluted share count:


2021

Weighted-average shares used in per share calculation – diluted on GAAP basis

427

 Non-GAAP adjustment (1)

23

Weighted-average shares used in per share calculation – diluted on non-GAAP basis

450

(1) Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of stock-based compensation expense expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. For the periods presented, the non-GAAP adjustment included the impact of Mandatory Convertible Preferred Stock that was antidilutive on a GAAP basis. For the fiscal quarter ending January 31, 2021, the non-GAAP adjustment includes the impact of Mandatory Convertible Preferred Stock that is expected to be antidilutive on a GAAP basis.

 


BROADCOM INC.


CONDENSED CONSOLIDATED BALANCE SHEETS – UNAUDITED


(IN MILLIONS)


November 1,


November 3,


2020


2019


ASSETS

Current assets:

  Cash and cash equivalents

$

7,618

$

5,055

  Trade accounts receivable, net

2,297

3,259

  Inventory

1,003

874

  Other current assets

977

729

  Total current assets

11,895

9,917

Long-term assets:

  Property, plant and equipment, net

2,509

2,565

  Goodwill

43,447

36,714

  Intangible assets, net

16,782

17,554

  Other long-term assets

1,300

743

  Total assets

$

75,933

$

67,493


LIABILITIES AND EQUITY

Current liabilities:

  Accounts payable

$

836

$

855

  Employee compensation and benefits

877

641

  Current portion of long-term debt

827

2,787

  Other current liabilities

3,831

2,616

  Total current liabilities

6,371

6,899

Long-term liabilities:

  Long-term debt

40,235

30,011

  Other long-term liabilities

5,426

5,613

  Total liabilities

52,032

42,523

Preferred stock dividend obligation

27

29

Stockholders’ equity:

  Preferred stock

–

–

  Common stock

–

–

  Additional paid-in capital

23,982

25,081

  Retained earnings

–

–

  Accumulated other comprehensive loss

(108)

(140)

  Total stockholders’ equity

23,874

24,941

    Total liabilities and equity

$

75,933

$

67,493

 


BROADCOM INC.


CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS – UNAUDITED


(IN MILLIONS)


Fiscal Quarter Ended


Fiscal Year Ended


November 1,


August 2,


November 3,


November 1,


November 3,


2020


2020


2019


2020


2019


Cash flows from operating activities:

Net income

$

1,324

$

688

$

847

$

2,960

$

2,724

Adjustments to reconcile net income to net cash provided by operating activities:

  Amortization of intangible and right-of-use assets

1,589

1,581

1,309

6,335

5,239

  Depreciation

139

138

143

570

569

  Stock-based compensation

449

465

544

1,976

2,185

  Deferred taxes and other non-cash taxes

(459)

(436)

(226)

(1,142)

(934)

  Loss on debt extinguishment included in interest expense

16

55

26

169

28

  Non-cash restructuring, impairment and disposal charges

12

15

20

44

133

  Non-cash interest expense

25

22

19

108

69

  Other

(9)

(54)

(49)

(52)

(132)

  Changes in assets and liabilities, net of acquisitions and disposals:

    Trade accounts receivable, net

391

542

285

981

486

    Inventory

67

(128)

217

(31)

250

    Accounts payable

(230)

(123)

(147)

(3)

(42)

    Employee compensation and benefits

142

231

66

217

(294)

    Other current assets and current liabilities

(131)

(2)

(398)

331

(283)

    Other long-term assets and long-term liabilities

23

184

(177)

(402)

(301)


Net cash provided by operating activities

3,348

3,178

2,479

12,061

9,697


Cash flows from investing activities:

  Acquisitions of businesses, net of cash acquired

–

(2)

–

(10,872)

(16,033)

  Proceeds from sales of businesses

–

50

–

218

957

  Purchases of property, plant and equipment

(102)

(105)

(96)

(463)

(432)

  Proceeds from disposals of property, plant and equipment

2

10

6

12

88

  Other

–

1

2

(4)

(2)


Net cash used in investing activities

(100)

(46)

(88)

(11,109)

(15,422)


Cash flows from financing activities:

  Proceeds from long-term borrowings

–

7,953

–

27,802

28,793

  Repayment of debt

(3,000)

(6,825)

(4,800)

(18,814)

(16,800)

  Other borrowings, net

–

(3,028)

(104)

(1,285)

1,241

  Payment of dividends

(1,395)

(1,386)

(1,054)

(5,534)

(4,235)

  Repurchases of common stock – repurchase program

–

–

(433)

–

(5,435)

  Shares repurchased for tax withholdings on vesting of equity awards

(185)

(192)

(154)

(765)

(972)

  Issuance of preferred stock, net

–

–

3,679

–

3,679

  Issuance of common stock

102

46

59

276

253

  Other

(9)

(50)

9

(69)

(36)


Net cash provided by (used in) financing activities

(4,487)

(3,482)

(2,798)

1,611

6,488

Net change in cash and cash equivalents

(1,239)

(350)

(407)

2,563

763

Cash and cash equivalents at beginning of period

8,857

9,207

5,462

5,055

4,292

Cash and cash equivalents at end of period

$

7,618

$

8,857

$

5,055

$

7,618

$

5,055


Supplemental disclosure of cash flow information:

Cash paid for interest

$

383

$

269

$

307

$

1,408

$

1,287

Cash paid for income taxes

$

202

$

44

$

123

$

501

$

741

 

 

Cision View original content:http://www.prnewswire.com/news-releases/broadcom-inc-announces-fourth-quarter-and-fiscal-year-2020-financial-results-and-quarterly-dividends-301190822.html

SOURCE Broadcom Inc.

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LOOP FINAL DEADLINE: Top Ranked Rosen Law Firm Reminds Loop Industries, Inc. Investors of Important December 14 Deadline in Securities Class Action – LOOP

LOOP FINAL DEADLINE: Top Ranked Rosen Law Firm Reminds Loop Industries, Inc. Investors of Important December 14 Deadline in Securities Class Action – LOOP

NEW YORK–(BUSINESS WIRE)–
Rosen Law Firm, a global investor rights law firm, reminds purchasers of the securities of Loop Industries, Inc. (NASDAQ: LOOP) between September 24, 2018 and October 12, 2020, inclusive (the “Class Period”), of the important December 14, 2020 lead plaintiff deadline in securities class action. The lawsuit seeks to recover damages for Loop investors under the federal securities laws.

To join the Loop class action, go to http://www.rosenlegal.com/cases-register-1969.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] or [email protected] for information on the class action.

According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Loop scientists were encouraged to misrepresent the results of Loop’s purportedly proprietary process; (2) Loop did not have the technology to break PET down to its base chemicals at a recovery rate of 100%; (3) as a result, the Company was unlikely to realize the purported benefits of Loop’s announced partnerships with Indorama and Thyssenkrupp; and (4) as a result of the foregoing, defendants’ positive statements about Loop’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 14, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1969.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at [email protected] or [email protected].

NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has achieved the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm’s attorneys are ranked and recognized by numerous independent and respected sources. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome.

Laurence Rosen, Esq.

Phillip Kim, Esq.

The Rosen Law Firm, P.A.

275 Madison Avenue, 40th Floor

New York, NY 10016

Tel: (212) 686-1060

Toll Free: (866) 767-3653

Fax: (212) 202-3827

[email protected]

[email protected]

[email protected]

www.rosenlegal.com

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Legal Professional Services

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Independent Bank Corp. Announces Quarterly Dividend

Independent Bank Corp. Announces Quarterly Dividend

ROCKLAND, Mass.–(BUSINESS WIRE)–
The Board of Directors of Independent Bank Corp. (Nasdaq Global Select Market: INDB), parent of Rockland Trust Company, today announced a $0.46 per share dividend. The dividend will be payable on January 8, 2021, to stockholders of record as of the close of business on December 28, 2020.

Independent Bank Corp. (NASDAQ Global Select Market: INDB) is the holding company for Rockland Trust Company, a full-service commercial bank headquartered in Massachusetts. Rockland Trust was named to The Boston Globe’s “Top Places to Work” 2020 list, an honor earned for the 12th consecutive year. In addition to this recognition, Rockland Trust was ranked the #1 Bank in Massachusetts, according to Forbes 2020 World’s Best Banks list. Rockland Trust is deeply committed to the communities it serves as reflected in the overall “Outstanding” rating received in its most recent Community Reinvestment Act performance evaluation. Rockland Trust offers a wide range of banking, investment, and insurance services. The Bank serves businesses and individuals through approximately 100 retail branches, commercial and residential lending centers, and investment management offices in eastern Massachusetts, including Greater Boston, the South Shore, Cape Cod and Islands, as well as in Worcester County and Rhode Island. Rockland Trust also offers a full suite of mobile, online, and telephone banking services. Rockland Trust is an FDIC member and an Equal Housing Lender. To find out why Rockland Trust is the bank “Where Each Relationship Matters®,” please visit RocklandTrust.com.

Category: Dividends Releases

Source: Independent Bank Corp.

Chris Oddleifson

President and

Chief Executive Officer

(781) 982-6660

Mark J. Ruggiero

Chief Financial Officer

(781) 982-6281

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Banking Professional Services Finance

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First Trust/Aberdeen Emerging Opportunity Fund Declares its Quarterly Distribution of $0.35 Per Share

First Trust/Aberdeen Emerging Opportunity Fund Declares its Quarterly Distribution of $0.35 Per Share

WHEATON, Ill.–(BUSINESS WIRE)–
First Trust/Aberdeen Emerging Opportunity Fund (the “Fund”) (NYSE: FEO) has declared the Fund’s regularly scheduled quarterly distribution of $0.35 per share. The distribution will be payable on December 31, 2020, to shareholders of record as of December 23, 2020. The ex-dividend date is expected to be December 22, 2020. The quarterly distribution information for the Fund appears below.

First Trust/Aberdeen Emerging Opportunity Fund (FEO):

 

Distribution per share:

$0.35

Distribution Rate based on the December 9, 2020 NAV of $15.96:

8.77%

Distribution Rate based on the December 9, 2020 closing market price of $14.20:

9.86%

This distribution will consist of net investment income earned by the Fund and may also consist of return of capital and/or realized capital gains. The final determination of the source and tax status of all distributions paid in 2020 will be made after the end of 2020 and will be provided on Form 1099-DIV.

The Fund is a closed-end management investment company that seeks to provide a high level of total return. The Fund seeks to achieve its investment objective by investing at least 80% of its managed assets in a diversified portfolio of equity and fixed-income securities of issuers in emerging market countries.

First Trust Advisors L.P. (“FTA”) is a federally registered investment advisor and serves as the Fund’s investment advisor. FTA and its affiliate First Trust Portfolios L.P. (“FTP”), a FINRA registered broker-dealer, are privately-held companies that provide a variety of investment services. FTA has collective assets under management or supervision of approximately $164 billion as of November 30, 2020 through unit investment trusts, exchange-traded funds, closed-end funds, mutual funds and separate managed accounts. FTA is the supervisor of the First Trust unit investment trusts, while FTP is the sponsor. FTP is also a distributor of mutual fund shares and exchange-traded fund creation units. FTA and FTP are based in Wheaton, Illinois.

Aberdeen Standard Investments Inc. (“ASII”), (formerly, Aberdeen Asset Management Inc.), serves as the Fund’s investment sub-advisor. ASII is an indirect wholly-owned subsidiary of Standard Life Aberdeen plc. Aberdeen Standard Investments is the brand name for the asset management group of Standard Life Aberdeen plc, managing approximately $562.9 billion in assets as of June 30, 2020, for a range of pension funds, financial institutions, investment trusts, unit trusts, offshore funds, charities and private clients.

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

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

The debt securities in which the Fund invests are subject to certain risks, including issuer risk, reinvestment risk, prepayment risk, credit risk, and interest rate risk. Issuer risk is the risk that the value of fixed-income securities may decline for a number of reasons which directly relate to the issuer. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the Fund portfolio’s current earnings rate. Prepayment risk is the risk that, upon a prepayment, the actual outstanding debt on which the Fund derives interest income will be reduced. Credit risk is the risk that an issuer of a security will be unable or unwilling to make dividend, interest and/or principal payments when due and that the value of a security may decline as a result. Interest rate risk is the risk that fixed-income securities will decline in value because of changes in market interest rates.

The Fund invests in non-investment grade debt instruments, commonly referred to as “high-yield securities”. High yield securities are subject to greater market fluctuations and risk of loss than securities with higher ratings. Lower-quality debt tends to be less liquid than higher-quality debt.

The Fund invests in equity and debt securities of non-U.S. issuers which are subject to higher volatility than securities of U.S. issuers. Risks may be heightened for securities of companies located in, or with significant operations in, emerging market countries. Financial and other reporting by companies and government entities also may be less reliable in emerging market countries. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including for claims based on fraud, may be difficult or impossible for shareholders of securities in emerging market countries or for U.S. authorities to pursue. Because the Fund invests in non-U.S. securities, you may lose money if the local currency of a non-U.S. market depreciates against the U.S. dollar.

Many financial instruments use or may use a floating rate based upon the London Interbank Offered Rate (LIBOR), which is being phased out by the end of 2021. There remains some uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate.

Use of leverage can result in additional risk and cost, and can magnify the effect of any losses.

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

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

The Fund’s daily closing New York Stock Exchange price and net asset value per share as well as other information can be found at www.ftportfolios.com or by calling 1-800-988-5891.

Press Inquiries Jane Doyle 630-765-8775

Analyst Inquiries Jeff Margolin 630-915-6784

Broker Inquiries Jeff Margolin 630-915-6784

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Professional Services Finance

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Blue Apron Announces Resignation of Chief Financial Officer Timothy S. Bensley

Blue Apron Announces Resignation of Chief Financial Officer Timothy S. Bensley

Positively Updates Fourth Quarter Outlook

NEW YORK–(BUSINESS WIRE)–
Blue Apron Holdings, Inc. (NYSE: APRN) today announced that Chief Financial Officer and Treasurer Timothy S. Bensley has resigned, effective December 31, 2020, to pursue another opportunity. Bensley will continue to serve as an advisor to Blue Apron through the middle of the 2021 first quarter to assist with transitioning his role. Blue Apron has engaged Spencer Stuart to identify a new Chief Financial Officer.

Blue Apron also announced that it expects results for the 2020 fourth quarter to be better than the company’s previously provided outlook for the period. The company expects to report 2020 fourth quarter and full year financial results in February 2021.

“Throughout Tim’s two and a half years at Blue Apron, he has made important contributions to the improvement of our daily operational practices, financial flexibility and liquidity, while also working to rightsize our cost structure. On behalf of everyone at Blue Apron, I want to thank Tim and wish him all the best in the future,” said Kozlowski.

“We have an experienced finance and leadership team, and I am confident in the continuity they will provide as we recruit a new Chief Financial Officer,” added Kozlowski. “Reflecting the company’s improved cost structure, operational execution and financial flexibility, we are seeking a successor who has a demonstrated record of growing and scaling consumer businesses as we continue to focus on the successful execution of our growth strategy.”

“I’ve enjoyed my time at Blue Apron and I am proud of all of the progress we have made in improving the company’s financial flexibility and operations, and positioning it for the future,” said Bensley. “There’s a strong team in place across the entire organization to help lead the company as it continues to execute on the growth plan.”

About Blue Apron

Blue Apron’s mission is to make incredible home cooking accessible to everyone. Launched in 2012, Blue Apron is reimagining the way that food is produced, distributed and consumed, and as a result, building a better food system that benefits consumers, food producers and the planet. Blue Apron has developed an integrated ecosystem that enables the company to work in a direct, coordinated manner with farmers and artisans to deliver high-quality products to customers nationwide at compelling values.

Forward-Looking Statement

This press release includes statements concerning Blue Apron Holdings, Inc. and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “forecasts,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms or other similar expressions. Forward-looking statements in this press release include, but are not limited to, the Company’s expectations with regard to its outlook for the fourth quarter of 2020, which expectations reflect certain assumptions regarding the company’s business, including the impact of its operational improvements, trends, historical seasonal factors, and the continuing impact of COVID-19 on its business, including as a result of changes in consumer behavior. The guidance above also assumes that the company will not experience any significant disruptions in its fulfillment operations or supply chain as a result of the COVID-19 pandemic or otherwise. In addition, the Company’s expectations and beliefs regarding forward-looking matters may not materialize, and actual results are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Factors that could contribute to such differences include, without limitation, the company achieving its expectations with regards to its expenses and net revenue; its ability to grow adjusted EBITDA and to achieve or maintain profitability; the continued sufficiency of the company’s cash resources; the company’s need for additional financing; its ability to effectively manage expenses and cash flows, and its ability to remain in compliance with the financial and other covenants under the company’s indebtedness; its ability, including the timing and extent, to sufficiently manage costs and to fund investments in operations from cash from operations or additional financings in amounts necessary to continue to support the execution of the company’s growth strategy; its ability, including the timing and extent, to successfully execute the company’s growth strategy, cost-effectively attract new customers and retain existing customers, continue to expand its direct-to-consumer product offerings and continue to benefit from the implementation of operational efficiency practices; its ability to sustain the increased demand resulting from the COVID-19 pandemic and to retain new customers; any material and adverse impact of the COVID-19 pandemic on the company’s operations and results, including as a result of the company’s inability to meet demand due to loss of adequate labor, whether as a result of heightened absenteeism or challenges in recruiting and retention or otherwise, prolonged closures, or series of temporary closures, of one or more fulfillment centers and supply chain or carrier interruptions or delays; changes in consumer behaviors that could lead to declines in demand, both as COVID-19 related restrictions continue to be lifted to varying degrees across the United States, and/or consumer fears dissipate, and/or as a result of the COVID-19 pandemic’s impact on financial markets and economic conditions, including on consumer spending habits; achieving its expectations regarding the benefits and expected costs and charges associated with temporarily reopening its Arlington fulfillment center; its ability to maintain and grow the value of the company’s brand and reputation; its expectations regarding, and the stability of, its supply chain, including potential shortages or interruptions in the supply or delivery of ingredients, as a result of COVID-19 or otherwise; its ability to maintain food safety and prevent food-borne illness incidents and its susceptibility to supplier-initiated recalls; its ability to accommodate general changes in consumer tastes and preferences or in consumer spending; its ability to effectively compete; its ability to attract and retain qualified employees and key personnel in sufficient numbers; its ability to comply with modified or new laws and regulations applying to its business; risks resulting from its vulnerability to adverse weather conditions, natural disasters and public health crises, including pandemics; its ability to obtain and maintain intellectual property protection; and other risks more fully described in the company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed with the Securities and Exchange Commission (“SEC”) on October 29, 2020, and in other filings that the company may make with the SEC in the future. The company assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

Investor Contact

[email protected]

Joseph Jaffoni, Richard Land, James Leahy

JCIR

[email protected] or 212-835-8500

Media Contact

Muriel Lussier

Blue Apron

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Retail Online Retail Specialty Food/Beverage

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Broadmark Realty Capital Declares Monthly Dividend for December 2020

Broadmark Realty Capital Declares Monthly Dividend for December 2020

SEATTLE–(BUSINESS WIRE)–Broadmark Realty Capital Inc. (NYSE: BRMK) (the “Company”), an internally managed real estate secured finance company, today announced that its board of directors has declared a cash dividend of $0.06 per share of common stock for December 2020. The dividend will be payable on January 15, 2021 to stockholders of record as of December 31, 2020.

Forward Looking Statements

Certain statements made herein are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “may”, “should”, “would”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “seem”, “seek”, “continue”, “future”, “will”, “expect”, “outlook” or other similar words, phrases or expressions. These statements are based on the current expectations and are not predictions of actual performance. In addition, actual results are subject to other risks and uncertainties that relate more broadly to the Company’s overall business, including those more fully described in the Company’s filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of performance, and speak only as of the date made, and the Company undertakes no obligation to update or revise any forward-looking statements except as required by law.

About Broadmark Realty Capital

Broadmark Realty Capital Inc. (NYSE: BRMK) is an internally managed commercial real estate finance company that offers short-term, first deed of trust loans secured by real estate to fund the acquisition, renovation, rehabilitation or development of residential or commercial properties. Broadmark Realty Capital manages and services its loan portfolio across a variety of market conditions and economic cycles.

Investor Relations

[email protected]

206-623-7782

KEYWORDS: Washington United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property Professional Services Finance

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Annaly Capital Management, Inc. Announces 4th Quarter 2020 Common Stock Dividend of $0.22 per Share

Annaly Capital Management, Inc. Announces 4th Quarter 2020 Common Stock Dividend of $0.22 per Share

NEW YORK–(BUSINESS WIRE)–
The Board of Directors of Annaly Capital Management, Inc. (NYSE: NLY) (“Annaly” or the “Company”) declared the fourth quarter 2020 common stock cash dividend of $0.22 per common share. This dividend is payable January 29, 2021, to common shareholders of record on December 31, 2020. The ex-dividend date is December 30, 2020.

About Annaly

Annaly is a leading diversified capital manager that invests in and finances residential and commercial assets. Annaly’s principal business objective is to generate net income for distribution to its stockholders and to optimize its returns through prudent management of its diversified investment strategies. Annaly is internally managed and has elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. Additional information on the company can be found at www.annaly.com.

Forward-Looking Statements

This news release and our public documents to which we refer contain or incorporate by reference certain forward-looking statements which are based on various assumptions (some of which are beyond our control) and may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as “may,” “will,” “believe,” “expect,” “anticipate,” “continue,” or similar terms or variations on those terms or the negative of those terms. Actual results could differ materially from those set forth in forward-looking statements due to a variety of factors, including, but not limited to, risks and uncertainties related to the COVID-19 pandemic, including as related to adverse economic conditions on real estate-related assets and financing conditions; changes in interest rates; changes in the yield curve; changes in prepayment rates; the availability of mortgage-backed securities and other securities for purchase; the availability of financing and, if available, the terms of any financing; changes in the market value of our assets; changes in business conditions and the general economy; our ability to grow our commercial real estate business; our ability to grow our residential credit business; our ability to grow our middle market lending business; credit risks related to our investments in credit risk transfer securities, residential mortgage-backed securities and related residential mortgage credit assets, commercial real estate assets and corporate debt; risks related to investments in mortgage servicing rights; our ability to consummate any contemplated investment opportunities; changes in government regulations or policy affecting our business; our ability to maintain our qualification as a REIT for U.S. federal income tax purposes; and our ability to maintain our exemption from registration under the Investment Company Act of 1940. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. We do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements, except as required by law.

Annaly Capital Management, Inc.

Investor Relations

1-888-8Annaly

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Other Professional Services Finance Construction & Property Consulting REIT Banking

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AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan

AvalonBay Communities, Inc. Appoints Benjamin Schall President and Announces CEO Succession Plan

ARLINGTON, Va.–(BUSINESS WIRE)–AVALONBAY COMMUNITIES, INC. (NYSE: AVB) announced today that Benjamin W. Schall has been appointed President of the Company and will join the Company’s Board of Directors, effective as of a mutually agreeable date on or before February 1, 2021. Additionally, the Company also announced that Timothy J. Naughton, the Company’s Chairman, Chief Executive Officer and President, plans to retire as Chief Executive Officer (CEO) at the end of 2021 and that at such time Mr. Schall will be appointed as CEO and Mr. Naughton will remain on the Board in the position of Executive Chair.

Mr. Schall is currently the Chief Executive Officer and President and a trustee of Seritage Growth Properties, a publicly traded real estate investment trust (REIT) principally engaged in owning, developing and managing a diversified portfolio of retail and mixed-use properties throughout the United States. Prior to joining Seritage in his current roles in May 2015, Mr. Schall served as Chief Operating Officer of Rouse Properties, Inc., and prior to that as Senior Vice President of Vornado Realty Trust. Mr. Schall will be leaving Seritage and its board in connection with becoming President of AvalonBay.

Commenting on Ben’s appointment, Tim Naughton stated, “Ben is an extraordinarily talented executive who brings a breadth of experience that makes him an ideal choice as the next leader of AvalonBay. As a sitting CEO and leader, he has successfully driven growth and transformative strategies with his teams over the course of his career. His experience in multiple sectors, including office, retail and mixed-use across more than 40 states and 24 of the top 25 MSAs in the U.S., gives him valuable perspective in leading the next phase of AvalonBay’s growth. And his broad functional experience leading development, operations, asset management, leasing and marketing will be instrumental in steering AvalonBay’s highly integrated platform over the next decade and beyond.”

W. Edward Walter, AvalonBay’s Lead Independent Director, added, “The Board’s appointment of Ben followed a thorough candidate search process in which we benefited from the Board’s focus on succession planning over the last several years. Ben’s willingness to join the company as President and to work side-by-side with Tim over the next year was critically important to the Board to ensure a smooth transition of leadership for a company that has enjoyed great continuity of strategy and leadership over the last 25+ years. The Board looks forward to working with Ben as he begins the process of taking over as the next leader of AvalonBay.” The Company conducted its search with the assistance of Ferguson Partners LP.

“AvalonBay strives to improve people’s lives and enhance communities across the country by creating a better way to live. I am honored to be a part of shaping the future of AvalonBay as we reinforce the organization’s values of integrity, spirit of caring, and continuous improvement to positively influence the lives of our residents, families, and surrounding neighborhoods,” said Mr. Schall. “I am grateful to the Board for this opportunity, and I am excited to partner with Tim, the senior team, and the industry-leading professionals across the organization as we continue to execute on the successful financial and business strategies that have led to AvalonBay’s longstanding leadership position. I look forward to listening and learning from our teams, connecting with our residents and local communities, and engaging with AvalonBay’s shareholders and stakeholders.”

Mr. Naughton has served as CEO since January 2012 and has been with AvalonBay and its predecessors since 1989. “At the end of 2021, I will have served as CEO for 10 years after having served as President or COO for 11 years prior to that. During the course of my 30+ year career at AvalonBay, the Company has grown from a modestly sized private developer and operator of garden apartment communities to one of the largest public real estate companies in the country that offers a variety of products and brands to its customers in some of the most dynamic markets in the U.S. During that time, AvalonBay has become a highly respected organization led by a team of remarkably talented leaders, many of whom I have had the opportunity to learn and grow from. I’ve decided that this is the right time to begin the process of transitioning to new leadership and I’m thrilled that we’ve attracted such a compelling leader in Ben, who I’m confident will take AvalonBay to new heights as its future CEO.”

About AvalonBay Communities, Inc.

As of September 30, 2020, the Company owned or held a direct or indirect ownership interest in 294 apartment communities containing 86,676 apartment homes in 11 states and the District of Columbia, of which 19 communities were under development. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas primarily in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California, as well as in the Company’s expansion markets consisting of Southeast Florida and Denver, Colorado. More information may be found on the Company’s website at http://www.avalonbay.com.

Copyright © 2020 AvalonBay Communities, Inc. All Rights Reserved

Jason Reilley

Vice President

Investor Relations

AvalonBay Communities, Inc.

703-317-4681

KEYWORDS: Virginia United States North America

INDUSTRY KEYWORDS: Residential Building & Real Estate Construction & Property REIT

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Seritage Growth Properties Announces CEO Transition

Seritage Growth Properties Announces CEO Transition

NEW YORK–(BUSINESS WIRE)–
Seritage Growth Properties (NYSE: SRG) announced today that Benjamin W. Schall, the Company’s Chief Executive Officer, President and Trustee is resigning from his role to pursue another opportunity. Mr. Schall will facilitate the transition of his responsibilities by mid-January 2021. The Board of Trustees will conduct a search for Mr. Schall’s successor, which shall include internal and external candidates. Mr. Schall will also step down from the Board of Trustees in January 2021.

Mr. Edward Lampert, Chairman of the Board of Trustees of Seritage said, “On behalf of the Board of Trustees, we want to thank Ben for his leadership since the formation of Seritage in 2015. Ben took Seritage from an initial concept, recruited a management team and activated millions of square feet of space over the past five and a half years. We wish Ben well in his next opportunity. We remain enthusiastic about the value creation opportunities throughout our portfolio and look forward to this next chapter of the Seritage journey.”

“I would like to thank the Seritage team for their dedication and hard work in establishing the Seritage platform as a leader in redeveloping former retail real estate into higher and better uses,” said Benjamin Schall, President and Chief Executive Officer. “Of all that we accomplished over the last five and half years, I am most proud of the team we have assembled to carry out our mission and their collective commitment to our core principles. This year in particular, their outstanding efforts have allowed Seritage to continue to execute on our value creation priorities. Finally, I am grateful to the Board of Trustees and the Company’s shareholders and stakeholders for the opportunity to have been a part of building the Seritage platform and organization.”

The Company’s primary objective is to create value for its shareholders through the re-leasing and redevelopment of its portfolio. As of September 30, 2020, the Company’s portfolio totaled approximately 30 million square feet of space across 44 states and Puerto Rico. Since inception in 2015, the Company has signed approximately 10 million square feet of new leases and has reduced the portfolio to a more focused group of 195 assets from 266 assets, raising approximately $1 billion in proceeds from asset monetization activity for reinvestment. As of November 30, 2020, the Company had cash on hand of approximately $90 million which reflects expenditures and rent collections in-line with previously reported amounts. The Company expects to have cash on hand at the end of the fourth quarter in the anticipated range of $105 million to $135 million subject to timing and completion of certain asset sales, which are subject to buyer diligence and closing conditions, with no assurances that such transactions will be consummated. The Company had made $250 million of targeted investments through the third quarter of 2020, with a prioritization of projects with near-term associated income. The Company’s focus is now turned to completing and opening previously underway projects and continuing to activate its pipeline to create value. The Company intends to continue its capital recycling initiatives to monetize non-core assets and to reinvest those proceeds into its top redevelopment opportunities.

Mr. Schall’s departure is not the result of any disagreement with the Company on any matter relating to its operations, policies or practices.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond the company’s control, which may cause actual results to differ significantly from those expressed in any forward-looking statement. Factors that could cause or contribute to such differences include, but are not limited to: our historical exposure to Sears Holdings and the effects of its previously announced bankruptcy filing; the litigation filed against us and other defendants in the Sears Holdings adversarial proceeding pending in bankruptcy court; Holdco’s termination and other rights under its master lease with us; competition in the real estate and retail industries; risks relating to our recapture and redevelopment activities; contingencies to the commencement of rent under leases; the terms of our indebtedness; restrictions with which we are required to comply in order to maintain REIT status and other legal requirements to which we are subject; failure to achieve expected occupancy and/or rent levels within the projected time frame or at all; the impact of ongoing negative operating cash flow on our ability to fund operations and ongoing development; our ability to access or obtain sufficient sources of financing to fund our liquidity needs; our relatively limited history as an operating company; and the impact of the COVID-19 pandemic on the business of our tenants and our business, income, cash flow, results of operations, financial condition, liquidity, prospects, ability to service our debt obligations and our ability to pay dividends and other distributions to our shareholders. For additional discussion of these and other applicable risks, assumptions and uncertainties, see the “Risk Factors” and forward-looking statement disclosure contained in our filings with the Securities and Exchange Commission, including the risk factors relating to Sears Holdings and Holdco. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

About Seritage Growth Properties

Seritage Growth Properties is a publicly-traded, self-administered and self-managed REIT with 166 wholly-owned properties and 29 unconsolidated properties totaling approximately 30.4 million square feet of space across 44 states and Puerto Rico. The Company was formed to unlock the underlying real estate value of a high-quality retail portfolio it acquired from Sears Holdings in July 2015. The Company’s mission is to create and own revitalized shopping, dining, entertainment and mixed-use destinations that provide enriched experiences for consumers and local communities, and create long-term value for our shareholders.

Seritage Growth Properties

646-277-1268

[email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

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Tufin Announces Partner of the Year Award Winners

Tufin Announces Partner of the Year Award Winners

The company has also enhanced its support for partners to accommodate their selling efforts during the pandemic

BOSTON–(BUSINESS WIRE)–Tufin® (NYSE: TUFN), a company pioneering a policy-centric approach to security and IT operations, today announced the winners of its annual Partner of the Year awards. During the Tufinnovate User Conferences in the Americas, APAC, and EMEA, Tufin awarded the following partners:

Americas

  • National Partner of the Year: World Wide Technology, Inc.
  • Regional Partner of the Year: Compuquip Cybersecurity
  • LATAM Partner of the Year: InstraSecurity S.A.S.
  • Service Partner of the Year: G2 Deployment Advisors, LLC

APAC

  • Distributor of the Year (ANZ and ASEAN): M.Tech Product Ptd Ltd
  • Distributor of the Year (North Asia): SIS International Limited
  • Distributor of the Year (India): eSec Forte Technologies
  • Partner of the Year (ANZ): Trustwave, an Optus company
  • Partner of the Year (North Asia): Global Technology Integrator Limited
  • Partner of the Year (ASEAN): Sunway Digital Ptd Ltd
  • Strategic Partner of the Year (All regions): NTT Ltd

EMEA

  • Distributor of the Year: Exclusive Networks
  • SDP/Service Partner of the Year: AERAsec
  • Northern EMEA Partner of the Year: Computacenter
  • Western EMEA Partner of the Year: Nomios
  • Central EMEA Partner of the Year: Computacenter
  • Southern EMEA Partner of the Year: Kirey Group

“The Partner of the Year award winners have gone above and beyond in bringing the value of Tufin to their customers,” said Kevin Maloney, Senior Vice President of Global Sales at Tufin. “We thank them for their hard work and unwavering partnerships, and we look forward to continuing our work together.”

Enhanced support for partners to accommodate remote work

Tufin has revamped its sales and marketing support for partners with enhanced tools and programs to better enable them during the shift to remote work. With the launch of such tools and services as the Tufin Marketplace, the Tufin Vulnerability Mitigation App, and the Tufin Firewall Change Tracker, Tufin created assets for partners such as Campaigns-in-a-Box, email templates and other marketing collateral to enable partners to easily and effectively promote Tufin offerings to their customers and prospects. In addition, Tufin is supporting partners with their virtual events by providing content and subject matter experts as guest speakers.

Updated technical and sales training

To increase partners’ technical and sales knowledge and skills, Tufin has updated the technical and sales certification path to include content on all recently announced solutions as well a comprehensive sales syllabus for more effective qualification and closing. In addition, Tufin has expanded support capabilities via the channel with the expansion of its Services Delivery Plus Program, which gives partners hands-on training to develop customizations, increasing the value they bring to their customers.

For more information about Tufin’s Channel Partner Program, visit: https://www.tufin.com/partners/channel-partners

About Tufin

Tufin (NYSE: TUFN) simplifies management of some of the largest, most complex networks in the world, consisting of thousands of firewall and network devices and emerging hybrid cloud infrastructures. Enterprises select the Tufin Orchestration Suite™ to increase agility in the face of ever-changing business demands while maintaining a robust security posture. The Suite reduces the attack surface and meets the need for greater visibility into secure and reliable application connectivity. With over 2,000 customers since its inception, Tufin’s network security automation enables enterprises to implement changes in minutes instead of days, while improving their security posture and business agility.

Find out more at: www.tufin.com

Follow Tufin on Twitter: @TufinTech

Read more on Tufin’s blog: Suite Talk

Susan Rivera

Corporate Communications Manager, Tufin

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Security Professional Services Technology Software Human Resources

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