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NIKE, Inc. Reports Fiscal 2021 Second Quarter Results

BEAVERTON, Ore.–(BUSINESS WIRE)–
NIKE, Inc. (NYSE:NKE) today reported fiscal 2021 financial results for its second quarter ended November 30, 2020.

• Second quarter reported revenues were $11.2 billion, up 9 percent compared to prior year and up 7 percent on a currency-neutral basis* driven by growth across all geographies, led by Greater China reported revenue growth of 24 percent
• NIKE Direct sales were $4.3 billion, up 32 percent on a reported basis, and up 30 percent on a currency-neutral basis, with double-digit growth across all geographies
• NIKE Brand digital sales increased 84 percent, or 80 percent on a currency-neutral basis, with triple-digit growth in North America and strong double-digit increases in EMEA, Greater China and APLA
• Diluted earnings per share for the quarter was $0.78, up 11 percent
• Inventories declined 2 percent versus prior year and have returned to healthy levels globally

“NIKE’s strong results during a dynamic environment show the power of staying on the offense,” said John Donahoe, President and CEO, NIKE, Inc. “Fueled by compelling innovative product and global brand momentum, we continue to extend our leadership. Our strategy is working, and we are excited for what’s ahead.”**

Our second quarter revenue performance was impacted by strong NIKE Brand digital growth of 84 percent, offset by lower revenue in our wholesale business and NIKE-owned stores. During the quarter, we experienced temporary door closures in geographies affected by rising COVID-19 cases; however, more than 90% of our owned stores are open today, with some operating on reduced hours. We continue to experience year-over-year declines in physical retail traffic in North America, EMEA and APLA due to COVID-19 impacts and safety-related measures, partially offset by higher conversion rates.

“With healthy inventory positions across all geographies, our return to growth is a testament to our digital strength, as well as our disciplined marketplace and financial management,” said Matt Friend, Executive Vice President and Chief Financial Officer, NIKE, Inc. “As we look ahead, we are focused on moving even faster against our strategic vision of Consumer Direct Acceleration and fueling sustainable, long-term growth and profitability.”**

Second Quarter Income Statement Review

• Revenuesfor NIKE, Inc. increased 9 percent to $11.2 billion compared to the prior year, up 7 percent on a currency-neutral basis.
  • Revenues for the NIKE Brand were $10.7 billion, an increase of 8 percent to prior year on a currency-neutral basis driven by strong double-digit growth in NIKE Direct, as well as growth in Sportswear and the Jordan Brand, slightly offset by mid single-digit declines in our wholesale business.
  • Revenues for Converse were $476 million, down 4 percent on a currency-neutral basis, as double-digit growth in digital and growth in Asia were more than offset by declines in Europe and North America primarily due to tighter supply and strategic distribution shifts.
• Gross margin decreased 90 basis points to 43.1 percent, primarily driven by higher promotional activity to reduce excess inventory resulting from COVID-19 impacts and restructuring-related costs for the previously announced reorganization, both partially offset by favorable full-price product margins.
• Selling and administrative expense decreased 2 percent to $3.3 billion.
  • Demand creation expense was $729 million, down 17 percent due primarily to lower marketing spend on brand and sports events as a result of COVID-19, slightly offset by continued investments in digital marketing to support higher digital demand.
  • Operating overhead expense increased 4 percent to $2.5 billion primarily due to approximately $135 million of restructuring-related costs and continued investments in digital capabilities to support the Consumer Direct Acceleration strategy. These costs were slightly offset by disciplined expense management.
• The effective tax rate was 14.1 percent compared to 10.7 percent for the same period last year, primarily due to changes in earnings mix and an increase in tax associated with recently finalized U.S. tax regulations. This increase was offset, in part, by a more favorable impact from stock-based compensation.
• Net income was $1.3 billion, up 12 percent driven by strong revenue growth and lower selling and administrative expense, slightly offset by lower gross margin.
• Diluted earnings per share was $0.78, increasing 11 percent as weighted average common shares outstanding increased slightly.

November 30, 2020 Balance Sheet Review

• Inventories for NIKE, Inc. were $6.1 billion, down 2 percent compared to the prior year period, returning to healthy levels globally.
• Cash and equivalents and short-term investments were $11.8 billion, $8.3 billion higher than last year primarily due to proceeds from a corporate bond issuance in March and positive free cash flow, partially offset by cash dividends and share repurchases. Total liquidity as of November 30^th was $15.8 billion which includes cash and equivalents, short-term investments and committed credit facilities which remain undrawn.

Shareholder Returns

NIKE continues a strong track record of investing to fuel growth and consistently increasing returns to shareholders, including 19 consecutive years of increasing dividend payouts. In the second quarter, the Company paid dividends of $385 million to shareholders, up 12 percent from the prior year.

During its FY20 fourth quarter, NIKE, Inc. temporarily suspended share repurchase activity in March to maximize liquidity during the COVID-19 pandemic. Prior to the temporary suspension of the share repurchase program, a total of 45.2 million shares had been repurchased for approximately $4.0 billion, resulting in approximately $11.0 billion in remaining capacity under the 2018 share repurchase program.

Conference Call

NIKE, Inc. management will host a conference call beginning at approximately 2:00 p.m. PT on December 18, 2020, to review fiscal second quarter results. The conference call will be broadcast live via the Internet and can be accessed at http://investors.nike.com. For those unable to listen to the live broadcast, an archived version will be available at the same location through 9:00 p.m. PT, January 8, 2021.

About NIKE, Inc.

NIKE, Inc., based near Beaverton, Oregon, is the world’s leading designer, marketer and distributor of authentic athletic footwear, apparel, equipment and accessories for a wide variety of sports and fitness activities. Converse, a wholly-owned NIKE, Inc. subsidiary brand, designs, markets and distributes athletic lifestyle footwear, apparel and accessories. For more information, NIKE, Inc.’s earnings releases and other financial information are available on the Internet at http://investors.nike.com. Individuals can also visit http://news.nike.com and follow @NIKE.

*	See additional information in the accompanying Divisional Revenues table regarding this non-GAAP financial measure.
**	The marked paragraphs contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by NIKE with the U.S. Securities and Exchange Commission (SEC), including Forms 8-K, 10-Q and 10-K.

NIKE, Inc.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
	THREE MONTHS ENDED						%		SIX MONTHS ENDED						%
(In millions, except per share data)	11/30/2020			11/30/2019			Change		11/30/2020			11/30/2019			Change
Revenues	$	11,243		$	10,326		9	%	$	21,837		$	20,986		4	%
Cost of sales	6,396			5,782			11	%	12,249			11,571			6	%
Gross profit	4,847			4,544			7	%	9,588			9,415			2	%
Gross margin	43.1		%	44.0		%			43.9		%	44.9		%
Demand creation expense	729			881			-17	%	1,406			1,899			-26	%
Operating overhead expense	2,538			2,443			4	%	4,836			4,753			2	%
Total selling and administrative expense	3,267			3,324			-2	%	6,242			6,652			-6	%
% of revenues	29.1		%	32.2		%			28.6		%	31.7		%
Interest expense (income), net	70			12			—		135			27			—
Other (income) expense, net	54			(41)			—		40			(74)			—
Income before income taxes	1,456			1,249			17	%	3,171			2,810			13	%
Income tax expense	205			134			53	%	402			328			23	%
Effective tax rate	14.1		%	10.7		%			12.7		%	11.7		%
NET INCOME	$	1,251		$	1,115		12	%	$	2,769		$	2,482		12	%
Earnings per common share:
Basic	$	0.80		$	0.71		13	%	$	1.77		$	1.59		11	%
Diluted	$	0.78		$	0.70		11	%	$	1.73		$	1.56		11	%
Weighted average common shares outstanding:
Basic	1,573.0			1,560.6					1,567.4			1,561.5
Diluted	1,609.5			1,594.4					1,601.9			1,596.0
Dividends declared per common share	$	0.275		$	0.245				$	0.520		$	0.465

NIKE, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	November 30,			November 30,			% Change
(Dollars in millions)	2020			2019
ASSETS
Current assets:
Cash and equivalents	$	8,635		$	3,070		181	%
Short-term investments	3,177			432			635	%
Accounts receivable, net	3,713			4,792			-23	%
Inventories	6,090			6,199			-2	%
Prepaid expenses and other current assets	1,992			1,876			6	%
Total current assets	23,607			16,369			44	%
Property, plant and equipment, net	4,959			4,668			6	%
Operating lease right-of-use assets, net	3,086			2,882			7	%
Identifiable intangible assets, net	270			277			-3	%
Goodwill	223			224			0	%
Deferred income taxes and other assets	2,691			2,182			23	%
TOTAL ASSETS	$	34,836		$	26,602		31	%
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$	—		$	6		-100	%
Notes payable	41			300			-86	%
Accounts payable	2,154			2,627			-18	%
Current portion of operating lease liabilities	458			431			6	%
Accrued liabilities	6,030			4,672			29	%
Income taxes payable	188			228			-18	%
Total current liabilities	8,871			8,264			7	%
Long-term debt	9,410			3,462			172	%
Operating lease liabilities	2,896			2,723			6	%
Deferred income taxes and other liabilities	3,019			2,802			8	%
Redeemable preferred stock	—			—			—
Shareholders’ equity	10,640			9,351			14	%
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	34,836		$	26,602		31	%

NIKE, Inc.
DIVISIONAL REVENUES
(Unaudited)
									% Change Excluding Currency Changes1										% Change Excluding Currency Changes1
	THREE MONTHS ENDED						%				SIX MONTHS ENDED						%
(Dollars in millions)	11/30/2020			11/30/2019			Change				11/30/2020			11/30/2019			Change
North America
Footwear	$	2,512		$	2,426		4	%	4	%	$	5,469		$	5,095		7	%	7	%
Apparel	1,368			1,417			-3	%	-3	%	2,493			2,848			-12	%	-12	%
Equipment	126			139			-9	%	-10	%	269			332			-19	%	-19	%
Total	4,006			3,982			1	%	1	%	8,231			8,275			-1	%	0	%
Europe, Middle East & Africa
Footwear	1,731			1,536			13	%	8	%	3,533			3,294			7	%	5	%
Apparel	1,104			897			23	%	18	%	2,075			1,766			17	%	15	%
Equipment	123			104			18	%	16	%	260			250			4	%	3	%
Total	2,958			2,537			17	%	12	%	5,868			5,310			11	%	8	%
Greater China
Footwear	1,567			1,247			26	%	20	%	2,818			2,411			17	%	15	%
Apparel	681			563			21	%	16	%	1,159			1,028			13	%	11	%
Equipment	50			37			35	%	29	%	101			87			16	%	14	%
Total	2,298			1,847			24	%	19	%	4,078			3,526			16	%	14	%
Asia Pacific & Latin America
Footwear	991			997			-1	%	5	%	1,749			1,927			-9	%	-3	%
Apparel	432			410			5	%	9	%	733			766			-4	%	0	%
Equipment	48			61			-21	%	-17	%	88			120			-27	%	-22	%
Total	1,471			1,468			0	%	5	%	2,570			2,813			-9	%	-3	%
Global Brand Divisions2	8			10			-20	%	-20	%	12			16			-25	%	-25	%
TOTAL NIKE BRAND	10,741			9,844			9	%	8	%	20,759			19,940			4	%	4	%
Converse	476			480			-1	%	-4	%	1,039			1,035			0	%	-1	%
Corporate3	26			2			—		—		39			11			—		—
TOTAL NIKE, INC. REVENUES	$	11,243		$	10,326		9	%	7	%	$	21,837		$	20,986		4	%	4	%
TOTAL NIKE BRAND
Footwear	$	6,801		$	6,206		10	%	8	%	$	13,569		$	12,727		7	%	7	%
Apparel	3,585			3,287			9	%	7	%	6,460			6,408			1	%	0	%
Equipment	347			341			2	%	1	%	718			789			-9	%	-9	%
Global Brand Divisions2	8			10			-20	%	-20	%	12			16			-25	%	-25	%
TOTAL NIKE BRAND REVENUES	$	10,741		$	9,844		9	%	8	%	$	20,759		$	19,940		4	%	4	%

1 The percent change has been calculated using actual exchange rates in use during the comparative prior year period and is provided to enhance the visibility of the underlying business trends by excluding the impact of translation arising from foreign currency exchange rate fluctuations, which is considered a non-GAAP financial measure. Management uses this non-GAAP financial measure when evaluating the Company’s performance, including when making financial and operating decisions. Additionally, management believes this non-GAAP financial measure provides investors with additional financial information that should be considered when assessing the Company’s underlying business performance and trends. References to this measure should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.

2 Global Brand Divisions revenues include NIKE Brand licensing revenues as well as other miscellaneous revenues that are not part of a geographic operating segment.

3 Corporate revenues consist primarily of foreign currency hedge gains and losses related to revenues generated by entities within the NIKE Brand geographic operating segments and Converse but managed through the Company’s central foreign exchange risk management program.

NIKE, Inc.
EARNINGS BEFORE INTEREST AND TAXES1
(Unaudited)
	THREE MONTHS ENDED								%		SIX MONTHS ENDED								%
(Dollars in millions)	11/30/2020				11/30/2019				Change		11/30/2020				11/30/2019				Change
North America	$	1,023			$	875			17	%	$	2,325			$	1,975			18	%
Europe, Middle East & Africa	660				510				29	%	1,352				1,119				21	%
Greater China	891				694				28	%	1,579				1,363				16	%
Asia Pacific & Latin America	424				377				12	%	704				718				-2	%
Global Brand Divisions2	(841		)		(872		)		4	%	(1,694		)		(1,729		)		2	%
TOTAL NIKE BRAND1	2,157				1,584				36	%	4,266				3,446				24	%
Converse	87				90				-3	%	255				228				12	%
Corporate3	(718		)		(413		)		-74	%	(1,215		)		(837		)		-45	%
TOTAL NIKE, INC. EARNINGS BEFORE INTEREST AND TAXES1	1,526				1,261				21	%	3,306				2,837				17	%
Interest expense (income), net	70				12				—		135				27				—
TOTAL NIKE, INC. INCOME BEFORE INCOME TAXES	$	1,456			$	1,249			17	%	$	3,171			$	2,810			13	%

1 The Company evaluates the performance of individual operating segments based on earnings before interest and taxes (commonly referred to as “EBIT”), which represents net income before interest expense (income), net and income tax expense. Total NIKE Brand EBIT and Total NIKE, Inc. EBIT are considered non-GAAP financial measures and are being provided as management believes this additional information should be considered when assessing the Company’s underlying business performance and trends. References to EBIT should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with U.S. GAAP and may not be comparable to similarly titled non-GAAP measures used by other companies.

2 Global Brand Divisions consists primarily of demand creation, operating overhead and product creation and design expenses that are centrally managed for the NIKE Brand. Global Brand Divisions revenues include NIKE Brand licensing and other miscellaneous revenues that are not part of a geographic operating segment.

3 Corporate consists primarily of unallocated general and administrative expenses, including expenses associated with centrally managed departments; depreciation and amortization related to the Company’s corporate headquarters; unallocated insurance, benefit and compensation programs, including stock-based compensation; and certain foreign currency gains and losses, including certain hedge gains and losses. For the three and six months ended November 30, 2020, Corporate included non-recurring employee termination and related costs associated with the previously announced leadership and operating model changes.

 

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Investor Contact:

Andy Muir

(971) 473-3143

Media Contact:

KeJuan Wilkins

(971) 473-2556

KEYWORDS: Oregon United States North America

INDUSTRY KEYWORDS: Textiles Other Sports Sports Other Retail Specialty Manufacturing Fashion Consumer Retail

MEDIA:

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Blackstone Real Estate Income Trust Completes Acquisition of Simply Self Storage for Approximately $1.2 Billion

NEW YORK–(BUSINESS WIRE)–
Blackstone Real Estate Income Trust, Inc. (“BREIT”) today announced that it has completed its previously announced acquisition of Simply Self Storage from a Brookfield Asset Management real estate fund for approximately $1.2 billion. Simply Self Storage’s high-quality portfolio comprises eight million square feet across the U.S. With this acquisition, BREIT becomes the third largest non-listed owner of storage in the U.S.¹

Simpson Thacher & Bartlett LLP served as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities Inc. served as financial advisors to BREIT. RBC Capital Markets LLC, Newmark Group Inc., and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield.

The transaction was announced on October 26, 2020.

Blackstone Real Estate Income Trust 

Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $174 billion in investor capital under management. Further information is available at www.breit.com.

¹ Includes private owners and non-listed REITs.

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Ilana Mouritzen

[email protected]

Tel: (212) 583-5776

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Construction & Property REIT

MEDIA:

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Permianville Royalty Trust Announces Monthly Operational Update

HOUSTON–(BUSINESS WIRE)–
Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced the net profits interest calculation for December 2020. The net profits interest calculation represents reported oil production for the month of September 2020 and reported natural gas production during August 2020. The calculation includes accrued costs incurred in October 2020.

This month, excluding prior net profits interest shortfalls, income from the distributable net profits interest would have been approximately $0.2 million. As a result of the cumulative outstanding net profits shortfall of approximately $1.7 million, however, no distribution will be paid to the Trust’s unitholders of record on December 31, 2020 in January 2021. Distributions to the Trust will resume once the cumulative net profits shortfall, which now totals approximately $1.5 million, is eliminated.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations. The amounts in the table have not been adjusted to reflect temporarily delayed sales and shut-in oil volumes discussed below.

			Underlying Sales Volumes												Average Price
			Oil						Natural Gas						Oil				Natural Gas
			Bbls			Bbls/D			Mcf			Mcf/D			(per Bbl)				(per Mcf)
Current Month			44,612			1,487			158,152			5,113			$	39.63			$	1.45
Prior Month			43,598			1,406			337,966			10,902			$	39.84			$	1.45

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $1.6 million for the current month on realized wellhead prices of $39.63/Bbl, down $0.1 million from the prior month distribution period.

Recorded natural gas cash receipts from the Underlying Properties totaled $0.2 million for the current month, a decrease of $0.3 million from the prior month’s distribution period.

Total accrued operating expenses for the period were $1.7 million, a $0.3 million decrease month-over-month from November 2020. Capital expenditures remained consistent with the prior period, at less than $0.1 million.

The remaining cumulative shortfall in net profits for the prior months will be deducted from any net profits in next month’s net profits interest calculation. At this time based on current commodity prices, COERT Holdings 1 LLC (the “Sponsor”) anticipates that the Underlying Properties will continue to generate positive net profits to reduce the cumulative shortfall before returning to monthly distributions again.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are “forward-looking statements” for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unitholders, expected expenses, including capital expenditures, and expectations regarding the ability of the Underlying Properties to continue to generate positive net profits before returning to monthly distributions. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have declined since the beginning of 2020 in response to the economic effects of the COVID-19 pandemic and the dispute over production levels between Russia and the members of the Organization of Petroleum Exporting Countries, including Saudi Arabia, resulting in an oversupply of crude oil and exacerbating the decline in crude oil prices, and could remain low for an extended period of time. Continued low oil and natural gas prices will reduce profits to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2019 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 16, 2020, and the Trust’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, filed with the SEC on November 6, 2020. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201218005599/en/

Permianville Royalty Trust

The Bank of New York Mellon Trust Company, N.A., as Trustee

Sarah Newell 1 (512) 236-6555

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

Posted on December 18, 2020 4:18 pm

Bright Horizons Announces Retirement of Founders From Board of Directors

Bright Horizons Announces Retirement of Founders From Board of Directors

Appointment as Director Emeritus Effective End of Q1 2021

NEWTON, Mass.–(BUSINESS WIRE)–
Bright Horizons Family Solutions^® Inc. (NYSE:BFAM) announced today that the three company founders, Roger Brown, Linda Mason and Marguerite Kondracke, will retire from the Board of Directors effective March 31, 2021. All three will become a Director Emeritus as of their retirement date and will continue to provide guidance and counsel to the organization they founded as part of their collective mission to make a lasting difference in the world through the education of young children.

Linda Mason and Roger Brown co-founded Bright Horizons in 1986 and have served on the Board since inception. Marguerite Kondracke founded CorporateFamily Solutions in 1987 and served as its Chief Executive Officer until it merged with Bright Horizons in 1998 when she joined the Board of the company.

“Bright Horizons was our true passion,” said Mason. “We have been so proud to see the company mature under a new generation of leaders, evolving to meet the needs of employers and families, while still staying true to the core culture and founding mission that distinguishes Bright Horizons in the field. We have always known that if we did our job right, it would mean handing over our passion to those who would grow something beyond our imaginations. We are proud to have seen that through.” Brown added, “We sometimes drive by the little house in Cambridge, MA where we started Bright Horizons, with the pizza shop on the corner that served as our conference room. Each of our own children are alumni and we have so many friendships formed through our work together. To have been able to see the organization grow and thrive over more than three decades has been the joy of a lifetime.” They also noted that the company is in good hands with a Board that blends a rich mix of experience, institutional knowledge and fresh perspective.

Kondracke concurred, adding praise for the company’s response to the COVID-19 pandemic, “It has been a true honor to support company leaders through their agile management and response to the pandemic. By taking swift and deliberate actions to support the needs of clients, families and employees, and stepping up for first responders when they needed it most, Bright Horizons and its leadership have proven that its core values remain strong and hold the company in good standing for the future.”

Chairman David Lissy had strong praise for the trio, “Linda, Roger and Marguerite have meant so much to me personally and they have been exceedingly generous with their wisdom, experience and perspective through the years. The foundation and culture that they built has allowed Bright Horizons to grow into what it is today and positions the organization for an even brighter future. On behalf of the Board and the entire Bright Horizons family, we wish to thank Linda, Roger and Marguerite for their longstanding service and invaluable guidance over the years.”

“Linda, Roger and Marguerite will never be far. Their influence guides me and every leader at Bright Horizons daily. The mission they established over 30 years ago remains the core of who we are today and who we will be in the future. I am grateful for all their confidence and support and look forward to having each of them serve in the honorary role of Director Emeritus,” said Chief Executive Officer Stephen Kramer.

In connection with the retirement, it is expected the Board will decrease its size to include the remaining ten members.

Forward-Looking Statements

This release includes statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” The Company’s actual results may vary significantly from the results anticipated in these forward-looking statements. These forward-looking statements include all matters that are not historical facts and include statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, future Board changes and director emeritus status. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties are described in the “Risk Factors” section of our Annual Report on Form 10-K filed February 27, 2020, and other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the time of this report and we do not undertake to publicly update or revise them, whether as a result of new information, future events or otherwise, except as required by law.

About Bright Horizons Family Solutions Inc.

Bright Horizons^® is a leading global provider of high-quality child care and early education, back-up care, and workplace education services. For more than 30 years, we have partnered with employers to support workforces by providing services that help working families and employees thrive personally and professionally. We operate approximately 1,000 child care centers in the United States, the United Kingdom, the Netherlands, and India and serve more than 1,200 of the world’s leading organizations. Bright Horizons’ child care centers, back-up child and elder care, and workforce education programs, including tuition program management, education advising, and student loan repayment, help employees succeed at each life and career stage. For more information, go to www.brighthorizons.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201218005669/en/

Ilene Serpa

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Human Resources Parenting Children Consulting Professional Services Family Preschool Consumer Education

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Arthur Golden to Join The New York Times Company Board of Directors

NEW YORK–(BUSINESS WIRE)–
The New York Times Company announced today that Arthur Golden has been appointed to its Board of Directors, effective January 1, 2021.

Mr. Golden, 64, a fourth-generation member of the Ochs Sulzberger family, is a best-selling author.

Arthur Sulzberger, Jr., the chairman of The New York Times Company Board who is retiring as chairman and a member of the Board of Directors at the end of the year, said, “In addition to Arthur’s creativity and intelligence, he has a deep appreciation of the values and societal contributions of The New York Times and the Company throughout their history. I’m delighted he is joining the Board and am only sorry that we won’t have the chance to serve together.”

Mr. Golden is a graduate of Harvard College, where he received a degree in Art History, specializing in Japanese Art. He earned an M.A. in East Asian Languages and Culture from Columbia University and an M.A. in English from Boston University.

The New York Times Company (NYSE: NYT) is a global media organization dedicated to enhancing society by creating, collecting and distributing high-quality news and information. The Company includes The New York Times, NYTimes.com and related properties. It is known globally for excellence in its journalism, and innovation in its print and digital storytelling and its business model. Follow news about the company at @NYTimesPR.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201218005084/en/

Investors: Harlan Toplitzky, [email protected]

Media: Eileen Murphy, [email protected]

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Publishing Public Relations/Investor Relations Advertising Communications Other Communications

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