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Liberty Broadband Corporation Closes Private Offering of $825 Million of 1.25% Exchangeable Senior Debentures due 2050

ENGLEWOOD, Colo.–(BUSINESS WIRE)–
Liberty Broadband Corporation (“Liberty Broadband”) (Nasdaq: LBRDA, LBRDK) announced today that it has closed its previously announced private offering of $825 million aggregate original principal amount of its 1.25% exchangeable senior debentures due 2050 (the “Debentures”) exchangeable for Charter Communications, Inc. (“Charter”) Class A common stock, including Debentures in an aggregate original principal amount of $75 million issued pursuant to the exercise of an option granted to the initial purchasers, which was exercised in full on November 19, 2020.

Upon an exchange of Debentures, Liberty Broadband, at its option, may deliver shares of Charter Class A common stock or the value thereof in cash or any combination of shares of Charter Class A common stock and cash. Initially, 1.1111 shares of Charter Class A common stock are attributable to each $1,000 original principal amount of Debentures, representing an initial exchange price of $900.00 for each share of Charter Class A common stock. A total of approximately 916,657 shares of Charter Class A common stock are attributable to the Debentures. Interest is payable quarterly on March 31, June 30, September 30 and December 31 of each year, commencing March 31, 2021. The Debentures may be redeemed by Liberty Broadband, in whole or in part, on or after October 5, 2023. Holders of Debentures also have the right to require Liberty Broadband to purchase their Debentures on October 5, 2023. The redemption and purchase price will generally equal 100% of the adjusted principal amount of the Debentures plus accrued and unpaid interest to the redemption date, plus any final period distribution.

Liberty Broadband intends to use the net proceeds of the offering for general corporate purposes, which may include the repayment of indebtedness and repurchases of shares of Liberty Broadband common stock.

The offering of the Debentures has not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Debentures were offered by means of an offering memorandum solely to “Qualified Institutional Buyers” pursuant to, and as that term is defined in, Rule 144A of the Securities Act.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the Debentures nor shall there be any sale of Debentures in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state.

Forward-Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the use of proceeds from the offering of the Debentures. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, general market conditions. These forward-looking statements speak only as of the date of this press release, and Liberty Broadband expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Liberty Broadband’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Liberty Broadband, including its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, for risks and uncertainties related to Liberty Broadband which may affect the statements made in this press release.

About Liberty Broadband

Liberty Broadband Corporation’s (NASDAQ: LBRDA, LBRDK) businesses consist of its interest in Charter and its subsidiary Skyhook.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123006195/en/

Liberty Broadband Corporation

Courtnee Chun, 720-875-5420

KEYWORDS: United States North America Colorado

INDUSTRY KEYWORDS: Technology Internet Telecommunications

MEDIA:

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SG Blocks Delivers D-Tec 2 Testing Pods to LAX Airport to Begin Installation for COVID-19 Testing

– SG Blocks delivers on promise to deliver its innovative D-Tec 2 Testing Pods to Los Angeles International Airport (LAX). –

LOS ANGELES–(BUSINESS WIRE)–SG Blocks, Inc., (Nasdaq: SGBX) (“SG Blocks” or the “Company”) a leading designer, innovator, and fabricator of sustainable and green container-based structures, announced the delivery of its D-Tec 2 Testing Pods to Los Angeles International Airport (LAX).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201123006242/en/

The Company had previously announced on November 18, 2020 that its joint venture partnership Clarity Mobile Venture had signed an agreement to provide coronavirus tests for passengers and employees at LAX. The testing facility is expected to open in early December 2020 and will be located a five-minute walk from the main terminal at LAX. At this facility, PCR tests will be administered with results available within 3 hours for passengers and airline crew, and no later than 24 hours for airport employees, with the capacity for 1,000 PCR tests per eight-hour shift. Additionally, other rapid coronavirus tests including antigen tests will be provided.

SG Blocks, in collaboration with Grimshaw Architects, have created the D-Tec 2 Testing Pods delivered to LAX for the testing facility with the goal to work towards safer and more secure air travel for both passengers and employees alike.

About SG Blocks, Inc.:

SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel™, the structural core and shell of an SG Blocks building, and then customized to client specifications. For more information, visit www.sgblocks.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as “may,” “should,” “potential,” “continue,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” and similar expressions and includes statements such as opening the testing facility at LAX in early December and making air travel safer and more secure for both passengers and employees alike. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to deploy the testing facility at LAX as planned, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123006242/en/

Media:

Rubenstein Public Relations:

Christina Levin

Vice President

212-805-3029

[email protected]

Investor Relations:

ICR

Stephen Swett

(203) 682-8377

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Other Travel Transportation Infectious Diseases Travel Other Transport Steel Packaging Air Medical Supplies Transport Health Logistics/Supply Chain Management Manufacturing

MEDIA:

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SG Blocks Delivers D-Tec 2 Testing Pods to LAX Airport to Begin Installation for COVID-19 Testing (Photo: Business Wire)

Datto Announces Third Quarter 2020 Financial Results

Subscription revenue grew 17 percent year-over-year to $122.8 million

ARR grew 17 percent year-over-year to $522.8 million

NORWALK, Conn.–(BUSINESS WIRE)–Datto Holding Corp. (“Datto”) (NYSE: MSP), the leading global provider of cloud-based software and technology solutions purpose-built for delivery by managed service providers (MSPs), today announced its financial results for the third-quarter ended September 30, 2020.

“We are pleased to report strong third-quarter 2020 results as a newly public company. Both subscription revenue and ARR grew 17 percent year-over-year driven by expansion from existing managed service provider partners as they deployed more Datto solutions to more of their end clients, and by the addition of new partners,” said Tim Weller, Datto’s Chief Executive Officer. “Our sequential ARR growth of $16 million is evidence of the reacceleration of our business and the tailwinds from the digital transformation of small and medium businesses (SMBs). We continue to create enterprise-grade technology for SMBs delivered through our growing, global network of managed service provider partners. Our commitment to the MSP ecosystem is what makes Datto unique – it is the foundation of our strategy and culture.”

Third Quarter 2020 Financial Results
(In Millions)
	Q3 2020		Q3 2019		Y/Y Change
Subscription Revenue	$122.8		$105.2		17%
Total Revenue	$130.7		$117.7		11%
ARR(1)	$522.8		$445.4		17%
Gross Margin	73%		66%		691 bps
Net Income	$19.5		$2.7		617%
Adjusted EBITDA(2)	$45.8		$25.8		78%
Free Cash Flow(2)	$43.6		-$2.8		NA

¹ Annual run-rate revenue (ARR) is the annualized value of all subscription agreements as of the end of a period. We calculate ARR by multiplying the monthly run-rate revenue for the last month of a period by 12.

² A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading “Non-GAAP Financial Measures.”

Recent Highlights

• Datto priced its initial public offering (IPO) of 22,000,000 shares of common stock at a price to the public of $27.00 per share. The underwriters exercised in full their option to purchase an additional 3,300,000 shares of common stock at $27.00 per share. Net proceeds from the IPO totaled $641.6 million. Datto is listed on the NYSE under the ticker “MSP”.
• Datto repaid all outstanding balances under its $550 million term loan facility and its $50 million revolving credit facility and entered into a new $200 million revolving credit facility which is undrawn.
• MSP Partners grew to over 17,200, an increase of 1,000 year-over-year.
• Datto hosted its second Virtual MSP Technology Day dedicated to highlighting the tools and technologies that are driving adoption of MSP services through the COVID-19 pandemic.
• In July, Datto acquired Gluh Pty Ltd, an Australia-based company with a real-time quoting platform that enables MSPs to simplify the procurement of IT products and services for their clients.
• Datto was named a winner of the 2020 CRN Annual Report Card (ARC) Awards. The award recognized Datto as a best-in-class channel provider in the categories of Data Protection and Managed Services Software.

Fourth Quarter and Full Year 2020 Financial Outlook
Datto is providing the following guidance for the fourth quarter and full-year 2020:
	Q4 2020 Outlook		FY 2020 Outlook
Revenue	$133.0 – $135.0 million		$512.8 – $514.8 million
Adjusted EBITDA	$38.0 – $39.0 million		$147.7 – $148.7 million

Datto Third Quarter 2020 Financial Results Conference Call

When: Monday, November 23, 2020

Time: 5:00 pm ET

Conference ID: 8549639

Live Call: 1-833-312-1358 (US/Canada Toll-Free) or 1-236-712-2458 (International)

Replay: 1-800-585-8367 (US/Canada Toll-Free) or 1-416-621-4642 (International)

(The replay will be available approximately two hours after the completion of the live call until 11:59 pm ET on November 30, 2020)

Webcast:https://investors.datto.com

About Datto

As the world’s leading provider of cloud-based software and technology solutions purpose-built for delivery by managed service providers (MSPs), Datto believes there is no limit to what small and medium businesses can achieve with the right technology. Datto offers Unified Continuity, Networking, and Business Management solutions and has created a unique ecosystem of MSP partners. These partners provide Datto solutions to over one million businesses across the globe. Since its founding in 2007, Datto has won awards for its rapid growth, product excellence, superior technical support, and for fostering an outstanding workplace. With headquarters in Norwalk, Connecticut, Datto has global offices in the United Kingdom, the Netherlands, Denmark, Germany, Canada, Australia, China, and Singapore. Learn more at datto.com.

Forward Looking Statements

This press release contains forward-looking statements that reflect Datto’s current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, future performance, and business. These statements may be preceded by, followed by or include the words ‘‘anticipate,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘project,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘believe,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘can have,’’ ‘‘likely’’ and the negatives thereof and other words and terms of similar meaning. Further information on potential factors that could affect our results is included in our final prospectus for our initial public offering, dated as of October 20, 2020.

Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements.

There is no assurance that any forward-looking statements will materialize. You are cautioned not to place undue reliance on forward-looking statements, which reflect expectations only as of this date. Datto undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures

In addition to our results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), we believe that the non-GAAP financial measures of Non-GAAP Subscription Cost of Revenue, Non-GAAP Device Cost of Revenue, Non-GAAP Professional Services and Other Cost of Revenue, Non-GAAP Depreciation and Amortization in Cost of Revenue, Non-GAAP Cost of Revenue, Non-GAAP Gross Profit, Non-GAAP Sales and Marketing expense, Non-GAAP Research and Development expense, Non-GAAP General and Administrative expense, Non-GAAP Depreciation and Amortization in Operating Expenses, Non-GAAP Operating Expenses, Non-GAAP Income from Operations, Non-GAAP Net Income and Non-GAAP Net Income Per Share, Adjusted EBITDA, and Free Cash Flow are useful in evaluating our operating performance. Certain of these measures exclude interest and other (income) expense, net, loss on extinguishment of debt, depreciation and amortization, stock-based compensation, restructuring expense and transaction-related and other expense. In addition, for Non-GAAP Net Income we utilize a non-GAAP tax rate of 25%, which we believe reflects our normalized effective tax rate. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results. The non-GAAP financial information is presented for supplemental informational purposes only, and should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP measures used by other companies.

Reconciliation tables of the most directly comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this press release.

Datto is not providing a quantitative reconciliation of forward-looking guidance of Adjusted EBITDA to its most directly comparable GAAP measure because certain items are out of Datto’s control or cannot be reasonably predicted, as the items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. Accordingly, a reconciliation for forward-looking Adjusted EBITDA is not available without unreasonable effort.

For more information about Datto, including supplemental financial information, please visit the investor relations website at investors.datto.com.

MSP-F

DATTO HOLDING CORP.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Revenue:
Subscription	$	122,753			$	105,170			$	356,348			$	301,107
Device		6,964				11,948				21,098				29,582
Professional services and other		950				575				2,347				1,937
Total revenue		130,667				117,693				379,793				332,626
Cost of revenue:
Subscription		18,915				20,815				60,786				60,472
Device		10,089				14,036				26,464				36,591
Professional services and other		1,332				1,438				4,399				3,874
Depreciation and amortization		5,526				4,150				15,746				11,256
Total cost of revenue		35,862				40,439				107,395				112,193
Gross profit		94,805				77,254				272,398				220,433
Operating expenses:
Sales and marketing		24,709				25,084				83,828				79,172
Research and development		15,257				14,640				48,000				43,924
General and administrative		17,433				17,680				59,389				50,555
Depreciation and amortization		6,820				6,782				20,600				20,506
Total operating expenses		64,219				64,186				211,817				194,157
Income from operations		30,586				13,068				60,581				26,276
Other expense:
Interest expense		7,065				9,932				23,590				34,131
Loss on extinguishment of debt		–				–				–				19,231
Other (income) expense, net		(987	)			7				(1,402	)			2
Total other expense		6,078				9,939				22,188				53,364
Income (loss) before income taxes		24,508				3,129				38,393				(27,088	)
(Provision for) benefit from income taxes		(4,962	)			(404	)			(8,727	)			4,130
Net income (loss)	$	19,546			$	2,725			$	29,666			$	(22,958	)
Net income (loss) per share attributable to common stockholders:
Basic	$	0.14			$	0.02			$	0.22			$	(0.17	)
Diluted	$	0.14			$	0.02			$	0.22			$	(0.17	)
Weighted-average shares used in computing net income (loss) per share:
Basic		135,553,097				135,195,800				135,496,696				135,195,800
Diluted		138,590,770				135,615,949				137,006,921				135,195,800

DATTO HOLDING CORP.
Condensed Consolidated Balance Sheets
(in thousands)
	September 30,				December 31,
		2020				2019
	(unaudited)
ASSETS
Current assets
Cash	$	98,614			$	27,597
Restricted cash		1,436				1,469
Accounts receivable, net		16,668				20,841
Inventory, net		17,266				12,415
Prepaid expenses		8,831				10,265
Other current assets		9,453				10,120
Total current assets		152,268				82,707
Property and equipment, net		86,618				80,746
Goodwill		1,123,000				1,118,856
Intangible assets, net		289,954				306,685
Other assets		63,407				53,298
Total assets	$	1,715,247			$	1,642,292
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable	$	8,517			$	16,049
Accrued expenses and other current liabilities		35,407				33,909
Long-term debt, current portion		5,500				5,500
Deferred revenue		25,412				24,254
Total current liabilities		74,836				79,712
Long-term debt		575,739				546,499
Deferred revenue, noncurrent		2,937				3,798
Deferred income taxes		17,660				10,120
Other long-term liabilities		13,158				9,860
Total liabilities		684,330				649,989
Commitments and contingencies
STOCKHOLDERS’ EQUITY
Common stock		136				136
Additional paid-in capital		1,092,090				1,083,082
Treasury stock		(3,621	)			(3,621	)
Accumulated deficit		(58,058	)			(87,724	)
Accumulated other comprehensive income		370				430
Total stockholders’ equity		1,030,917				992,303
Total liabilities and stockholders’ equity	$	1,715,247			$	1,642,292

	DATTO HOLDING CORP.
	Condensed Consolidated Statements of Cash Flows
	(in thousands)
	(unaudited)
		Nine Months Ended
		September 30,
			2020				2019
	OPERATING ACTIVITIES
	Net income (loss)	$	29,666			$	(22,958	)
	Adjustments to reconcile net income (loss) to net cash provided by operating activities:
	Depreciation and amortization of internally developed software		19,615				14,739
	Amortization of acquired intangible assets		16,731				17,023
	Loss on extinguishment of debt		–				19,231
	Amortization of debt issuance costs		1,265				1,452
	Reserve for inventory obsolescence		1,508				183
	Stock-based compensation		6,561				9,454
	Provision for bad debt		4,793				3,422
	Deferred income taxes		7,556				(6,035	)
	Unrealized gain (loss) on foreign exchange		(647	)			235
	Changes in operating assets and liabilities:
	Accounts receivable		(766	)			(12,202	)
	Inventory		(6,337	)			(2,035	)
	Prepaid expenses and current other assets		2,099				(4,464	)
	Other assets		(8,446	)			(15,347	)
	Accounts payable, accrued expenses and other		109				4,479
	Deferred revenue		348				(554	)
	Net cash provided by operating activities		74,055				6,623
	INVESTING ACTIVITIES
	Purchase of property and equipment		(28,519	)			(27,777	)
	Acquisition of business, net of cash acquired		(4,371	)			–
	Net cash used in investing activities		(32,890	)			(27,777	)
	FINANCING ACTIVITIES
	Proceeds from debt		32,100				562,250
	Repayments of debt		(4,468	)			(522,048	)
	Debt issuance costs		–				(8,775	)
	Prepayment penalty on debt		–				(10,400	)
	Capitalized transaction costs		(980	)			–
	Proceeds from stock option exercise		2,500				–
	Net share settlement and settlement of stock-based payment awards		(53	)			(1,072	)
	Net cash provided by financing activities		29,099				19,955
	Effect of exchange rate changes on cash		720				(396	)
	Net increase (decrease) in cash		70,984				(1,595	)
	Cash and restricted cash, beginning of year		29,066				37,258
	Cash and restricted cash, end of period	$	100,050			$	35,663
	Reconciliation of cash and restricted cash:
	Cash	$	98,614			$	31,781
	Restricted cash	$	1,436			$	3,882
	SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
	Cash paid for income taxes	$	151			$	1,117
	Cash paid for interest	$	22,317			$	34,820
	NON-CASH INVESTING AND FINANCING ACTIVITIES
	Purchase of property and equipment included in accounts payable	$	40			$	512
	Deferred initial public offering costs in accounts payable and accrued liabilities	$	2,620			$	–

DATTO HOLDING CORP.
Non-GAAP Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
(unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Revenue:
Subscription	$	122,753			$	105,170			$	356,348			$	301,107
Device		6,964				11,948				21,098				29,582
Professional services and other		950				575				2,347				1,937
Total revenue		130,667				117,693				379,793				332,626
Cost of revenue:
Subscription		18,838				20,795				60,206				60,395
Device		10,089				14,036				26,464				36,591
Professional services and other		1,332				1,438				4,260				3,874
Depreciation and amortization		4,351				2,975				12,221				7,731
Total cost of revenue		34,610				39,244				103,151				108,591
Gross profit		96,057				78,449				276,642				224,035
Operating expenses:
Sales and marketing		24,200				24,465				80,104				76,913
Research and development		14,763				14,406				45,936				40,873
General and administrative		15,644				16,787				53,171				46,488
Depreciation and amortization		2,418				2,338				7,394				7,008
Total operating expenses		57,025				57,996				186,605				171,282
Income from operations		39,032				20,453				90,037				52,753
Other expense:
Interest expense		7,065				9,932				23,590				34,131
Other (income) expense, net		(987	)			7				(1,402	)			2
Total other expense		6,078				9,939				22,188				34,133
Income (loss) before income taxes		32,954				10,514				67,849				18,620
(Provision for) benefit from income taxes		(8,239	)			(2,629	)			(16,963	)			(4,656	)
Net income (loss)	$	24,715			$	7,885			$	50,886			$	13,964
Net income per share attributable to common stockholders:
Basic	$	0.18			$	0.06			$	0.38			$	0.10
Diluted	$	0.18			$	0.06			$	0.37			$	0.10
Weighted-average shares used in computing net income per share:
Basic		135,553,097				135,195,800				135,496,696				135,195,800
Diluted		138,590,770				135,615,949				137,006,921				135,626,273

DATTO HOLDING CORP.
GAAP to Non-GAAP Reconciliations and Calculation of Other Key Metrics
(in thousands, except percentages and share and per share amounts)
(unaudited)
		Three Months Ended Sept 30,								Nine Months Ended Sept 30,
			2020				2019				2020				2019
Non-GAAP Subscription Cost of Revenue
GAAP subscription cost of revenue		$	18,915			$	20,815			$	60,786			$	60,472
Stock-based compensation expense			(77	)			(20	)			(118	)			(77	)
Restructuring expense			–				–				(462	)			–
Non-GAAP subscription cost of revenue		$	18,838			$	20,795			$	60,206			$	60,395
Non-GAAP Device Cost of Revenue
GAAP device cost of revenue		$	10,089			$	14,036			$	26,464			$	36,591
Stock-based compensation expense			–				–				–				–
Restructuring expense			–				–				–				–
Non-GAAP device gross cost of revenue		$	10,089			$	14,036			$	26,464			$	36,591
Non-GAAP Professional Services and Other Cost of Revenue
GAAP professional services and other cost of revenue		$	1,332			$	1,438			$	4,399			$	3,874
Stock-based compensation expense			–				–				–				–
Restructuring expense			–				–				(139	)			–
Non-GAAP professional services and other cost of revenue		$	1,332			$	1,438			$	4,260			$	3,874
Non-GAAP Depreciation and Amortization in Cost of Revenue
GAAP depreciation and amortization in cost of revenue		$	5,526			$	4,150			$	15,746			$	11,256
Amortization of acquired intangible assets			(1,175	)			(1,175	)			(3,525	)			(3,525	)
Non-GAAP depreciation and amortization in cost of revenue		$	4,351			$	2,975			$	12,221			$	7,731
Non-GAAP Cost of Revenue
GAAP cost of revenue		$	35,862			$	40,439			$	107,395			$	112,193
Amortization of acquired intangible assets			(1,175	)			(1,175	)			(3,525	)			(3,525	)
Stock-based compensation expense			(77	)			(20	)			(118	)			(77	)
Restructuring expense			–				–				(601	)			–
Non-GAAP cost of revenue		$	34,610			$	39,244			$	103,151			$	108,591
Non-GAAP Gross Profit
GAAP gross profit		$	94,805			$	77,254			$	272,398			$	220,433
Amortization of acquired intangible assets			1,175				1,175				3,525				3,525
Stock-based compensation expense			77				20				118				77
Restructuring expense			–				–				601				–
Non-GAAP gross profit		$	96,057			$	78,449			$	276,642			$	224,035
Non-GAAP gross margin			73.5	%			66.7	%			72.8	%			67.4	%

DATTO HOLDING CORP.
GAAP to Non-GAAP Reconciliations and Calculation of Other Key Metrics
(in thousands, except percentages and share and per share amounts)
(unaudited)
		Three Months Ended Sept 30,								Nine Months Ended Sept 30,
			2020				2019				2020				2019
Non-GAAP Sales and Marketing
GAAP sales and marketing expense		$	24,709			$	25,084			$	83,828			$	79,172
Stock-based compensation expense			(524	)			(619	)			(1,803	)			(2,259	)
Restructuring expense			15				–				(1,921	)			–
Transaction related and other expense			–				–				–				–
Non-GAAP sales and marketing expense		$	24,200			$	24,465			$	80,104			$	76,913
Non-GAAP sales and marketing as a % of revenue			18.5	%			20.8	%			21.1	%			23.1	%
Non-GAAP Research and Development
GAAP research and development expense		$	15,257			$	14,640			$	48,000			$	43,924
Stock-based compensation expense			(494	)			(234	)			(1,115	)			(3,051	)
Restructuring expense			–				–				(949	)			–
Transaction related and other expense			–				–				–				–
Non-GAAP research and development expense		$	14,763			$	14,406			$	45,936			$	40,873
Non-GAAP research and development as a % of revenue			11.3	%			12.2	%			12.1	%			12.3	%
Non-GAAP General and Administrative
GAAP general and administrative expense		$	17,433			$	17,680			$	59,389			$	50,555
Stock-based compensation expense			(1,694	)			(893	)			(3,525	)			(4,067	)
Restructuring expense			–				–				(364	)			–
Transaction related and other expense			(95	)			–				(2,329	)			–
Non-GAAP general and administrative expense		$	15,644			$	16,787			$	53,171			$	46,488
Non-GAAP general and administrative as a % of revenue			12.0	%			14.3	%			14.0	%			14.0	%
Non-GAAP Depreciation and Amortization in Operating Expenses
GAAP depreciation and amortization in operating expenses		$	6,820			$	6,782			$	20,600			$	20,506
Amortization of acquired intangible assets			(4,402	)			(4,444	)			(13,206	)			(13,498	)
Non-GAAP depreciation and amortization in operating expense		$	2,418			$	2,338			$	7,394			$	7,008
Non-GAAP depreciation and amortization in operating expense as a % of revenue			1.9	%			2.0	%			1.9	%			2.1	%
Non-GAAP Operating Expenses
GAAP operating expenses		$	64,219			$	64,186			$	211,817			$	194,157
Amortization of acquired intangible assets			(4,402	)			(4,444	)			(13,206	)			(13,498	)
Stock-based compensation expense			(2,712	)			(1,746	)			(6,443	)			(9,377	)
Restructuring expense			15				–				(3,234	)			–
Transaction related and other expense			(95	)			–				(2,329	)			–
Non-GAAP operating expenses		$	57,025			$	57,996			$	186,605			$	171,282
Non-GAAP operating expenses as a % of revenue			43.6	%			49.3	%			49.1	%			51.5	%
Non-GAAP Income From Operations
GAAP income from operations		$	30,586			$	13,068			$	60,581			$	26,276
Amortization of acquired intangible assets			5,577				5,619				16,731				17,023
Stock-based compensation expense			2,789				1,766				6,561				9,454
Restructuring expense			(15	)			–				3,835				–
Transaction related and other expense			95				–				2,329				–
Non-GAAP income from operations		$	39,032			$	20,453			$	90,037			$	52,753
Non-GAAP operating margin			29.9	%			17.4	%			23.7	%			15.9	%

DATTO HOLDING CORP.
GAAP to Non-GAAP Reconciliations and Calculation of Other Key Metrics
(in thousands, except percentages and share and per share amounts)
(unaudited)
		Three Months Ended Sept 30,								Nine Months Ended Sept 30,
			2020				2019				2020				2019
Non-GAAP Net Income and Net Income Per Share
GAAP net income (loss)		$	19,546			$	2,725			$	29,666			$	(22,958	)
GAAP (provision for) benefit from income taxes			(4,962	)			(404	)			(8,727	)			4,130
GAAP income (loss) before income taxes			24,508				3,129				38,393				(27,088	)
Loss on extinguishment of debt			–				–				–				19,231
Amortization of acquired intangible assets			5,577				5,619				16,731				17,023
Stock-based compensation expense			2,789				1,766				6,561				9,454
Restructuring expense			(15	)			–				3,835				–
Transaction related and other expense			95				–				2,329				–
Non-GAAP (provision for) benefit from income taxes			(8,239	)			(2,629	)			(16,963	)			(4,656	)
Non-GAAP net income		$	24,715			$	7,885			$	50,886			$	13,964
Non-GAAP net income per share attributable to common shareholders:
Basic		$	0.18			$	0.06			$	0.38			$	0.10
Diluted		$	0.18			$	0.06			$	0.37			$	0.10
Weighted-Average Shares used in computing Non-GAAP Net Income per Share:
GAAP and Non-GAAP weighted-average shares used in computing net income per share, basic			135,553,097				135,195,800				135,496,696				135,195,800
GAAP weighted-average shares used in computing net income per share, diluted			138,590,770				135,615,949				137,006,921				135,195,800
Adjustment to fully diluted shares			–				–				–				430,473
Non-GAAP weighted-average shares used in computing net income per share, diluted			138,590,770				135,615,949				137,006,921				135,626,273
Adjusted EBITDA
GAAP net income (loss)		$	19,546			$	2,725			$	29,666			$	(22,958	)
Interest and other expense, net			6,078				9,939				22,188				34,133
Loss on extinguishment of debt			–				–				–				19,231
Depreciation and amortization			12,346				10,932				36,346				31,762
Provision for (benefit from) income tax			4,962				404				8,727				(4,130	)
Stock-based compensation expense			2,789				1,766				6,561				9,454
Restructuring expense			(15	)			–				3,835				–
Transaction related and other expense			95				–				2,329				–
Adjusted EBITDA		$	45,801			$	25,766			$	109,652			$	67,492
Adjusted EBITDA margin			35.1	%			21.9	%			28.9	%			20.3	%
Free Cash Flow
GAAP net cash provided by operating activities		$	50,080			$	4,864			$	74,055			$	6,623
Less: Purchases of property and equipment			(6,519	)			(7,667	)			(28,519	)			(27,777	)
Free cash flow		$	43,561			$	(2,803	)		$	45,536			$	(21,154	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123006232/en/

Media Contact:

Shoba V. Lemoine

[email protected]

Investor Contact:

Kelsey Turcotte

[email protected]

KEYWORDS: Connecticut United States North America

INDUSTRY KEYWORDS: Networks Internet Data Management Technology Software

MEDIA:

Posted on November 23, 2020 4:18 pm

Visa Inc. Announces Appointment of Linda J. Rendle to its Board of Directors

Visa Inc. Announces Appointment of Linda J. Rendle to its Board of Directors

SAN FRANCISCO–(BUSINESS WIRE)–
Visa Inc. (NYSE: V) board of directors (the “Board”) announced today that on November 18, 2020, it appointed Linda J. Rendle to the Board, effective November 23, 2020, for a term that will expire at the Company’s 2021 Annual Meeting of Stockholders.

Ms. Rendle has served as the CEO and a director of The Clorox Company since September 2020. Ms. Rendle has a track record of delivering outstanding business results and providing values-led leadership, gained from nearly 20 years in a variety of senior operational and executive roles across many of Clorox’s businesses. As CEO of a global company, her extensive experience and instrumental role in developing key corporate strategies provide important insights and perspectives with respect to global product development, growth and long-range planning.

“I am pleased to welcome Linda to Visa’s board of directors,” said Al Kelly, Chairman and Chief Executive Officer of Visa Inc. “Linda is an outstanding leader with deep operational experience and a demonstrated commitment to environmental, social and governance initiatives, which will be invaluable to Visa as we expand our network, bring innovative payment solutions to market globally and advance our mission to connect the world to help individuals, businesses and economies thrive.”

This appointment brings Visa’s total board of directors to 12 members. You can view information on Visa Inc.’s board of directors on our investor relations website: http://investor.visa.com/corporate-governance/board-of-directors/

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa.html, usa.visa.com/visa-everywhere/blog.html and @VisaNews.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123006218/en/

Investor Relations

Mike Milotich, +1 650-432-7644, [email protected]

Media Relations

Andy Gerlt, +1 415-805-4892, [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Telecommunications Finance Banking Accounting Professional Services Technology Online Retail Retail

MEDIA:

Posted on November 23, 2020 4:18 pm

IGI Named ‘Reinsurance Company of the Year’ at the 7th Middle East Insurance Industry Awards

IGI Named ‘Reinsurance Company of the Year’ at the 7^th Middle East Insurance Industry Awards

HAMILTON, Bermuda–(BUSINESS WIRE)–
International General Insurance Holdings Ltd. (“IGI” or the “Company”) (NASDAQ: IGIC) today announced that it has been named ‘Reinsurance Company of the Year’ at the Middle East Insurance Industry Awards (MIIA), held virtually on November 22, 2020.

The MIIA, organised by the Middle East Insurance Review and supported by the Dubai International Financial Centre (DIFC), the DIFC Insurance Association, Afro-Asian Federation of Insurance and Reinsurance (FAIR) and the General Arab Insurance Federation (GAIF), are held annually to recognise and reward excellence in the insurance and reinsurance sector in the MENA region. The 23 MIIA judges selected winners from more than 200 entries, with results independently audited by EY.

IGI was noted for its leadership standards, underwriting discipline, efficient claims service, diversity and inclusion initiatives, and corporate social responsibility, including support of cancer research and educational scholarships.

IGI Chairman and CEO Wasef Jabsheh said, “I am delighted that IGI has been named ‘Reinsurance Company of the Year’ at the MIIA. This important award is a testament to each and every one of our people who have worked so hard and maintained focus in what have been very challenging times. Well done to all our people.”

“2020 has been a pivotal year for us,” Mr. Jabsheh said. “In our nearly 20 years in business, we have grown into a truly international U.S.-listed public insurance and reinsurance partner, while maintaining our Middle Eastern roots and our commitment to the MENA region. Our performance so far this year has been very strong, and I have no doubt that, barring any unexpected events prior to the end of this year, our 2020 results will clearly demonstrate what we are capable of.”

—

About IGI:

IGI is an international specialist commercial insurer and reinsurer underwriting a diverse portfolio of specialty lines. Established in 2001, IGI is an entrepreneurial business with a worldwide portfolio of energy, property, general aviation, construction & engineering, forestry, ports & terminals, marine cargo, marine trades, financial institutions, general third party liability, legal expenses, professional indemnity, marine liability, political violence, and reinsurance treaty business. Registered in Bermuda, with operations in Bermuda, London, Dubai, Amman, Labuan and Casablanca, IGI aims to deliver outstanding levels of service to clients and brokers. IGI is rated “A” (Excellent)/Stable by AM Best and “A-”/Stable by S&P Global Ratings. For more information about IGI, please visit www.iginsure.com.

—

Forward-Looking Statements:

This press release contains “forward-looking statements” within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of the business of IGI may differ from its actual results and, consequently, you should not rely on forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Forward-looking statements contained in this press release may include, but are not limited to, information regarding our estimates of losses for catastrophes and other large losses including losses related to the COVID-19 pandemic, measurements of potential losses in the value of our investment portfolio, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities’ prices and foreign currency rates. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside of the control of IGI and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) changes in demand for IGI’s services together with the possibility that IGI may be adversely affected by other economic, business, and/or competitive factors globally and in the regions in which it operates; (2) competition, the ability of IGI to grow and manage growth profitably and IGI’s ability to retain its key employees; (3) changes in applicable laws or regulations; (4) the potential inability to recognize the anticipated benefits of the business combination with Tiberius; (5) the outcome of any legal proceedings that may be instituted against the parties in connection with or related to the business combination with Tiberius; (6) the potential effects of the COVID-19 pandemic; (7) the inability to maintain the listing of the Company’s common shares or warrants on Nasdaq; and (8) other risks and uncertainties indicated in IGI’s annual report on Form 20-F for the year ended December 31, 2019, including those under “Risk Factors” therein, and in the Company’s other filings with the SEC. The foregoing list of factors is not exclusive. In addition, forward-looking statements are inherently based on various estimates and assumptions that are subject to the judgment of those preparing them and are also subject to significant economic, competitive, industry and other uncertainties and contingencies, all of which are difficult or impossible to predict and many of which are beyond the control of IGI. There can be no assurance that IGI’s financial condition or results of operations will be consistent with those set forth in such forward-looking statements. You should not place undue reliance upon any forward-looking statements, which speak only as of the date made. IGI does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123006160/en/

Investors:

Robin Sidders, Head of Investor Relations

T: + 44 (0) 2072 204937

M: + 44 (0) 7384 514785

Email: [email protected]

Media:

Aaida Abu Jaber, PR & Marketing Manager

T: +96265662082 Ext. 407

M: +962770415540

Email: [email protected]

KEYWORDS: Caribbean Bermuda Middle East

INDUSTRY KEYWORDS: Professional Services Insurance Finance

MEDIA:

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United Natural Foods to Release Fiscal 2021 First Quarter Results on December 9, 2020

PROVIDENCE, R.I.–(BUSINESS WIRE)–
United Natural Foods, Inc. (NYSE: UNFI) will release financial results for its fiscal 2021 first quarter, ended October 31, 2020, the morning of Wednesday December 9, 2020. Management will host a conference call that morning at 8:30 a.m. ET to discuss results.

To access the conference call, please dial (877) 682-3423 (U.S. toll-free) and reference conference ID number 8959225. An audio webcast of the conference call, and materials referenced during the call, will be available via the Investors section of the Company’s website www.unfi.com. An online archive of the webcast will be available for 120 days.

About United Natural Foods, Inc.

UNFI is North America’s premier food wholesaler delivering the widest variety of products to customer locations throughout North America including natural product superstores, independent retailers, conventional supermarket chains, ecommerce retailers, and food service customers. By providing this deeper ‘full-store’ selection and compelling brands for every aisle, UNFI is uniquely positioned to deliver great food, more choices, and fresh thinking to customers everywhere. Today, UNFI is the largest publicly-traded grocery distributor in America. To learn more about how UNFI is Moving Food Forward, visit www.unfi.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123005984/en/

Investor Contact

Steve Bloomquist

952-828-4144

[email protected]

Media Contact

Jeff Swanson

952-903-1645

[email protected]

KEYWORDS: United States North America Rhode Island

INDUSTRY KEYWORDS: Supermarket Retail Restaurant/Bar Food/Beverage

MEDIA:

Posted on November 23, 2020 4:18 pm

MFS Releases Closed-End Fund Income Distribution Sources for Certain Funds

MFS Releases Closed-End Fund Income Distribution Sources for Certain Funds

BOSTON–(BUSINESS WIRE)–
MFS Investment Management^® (MFS^®) released today the distribution income sources for six of its closed-end funds for November 2020: MFS^® Charter Income Trust (NYSE: MCR), MFS^® Government Markets Income Trust (NYSE: MGF), MFS^® Intermediate High Income Fund (NYSE: CIF), MFS^® Intermediate Income Trust (NYSE: MIN), MFS^® Multimarket Income Trust (NYSE: MMT) and MFS^® Special Value Trust (NYSE: MFV). This information also can be obtained by visiting MFS.com by clicking on Products & Strategies > Closed End Funds > Dividend Source Information.

MFS Charter Income Trust

Distribution period: November 2020

Distribution amount per share: $ 0.05832

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
			Total cumulative distributions for the fiscal year to date	% Breakdown of the total cumulative distributions for the fiscal year to date
	Current distribution	% Breakdown of current distribution
Net Investment Income	$ 0.03101	53%	$ 0.37120	53%
Net Realized ST Cap Gains	0.00000	0%	0.00000	0%
Net Realized LT Cap Gains	0.00000	0%	0.00000	0%
Return of Capital or Other Capital Source	0.02731	47%	0.32592	47%
Total (per common share)	$ 0.05832	100%	$ 0.69712	100%
Average annual total return (in relation to NAV) for the five years ended 10-31-2020				7.40%
Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2020				8.06%
Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2020				5.40%
Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2020				8.03%

MFS Government Markets Income Trust

Distribution period: November 2020

Distribution amount per share: $ 0.02878

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
			Total cumulative distributions for the fiscal year to date	% Breakdown of the total cumulative distributions for the fiscal year to date
	Current distribution	% Breakdown of current distribution
Net Investment Income	$ 0.00722	25%	$ 0.10381	30%
Net Realized ST Cap Gains	0.00000	0%	0.00000	0%
Net Realized LT Cap Gains	0.00000	0%	0.00000	0%
Return of Capital or Other Capital Source	0.02156	75%	0.24404	70%
Total (per common share)	$ 0.02878	100%	$ 0.34785	100%
Average annual total return (in relation to NAV) for the five years ended 10-31-2020				3.93%
Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2020				7.29%
Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2020				7.48%
Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2020				7.34%

MFS Intermediate High Income Fund

Distribution period: November 2020

Distribution amount per share: $ 0.01910

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each December 1st. All amounts are expressed per common share.
			Total cumulative distributions for the fiscal year to date	% Breakdown of the total cumulative distributions for the fiscal year to date
	Current distribution	% Breakdown of current distribution
Net Investment Income	$ 0.01152	60%	$ 0.13872	60%
Net Realized ST Cap Gains	0.00000	0%	0.00000	0%
Net Realized LT Cap Gains	0.00000	0%	0.00000	0%
Return of Capital or Other Capital Source	0.00758	40%	0.09086	40%
Total (per common share)	$ 0.01910	100%	$ 0.22958	100%
Average annual total return (in relation to NAV) for the five years ended 10-31-2020				6.90%
Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2020				9.59%
Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2020				2.36%
Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2020				9.61%

MFS Intermediate Income Trust

Distribution period: November 2020

Distribution amount per share: $ 0.02809

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each November 1st. All amounts are expressed per common share.
			Total cumulative distributions for the fiscal year to date	% Breakdown of the total cumulative distributions for the fiscal year to date
	Current distribution	% Breakdown of current distribution
Net Investment Income	$ 0.00718	26%	$ 0.00718	26%
Net Realized ST Cap Gains	0.00123	4%	0.00123	4%
Net Realized LT Cap Gains	0.00487	17%	0.00487	17%
Return of Capital or Other Capital Source	0.01481	53%	0.01481	53%
Total (per common share)	$ 0.02809	100%	$ 0.02809	100%
Average annual total return (in relation to NAV) for the five years ended 10-31-2020				4.27%
Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2020				8.53%
Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2020				6.96%
Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2020				0.71%

MFS Multimarket Income Trust

Distribution period: November 2020

Distribution amount per share: $ 0.04157

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each November 1st. All amounts are expressed per common share.
			Total cumulative distributions for the fiscal year to date	% Breakdown of the total cumulative distributions for the fiscal year to date
	Current distribution	% Breakdown of current distribution
Net Investment Income	$ 0.02479	60%	$ 0.02479	60%
Net Realized ST Cap Gains	0.00000	0%	0.00000	0%
Net Realized LT Cap Gains	0.00000	0%	0.00000	0%
Return of Capital or Other Capital Source	0.01678	40%	0.01678	40%
Total (per common share)	$ 0.04157	100%	$ 0.04157	100%
Average annual total return (in relation to NAV) for the five years ended 10-31-2020				7.23%
Annualized current distribution rate expressed as a percentage of month end NAV as of 10-31-2020				8.06%
Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2020				5.69%
Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2020				0.67%

MFS Special Value Trust

Distribution period: November 2020

Distribution amount per share: $ 0.04371

The following table sets forth the estimated amounts of the current distribution and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital or other capital source. The fund’s fiscal year begins each November 1st. All amounts are expressed per common share.
			Total cumulative distributions for the fiscal year to date	% Breakdown of the total cumulative distributions for the fiscal year to date
	Current distribution	% Breakdown of current distribution
Net Investment Income	$ 0.01196	27%	$ 0.01196	27%
Net Realized ST Cap Gains	0.00000	0%	0.00000	0%
Net Realized LT Cap Gains	0.03123	71%	0.03123	71%
Return of Capital or Other Capital Source	0.00052	2%	0.00052	2%
Total (per common share)	$ 0.04371	100%	$ 0.04371	100%
Average annual total return (in relation to NAV) for the five years ended 10-31-2020				6.97%
Annualized current distribution rate expressed as a percentage of month end NAV as 10-31-2020				10.18%
Cumulative total return (in relation to NAV) for the fiscal year through 10-31-2020				1.44%
Cumulative fiscal year distributions as a percentage of NAV as of 10-31-2020				0.85%

The above funds have adopted a managed distribution plan. Under a managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the fund will distribute long-term capital gains and/or return of capital in order to maintain its managed distribution level. Investors should not draw any conclusions about the fund’s investment performance from the amount of the fund’s distributions or from the terms of the fund’s managed distribution plan.

The Board of the fund may amend the terms of the plan or terminate the plan at any time without prior notice to the fund’s shareholders. The amendment or termination of a plan could have an adverse effect on the market price of the fund’s common shares. The plan will be subject to periodic review by the Board. With each distribution that does not consist solely of net investment income, the fund will issue a notice to shareholders and an accompanying press release which will provide detailed information regarding the amount and estimated composition of the distribution and other related information.

The amounts and sources of distributions reported above are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes. The fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital may occur, for example, when some or all of the money that shareholders invested in the fund is paid back to them. A return of capital does not necessarily reflect a fund’s investment performance and should not be confused with ‘yield’ or ‘income’. Any such returns of capital will decrease the fund’s total assets and, therefore, could have the effect of increasing the fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, the fund may have to sell portfolio securities at a less than opportune time.

About MFS Investment Management

In 1924, MFS launched the first US open-end mutual fund, opening the door to the markets for millions of everyday investors. Today, as a full-service global investment manager serving financial advisors, intermediaries and institutional clients, MFS still serves a single purpose: to create long-term value for clients by allocating capital responsibly. That takes our powerful investment approach combining collective expertise, thoughtful risk management and long-term discipline. Supported by our culture of shared values and collaboration, our teams of diverse thinkers actively debate ideas and assess material risks to uncover what we believe are the best investment opportunities in the market. As of October 31, 2020, MFS manages US$535.8 billion in assets on behalf of individual and institutional investors worldwide. Please visit mfs.com for more information.

The Funds are closed-end Funds. Common shares of the Funds are only available for purchase/sale on the NYSE at the current market price (NYSE American for MFS California Municipal Fund). Shares may trade at a discount to NAV.

MFS Investment Management

111 Huntington Ave., Boston, MA 02199

15668.147

View source version on businesswire.com: https://www.businesswire.com/news/home/20201123006027/en/

Computershare Shareholders Services:

Shareholders (account information, quotes): 800-637-2304

MFS Investment Management:

Shareholders or Advisors (investment product information):

Jeffrey Schwarz, 800-343-2829, ext. 55872

Media Only:

Dan Flaherty, 617-954-4256

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

Posted on November 23, 2020 4:18 pm

First Commonwealth Bank Partners with Dollar Energy Fund to provide over $200,000 in Utility Assistance this Winter

INDIANA, Pa., Nov. 23, 2020 (GLOBE NEWSWIRE) — As part of its “Share the Warmth” holiday campaign First Commonwealth Bank has made a $100,000 donation to Dollar Energy Fund, assisting those who are unable to pay their utility bills this upcoming winter season. With dollar-for-dollar matching support from partner energy companies, the $200,000 will assist over 550 families in First Commonwealth Bank’s footprint in Ohio and Pennsylvania.

Founded in 1983 in Western Pennsylvania by a coalition of concerned community and business leaders, Dollar Energy Fund has grown to become the largest hardship fund in Pennsylvania and one of the largest in the country. Now operating in 14 states, Dollar Energy Fund administers Hardship Programs for customers of more than 40 utility companies and partners with over 450 community-based organizations. These organizations handle application intake for programs while also connecting those in need with other forms of assistance. Dollar Energy Fund began providing hardship services in Ohio in 2009. With additional financial support from utility companies to cover administrative fees, 100 percent of all donations are used to provide utility assistance grants to limited-income households.

“We are extremely grateful for the significant contribution First Commonwealth Bank has made towards our efforts to ensure local families maintain safe utility services,” said Chad Quinn, Dollar Energy Fund Chief Executive Officer.  “This year has been especially difficult for many and the cost of heat-related utilities during the upcoming winter months adds an extra financial burden for those who are already struggling.  But, thanks to First Commonwealth’s generosity, more than 550 additional households will receive assistance through our programs.  We look forward to helping our neighbors in need with their support.”

“With the economic struggles families are facing this year, we know our communities’ non-profit organizations and human service agencies are also challenged to do more with less,” offered First Commonwealth CEO Mike Price. “Our goal is to assist those struggling to make ends meet, and partnering with Dollar Energy Fund allows us to directly impact residents across our footprint in Pennsylvania and Ohio. In addition to this donation, we look forward to being an active participant in continued fundraising throughout this upcoming winter.

“We are grateful to First Commonwealth Bank for recognizing the needs of many in our community, and making this donation to the AEP Ohio Neighbor to Neighbor Program,” said AEP Ohio manager of community and customer experience, Jina Duplain. “Our partnership with the Dollar Energy Fund has been invaluable in helping customers during difficult times.”

Additionally, First Commonwealth Bank will be making donations totaling $25,000 to human service agencies that fall outside the Dollar Energy Fund footprint in the Ohio counties of Ashtabula, Clermont, Hamilton and Stark. That funding will assist those agencies in their respective community efforts.

For more information regarding making a donation, finding a partner agency to apply for funding, or additional information, please visit www.dollarenergy.org.

About First Commonwealth Financial Corporation

First Commonwealth Financial Corporation (NYSE: FCF), headquartered in Indiana, Pennsylvania, is a financial services company with 147 community banking offices in 28 counties throughout western and central Pennsylvania and throughout Ohio, as well as business banking operations in Pittsburgh, Pennsylvania, and Canton, Cleveland, Columbus and Cincinnati, Ohio. The Company also operates mortgage offices in Wexford, Pennsylvania, as well as Hudson and Dayton and Lewis Center, Ohio. First Commonwealth provides a full range of commercial banking, consumer banking, mortgage, wealth management and insurance products and services through its subsidiaries First Commonwealth Bank and First Commonwealth Insurance Agency. For more information about First Commonwealth or to open an account today, please visit www.fcbanking.com.

Media Contact:

Jonathan Longwill

724-463-6806

[email protected]

Posted on November 23, 2020 4:18 pm

Founders Advantage Achieves Record Quarterly Adjusted EBITDA and Net Profit at Q3-2020 Due to a Record Quarterly Performance by DLC

CALGARY, Alberta, Nov. 23, 2020 (GLOBE NEWSWIRE) — Founders Advantage Capital Corp. (TSX-V: FCF) (“FAC” or the “Corporation”) is pleased to report its financial results for the three and nine months ended September 30, 2020 (“Q3-2020”). For complete information, readers should refer to the consolidated financial statements and management discussion and analysis which are available on SEDAR at www.sedar.com and on the Corporation’s website at www.advantagecapital.ca. All amounts are presented in Canadian dollars unless otherwise stated.  

Our subsidiaries are referred to herein as Dominion Lending Centres Limited Partnership (“DLC”), Club16 Limited Partnership operating as Club16 Trevor Linden Fitness (“Club16”), and Cape Communications International Inc. operating as Impact Radio Accessories (“Impact”). On September 30, 2019, FAC sold its 50% interest in Astley Gilbert Limited (“AG”). As a result of the AG sale, our results for the current and comparative period, are presented with the financial results of AG segregated in the statement of income as discontinued operations.

Quarter


Highlights

• DLC reported its best quarter in its history during Q3-2020 with revenues of $14.1 million, adjusted EBITDA of $8.5 million and funded volumes of $13.3 billion, representing a 6.7%, 5.4% and 4.8% increase respectively, over Q3-2019;
• In addition, the Corporation achieved $25.5 million of revenue and record adjusted EBITDA of $12.9 million in Q3-2020, representing a 9.8% and 19.6% increase respectively, over Q3-2019;
• The record results at DLC, the timing of collection of C16’s enhancement fee in Q3 (versus Q2) and the Corporation’s focus on corporate debt repayment, all contributed to the Corporation generating record adjusted net income of $5.0 million in Q3-2020 compared to $2.2 million in Q3-2019;
• On October 5, 2020, the Corporation announced that it had entered into an acquisition agreement with KayMaur Holdings Ltd. and certain other parties to acquire (the “Proposed Acquisition”) all of the limited partnership units of Dominion Lending Centres Limited Partnership (“DLC LP”) that the Corporation does not otherwise own in exchange for non-voting, non-convertible and non-dilutive Series 1, Class B preferred shares (the “Preferred Shares”) of the Corporation. Further, upon completion of the Proposed Acquisition, the Corporation intends to wind-up DLC LP, amalgamate with Dominion Lending Centres Inc. and change the name of the Corporation to Dominion Lending Centres Inc. (the “Proposed Reorganization”); and
• The Corporation has called a special meeting of shareholders for December 15, 2020 (the “Meeting”) for consideration of the Proposed Transaction, Proposed Reorganization, and other related matters. The Corporation has mailed a management information circular dated November 9, 2020 (the “Circular”) to all shareholders in connection with the Meeting which contains full disclosures on the Proposed Transaction, Proposed Reorganization and related matters (a copy of the Circular is available on SEDAR).

James Bell, President and CEO, commented, “We are pleased to announce our Q3-2020 financial and operating results. DLC’s continued focus on broker retention, broker recruitment and expense management has contributed to the record results they achieved in Q3-2020. Revenue, EBITDA, and funded volumes were the highest in DLC’s history, which is a significant milestone, particularly during a global pandemic. Club16’s focus continues to be on member safety and expense management along with ramping up operations at their two newest locations in North Burnaby and Richmond. COVID-19 continues to affect Impact’s customer base, however, operations are stable and they have remained cash flow positive. And last, we are pleased with the progress we’ve achieved regarding the Proposed Acquisition and Proposed Reorganization and look forward to the upcoming shareholders meeting on December 15, 2020.”

S
elected Consolidated Financial Highlights:

Below are the financial highlights of our results for the three and nine months ended September 30, 2020. The results for the three and nine months ended September 30, 2019, reflect the segregation of AG as discontinued operations. The discontinued operations are only included in net income (loss) and net income (loss) per common share.

	Three months ended						Nine months ended
(in thousands except per share amounts)	Sept. 30, 2020			Sept. 30, 2019			Sept. 30, 2020				Sept. 30, 2019
Revenues	$	25,517		$	23,248		$	58,604			$	67,427
Income from operations		7,933			7,131			11,024				14,224
Adjusted EBITDA (1)		12,909			10,790			23,980				26,345
Adjusted EBITDA attributable to: (1)
Shareholders		7,326			6,072			13,384				14,669
Non-controlling interests		5,583			4,718			10,596				11,676
Adjusted EBITDA margin (1)		51	%		46	%		41		%		39		%
Proportionate share of investee adjusted EBITDA (1)		7,678			6,552			14,810				16,259
Free cash flow (1)		3,182			1,817			3,460				3,047
Net income (loss)		5,045			(1,338	)		2,916				(5,732		)
Net income (loss) from continuing operations		5,045			(1,255	)		2,916				1,147
Net loss from discontinued operations		–			(83	)		–				(6,879		)
Net income (loss) attributable to:
Shareholders		2,082			(3,157	)		(814		)		(6,917		)
Non-controlling interests		2,963			1,819			3,730				1,185
Adjusted net income (1)		4,838			2,192			2,972				3,612
Adjusted net income (loss) attributable to: (1)
Shareholders		1,968			54			(660		)		(1,409		)
Non-controlling interests		2,870			2,138			3,632				5,021
Diluted income (loss) per share		0.05			(0.08	)		(0.02		)		(0.18		)
Adjusted income (loss) per share (1)		0.05			–			(0.02		)		(0.04		)

_{(1)   Please see the Non-IFRS Financial Performance Measures section of this document for additional information.}

Q


3


-20


20


Results

Adjusted EBITDA increased $2.1 million compared to the three months ended September 30, 2019. The increase is primarily due to increases in Club16, DLC and Corporate’s adjusted EBITDA, partly offset by a decrease in Impact’s adjusted EBITDA. Club16’s adjusted EBITDA increased $1.7 million from the timing of collection of the annual enhancement fee in August, which is typically collected in the second quarter, and from government wage subsidies, partly offset by lower monthly membership and personal training revenues. DLC’s adjusted EBITDA increased $0.4 million from higher revenues, attributable to increased funded mortgage volumes, partly offset by increased personnel costs and ad fund expenditures. Corporate adjusted EBITDA increased $0.1 million from lower general and administrative costs net of restructuring expenses. Adjusted EBITDA from Impact decreased $0.2 million compared to the three months ended September 30, 2019, primarily due to lower revenues.

Adjusted net income for the three months ended September 30, 2020 increased $2.6 million compared to the same period in the previous year due to increased income from operations, lower finance expense and $0.8 million of government wage subsidies included within other income.

Selected Segmented Financial Highlights:


We discuss the results of the corporate head office and three reportable segments as presented in our interim financial statements: DLC, Club16, and Impact.

	Three months ended						Nine months ended
(in thousands)	Sept. 30, 2020			Sept. 30, 2019			Sept. 30, 2020			Sept. 30, 2019
Adjusted EBITDA (1)
DLC	$	8,458		$	8,025		$	18,723		$	14,487
Club16		4,228			2,502			5,312			9,076
Impact		575			743			1,371			4,372
Corporate and consolidated		(352	)		(480	)		(1,426	)		(1,590	)
Total adjusted EBITDA (1)		12,909			10,790			23,980			26,345
Proportionate share of investee adjusted EBITDA (1)
DLC		4,909			4,664			10,977			8,540
Club16		2,4 70			1,502			3,120			5,446
Impact		299			386			713			2,273
Total Proportionate share of investee adjusted EBITDA (1)		7,67 8			6,552			14,810			16,259

_{(1)   Please see the Non-IFRS Financial Performance Measures section of this document for additional information.}

About Dominion Lending Centres Group

The DLC Group of Companies is Canada’s leading and largest mortgage brokerage with over $40 billion in funded mortgages in 2019. The DLC Group operates through three main subsidiaries, Dominion Lending Centres, Mortgage Centre Canada and Mortgage Architects and has operations in all 13 provinces and territories. The DLC Group’s extensive network includes ~6,000 agents and over 500 locations. Headquartered in British Columbia, the DLC Group was founded in 2006 by Gary Mauris and Chris Kayat.

About Founders Advantage Capital Corp.

The Corporation is listed on the TSX Venture Exchange as an Investment Issuer (Tier 1) and employs a permanent investment approach.

The Corporation’s common shares are listed on the TSX Venture Exchange under the symbol “FCF”.

For further information, please refer to the Corporation’s website at www.advantagecapital.ca.

Contact information for the Corporation is as follows:

James Bell President & Chief Executive Officer 403-455-2218 [email protected]

Robin Burpee Chief Financial Officer 403-455-9670 [email protected]

Amar Leekha Sr. Vice-President, Capital Markets 403-455-6671 [email protected]

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Non-IFRS Financial Performance Measures

Management presents certain non-IFRS financial performance measures which we use as supplemental indicators of our operating performance. Non-IFRS financial performance measures include EBITDA and Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA attributed to shareholders and NCI, Proportionate share of investee Adjusted EBITDA, Adjusted net income, Adjusted earnings per share, and free cash flow. Readers are cautioned that these non-IFRS measures should not be construed as a substitute or an alternative to applicable generally accepted accounting principle measures as determined in accordance with IFRS. Please see the Corporation’s MD&A for a description these measures and a reconciliation of these measures to their nearest IFRS measure.