Churchill Serves as Sole Lead Arranger for a First Lien Credit Facility to Support Wynnchurch Capital’s Acquisition of Handgards




Churchill Serves as Sole Lead Arranger for a First Lien Credit Facility to Support Wynnchurch Capital’s Acquisition of Handgards

NEW YORK–(BUSINESS WIRE)–Churchill Asset Management (“Churchill” or the “Firm”) today announced that it served as Sole Lead Arranger for a first lien credit facility to support the acquisition of Handgards (the “Company”) by Wynnchurch Capital, L.P. (“Wynnchurch”).

Headquartered in El Paso, Texas, Handgards is a leading distributor of foodservice products, including disposable gloves, reclosable bags, tabletop items, expendables, and other carryout products. The Company operates eight facilities with over one million square feet of space and ships over 18 million cases of product annually.

“Handgards has been an existing portfolio company of Churchill’s since 2020, and the Company continues to be a market leader with significant room for future growth,” said Kevin Meyer, Managing Director and Head of Origination at Churchill. “We are thrilled to continue supporting Handgards and its experienced management team as it enters this next chapter with Wynnchurch.”

The financing represents the second transaction that Churchill has completed in support of Rosemont, IL-based Wynnchurch Capital, a leading private equity firm with $9.2B of regulatory assets under management. Since its founding in 1999, Wynnchurch Capital has completed over 135 platform and add-on acquisitions.

“Churchill served as a terrific partner throughout the Handgards transaction process,” said Mike MacKay, Principal at Wynnchurch. “Churchill’s deep knowledge of the Company as an incumbent lender, coupled with its balance sheet strength in committing to the full senior loan facility proved invaluable in allowing for a swift and timely execution. We look forward to our continued collaboration and partnership with Churchill.”

About Churchill Asset Management LLC

Churchill, an investment-specialist affiliate of Nuveen (the asset manager of TIAA), provides customized financing solutions to middle market private equity firms and their portfolio companies across the capital structure. With over $50 billion of committed capital, we provide first lien, unitranche, second lien and mezzanine debt, in addition to equity co-investments, secondary solutions and private equity fund commitments. Churchill has a long history of disciplined investing across multiple economic cycles and our unique origination strategy, execution and investment are driven by 170 professionals in New York, Charlotte, Chicago, Dallas and Los Angeles. To learn more about Churchill, visit https://www.churchillam.com.

About Wynnchurch Capital

Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with an affiliate in Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $9.2 billion of regulatory assets under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs, and restructurings. For more information, please visit: https://www.wynnchurch.com or follow us on LinkedIn.

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients.

Churchill Asset Management is a registered investment advisor and majority-owned, indirect subsidiary of Teachers Insurance and Annuity Association of America. Certain Nuveen products are advised by Nuveen Alternatives Advisors LLC, a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, Member FINRA and SIPC.

G-3495160P-O0424W

Contacts

Madison Hanlon

pro-churchill@prosek.com

Dream Industrial REIT Announces April 2024 Monthly Distribution




Dream Industrial REIT Announces April 2024 Monthly Distribution

TORONTO–(BUSINESS WIRE)–DREAM INDUSTRIAL REIT (TSX: DIR.UN) (the “Trust”) announced today its April 2024 monthly distribution in the amount of 5.833 cents per Unit (70 cents annualized). The April distribution will be payable on May 15, 2024 to unitholders of record as at April 30, 2024.

Dream Industrial REIT is an unincorporated, open-ended real estate investment trust. As at December 31, 2023, Dream Industrial REIT owns, manages and operates a portfolio of 327 industrial assets totaling approximately 71.4 million square feet of gross leasable area in key markets across Canada, Europe, and the U.S. Dream Industrial REIT’s goal is to deliver strong total returns to its unitholders through secure distributions as well as growth in net asset value and cash flow per unit underpinned by its high-quality portfolio and an investment grade balance sheet. For more information, please visit our website at www.dreamindustrialreit.ca.

Contacts

For further information, please contact:

DREAM INDUSTRIAL REIT

Alexander Sannikov

President and Chief Executive Officer

(416) 365-4106

asannikov@dream.ca

Lenis Quan

Chief Financial Officer

(416) 365-2353

lquan@dream.ca

American Express First-Quarter Revenue Increased 11% to $15.8 Billion and EPS Increased 39% to $3.33, Reflecting Continued Business Momentum




American Express First-Quarter Revenue Increased 11% to $15.8 Billion and EPS Increased 39% to $3.33, Reflecting Continued Business Momentum

Company Reaffirms Full-Year 2024 Revenue and EPS Guidance

NEW YORK–(BUSINESS WIRE)–American Express Company (NYSE: AXP) today reported first-quarter net income of $2.4 billion, or $3.33 per share, compared with net income of $1.8 billion, or $2.40 per share, a year ago.

“We have started 2024 off strong, with our first-quarter results reflecting the positive trends we have seen in our business the last several years,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “Revenue increased 11 percent from a year earlier to $15.8 billion and EPS increased 39 percent to $3.33.

“Our continued investments in our value propositions, marketing, brand and technology capabilities have helped drive high levels of engagement with our premium customers. Overall Card Member spending grew 7 percent on an FX-adjusted basis, with spending by U.S. consumer Card Members up 8 percent from a year earlier and spending in our International Card Services segment increasing 13 percent on an FX-adjusted basis.

“We continue to attract high-spending, high credit-quality customers to the franchise, with new card acquisitions accelerating sequentially to 3.4 million in the quarter. Our fee-based products accounted for around 70 percent of the new account acquisitions we saw in the quarter, and we continue to see strong demand from Millennial and Gen Z consumers, who accounted for over 60 percent of new consumer account acquisitions globally. Our credit metrics remain best in class.

“Based on our results to date and the trends we are seeing in our business, we continue to expect full-year 2024 revenue growth of 9 percent to 11 percent and EPS of $12.65 to $13.15.”

First-quarter consolidated total revenues net of interest expense were $15.8 billion, up 11 percent from $14.3 billion a year ago. The increase was primarily driven by higher net interest income and increased Card Member spending.

Consolidated provisions for credit losses were $1.3 billion, compared with $1.1 billion a year ago. The increase reflected higher net write-offs, partially offset by a lower net reserve build of $148 million, compared with a net reserve build of $320 million a year ago.

Consolidated expenses were $11.4 billion, up 3 percent from $11.1 billion a year ago. The increase primarily reflected higher customer engagement costs, which were driven by higher Card Member spending, increased usage of travel-related benefits and higher marketing investments, partially offset by a $196 million benefit resulting from enhancements to the models for estimating future Membership Rewards redemptions.

The consolidated effective tax rate was 22.5 percent, up from 16.2 percent a year ago, primarily reflecting discrete tax benefits in the prior year.

This earnings release should be read in conjunction with the company’s statistical tables for the first quarter 2024, which include information regarding our reportable operating segments, available on the American Express Investor Relations website at http://ir.americanexpress.com and in a Form 8-K furnished today with the Securities and Exchange Commission.

An investor conference call will be held at 8:30 a.m. (ET) today to discuss first-quarter results. Live audio and presentation slides for the investor conference call will be available to the general public on the above-mentioned American Express Investor Relations website. A replay of the conference call will be available later today at the same website address.

¹ As used in this release, FX-adjusted information assumes a constant exchange rate between the periods being compared for purposes of currency translations into U.S. dollars (i.e., assumes the foreign exchange rates used to determine results for current period apply to the corresponding prior-year period against which such results are being compared). FX-adjusted revenues is a non-GAAP measure. The company believes the presentation of information on an FX-adjusted basis is helpful to investors by making it easier to compare the company’s performance in one period to that of another period without the variability caused by fluctuations in currency exchange rates.

² Diluted earnings per common share (EPS) was reduced by the impact of (i) earnings allocated to participating share awards of $18 million and $14 million for the three months ended March 31, 2024 and 2023, respectively, and (ii) dividends on preferred shares of $14 million for both the three months ended March 31, 2024 and 2023.

As used in this release:

• Card Member spending (billed business) represents transaction volumes, including cash advances, on payment products issued by American Express.
• Customer engagement costs represent the aggregate of Card Member rewards, business development, Card Member services, and marketing expenses.
• Reserve releases and reserve builds represent the portion of the provisions for credit losses for the period related to increasing or decreasing reserves for credit losses as a result of, among other things, changes in volumes, macroeconomic outlook, portfolio composition, and credit quality of portfolios. Reserve releases represent the amount by which net write-offs exceed the provisions for credit losses. Reserve builds represent the amount by which the provisions for credit losses exceed net write-offs.

About American Express

American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, X.com/americanexpress, and youtube.com/americanexpress.

Key links to products, services and corporate sustainability information: personal cards, business cards and services, travel services, gift cards, prepaid cards, merchant services, Accertify, Business Blueprint, Resy, corporate card, business travel, diversity and inclusion, corporate sustainability and Environmental, Social, and Governance reports.

Source: American Express Company

Location: Global

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. The forward-looking statements, which address American Express Company’s current expectations regarding business and financial performance, including management’s outlook for 2024 and long-term growth aspiration, among other matters, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “should,” “could,” “would,” “likely,” “continue” and similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. The company undertakes no obligation to update or revise any forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements, include, but are not limited to, the following:

• the company’s ability to achieve its 2024 earnings per common share (EPS) outlook and grow EPS in the future consistent with the company’s growth aspiration, which will depend in part on revenue growth, credit performance and the effective tax rate remaining consistent with current expectations and the company’s ability to continue investing at high levels in areas that can drive sustainable growth (including its brand, value propositions, customers, colleagues, marketing, technology and coverage), controlling operating expenses, effectively managing risk and executing its share repurchase program, any of which could be impacted by, among other things, the factors identified in the subsequent paragraphs as well as the following: macroeconomic conditions, such as recession risks, changes in interest rates, effects of inflation, labor shortages or higher rates of unemployment, supply chain issues, energy costs and fiscal and monetary policies; geopolitical instability, including the ongoing Ukraine and Israel wars, broader regional hostilities and tensions involving China and the U.S.; the impact of any future contingencies, including, but not limited to, legal costs and settlements, the imposition of fines or monetary penalties, increases in Card Member remediation, investment gains or losses, restructurings, impairments and changes in reserves; issues impacting brand perceptions and the company’s reputation; impacts related to new or renegotiated cobrand and other partner agreements and joint ventures; and the impact of regulation and litigation, which could affect the profitability of the company’s business activities, limit the company’s ability to pursue business opportunities, require changes to business practices or alter the company’s relationships with Card Members, partners and merchants;

• the company’s ability to achieve its 2024 revenue growth outlook and grow revenues net of interest expense in the future consistent with the company’s growth aspiration, which could be impacted by, among other things, the factors identified above and in the subsequent paragraphs, as well as the following: spending volumes and the spending environment not being consistent with expectations, including T&E spend growing slower than expected, further slowing in spend by U.S. small and mid-sized enterprise or U.S. large and global corporate customers, or a general slowdown or increase in volatility in consumer and business spending volumes; changes in foreign currency exchange rates; an inability to address competitive pressures, innovate and expand the company’s products and services, leverage the advantages of the company’s differentiated business model, attract customers across generations and age cohorts, including Millennial and Gen Z customers, and implement strategies and business initiatives, including within the premium consumer space, commercial payments and the global network; the effects of regulatory initiatives on fees; and merchant discount rates changing by a greater or lesser amount than expected;

• net card fees not performing consistently with expectations, which could be impacted by, among other things, a deterioration in macroeconomic conditions impacting the ability and desire of Card Members to pay card fees; higher Card Member attrition rates; the pace of Card Member acquisition activity and demand for the company’s fee-based products; and the company’s inability to address competitive pressures, develop attractive premium value propositions and implement its strategy of refreshing card products, enhancing and delivering benefits and services and continuing to innovate with respect to its products;

• net interest income, the effects of changes in interest rates and the growth of loans and Card Member receivables outstanding, and the portion of which that is interest bearing, being higher or lower than expectations, which could be impacted by, among other things, the behavior and financial strength of Card Members and their actual spending, borrowing and paydown patterns; the company’s ability to effectively manage underwriting risk and enhance Card Member value propositions to continue to attract premium Card Members; changes in benchmark interest rates, including where such changes affect the company’s assets or liabilities differently than expected; changes in capital and credit market conditions and the availability and cost of capital; credit actions, including line size and other adjustments to credit availability; the yield on Card Member loans not remaining consistent with current expectations; the company’s deposit levels or the interest rates it offers on deposits changing from current expectations; and the effectiveness of the company’s strategies to capture a greater share of existing Card Members’ spending and borrowings, and attract new, and retain existing, customers;

• future credit performance, the level of future delinquency, reserve and write-off rates and the amount and timing of future reserve builds and releases, which will depend in part on macroeconomic factors such as unemployment rates, GDP and the volume of bankruptcies; the ability and willingness of Card Members to pay amounts owed to the company; changes in consumer behavior that affect loan and receivable balances (such as paydown and revolve rates); the credit profiles of new customers acquired; the enrollment in, and effectiveness of, financial relief programs and the performance of accounts as they exit from such programs; the impact of the usage of debt settlement companies; collections capabilities and recoveries of previously written-off loans and receivables; and governmental actions providing forms of relief with respect to certain loans and fees, and the termination of such actions;

• the actual amount to be spent on Card Member rewards and services and business development, and the relationship of these variable customer engagement costs to revenues, which could be impacted by continued changes in macroeconomic conditions and Card Member behavior as it relates to their spending patterns (including the level of spend in bonus categories), the redemption of rewards and offers (including travel redemptions) and usage of travel-related benefits; the costs related to reward point redemptions; further enhancements to product benefits to make them attractive to Card Members and prospective customers, potentially in a manner that is not cost effective; new and renegotiated contractual obligations with business partners; the company’s ability to identify and negotiate partner-funded value for Card Members; and the pace and cost of the expansion of the company’s global lounge collection;

• the actual amount the company spends on marketing in 2024 and beyond and the efficiency of its marketing spending, which will be based in part on continued changes in the macroeconomic and competitive environment and business performance, including the levels of demand for the company’s products; management’s decisions regarding the timing of spending on marketing and the effectiveness of management’s investment optimization process; management’s identification and assessment of attractive investment opportunities; management’s ability to develop premium value propositions and drive customer demand; the receptivity of Card Members and prospective customers to advertising and customer acquisition initiatives; and the company’s ability to realize marketing efficiencies and balance expense control and investments in the business;

• the company’s ability to control operating expenses, including relative to future revenue growth, and the actual amount spent on operating expenses in 2024 and beyond, which could be impacted by, among other things, salary and benefit expenses to attract and retain talent; a persistent inflationary environment; the company’s ability to realize operational efficiencies, including through automation; management’s decision to increase or decrease spending in such areas as technology, business and product development, sales force, premium servicing and digital capabilities; the company’s ability to innovate efficient channels of customer interactions and the willingness of Card Members to self-service and address issues through digital channels; restructuring activity; supply chain issues; fraud costs; compliance expenses and consulting, legal and other professional services fees, including as a result of litigation or internal and regulatory reviews; regulatory assessments; the level of M&A activity and related expenses, including related to the completion of the company’s sale of Accertify; information or cybersecurity incidents; the payment of fines, penalties, disgorgement, restitution, non-income tax assessments and litigation-related settlements; the performance of Amex Ventures and other of the company’s investments; impairments of goodwill or other assets; and the impact of changes in foreign currency exchange rates on costs, such as due to the devaluation of foreign currencies;

• the company’s tax rate not remaining consistent with expectations, which could be impacted by, among other things, further changes in tax laws and regulation (or the expiration of provisions of tax laws or regulations), the implementation of tax guidelines by jurisdictions, the company’s geographic mix of income, unfavorable tax audits and other unanticipated tax items;

• changes affecting the company’s plans regarding the return of capital to shareholders, which will depend on factors such as the company’s capital levels and regulatory capital ratios; changes in the stress testing and capital planning process and new rulemakings and guidance from the Federal Reserve and other banking regulators, including changes to regulatory capital requirements, such as final rules resulting from the Basel III rule proposal; results of operations and financial condition; credit ratings and rating agency considerations; and the economic environment and market conditions in any given period;

• changes affecting the expected timing for closing the sale of Accertify, the amount of the potential gain the company recognizes upon the closing and the portion of such gain management determines to reinvest back into the business, which will depend on regulatory and other approvals, consultation requirements, the execution of ancillary agreements, the cost and availability of financing for the purchaser to fund the transaction and the potential loss of key customers, vendors and other business partners and management’s decisions regarding future operations, strategies and business initiatives;

• changes in the substantial and increasing worldwide competition in the payments industry, including competitive pressure and competitor settlements and mergers that may materially impact the prices charged to merchants that accept American Express cards and surcharging by merchants, the desirability of the company’s premium card products, competition for new and existing cobrand relationships, competition with respect to new products, services and technologies, competition from new and non-traditional competitors and the success of marketing, promotion and rewards programs;

• the company’s ability to grow its leadership in commercial payments and capture future spending growth in this sector, including with respect to small and mid-sized enterprise customers, which will depend in part on competition, the willingness and ability of companies to use credit and charge cards for procurement and other business expenditures as well as use the company’s other products and services for financing needs, perceived or actual difficulties and costs related to setting up B2B payment platforms, the company’s ability to offer attractive value propositions and new products to potential customers, the company’s ability to enhance and expand its payment and lending solutions and build out a multi-product digital ecosystem to integrate its broad product set, which is dependent on the company’s continued investment in capabilities, features, functionalities, platforms and technologies;

• the company’s ability to successfully invest in and compete with respect to technological developments and digital payment and travel solutions, which will depend in part on the company’s success in evolving its products and processes for the digital environment, developing new features in the Amex app and enhancing its digital channels, building partnerships and executing programs with other companies, effectively utilizing artificial intelligence and machine learning and increasing automation to address servicing and other customer needs, and supporting the use of our products as a means of payment through online and mobile channels, all of which will be impacted by investment levels, new product innovation and development and infrastructure to support new products, services, benefits and partner integrations;

• a failure in or breach of the company’s operational or security systems, processes or infrastructure, or those of third parties, including as a result of cyberattacks, which could compromise the confidentiality, integrity, privacy and/or security of data, disrupt the company’s operations, reduce the use and acceptance of American Express cards and lead to regulatory scrutiny, litigation, remediation and response costs, and reputational harm;

• legal and regulatory developments, which could affect the profitability of the company’s business activities; limit the company’s ability to pursue business opportunities or conduct business in certain jurisdictions; require changes to business practices or governance, or alter the company’s relationships with Card Members, partners, merchants and other third parties, including its ability to continue certain cobrand relationships in the EU; impact card fees and rewards programs; exert further pressure on merchant discount rates and the company’s GNS business, as well as result in an increase in surcharging or steering; alter the competitive landscape; subject the company to heightened regulatory scrutiny and result in increased costs related to regulatory oversight and compliance, litigation-related settlements, judgments or expenses, restitution to Card Members or the imposition of fines or monetary penalties; materially affect capital or liquidity requirements, results of operations or ability to pay dividends; or result in harm to the American Express brand; and

• factors beyond the company’s control such as global economic and business conditions, consumer and business spending generally, unemployment rates, geopolitical conditions, including further escalations or widening of ongoing military conflicts and regional hostilities, adverse developments affecting third parties, including other financial institutions, merchants or vendors, as well as severe weather conditions, natural disasters, power loss, disruptions in telecommunications, health pandemics, terrorism and other catastrophic events, any of which could significantly affect demand for and spending on American Express cards, delinquency rates, loan and receivable balances, deposit levels and other aspects of the company’s business and results of operations or disrupt its global network systems and ability to process transactions.

A further description of these uncertainties and other risks can be found in American Express Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and the company’s other reports filed with the Securities and Exchange Commission. 

Contacts

Media Contacts:
Giovanna Falbo, Giovanna.Falbo@aexp.com, +1.212.640.0327

Andrew R. Johnson, Andrew.R.Johnson@aexp.com, +1.212.640.8610

Investors/Analysts Contacts:
Kartik Ramachandran, Kartik.Ramachandran@aexp.com, +1.212.640.5574

Michelle A. Scianni, Michelle.A.Scianni@aexp.com, +1.212.640.5574

Gateway Science Academy Selects Varsity Tutors for Schools to Provide Students with Additional Learning Resources




Gateway Science Academy Selects Varsity Tutors for Schools to Provide Students with Additional Learning Resources

Comprehensive Learning Platform Available to Assist Each Student Whenever Needed

ST. LOUIS–(BUSINESS WIRE)–Gateway Science Academy of St. Louis (GSA) today announced a partnership with Varsity Tutors for Schools, a Nerdy (NYSE: NRDY) company and the leading platform for live online tutoring, to provide all GSA students with access to the Varsity Tutors for Schools platform at no cost to GSA, students or families. The comprehensive platform integrates interactive study tools, collaborative workspaces, and dynamic learning resources, including:

• 24/7 On-Demand Chat Tutoring
• On-Demand Essay Review
• Live Enrichment Classes SAT and ACT Test Prep Classes
• Celebrity-Led StarCourse Classes
• Self Study Resources
• College & Career Readiness Resources
• Adaptive Assessments & Personalized Learning Plans
• Recorded Enrichment Classes

According to Dr. Brian Schick, Director of Teaching and Learning for GSA, a member of the Concept School public charter school network, “Access to Varsity Tutors allows our students, staff, and families many resources and flexibility to get academic support when needed. It also provides our school community with many other resources for enrichment and individual interest. We see Varsity Tutors having much potential to meet a variety of academic needs as we implement the platform.”

Over 500 school districts across the country utilize the Varsity Tutors for Schools platform to supplement classroom learning and to effectively close learning gaps. When students need help with homework or are struggling to solve a problem, they can immediately chat with a tutor, 24/7, to get the help they need. Students can take practice tests and follow personal lesson plans for guided self-study. They can also sign up for expert-led live classes, and learn subjects like Geometry, Middle School Math, Elementary School Reading and more, alongside their peers.

“Varsity Tutors for Schools delivers a rich set of learning options to deploy for all students,” said Anthony Salcito, Chief Institutional Officer at Varsity Tutors for Schools. “Our comprehensive platform access is available to all K-12 schools at no cost, allowing them to budget for targeted intervention with best-in-class high-dosage tutoring options, including flexible implementation models that can put administrative staff, teachers, or parents at the center of the high-dosage tutoring relationship, depending on the needs of the district.”

GSA families can access the Varsity Tutors for School platform by visiting the GSA website: gsastl.org. Students can access Varsity Tutors through their Clever log in. The platform is available immediately through June 2030.

About Gateway Science Academy of St. Louis

Founded in 2012, Gateway Science Academy of St. Louis – High School is a charter public school that serves roughly 400 students across grades 9-12. Gateway Science Academy of St. Louis – High provides its students with an innovative world class education, rich in math, science and technology focused on preparing students to become bold inquirers, problem solvers and ethical leaders, skill-ready for post-secondary education to meet the challenges of a competitive global workforce. Gateway Science Academy of St. Louis is operated by Concept Schools. Concept Schools is a not-for-profit charter management organization that manages high quality charters in the Midwest. All Concept managed schools implement the school design created by Concept in 1999. All Concept managed schools are very successful and they build strong reputations for being effective learning environments which change the trajectory of students’ lives.

About Varsity Tutors for Schools

Varsity Tutors, the industry leading online tutoring platform trusted by millions of families, launched Varsity Tutors for Schools, aimed at assisting district leaders in delivering 1:1 tutoring and comprehensive learning support. Varsity Tutors has a proven track record of successful collaboration with over 500 K-12 schools and districts, offering three implementation models: District Assigned, Parent Assigned, and Teacher Assigned. Each implementation model includes facilitating high-dosage, recurring, face-to-face tutoring in 1:1 or small group settings for any grade or subject, 24/7 on-demand tutoring, essay reviewing, and dedicated support for college admissions and test preparation. Learn more about how Varsity Tutors provides tailored educational solutions and partners with K-12 districts at https://www.varsitytutors.com/school-solutions.

About Nerdy Inc.

Nerdy (NYSE: NRDY) is a leading platform for live online learning, with a mission to transform the way people learn through technology. The Company’s purpose-built proprietary platform leverages technology, including AI, to connect learners of all ages to experts, delivering superior value on both sides of the network. Nerdy’s comprehensive learning destination provides learning experiences across 3,000+ subjects and multiple formats – including Learning Memberships, one-on-one instruction, small group classes, large format group classes, coding, tutor chat, essay review, and adaptive self-study. Nerdy’s flagship business, Varsity Tutors, is one of the nation’s largest platforms for live online tutoring and classes. Its solutions are available directly to students and consumers, as well as through schools and other institutions. Learn more about Nerdy at https://www.nerdy.com.

Contacts

Jeff Pecor

Tailwind Public Relations

206.948.1482

jeff@tailwindpr.com

TELUS International will release first quarter 2024 results and host an investor call on May 9




TELUS International will release first quarter 2024 results and host an investor call on May 9

VANCOUVER, British Columbia–(BUSINESS WIRE)–TELUS International (NYSE and TSX: TIXT) will release its first quarter 2024 results on May 9, 2024, before the North American market open hours, and host a conference call on the same day at 10:30 a.m. (ET) / 7:30 a.m. (PT), where management will review the results, followed by a question and answer session with pre-qualified analysts.

A webcast of the conference call will be streamed live on the TELUS International Investor Relations website at: www.telusinternational.com/investors/news-events and a replay will also be available on the website following the conference call.

About TELUS International

TELUS International (NYSE & TSX: TIXT) designs, builds and delivers next-generation digital solutions to enhance the customer experience (CX) for global and disruptive brands. The company’s services support the full lifecycle of its clients’ digital transformation journeys, enabling them to more quickly embrace next-generation digital technologies to deliver better business outcomes. TELUS International’s integrated solutions span digital strategy, innovation, consulting and design, IT lifecycle including managed solutions, intelligent automation and end-to-end AI data solutions including computer vision capabilities, as well as omnichannel CX and trust and safety solutions including content moderation. Fueling all stages of company growth, TELUS International partners with brands across strategic industry verticals, including tech and games, communications and media, ecommerce and fintech, banking, financial services and insurance, healthcare, and others.

TELUS International’s unique caring culture promotes diversity and inclusivity through its policies, team member resource groups and workshops, and equal employment opportunity hiring practices across the regions where it operates. Since 2007, the company has positively impacted the lives of more than 1.2 million citizens around the world, building stronger communities and helping those in need through large-scale volunteer events and charitable giving. Five TELUS International Community Boards have provided $5.6 million in funding to grassroots charitable organizations since 2011. Learn more at: telusinternational.com.

Contacts

TELUS International Investor Relations
Jason Mayr

(604) 695-3455

ir@telusinternational.com

TELUS International Media Relations
Ali Wilson

(604) 328-7093

media.relations@telusinternational.com

Voya Increases Distribution Rate on 5 Funds




Voya Increases Distribution Rate on 5 Funds

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Voya Investment Management, the asset management business of Voya Financial, Inc. (NYSE: VOYA), announced an increase in the distribution rate on five funds: Voya Global Advantage and Premium Opportunity Fund (NYSE: IGA), Voya Global Equity Dividend and Premium Opportunity Fund (NYSE: IGD), Voya Infrastructure, Industrials and Materials Fund (NYSE: IDE), Voya Asia Pacific High Dividend Equity Income Fund (NYSE: IAE), and Voya Emerging Markets High Dividend Equity Fund (NYSE: IHD).

The increase is intended to address demand in the market for higher distribution rates given the increase in market yields and competition from alternative sources of regular cashflows. Voya previously announced a change to the distribution frequency from quarterly to monthly for four of the funds; therefore, all five funds will make monthly distributions. The combination of monthly payments with higher distribution rates, including, potentially, returning capital to investors at net asset value, aims to have the funds serve as an attractive regular source of cashflow for investors.

The changes to distributions are summarized below:

The change in distributions will take effect with the payment made on May 15, 2024. The record date for the distributions is May 2, 2024, and ex-date is May 1, 2024.

The following table sets forth an estimate of the sources of each Fund’s April distribution and its cumulative distributions paid this fiscal year to date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.

Set forth in the tables below is information relating to each Fund’s performance based on its net asset value (NAV) for certain periods.

You should not draw any conclusions about the Funds’ investment performance from the amount of this distribution or from the terms of the Funds’ Plan. The Funds’ estimate that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Funds’ is paid back to you. A return of capital distribution does not necessarily reflect the Funds’ investment performance and should not be confused with ‘yield’ or ‘income.’ The amounts and sources of distributions reported in this Section 19(a) Notice 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 Funds’ investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Funds’ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

Shares of closed-end funds often trade at a discount from their net asset value. The market price of Fund shares may vary from net asset value based on factors affecting the supply and demand for shares, such as Fund distribution rates relative to similar investments, investors’ expectations for future distribution changes, the clarity of the Fund’s investment strategy and future return expectations, and investors’ confidence in the underlying markets in which the Fund invests. Fund shares are subject to investment risk, including possible loss of principal invested. No Fund is a complete investment program and you may lose money investing in a Fund. An investment in a Fund may not be appropriate for all investors. Before investing, prospective investors should consider carefully the Fund’s investment objective, risks, charges and expenses.

Certain statements made on behalf of the Funds in this release are forward-looking statements. The Funds actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors, including but not limited to a decline in value in equity markets in general or the Funds’ investments specifically. Neither the Funds nor Voya Investment Management undertake any responsibility to update publicly or revise any forward-looking statement.

This information should not be used as a basis for legal and/or tax advice. In any specific case, the parties involved should seek the guidance and advice of their own legal and tax counsel.

About Voya® Investment Management

Voya Investment Management manages approximately $322 billion as of December 31, 2023 in assets across public and private fixed income, equities, multi-asset solutions and alternative strategies for institutions, financial intermediaries and individual investors, drawing on a 50-year legacy of active investing and the expertise of 300+ investment professionals. Voya IM has cultivated a culture grounded in a commitment to understanding and anticipating clients’ needs, producing strong investment performance, and embedding diversity, equity and inclusion in its business.

Contacts

SHAREHOLDER INQUIRIES: Shareholder Services at (800) 992-0180; voyainvestments.com
CONTACT: Kris Kagel, (800) 992-0180

Ault Alliance Has Received an Investment of $44 Million to Date from Ault & Company under the November 2023 Securities Purchase Agreement




Ault Alliance Has Received an Investment of $44 Million to Date from Ault & Company under the November 2023 Securities Purchase Agreement

Ault & Company May Invest up to $75 Million

LAS VEGAS–(BUSINESS WIRE)–$AGREE #AULT—Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”), today announced Ault & Company, Inc. (“Ault & Company”), an affiliate of the Company, has invested a total of $44.0 million pursuant to the Securities Purchase Agreement (the “Agreement”) entered into between the Company and Ault & Company on November 6, 2023. To date, Ault & Company has purchased an aggregate of 44,000 shares of Series C convertible preferred stock (“Series C Preferred Stock”) and warrants (“Series C Warrants”) to purchase an aggregate of approximately 13.0 million shares of the Company. Under the Agreement, as amended, Ault & Company can invest up to $75.0 million in the Series C Preferred Stock and Series C Warrants in multiple closings.

Milton “Todd” Ault, III, the Company’s Executive Chairman and the Chief Executive Officer of Ault & Company, stated, “This strategic infusion of capital into the Company underscores our strong confidence in the growth trajectory and future prospects of Ault Alliance. This investment not only strengthens our balance sheet but also enhances our ability to accelerate our strategic initiatives and expand our market presence. When I started this journey with the Company in 2017, we had just reported less than $8 million in annual sales, and today we are projecting annual revenue in excess of $200 million for the current fiscal year as we focus on our core businesses: Sentinum data centers; Circle 8 crane rentals; and investing and lending. We believe our Sentinum business is well positioned for growth with the increasing demand for power in the artificial intelligence data center space. Ault & Company believes in the Company’s plans for growth and expects to make additional investments to support these key businesses.”

Mr. Ault added that, “This partnership with Ault & Company reflects a shared vision for the future of Ault Alliance. We are poised to make significant advances in our business sectors and look forward to a fruitful collaboration. We are excited about the opportunities this partnership creates and are confident that it will lead to enhanced value for our stockholders.”

For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov.

About Ault Alliance, Inc.

Ault Alliance, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, Ault Alliance owns and operates a data center at which it mines Bitcoin and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries, and provides mission-critical products that support a diverse range of industries, including metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations and textiles. In addition, Ault Alliance extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Alliance’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.Ault.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.Ault.com.

Contacts

Ault Alliance Investor Contact:
IR@Ault.com or 1-888-753-2235

Clouds Loom as U.K. Firms Weigh SAP Transition Options




Clouds Loom as U.K. Firms Weigh SAP Transition Options

SAP’s Business Technology Platform and RISE with SAP proposition are both seen as potential catalysts in the transformation to S/4HANA, ISG Provider Lens™ report says

LONDON–(BUSINESS WIRE)–$III #ISGProviderLens–As the end of support for a legacy SAP system draws closer, U.K. enterprises need to decide whether the next step in their SAP journey should take place on premises or in the cloud, a new research report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm, says.

The 2024 ISG Provider Lens™ SAP Ecosystem report for the U.K. finds enterprises planning to move their SAP applications to the cloud are looking to providers for help optimizing their migration to S/4HANA. Enterprises with a strategic focus on digital transformation are opting for a greenfield approach, using the migration as an opportunity to realign with other digital imperatives.

SAP is pushing companies to implement S/4HANA as it ends support for its on-premises ERP Central Component (ECC) system at the end of 2027. SAP’s RISE with SAP program offers tools, services and software to help large enterprises make the transition more easily.

“Providers are well positioned to serve as trusted partners at this critical juncture,” said Anthony Drake, partner and head of ISG in the U.K. and Ireland. “They can offer holistic support and innovative solutions that empower enterprises in their digital transformation journey.”

Over the past few years, SAP has sought to modularize and simplify its solutions landscape, the ISG report says. Their aim has been to keep the core S/4 HANA ERP system clean by using cloud-based services provided by SAP Business Technology Platform (BTP) for additional functionalities, the report says. A growing number of U.K enterprises have recognized the long-term benefits of SAP BTP and consider it a strategic investment to future-proof their operations and enhance scalability, agility and innovation capabilities, ISG says.

Solutions like RISE with SAP can serve as catalysts in the transformation to S/4HANA by offering access to cutting-edge business processes while delivering a secure, future-proof, cloud-based platform, the ISG report says. With RISE, enterprises also can capitalize on the flexibility and agility inherent in a composable architecture, the report says.

Although SAP has tried to make a compelling case for cost-conscious U.K. enterprises to adopt it, many enterprise CFOs are still reluctant to invest in RISE, ISG says. According to the ISG report, this can lead to unsupported systems, resulting in exorbitant maintenance costs and operational inefficiencies.

“U.K. enterprises that opt for strategies such as BTP and RISE are not simply doing it to meet immediate compliance requirements,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “They are actively positioning themselves for sustained growth, resilience and competitiveness in an increasingly digital-centric business landscape.”

The report also examines how the next generation of talent management is being shaped by intelligent and AI technologies.

For more insights into the SAP ecosystem challenges facing enterprises in the U.K., including managing cloud services and spending in a time of economic uncertainty, and ISG’s advice for addressing them, see the ISG Provider Lens™ Focal Points briefing here.

The 2024 ISG Provider Lens™ SAP Ecosystem report for the U.K. evaluates the capabilities of 37 providers across four quadrants: SAP S/4HANA System Transformation, SAP Application Managed Services, Managed Cloud Services for SAP ERP and SAP SuccessFactors HXM Partner Services.

The report names Accenture, Capgemini, Infosys and Wipro as Leaders in all four quadrants, while Cognizant, Deloitte, Eviden (an Atos Business), EY, HCLTech, PwC and TCS are named as Leaders in three quadrants each. Hexaware, IBM, Kyndryl, LTIMindtree, Tech Mahindra and T-Systems are named as Leaders in one quadrant each.

In addition, Kyndryl is named as a Rising Star — a company with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants, while Alight, DXC Technology, Eviden (an Atos Business) and Hexaware are named as Rising Stars in one quadrant each.

In the area of customer experience, Infosys is named the global ISG CX Star Performer for 2024 among SAP Ecosystem partners. The provider earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, which is part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.

The 2024 ISG Provider Lens™ SAP Ecosystem report for the U.K. is available to subscribers or for one-time purchase on this webpage.

About ISG Provider Lens™ Research

The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.

About ISG

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 900 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including AI and automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs 1,600 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For more information, visit www.isg-one.com.

Contacts

Press Contacts:

Sarah Ye, ISG

+44 7833 567868

sarah.ye@isg-one.com

Will Thoretz, ISG

+1 203 517 3119

will.thoretz@isg-one.com

Singtel Partners with Vonage to Accelerate Global Enterprise and Telco Innovation and Digital Transformation




Singtel Partners with Vonage to Accelerate Global Enterprise and Telco Innovation and Digital Transformation

Partnership to drive rapid application development across multiple markets with network, edge and communications application programming interfaces (APIs)

SINGAPORE–(BUSINESS WIRE)–Singtel today announced it is partnering with Vonage, a global leader in cloud communications and a part of Ericsson (NASDAQ: ERIC), to help enterprises and telcos innovate and scale their services and solutions through Singtel’s industry-leading one-stop orchestration platform, Paragon. By integrating Paragon’s advanced telco and edge APIs with Vonage’s API platform, enterprises, telcos and developers will have access to a global ecosystem of rich communications, network and edge APIs that will seamlessly provide optimized, secure, and engaging customer experiences, while accelerating digital transformation.

Paragon-enabled telcos from Singapore, Thailand, Spain, Taiwan and Indonesia will be able to integrate Vonage and Paragon APIs into a globally unified telco and edge API library. Global independent software vendors (ISVs), enterprises and developers can leverage these APIs to deliver digital services at greater speed and scale over hybrid networks, hybrid edge and public cloud infrastructures across multiple markets.

Mr Bill Chang, CEO of Singtel’s Digital InfraCo, said, “Through this strategic partnership with Vonage, enterprises and developers can tap into APIs and collaborate with Paragon-enabled telcos to jointly develop and seamlessly deploy applications into more countries, without needing to repeatedly adapt or change their applications for different markets. This streamlined approach enables telcos and enterprises to focus on growth and innovation according to their business needs and offers vast opportunities for their ISVs and partners to expand service delivery into more countries, with greater ease, speed and scale.”

“We are pleased to announce our partnership with Singtel as we continue to collaborate with frontrunner service providers globally to drive an open ecosystem for exponential innovation and network monetization,” said Niklas Heuveldop, Vonage CEO and Head of Business Area Global Communications Platform, Ericsson. “By combining Vonage’s API platform, Ericsson’s 5G network capabilities and Singtel’s Paragon platform, we are paving the way for developers to pioneer new solutions for enterprises to reimagine their business, improve customer experiences and create new communications and engagement capabilities.”

Vonage APIs will be made available in the Paragon platform marketplace, Singtel’s app store for multi-network, multi-cloud enterprise solutions, enabling enterprises to explore new possibilities for innovation and to expand their range of digital services at speed. Singtel also plans to make available network and edge APIs, defined by industry standards like CAMARA and TMForum, to a broad community of developers through the Paragon and Vonage API platforms, to drive rapid enterprise application development across multiple markets. As a result of this partnership, network capabilities exposed through industry standard and innovative new APIs, such as Quality on Demand, slicing and credential-less authentication, are expected to be available for preview beginning in Q4. These capabilities support new services and solutions, optimize application performance and drive better customer experiences.

Enabling innovation and efficient deployment of solutions and services across multiple markets

Singtel Paragon is a comprehensive solution that enables enterprises to connect with the 5G network and securely deploy their edge computing applications and services rapidly on the telco’s infrastructure, thus reducing time-to-market and shortening the innovation curve. This partnership will enable the Vonage API platform to publish Paragon APIs enabling Vonage customers and global enterprise customers of all paragon-enabled telcos to capitalize on the key capabilities of their networks and edge, such as:

• Network slicing: An advanced capability of the Singtel 5G network that can provide customizable connectivity experiences tailored to specific enterprise service requirements
• Multi-cloud management: Enables effortless deployment of workloads across various cloud services
• Connectivity management: Activate and manage the lifecycle of network connections seamlessly
• Edge computing: Discover, deploy and manage mission critical enterprise applications at the edge of telco networks
• Advanced network services: Examples include enabling network features to track the location of devices, authenticate enterprise customer connections without credentials like one-time-password and ensuring enterprise network quality on demand

To learn more about the platform, visit Singtel Paragon. ISVs, enterprises and Over-The-Top service providers keen to leverage Paragon’s telco, edge and multi-cloud APIs in Southeast Asia can contact smlead@singtel.com for trials. To find out more about Vonage, visit www.vonage.com.

About Singtel

Singtel is Asia’s leading communications technology group, providing a portfolio of services from next-generation communication, 5G and technology services to infotainment to both consumers and businesses. The Group has presence in Asia, Australia and Africa and reaches over 760 million mobile customers in 21 countries. Its infrastructure and technology services for businesses span 21 countries, with more than 428 direct points of presence in 362 cities.

For consumers, Singtel delivers a complete and integrated suite of services, including mobile, broadband and TV. For businesses, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber security capabilities.

Singtel is dedicated to continuous innovation, harnessing technology to create new and exciting customer experiences and shape a more sustainable, digital future.

For more information, visit www.singtel.com.

Follow us on Twitter / X at @SingtelNews.

About Vonage

Vonage, a global cloud communications leader, helps businesses accelerate their digital transformation. Vonage’s Communications Platform is fully programmable and allows for the integration of Video, Voice, Chat, Messaging, AI and Verification into existing products, workflows and systems. The Vonage conversational commerce application enables businesses to create AI-powered omnichannel experiences that boost sales and increase customer satisfaction. Vonage’s fully programmable unified communications, contact center and conversational commerce applications are built from the Vonage platform and enable companies to transform how they communicate and operate from the office or remotely – providing the flexibility required to create meaningful engagements.

Vonage is headquartered in New Jersey, with offices throughout the United States, Europe, Israel and Asia and is a wholly-owned subsidiary of Ericsson (NASDAQ: ERIC), and a business area within the Ericsson group called Business Area Global Communications Platform. To follow Vonage on X (formerly known as Twitter), please visit twitter.com/vonage. To follow on LinkedIn, visit linkedin.com/company/Vonage. To become a fan on Facebook, go to facebook.com/vonage. To subscribe on YouTube, visit youtube.com/vonage.

Contacts

Malini Nathan

Director, Group Strategic Communications and Brand, Singtel

Mobile: +65 8129 6013

Email: malini.nathan@singtel.com

Nicola Brookes

Vonage Media Relations

Mobile: +44 (0)207 785 8888

Email: nicola.brookes@vonage.com