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Broadridge Reports Second Quarter And Six Months Fiscal Year 2020 Results
Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the second quarter and six months ended December 31, 2019 of its fiscal year 2020. Results compared with the same period last year were as follows:
Summary Financial Results |
Second Quarter |
Six Months |
||||||||||
Dollars in millions, except per share data |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||
Total revenues |
$969 |
$953 |
2% |
$1,917 |
$1,926 |
|||||||
Recurring fee revenues |
648 |
604 |
7% |
1,272 |
1,179 |
8% |
||||||
Operating income |
27 |
78 |
(66)% |
100 |
178 |
(44)% |
||||||
Operating income margin |
2.8% |
8.2% |
5.2% |
9.3% |
||||||||
Adjusted Operating income – Non-GAAP |
94 |
101 |
(7)% |
198 |
224 |
(12)% |
||||||
Adjusted Operating income margin – Non- GAAP |
9.7% |
10.6% |
10.3% |
11.6% |
||||||||
Diluted EPS |
$0.09 |
$0.42 |
(79)% |
$0.56 |
$1.06 |
(47)% |
||||||
Adjusted EPS – Non-GAAP |
$0.53 |
$0.56 |
(5)% |
$1.22 |
$1.35 |
(10)% |
||||||
Closed sales |
$45 |
$106 |
(57)% |
$83 |
$124 |
(33)% |
“Broadridge continued to execute well in a mixed quarter. Recurring revenues rose 7% to $648 million, driven by strong revenue from sales as well as contributions from recent acquisitions,” said Tim Gokey, Broadridge’s Chief Executive Officer. “Event-driven activity declined 36%, leading to a 5% decline in Adjusted EPS in a seasonally small quarter. Importantly, demand remains robust with strong Closed sales and performance by our recent acquisitions.
“As we enter the more significant second half, we expect a pick-up in organic growth and full-year Recurring revenue growth of 8-10%. We also expect to deliver within our 8-12% Adjusted EPS guidance, albeit at the low end. We continue to be well on-track to achieve the three-year objectives laid out at our 2017 Investor Day, including the high end of our Adjusted EPS objectives,” Mr. Gokey added. “Broadridge remains very well-positioned for growth, and we continue to invest in new products and technology to create value.”
Fiscal Year 2020 Financial Guidance – Updated
Change / Update1 |
|||
Recurring fee revenue growth |
8-10% |
No change |
|
Total revenue growth |
3-6% |
No change |
|
Operating income margin – GAAP |
~14% |
Reduced from ~15%2 |
|
Adjusted Operating income margin – Non-GAAP |
~18% |
No change |
|
Diluted earnings per share growth |
(4)-0% |
Reduced from 5-9%2 |
|
Adjusted earnings per share growth – Non-GAAP |
8-12% |
Expected to be at low end of range |
|
Closed sales |
$190-230M |
No change |
|
(1) From full-year guidance provided in earnings release Q1 FY20 on 11/6/2019 |
(2) Fiscal Year 2020 GAAP Operating income margin and Diluted EPS growth guidance has been updated to reflect the impact of acquisitions made in the second quarter and the impact of the IBM Private Cloud Charges |
Financial Results for the Second Quarter Fiscal Year 2020 compared to the Second Quarter Fiscal Year 2019
- Total revenues increased 2% to $969 million from $953 million in the prior year period.
- Recurring fee revenues increased 7% to $648 million from $604 million. The increase in recurring fee revenues includes 6pts of growth from acquisitions. Organic growth was 1.5%.
- Event-driven fee revenues decreased $17 million, or 36%, to $31 million, mainly from lower mutual fund proxy activity.
- Distribution revenues decreased $6 million, or 2%, to $317 million, primarily from the decrease in event-driven fee revenues.
- Operating income was $27 million, a decrease of $51 million, or 66%. Operating income margin decreased to 2.8%, compared to 8.2% for the prior year period.
- Adjusted Operating income was $94 million, a decrease of $7 million, or 7%. Adjusted Operating income margin decreased to 9.7%, compared to 10.6% for the prior year period.
- The decrease in Operating income was primarily due to higher acquisition amortization expense, charges associated with the Company’s new private cloud services agreement with IBM (the “IBM Private Cloud Agreement”), and the decrease in event-driven fee revenues. The decrease in Adjusted Operating income was primarily due to the decrease in event-driven fee revenues.
- Interest expense, net was $14 million, an increase of $3 million, or 30%, primarily due to an increase in interest expense from higher borrowings related to acquisitions.
- The effective tax rate was 3.8% compared to 22.4% in the Second Quarter 2019. The effective tax rate was impacted by discrete tax items relative to pre-tax income, including excess tax benefits of $2.2 million, which increased from $0.8 million in the Second Quarter 2019.
- Net earnings decreased 80% to $10 million and Adjusted Net earnings decreased 7% to $62 million.
- Diluted earnings per share decreased 79% to $0.09, compared to $0.42 in the Second Quarter 2019 and Adjusted earnings per share decreased 5% to $0.53, compared to $0.56 in the Second Quarter 2019.
- The decrease in Diluted earnings per share was primarily due to higher acquisition amortization expense, charges associated with the IBM Private Cloud Agreement, and a decrease in event-driven fee revenues. The decrease in Adjusted earnings per share was primarily due to a decrease in event-driven fee revenues.
Segment and Other Results for the Second Quarter 2020 compared to Second Quarter 2019
The results for the Company’s Advisor Solutions services that were previously reported in our Investor Communication Solutions segment are now reported within the Global Technology and Operations segment. As a result, our prior period segment results have been revised to reflect this change.
Investor Communication Solutions (“ICS”)
- ICS total revenues were $716 million, a decrease of $12 million, or 2%.
- Recurring fee revenues increased $11 million, or 3%, to $368 million. The increase was attributable to revenues from net new business (3pts) and acquisition growth (3pts), partially offset by internal growth (-3pts).
- Event-driven fee revenues decreased $17 million, or 36%, to $31 million, mainly from lower mutual fund proxy activity compared to the Second Quarter 2019.
- Distribution revenues decreased $6 million, or 2%, to $317 million, primarily from the decrease in event-driven activity.
- ICS earnings before income taxes were $22 million, a decrease of $15 million, or 40%, primarily due to the decrease in event-driven fee revenues more than offsetting the contribution from higher recurring fee revenues. Pre-tax margins decreased to 3.1% from 5.1%.
Global Technology and Operations (“GTO”)
- GTO recurring fee revenues were $281 million, an increase of $34 million, or 14%. The increase was attributable to the combination of revenues from acquisitions (10pts) and organic growth (4pts).
- GTO earnings before income taxes were $49 million, an increase of $2 million, or 3%, compared to $48 million in the prior year period. The increased earnings were primarily due to higher organic revenues, partially offset by the impact of expenditures to implement and support new business. Pre-tax margins decreased to 17.4% from 19.2%.
Other
- Other Loss before income tax increased 144% to $68 million from $28 million in the Second Quarter 2019. The increased loss was primarily due to charges associated with the IBM Private Cloud Agreement, and higher interest expense compared to the prior year period.
Financial Results for the Six Months Fiscal Year 2020 compared to the Six Months Fiscal Year 2019
- Total revenues fell slightly to $1,917 million from $1,926 million in the prior year period.
- Recurring fee revenues increased 8% to $1,272 million from $1,179 million. The increase in recurring fee revenues includes 6pts of growth from acquisitions.
- Event-driven fee revenues decreased $54 million, or 43%, to $71 million, mainly from lower mutual fund proxy activity.
- Distribution revenues decreased $33 million, or 5%, to $630 million, primarily from the decrease in event-driven fee revenues.
- Operating income was $100 million, a decrease of $78 million, or 44%. Operating income margin decreased to 5.2%, compared to 9.3% in the prior year period.
- Adjusted Operating income was $198 million, a decrease of $26 million, or 12%. Adjusted Operating income margin decreased to 10.3%, compared to 11.6% for the prior year period.
- The decrease in Operating income was primarily due to higher acquisition amortization expense, charges associated with the IBM Private Cloud Agreement, and the decrease in event-driven fee revenues. The decrease in Adjusted Operating income was primarily due to the decrease in event-driven fee revenues.
- Interest expense, net was $27 million, an increase of $7 million, or 32%, primarily due to an increase in interest expense from higher borrowings related to acquisitions.
- The effective tax rate was 11.2% compared to 17.6% in the prior year period. The effective tax rate was impacted by discrete tax items relative to pre-tax income, including excess tax benefits of $8 million, unchanged from $8 million in the prior year period.
- Net earnings decreased 48% to $66 million and Adjusted Net earnings decreased 12% to $142 million.
- Diluted earnings per share decreased 47% to $0.56, compared to $1.06 in the prior year period and Adjusted earnings per share decreased 10% to $1.22, compared to $1.35 in the prior year period.
- The decrease in Diluted earnings per share was primarily due to higher acquisition amortization expense, charges associated with the IBM Private Cloud Agreement, and a decrease in event-driven fee revenues. The decrease in Adjusted earnings per share was primarily due to a decrease in event-driven fee revenues.
Segment and Other Results for the Six Months Fiscal Year 2020 compared to the Six Months Fiscal Year 2019
The results for the Company’s Advisor Solutions services that were previously reported in our Investor Communication Solutions segment are now reported within the Global Technology and Operations segment. As a result, our prior period segment results have been revised to reflect this change.
Investor Communication Solutions
- ICS total revenues were $1,418 million, a decrease of $65 million, or 4%.
- Recurring fee revenues increased $23 million, or 3%, to $717 million. The increase was attributable to the combination of revenues from acquisitions (2pts) and organic growth (1pt).
- Event-driven fee revenues decreased $54 million, or 43%, to $71 million, mainly from lower mutual fund proxy activity compared to the prior year period.
- Distribution revenues decreased $33 million, or 5%, to $630 million, primarily from the decrease in event-driven activity.
- ICS earnings before income taxes were $45 million, a decrease of $51 million, or 53%, primarily due to decreased event-driven fee revenues more than offsetting the contribution from higher recurring fee revenues. Pre-tax margins decreased to 3.2% from 6.4%.
Global Technology and Operations
- GTO recurring fee revenues were $555 million, an increase of $69 million, or 14%. Revenue from acquisitions contributed (11pts) to the increase.
- GTO earnings before income taxes were $105 million, an increase of $11 million, or 12%, compared to $94 million in the prior year period. The increased earnings were primarily due to higher revenues from acquisitions, including software license sales, and higher organic revenues, partially offset by the impact of expenditures to implement and support new business. Pre-tax margins decreased to 19.0% from 19.4%.
Other
- Other Loss before income tax increased 75% to $89 million from $51 million in the six months ended December 31, 2019. The increased loss was primarily due to charges associated with the IBM Private Cloud Agreement, and higher interest expense compared to the prior year period.
Launch of Broadridge Private Cloud
On December 31, 2019, Broadridge and IBM entered into the IBM Private Cloud Agreement under which IBM will operate, manage and support the Broadridge Private Cloud, the Company’s private cloud global distributed platforms and products. This agreement has an initial term of approximately 10 years and three months, expiring on March 31, 2030. As a result of this agreement, Broadridge expects to transfer the ownership of certain Company-owned hardware located at Company facilities worldwide along with the Company’s maintenance agreements associated with such hardware to IBM. Accordingly, the Company has recorded charges of $33.4 million representing a charge on the hardware assets to be transferred to IBM and other charges related to the IBM Private Cloud Agreement (the “IBM Private Cloud Charges”).
Second Quarter 2020 Acquisitions
Broadridge completed three primary acquisitions in the Second Quarter 2020, with an aggregate purchase price of approximately $227 million.
- Shadow Financial Systems, Inc. (“Shadow Financial”): In October 2019, the Company acquired Shadow Financial, a provider of multi-asset class post-trade solutions for the capital markets industry. The acquisition builds upon Broadridge’s post-trade processing capabilities by adding a market-ready solution for exchanges, inter-dealer brokers and proprietary trading firms. In addition, the acquisition adds capabilities across exchange traded derivatives and cryptocurrency. The purchase price was approximately $39 million.
- Fi360, Inc.: In November 2019, the Company acquired Fi360, Inc., a provider of fiduciary and Regulation Best Interest solutions for the wealth and retirement industry, including the accreditation and continuing education for the Accredited Investment Fiduciary® (AIF®) Designation, the leading designation focused on fiduciary responsibility. The acquisition is expected to enhance Broadridge’s retirement solutions by providing wealth and retirement advisors with fiduciary tools that will complement its Matrix trust and trading platform and further strengthen Broadridge’s data and analytics tools and solutions suite. The purchase price was approximately $120 million.
- Clear Structure Financial Technology, LLC (“ClearStructure”): In November 2019, the Company acquired ClearStructure, a global provider of portfolio management solutions for the private debt markets. ClearStructure’s component services are expected to enhance Broadridge’s existing multi-asset class, front-to-back office asset management technology suite, providing Broadridge clients with a capability to access the public and private markets. The purchase price was approximately $69 million.
Third Quarter 2020 Acquisition
In January 2020, the Company signed an agreement to acquire FundsLibrary Limited (“FundsLibrary”), a leader in fund document and data dissemination in the European market. The combination of FundsLibrary’s capabilities with Broadridge’s existing regulatory communications offerings is expected to enable Broadridge to reduce complexity and cost for global fund managers, helping them to increase distribution opportunities and meet their regulatory requirements across multiple jurisdictions. The acquisition is expected to close in February 2020, with an expected purchase price of approximately $69 million net of cash acquired and subject to normal closing adjustments.
Earnings Conference Call
An analyst conference call will be held today, Friday, January 31, 2020 at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the live event and access the slide presentation, visit Broadridge’s Investor Relations website at www.broadridge-ir.com prior to the start of the webcast. To listen to the call, investors may also dial 1-877-328-2502 within the United States and international callers may dial 1-412-317-5419.
A replay of the webcast will be available and can be accessed in the same manner as the live webcast at the Broadridge Investor Relations site. Through February 14, 2020, the recording will also be available by dialing 1-877-344-7529 passcode: 10136507 within the United States or 1-412-317-0088 passcode: 10136507 for international callers.
Explanation and Reconciliation of the Company’s Use of Non-GAAP Financial Measures
The Company’s results in this press release are presented in accordance with U.S. generally accepted accounting principles (“GAAP”) except where otherwise noted. In certain circumstances, results have been presented that are not generally accepted accounting principles measures (“Non-GAAP”). These Non-GAAP measures are Adjusted Operating income, Adjusted Operating income margin, Adjusted Net earnings, Adjusted earnings per share, and Free cash flow. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, the Company’s reported results.
The Company believes our Non-GAAP financial measures help investors understand how management plans, measures and evaluates the Company’s business performance. Management believes that Non-GAAP measures provide consistency in its financial reporting and facilitates investors’ understanding of the Company’s operating results and trends by providing an additional basis for comparison. Management uses these Non-GAAP financial measures to, among other things, evaluate our ongoing operations, for internal planning and forecasting purposes and in the calculation of performance-based compensation. In addition, and as a consequence of the importance of these Non-GAAP financial measures in managing our business, the Company’s Compensation Committee of the Board of Directors incorporates Non-GAAP financial measures in the evaluation process for determining management compensation.
Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Earnings and Adjusted Earnings Per Share
These Non-GAAP measures reflect Operating income, Operating income margin, Net earnings, and Diluted earnings per share, as adjusted to exclude the impact of certain costs, expenses, gains and losses and other specified items that management believes are not indicative of our ongoing operating performance. These adjusted measures exclude the impact of: (i) Amortization of Acquired Intangibles and Purchased Intellectual Property, (ii) Acquisition and Integration Costs, and (iii) IBM Private Cloud Charges. Amortization of Acquired Intangibles and Purchased Intellectual Property represents non-cash amortization expenses associated with the Company’s acquisition activities. Acquisition and Integration Costs represent certain transaction and integration costs associated with the Company’s acquisition activities. IBM Private Cloud Charges represent a charge on the hardware assets to be transferred to IBM and other charges related to the IBM Private Cloud Agreement.
We exclude IBM Private Cloud Charges from our Adjusted Operating income and other earnings measures because excluding such information provides us with an understanding of the results from the primary operations of our business and this item does not reflect ordinary operations or earnings. We also exclude the impact of Amortization of Acquired Intangibles and Purchased Intellectual Property, as these non-cash amounts are significantly impacted by the timing and size of individual acquisitions and do not factor into the Company’s capital allocation decisions, management compensation metrics or multi-year objectives. Furthermore, management believes that this adjustment enables better comparison of our results as Amortization of Acquired Intangibles and Purchased Intellectual Property will not recur in future periods once such intangible assets have been fully amortized. Although we exclude Amortization of Acquired Intangibles and Purchased Intellectual Property from our adjusted earnings measures, our management believes that it is important for investors to understand that these intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets.
Free Cash Flow
In addition to the Non-GAAP financial measures discussed above, we provide Free cash flow information because we consider Free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated that could be used for dividends, share repurchases, strategic acquisitions, other investments, as well as debt servicing. Free cash flow is a Non-GAAP financial measure and is defined by the Company as Net cash flows provided by operating activities less Capital expenditures as well as Software purchases and capitalized internal use software.
Reconciliations of such Non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP can be found in the tables that are part of this press release.
Forward-Looking Statements
This press release and other written or oral statements made from time to time by representatives of Broadridge may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as “expects,” “assumes,” “projects,” “anticipates,” “estimates,” “we believe,” “could be” and other words of similar meaning, are forward-looking statements. In particular, information appearing in the “Fiscal Year 2020 Financial Guidance” section are forward-looking statements. These statements are based on management’s expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year 2019 (the “2019 Annual Report”), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2019 Annual Report.
These risks include:
- the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients;
- Broadridge’s reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge’s services with favorable pricing terms;
- a material security breach or cybersecurity attack affecting the information of Broadridge’s clients;
- changes in laws and regulations affecting Broadridge’s clients or the services provided by Broadridge;
- declines in participation and activity in the securities markets;
- the failure of Broadridge’s key service providers to provide the anticipated levels of service;
- a disaster or other significant slowdown or failure of Broadridge’s systems or error in the performance of Broadridge’s services;
- overall market and economic conditions and their impact on the securities markets;
- Broadridge’s failure to keep pace with changes in technology and demands of its clients;
- Broadridge’s ability to attract and retain key personnel;
- the impact of new acquisitions and divestitures; and
- competitive conditions.
Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.
SOURCE Broadridge Financial Solutions, Inc.
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OIVE and ViniPortugal celebrate closing of joint campaign that reached 100 million consumers
MADRID and PORTO, Portugal, Nov. 22, 2024 /PRNewswire/ — For three years, A Shared Passion showed European consumers the quality and unparalleled versatility of Iberian wines. The program reached over 100 million consumers with advertising in airports, train stations, press trips, digital content, and other actions with opinion leaders.
The wine interprofessionals of Spain (OIVE) and Portugal (ViniPortugal) celebrated the closing of their ambitious joint campaign A Shared Passion with flagship events in Madrid and Porto. The closing event in Spain took place in Madrid’s iconic Calle Alcalá, while in Portugal, the World of Wine (WOW) in Porto was the perfect setting to present the achievements of the international collaboration. Both ceremonies were very well received by the press and the wine sector, highlighting the impact of the promotional actions that reached more than 79.2 million travelers in key transport infrastructures.
The campaign included 22 study trips, taking 150 specialized journalists to explore the world of wine in both countries and generating publications that reached nearly 15 million European consumers.
On social media, the A Shared Passion profile on Instagram exceeded 15,000 followers, consolidating its presence in the digital sphere. In addition, exclusive activities such as workshops and VIP dinners contributed significantly to this initiative’s global impact.
The final events were honored by the presence of opinion leaders, such as Masters of Wine Pedro Ballesteros and Dirceu Vianna Júnior, who moderated round tables with the presidents of OIVE, Fernando Ezquerro, and ViniPortugal, Frederico Falcão. The conference concluded with masterclasses that highlighted Spain and Portugal’s extraordinary oenological diversity, reinforcing the relevance of the sector in the economic, social, and environmental sustainability of both countries.
With funding from the European Union, A Shared Passion highlighted not only the quality and authenticity of Iberian wines but also their strategic role in the sustainable development of numerous municipalities. This initiative underlines the passion with which Spanish and Portuguese wines are made, reflecting their rich traditions and commitment to the future.
For more information: www.asharedpassion.com
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Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™
Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era
SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.
“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”
“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”
“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”
Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.
Now in its 30th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.
Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
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EliTe Solar: Realizing Our Mission and Standing by Our Core Values
Written by Arndt Lutz, CEO of EliTe Solar
SINGAPORE, Nov. 22, 2024 /PRNewswire/ — EliTe Solar is dedicated to advancing technology with a strong focus on quality, sustainability, and meaningful partnerships. For nearly two decades, EliTe Solar has led the solar industry by adapting to changing market demands and setting standards in customer service and quality as evidenced by third party reviews. The company’s comprehensive strategy starts with ingots and wafers to cells and modules, supported by a global supply chain. This vertical integration underscores EliTe Solar’s commitment to excellence.
EliTe Solar’s core principles of honesty and transparency drives the company’s growth and actions. By upholding these values, EliTe Solar consistently goes above and beyond for their clients. Open communication is central to their work, fostering trust and loyalty. EliTe Solar ensures their clients are informed every step of the way—from production to customs clearance, and final delivery.
EliTe Solar offers a diverse range of products tailored to different needs. The company’s goal is to optimize module performance and achieve a low Levelized Cost of Electricity (LCOE), delivering lasting value for customers while minimizing costs and environmental impact. This approach supports their partners’ energy goals and contributes to a broader sustainability mission.
EliTe Solar’s supply chain is meticulously designed to meet high standards and market demands. The company sources all materials outside China to ensure traceability from raw material to final product. With ingot and wafer production in Vietnam, cell and module production in Indonesia, and manufacturing in Egypt and soon, the U.S., EliTe Solar maintains compliance and uphold supply chain integrity.
EliTe Solar’s project management expertise sets them apart, especially in challenging environments. Currently, the company is transporting one million solar panels to a remote site in Utah with EV trucking from Hight Mobility, working closely with their client and partners to ensure timely delivery and smooth communication. This demonstrates EliTe Solar’s dedication to reliability and strong partnerships.
EliTe Solar prioritizes inland and ocean transportation management, timely customs clearance, and comprehensive post-sales support to deliver reliability and customer satisfaction.
The company’s commitment to sustainability extends beyond eco-friendly energy options. EliTe Solar actively engages with communities to foster positive social impact. For example, the company recently awarded $50K in scholarships with Utah universities to support future solar industry professionals. This investment in education strengthens the sector’s future and contributes to global sustainability.
In the coming months, EliTe Solar is preparing to expand in Egypt and establish solar cell production in the U.S., creating jobs and reinforcing a dependable supply chain. With a track record of reliable service and top-tier solar technology, the company is proud to have supplied over 10 GW of solar modules worldwide, playing a vital role in the shift to sustainable energy. As EliTe Solar continues to grow, the company’s principles of quality, transparency, and sustainability will guide every member, positioning EliTe Solar as a leader in the global solar industry.
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