Technology
Wesco International Reports First Quarter 2025 Results
Published
1 year agoon
By
First quarter reported net sales down 0.1% YOYOrganic sales up 5.6% after M&A effects, Fx differences, and one less workdayData center sales up 70%First quarter diluted EPS of $2.10, up 7.7% YOY; adjusted diluted EPS of $2.21Gross margin of 21.1%, down 10 basis points sequentially and 20 basis points YOY Operating cash flow of $28 million in the first quarterPreferred stock will be redeemed in June, using proceeds of financing completed during the first quarterFull year 2025 outlook reaffirmed based on positive momentum from the first four months of the year
PITTSBURGH, May 1, 2025 /PRNewswire/ — Wesco International (NYSE: WCC), a leading provider of business-to-business distribution, logistics services and supply chain solutions, announces its results for the first quarter of 2025.
“After returning to growth in the fourth quarter of 2024, we are pleased to build on our positive sales momentum to start the year with 6% organic growth in the first quarter. This performance was sparked by 70% growth in total data center sales and high single digit growth in both our Broadband and OEM businesses. Consistent with the fourth quarter, our first quarter sales growth was partially offset by continued weakness in our utility business, as expected. With that said, our positive momentum is building to start the second quarter with preliminary April sales per workday up 7% versus prior year. Our opportunity pipeline continues at a record level, bid activity levels remain very strong, and backlog is growing. Gross margin was relatively stable on a sequential basis versus the fourth quarter, and we’ve begun to see an initial improvement in Communication and Security Solutions as expected,” said John Engel, Chairman, President, and CEO.
Mr. Engel continued, “With our continued focus on effective working capital management, free cash flow generation was better than expected in the first quarter. Our increased inventory will help manage the potential supply chain impact of global tariffs on our customers. We also issued $800 million of notes to redeem our preferred stock in June. This will strengthen our balance sheet and improve both our cash flow and earnings per share run-rates. Following this redemption, we have no significant debt maturities until 2028 and have strong liquidity to execute our capital allocation priorities. As we outlined in our last Investor Day, over 75% of our free cash flow generation provides optionality and is focused on our capital allocation priorities of stock buybacks, debt reduction and acquisitions.”
Mr. Engel concluded, “We are maintaining our full year outlook based upon our current positive momentum to start 2025. Against a backdrop of increased uncertainty and volatility, we remain sharply focused on what we can control – our cross-selling activities, our enterprise-wide margin improvement program, and operational improvements resulting from our tech-enabled business transformation. We recognize that current economic uncertainty is impacting our customers and are committed to providing the products, services, and solutions that they need for their operations and supply chains. I remain confident that Wesco will outperform our markets this year as the secular growth trends of AI-driven data centers, increased power generation, electrification, automation, and reshoring endure.”
Key Financial Highlights
Three Months Ended March 31
($ in millions except per share data)
2025
Reported
2024
Reported
Change vs prior
year
GAAP Results
Net sales
$5,343.7
$5,350.0
(0.1) %
Selling general, and administrative expenses
$836.3
$829.4
0.8 %
Net income attributable to common stockholders
$104.0
$101.4
2.6 %
Earnings per diluted share
$2.10
$1.95
7.7 %
Operating cash flow
$28.0
$746.3
(96.2) %
Effective tax rate
23.4 %
21.0 %
240 basis points
($ in millions except per share data)
2025
Adjusted
2024
Adjusted
Change vs prior
year
Non-GAAP Results
Organic sales growth (decline)
5.6 %
(3.2) %
N/A
Gross profit
$1,125.6
$1,137.9
(1.1) %
Gross margin
21.1 %
21.3 %
(20) basis points
Adjusted selling, general, and administrative expenses
$829.0
$810.5
2.3 %
Adjusted EBITDA
$310.7
$340.4
(8.7) %
Adjusted net income attributable to common stockholders
$109.6
$119.2
(8.1) %
Adjusted earnings per diluted share
$2.21
$2.30
(3.9) %
Free cash flow
$9.4
$731.4
(98.7) %
Net Sales
On an organic basis, which removes the impact of the Wesco Integrated Supply (“WIS”) divestiture and Ascent, LLC (“Ascent”) acquisition, differences in foreign exchange rates, and the impact from the number of workdays, sales for the first quarter of 2025 grew by 5.6%. The increase in organic sales reflects volume growth in the CSS segment, partially offset by a volume decline in the UBS segment, and also reflects price inflation in the EES segment.
Gross Profit
The slight decrease in gross margin for the first quarter of 2025 primarily reflects a decrease in CSS and EES gross margins, partially offset by the impact of the divestiture of the WIS business.
Selling, General, and Administrative (“SG&A”) Expenses
The increase in SG&A expenses for the first quarter of 2025 is driven by higher costs to operate our facilities and higher transportation costs, partially offset by lower commissions, incentives, and benefits. SG&A expenses for the first quarter of 2025 include $7.3 million of digital transformation and restructuring costs. SG&A expenses for the first quarter of 2024 include $14.1 million of digital transformation and restructuring costs, and $4.8 million of excise taxes on excess pension plan assets. Adjusted for these costs, SG&A expenses were 15.5% and 15.1% of net sales for the first quarter of 2025 and 2024, respectively.
Adjusted EBITDA
The decrease in Adjusted EBITDA primarily reflects a $6.9 million increase in SG&A expenses primarily driven by higher facilities and transportation costs partially offset by lower payroll expense, a $6.3 million decrease in net sales, and a $6.0 million increase in cost of goods sold related to increased large project sales to customers.
Effective Tax Rate
The higher effective tax rate for the first quarter of 2025 is due to lower discrete income tax benefits resulting from the exercise and vesting of stock-based awards as compared to the prior year period.
Adjusted Earnings Per Diluted Share
The decrease in adjusted earnings per diluted share primarily reflects the decline in gross profit and increase in SG&A expenses discussed above, partially offset by an $8.1 million decrease in interest expense primarily due to lower borrowings and lower interest rates and a $16.2 million decrease in adjusted other expense primarily due to the impact of fluctuations in the U.S. dollar against certain foreign currencies in the first quarter of 2024 compared to an immaterial impact in the first quarter of 2025. Additionally, there was a positive impact from the reduction in outstanding shares during the first quarter of 2025 as compared to the first quarter of 2024.Operating Cash FlowThe net cash inflow in the first quarter of 2025 was primarily driven by net income of $118.3 million. This inflow was partially offset by changes in working capital consisting of an increase in inventories resulting in a use of cash of $227.4 million, and an increase in trade accounts receivable of $188.7 million primarily due to the timing of receipts from customers, partially offset by changes in accounts payable resulting in a cash inflow of $343.8 million, primarily due to the timing of payments to suppliers as well as inventory purchases. The inflow from net income was also partially offset by a $77.1 million outflow from accrued payroll and benefits costs, primarily due to the payment of management incentive compensation earned in 2024, and a decrease in accrued sales incentives.
Webcast and Teleconference Access
Wesco will conduct a webcast and teleconference to discuss the first quarter of 2025 earnings as described in this News Release on Thursday, May 1, 2025, at 9:00 a.m. E.T. The call will be broadcast live over the internet and can be accessed from the Investor Relations page of the Company’s website at https://investors.wesco.com. The call will be archived on this internet site for seven days.
Wesco International (NYSE: WCC) builds, connects, powers and protects the world. Headquartered in Pittsburgh, Pennsylvania, Wesco is a FORTUNE 500® company with approximately $22 billion in annual sales in 2024 and a leading provider of business-to-business distribution, logistics services and supply chain solutions. Wesco offers a best-in-class product and services portfolio of Electrical and Electronic Solutions, Communications and Security Solutions, and Utility and Broadband Solutions. The Company employs approximately 20,000 people, partners with the industry’s premier suppliers, and serves thousands of customers around the world. With millions of products, end-to-end supply chain services, and leading digital capabilities, Wesco provides innovative solutions to meet customer needs across commercial and industrial businesses, contractors, educational institutions, government agencies, technology companies, telecommunications providers, and utilities. Wesco operates more than 700 sites, including distribution centers, fulfillment centers, and sales offices in approximately 50 countries, providing a local presence for customers and a global network to serve multi-location businesses and global corporations.
Forward-Looking Statements
All statements made herein that are not historical facts should be considered as “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. These statements include, but are not limited to, statements regarding business strategy, growth strategy, competitive strengths, productivity and profitability enhancement, competition, new product and service introductions, and liquidity and capital resources. Such statements can generally be identified by the use of words such as “anticipate,” “plan,” “believe,” “estimate,” “intend,” “expect,” “project,” and similar words, phrases or expressions or future or conditional verbs such as “could,” “may,” “should,” “will,” and “would,” although not all forward-looking statements contain such words. These forward-looking statements are based on current expectations and beliefs of Wesco’s management, as well as assumptions made by, and information currently available to, Wesco’s management, current market trends and market conditions and involve risks and uncertainties, many of which are outside of Wesco’s and Wesco’s management’s control, and which may cause actual results to differ materially from those contained in forward-looking statements. Accordingly, you should not place undue reliance on such statements.
Important factors that could cause actual results or events to differ materially from those presented or implied in the forward-looking statements include, among others, the failure to achieve the anticipated benefits of, and other risks associated with, acquisitions, joint ventures, divestitures and other corporate transactions; the inability to successfully integrate acquired businesses; the impact of increased interest rates or borrowing costs; fluctuations in currency exchange rates; evolving impacts from tariffs or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures); failure to adequately protect Wesco’s intellectual property or successfully defend against infringement claims; the inability to successfully deploy new technologies, digital products and information systems or to otherwise adapt to emerging technologies in the marketplace, such as those incorporating artificial intelligence; failure to execute on our efforts and programs related to environmental, social and governance (ESG) matters; unanticipated expenditures or other adverse developments related to compliance with new or stricter government policies, laws or regulations, including those relating to data privacy, sustainability and environmental protection; the inability to successfully develop, manage or implement new technology initiatives or business strategies, including with respect to the expansion of e-commerce capabilities and other digital solutions and digitalization initiatives; disruption of information technology systems or operations; natural disasters (including as a result of climate change), health epidemics, pandemics and other outbreaks; supply chain disruptions; geopolitical issues, including the impact of the evolving conflicts in the Middle East and Russia/Ukraine; the impact of sanctions imposed on, or other actions taken by the U.S. or other countries against, Russia or China; the failure to manage the increased risks and impacts of cyber incidents or data breaches; and exacerbation of key materials shortages, inflationary cost pressures, material cost increases, demand volatility, and logistics and capacity constraints, any of which may have a material adverse effect on the Company’s business, results of operations and financial condition. All such factors are difficult to predict and are beyond the Company’s control. Additional factors that could cause results to differ materially from those described above can be found in Wesco’s most recent Annual Report on Form 10-K and other periodic reports filed with the U.S. Securities and Exchange Commission.
Contact Information
Investor Relations
Corporate Communications
Will Ruthrauff
Director, Investor Relations
484-885-5648
Jennifer Sniderman
Vice President, Corporate Communications
717-579-6603
WESCO INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2025
March 31, 2024
Net sales
$ 5,343.7
$ 5,350.0
Cost of goods sold (excluding depreciation and amortization)
4,218.1
78.9 %
4,212.1
78.7 %
Selling, general and administrative expenses
836.3
15.7 %
829.4
15.5 %
Depreciation and amortization
48.4
45.5
Income from operations
240.9
4.5 %
263.0
4.9 %
Interest expense, net
86.3
94.4
Other expense, net
0.2
21.6
Income before income taxes
154.4
2.9 %
147.0
2.7 %
Provision for income taxes
36.1
30.9
Net income
118.3
2.2 %
116.1
2.2 %
Net (loss) income attributable to noncontrolling interests
(0.1)
0.3
Net income attributable to WESCO International, Inc.
118.4
2.2 %
115.8
2.2 %
Preferred stock dividends
14.4
14.4
Net income attributable to common stockholders
$ 104.0
1.9 %
$ 101.4
1.9 %
Earnings per diluted share attributable to common stockholders
$ 2.10
$ 1.95
Weighted-average common shares outstanding and common
share equivalents used in computing earnings per diluted
common share
49.6
51.9
WESCO INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollar amounts in millions)
(Unaudited)
As of
March 31,
2025
December 31,
2024
Assets
Current Assets
Cash and cash equivalents
$ 681.6
$ 702.6
Trade accounts receivable, net
3,641.3
3,454.4
Inventories
3,740.2
3,501.7
Other current assets
623.7
692.7
Total current assets
8,686.8
8,351.4
Goodwill and intangible assets
5,128.9
5,116.0
Other assets
1,699.4
1,594.0
Total assets
$ 15,515.1
$ 15,061.4
Liabilities and Stockholders’ Equity
Current Liabilities
Accounts payable
$ 3,025.8
$ 2,670.6
Short-term debt and current portion of long-term debt, net
21.0
19.5
Other current liabilities
988.7
1,113.9
Total current liabilities
4,035.5
3,804.0
Long-term debt, net
5,136.6
5,045.5
Other noncurrent liabilities
1,312.9
1,246.4
Total liabilities
10,485.0
10,095.9
Stockholders’ Equity
Total stockholders’ equity
5,030.1
4,965.5
Total liabilities and stockholders’ equity
$ 15,515.1
$ 15,061.4
WESCO INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollar amounts in millions)
(Unaudited)
Three Months Ended
March 31,
2025
March 31,
2024
Operating Activities:
Net income
$ 118.3
$ 116.1
Add back (deduct):
Depreciation and amortization
48.4
45.5
Change in trade receivables, net
(188.7)
(116.1)
Change in inventories
(227.4)
5.5
Change in accounts payable
343.8
620.9
Other, net
(66.4)
74.4
Net cash provided by operating activities
28.0
746.3
Investing Activities:
Capital expenditures
(20.4)
(20.4)
Acquisition payments, net of cash acquired
(35.2)
—
Other, net
1.2
3.9
Net cash used in investing activities
(54.4)
(16.5)
Financing Activities:
Debt borrowings (repayments), net(1)
99.7
(115.1)
Payments for taxes related to net-share settlement of equity awards
(18.0)
(25.2)
Repurchases of common stock
(25.0)
(50.0)
Payment of common stock dividends
(22.1)
(20.9)
Payment of preferred stock dividends
(14.4)
(14.4)
Other, net
(17.9)
(28.9)
Net cash provided by (used in) financing activities
2.3
(254.5)
Effect of exchange rate changes on cash and cash equivalents
3.1
(13.9)
Net change in cash and cash equivalents
(21.0)
461.4
Cash and cash equivalents at the beginning of the period
702.6
524.1
Cash and cash equivalents at the end of the period
$ 681.6
$ 985.5
(1)
The three months ended March 31, 2025 includes the issuance of the Company’s $800 million aggregate principal amount of 6.375% Senior Notes due 2033 (the “2033 Notes”). The Company intends to use the net proceeds from the issuance of the 2033 Notes to redeem all of the Company’s outstanding 10.625% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”) and all of the related depositary shares representing fractional interests in the Series A Preferred Stock in June 2025, and repay a portion of the amounts outstanding under the Revolving Credit Facility. Prior to redeeming the Series A Preferred Stock, the Company used the net proceeds temporarily to repay all of the outstanding borrowings under its Revolving Credit Facility and to repay a portion of the amounts outstanding under its Receivables Facility. The Company intends to subsequently redraw under the Receivables Facility and/or the Revolving Credit Facility in an aggregate amount sufficient to redeem the Series A Preferred Stock. The three months ended March 31, 2024 includes the issuance of the Company’s $900 million aggregate principal amount of 6.375% senior notes due 2029 and $850 million aggregate principal amount of 6.625% senior notes due 2032.
NON-GAAP FINANCIAL MEASURES
In addition to the results provided in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) above, this earnings release includes certain non-GAAP financial measures. These financial measures include organic sales growth, gross profit, gross margin, earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted EBITDA, adjusted EBITDA margin, financial leverage, free cash flow, adjusted selling, general and administrative expenses, adjusted income from operations, adjusted operating margin, adjusted other non-operating expense (income), adjusted provision for income taxes, adjusted income before income taxes, adjusted net income, adjusted net income attributable to WESCO International, Inc., adjusted net income attributable to common stockholders, and adjusted earnings per diluted share. The Company believes that these non-GAAP measures are useful to investors as they provide a better understanding of our financial condition and results of operations on a comparable basis. Additionally, certain non-GAAP measures either focus on or exclude items impacting comparability of results such as merger-related and integration costs, digital transformation costs, restructuring costs, cloud computing arrangement amortization, pension settlement cost and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan, loss on abandonment of assets, the gain recognized on the divestiture of the WIS business, the loss on termination of business arrangement, and the related income tax effects, allowing investors to more easily compare the Company’s financial performance from period to period. Management does not use these non-GAAP financial measures for any purpose other than the reasons stated above.
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Organic Sales Growth by Segment – Three Months Ended:
Three Months Ended
Growth/(Decline)
March 31, 2025
March 31, 2024
Reported
Acquisitions/
Divestiture
Foreign
Exchange
Workday
Organic
Sales
EES(1)
$ 2,065.3
$ 2,064.3
— %
— %
(1.8) %
(1.6) %
3.4 %
CSS(1)
2,000.3
1,704.8
17.3 %
2.3 %
(1.5) %
(1.6) %
18.1 %
UBS
1,278.1
1,580.9
(19.2) %
(12.2) %
(0.5) %
(1.6) %
(4.9) %
Total net sales
$ 5,343.7
$ 5,350.0
(0.1) %
(2.8) %
(1.3) %
(1.6) %
5.6 %
(1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational
realignment. As a result, the reportable segment financial information for the three months ended March 31, 2024 has been recast to conform
to the current year presentation. The recast does not impact previously reported condensed consolidated results.
Note: Organic sales growth is a non-GAAP financial measure of sales performance. Organic sales growth is calculated by deducting the percentage impact from acquisitions and divestitures for one year following the respective transaction, fluctuations in foreign exchange rates and number of workdays from the reported percentage change in consolidated net sales. Workday impact represents the change in the number of operating days period-over-period after adjusting for weekends and public holidays in the United States. The first quarter of 2025 had one less workday compared to the first quarter of 2024.
Three Months Ended
Gross Profit:
March 31,
2025
March 31,
2024
Net sales
$ 5,343.7
$ 5,350.0
Cost of goods sold (excluding depreciation and amortization)
4,218.1
4,212.1
Gross profit
$ 1,125.6
$ 1,137.9
Gross margin
21.1 %
21.3 %
Three Months Ended
Gross Profit:
December 31, 2024
Net sales
$ 5,499.7
Cost of goods sold (excluding depreciation and amortization)
4,335.7
Gross profit
$ 1,164.0
Gross margin
21.2 %
Note: Gross profit is a financial measure commonly used in the distribution industry. Gross profit is calculated by deducting cost of goods sold,
excluding depreciation and amortization, from net sales. Gross margin is calculated by dividing gross profit by net sales.
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31, 2025
March 31, 2024
Adjusted SG&A Expenses:
Selling, general and administrative expenses
$ 836.3
$ 829.4
Digital transformation costs(1)
(6.2)
(6.1)
Restructuring costs(2)
(1.1)
(8.0)
Excise taxes on excess pension plan assets(3)
—
(4.8)
Adjusted selling, general and administrative expenses
$ 829.0
$ 810.5
Percentage of net sales
15.5 %
15.1 %
Adjusted Income from Operations:
Income from operations
$ 240.9
$ 263.0
Digital transformation costs(1)
6.2
6.1
Restructuring costs(2)
1.1
8.0
Excise taxes on excess pension plan assets(3)
—
4.8
Adjusted income from operations
$ 248.2
$ 281.9
Adjusted income from operations margin %
4.6 %
5.3 %
Adjusted Other (Income) Expense, net:
Other expense, net
$ 0.2
$ 21.6
Loss on termination of business arrangement(4)
(0.3)
—
Pension settlement cost(5)
—
(5.5)
Adjusted other (income) expense, net
$ (0.1)
$ 16.1
Adjusted Provision for Income Taxes:
Provision for income taxes
$ 36.1
$ 30.9
Income tax effect of adjustments to income from
operations and other (income) expense, net(6)
2.0
6.6
Adjusted provision for income taxes
$ 38.1
$ 37.5
(1)
Digital transformation costs include costs associated with certain digital transformation initiatives.
(2)
Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(3)
Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company’s U.S. pension plan.
(4)
Loss on termination of business arrangement represents the loss recognized as a result of management’s decision to terminate a business arrangement with a third party.
(5)
Pension settlement cost represents expense related to the final settlement of the Company’s U.S. pension plan.
(6)
The adjustments to income from operations and other (income) expense, net have been tax effected at rates of 26.4% and 27.0% for the three months ended March 31, 2025 and 2024, respectively.
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months Ended
Adjusted Earnings per Diluted Share:
March 31,
2025
March 31,
2024
Adjusted income from operations
$ 248.2
$ 281.9
Interest expense, net
86.3
94.4
Adjusted other (income) expense, net
(0.1)
16.1
Adjusted income before income taxes
162.0
171.4
Adjusted provision for income taxes
38.1
37.5
Adjusted net income
123.9
133.9
Net (loss) income attributable to noncontrolling interests
(0.1)
0.3
Adjusted net income attributable to WESCO International, Inc.
124.0
133.6
Preferred stock dividends
14.4
14.4
Adjusted net income attributable to common stockholders
$ 109.6
$ 119.2
Diluted shares
49.6
51.9
Adjusted earnings per diluted share
$ 2.21
$ 2.30
Note: For the three months ended March 31, 2025, SG&A expenses, income from operations, other non-operating (income) expense, the provision for income taxes and earnings per diluted share have been adjusted to exclude digital transformation costs, restructuring costs, the loss on termination of business arrangement, and the related income tax effects. For the three months ended March 31, 2024, SG&A expenses, income from operations, other non-operating expense, the provision for income taxes and earnings per diluted share have been adjusted to exclude digital transformation costs, restructuring costs, pension settlement cost and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan, and the related income tax effects. These non-GAAP financial measures provide a better understanding of our financial results on a comparable basis.
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months Ended March 31, 2025
EBITDA and Adjusted EBITDA by Segment:
EES
CSS
UBS
Corporate
Total
Net income attributable to common stockholders
$ 125.1
$ 127.2
$ 130.3
$ (278.6)
$ 104.0
Net (loss) income attributable to noncontrolling interests
(0.1)
0.1
—
(0.1)
(0.1)
Preferred stock dividends
—
—
—
14.4
14.4
Provision for income taxes(1)
—
—
—
36.1
36.1
Interest expense, net(1)
—
—
—
86.3
86.3
Depreciation and amortization
12.2
19.0
7.8
9.4
48.4
EBITDA
$ 137.2
$ 146.3
$ 138.1
$ (132.5)
$ 289.1
Other expense (income), net
4.4
10.9
(0.2)
(14.9)
0.2
Stock-based compensation expense
1.0
1.3
0.4
7.5
10.2
Digital transformation costs(2)
—
—
—
6.2
6.2
Cloud computing arrangement amortization(3)
—
—
—
3.9
3.9
Restructuring costs(4)
—
—
—
1.1
1.1
Adjusted EBITDA
$ 142.6
$ 158.5
$ 138.3
$ (128.7)
$ 310.7
Adjusted EBITDA margin %
6.9 %
7.9 %
10.8 %
5.8 %
(1) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(2) Digital transformation costs include costs associated with certain digital transformation initiatives.
(3) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs
for cloud computing arrangements to support our digital transformation initiatives.
(4) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
Three Months Ended March 31, 2024
EBITDA and Adjusted EBITDA by Segment:
EES(1)
CSS(1)
UBS
Corporate
Total
Net income attributable to common stockholders
$ 144.9
$ 91.7
$ 160.8
$ (296.0)
$ 101.4
Net (loss) income attributable to noncontrolling interests
(0.4)
0.4
—
0.3
0.3
Preferred stock dividends
—
—
—
14.4
14.4
Provision for income taxes(2)
—
—
—
30.9
30.9
Interest expense, net(2)
—
—
—
94.4
94.4
Depreciation and amortization
11.1
18.1
7.0
9.3
45.5
EBITDA
$ 155.6
$ 110.2
$ 167.8
$ (146.7)
$ 286.9
Other expense (income), net
5.1
19.4
0.8
(3.7)
21.6
Stock-based compensation expense
1.1
1.6
0.8
6.6
10.1
Restructuring costs(3)
—
—
—
8.0
8.0
Digital transformation costs(4)
—
—
—
6.1
6.1
Excise taxes on excess pension plan assets(5)
—
—
—
4.8
4.8
Cloud computing arrangement amortization(6)
—
—
—
2.9
2.9
Adjusted EBITDA
$ 161.8
$ 131.2
$ 169.4
$ (122.0)
$ 340.4
Adjusted EBITDA margin %
7.8 %
7.7 %
10.7 %
6.4 %
(1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment. As a result,
the reportable segment financial information for the three months ended March 31, 2024 has been recast to conform to the current year presentation. The recast
does not impact previously reported condensed consolidated results.
(2) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(3) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(4) Digital transformation costs include costs associated with certain digital transformation initiatives.
(5) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company’s
U.S. pension plan.
(6) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses
for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months Ended December 31, 2024
EBITDA and Adjusted EBITDA by Segment:
EES(1)
CSS(1)
UBS
Corporate
Total
Net income attributable to common stockholders
$ 157.9
$ 130.9
$ 135.3
$ (273.1)
$ 151.0
Net income attributable to noncontrolling interests
0.2
0.4
—
(0.1)
0.5
Preferred stock dividends
—
—
—
14.4
14.4
Provision for income taxes(2)
—
—
—
43.5
43.5
Interest expense, net(2)
—
—
—
85.1
85.1
Depreciation and amortization
11.8
17.7
7.2
8.9
45.6
EBITDA
$ 169.9
$ 149.0
$ 142.5
$ (121.3)
$ 340.1
Other (income) expense, net
(4.6)
21.2
0.8
(10.8)
6.6
Stock-based compensation expense
1.1
1.6
0.8
5.8
9.3
Digital transformation costs(3)
—
—
—
7.4
7.4
Cloud computing arrangement amortization(4)
—
—
—
4.4
4.4
Restructuring costs(5)
—
—
—
2.6
2.6
Excise taxes on pension plan assets(6)
—
—
—
0.1
0.1
Adjusted EBITDA
$ 166.4
$ 171.8
$ 144.1
$ (111.8)
$ 370.5
Adjusted EBITDA margin %
8.0 %
8.2 %
10.8 %
6.7 %
(1) In the first quarter of 2025, a portion of the EES reportable segment was moved to the CSS reportable segment as a result of operational realignment. As a result,
the reportable segment financial information for the three months ended December 31, 2024 has been recast to conform to the current year presentation. The
recast does not impact previously reported condensed consolidated results.
(2) The reportable segments do not incur income taxes and interest expense as these costs are centrally controlled through the Corporate tax and treasury functions.
(3) Digital transformation costs include costs associated with certain digital transformation initiatives.
(4) Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs
for cloud computing arrangements to support our digital transformation initiatives.
(5) Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(6) Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company’s
U.S. pension plan.
Note: EBITDA, Adjusted EBITDA and Adjusted EBITDA margin % are non-GAAP financial measures that provide indicators of the Company’s performance and its ability to meet debt service requirements. For the three months ended March 31, 2025, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, and restructuring costs. For the three months ended March 31, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, restructuring costs, digital transformation costs, excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan, and cloud computing arrangement amortization. For the three months ended December 31, 2024, Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, cloud computing arrangement amortization, restructuring costs and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan. Adjusted EBITDA margin % is calculated by dividing Adjusted EBITDA by net sales.
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Twelve Months Ended
Financial Leverage:
March 31,
2025
December 31,
2024
Net income attributable to common stockholders
$ 662.8
$ 660.2
Net income attributable to noncontrolling interests
1.4
1.8
Preferred stock dividends
57.4
57.4
Provision for income taxes
236.7
231.6
Interest expense, net
356.9
364.9
Depreciation and amortization
186.1
183.2
EBITDA
$ 1,501.3
$ 1,499.1
Other income, net
(114.0)
(92.7)
Stock-based compensation expense
29.0
28.9
Digital transformation costs(1)
25.0
24.9
Restructuring costs(2)
5.1
12.1
Cloud computing arrangement amortization(3)
15.2
14.1
Loss on abandonment of assets(4)
17.8
17.8
Excise taxes on excess pension plan assets(5)
0.1
4.9
Adjusted EBITDA
$ 1,479.5
$ 1,509.1
As of
March 31,
2025
December 31,
2024
Short-term debt and current portion of long-term debt, net
$ 21.0
$ 19.5
Long-term debt, net
5,136.6
5,045.5
Debt issuance costs and debt discount(6)
57.9
47.2
Fair value adjustments to the Anixter Senior Notes(6)
—
(0.1)
Total debt
5,215.5
5,112.1
Less: Cash and cash equivalents
681.6
702.6
Total debt, net of cash
$ 4,533.9
$ 4,409.5
Financial leverage ratio
3.1
2.9
(1)
Digital transformation costs include costs associated with certain digital transformation initiatives.
(2)
Restructuring costs include severance costs incurred pursuant to an ongoing restructuring plan.
(3)
Cloud computing arrangement amortization consists of expense recognized in selling, general and administrative expenses for capitalized implementation costs for cloud computing arrangements to support our digital transformation initiatives.
(4)
Loss on abandonment of assets represents the write-off of certain capitalized cloud computing arrangement implementation costs relating to a third-party developed operations management software product in favor of an application with functionality that better suits the Company’s operations.
(5)
Excise taxes on excess pension plan assets represent the excise taxes applicable to the excess pension plan assets following the final settlement of the Company’s U.S. pension plan.
(6)
Debt is presented in the condensed consolidated balance sheets net of debt issuance and debt discount costs, and includes adjustments to record the long-term debt assumed in the merger with Anixter at its acquisition date fair value.
Note: Financial leverage ratio is a non-GAAP measure of the use of debt. Financial leverage ratio is calculated by dividing total debt, excluding debt issuance costs, debt discount and fair value adjustments, net of cash, by adjusted EBITDA. EBITDA is defined as the trailing twelve months earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is defined as the trailing twelve months EBITDA before other non-operating expenses (income), non-cash stock-based compensation expense, digital transformation costs, restructuring costs, cloud computing arrangement amortization, loss on abandonment of assets, and excise taxes on excess pension plan assets related to the final settlement of the Anixter Inc. Pension Plan.
WESCO INTERNATIONAL, INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(in millions, except per share amounts)
(Unaudited)
Three Months Ended
Free Cash Flow:
March 31,
2025
March 31,
2024
Cash flow provided by operations
$ 28.0
$ 746.3
Less: Capital expenditures
(20.4)
(20.4)
Add: Other adjustments
1.8
5.5
Free cash flow
$ 9.4
$ 731.4
Percentage of adjusted net income
7.6 %
546.2 %
Note: Free cash flow is a non-GAAP financial measure of liquidity. Capital expenditures are deducted from operating cash flow to determine free cash flow. Free cash flow is available to fund investing and financing activities. For the three months ended March 31, 2025 and 2024, the Company paid for certain costs related to digital transformation and restructuring. Such expenditures have been added back to operating cash flow to determine free cash flow for such periods. Our calculation of free cash flow may not be comparable to similar measures used by other companies.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wesco-international-reports-first-quarter-2025-results-302443494.html
SOURCE Wesco International
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Technology
Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry
Published
2 hours agoon
October 17, 2026By
ZHONGSHAN, China, Oct. 17, 2026 /PRNewswire/ — This October, the global lighting industry will once again turn its attention to the Pearl River Delta. The 2026 China (Guzhen) International Lighting Fair (Autumn Edition), also known as the 35th Guzhen Lighting Fair, will take place from October 22 to 25, 2026, at the Guzhen Convention and Exhibition Center in Zhongshan, Guangdong. Thousands of suppliers, nine buyer delegations, three major trends. They represent a major collective showcase for China’s lighting industry at a time of profound change in global trade.
Highlight 1: A New National Milestone for the Lighting Industry’s Only National-Level Trade Event
The Guzhen Lighting Fair’s standing begins with its national credentials. Approved by the Ministry of Commerce of the People’s Republic of China as a national-level exhibition and certified by UFI, the Global Association of the Exhibition Industry, this edition draws on a strong industrial base: a RMB 100 billion-plus lighting industry cluster centered on Guzhen and encompassing 11 towns and subdistricts across three surrounding cities.
Notably, the fair has been included in the 2026 National Consumer Goods Campaign Key Activity List, jointly issued by the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism. It is the only major annual trade event from the lighting industry included on the list. The fair is also listed in the Guangdong Department of Commerce’s 2026 Guangdong Trade Nationwide program. These endorsements recognize the collective strength of Guzhen’s lighting industry and mark the fair’s rise from an industry exhibition to a national showcase.
Highlight 2: Seven themed Halls Reflect the Industry’s Evolving Priorities
All seven halls at the main venue have been upgraded, creating a new exhibition and trading layout in which each hall has a distinct theme and identity.
The seven-hall layout reveals three clear trends: increasingly sophisticated smart technologies, the return of design and aesthetics to the mainstream, and greater supply chain autonomy and control. Hall A, Urban Lighting and Smart Engineering, focuses on smart lighting and project lighting. Hall B, inter and commercial lighting, brings together decorative fixtures, residential lighting, and commercial lighting. Hall C, outdoor and special lighting, covers outdoor lighting, lighting for cultural and tourism attractions, and special-purpose fixtures. Halls D and E, lighting manufacturing and supply-chain, connect machinery, auxiliary materials and components, and supporting services. Hall F, smart home and living decor, combines smart home technologies with decorative furnishings and accessories. Hall H, new brands and cross-border sourcing, gives buyers a one-stop product sourcing destination.
The fair will showcase advances in three major areas. In AI integration, lighting control systems powered by large AI models and wireless AIoT lighting solutions will deliver more responsive experiences, with light adapting to people’s movements. In health-focused lighting, highlights include classroom lighting solutions designed to meet China’s new national standards, along with human-centric lighting and products tailored to older adults. In green and low-carbon development, the displays will span high-efficiency energy-saving technologies, solar photovoltaic and energy storage applications, and innovations in environmentally friendly materials.
Highlight 3: Targeted Sourcing for a Thousand Buyers Shifts the Focus from Visitor Traffic to Lasting Business
This edition will assemble nine professional buyer delegations. Six domestic groups will cover smart lighting systems, decorative lighting, linear lighting, wholesale distribution, the full range of lighting products, and intelligent lighting. Under the banner “Hundreds of Businesses, Nationwide Connections: Leading Lighting Distributors’ Sourcing Delegation,” the fair will invite selected company executives and decision-makers to attend with concrete sourcing plans. Three further delegations will bring together key overseas buyers, media and associations, and key opinion leaders (KOLs).
This approach shifts the emphasis from visitor traffic to a sustained flow of orders. Using the IIRIS data management system, the fair will identify high-quality buyers, establish qualification criteria for major buyers, and build a year-round service framework. By extending short-term connections at the fair into year-round trade support, it will help exhibitors turn a four-day encounter into year-round business relationships.
Highlight 4: The Hosted Buyer Program Combines Business Matching, VIP Sourcing Tour, and Networking Party
The fair’s flagship Hosted Buyer Program (HBP) will return with an expanded program, inviting hundreds of overseas buyers to join an international sourcing delegation. The business matching area in Hall H will host five Denggle.com Business Matching, four for overseas buyers and one for domestic buyers. The proven format combines pre-event research into buyers’ needs, targeted invitations, and one-on-one matching in a dedicated meeting area during the fair. It will cover major lighting markets including Southeast Asia, South Asia, Europe, the Americas, and Africa.
A distinctive addition is the partnership with GZCD•STAR ALLIANCE for the “Stars Gather at Star Alliance: A Global Search for Lighting” event series. Activities will include a guided tour for 40 overseas buyers, store visits by KOLs, and the “206 Hosted Buyer Program Networking Party.” Together, they will create an integrated program of exhibition matchmaking, direct sourcing at lighting malls, and social networking over cocktails.
This combination of exhibition halls and lighting malls, formal business meetings and informal networking, sets the Guzhen Lighting Fair apart. Behind the event is Guzhen’s extensive local industry. In China’s Lighting Capital, the entire town serves as a showroom, with opportunities to do business throughout the area. This is the foundation of the fair’s distinctive strength: industry concentration drives efficiency, and location creates a competitive advantage that is hard to replicate.
Highlight 5: Five Lighting Forums Address the Industry’s Challenges and Next Steps
This edition will feature five themed forums, all centered on light.
“Illuminating Prospects: Forum on Industry Trends and New Opportunities in Guzhen” will examine the reshaping of global trade and the direction of industrial policy, exploring how the industry can move from selling lighting products to providing lighting solutions and services.
The “Building Intelligence with Light, Achieving Low-Carbon Coexistence” forum will focus on green, low-carbon IoT applications, wireless AIoT lighting, and upgrades to smart manufacturing in factories.
“Expanding Markets with Light, Making Retail Breakthroughs,” a distribution alliance forum, will address declining foot traffic for dealers and encourage shared access to customer bases and joint brand initiatives among lighting malls.
“Light for All Homes, Harmonious Living,” a forum on health-focused lighting, will explore lighting environments that serve people of all ages and the standardization of lighting for older adults.
“Global Reach with Light, Profit at the Endpoints,” a practical matchmaking forum on cross-platform customer acquisition through new media and overseas expansion, will focus on AI-powered customer acquisition across new media channels and generative engine optimization (GEO).
The five events will be organized in collaboration with leading bodies including the China Association of Lighting Industry, the Guangdong Lighting Association, and the Guangdong Electronic Commerce Association. They will cover industry trends, smart manufacturing, retail channels, health-focused lighting, and overseas expansion through new media. Their themes address both where businesses should go and how to get there. Combining strategic direction with practical methods is precisely the value industry dialogue should deliver.
Highlight 6: A Networking Party Builds Industry Consensus Through Recognition
To mark its 35th edition, the fair will hold the 35th Guzhen Lighting Fair Sourcing and Supply Information Networking Dinner on the evening of October 22. The organizing committee will launch a “Gold Partners” recognition program, with awards across several categories honoring companies that have supported the fair over the long term, demonstrated sustained commitment to the industry, and excelled in their respective fields.
By recognizing exemplary businesses, the program will establish industry role models, strengthen longstanding exhibitors’ connection to the fair, and demonstrate to global buyers the industry’s commitment to quality and a strong reputation for reliability. Around 250 key guests are expected to be invited, including representatives of government, business and industry associations, industrial bases, and high-caliber exhibitor partners. With the fair as a meeting point, the dinner will help companies support one another and strengthen ties between individual businesses and the wider industry.
Highlight 7: The 2026 Short-Video & Live Creator Contest Award Ceremony and KOL Tours Test New Ways for a Traditional Trade Fair to Reach Wider Audiences
“Good Lighting in Guzhen: The 2026 Short-Video & Live Creator Contest Award Ceremony” has evolved into a year-round signature event on Douyin and WeChat Channels. It features two categories, short-form video and on-site livestreaming, with quarterly popularity awards, annual grand prizes, and other honors. Recognition, audience metrics, and cash prizes will encourage participation by industry buyers and sellers, creators, and influencers.
The “Star Scout KOL Sourcing Group” will bring together more than 30 short-video creators specializing in lighting. Through in-depth short videos and on-site livestreams, they will explore the fair and amplify its reach across their combined online channels. Campaign-related content is expected to generate more than one million impressions over the full campaign period.
The Data Foundation: A Buyer Database of Over 1.3 Million Records and Year-Round Online Exhibitions and Trade
For promotion and buyer outreach, the fair uses the IIRIS data management system to draw on more than 1.3 million global buyer records. It works with over 150 trade and general-interest media outlets and web portals, alongside a social media presence on WeChat, Douyin, Kuaishou, Xiaohongshu, and Weibo, to send multiple rounds of targeted invitations to buyers in more than 140 countries and regions. Offline, it partners with over ten industry print publications and sends promotion teams to more than 40 lighting wholesale markets across China. Outdoor advertising will also appear along Guzhen’s main roads, on shuttle buses, and on LED displays.
On the digital side, the fair’s specialized B2B trading website, Denggle.com, and its online exhibition and e-commerce platform, Denggle EZbuy, use big data and intelligent recommendations to match buyers and suppliers precisely, providing online exhibition and trading services 365 days a year. By extending a four-day fair into a year-round online presence and complementing in-person connections with data-driven matching, the Guzhen Lighting Fair is redefining the reach of a lighting exhibition, extending it beyond its physical venue and four-day run.
Since its launch in 1999, the Guzhen Lighting Fair has held 34 successful editions over 27 years. From a regional ordering fair to an international exhibition and trading platform spanning more than 1.5 million square meters, each stage of its development has kept pace with the transformation of China’s lighting industry.
As AI integration reshapes lighting products, health-focused lighting responds to people’s aspirations for a better life, and green, low-carbon practices become a requirement for access to global supply chains, the 35th Guzhen Lighting Fair offers more than seven event highlights. It presents a promising vision for the future of China’s lighting industry.
SOURCE China (Guzhen) International Lighting Fair
Technology
DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES
Published
2 hours agoon
October 17, 2026By
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, AB, Oct. 16, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) announces that it has entered into an amending agreement dated October 8, 2026 (the “Amending Agreement”) to amend the mechanics for converting accrued and unpaid interest under its unsecured convertible debentures issued on June 24, 2026 and July 17, 2026 in the aggregate principal amount of $1,608,000 and bearing interest at 10% per annum (the “Debentures”). The conversion price applicable to the principal amount of the Debentures is not affected by the amendments.
Under the Amending Agreement, the principal amount of the Debentures remains convertible, at the option of the holder, at any time on or before the maturity date into common shares of the Company (“Common Shares”) at a conversion price of $0.16 per Common Share. Accrued and unpaid interest on the Debentures remains convertible into Common Shares at the option of the holder, but at a deemed price per Common Share (the “Interest Conversion Price”) equal to the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV”) on the last trading day before the holder delivers a notice electing to convert interest (an “Interest Conversion Notice”), provided that the Interest Conversion Price will not be less than the Market Price (as defined in the policies of the TSXV) on that trading day.
An Interest Conversion Notice must be delivered within the five trading days before the date on which the applicable interest becomes payable, including on conversion of the principal amount, in which case the Interest Conversion Notice is to be delivered together with the conversion notice. Any issuance of Common Shares in satisfaction of interest is subject to the prior acceptance of the TSXV, and any interest that is not converted, or for which TSXV acceptance is not obtained, will be paid in cash. The form of conversion notice attached to the Debentures has been updated to reflect these amendments. All other terms of the Debentures remain unchanged.
The terms of the Debentures provide that they may be amended with the consent of the holders of a majority of the aggregate principal amount of the Debentures outstanding, and that all holders are bound by any amendment so approved. Holders of more than 50% of the aggregate principal amount of the outstanding Debentures have consented to the Amending Agreement. Accordingly, the amendments are binding on all holders of Debentures, whether or not they executed the Amending Agreement and whether or not replacement certificates are issued.
The amendments to the Debentures remain subject to the acceptance of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Dr. Phone Fix
Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.
NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Forward-Looking Information and Cautionary Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the acceptance of the amendments to the Debentures by the TSXV; and the conversion of principal and interest under the Debentures and the issuance of Common Shares in connection therewith. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV acceptance of the amendments to the Debentures or of any issuance of Common Shares in satisfaction of interest; market conditions and investor demand for the Company’s securities; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
SOURCE Dr. Phone Fix
Technology
Brightmoor Hospice, LLC Provides Notification of Data Security Incident
Published
3 hours agoon
October 17, 2026By
GRIFFIN, Ga., Oct. 16, 2026 /PRNewswire/ — Brightmoor Hospice, LLC (“Brightmoor”) is providing notification of a data security incident that may have impacted certain protected health information.
On or around March 25, 2026, Brightmoor Hospice, LLC (“Brightmoor”) discovered suspicious activity related to two employees’ email accounts. Upon discovery, Brightmoor took immediate action to secure the accounts and engaged a team of third-party specialists to investigate. The investigation determined that two employee email accounts were accessed without authorization between March 24, 2026, and March 25, 2026. Upon confirmation of unauthorized access, Brightmoor began a comprehensive review of the contents of the affected accounts to determine whether they contained sensitive information pertaining to individuals. On August 18, 2026, Brightmoor determined that protected health information belonging to certain patients was present within the accounts. Brightmoor then conducted a time-intensive review of its internal records to locate address information for the potentially impacted individuals. On October 16, 2026, Brightmoor began notifying individuals by mail.
The types of information vary by individual and may include name and one or more of the following: addresses, Social Security numbers, driver’s license information, dates of birth, patients’ identification numbers, diagnosis, medical history information, medical record numbers, medical treatment information, lab information, treating doctor’s name, medication information, vaccination information, medical insurance information, and family and social history information.
In response to this incident, Brightmoor worked with third-party specialists to investigate and implement additional security measures within its network. Brightmoor has no evidence of actual or attempted misuse of information as a result of this incident. Nonetheless, in an abundance of caution, Brightmoor is providing notice to potentially affected individuals and offering complimentary credit monitoring services. Individuals are also encouraged to monitor their account statements and explanation of benefits forms for suspicious activity and to detect errors. In addition, Brightmoor has notified the U.S. Health and Human Services Office for Civil Rights of this incident.
Brightmoor has established a toll-free call center to answer questions about the incident and to address related concerns. The number for the hotline is 1-800-759-8524. The hotline hours of operation are Monday through Friday from 8 AM to 8 PM EST, excluding holidays. You can also write to 3247 Newnan Rd, Griffin, GA 30223.
Brightmoor takes protecting the privacy and security of personal information seriously and is reviewing and implementing further security enhancements designed to strengthen the protection of our systems.
View original content:https://www.prnewswire.com/news-releases/brightmoor-hospice-llc-provides-notification-of-data-security-incident-302911735.html
SOURCE Brightmoor Hospice, LLC
Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry
DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES
Brightmoor Hospice, LLC Provides Notification of Data Security Incident
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