Enhanced Investments - Financial Portal

Published: 2023-05-03 00:00:00 ET

EX-99.1 2 brhc20052369_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release
	For more information, contact:
	Anthony (Tony) Cristello
	Standard Motor Products, Inc.
	(972) 316-8107
	tony.cristello@smpcorp.com

Standard Motor Products, Inc. Announces

First Quarter 2023 Results

New York, NY, May 3, 2023......Standard Motor Products, Inc. (NYSE: SMP), a leading automotive parts manufacturer and distributor, reported today its consolidated financial results for the three months ended March 31, 2023.

Net sales for the first quarter of 2023 were $328.0 million, compared to consolidated net sales of $322.8 million during the comparable quarter in 2022. Earnings from continuing operations for the first quarter of 2023 were $12.7 million or $0.57 per diluted share, compared to $20.6 million or $0.91 per diluted share in the first quarter of 2022. Excluding non-operational gains and losses identified on the attached reconciliation of GAAP and non-GAAP measures, earnings from continuing operations for the first quarter of 2023 were $13.4 million or $0.61 per diluted share, compared to $20.6 million or $0.92 per diluted share in the first quarter of 2022.

Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “We are pleased with our first quarter results, as sales increased 1.6% against a difficult comparison, as last year’s first quarter was up 17% from the previous year.”

By segment, Vehicle Control sales were up 4.1% in the quarter, reflecting continued strength in demand within the aftermarket. Our customers’ POS throughout the quarter also remained favorable, which bodes well for future demand.

Turning to Temperature Control, sales declined a modest 0.9% versus the almost 30% growth experienced during the same quarter last year. As a seasonal business, first quarter sales are heavily dependent on customer preseason ordering patterns, and therefore not indicative of the full year.

Engineered Solutions sales were 2% lower than last year’s first quarter, but 5% higher than the quarterly average sales level achieved in 2022. We expect this segment to be slightly lumpy quarter to quarter as a result of changes in customer order patterns. Based upon customer interest, we continue to believe long-term sales growth will be strong, though revenue growth from business wins is not linear.

Looking at profitability, consolidated non-GAAP operating profit margin was 6.6% in the quarter versus 8.3% in the first quarter last year. The decline in profit of $5.3 million was mainly the result of a $5.5 million increase in customer factoring program expense over last year, due to rising interest rates. Excluding these incremental factoring costs, our operating expenses would have been flat year over year at 19.5% of net sales. Adjusted EBITDA margin was 8.8% in the quarter versus 11.0% last year and was impacted by the above-mentioned factoring expense. We continue to implement both pricing and cost savings initiatives to help offset rising interest cost increases and lingering inflationary pressures on certain commodities and labor expense.

Our sales and profit expectations for the full year of 2023 remain unchanged with top line sales growth expected to be in the low single digits with an Adjusted EBITDA margin of approximately 10% of revenue, assuming current interest rates.

As part of our commitment to return value to shareholders, the Board of Directors has approved payment of a quarterly dividend of 29 cents per share on the common stock outstanding, which will be paid on June 1, 2023 to stockholders of record on May 15, 2023.

As we recently announced, we are pleased to have published our 2022 Corporate Sustainability report. This report outlines our commitment to being environmentally and socially responsible, and highlights the noticeable progress we have made to date. We remain committed to leveraging sustainability as a catalyst for positive change both within our organization and in the communities within which we operate.

In closing, Mr. Sills commented, “While uncertainty remains, we continue to be bullish on all of our markets. The aftermarket has a long history of stability in challenging economic times, and while still relatively new to us, we are excited about where we are heading with our Engineered Solutions business and the attention it has been getting from its customer base. We will continue to look for ways to drive growth, offset rising costs and deliver increasing value to all our customers and stakeholders alike.”

Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, May 3, 2023. This call will be web cast and can be accessed on the Investor Relations page of our website at www.smpcorp.com and clicking on the SMP Q1 2023 Earnings Webcast link. Investors may also listen to the call by dialing 800-225-9448 (domestic) or 203-518-9708 (international). Our playback will be made available for dial in immediately following the call. For those choosing to listen to the replay by webcast, the link should be active on our website within 24 hours after the call. The playback number is 800-934-4245 (domestic) or 402-220-1173 (international). The participant passcode is 94640.

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Standard Motor Products cautions investors that any forward-looking statements made by the company, including those that may be made in this press release, are based on management’s expectations at the time they are made, but they are subject to risks and uncertainties that may cause actual results, events or performance to differ materially from those contemplated by such forward looking statements. Among the factors that could cause actual results, events or performance to differ materially from those risks and uncertainties discussed in this press release are those detailed from time-to-time in prior press releases and in the company’s filings with the Securities and Exchange Commission, including the company’s annual report on Form 10-K and quarterly reports on Form 10-Q. By making these forward-looking statements, Standard Motor Products undertakes no obligation or intention to update these statements after the date of this release.

STANDARD MOTOR PRODUCTS, INC.

Consolidated Statements of Operations

(In thousands, except per share amounts)

	THREE MONTHS ENDED MARCH 31,
	2023					2022
	(Unaudited)
NET SALES	$	328,028		100.0	%	$	322,831		100.0	%

COST OF SALES		236,761		72.2	%		232,991		72.2	%

GROSS PROFIT		91,267		27.8	%		89,840		27.8	%

SELLING, GENERAL & ADMINISTRATIVE EXPENSES		69,633		21.2	%		62,884		19.5	%
RESTRUCTURING AND INTEGRATION EXPENSES		912		0.3	%		41		0.0	%
OTHER INCOME, NET		24		0.0	%		-		0.0	%

OPERATING INCOME		20,746		6.3	%		26,915		8.3	%

OTHER NON-OPERATING INCOME, NET		225		0.1	%		1,449		0.4	%

INTEREST EXPENSE		3,862		1.2	%		805		0.2	%

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		17,109		5.2	%		27,559		8.5	%

PROVISION FOR INCOME TAXES		4,372		1.3	%		7,005		2.2	%

EARNINGS FROM CONTINUING OPERATIONS		12,737		3.9	%		20,554		6.4	%

LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(780	)	-0.2	%		(1,116	)	-0.3	%

NET EARNINGS		11,957		3.6	%		19,438		6.0	%

NET EARNINGS (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTEREST		39		0.0	%		(8	)	0.0	%

NET EARNINGS ATTRIBUTABLE TO SMP (a)	$	11,918		3.6	%	$	19,446		6.0	%

NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS	$	12,698		3.9	%	$	20,562		6.4	%
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(780	)	-0.2	%		(1,116	)	-0.3	%
TOTAL	$	11,918		3.6	%	$	19,446		6.0	%

NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
BASIC EARNINGS FROM CONTINUING OPERATIONS	$	0.59				$	0.94
DISCONTINUED OPERATION		(0.04	)				(0.06	)
NET EARNINGS PER COMMON SHARE - BASIC	$	0.55				$	0.88

DILUTED EARNINGS FROM CONTINUING OPERATIONS	$	0.57				$	0.91
DISCONTINUED OPERATION		(0.03	)				(0.04	)
NET EARNINGS PER COMMON SHARE - DILUTED	$	0.54				$	0.87

WEIGHTED AVERAGE NUMBER OF COMMON SHARES		21,609,618					21,978,507
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		22,097,750					22,477,819

(a) "SMP" refers to Standard Motor Products, Inc. and subsidiaries.

STANDARD MOTOR PRODUCTS, INC.

Segment Revenues and Operating Profit

(In thousands)
	THREE MONTHS ENDED March 31,
	2023				2022
	(Unaudited)
Revenues
Engine Management (Ignition, Emissions and Fuel Delivery)	$	116,083			$	109,149
Electrical and Safety		51,804				52,257
Wire sets and other		16,690				15,858
Vehicle Control		184,577				177,264

AC System Components		45,752				47,374
Other Thermal Components		26,654				25,684
Temperature Control		72,406				73,058

Commercial Vehicle		19,857				21,451
Construction / Agriculture		12,795				10,984
Light Vehicle		22,966				26,075
All Other		15,427				13,999
Engineered Solutions		71,045				72,509

Revenues	$	328,028			$	322,831

Gross Margin
Vehicle Control	$	58,472		31.7%	$	55,424		31.3%
Temperature Control		19,155		26.5%		19,488		26.7%
Engineered Solutions		13,640		19.2%		14,928		20.6%
All Other		-				-
Gross Margin	$	91,267		27.8%	$	89,840		27.8%

Selling, General & Administrative
Vehicle Control	$	40,836		22.1%	$	35,039		19.8%
Temperature Control		16,528		22.8%		15,326		21.0%
Engineered Solutions		7,909		11.1%		8,640		11.9%
All Other		4,360				3,879
Selling, General & Administrative	$	69,633		21.2%	$	62,884		19.5%

Operating Income
Vehicle Control	$	17,636		9.6%	$	20,385		11.5%
Temperature Control		2,627		3.6%		4,162		5.7%
Engineered Solutions		5,731		8.1%		6,288		8.7%
All Other		(4,360	)			(3,879	)
Subtotal	$	21,634		6.6%	$	26,956		8.3%
Restructuring & Integration		(912	)	-0.3%		(41	)	0.0%
Other Income, Net		24		0.0%		-		0.0%
Operating Income	$	20,746		6.3%	$	26,915		8.3%

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)
	THREE MONTHS ENDED MARCH 31,
	2023			2022
	(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP EARNINGS FROM CONTINUING OPERATIONS	$	12,698		$	20,562

RESTRUCTURING AND INTEGRATION EXPENSES		912			41
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		(237	)		(11	)
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS	$	13,373		$	20,592

DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.57		$	0.91

RESTRUCTURING AND INTEGRATION EXPENSES		0.04			0.01
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		-			-

NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.61		$	0.92

OPERATING INCOME

GAAP OPERATING INCOME	$	20,746		$	26,915

RESTRUCTURING AND INTEGRATION EXPENSES		912			41
OTHER INCOME, NET		(24	)		-		LAST TWELVE MONTHS ENDED				YEAR ENDED
							MARCH 31,				DECEMBER 31,
NON-GAAP OPERATING INCOME	$	21,634		$	26,956			2023		2022		2022
							(Unaudited)
EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	17,109		$	27,559		$	87,882	$	128,274	$	98,332

DEPRECIATION AND AMORTIZATION		7,082			6,952			28,428		27,681		28,298
INTEREST EXPENSE		3,862			805			13,674		2,624		10,617
EBITDA		28,053			35,316			129,984		158,579		137,247

RESTRUCTURING AND INTEGRATION EXPENSES		912			41			2,762		433		1,891
CUSTOMER BANKRUPTCY CHARGE		-			-			7,002		-		7,002
ONE-TIME ACQUISITION COSTS		-			-			-		1,711		-
SPECIAL ITEMS		912			41			9,764		2,144		8,893

EBITDA WITHOUT SPECIAL ITEMS	$	28,965		$	35,357		$	139,748	$	160,723	$	146,140

MANAGEMENT BELIEVES THAT NON-GAAP EARNINGS FROM CONTINUING OPERATIONS AND NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS WHICH ARE ATTRIBUTABLE TO SMP, AND NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures by Segments

(In thousands)	THREE MONTHS ENDED MARCH 31, 2023
	Vehicle Control			Temperature Control			Engineered Solutions			All Other			Consolidated
	(Unaudited)
OPERATING INCOME

GAAP OPERATING INCOME	$	17,375		$	2,084		$	5,647		$	(4,360	)	$	20,746

RESTRUCTURING AND INTEGRATION EXPENSES		285			543			84			-			912
OTHER INCOME, NET		(24	)		-			-			-			(24	)

NON-GAAP OPERATING INCOME	$	17,636		$	2,627		$	5,731		$	(4,360	)	$	21,634

EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	15,057		$	1,105		$	5,286		$	(4,339	)	$	17,109

DEPRECIATION AND AMORTIZATION		3,412			763			2,481			426			7,082
INTEREST EXPENSE		2,741			893			359			(131	)		3,862
EBITDA		21,210			2,761			8,126			(4,044	)		28,053

RESTRUCTURING AND INTEGRATION EXPENSES		285			543			84			-			912
SPECIAL ITEMS		285			543			84			-			912

EBITDA WITHOUT SPECIAL ITEMS	$	21,495		$	3,304		$	8,210		$	(4,044	)	$	28,965
% of Net Sales		11.6	%		4.6	%		11.6	%					8.8	%

	THREE MONTHS ENDED MARCH 31, 2022
	Vehicle Control			Temperature Control			Engineered Solutions			All Other			Consolidated
	(Unaudited)
OPERATING INCOME

GAAP OPERATING INCOME	$	20,344		$	4,162		$	6,288		$	(3,879	)	$	26,915

RESTRUCTURING AND INTEGRATION EXPENSES		41			-			-			-			41
OTHER INCOME, NET		-			-			-			-			-

NON-GAAP OPERATING INCOME	$	20,385		$	4,162		$	6,288		$	(3,879	)	$	26,956

EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	20,366		$	4,480		$	6,578		$	(3,865	)	$	27,559

DEPRECIATION AND AMORTIZATION		3,417			680			2,458			397			6,952
INTEREST EXPENSE		575			160			146			(76	)		805
EBITDA		24,358			5,320			9,182			(3,544	)		35,316

RESTRUCTURING AND INTEGRATION EXPENSES		41			-			-			-			41
SPECIAL ITEMS		41			-			-			-			41

EBITDA WITHOUT SPECIAL ITEMS	$	24,399		$	5,320		$	9,182		$	(3,544	)	$	35,357
% of Net Sales		13.8	%		7.3	%		12.7	%					11.0	%

MANAGEMENT BELIEVES THAT NON-GAAP OPERATING INCOME AND EBITDA WITHOUT SPECIAL ITEMS, EACH OF WHICH ARE NON-GAAP MEASUREMENTS AND ARE ADJUSTED FOR SPECIAL ITEMS, ARE MEANINGFUL TO INVESTORS BECAUSE THEY PROVIDE A VIEW OF THE COMPANY WITH RESPECT TO ONGOING OPERATING RESULTS. SPECIAL ITEMS REPRESENT SIGNIFICANT CHARGES OR CREDITS THAT ARE IMPORTANT TO AN UNDERSTANDING OF THE COMPANY'S OVERALL OPERATING RESULTS IN THE PERIODS PRESENTED. SUCH NON-GAAP MEASUREMENTS ARE NOT RECOGNIZED IN ACCORDANCE WITH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND SHOULD NOT BE VIEWED AS AN ALTERNATIVE TO GAAP MEASURES OF PERFORMANCE.

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Balance Sheets

(In thousands)

	MARCH 2023		MARCH 2022		DECEMBER 2022
	(Unaudited)		(Unaudited)

ASSETS

CASH	$	24,196	$	19,999	$	21,150

ACCOUNTS RECEIVABLE, GROSS		216,617		231,963		173,013
ALLOWANCE FOR EXPECTED CREDIT LOSSES		5,816		6,660		5,375
ACCOUNTS RECEIVABLE, NET		210,801		225,303		167,638

INVENTORIES		522,039		534,421		528,715
UNRETURNED CUSTOMER INVENTORY		20,626		22,221		19,695
OTHER CURRENT ASSETS		26,192		17,471		25,241

TOTAL CURRENT ASSETS		803,854		819,415		762,439

PROPERTY, PLANT AND EQUIPMENT, NET		107,123		102,984		107,148
OPERATING LEASE RIGHT-OF-USE ASSETS		74,291		42,116		49,838
GOODWILL		132,289		131,538		132,087
OTHER INTANGIBLES, NET		98,389		104,344		100,504
DEFERRED INCOME TAXES		33,893		35,964		33,658
INVESTMENT IN UNCONSOLIDATED AFFILIATES		42,719		45,518		41,745
OTHER ASSETS		27,462		28,530		27,510

TOTAL ASSETS	$	1,320,020	$	1,310,409	$	1,254,929

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT PORTION OF REVOLVING CREDIT FACILITY	$	52,600	$	245,450	$	50,000
CURRENT PORTION OF TERM LOAN AND OTHER DEBT		5,014		3,235		5,031
ACCOUNTS PAYABLE		94,372		139,392		89,247
ACCRUED CUSTOMER RETURNS		42,153		46,085		37,169
ACCRUED CORE LIABILITY		21,319		23,513		22,952
ACCRUED REBATES		39,657		42,606		37,381
PAYROLL AND COMMISSIONS		24,268		31,972		31,361
SUNDRY PAYABLES AND ACCRUED EXPENSES		42,041		45,875		49,990

TOTAL CURRENT LIABILITIES		321,424		578,128		323,131

LONG-TERM DEBT		215,487		-		184,589
NONCURRENT OPERATING LEASE LIABILITY		65,319		32,281		40,709
ACCRUED ASBESTOS LIABILITIES		60,820		51,909		63,305
OTHER LIABILITIES		24,298		25,178		22,157

TOTAL LIABILITIES		687,348		687,496		633,891

TOTAL SMP STOCKHOLDERS' EQUITY		621,644		611,871		610,020
NONCONTROLLING INTEREST		11,028		11,042		11,018
TOTAL STOCKHOLDERS' EQUITY		632,672		622,913		621,038

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,320,020	$	1,310,409	$	1,254,929

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

	THREE MONTHS ENDED MARCH 31,
	2023			2022
	(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

NET EARNINGS	$	11,957		$	19,438
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
USED IN OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		7,082			6,952
OTHER		4,587			4,374
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE		(42,617	)		(44,706	)
INVENTORY		6,195			(67,662	)
ACCOUNTS PAYABLE		4,809			1,942
PREPAID EXPENSES AND OTHER CURRENT ASSETS		1,165			2,171
SUNDRY PAYABLES AND ACCRUED EXPENSES		(10,656	)		(21,226	)
OTHER		(2,964	)		(5,245	)
NET CASH USED IN OPERATING ACTIVITIES		(20,442	)		(103,962	)

CASH FLOWS FROM INVESTING ACTIVITIES

CAPITAL EXPENDITURES		(4,363	)		(6,449	)
OTHER INVESTING ACTIVITIES		13			-
NET CASH USED IN INVESTING ACTIVITIES		(4,350	)		(6,449	)

CASH FLOWS FROM FINANCING ACTIVITIES

NET CHANGE IN DEBT		33,478			120,340
PURCHASE OF TREASURY STOCK		-			(6,517	)
DIVIDENDS PAID		(6,261	)		(5,935	)
OTHER FINANCING ACTIVITIES		125			444
NET CASH PROVIDED BY FINANCING ACTIVITIES		27,342			108,332

EFFECT OF EXCHANGE RATE CHANGES ON CASH		496			323
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		3,046			(1,756	)
CASH AND CASH EQUIVALENTS at beginning of period		21,150			21,755
CASH AND CASH EQUIVALENTS at end of period	$	24,196		$	19,999

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
Results for the Enhanced Investments strategies as compared to the performance of Illustrative Benchmarks is for informational purposes only. Our investment program does not mirror that of the Illustrative Benchmarks and the volatility may be materially different from the volatility of Illustrative Benchmarks. Reference or comparison to an Illustrative Benchmark does not imply that strategies of Enhanced Investments will be constructed in the same way as the Illustrative Benchmark or achieve returns, volatility, or other results similar to those of the Illustrative Benchmark. The S&P 500 is an unmanaged market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance.
Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.