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Published: 2024-05-01 10:51:30 ET

EX-99.1 2 ef20027989_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 2024 Results and Quarterly Dividend

New York, NY, May 1, 2024......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, 2024.

Net sales for the first quarter of 2024 were $331.4 million, compared to consolidated net sales of $328.0 million during the comparable quarter in 2023. Earnings from continuing operations for the first quarter of 2024 were $9.9 million or $0.44 per diluted share, compared to $12.7 million or $0.57 per diluted share in the first quarter of 2023. 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 2024 were $10.0 million or $0.45 per diluted share, compared to $13.4 million or $0.61 per diluted share in the first quarter of 2023.

Mr. Eric Sills, Standard Motor Products’ Chief Executive Officer and President stated, “Our first quarter experienced mixed results. We are pleased with our record-setting top line performance as sales increased 1% against last year’s first quarter, rebounding from the sluggish sales we saw at the end of 2023. However, as expected, we continued to experience headwinds across various cost inputs, causing a drag on our profitability.”

By segment, Vehicle Control sales were up 0.5% against a difficult comparison of over 4% growth last year, as customers returned to more normalized ordering patterns after a slowdown in the fourth quarter of last year.

Turning to Temperature Control, sales declined 1.1% versus the same quarter last year. However, this is mainly due to the timing of pre-season orders which can always shift between periods. Ultimately, as a seasonal business, our annual results will be determined by the degree and duration of hot weather the country experiences, and therefore early results are not indicative of the full year.

Engineered Solutions sales increased 4.5% over last year’s first quarter, setting a single quarter record for this segment, as our traction with new and existing customers continues to build. We remain encouraged with our progress in winning new business and the overall opportunity we see in terms of long-term sales growth.

Looking at profitability, our Adjusted EBITDA margin was 6.9% in the quarter vs. 8.8% last year. Excluding $1.1 million of start-up costs related to our new distribution center in Shawnee, KS, Adjusted EBITDA was 7.2% in the quarter. Within the combined Aftermarket segments, Adjusted EBITDA was helped by a 40 basis point gross margin improvement, but was offset by $1.0 million of higher factoring costs, as well as inflation in other SG&A expenses. Adjusted EBITDA in Engineered Solutions was down primarily due to a lower gross margin in the quarter, which was impacted by inflationary cost increases and some unfavorable changes in mix of sales.

Our sales and profit expectations for the full year of 2024 remain unchanged. We anticipate sales growth will be flat to low single digits, and Adjusted EBITDA will be in a range of 9.0% to 9.5%. As previously discussed, we expect to incur roughly $5 million of added costs in 2024 as compared to 2023 for our new distribution center in Shawnee, KS, related to increased rent as well as redundancy expenses as we transition away from our Edwardsville, KS distribution center. Additionally, we anticipate approximately $25 million in capital expenditures as we outfit the new facility. We are pleased to have successfully begun the first phase of shipping from our new DC, and are optimistic about the benefits it will bring once fully implemented. It will provide SMP with expanded capacity for future growth, mitigate risk through a multi-point distribution strategy, and improve product delivery times in certain geographies.

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 3, 2024 to stockholders of record on May 15, 2024. Additionally, we purchased $2.6 million of common stock under our existing $30 million share repurchase authorization during the quarter. From the end of the first quarter through April 29, 2024, we purchased an additional $3.5 million of common stock, leaving our remaining authorization under the current program at $23.9 million.

In closing, Mr. Sills commented, “As we look to the long term, we remain optimistic about both of our end markets. The fundamental trends in the aftermarket are favorable – a growing and aging car parc, a return to historical miles driven, and the high cost of new vehicles should lead to ongoing demand for parts, especially in non-discretionary categories such as ours. Our Engineered Solutions business continues to grow globally as we become known as a capable high-quality supplier, and opportunities continue to present themselves. And while near-term cost pressures persist, we are excited for 2024 and beyond, and we thank our employees that make all of this possible.”

Conference Call

Standard Motor Products, Inc. will hold a conference call at 11:00 AM, Eastern Time, on Wednesday, May 1, 2024. 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 2024 Earnings Webcast link. Investors may also listen to the call by dialing 800-267-6316 (domestic) or 203-518-9783 (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 888-215-1535 (domestic) or 402-220-4940 (international).

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,
	2024			2023
	(Unaudited)
NET SALES	$	331,403		$	328,028

COST OF SALES		241,881			236,761

GROSS PROFIT		89,522			91,267

SELLING, GENERAL & ADMINISTRATIVE EXPENSES		74,733			69,633
RESTRUCTURING AND INTEGRATION EXPENSES		192			912
OTHER INCOME, NET		22			24

OPERATING INCOME		14,619			20,746

OTHER NON-OPERATING INCOME, NET		819			225

INTEREST EXPENSE		2,067			3,862

EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES		13,371			17,109

PROVISION FOR INCOME TAXES		3,342			4,372

EARNINGS FROM CONTINUING OPERATIONS		10,029			12,737

LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(1,039	)		(780	)

NET EARNINGS		8,990			11,957

NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST		166			39

NET EARNINGS ATTRIBUTABLE TO SMP (a)	$	8,824		$	11,918


NET EARNINGS ATTRIBUTABLE TO SMP
EARNINGS FROM CONTINUING OPERATIONS	$	9,863		$	12,698
LOSS FROM DISCONTINUED OPERATION, NET OF INCOME TAXES		(1,039	)		(780	)
TOTAL	$	8,824		$	11,918

NET EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SMP
BASIC EARNINGS FROM CONTINUING OPERATIONS	$	0.45		$	0.59
DISCONTINUED OPERATION		(0.05	)		(0.04	)
NET EARNINGS PER COMMON SHARE - BASIC	$	0.40		$	0.55


DILUTED EARNINGS FROM CONTINUING OPERATIONS	$	0.44		$	0.57
DISCONTINUED OPERATION		(0.05	)		(0.03	)
NET EARNINGS PER COMMON SHARE - DILUTED	$	0.39		$	0.54

WEIGHTED AVERAGE NUMBER OF COMMON SHARES		21,923,830			21,609,618
WEIGHTED AVERAGE NUMBER OF COMMON AND DILUTIVE SHARES		22,372,543			22,097,750

(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,
	2024					2023
	(Unaudited)
Revenues
Engine Management (Ignition, Emissions and Fuel Delivery)	$	116,085				$	116,083
Electrical and Safety		52,407					51,804
Wire sets and other		17,032					16,690
Vehicle Control		185,524					184,577

AC System Components		49,960					50,798
Other Thermal Components		21,648					21,608
Temperature Control		71,608					72,406

Commercial Vehicle		22,908					20,232
Construction / Agriculture		10,076					11,692
Light Vehicle		21,803					23,019
All Other		19,484					16,102
Engineered Solutions		74,271					71,045

Revenues	$	331,403				$	328,028

Gross Margin
Vehicle Control	$	58,899		31.7	%	$	58,472		31.7	%
Temperature Control		19,689		27.5	%		19,155		26.5	%
Engineered Solutions		10,934		14.7	%		13,640		19.2	%
All Other		-					-
Gross Margin	$	89,522		27.0	%	$	91,267		27.8	%

Selling, General & Administrative
Vehicle Control	$	43,258		23.3	%	$	40,836		22.1	%
Temperature Control		17,600		24.6	%		16,528		22.8	%
Engineered Solutions		8,691		11.7	%		7,909		11.1	%
All Other		5,184					4,360
Selling, General & Administrative	$	74,733		22.6	%	$	69,633		21.2	%

Operating Income
Vehicle Control	$	15,641		8.4	%	$	17,636		9.6	%
Temperature Control		2,089		2.9	%		2,627		3.6	%
Engineered Solutions		2,243		3.0	%		5,731		8.1	%
All Other		(5,184	)				(4,360	)
Subtotal	$	14,789		4.5	%	$	21,634		6.6	%
Restructuring & Integration		(192	)	-0.1	%		(912	)	-0.3	%
Other Income, Net		22		0.0	%		24		0.0	%
Operating Income	$	14,619		4.4	%	$	20,746		6.3	%

STANDARD MOTOR PRODUCTS, INC.

Reconciliation of GAAP and Non-GAAP Measures

(In thousands, except per share amounts)

	THREE MONTHS ENDED
	MARCH 31,
	2024			2023
	(Unaudited)
EARNINGS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP EARNINGS FROM CONTINUING OPERATIONS	$	9,863		$	12,698

RESTRUCTURING AND INTEGRATION EXPENSES		192			912
INCOME TAX EFFECT RELATED TO RECONCILING ITEMS		(50	)		(237	)
NON-GAAP EARNINGS FROM CONTINUING OPERATIONS	$	10,005		$	13,373

DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS ATTRIBUTABLE TO SMP

GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.44		$	0.57

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

NON-GAAP DILUTED EARNINGS PER SHARE FROM CONTINUING OPERATIONS	$	0.45		$	0.61

OPERATING INCOME

GAAP OPERATING INCOME	$	14,619		$	20,746

RESTRUCTURING AND INTEGRATION EXPENSES		192			912
OTHER INCOME, NET		(22	)		(24	)	LAST TWELVE MONTHS ENDED				YEAR ENDED
							MARCH 31,				DECEMBER 31,
NON-GAAP OPERATING INCOME	$	14,789		$	21,634		2024		2023		2023
							(Unaudited)
EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	13,371		$	17,109		$	77,978	$	87,882	$	81,716

DEPRECIATION AND AMORTIZATION		7,301			7,082			29,241		28,428		29,022
INTEREST EXPENSE		2,067			3,862			11,492		13,674		13,287
EBITDA		22,739			28,053			118,711		129,984		124,025

RESTRUCTURING AND INTEGRATION EXPENSES		192			912			1,922		2,762		2,642
CUSTOMER BANKRUPTCY CHARGE		-			-			-		7,002		-
SPECIAL ITEMS		192			912			1,922		9,764		2,642

EBITDA WITHOUT SPECIAL ITEMS	$	22,931		$	28,965		$	120,633	$	139,748	$	126,667

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, 2024
	Vehicle Control			Temperature Control			Engineered Solutions			All Other			Consolidated
	(Unaudited)
OPERATING INCOME

GAAP OPERATING INCOME	$	15,540		$	2,031		$	2,232		$	(5,184	)	$	14,619

RESTRUCTURING AND INTEGRATION EXPENSES		101			58			33			-			192
OTHER INCOME, NET		-			-			(22	)		-			(22	)

NON-GAAP OPERATING INCOME	$	15,641		$	2,089		$	2,243		$	(5,184	)	$	14,789

EBITDA WITHOUT SPECIAL ITEMS

GAAP EARNINGS FROM CONTINUING OPERATIONS BEFORE TAXES	$	14,315		$	1,888		$	2,346		$	(5,178	)	$	13,371

DEPRECIATION AND AMORTIZATION		3,525			898			2,469			409			7,301
INTEREST EXPENSE		1,427			531			664			(555	)		2,067
EBITDA		19,267			3,317			5,479			(5,324	)		22,739

RESTRUCTURING AND INTEGRATION EXPENSES		101			58			33			-			192
SPECIAL ITEMS		101			58			33			-			192

EBITDA WITHOUT SPECIAL ITEMS	$	19,368		$	3,375		$	5,512		$	(5,324	)	$	22,931
% of Net Sales		10.4	%		4.7	%		7.4	%					6.9	%

(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	%

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		MARCH		DECEMBER
	2024		2023		2023
	(Unaudited)		(Unaudited)

ASSETS

CASH AND CASH EQUIVALENTS	$	27,113	$	24,196	$	32,526

ACCOUNTS RECEIVABLE, GROSS		212,224		216,617		168,327
ALLOWANCE FOR EXPECTED CREDIT LOSSES		8,284		5,816		8,045
ACCOUNTS RECEIVABLE, NET		203,940		210,801		160,282

INVENTORIES		520,702		522,039		507,075
UNRETURNED CUSTOMER INVENTORY		18,007		20,626		18,240
OTHER CURRENT ASSETS		26,674		26,192		26,100

TOTAL CURRENT ASSETS		796,436		803,854		744,223

PROPERTY, PLANT AND EQUIPMENT, NET		124,822		107,123		121,872
OPERATING LEASE RIGHT-OF-USE ASSETS		102,060		74,291		100,065
GOODWILL		134,624		132,289		134,729
OTHER INTANGIBLES, NET		90,000		98,389		92,308
DEFERRED INCOME TAXES		40,241		33,893		40,533
INVESTMENT IN UNCONSOLIDATED AFFILIATES		24,751		42,719		24,050
OTHER ASSETS		38,627		27,462		35,267

TOTAL ASSETS	$	1,351,561	$	1,320,020	$	1,293,047

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT PORTION OF REVOLVING CREDIT FACILITY	$	-	$	52,600	$	-
CURRENT PORTION OF TERM LOAN AND OTHER DEBT		5,030		5,014		5,029
ACCOUNTS PAYABLE		98,293		94,372		107,455
ACCRUED CUSTOMER RETURNS		47,220		42,153		38,238
ACCRUED CORE LIABILITY		17,438		21,319		18,399
ACCRUED REBATES		45,191		39,657		42,278
PAYROLL AND COMMISSIONS		27,326		24,268		29,561
SUNDRY PAYABLES AND ACCRUED EXPENSES		58,714		42,041		63,303

TOTAL CURRENT LIABILITIES		299,212		321,424		304,263

LONG-TERM DEBT		209,872		215,487		151,182
NONCURRENT OPERATING LEASE LIABILITY		90,667		65,319		88,974
ACCRUED ASBESTOS LIABILITIES		68,985		60,820		72,013
OTHER LIABILITIES		27,704		24,298		25,742

TOTAL LIABILITIES		696,440		687,348		642,174

TOTAL SMP STOCKHOLDERS' EQUITY		639,150		621,644		635,064
NONCONTROLLING INTEREST		15,971		11,028		15,809
TOTAL STOCKHOLDERS' EQUITY		655,121		632,672		650,873

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	1,351,561	$	1,320,020	$	1,293,047

STANDARD MOTOR PRODUCTS, INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

	THREE MONTHS ENDED
	MARCH 31,
	2024			2023
	(Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

NET EARNINGS	$	8,990		$	11,957
ADJUSTMENTS TO RECONCILE NET EARNINGS TO NET CASH
USED IN OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION		7,301			7,082
OTHER		3,511			4,587
CHANGE IN ASSETS AND LIABILITIES:
ACCOUNTS RECEIVABLE		(43,978	)		(42,617	)
INVENTORY		(14,670	)		6,195
ACCOUNTS PAYABLE		(9,274	)		4,809
PREPAID EXPENSES AND OTHER CURRENT ASSETS		1,649			1,165
SUNDRY PAYABLES AND ACCRUED EXPENSES		3,988			(10,656	)
OTHER		(3,233	)		(2,964	)
NET CASH USED IN OPERATING ACTIVITIES		(45,716	)		(20,442	)

CASH FLOWS FROM INVESTING ACTIVITIES

CAPITAL EXPENDITURES		(10,086	)		(4,363	)
OTHER INVESTING ACTIVITIES		15			13
NET CASH USED IN INVESTING ACTIVITIES		(10,071	)		(4,350	)

CASH FLOWS FROM FINANCING ACTIVITIES

NET CHANGE IN DEBT		58,692			33,478
PURCHASE OF TREASURY STOCK		(2,235	)		-
DIVIDENDS PAID		(6,392	)		(6,261	)
OTHER FINANCING ACTIVITIES		315			125
NET CASH PROVIDED BY FINANCING ACTIVITIES		50,380			27,342

EFFECT OF EXCHANGE RATE CHANGES ON CASH		(6	)		496
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,413	)		3,046
CASH AND CASH EQUIVALENTS at beginning of period		32,526			21,150
CASH AND CASH EQUIVALENTS at end of period	$	27,113		$	24,196

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.
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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.