Day: May 3, 2022

Forbes Names N2Growth Near the Top of the 2022 List of Best Executive Recruiting Firms for the Sixth Consecutive Year

PHILADELPHIA, May 03, 2022 (GLOBE NEWSWIRE) — N2Growth, a global leader in human and organizational performance and executive search firm, announced today that it was named to the Forbes 2022 list of America’s Best Executive Recruiting Firms for the sixth consecutive year, entering the top 10.

Kelli Vukelic, Chief Executive Officer at N2Growth, said, “Exceptional achievements are never the result of chance. It is always the result of high intention, sincere effort, intelligent direction, and skillful execution. The N2Growth team strives for excellence every day, as seen by the quality of their actions with clients and the integrity of our intent to challenge industry norms for the benefit of extraordinary and distinct client outcomes. Every year, this recognition for our firm is so meaningful to us as our clients and candidates take the time to recognize our team’s hard work and unwavering determination on their behalf.”

Forbes partnered with analytics firm Statista to survey 31,000 recruiters and 6,900 job candidates, and hiring managers who had worked with recruitment agencies. Respondents were asked to nominate up to 10 recruiting firms in the executive and professional search categories, and those working in firms were not able to vote for themselves. Approximately 22,400 nominations were considered in the final analysis, and firms with the most recommendations ranked highest on the list.

The Forbes Best Executive Recruiting Firms list is based on nominations from survey participants in three target groups:

• External recruiters (e. g., headhunters, HR consultants, staffing experts)
• HR managers/hiring managers from companies as clients of recruiting firms
• Candidates who have had experience with a recruiting firm (e. g., obtained a position)

The 2022 award consists of 200 Executive Search Firms, and N2Growth has been named at the top of the list by Forbes. This year’s ranking is the latest of several accolades that N2Growth has received in 2022. Earlier this year, Hunt Scanlon ranked N2Growth amongst the Global 40 best executive recruiting firms and the Top 50 Healthcare & Life Sciences executive search firms.

About N2Growth

N2Growth is a global leadership consulting and executive search firm with practices serving all industries and functions. Consistently ranked amongst Forbes’ Best Executive Recruiting Firms, N2Growth serves more than 50 markets across the Americas, EMEA, and APAC.

Media Inquiries:
Dan Evans
Chief Marketing Officer, N2Growth
press@n2growth.com

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Makersite, the digital twin SaaS platform, enters into a partnership with Beroe Inc., to mitigate supply chain disruptions, which cost organizations an average of 184 million U.S. dollars per year.

STUTTGART, Germany, May 03, 2022 (GLOBE NEWSWIRE) — Makersite, the digital twin SaaS platform based in Germany, enters into a partnership with Beroe Inc., a global SaaS-based procurement intelligence and analytics provider, to enable manufacturers to build resilient product supply chains using intelligent data mapping and AI.

Supply chain disruptions are an economic hardship, costing organizations around the world an average of 184 million U.S. dollars per year according to a 2021 survey by Statista.

Makersite’s solution to uncover entire product supply chains combined with Beroe’s market intelligence delivers procurement and sourcing professionals the first solution to provide full transparency of their supply chains and the tooling to understand and anticipate threats and dependencies. The partnership enables procurement teams to quickly consider alternatives for suppliers, sourcing location, materials, and thus reduce the impact of disruption.

“Most risk takes place in tier 2+ suppliers, but 65% of companies do not have the visibility. By combining Beroe’s live supply chain events and Makersite’s deep-tier models, procurement and supply chain professionals are now equipped with the first solution to provide detailed, multi-tier views of risk with real-time decision support. Placing them in the best position to master the supply chain risks of this challenging decade,” said Neil D’Souza, CEO of Makersite

This first-of-a-kind AI-powered solution has been built for procurement and sourcing professionals to act fast on complex supply chain challenges and stay ahead of the competition.

“We are delighted to be partnering with Makersite to enable a more transparent view of supply chain on Beroe LiVE.Ai and helping organizations build a more resilient supply chain. Our vision of enabling every sourcing decision is further strengthened by partners like Makersite,” said Vel Dhinagaravel, CEO of Beroe Inc.

About Makersite

Makersite’s SaaS platform delivers enterprise digital twins to enable change in complex business environments. By intelligently mapping customers’ product data via AI with live data from 140+ supply chain databases, Makersite instantly delivers deep-tier supply chain twins with 90%+ accuracy. Customers can assess the digital product twins across 30+ business criteria such as risk, sustainability, compliance and cost. The platform has many applications, among those helping global enterprises build resilient supply chains, accelerate product innovation and achieve NetZero. For more information, visit https://makersite.io/

Media Contact – Vaq Hussain, Makersite (vaqais.hussain@makersite.de)

About Beroe

Beroe is a global SaaS-based procurement intelligence and analytics provider. We deliver intelligence, data, and insights that enable companies to make smarter sourcing decisions – leading to lower cost, reduced risk, and greater profits. Beroe has been a trusted source of intelligence for more than 15 years and presently partners with 10,000 companies worldwide, including 400 of the Fortune 500 companies. For more information about Beroe Inc., please visit https://www.beroeinc.com/.

Media Contact – Debobrata Hembram (debobrata.hembram@beroe-inc.com)

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2022 FIRST QUARTER RESULTS

CNH Industrial reports solid first quarter performance:
Consolidated revenues of $4.6 billion, (up 13.4% compared to Q1 2021 for continuing operations)
Net income of $336 million, Adjusted Net Income of $378 million, with adjusted diluted EPS of $0.28, and
Adjusted EBIT of Industrial Activities of $429 million (up $36 million compared to Q1 2021).
Seasonal free cash flow absorption of $1,059 million (Industrial Activities) amid continued supply chain disruptions.

Financial results presented under U.S. GAAP

“In our first quarter as a pure play agricultural and construction equipment business, the CNH Industrial team delivered a solid performance that demonstrates the potential of a focused, customer-centric company. With redoubled commitment to customer-inspired innovation, diligent operational execution, and improved product quality spurring margin expansion, we delivered net sales of Industrial Activities of nearly $4.2 billion, up 15% from last year on a constant currency basis. Alongside favorable product mix, this resulted in adjusted gross margin of 22.2%, up 60 basis points from Q1 2021 and adjusted EBIT of industrial activities increased by more than 9% to $429M. Order books remain exceptionally strong, up almost 40% in agriculture and 80% in construction, as demand remained healthy. Our thoughts are with our employees, customers, and dealers directly impacted by the war in Ukraine. We are all affected by the associated higher grain prices, potential food shortages, and rising energy costs. Despite these mostly unhelpful macro forces, we are maintaining our original 2022 guidance. We did not plan for positive cash flow in the first quarter, and as critical supply chain disruptions constrained our ability to ship finished goods, we ended the quarter with a cash outflow of $1.1 billion. Logistics pressures and semiconductor shortages, which are not unique to CNH Industrial, are expected to remain a headwind through the year, but I am confident in our team’s ability to navigate the current environment as evidenced by our results during the first quarter. With a robust slate of new products to be introduced, strong early returns from the Raven acquisition and our other Precision efforts, and a dedicated, tested leadership team ready to execute our ambitious plans, CNH Industrial is positioned to deliver on our strategic priorities and our short-term objectives.”

Scott W. Wine, Chief Executive Officer

2022 First Quarter Results
(all amounts $ million, comparison vs Q1 2021 continuing operations – unless otherwise stated)

	US-GAAP
	Q1 2022	PY(1)	YOY Change
Consolidated revenues	4,645	4,096	+13%	+15%	c.c.(*)
of which Net sales of Industrial Activities	4,180	3,694	+13%	+15%	c.c.
Net income	336	363	-27
Diluted EPS $	0.24	0.27	-0.03
Cash flow from operating activities	(887)	241	-1,128
Cash and cash equivalents(**)	3,219	5,044	-1,825
Gross profit margin of Industrial Activities	21.4%	21.6%	-20 bps
	NON-GAAP(2)
	Q1 2022	PY(1)	YOY Change
Adjusted EBIT of Industrial Activities	429	393	+36
Adjusted EBIT Margin of Industrial Activities	10.3%	10.6%	-0.30 bps
Adjusted net income	378	352	+26
Adjusted diluted EPS $	0.28	0.26	+0.02
Free cash flow of Industrial Activities	(1,059)	(13)	-1,046
Available liquidity(**)	9,399	10,521	-1,122
Adjusted gross margin of Industrial Activities	22.2%	21.6%	+60 bps

(*) c.c. means at constant currency (**) comparison vs December 31, 2021

Net sales of Industrial Activities of $4,180 million, up 13% mainly due to favorable price realization.

Adjusted EBIT of Industrial Activities of $429 million ($393 million in Q1 2021), with both segments up year over year. Agriculture adjusted EBIT margin above 12% and Construction at 4%.

Adjusted net income of $378 million, with adjusted diluted earnings per share of $0.28 (adjusted net income of $352 million in Q1 2021, with adjusted diluted earnings per share of $0.26). Adjusted net income in March 2022 excludes, among other items, $71 million related to asset write-downs, financial receivable allowances and valuation allowances on deferred tax assets as a result of the suspension of operations in Russia.

Adjusted gross profit margin of Industrial Activities of 22.2%, up 0.6% from Q1 2021 primarily due to better mix and favorable price realization in Agriculture.

Reported income tax expense of $159 million and adjusted income tax expense⁽¹⁾ of $138 million, with adjusted effective tax rate (adjusted ETR⁽¹⁾) of 28%, which reflects jurisdictional mix of pre-tax results and net discrete tax charges.

Free cash flow of Industrial Activities was negative $1.1 billion as a result of higher than historical seasonal working capital cash absorption primarily due to supply chain disruptions. Total Debt of $21.3 billion at March 31, 2022 ($20.9 billion at December 31, 2021).

Industrial Activities net debt⁽¹⁾ position at $2.1 billion, an increase of $960 million from December 31, 2021.

Available liquidity at $9,399 million as of March 31, 2022

	Agriculture
	Q1 2022	Q1 2021(1)	Change	Change at c.c.(*)
Net sales ($ million)	3,377	3,038	+11%	+13%
Adjusted EBIT ($ million)	426	399	+27
Adjusted EBIT margin	12.6%	13.1%	-50 bps

In North America, industry volume for tractor was down 8% for under 140 HP, and up 9% for over 140 HP; combines were down 22%. In Europe, Middle East and Africa (EMEA), tractor and combine demand was down 8% and up 6%, respectively. South America tractor demand was up 11% and combine demand was down 9%. Asia Pacific tractor demand was down 14% and combine demand was up 10%.

Net sales were up 11%, mainly due to favorable price realization and better mix, mostly driven by the North America and South America regions.

Gross profit margin was 24.1%, up 0.8% compared to Q1 2021, mainly due to better mix, favorable price realization, and favorable manufacturing absorption primarily in North America and South America, partially offset by supply chain disruption costs in all regions.

Adjusted EBIT was $426 million ($399 million for Q1 2021), with Adjusted EBIT margin at 12.6% with the $27 million increase driven by higher gross margin, partially offset by higher labor cost, SG&A and R&D expenses.

Order book in Agriculture was up almost 40% year over year for both tractors and combines, driven by strong growth in North America and EMEA for tractors, and in South America and EMEA for combines.

	Construction
	Q1 2022	Q1 2021(1)	Change	Change at c.c.(*)
Net sales ($ million)	803	656	+22%	+23%
Adjusted EBIT ($ million)	32	25	+7
Adjusted EBIT margin	4.0%	3.8%	+20 bps

Global industry volume for construction equipment decreased in both Heavy and Light sub-segments, with Heavy down 20% and Light down 14%, mostly driven by a 33% decrease in Light and Heavy equipment demand for Asia Pacific, particularly in China. Demand increased 4% in North America, 9% in EMEA and 30% in South America.

Net sales were up 22%, as a result of positive volumes due to higher industry demand in our main markets, market share growth, and better price realization primarily in North America and South America.

Gross profit margin was 13.3%, down 1.0.% compared to Q1 2021, mainly due to supply chain disruption costs, primarily raw materials, partially offset by better mix and favorable price realization, in all regions.

Adjusted EBIT increased $7 million due to favorable volume and mix and positive price realization, partially offset by higher purchasing costs. Adjusted EBIT margin at 4.0%.

Construction order book up more that 80% year over year in both Heavy and Light sub-segments, with increases in all regions.

	Financial Services
	Q1 2022	Q1 2021(1)	Change	Change at c.c.(*)
Revenues ($ million)	466	397	+17%	+17%
Net income ($ million)	82	78	+4
Equity at quarter-end ($ million)	2,254	2,120	+134
Retail loan originations ($ million)	2,139	2,019	+5.9%

Revenues were up 17% due to higher used equipment sales, higher base rates in South America and higher average portfolios in South America and EMEA, partially offset by lower retail yields in North America.

Net income increased $4 million to $82 million, primarily as a result of higher recoveries on used equipment sales in North America, higher base rates in South America, and higher average portfolios in South America and EMEA, offset by additional risk costs due to the Eastern Europe situation, including $15 million for domestic Russian receivables which are considered an adjusting item for consolidated adjusted net income.

The managed portfolio (including unconsolidated joint ventures) was $20.8 billion at the end of the quarter (of which retail was 73% and wholesale was 27%), up $1.3 billion compared to March 31, 2021 (up $1.0 billion on a constant currency basis).

The receivable balance greater than 30 days past due as a percentage of receivables was 1.3% (1.4% as of March 31, 2021).

2022 Outlook

The Company is confirming the following 2022 outlook for its Industrial Activities:

• Net sales^(***) up between 10% and 14% year on year including currency translation effects
• SG&A expenses lower or equal to 7.5% of net sales
• Free cash flow in excess of $1.0 billion
• R&D expenses and capital expenditures at around $1.4 billion

Notes

CNH Industrial reports quarterly and annual consolidated financial results under U.S. GAAP and EU-IFRS. The tables and discussion related to the financial results of the Company and its segments shown in this press release are prepared in accordance with U.S. GAAP. Financial results under EU-IFRS are shown in specific tables at the end of this press release.

(1)  Effective January 1, 2022, the Iveco Group business was separated from CNH Industrial N.V. by way of a demerger under Dutch law to Iveco Group N.V. and Iveco Group became a public listed company independent from CNH Industrial. Accordingly, that business is presented as discontinued operations beginning in the first quarter of 2022. The Company has reclassified the financial results of Iveco Group to Net income (loss) from discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented. The Company has reclassified the related assets and liabilities as Assets held for distribution and Liabilities held for distribution on the Condensed Consolidated Balance Sheets as of December 31, 2021. Cash flows from the Company’s discontinued operations are presented in the Condensed Consolidated Statements of Cash Flows for all periods. All comparative figures shown exclude the results of the discontinued operations.

(2)  This item is a non-GAAP financial measure. Refer to the “Non-GAAP Financial Information” section of this press release for information regarding non-GAAP financial measures. Refer to the specific table in the “Other Supplemental Financial Information” section of this press release for the reconciliation between the non-GAAP financial measure and the most comparable GAAP financial measure.

(*)  c.c. means at constant currency.

(**)        Certain financial information in this report has been presented by geographic area. Our geographical regions are: (1) North America; (2) Europe, Middle East and Africa; (3) South America and (4) Asia Pacific. The geographic designations have the following meanings:

North America: United States, Canada, Mexico and Puerto Rico, previously included in South America;

Europe, Middle East, and Africa (previously Europe): member countries of the European Union, European Free Trade Association, the United Kingdom, Ukraine, Balkans, Russia, Turkey, the African continent, and the Middle East, previously included in Rest of World;

South America: Central and South America, and the Caribbean Islands; and

Asia Pacific (previously Rest of World): Continental Asia, Oceania and member countries of the Commonwealth of Independent States.

(***) Net sales reflecting the exchange rate of 1.15 EUR/USD

Non-GAAP Financial Information

CNH Industrial monitors its operations through the use of several non-GAAP financial measures. CNH Industrial’s management believes that these non-GAAP financial measures provide useful and relevant information regarding its operating results and enhance the readers’ ability to assess CNH Industrial’s financial performance and financial position. Management uses these non-GAAP measures to identify operational trends, as well as make decisions regarding future spending, resource allocations and other operational decisions as they provide additional transparency with respect to our core operations. These non-GAAP financial measures have no standardized meaning under U.S. GAAP or EU-IFRS and are unlikely to be comparable to other similarly titled measures used by other companies and are not intended to be substitutes for measures of financial performance and financial position as prepared in accordance with U.S. GAAP and/or EU-IFRS.

CNH Industrial’s non-GAAP financial measures are defined as follows:

• Adjusted EBIT of Industrial Activities under U.S. GAAP is defined as net income (loss) before income taxes, Financial Services’ results, Industrial Activities’ interest expenses, net, foreign exchange gains/losses, finance and non-service component of pension and other post-employment benefit costs, restructuring expenses, and certain non-recurring items. In particular, non-recurring items are specifically disclosed items that management considers rare or discrete events that are infrequent in nature and not reflective of on-going operational activities.
• Adjusted EBIT of Industrial Activities under EU-IFRS: is defined as profit/(loss) before taxes, Financial Services’ results, Industrial Activities’ financial expenses, restructuring costs, and certain non-recurring items.
• Adjusted Net Income (Loss): is defined as net income (loss), less restructuring charges and non-recurring items, after tax.
• Adjusted Diluted EPS: is computed by dividing Adjusted Net Income (loss) attributable to CNH Industrial N.V. by a weighted-average number of common shares outstanding during the period that takes into consideration potential common shares outstanding deriving from the CNH Industrial share-based payment awards, when inclusion is not anti-dilutive. When we provide guidance for adjusted diluted EPS, we do not provide guidance on a earnings per share basis because the GAAP measure will include potentially significant items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end.
• Adjusted Income Taxes: is defined as income taxes less the tax effect of restructuring expenses and non-recurring items, and non-recurring tax charges or benefits.
• Adjusted Effective Tax Rate (Adjusted ETR): is computed by dividing a) adjusted income taxes by b) income (loss) before income taxes and equity in income of unconsolidated subsidiaries and affiliates, less restructuring expenses and non-recurring items.
• Adjusted Gross Profit Margin of Industrial Activities: is computed by dividing Net sales less Cost of goods sold, as adjusted by non-recurring items, by Net sales.
• Net Cash (Debt) and Net Cash (Debt) of Industrial Activities: Net Cash (Debt) is defined as total debt less intersegment notes receivable, cash and cash equivalents, restricted cash, other current financial assets (primarily current securities, short-term deposits and investments towards high-credit rating counterparties) and derivative hedging debt. CNH Industrial provides the reconciliation of Net Cash (Debt) to Total (Debt), which is the most directly comparable measure included in the consolidated balance sheets. Due to different sources of cash flows used for the repayment of the debt between Industrial Activities and Financial Services (by cash from operations for Industrial Activities and by collection of financing receivables for Financial Services), management separately evaluates the cash flow performance of Industrial Activities using Net Cash (Debt) of Industrial Activities.
• Free Cash Flow of Industrial Activities (or Industrial Free Cash Flow): refers to Industrial Activities only, and is computed as consolidated cash flow from operating activities less: cash flow from operating activities of Financial Services; investments of Industrial Activities in assets sold under operating leases, property, plant and equipment and intangible assets; change in derivatives hedging debt of Industrial Activities; as well as other changes and intersegment eliminations.
• Available Liquidity: is defined as cash and cash equivalents plus restricted cash, undrawn medium-term unsecured committed facilities, net receivables/payables with Iveco Group N.V. and other current financial assets (primarily current securities, short-term deposits and investments in instruments of high-credit rating counterparties).
• Change excl. FX or Constant Currency: CNH Industrial discusses the fluctuations in revenues on a constant currency basis by applying the prior year average exchange rates to current year’s revenues expressed in local currency in order to eliminate the impact of foreign exchange rate fluctuations.

The tables attached to this press release provide reconciliations of the non-GAAP measures used in this press release to the most directly comparable GAAP measures.

Forward-looking statements

All statements other than statements of historical fact contained in this earning release, including competitive strengths; business strategy; future financial position or operating results; budgets; projections with respect to revenue, income, earnings (or loss) per share, capital expenditures, dividends, liquidity, capital structure or other financial items; costs; and plans and objectives of management regarding operations and products, are forward-looking statements. Forward looking statements also include statements regarding the future performance of CNH Industrial and its subsidiaries on a standalone basis. These statements may include terminology such as “may”, “will”, “expect”, “could”, “should”, “intend”, “estimate”, “anticipate”, “believe”, “outlook”, “continue”, “remain”, “on track”, “design”, “target”, “objective”, “goal”, “forecast”, “projection”, “prospects”, “plan”, or similar terminology. Forward-looking statements, including those related to the COVID-19 pandemic, are not guarantees of future performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are outside our control and are difficult to predict. If any of these risks and uncertainties materialize (or they occur with a degree of severity that the Company is unable to predict) or other assumptions underlying any of the forward-looking statements prove to be incorrect, including any assumptions regarding strategic plans, the actual results or developments may differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors, risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements include, among others: the continued uncertainties related to the unknown duration and economic, operational and financial impacts of the global COVID-19 pandemic and the actions taken or contemplated by governmental authorities or others in connection with the pandemic on our business, our employees, customers and suppliers; supply chain disruptions, including delays caused by mandated shutdowns, industry capacity constraints, material availability, and global logistics delays and constraints; disruption caused by business responses to COVID-19, including remote working arrangements, which may create increased vulnerability to cybersecurity or data privacy incidents; our ability to execute business continuity plans as a result of COVID-19; the many interrelated factors that affect consumer confidence and worldwide demand for capital goods and capital goods-related products, including demand uncertainty caused by COVID-19; general economic conditions in each of our markets, including the significant economic uncertainty and volatility caused by the war in the Ukraine and COVID-19; changes in government policies regarding banking, monetary and fiscal policy; legislation, particularly pertaining to capital goods-related issues such as agriculture, the environment, debt relief and subsidy program policies, trade and commerce and infrastructure development; government policies on international trade and investment, including sanctions, import quotas, capital controls and tariffs; volatility in international trade caused by the imposition of tariffs, sanctions, embargoes, and trade wars; actions of competitors in the various industries in which we compete; development and use of new technologies and technological difficulties; the interpretation of, or adoption of new, compliance requirements with respect to engine emissions, safety or other aspects of our products; production difficulties, including capacity and supply constraints and excess inventory levels; labor relations; interest rates and currency exchange rates; inflation and deflation; energy prices; prices for agricultural commodities; housing starts and other construction activity; our ability to obtain financing or to refinance existing debt; price pressure on new and used equipment; the resolution of pending litigation and investigations on a wide range of topics, including dealer and supplier litigation, intellectual property rights disputes, product warranty and defective product claims, and emissions and/or fuel economy regulatory and contractual issues; security breaches, cybersecurity attacks, technology failures, and other disruptions to the information technology infrastructure of CNH Industrial and its suppliers and dealers; security breaches with respect to our products; our pension plans and other post-employment obligations; political and civil unrest; volatility and deterioration of capital and financial markets, including other pandemics, terrorist attacks in Europe and elsewhere; our ability to realize the anticipated benefits from our business initiatives as part of our strategic plan; our failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures, strategic alliances or divestitures and other similar risks and uncertainties, and our success in managing the risks involved in the foregoing.

Forward-looking statements are based upon assumptions relating to the factors described in this earnings release, which are sometimes based upon estimates and data received from third parties. Such estimates and data are often revised. Actual results may differ materially from the forward-looking statements as a result of a number of risks and uncertainties, many of which are outside CNH Industrial’s control. CNH Industrial expressly disclaims any intention or obligation to provide, update or revise any forward-looking statements in this announcement to reflect any change in expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. Further information concerning CNH Industrial, including factors that potentially could materially affect CNH Industrial’s financial results, is included in CNH Industrial’s reports and filings with the U.S. Securities and Exchange Commission (“SEC”), the Autoriteit Financiële Markten (“AFM”) and Commissione Nazionale per le Società e la Borsa (“CONSOB”).

All future written and oral forward-looking statements by CNH Industrial or persons acting on the behalf of CNH Industrial are expressly qualified in their entirety by the cautionary statements contained herein or referred to above.

Conference Call and Webcast

Today, at 3:30 p.m. CEST / 2:30 p.m. BST/ 9:30 a.m. EDT, management will hold a conference call to present first quarter 2022 results to financial analysts and institutional investors. The call can be followed live online at https://bit.ly/CNH_Industrial_Q1_2022 and a recording will be available later on the Company’s website www.cnhindustrial.com. A presentation will be made available on the CNH Industrial website prior to the call.

London, May 3, 2022

CONTACTS

Media Inquiries	Investor Relations
Laura Overall	Noah Weiss
Tel +44 207 925 1964	Tel: +1 773 896 5242
Rebecca Fabian
Tel: +1 312 515 2249
E-mail: mediarelations@cnhind.com
www.cnhindustrial.com

CNH INDUSTRIAL N.V.
Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021
(Unaudited, U.S.-GAAP)

Responsible business platform enables data-driven decisions to improve employee health and wellbeing

TORONTO, May 03, 2022 (GLOBE NEWSWIRE) — Cority, a leading global enterprise EHS (Environmental, Health, and Safety) software provider, through a successful project with multinational consumer goods company Unilever, has received a 2022 Verdantix Innovation Excellence Award in the category of Worker Wellbeing and Ergonomics. The prestigious awards recognize one recipient in each of its 11 categories for outstanding achievements in EHS, ESG (Environment, Social, Governance), Sustainability, and Operational Innovation.

Verdantix also recognized Cority, through its work with multinational oil and gas client, Shell, as a 2022 award finalist in the category of Circular Economy Tech Enablement, designed to recognize organizations furthering sustainable growth via regenerative economic cycles.

This is Cority’s 5th consecutive year winning the Innovation Excellence Award through client implementations of its SaaS-based EHS software solutions. Cority’s technology, spanning the full spectrum of environmental, health, safety, sustainability, quality, and analytics, is designed to centralize and aggregate data across an organization into a single platform – ensuring data integrity, consistency, and comprehensive actionable insights for decision-making, visibility, and reporting throughout the organization.

“We are delighted to have had the opportunity to partner with, our customer, Unilever on its journey to a safer, healthier, more sustainable world,” said Mark Wallace, Cority CEO. “Even better that Unilever has been awarded the prestigious Verdantix Innovation Excellence Award. Together, we have a shared passion to transform the health and wellbeing of employees.”

Unilever’s award-winning project involved the deployment of Cority’s Health Cloud solutions platform to enable its Global Health and Wellbeing team to make more intelligent, data-driven decisions on where best to invest in health services.

“At Unilever, we aspire to improve the health and wellbeing of our people,” stated Unilever’s Chief Health & Wellbeing Officer, Dr. Diana Han. “Cority provides a secure, contemporary digital platform for assessing the outcomes of our health programs and processes, enhancing clinical efficiency and effectiveness.”

Cority Also Recognized as Finalist

Cority’s additional recognition as a finalist in the Circular Economy Tech Enablement category is a result of its customer, Shell, using Cority’s Waste Management and Analytics solutions to track waste types and volumes, reduce associated risks, and standardize waste management practices across its global footprint.

With Cority’s innovative Environmental Cloud solutions, Shell was able to bring together over 20 different applications into a single IT system that works across 16 diverse assets, ranging from oil rigs and refineries to retail locations. This new system enabled Shell to understand how materials flow through their economy so that they could identify opportunities to eliminate waste and track performance.

“Cority’s waste solution has provided Shell’s environmental teams with the confidence to set global and local waste reduction targets and report performance to internal and external stakeholders with ease and confidence,” Shell wrote in its award application. “Together Cority, Shell, and (the consulting firm) ERM have created the most advanced waste management solution available on the market today.”

Award winners were judged on the scope of the projects, the challenges overcome to achieve them, the scale of the benefits relative to the scale of the organization, and how impressive the project was relative to comparable initiatives submitted in the same category.

“The awards demonstrate the importance of sharing best practices to the industry and this year’s winners have delivered genuinely outstanding technological innovations,” said Verdantix CEO David Metcalfe in a news release. “By providing a platform that recognizes their hard work, we hope to share successes that can be adopted by other organizations seeking to enhance their EHS, Sustainability, and Operations strategies to deliver superior results.”

Media Contact: Meredith Schweitzer +1-347-698-9196 mschweitzer@66and.co

About Cority

Cority is the leading global enterprise Environmental, Health, and Safety (EHS) software provider creating industry-leading technology to empower those who transform the way the world works. For over 35 years, Cority has been powered by the spirit of innovation, deep domain expertise, and a commitment to integrity that enables higher levels of operational and sustainable performance with the most comprehensive, human-centered, and secure SaaS platform to help workers and businesses thrive in 100 countries around the world. The company enjoys the industry’s highest levels of client satisfaction and has received many awards for its strong employee culture and outstanding business performance. To learn more, visit www.cority.com.

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With the acquisition of S4G, McKinsey brings the best of strategy, design, and analytical horsepower together with rapid Salesforce CRM implementation capabilities to help clients ignite growth

NEW YORK and MADRID, Spain, May 03, 2022 (GLOBE NEWSWIRE) — McKinsey & Company announced today it has acquired Madrid-based S4G Consulting. As a top Salesforce Platinum Partner, S4G specializes in helping companies of all sizes extend the power of Salesforce’s customer relationship management (CRM) platform to improve customer outcomes.

B2B digital commerce is undergoing a major transformation as buyers have flexed to remote and digital ways of engaging. Today’s buyers surf ten-plus channels before making a single purchase, and they want convenient, seamless, omnichannel interactions. Now companies can anticipate and meet those needs at every stage of the customer life cycle, achieving analytics-led sales acceleration, omnichannel and e-commerce transformation, and sales productivity enhancements.

With the acquisition of S4G, McKinsey adds rapid Salesforce CRM implementation capabilities to the very best of strategy, design, and analytical horsepower. S4G’s Salesforce CRM technology expertise, combined with McKinsey’s growth offerings, will enable companies to accelerate end-to-end growth transformations.

Next era of growth will be tech-forward
Companies can use predictive and prescriptive analytics and AI-powered capabilities to make data-led decisions that help them consistently delight their customers, improve performance, and unlock growth.

“We are relentlessly focused on helping our clients achieve their growth aspirations,” said Greg Kelly, senior partner and global leader of McKinsey & Company’s Growth, Marketing & Sales Practice. “Our clients have told us they need greater support that extends through making their technology seamlessly support their growth efforts. With this acquisition, we are doing just that by bringing together world-class Salesforce experts, industry-leading technology, accelerators, and analytics to enable our clients to capture customer value and growth using real-time information.”

Kelly continued: “We are thrilled to welcome our S4G colleagues to the firm, and we look forward to the great work we will do together to better serve our clients.”

Accelerate growth at speed and scale
“McKinsey is the world’s leading impact partner for businesses looking to consistently delight customers and accelerate growth,” said Javier Heitz, CEO and founder of S4G. “They are distinctive in developing multiyear transformation strategies fused with design, analytics, and implementation capabilities as well as accelerating commercial performance. We are proud to be joining McKinsey to help clients shape the future of sales and marketing through rapid growth transformation strategies.”

Alongside McKinsey’s strength in capability building, S4G brings a people-driven and client-centric culture that closely aligns with McKinsey’s.

“The acquisition of S4G is the latest example of McKinsey’s renewed focus on deepening our capabilities through active M&A to accelerate and scale impact for our clients,” said Peter Dahlstrom, senior partner and global leader of McKinsey’s Alliances and Acquisitions. “S4G will enable us to expand our tech-enabled offerings to help organizations deploy and scale end-to-end growth transformations and further deepen our collaboration with Salesforce as part of McKinsey’s open ecosystem of trusted collaborators.”

About McKinsey & Company
McKinsey & Company is a global management consulting firm committed to helping organizations realize sustainable, inclusive growth. We work with clients across the private, public, and social sectors to solve complex problems and create positive change for all of our stakeholders. We combine bold strategies and transformative technologies to help organizations innovate more sustainably, achieve lasting gains in performance, and build workforces that will thrive for in this generation and the next.

About McKinsey Growth, Marketing & Sales
The mission of the McKinsey Growth, Marketing & Sales Practice is to help leaders of both consumer and business-to-business clients create Growth That Matters through meaningful transformations and marketing-driven profit. The practice helps our clients set their strategic direction, develop their marketing and sales capabilities, and connect their organization to realize the full potential of today’s omnichannel opportunities. Clients benefit from McKinsey’s experience in core areas of marketing, B2B and B2C pricing, customer experience, and sales and channel management.

About S4G Consulting
S4G Consulting, a Salesforce Platinum Partner with offices in Spain, offers best-in-class Salesforce consulting services for companies across all industries. Founded in 2008, it was one of the first Salesforce Partners in EMEA and has worked with hundreds of companies over the years. In 2018, it was ranked as one of the Top 10 Global Salesforce Platinum Partners by customer rating, reflecting its focus on excellence, which is one of the company’s core values. Today the company has more than 150 employees spread across three offices and over 400 Salesforce certifications.

For more information, please contact
US: MaryLiz Ghanem, DiGennaro Communications – McKinsey-DiGennaro@digennaro-usa.com / +1 917 518 8422
UK: Ruth Jones, 3THINKRS – mckinsey@3thinkrs.com / +44 0208 0872843
Iberia: Gosia G Pajkowska, Gosia_G_Pajkowska@McKinsey.com / +34680489878