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☆ Equinix Raises Debt Abroad to Clip Interest Costs
  + stars: | 2024-01-13 | by ( Kristin Broughton | ) www.wsj.com   time to read: 1 min
Equinix’s Great Oaks campus in San Jose, Calif. In the third quarter, the company sold bonds worth 300 million Swiss francs at a rate of 2.875%. Photo: EquinixU.S. data-center operator Equinix is raising debt in foreign countries in an effort to save on interest costs. Redwood City, Calif.-based Equinix, a real-estate investment trust that runs 251 data centers worldwide, is taking advantage of differences in interest rates between countries by issuing debt where rates are lower than in the U.S. Last year, the company sold bonds for the first time in Switzerland and returned to Japan to raise debt. And it remains on the hunt for other low-yield jurisdictions, even as the Federal Reserve pencils in rate cuts for later this year, says Chief Financial Officer Keith Taylor .
Persons: Keith Taylor Organizations: Oaks Locations: San Jose, Calif, Redwood City, U.S, Switzerland, Japan
☆ CFOs See Ongoing Pain From Foreign Exchange Oscillations
  + stars: | 2023-11-30 | by ( Kristin Broughton | Jennifer Williams-Alvarez | ) www.wsj.com   time to read: 1 min
Many executives had expected the dollar to retreat this year after it shot higher in 2022. Some are now reviewing their hedging strategies. Photo: Cfoto/Zuma PressFinance chiefs are anticipating more pain from foreign exchange rates after the U.S. dollar strengthened again this summer and fall, following a historic tear last year. The U.S. dollar index, which tracks the currency against a basket of others, surged during the third quarter on higher Treasury yields, then skipped to its highest point of the year in October, when it stood 7% above a mid-July trough. Since then, the index has tumbled 4% from last month’s pinnacle and is on track for its lowest close in months, as Treasury yields soften and investors gain confidence that the Federal Reserve will be cutting interest rates in the foreseeable future.
Organizations: Zuma Press Finance, U.S ., U.S, Federal Reserve
☆ Auto Dealers Find Savings by Buying Cars Off the Street
  + stars: | 2023-11-24 | by ( Kristin Broughton | ) www.wsj.com   time to read: 1 min
CarMax in 2021 launched nationally an online tool that provides instant offers to car owners for their vehicles. Photo: Mark Felix/Bloomberg NewsDuring the pandemic, auto dealers rushed to buy used cars off the street as vehicle production declined amid supply-chain shortages. They also have bolstered dealers’ profit margins while allowing some to cut prices, as the vehicles they purchase directly from consumers are often cheaper. Inventory pressures have eased in recent months, but dealers continue to focus on street purchases because they are more lucrative than buying cars at wholesale auctions, where dealers bid up prices and pay fees and transportation costs. A street purchase is different from a trade-in, where dealers purchase a car at the same time they sell a new one.
Persons: Mark Felix Organizations: Bloomberg Locations: Houston, CarMax
☆ CFOs Review Holiday Promotions as Consumer Spending Cools
  + stars: | 2023-11-19 | by ( Jennifer Williams-Alvarez | Kristin Broughton | ) www.wsj.com   time to read: 1 min
New economic data last week showed the resilient U.S. consumer may finally be beginning to crack. Photo: Jeenah Moon/Bloomberg NewsCompanies are looking for new ways to entice holiday shoppers while consumers are spending less at stores and the economy is cooling. “It’s our Super Bowl,” said Tapestry finance chief Scott Roe , referring to the holiday season. This means the owner of Coach, Kate Spade and Stuart Weitzman is looking to attract shoppers, but Roe, who also serves as the company’s chief operating officer, said the company plans to be disciplined with any promotions.
Persons: ”, Scott Roe, Kate Spade, Stuart Weitzman, Roe Organizations: Bloomberg News Companies
☆ Fintech Lender Affirm Is Poised to Expand in a Higher Rate Environment, CFO Says
  + stars: | 2023-11-14 | by ( Kristin Broughton | ) www.wsj.com   time to read: 1 min
‘Consumers who are employed are still going to consume, and they’re still going to need credit, and we’re there to meet them when they do,’ says Linford. Photo: Affirm HoldingsBuy-now-pay-later company Affirm Holdings expects demand for its short-term consumer loans to increase if interest rates stay high for an extended period, the company’s finance chief said. San Francisco-based Affirm is one of several buy-now-pay-later companies that expanded rapidly during the early days of the pandemic, fueled in part by a rise in e-commerce. But earlier this year, the company was one of many in the technology sector to slash costs, laying off 19% of its workforce, after higher interest rates pinched consumer spending. Affirm, which is hosting an investor forum Tuesday, makes loans to customers at the point of sale, with terms ranging from six weeks to five years.
Persons: they’re, ’, Linford Organizations: Consumers, Holdings Locations: San Francisco
☆ Disney’s New CFO Brings Experience to Company’s Activist Investor Battle
  + stars: | 2023-11-07 | by ( Kristin Broughton | Jennifer Williams-Alvarez | ) www.wsj.com   time to read: 1 min
Disney’s stock price has recently tumbled, under pressure from cord-cutting and the high cost of streaming. Photo: fred prouser/ReutersWalt Disney ’s new finance chief steps into the role with a noteworthy victory: His former company fended off an attack from activist investor Nelson Peltz . Disney on Monday named Hugh Johnston , the longtime finance chief of PepsiCo , as its next chief financial officer. Johnston joins Disney as the company faces activist pressure from Peltz, whose firm, Trian Fund Management, has built a sizable stake in the company and is threatening a proxy battle. Disney’s stock price has recently tumbled, under pressure from ongoing cord-cutting and the high cost of streaming.
Persons: fred prouser, Reuters Walt, Nelson Peltz, Hugh Johnston, Johnston Organizations: Reuters, Reuters Walt Disney ’, Disney, PepsiCo, Trian Fund Management
☆ Finance Chiefs Take Measured Approach to Using Real-Time Payments
  + stars: | 2023-11-02 | by ( Kristin Broughton | ) www.wsj.com   time to read: 1 min
The Federal Reserve rolled out its FedNow real-time payments system in July. Photo: win mcnamee/ReutersWith real-time payments, chief financial officers can pay their suppliers in seconds, but many CFOs are holding off on using them in the back office, waiting to see if the value ultimately outweighs the costs. The Federal Reserve in July rolled out FedNow, a real-time payments system that allows businesses and consumers to move money instantly. The launch aims to expand access to faster payments to more financial institutions and their customers. A similar payments system from the Clearing House, a payment network owned by large financial institutions, launched in 2017.
Persons: mcnamee Organizations: Federal Reserve, Clearing
☆ The Niche Insurance Policy Behind a Software Company’s Big Legal Payout
  + stars: | 2023-10-17 | by ( Kristin Broughton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/the-niche-insurance-policy-behind-a-software-companys-big-legal-payout-546b4641
Persons: Dow Jones
☆ Companies Borrow Against Their Assets in an Uncertain Economy
  + stars: | 2023-10-06 | by ( Kristin Broughton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/companies-borrow-against-their-assets-in-an-uncertain-economy-c0398e19
Persons: Dow Jones
☆ Kristin Broughton — Reporter at The Wall Street Journal
  + stars: | 2023-09-28 | by ( Kristin Broughton | Anna Mutoh | ) www.wsj.com   time to read: 1 min
CFO JournalCorporate finance executives looking to cut their debt costs this year are likely to find one popular tool isn’t as attractive as it was when the Federal Reserve was aggressively raising interest rates in 2022.
Organizations: Federal Reserve
☆ More CFOs Pull Back Spending Plans Due to Higher Interest Rates
  + stars: | 2023-09-28 | by ( Kristin Broughton | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/more-cfos-pull-back-spending-plans-due-to-higher-interest-rates-4b6a0a8b
Persons: Dow Jones
☆ First-Time CFOs Get a Crash Course in Managing Inflation, Volatile Markets
  + stars: | 2023-02-23 | by ( Kristin Broughton | Anna Mutoh | ) www.wsj.com   time to read: +11 min
Critical decisions made as CFO: Mr. Jepsen allowed the company to incur higher costs to expedite shipping for parts to factories and deliveries to customers. Enphase faced pressure last year from higher costs and the effects of a strong U.S. dollar. Ken Jacobson, CFO of Avnet Photo: AVNET INC.Ken Jacobson, Avnet Inc.Age: 45Career path: Mr. Jacobson, who had previously served as interim CFO from 2017 to 2018, stepped in officially as CFO in September. Mr. Jacobson says Avnet’s interest expenses on its debt have almost tripled over the past year. While there was some attrition in the beginning, it hasn’t been as bad as other companies, Mr. Jacobson said.
☆ Finance Chiefs, Facing Another Year of Persistent Inflation, Prioritize Cost Savings
  + stars: | 2023-02-10 | by ( Kristin Broughton | ) www.wsj.com   time to read: +6 min
Finance chiefs are pushing their companies to do more with less as they face another year of rising costs. Obviously, we’re dealing with a very unique environment right now with the unprecedented level of cost inflation. But we’re not in that environment right now. Ideally, we can grow as the demand environment hopefully normalizes. And that’s going to give us more optionality as we better understand our demand for AI over time.
☆ Illumina Makes Its Interim CFO Permanent
  + stars: | 2023-02-01 | by ( Kristin Broughton | ) www.wsj.com   time to read: +3 min
Gene-sequencing company Illumina Inc. on Wednesday named Joydeep Goswami as chief financial officer, giving its interim CFO the role on a permanent basis. Mr. Goswami joined Illumina in 2019 as chief strategy and corporate development officer, overseeing strategic partnerships and acquisitions. Illumina CFO Joydeep Goswami. He added that he received a crash course in traditional areas of finance, including treasury, tax and audit, while serving as interim CFO. As CFO, Mr. Goswami plans to keep Illumina’s spending on innovation roughly constant as a percentage of revenue.
☆ Popular Tool to Cut Debt Costs Loses Luster as Global Central Banks Hike Rates
  + stars: | 2023-02-01 | by ( Kristin Broughton | ) www.wsj.com   time to read: +7 min
Corporate finance executives looking to cut their debt costs this year are likely to find one popular tool isn’t as attractive as it was when the Federal Reserve was aggressively raising interest rates in 2022. Under a cross-currency swap, a company exchanges principal and interest payments on its debt into another currency. Swaps can lose their appeal to companies when the gap between interest rates in two countries, or central banks, narrows. Corporate advisers said they expect cross-currency swap volumes to decline in the months ahead, assuming market expectations for future rate increases hold steady. That rule made it easier for companies to use cross-currency swaps and recognize the interest savings on their financial statements.
☆ Companies’ Capital Spending Forecast to Slow in 2023 Amid Recession Fears
  + stars: | 2023-01-16 | by ( Kristin Broughton | ) www.wsj.com   time to read: +8 min
Companies are expected to tap the brakes on capital investments this year as they assess the risk of a downturn and contend with higher financing costs. Capital spending in 2021 rose by 9% compared with 2020, the first year of the pandemic, EY said. After two years of spending heavily, some companies want to take a pause to digest the investments they’ve made, advisers said. FedEx Corp. last month lowered its capital spending forecast for the current fiscal year by $400 million, to $5.9 billion. The remainder said they don’t finance their capital spending plans through borrowing, or their borrowing isn’t sensitive to changes in interest rates.
☆ Cargill CFO Resigns as Company Reshuffles Leadership
  + stars: | 2023-01-10 | by ( Kristin Broughton | ) www.wsj.com   time to read: +3 min
Cargill Inc. said its chief financial officer, Jamie Miller, is stepping down for another opportunity as the agricultural giant reshuffles its executive leadership. Ms. Miller will leave Cargill on Jan. 13, the Minneapolis-based company said on Monday. Jamie Miller, chief financial officer of Cargill, is set to leave the company on Jan. 13. Photo: CargillCargill has begun an external and internal search for Ms. Miller’s successor, according to a spokeswoman. The spokeswoman said Ms. Miller is leaving Cargill for a job on the East Coast and to be closer to family.
☆ M&A Is Expected to Pick Up in 2023 as Companies Adapt to Tougher Conditions
  + stars: | 2023-01-06 | by ( Kristin Broughton | ) www.wsj.com   time to read: +8 min
But many companies adapted, structuring deals to sidestep market volatility and minimize financing costs. Deal advisers expect M&A to pick up in 2023 following last year’s slump, though when that will happen remains an open question. That is especially true in the technology and healthcare sectors, where deals for high-growth companies are most common, she said. In addition to macroeconomic pressures, companies faced a tougher regulatory environment in 2022, with antitrust enforcers globally applying greater scrutiny to large transactions. Demand for such facilities in the U.S. jumped 17% in 2022 through Dec. 29 compared with the full-year 2021, to $317.3 billion, according to Dealogic.
☆ LendingClub’s New CFO Tasked With Preparing Its Balance Sheet for a Downturn
  + stars: | 2022-12-22 | by ( Kristin Broughton | ) www.wsj.com   time to read: +7 min
Drew LaBenne, LendingClub’s chief financial officer since September, is tasked with managing the San Francisco-based company’s balance sheet as it faces a downturn and an industry pullback in demand for loans from investors. We use the marketplace, which is essentially whole loan sales to buyers, or we use the balance sheet. We make on average close to three times as much by putting a loan on the balance sheet versus selling it. Why not just keep all of them on your balance sheet? A lot of that was driven by the upfront CECL [charge] of the loans that we put on the balance sheet.
☆ Companies Strengthen Collections, Aim to Get Cash in the Door as Threat of Downturn Looms
  + stars: | 2022-12-21 | by ( Kristin Broughton | ) www.wsj.com   time to read: +6 min
Companies are stepping up efforts to collect on their bills and get cash in the door, aiming to limit future write-offs ahead of a potential downturn. The company’s days of sales outstanding during the latest quarter declined to 67.3 days from 70.4 days during the prior period, according to S&P. Early in the pandemic, some companies extended payment terms to customers that needed funds to shore up liquidity to help navigate temporary lockdown measures. Everbridge said it aims to provide customers with payment terms that are mutually beneficial. ServiceNow’s days of sales outstanding during the third quarter fell to 44 days from 47.4 days a year earlier, according to S&P.
☆ Krispy Kreme Outlines Plans to Automate Doughnut Production, Reduce Debt
  + stars: | 2022-12-16 | by ( Kristin Broughton | ) www.wsj.com   time to read: +4 min
Krispy Kreme Inc. is laying out a plan to cut debt, boost revenue and improve profitability, nearly a year and a half after its return to the public markets. Josh Charlesworth, CFO of Krispy Kreme. Krispy Kreme expects to generate $2.15 billion in revenue by the end of the 2026 fiscal year, up 41% from its projected revenue this year, including by expanding to new markets. “There’s a lot of manual intervention behind the scenes,” said Mr. Charlesworth, who also serves as global president and chief operating officer, discussing doughnut production. “We’re in pretty good shape on that score, thanks to locking in rates before the recent increases,” Mr. Charlesworth said.
☆ Freight Brokerage RXO Will Focus on Tech Investments, CFO Says
  + stars: | 2022-12-13 | by ( Kristin Broughton | ) www.wsj.com   time to read: +4 min
RXO, which before the transaction accounted for roughly a third of XPO’s total revenue, matches freight loads with available trucks on the spot and contract markets. A priority for Mr. Harris, who was appointed to the CFO post in September ahead of the spinoff, is investing in digital capabilities for shippers and carriers. Approximately two-thirds of the company’s total capital budget will go toward technology, with the remainder focused on maintenance-related costs, Mr. Harris said. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. Among the advantages of being an independent company is RXO now has more control over its capital budget, Mr. Harris said.
☆ American Airlines Names New CFO as It Looks to Cut Debt
  + stars: | 2022-12-13 | by ( Kristin Broughton | ) www.wsj.com   time to read: +3 min
American Airlines Group Inc. named a company veteran as its next finance chief as it reaps the benefits of an uptick in air travel and works to pay down debt. He succeeds Derek Kerr, who has held the CFO role at American since its 2013 merger with US Airways Group. During his 20-year tenure at American and airlines it absorbed, US Airways and America West, Mr. May has held senior-level roles in finance, regional operations and network planning. American is one of several airlines that cut back on flights this year amid widespread delays, staffing shortages and airport congestion. The company has said it plans to pay down about $15 billion of its total debt by the end of 2025.
☆ Cutting Costs, Not Jobs, Is Focus for Many CFOs Facing Slowdown
  + stars: | 2022-12-12 | by ( Kristin Broughton | ) www.wsj.com   time to read: +6 min
At the same time, many employers are looking for workers, with job openings well above the number of job seekers. That leaves some finance chiefs scouting for savings that don’t involve job cuts, or that supplement layoffs, advisers and analysts said. Other ways to cut costs include exiting leases, reducing the number of suppliers, automating tasks, trimming software spending and finding less expensive components, advisers said. Many companies over the past year have raised prices to keep up with escalating input costs, in addition to trimming expenses. Still, the company’s restaurant-level profit margin during the quarter ended Oct. 2 fell to 16.2% from 20.1% a year earlier.
☆ London Stock Exchange Launches First Fund Under New Market for Carbon Credits
  + stars: | 2022-12-05 | by ( Kristin Broughton | ) www.wsj.com   time to read: +5 min
The London Stock Exchange Group PLC on Monday launched the first fund under its new market for carbon credits, which aims to provide capital to green projects and transparency in an opaque area of sustainable finance. The new market offers a way for companies and investors to purchase carbon credits to offset emissions and meet net-zero commitments. Companies and shareholders, in return for their investments, can receive carbon credits in lieu of cash dividends. Foresight Sustainable Forestry Co. PLC, a London-based investment firm, is the first company to take part in the new voluntary carbon market, the London Stock Exchange said Monday. London Stock Exchange Group also operates the FTSE 100 and FTSE 250 indexes and provides financial data.
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