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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/it-can-be-a-bit-polarizingfinance-chiefs-weigh-return-to-office-6e9dcde
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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/food-delivery-startup-wonder-names-blackstone-alum-as-cfo-a7fb62c9
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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/cfos-are-hanging-on-to-expanded-corporate-jet-perks-1f2e1005
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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/whats-in-your-bag-or-briefcase-smucker-cfo-wants-it-to-include-uncrustables-sandwiches-fb943686
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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/buy-now-pay-later-is-boosting-sales-but-signs-of-users-stress-are-emerging-c4ce0417
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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/cfos-gird-for-default-disruptions-if-debt-ceiling-talks-fail-ca83ca88
R1 RCM can extend this year's rally following an uptick in product use, Bank of America said. Analyst Michael Cherny reiterated his buy rating and raised his price target by $3 to $22. His new price target implies the medical billing stock could rally 31.1% over the next year. The company is uniquely well-positioned for an uptick in utilization, which could cushion year-end results and full-year guidance, according to the analyst. The new multiple of price to enterprise-value-to-EBITDA is still reasonable and at a discount to the long-term average, Cherny noted.
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/for-tax-executives-more-disclosure-on-global-liabilities-means-more-headaches-48e06d5e
A light display made by Daktronics on the State Theatre in Sioux Falls, S.D. Investment firm Alta Fox Capital Management this year sought the removal of the CEO and CFO at Daktronics, a maker of LED displays. Photo: Joe Ahlquist/Associated PressCompanies are taking more time to vet CFO candidates despite brisk competition for top talent, a return to typical hiring practices spurred by demand for recession-ready finance leaders as well as increased investor activism. Many companies in search of a chief financial officer over the past two years or so eased up on due diligence during the hiring process as CFO candidates often had more than one offer and hiring managers had to act quickly, recruiting experts say. What was typically a three- to six-month search and vetting process before the pandemic was sometimes cut to around two months last year.
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PNC Financial Services Group was one of several companies to weigh in on the SEC proposal. Photo: ASHRAF FAHIM/REUTERSFinance executives are bracing for higher costs and unintended consequences from new federal disclosure requirements on share repurchases, the latest in a series of moves by lawmakers and regulators to curb the popularity of stock buybacks. The Securities and Exchange Commission on Wednesday approved a rule requiring most companies to provide daily buyback amounts at the end of each quarter, rather than the monthly amounts that they have to supply now. In addition, companies will have to check a box if their officers and directors purchased or sold shares within four business days of announcing a buyback program.
The Fed is on track to increase rates a quarter point while deliberating if that will be enough to pause the fastest rate-raising cycle in decades. Photo: olivier douliery/Agence France-Presse/Getty ImagesExecutives are watching the Federal Reserve’s latest policy meeting for clues on its inflation-fighting campaign and the potential for a so-called hard landing that could cramp consumer spending on everything from airline tickets and cars to furniture and snacks. The Fed this week is on track to increase interest rates by a quarter percentage point while deliberating whether that will be enough to then pause the fastest rate-raising cycle in four decades. The central bank’s benchmark rate stands at a range between 4.75% and 5%, and another quarter-point increase at the meeting that concludes Wednesday would lift it to a 16-year high.
Lower-than-expected avocado costs have helped Chipotle Mexican Grill’s margins, offsetting higher costs for other items such as oils and tortillas. Photo: Brandon Bell/Getty ImagesChipotle Mexican Grill ’s shares hit a record high last week after the fast-food chain reported first-quarter results that beat analysts’ expectations. Quarterly and comparable sales were up, and its restaurant-level operating margin improved by roughly 25%. One reason behind the results: avocados.
An uncertain economic environment means third parties in Conagra’s supply chain sometimes require extra assistance. Photo: Justen Williams for The Wall Street JournalAs if finance chiefs didn’t have enough on their plates before the pandemic, surging shipping costs, freight logjams and factory disruptions in China over the past few years have laid bare their need to adapt and step up their involvement in boosting supply-chain resilience. “Supply chain is obviously always an important part for us,” said Conagra Brands Inc. Chief Financial Officer Dave Marberger . At roughly $9 billion, it is the single biggest line item when looking at the cost of goods sold for the Chicago-based food manufacturer, which makes Hunt’s ketchup, Healthy Choice frozen meals and Slim Jim meat sticks. “But obviously with Covid and the significant impact it’s had on supply chain, it’s been even more of a priority for me.”
Coca-Cola is using lessons learned over the past few years with the pandemic to keep up with and pivot based on consumer preferences. Photo: Gene J. Puskar/Associated PressAfter increasing prices last year and into 2023 to offset the impact of inflation, Coca-Cola Co. is expecting to slow price hikes later this year. The Atlanta-based beverage giant anticipates that inflationary pressures will moderate this year, particularly in the second half of 2023, and that means it will institute fewer price increases. “Our approach to pricing, whether it’s in inflationary times or not, is to make sure that we keep pace with inflation,” said President and Chief Financial Officer John Murphy . “Our pricing in 2022 and even in some markets in the early part of 2023 reflects that.”
An Alaska Airlines plane at Los Angeles International Airport (LAX). Photo: DANIEL SLIM/Agence France-Presse/Getty ImagesAlaska Air Group Inc. is preparing for a busy travel season this summer, as airlines generally continue to benefit from a healthy appetite for travel after the Covid-19 pandemic rocked the industry. But with uncertainties remaining, including the potential for travel pullback due to fears of a recession, slowed business travel as companies look to cut costs and weather that disrupts flights, Alaska Air Finance Chief Shane Tackett is readying for what may come.
Danish pharmaceutical company Novo Nordisk last month sent a comment letter to the Treasury Department objecting to two rules set out in December guidance on the 1% tax on stock buybacks. The U.S.’s new tax on stock buybacks has created a potential pain point for foreign companies: Those with stateside subsidiaries may find they are subject to the 1% levy on share repurchases. As initially written, the 1% tax on buybacks, which went into effect Jan. 1, would hit foreign companies in limited circumstances. Guidance from the government released in late December, however, changed expectations about the potential impact on foreign companies, stirring comment letters from businesses including Danish drugmaker Novo Nordisk A/S and groups representing multinational companies and global manufacturers.
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/hasbro-hires-harley-davidson-cfo-to-lead-its-finances-5189b65b
Videogame company Unity Software is looking at reducing the number of shares it grants as part of compensation but hasn’t made any decisions yet. Some finance executives are tweaking compensation expenses—including stock-based pay and bonus eligibility—in the latest move among U.S. companies to cut costs from increasingly lean operations as recession concerns grow. Videogame company Unity Software Inc. and business-software firm Salesforce Inc. are among businesses weighing or moving ahead with bringing down stock-based compensation, while companies such as DSW Designer Shoe Warehouse parent Designer Brands Inc. and Facebook owner Meta Platforms Inc. are planning adjustments to worker bonuses. Firms like Google are making other trims to the employee experience by eliminating popular perks like snack bars and choosing software and equipment vendors based on cost.
The IRS building in Washington. The 15% corporate minimum tax applies to companies that report income averaging at least $1 billion over three years. A new corporate minimum tax is stoking concern among some companies that one-time activities, such as the sale of a business unit, will push them over the threshold for the levy even though the companies wouldn’t otherwise qualify. The 15% corporate minimum tax that went into effect at the beginning of this year applies to U.S.-based companies that report income to shareholders averaging at least $1 billion over three years. What’s more, once a company is subject to the levy, it remains that way even if profits decline unless certain conditions are met, such as a determination from the government that a company shouldn’t be subject to the minimum tax.
With Ford Motor Co. splitting its electric-vehicle business out as a separate division, it becomes the first of the Big Three auto makers in the U.S. to change how it reports its financial results to acknowledge the fast-growing EV future alongside the legacy business of making gasoline-powered vehicles. Ford has already been selling electric vehicles, including its Mustang Mach-E sport-utility vehicle and the F-150 Lightning, and it has said it would spend more than $50 billion on EVs through 2026. The Dearborn, Mich.-based auto maker also expects electric vehicles to account for one-third of global sales by 2026, or about two million EVs total, and half of its global sales by 2030, compared with a previous target of 40%.
Many of SVB’s clients were startups with small finance teams, making it appealing as it also provided treasury services tailored to those businesses. Financial officers at companies with money held at Silicon Valley Bank are re-evaluating their cash-management strategies in the wake of the bank’s collapse, a reckoning that comes after many firms feared they also would go under without access to their funds. SVB , which catered to tech, private- equity and venture-capital firms, was taken over by federal regulators last Friday as depositors withdrew tens of billions of dollars over two days amid concerns about the bank’s liquidity. While regulators on Sunday unveiled emergency measures to ease fears and said SVB’s depositors would get all their money, the experience has served as a wake-up call for many executives.
Costco is seeing a slight decline in inflation, according to the retailer’s finance chief. With inflation stuck at high levels, some U.S. companies’ use of an accounting method that lowers their federal tax bill has increased costs and hit earnings. But for retail giant Costco Wholesale Corp., it is a different story. Companies including wholesale specialty foods distributor United Natural Foods Inc. and grocery chain Kroger Co. have recently announced last-in, first-out accounting—also known as LIFO—charges. Costco, meanwhile, had no LIFO charge for the quarter ended Feb. 12, compared with a $71 million charge a year earlier as the company sees some inflationary relief, said Chief Financial Officer Richard Galanti .
Brazilian retailer Americanas SA in January filed for bankruptcy protection after revealing a roughly $4 billion hole in its balance sheet that was at least in part masked by its supply-chain finance program. An international accounting standards-setter has moved up by a year the timing for when companies would have to disclose details on their supply-chain financing, a move aimed at improving transparency after several high-profile blowups in recent years. The International Accounting Standards Board, which sets standards required globally, tentatively agreed at a Feb. 20 meeting on a one-year acceleration for standards that aim to outline what companies disclose on their supply-chain finance programs. As of Jan. 1, 2024, instead of 2025, businesses subject to the standards will have to disclose details such as the size and certain terms of their supply-chain finance programs.
For some finance chiefs of companies such as auto retailer Sonic Automotive Inc., the possibility that the Fed will raise interest rates by a larger half-percentage-point later this month comes as little surprise given that consumer spending remains strong and hiring continues to be robust. The Federal Reserve stands ready to accelerate interest-rate hikes to combat inflation, central bank Chair Jerome Powell said in congressional testimony the past two days. Some finance chiefs who are already pushing their companies to do more with less amid rising costs said they are closely monitoring the impact of what comes next. Mr. Powell’s comments, delivered during semiannual hearings before Senate and House panels, open up the possibility that a larger half-point interest rate increase may be in store when Fed officials meet for their two-day policy meeting March 21-22. “The latest economic data have come in stronger than expected, which suggests that the ultimate level of interest rates is likely to be higher than previously anticipated,” he told the Senate Banking Committee on Tuesday.
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