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SF Symphony releases some details of its troubled finances
Davies Symphony Hall | Credit: Craig Mole
In the flood of news about the San Francisco Symphonysince the announcement of the orchestra 2024–2025 season to the unexpected decision of Musical Director Esa-Pekka Salonen do not extend your contract After next year, less attention has been paid to a larger issue: the SF Symphony’s financial situation.
A central issue within the organization is the apparent contradiction between management claim of “significant financial pressures”, justifying cuts that eventually forced Salonen to leave, and the proposal renovation of Davies Symphony Hall, a project estimated to cost $100 million or more than double that, a plan that is clearly not necessary but is still under consideration.
Is there money to rebuild Davies when financial problems limit the SF Symphony’s ability (or willingness) to fund the music director’s artistic plans?
SF Symphony CEO Matthew Spivey | Credit: Cody Pickens
Some new information was revealed Monday in a statement from CEO Matthew Spivey and President Priscilla B. Geeslin about the SF Symphony’s finances, which addressed the ownership process for the renovation project.
Crucially, this is not the project itself, but rather the two-year process with the San Francisco City Planning Department that is necessary “before any modernization project proceeds with a development proposal,” the statement says.
“The cost of completing the entitlement process was funded entirely by private donations for the purpose restricted to this project, and the allocation of these contributions did not compete with any other Sinfonia fundraising efforts.
“No additional funding is required to complete the entitlement process. Furthermore, we want to clarify that our priority is to financially stabilize the organization and support our artistic production before embarking on a campaign to support any future renovation projects.”
Questions remain, mainly about where the orchestra would perform during construction – estimated to take three years by architect and two years for administration of the SF Symphony. Davies would be largely unavailable for rehearsals and performances, and the orchestra’s former home, the War Memorial Opera House, is filled to capacity by San Francisco Opera, San Francisco Ballet and others.
Unlike the New York Philharmonic’s three-year, $550 million renovation of David Geffen Hall, during which the orchestra played at Carnegie Hall and other venues, the SF Symphony would have no such options locally.
After Salonen’s decision to leave the SF Symphony, Spivey told the Chronicle of San Francisco that “there are significant financial pressures on the organization that have become impossible to ignore”.
The Chronicle report continues: “Spivey cited recent cuts at SoundBox, the orchestra’s 10-year-old experimental performance venue and concert series, as an example of the organization’s belt-tightening, and said there would be more such moves. kind to come.”
Speaker Input | Credit: Cory Weaver
Additional “belt-tightening” measures at the SF Symphony included the year-long dispute between management and the musicians’ union over the lapsed collective bargaining agreement and its resolution, which was unsatisfactory for musicians; the reduction or elimination of community and educational programs; the cancellation of tours; the decision to reduce commissions and semi-staged productions, defended by Salonen; reducing the number of pre-concert talks offered; and internal measures still unknown to the general public.
Spivey also told the orchestra in January that “absent fundamental changes to our business model and revenue streams, we will sustain increasingly unmanageable deficits in the coming years. Given the magnitude of these challenges, we are examining all aspects of the organization’s activities.”
Facts about the SF Symphony’s budget are difficult to obtain because public information is two years behind the present and depends on when the orchestra’s internal audit and IRS Form 990 become available.
The last acquaintance SFS Budgetfor fiscal year 2022, it reported revenue of US$144.9 million against expenses of US$74.7 million and an endowment of US$326 million, second only in the US to the Boston Symphony.
Davies Symphony Hall | Credit: Drew Altizer
Asked about these impressive numbers, which do not seem to suggest financial problems, an SF Symphony spokesperson told SF Classical Voice in January:
“SF Symphony’s operations, like many of its peers, have historically run an operating deficit year after year. Financial resources available to support current operations are limited, and the SF Symphony has taken austerity measures in recent seasons to address and reduce this operational deficit, including implementing extensive cost-saving measures across all areas of expenditure.
“The income reflected on Symphony’s Form 990 includes many items that are outside those available as cash to support operations. Most notably, the $144.9 million shown in the [990 form for fiscal year 2022] includes “realized” gains from investments, but does not include “unrealized” gains or losses.
“Gains realized from investments represented more than half of the US$144.9 million revenue shown. These gains, offset by unrealized gains/losses, are within the SF Symphony’s endowment. Most endowments are not directly available to support operations.”
Fiscal Year 2021 showed revenues of US$66 million against expenses of US$53 million, and fiscal year 2020 it had revenues of US$65 million against expenses of US$73 million.
SF Symphony President Priscilla B. Geeslin | Credit: Cody Pickens
In its Monday statement, SF Symphony management addressed, for the first time in recent years, specific details of the orchestra’s fiscal problems:
For many years, the Symphony’s expenses exceeded its income and, in recent years, this gap has been increasing. In several of the most recent seasons, including 2022–23, the Symphony received one-time extraordinary grants or pandemic-related federal aid that helped reduce, but were insufficient to consistently bridge, the gap between revenues and expenses.
For reference, in 2022–23, the Symphony’s operating expenses totaled $78.6 million, while operating revenues, excluding one-time extraordinary contributions, totaled just $67.4 million. Revenues to support expenses come predominantly from three areas: earned revenues (primarily ticket sales and performance fees; $26.9 million in 2022–23), contributed income (primarily individual donations, corporate, foundation and government support and fundraising events; $25.3 million in 2022–23) and the donation draw ($15.2 million in 2022–23).
Excluding investment gains/losses, which do not provide direct cash to support operations, Symphony has run a cumulative operating deficit of $116 million over the past 10 years. These losses were funded primarily through non-repeatable sources, including federal COVID relief and the reduction of the Symphony’s operating reserves.
Without immediate action or extraordinary new financing, we anticipate that our accumulated cash losses could grow by an additional $80 million over the next five years, far beyond any means of financing such losses. It is in the face of this unsustainable future that we have begun to make some difficult choices, including those described above, with the aim of emerging as a stronger, more innovative and more community-oriented institution than ever before.”
Given these “significant financial pressures”, where does the multi-million pound Davies renovation project stand, which will certainly pose challenges even if the cost of application and licensing is covered by donations? When asked last week, an SF Symphony spokesperson repeated what the SFCV reported six months ago, indicating no change:
“In September, the San Francisco Symphony submitted a proposal to the San Francisco Planning Department to begin the permitting process for possible future renovations to Davies Symphony Hall.
“The San Francisco Symphony Orchestra is still in an early, exploratory phase of this process and has not yet submitted any building permit applications, nor has it initiated or announced any major renovation projects.”
Davies Symphony Hall | Credit: Craig Mole
Even with funds dedicated to the entitlement process, the plan to rebuild the orchestra’s home appears extremely ambitious. The project would halt all operations and include the building and its surroundings, such as the large outdoor parking lot on Franklin Street.
The plan is to increase the size of the interior, reducing the number of seats from 2,743 to 2,100 and add new facilities to the venue (there are already three Zellerbach rehearsal rooms in the building).
The reduction in seats, which limits revenue, is perhaps motivated by the objective of improving the hall’s acoustics – a measure already taken twelve years after the hall’s completion (in 1980, at a cost of US$28 million). In 1992, Gordon Getty donated $9 million to this reconstruction, which downsized architect Pietro Belluschi’s cathedral-like interior, removed about 200 seats and allowed Kirkegaard Associates to improve the acoustics.
RENO, Nev., August 1, 2024–(BUSINESS THREAD)–Modiv Industrial, Inc. (“Modiv” or the “Company”) (NYSE:MDV), the only public REIT focused exclusively on the acquisition of industrial real estate properties, today announced that it will release second quarter 2024 financial results for the quarter ended June 30, 2024 before the market opens on Tuesday, August 6, 2024. Management will host a conference call the same day at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) to discuss the results.
Live conference call: 1-877-407-0789 or 1-201-689-8562 at 7:30 a.m. Pacific Time Tuesday, August 6.
Internet broadcast: To listen to the webcast, live or archived, use this link https://callme.viavid.com/viavid/?callme=true&passcode=13740174&h=true&info=company&r=true&B=6 or visit the investor relations page of the Modiv website at www.modiv.com.
About Modiv Industrial
Modiv Industrial, Inc. is an internally managed REIT focused on single-tenant net-leased industrial manufacturing real estate. The company actively acquires critical industrial manufacturing properties with long-term leases to tenants that fuel the national economy and strengthen the nation’s supply chains. For more information, visit: www.modiv.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240731628803/en/
Contacts
Investor Inquiries:
management@modiv.com
Volta Finance Limited
Volta Finance Limited (VTA/VTAS)
Notification of transactions by directors, persons exercising managerial functions
responsibilities and people closely associated with them
NOT FOR DISCLOSURE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN THE UNITED STATES
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Guernsey, 1 August 2024
Pursuant to announcements made on 5 April 2019 and 26 June 2020 relating to changes to the payment of directors’ fees, Volta Finance Limited (the “Company” or “Volta”) purchased 3,380 no par value ordinary shares of the Company (“Ordinary Shares”) at an average price of €5.2 per share.
Each director receives 30% of his or her director’s fee for any year in the form of shares, which he or she is required to hold for a period of not less than one year from the respective date of issue.
The shares will be issued to the Directors, who for the purposes of Regulation (EU) No 596/2014 on Market Abuse (“March“) are “people who exercise managerial responsibilities” (a “PDMR“).
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Dagmar Kershaw, Chairman and MDMR for purposes of MAR, has acquired an additional 1,040 Common Shares in the Company. Following the settlement of this transaction, Ms. Kershaw will have an interest in 12,838 Common Shares, representing 0.03% of the Company’s issued shares;
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Stephen Le Page, a Director and a PDMR for MAR purposes, has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Mr. Le Page will have an interest in 50,562 Ordinary Shares, representing 0.14% of the issued shares of the Company;
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Yedau Ogoundele, Director and a PDMR for the purposes of MAR has acquired an additional 728 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Ogoundele will have an interest in 6,862 Ordinary Shares, representing 0.02% of the issued shares of the Company; and
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Joanne Peacegood, Director and PDMR for MAR purposes has acquired an additional 884 Ordinary Shares in the Company. Following the settlement of this transaction, Ms. Peacegood will have an interest in 3,505 Ordinary Shares, representing 0.01% of the issued shares of the Company;
The notifications below, made in accordance with the requirements of the MAR, provide further details in relation to the above transactions:
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a) Dagmar Kershaw |
b) Stephen LePage |
c) Yedau Ogoundele |
e) Joanne Pazgood |
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Director |
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Volta Finance Limited |
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b. LAW |
2138004N6QDNAZ2V3W80 |
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a. Description of the financial instrument, type of instrument |
Ordinary actions |
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b. Identification code |
GG00B1GHHH78 |
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c. Nature of the transaction |
Acquisition and Allocation of Common Shares in Relation to Partial Payment of Directors’ Fees for the Quarter Ended July 31, 2024 |
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€5.2 per share |
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Total: 3380 |
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August 1, 2024 |
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At the Market – London |
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CONTACTS
For the investment manager
AXA Investment Managers Paris
Francois Touati
francois.touati@axa-im.com
+33 (0) 1 44 45 80 22
Olivier Pons
Olivier.pons@axa-im.com
+33 (0) 1 44 45 87 30
Company Secretary and Administrator
BNP Paribas SA, Guernsey branch
guernsey.bp2s.volta.cosec@bnpparibas.com
+44 (0) 1481 750 853
Corporate Broker
Cavendish Securities plc
Andre Worn Out
Daniel Balabanoff
+44 (0) 20 7397 8900
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ABOUT VOLTA FINANCE LIMITED
Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the Main Market of the London Stock Exchange for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to the regulation and supervision of the AFM, which is the regulator of the financial markets in the Netherlands.
Volta’s investment objectives are to preserve its capital throughout the credit cycle and to provide a stable income stream to its shareholders through dividends that it expects to distribute quarterly. The company currently seeks to achieve its investment objectives by seeking exposure predominantly to CLOs and similar asset classes. A more diversified investment strategy in structured finance assets may be pursued opportunistically. The company has appointed AXA Investment Managers Paris, an investment management firm with a division specializing in structured credit, to manage the investment portfolio of all of its assets.
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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-specialist asset management firm within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,700 professionals and €844 billion in assets under management at the end of December 2023.
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This press release is issued by AXA Investment Managers Paris (“AXA IM”) in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (“Volta Finance”), the portfolio of which is managed by AXA IM.
This press release is for information only and does not constitute an invitation or inducement to purchase shares of Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in violation of such limitations or restrictions. This document is not an offer to sell the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such an offering would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration under the Securities Act. Volta Finance does not intend to register any part of the offering of such securities in the United States or to conduct a public offering of such securities in the United States.
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This communication is being distributed to, and is directed only at, (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies and other persons to whom it may lawfully be communicated falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are available only to, and any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will be made only to, relevant persons. Any person who is not a relevant person should not act on or rely on this document or any of its contents. Past performance should not be relied upon as a guide to future performance.
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This press release contains statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes”, “anticipates”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include statements about the level of the dividend, the current market environment and its impact on the long-term return on Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that such forward-looking statements are not guarantees of future performance. Actual results, portfolio composition and performance of Volta Finance may differ materially from the impression created by the forward-looking statements. AXA IM undertakes no obligation to publicly update or revise forward-looking statements.
Any target information is based on certain assumptions as to future events that may not materialize. Due to the uncertainty surrounding these future events, targets are not intended to be and should not be considered to be profits or earnings or any other type of forecast. There can be no assurance that any of these targets will be achieved. Furthermore, no assurance can be given that the investment objective will be achieved.
Figures provided which relate to past months or years and past performance cannot be considered as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of Volta Finance’s investment methodologies and philosophies as implemented by AXA IM. The historical success or AXA IM’s belief in the future success of any such trade or strategy is not indicative of, and has no bearing on, future results.
The valuation of financial assets may vary significantly from the prices that AXA IM could obtain if it sought to liquidate the positions on Volta Finance’s behalf due to market conditions and the general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be relied upon as such.
Publisher: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, with registered office at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.
*****
Litter (AAPL) is set to report its fiscal third-quarter earnings after the market closes on Thursday, and unlike the rest of its tech peers, the main story won’t be about the rise of AI.
Instead, analysts and investors will be keeping a close eye on iPhone sales in China and whether Apple has managed to stem the tide of users switching to domestic rivals including Huawei.
For the quarter, analysts expect Apple to report earnings per share (EPS) of $1.35 on revenue of $84.4 billion, according to estimates compiled by Bloomberg. Apple saw EPS of $1.26 on revenue of $81.7 billion in the same period last year.
Apple shares are up about 18.6% year to date despite a rocky start to the year, thanks in part to the impact of the company’s Worldwide Developer Conference (WWDC) in May, where showed off its Apple Intelligence software.
But the big question on investors’ minds is whether iPhone sales have risen or fallen in China. Apple has struggled with slowing phone sales in the region, with the company noting an 8% decline in sales in the second quarter as local rivals including Huawei and Xiaomi gain market share.
Apple CEO Tim Cook delivers remarks at the start of the Apple Worldwide Developers Conference (WWDC). (Photo by Justin Sullivan/Getty Images) (Justin Sullivan via Getty Images)
And while some analysts, such as JPMorgan’s Samik Chatterjee, believe sales in Greater China, which includes mainland China, Hong Kong, Singapore and Taiwan, rose in the third quarter, others, including David Vogt of UBS Global Research, say sales likely fell about 6%.
Analysts surveyed by Bloomberg say Apple will report revenue of $15.2 billion in Greater China, down 3.1% from the same quarter last year, when Apple reported revenue of $15.7 billion in China. Overall iPhone sales are expected to reach $38.9 billion, down 1.8% year over year from the $39.6 billion Apple saw in the third quarter of 2023.
But Apple is expected to make up for those declines in other areas, including Services and iPad sales. Services revenue is expected to reach $23.9 billion in the quarter, up from $21.2 billion in the third quarter of 2023, while iPad sales are expected to reach $6.6 billion, up from the $5.7 billion the segment brought in in the same period last year. Those iPad sales projections come after Apple launched its latest iPad models this year, including a new iPad Pro lineup powered by the company’s M4 chip.
Mac revenue is also expected to grow modestly in the quarter, versus a 7.3% decline last year. Sales of wearables, which include the Apple Watch and AirPods, however, are expected to decline 5.9% year over year.
In addition to Apple’s revenue numbers, analysts and investors will be listening closely for any commentary on the company’s software launches. Apple Intelligence beta for developers earlier this week.
The story continues
The software, which is powered by Apple’s generative AI technology, is expected to arrive on iPhones, iPads and Macs later this fall, though according to Bloomberg’s Marc GurmanIt won’t arrive alongside the new iPhone in September. Instead, it’s expected to arrive on Apple devices sometime in October.
Analysts are divided on the potential impact of Apple Intelligence on iPhone sales next year, with some saying the software will kick off a new iPhone sales supercycle and others offering more pessimistic expectations about the technology’s effect on Apple’s profits.
It’s important to note that Apple Intelligence is only compatible with the iPhone 15 Pro and newer phones, ensuring that all users desperate to get their hands on the tech will have to upgrade to a newer, more powerful phone as soon as it is available.
Either way, if Apple wants to make Apple Intelligence a success, it will need to ensure it has the features that will make customers excited to take advantage of the offering.
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Email Daniel Howley at dhowley@yahoofinance.com. Follow him on Twitter at @DanielHowley.
Read the latest financial and business news from Yahoo Finance
The number of Americans filing for unemployment benefits hit its highest level in a year last week, even as the job market remains surprisingly healthy in an era of high interest rates.
Jobless claims for the week ending July 27 rose 14,000 to 249,000 from 235,000 the previous week, the Labor Department said Thursday. It’s the highest number since the first week of August last year and the 10th straight week that claims have been above 220,000. Before that period, claims had remained below that level in all but three weeks this year.
Weekly jobless claims are widely considered representative of layoffs, and while they have been slightly higher in recent months, they remain at historically healthy levels.
Strong consumer demand and a resilient labor market helped avert a recession that many economists predicted during the Federal Reserve’s prolonged wave of rate hikes that began in March 2022.
As inflation continues to declinethe Fed’s goal of a soft landing — reducing inflation without causing a recession and mass layoffs — appears to be within reach.
On Wednesday, the Fed left your reference rate aloneBut officials have strongly suggested a cut could come in September if the data stays on its recent trajectory. And recent labor market data suggests some weakening.
The unemployment rate rose to 4.1% in June, despite the fact that American employers added 206,000 jobs. U.S. job openings also fell slightly last month. Add that to the rise in layoffs, and the Fed could be poised to cut interest rates next month, as most analysts expect.
The four-week average of claims, which smooths out some of the weekly ups and downs, rose by 2,500 to 238,000.
The total number of Americans receiving unemployment benefits in the week of July 20 jumped by 33,000 to 1.88 million. The four-week average for continuing claims rose to 1,857,000, the highest since December 2021.
Continuing claims have been rising in recent months, suggesting that some Americans receiving unemployment benefits are finding it harder to get jobs.
There have been job cuts across a range of sectors this year, from agricultural manufacturing Deerefor media such as CNNIt is in another place.
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