Security Industry Monitor March 2014

Total Page:16

File Type:pdf, Size:1020Kb

Security Industry Monitor March 2014 Security Industry Monitor March 2014 For additional information on our Security Team, please contact: John E. Mack III Co-head, Investment Banking Group Head of Mergers and Acquisitions (310) 246-3705 [email protected] Michael McManus Managing Director, Investment Banking Group (310) 246-3702 [email protected] PLEASE SEE IMPORTANT DISCLOSURES ON LAST PAGE About Imperial Capital, LLC Imperial Capital is a full-service investment bank offering a uniquely integrated platform of comprehensive services to institutional investors and middle market companies. We offer sophisticated sales and trading services to institutional investors and a wide range of investment banking advisory, capital markets and restructuring services to middle market corporate clients. We also provide proprietary research across an issuer’s capital structure, including bank debt, debt securities, hybrid securities, preferred and common equity and special situations claims. Our comprehensive and integrated service platform, expertise across the full capital structure, and deep industry sector knowledge enable us to provide clients with superior advisory services, capital markets insight, investment ideas and trade execution. We are quick to identify opportunities under any market conditions and we have a proven track record of offering creative, proprietary solutions to our clients. Imperial Capital’s expertise includes the following sectors: Aerospace, Defense & Government Services, Airlines & Transportation, Business Services, Consumer, Energy (Clean Energy and Traditional Energy), Financial Services, Gaming & Leisure, General Industrials, Healthcare, Homebuilding & Real Estate, Media & Telecommunications, Security & Homeland Security and Technology. Imperial Capital has three principal businesses: Investment Banking, Institutional Sales & Trading and Institutional Research. For additional information, please visit our Web site at www.imperialcapital.com. Security Industry Monitor Table of Contents Table of Contents Section I Executive Summary ............................................................................................................ 5 Defining the Security Industry 7 Macroeconomic Overview 9 Equity Performance and Valuation 10 M&A Snapshot 13 Public Debt and Equity Offerings Snapshot 14 Registered Direct and Private Placement Snapshot 14 Bankruptcies Snapshot 15 Security Industry Transactions Outlook 15 Physical Solutions Overview 16 Identity Solutions Overview 16 Information Security Overview 17 Section II Physical Security Sector .................................................................................................. 19 Sector Outlook and Commentary 21 M&A Review and Outlook 42 Notable Middle Market Transactions 42 Registered Direct and Private Placement Snapshot 44 Public and 144A Debt and Equity Offering Snapshot 44 Bankruptcies 45 Section III Identity Solutions Sector ............................................................................................... 47 Sector Outlook and Commentary 49 M&A Review and Outlook 70 Notable Middle Market Transactions 70 Registered Direct and Private Placement Snapshot 71 Public Debt and Equity Offering Snapshot 72 Bankruptcies 72 Section IV Information Security Sector .......................................................................................... 75 Sector Outlook and Commentary 77 M&A Review and Outlook 90 Notable Middle Market Transactions 90 Registered Direct and Private Placement Snapshot 91 Public Debt and Equity Offering Snapshot 92 Bankruptcies 92 Section V Appendix ........................................................................................................................... 95 Comparable Companies 97 Valuations—Security Industry Companies 100 Disclosures ................................................................................................................................. Last Page March 2014 3 Security Industry Monitor [This page intentionally left blank.] 4 March 2014 Security Industry Monitor Table of Contents Section I Executive Summary March 2014 5 Security Industry Monitor [This page intentionally left blank.] 6 March 2014 Security Industry Monitor ExecutiveTable of SummaryContents Executive Summary Defining the Security Industry Our Security Industry Monitor primarily focuses on and discusses the dynamics affecting the industry’s major sectors, as well as key developments and transaction trends. According to the results of a recent study released by a leading industry trade organization, ASIS International (its first major study in nearly a decade and the largest industry report since the Hallcrest report in 1990), and the Institute of Finance and Management (IOFM), the U.S. security industry is a $350 billion market (versus our estimate of a $280 billion market at the end user level). The majority of the market consists of private sector spending ($282 billion) followed by federal government spending on homeland security ($69 billion). The major reason for the difference in the ASIS report and our industry estimate (at the user level) is that ASIS fully accounts for all homeland security (including Department of Defense (DoD)) spending, noted above, and we only provide for $4 billion of products and services sold to homeland security-specific users. According to ASIS, over 400 security industry executives participated in the survey. Within the physical security sector, we discuss the need for a more meaningful conversation at the highest levels of clients’ organizational chart to communicate the security industry’s potential contribution toward efficiency, cost, and business process improvements. We discuss the increasing global demand for security equipment and the expansion of the security industry. Government agencies are increasingly leveraging communications intelligence and investigative solutions to gather evidence and generate actionable intelligence, thus reflecting the need to make sense of unstructured data from multiple sources. We expand our writing to discuss the challenges facing the integrators, the state of the home automation (post Google-Nest acquisition), and residential security monitoring industry, the convergence of access control and electronic locks, including the potential use of Blutooth Low Energy and Near Field Communication (NFC). With new and innovative technologies expanding the home services suite of offerings, users are able to see and hear their monitored premises from a remote device. We highlight this fast moving industry, and look at the historical trading ranges of select security companies based on Steady State Net Operating Cash Flow, along with why this metric is widely used and valid. The public emergency response sector has received much attention from recent events (e.g. Sandy Hook school shooting, Boston Marathon bombing), and we examine its various components, ranging from “Safe City Programs” to Mass Notification Systems (MNS) to wireless infrastructure to Physical Security Information Management (PSIM) systems. We complete this segment by discussing the security officer industry and the trends within it. Within the identity solutions sector, we highlight identity and access management in the cloud, and the complexities which have risen. We discuss new developments in biometrics technology, particularly in fingerprint, which may overcome many of the real world deployment challenges and could drive broader adoption by commercial and institutional customers. Anti-counterfeiting and other relevant case studies are also highlighted. Within the information security sector, we discuss the escalation in the volume and sophistication of attacks, which is driving broad-based market demand for more effective security solutions beyond traditional, signature-based defenses. The sector gained particular attention recently with one of the largest and most publicized data breaches in history at national retailer Target in December 2013. This breach impacted a substantial portion of the American public and made news headlines, elevating security from an “IT” problem to a strategic issue for the executive leadership and boards of numerous consumer-facing organizations. This attack was a major topic at this year’s RSA March 2014 7 Executive Summary Security Industry Monitor Conference in February 2014, one of the premier annual industry events, which saw strong expansion in attendance to approximately 30,000 people, up from 24,000 in 2013. In this monitor, we highlight several of the key themes at the conference, as well as emerging trends and challenges for the sector. We additionally discuss the details of the Target breach, which demonstrated the security challenges facing large organizations with complex IT infrastructures—even those with top-tier defenses. We also highlight increased prioritization of cybersecurity by the federal government based on details of the President’s budget request for FY2015. We particularly note significant expansion of the EINSTEIN3 and Continuous Diagnostics and Mitigation (CDM) programs which aim to provide ongoing situational awareness to protect federal civilian agencies and “.gov” networks. We also discuss the strong momentum of industry consolidation, with two major transactions since the beginning of the year. We anticipate further strategic acquisition activity over the coming quarters, as larger technology companies and security vendors seek to integrate new security technologies and to achieve early penetration of emerging categories. Across
Recommended publications
  • Notice of 2020 Annual Meeting of Shareholders
    10 Ha-Menofim St., 5th Floor Herzliya, Israel 4672561 NOTICE OF 2020 ANNUAL MEETING OF SHAREHOLDERS June 25, 2020 NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders (the “Annual Meeting”) of Cyren Ltd., a company formed under the laws of the State of Israel, will be held on July 30, 2020 at 11:00 a.m. Eastern Time, at the offices of our subsidiary, Cyren Inc., located at 1430 Spring Hill Road, Suite 330, McLean, VA 22102, for the following purposes: 1. to elect nine directors, as described in the accompanying proxy statement, to serve until the next annual meeting of shareholders or until their successors are elected; 2. to approve the compensation to our Chairman of the Board; 3. to approve the equity-based compensation to our Chief Executive Officer; 4. to approve, as required by Nasdaq Listing Rule 5635(d), the issuance of more than 19.99% of our outstanding ordinary shares in connection with our 5.75% Convertible Debentures due 2024; 5. to ratify and approve the re-appointment of Kost, Forer, Gabbay & Kasierer (a member firm of Ernst & Young Global) as our independent registered public accountants for the year ending December 31, 2020 and for the year commencing January 1, 2021 and until the next annual meeting of shareholders and to authorize our Board of Directors and Audit Committee to determine its fees; 6. to approve, on an advisory basis, the compensation of our named executive officers; 7. to review and discuss our consolidated financial statements for the fiscal year ended December 31, 2019; and 8.
    [Show full text]
  • Standard Review Plan 13.6.2 Physical Security
    NUREG-0800 U.S. NUCLEAR REGULATORY COMMISSION STANDARD REVIEW PLAN 13.6.2 PHYSICAL SECURITY - DESIGN CERTIFICATION REVIEW RESPONSIBILITIES Primary – Office of Nuclear Security and Incident Response Secondary – None I. AREAS OF REVIEW For design certification (DC) applications, the review involves the evaluation of the physical security program design, to include those physical protection and mitigative measure elements identified to be within the scope of an applicant’s design. The review must include the required physical security elements of a DC application and may also include a review of the voluntarily submitted physical protection and mitigative measure elements. DRAFT - August 2007 USNRC STANDARD REVIEW PLAN This Standard Review Plan, NUREG-0800, has been prepared to establish criteria that the U.S. Nuclear Regulatory Commission staff responsible for the review of applications to construct and operate nuclear power plants intends to use in evaluating whether an applicant/licensee meets the NRC's regulations. The Standard Review Plan is not a substitute for the NRC's regulations, and compliance with it is not required. However, an applicant is required to identify differences between the design features, analytical techniques, and procedural measures proposed for its facility and the SRP acceptance criteria and evaluate how the proposed alternatives to the SRP acceptance criteria provide an acceptable method of complying with the NRC regulations. The standard review plan sections are numbered in accordance with corresponding sections in Regulatory Guide 1.70, "Standard Format and Content of Safety Analysis Reports for Nuclear Power Plants (LWR Edition)." Not all sections of Regulatory Guide 1.70 have a corresponding review plan section.
    [Show full text]
  • Market Cap Close ADV 1598 67Th Pctl 745,214,477.91 $ 23.96
    Market Cap Close ADV 1598 67th Pctl $ 745,214,477.91 $ 23.96 225,966.94 801 33rd Pctl $ 199,581,478.89 $ 10.09 53,054.83 2399 Ticker_ Listing_ Effective_ Revised Symbol Security_Name Exchange Date Mkt Cap Close ADV Stratum Stratum AAC AAC Holdings, Inc. N 20160906 M M M M-M-M M-M-M AAMC Altisource Asset Management Corp A 20160906 L M L L-M-L L-M-L AAN Aarons Inc N 20160906 H H H H-H-H H-H-H AAV Advantage Oil & Gas Ltd N 20160906 H L M H-L-M H-M-M AB Alliance Bernstein Holding L P N 20160906 H M M H-M-M H-M-M ABG Asbury Automotive Group Inc N 20160906 H H H H-H-H H-H-H ABM ABM Industries Inc. N 20160906 H H H H-H-H H-H-H AC Associated Capital Group, Inc. N 20160906 H H L H-H-L H-H-L ACCO ACCO Brand Corp. N 20160906 H L H H-L-H H-L-H ACU Acme United A 20160906 L M L L-M-L L-M-L ACY AeroCentury Corp A 20160906 L L L L-L-L L-L-L ADK Adcare Health System A 20160906 L L L L-L-L L-L-L ADPT Adeptus Health Inc. N 20160906 M H H M-H-H M-H-H AE Adams Res Energy Inc A 20160906 L H L L-H-L L-H-L AEL American Equity Inv Life Hldg Co N 20160906 H M H H-M-H H-M-H AF Astoria Financial Corporation N 20160906 H M H H-M-H H-M-H AGM Fed Agricul Mtg Clc Non Voting N 20160906 M H M M-H-M M-H-M AGM A Fed Agricultural Mtg Cla Voting N 20160906 L H L L-H-L L-H-L AGRO Adecoagro S A N 20160906 H L H H-L-H H-L-H AGX Argan Inc N 20160906 M H M M-H-M M-H-M AHC A H Belo Corp N 20160906 L L L L-L-L L-L-L AHL ASPEN Insurance Holding Limited N 20160906 H H H H-H-H H-H-H AHS AMN Healthcare Services Inc.
    [Show full text]
  • The Learning Experience the Learning Experience
    School Research in US Table of Content The List of Schools 1 2 3 The Learning Children's Light House The Goodard School Experience 4 5 6 Children’s Learning Candence Education Prime Rose Schools Adventure The Learning Experience The Learning Experience Overview Location Details . School Name: The Learning Experience The school is located in 18 states with 225 centers across the US . Website: https://www.thelearningexperience.com/ . States: AZ, CA, CO, C, FL, IA, MA, MD, MI, NC, NJ, . Founder: The Weissman Family NY, OH, PA, RI, SC, TX, VA . Foundation Year: 1980 . Center Details: Read More Key Facts Tuition Fee Details . Revenue: $48.1 million . The average tuition fees in a month is $860 . 210% increase in 5 year system-wide revenue growth Capacity . 45.5% compounded 5 year annual revenue growth . 300+ corporate partners who refer their employees to The Learning Experience . The average licensed capacity in each center ranged . 170+ centers open and operating between 200-300 . 35+ centers opening annually . The Learning Experience at Warren, NJ has licensed capacity of 255. Read More Why The Learning Experience? . Focus on programs that advance scholastic preparation . Prepares children academically and socially via innovative scholastic and enrichment programs such as the L.E.A.P. curriculum . Organizes advance learning programs, such as philanthropy, Yippee 4 Yoga™, Music 4 Me®, Movin' N Groovin'®, manners and etiquette, and foreign language The Learning Experience – Business Model and Competition Business Model Overview . The school operates in both franchise and company Business Units 250 owned setup model. However, majority of the business is 198 200 running through franchise model.
    [Show full text]
  • NASDAQ Stock Market
    Nasdaq Stock Market Friday, December 28, 2018 Name Symbol Close 1st Constitution Bancorp FCCY 19.75 1st Source SRCE 40.25 2U TWOU 48.31 21st Century Fox Cl A FOXA 47.97 21st Century Fox Cl B FOX 47.62 21Vianet Group ADR VNET 8.63 51job ADR JOBS 61.7 111 ADR YI 6.05 360 Finance ADR QFIN 15.74 1347 Property Insurance Holdings PIH 4.05 1-800-FLOWERS.COM Cl A FLWS 11.92 AAON AAON 34.85 Abiomed ABMD 318.17 Acacia Communications ACIA 37.69 Acacia Research - Acacia ACTG 3 Technologies Acadia Healthcare ACHC 25.56 ACADIA Pharmaceuticals ACAD 15.65 Acceleron Pharma XLRN 44.13 Access National ANCX 21.31 Accuray ARAY 3.45 AcelRx Pharmaceuticals ACRX 2.34 Aceto ACET 0.82 Achaogen AKAO 1.31 Achillion Pharmaceuticals ACHN 1.48 AC Immune ACIU 9.78 ACI Worldwide ACIW 27.25 Aclaris Therapeutics ACRS 7.31 ACM Research Cl A ACMR 10.47 Acorda Therapeutics ACOR 14.98 Activision Blizzard ATVI 46.8 Adamas Pharmaceuticals ADMS 8.45 Adaptimmune Therapeutics ADR ADAP 5.15 Addus HomeCare ADUS 67.27 ADDvantage Technologies Group AEY 1.43 Adobe ADBE 223.13 Adtran ADTN 10.82 Aduro Biotech ADRO 2.65 Advanced Emissions Solutions ADES 10.07 Advanced Energy Industries AEIS 42.71 Advanced Micro Devices AMD 17.82 Advaxis ADXS 0.19 Adverum Biotechnologies ADVM 3.2 Aegion AEGN 16.24 Aeglea BioTherapeutics AGLE 7.67 Aemetis AMTX 0.57 Aerie Pharmaceuticals AERI 35.52 AeroVironment AVAV 67.57 Aevi Genomic Medicine GNMX 0.67 Affimed AFMD 3.11 Agile Therapeutics AGRX 0.61 Agilysys AGYS 14.59 Agios Pharmaceuticals AGIO 45.3 AGNC Investment AGNC 17.73 AgroFresh Solutions AGFS 3.85
    [Show full text]
  • Market Cap Close ADV
    Market Cap Close ADV 1598 67th Pctl $745,214,477.91 $23.96 225,966.94 801 33rd Pctl $199,581,478.89 $10.09 53,054.83 2399 Listing_ Revised Ticker_Symbol Security_Name Exchange Effective_Date Mkt Cap Close ADV Stratum Stratum AAC AAC Holdings, Inc. N 20160906 M M M M-M-M M-M-M Altisource Asset Management AAMC Corp A 20160906 L M L L-M-L L-M-L AAN Aarons Inc N 20160906 H H H H-H-H H-H-H AAV Advantage Oil & Gas Ltd N 20160906 H L M H-L-M H-M-M AB Alliance Bernstein Holding L P N 20160906 H M M H-M-M H-M-M ABG Asbury Automotive Group Inc N 20160906 H H H H-H-H H-H-H ABM ABM Industries Inc. N 20160906 H H H H-H-H H-H-H AC Associated Capital Group, Inc. N 20160906 H H L H-H-L H-H-L ACCO ACCO Brand Corp. N 20160906 H L H H-L-H H-L-H ACU Acme United A 20160906 L M L L-M-L L-M-L ACY AeroCentury Corp A 20160906 L L L L-L-L L-L-L ADK Adcare Health System A 20160906 L L L L-L-L L-L-L ADPT Adeptus Health Inc. N 20160906 M H H M-H-H M-H-H AE Adams Res Energy Inc A 20160906 L H L L-H-L L-H-L American Equity Inv Life Hldg AEL Co N 20160906 H M H H-M-H H-M-H AF Astoria Financial Corporation N 20160906 H M H H-M-H H-M-H AGM Fed Agricul Mtg Clc Non Voting N 20160906 M H M M-H-M M-H-M AGM A Fed Agricultural Mtg Cla Voting N 20160906 L H L L-H-L L-H-L AGRO Adecoagro S A N 20160906 H L H H-L-H H-L-H AGX Argan Inc N 20160906 M H M M-H-M M-H-M AHC A H Belo Corp N 20160906 L L L L-L-L L-L-L ASPEN Insurance Holding AHL Limited N 20160906 H H H H-H-H H-H-H AHS AMN Healthcare Services Inc.
    [Show full text]
  • Alphabetical Listing by Company Name
    FOREIGN COMPANIES REGISTERED AND REPORTING WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION December 31, 2015 Alphabetical Listing by Company Name COMPANY COUNTRY MARKET 21 Vianet Group Inc. Cayman Islands Global Market 37 Capital Inc. Canada OTC 500.com Ltd. Cayman Islands NYSE 51Job, Inc. Cayman Islands Global Market 58.com Inc. Cayman Islands NYSE ABB Ltd. Switzerland NYSE Abbey National Treasury Services plc United Kingdom NYSE - Debt Abengoa S.A. Spain Global Market Abengoa Yield Ltd. United Kingdom Global Market Acasti Pharma Inc. Canada Capital Market Acorn International, Inc. Cayman Islands NYSE Actions Semiconductor Co. Ltd. Cayman Islands Global Market Adaptimmune Ltd. United Kingdom Global Market Adecoagro S.A. Luxembourg NYSE Adira Energy Ltd. Canada OTC Advanced Accelerator Applications SA France Global Market Advanced Semiconductor Engineering, Inc. Taiwan NYSE Advantage Oil & Gas Ltd. Canada NYSE Advantest Corp. Japan NYSE Aegean Marine Petroleum Network Inc. Marshall Islands NYSE AEGON N.V. Netherlands NYSE AerCap Holdings N.V. Netherlands NYSE Aeterna Zentaris Inc. Canada Capital Market Affimed N.V. Netherlands Global Market Agave Silver Corp. Canada OTC Agnico Eagle Mines Ltd. Canada NYSE Agria Corp. Cayman Islands NYSE Agrium Inc. Canada NYSE AirMedia Group Inc. Cayman Islands Global Market Aixtron SE Germany Global Market Alamos Gold Inc. Canada NYSE Alcatel-Lucent France NYSE Alcobra Ltd. Israel Global Market Alexandra Capital Corp. Canada OTC Alexco Resource Corp. Canada NYSE MKT Algae Dynamics Corp. Canada OTC Algonquin Power & Utilities Corp. Canada OTC Alianza Minerals Ltd. Canada OTC Alibaba Group Holding Ltd. Cayman Islands NYSE Allot Communications Ltd. Israel Global Market Almaden Minerals Ltd.
    [Show full text]
  • The Rise of Latham & Watkins
    The M&A journal - Volume 7, Number 5 The Rise of Latham & Watkins In 2006, Latham & Watkins came in fifth in terms of deal value.” the U.S. for deal value in Thompson Financial’s Mr. Nathan sees the U.S. market as crucial. league tables and took second place for the num- “This is a big part of our global position,” he says, ber of deals. “Seven years before that,” says the and it is the Achilles’ heel of some of the firm’s firm’s Charles Nathan, global co-chair of the main competitors. “The magic circle—as they firm’s Mergers and Acquisitions Group, “we dub themselves—Allen & Overy, Freshfields, weren’t even in the top twenty.” Latham also Linklaters, Clifford Chance and Slaughters— came in fourth place for worldwide announced have very high European M&A rankings and deals with $470.103 million worth of transactions, global rankings, but none has a meaningful M&A and sixth place for worldwide completed deals presence in the U.S.,” Mr. Nathan says. Slaughter Charles Nathan worth $364.051 million. & May, he notes, has no offices abroad. What is behind the rise of Latham & Watkins Similarly, in the U.S., Mr. Nathan says that his in the world of M&A? firm has a much larger footprint than its domestic “If you look back to the late nineties,” Mr. rivals. “Unlike all the other major M&A firms,” Nathan says, “Latham was not well-recognized he says, “we have true national representation. as an M&A firm. We had no persona in M&A.
    [Show full text]
  • Standards for Building Materials, Equipment and Systems Used in Detention and Correctional Facilities
    NATIONAL INSTITUTE OF STANDARDS & TECHNOLOGY Research Information Center Gaithersburg, MD 20890 PUBLICATIONS NBSIR 87-3687 Standards for Building Materials, Equipment and Systems Used in Detention and Correctional Facilities Robert D. Dikkers Belinda C. Reeder U.S. DEPARTMENT OF COMMERCE National Bureau of Standards National Engineering Laboratory Center for Building Technology Building Environment Division Gaithersburg, MD 20899 November 1987 Prepared for: -QC ment of Justice 100 ititute of Corrections i, DC 20534 . U56 87-3687 1987 C . 2 Research Information Center National Bureau of Standards Gaithersburg, Maryland NBSIR 87-3687 20899 STANDARDS FOR BUILDING MATERIALS, EQUIPMENT AND SYSTEMS USED IN u - DETENTION AND CORRECTIONAL FACILITIES Robert D. Dikkers Belinda C. Reeder U.S. DEPARTMENT OF COMMERCE National Bureau of Standards National Engineering Laboratory Center for Building Technology Building Environment Division Gaithersburg, MD 20899 November 1987 Prepared for: U.S. Department of Justice National Institute of Corrections Washington, DC 20534 U.S. DEPARTMENT OF COMMERCE, C. William Verity, Secretary NATIONAL BUREAU OF STANDARDS, Ernest Ambler, Director TABLE OF CONTENTS Page Preface . vi Acknowledgements vii Executive Summary ix I . INTRODUCTION 1 A. Background , 1 B. Objectives and Scope of NBS Study 3 II. FACILITY DESIGN AND CONSTRUCTION 6 A. Facility Development Process 6 1 . Needs Assessment ........................................ 6 2 . Master Plan 6 3 . Mission Statement . 6 4. Architectural Program 7 5. Schematic Design and Design Development 7 6 . Construction 9 B. Security Levels 10 C . ACA S tandar ds 13 . III MATERIALS , EQUIPMENT AND SYSTEMS .... 14 A. Introduction 14 B. Performance Problems 15 C. Available Standards/Guide Specifications 20 iii TABLE OF CONTENTS (continued) 5 Page D« Perimeter Systems 21 1 .
    [Show full text]
  • Fidelity® Nasdaq Composite Index® Fund
    Fidelity® Nasdaq Composite Index® Fund Semi-Annual Report May 31, 2021 Contents Note to Shareholders 3 Investment Summary 4 Schedule of Investments 6 Financial Statements 85 Notes to Financial 89 Statements Shareholder Expense 97 Example Board Approval of 98 Investment Advisory Contracts and Management Fees Liquidity Risk 106 Management Program To view a fund’s proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission’s (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines. Nasdaq®, OMX®, NASDAQ OMX®, Nasdaq Composite®, and The Nasdaq Stock Market®, Inc. are registered trademarks of The NASDAQ OMXGroup, Inc. (which with its Affiliates are the Corporations) and are licensed for use by Fidelity. The product has not been passed on by the Corporations as to its legality or suitability. The product is not issued, endorsed or sold by the Corporations. The Corporations make no warranties and bear no liability with respect to shares of the product. Standard & Poor’s, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation. Other third-party marks appearing herein are the property of their respective owners. All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved. This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund.
    [Show full text]
  • Fidelity® Nasdaq Composite Index® Fund
    Quarterly Holdings Report for Fidelity® Nasdaq Composite Index® Fund February 28, 2021 EIF-QTLY-0421 1.814098.116 Schedule of Investments February 28, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 99.7% Shares Value COMMUNICATION SERVICES – 16.7% Diversified Telecommunication Services – 0.2% Alaska Communication Systems Group, Inc. 34,501 $ 112,818 Anterix, Inc. (a) 7,844 331,252 ATN International, Inc. 7,220 351,470 Bandwidth, Inc. (a) (b) 12,082 1,913,306 Cogent Communications Group, Inc. (b) 25,499 1,526,115 Consolidated Communications Holdings, Inc. (a) 21,768 114,500 Iridium Communications, Inc. (a) 77,117 2,954,352 Liberty Global PLC: Class A (a) 112,326 2,766,028 Class B (a) 327 7,521 Class C (a) 204,417 4,967,333 Liberty Latin America Ltd.: Class A (a) 17,405 190,933 Class C (a) 105,781 1,159,360 ORBCOMM, Inc. (a) 54,925 419,078 Radius Global Infrastructure, Inc. (a) (b) 37,222 460,808 Sify Technologies Ltd. sponsored ADR (a) (b) 7,275 22,916 Vonage Holdings Corp. (a) 142,421 1,882,806 19,180,596 Entertainment – 2.5% Activision Blizzard, Inc. 429,734 41,086,868 Bilibili, Inc. ADR (a) (b) 99,200 12,496,224 Blue Hat Interactive Entertainment Technology (a) (b) 13,117 16,659 Chicken Soup For The Soul Entertainment, Inc. (a) 2,009 51,370 Cinedigm Corp. (a) 73,305 102,627 CuriosityStream, Inc. Class A (a) 24,573 426,833 DouYu International Holdings Ltd. ADR (a) 82,330 1,180,612 Electronic Arts, Inc.
    [Show full text]
  • John Markland Is a Partner in Dechert’S London Office
    John D. Markland Partner London | 160 Queen Victoria Street, London, UK EC4V 4QQ T +44 20 7184 7887 | F +44 20 7184 7001 [email protected] Services Banking and Financial Institutions > Corporate Finance and Capital Markets > Global Finance > Leveraged Finance > Private Equity > John Markland is a partner in Dechert’s London office. He is co-head of the firm’s global leveraged finance practice and is consistently recognized as one of Europe’s most “highly experienced finance practitioner[s]” Chambers UK (2017). According to The Legal 500 (2018) he is "a true and rare rock star of leveraged finance". In the 2021 edition of Chambers UK, Mr. Markland is described by clients as being “an excellent partner who is very knowledgeable. He is a formidable negotiator and provides invaluable advice around complex mechanics in contractual agreements," as well as being “extremely commercial and pragmatic." He is also ranked and listed as a ‘leading individual’ for acquisition finance in The Legal 500 UK, 2021. Mr. Markland recently won a special commendation in The Legal Business Corporate Team of the Year Awards 2019 for his role in advising South Korea's SK hynix Inc., the single largest investor in the Bain Capital consortium's US$18 billion takeover of Toshiba's memory chip business unit last year, which is still the largest private equity-backed acquisition globally since 2015 (Thomson Reuters). Prior to joining Dechert in November 2016, Mr. Markland was a partner at Kirkland & Ellis for over 12 years. At Kirkland, Mr. Markland founded and led the European debt finance practice, which won the Dow Jones Private Equity News “Finance Team of the Year” Award for Excellence in Advisory Services in Europe and was consistently top-ranked in Chambers.
    [Show full text]