8-K/ARegulation FDExhibits & Filings

STATE STREET CORP 8-K/A Report, Regulation FD Disclosure (Jul 23, 2018)

Filed July 23, 2018For Securities:STTSTT-PG

Summary

State Street Corporation (STT) filed an 8-K/A amendment on July 23, 2018, to correct and clarify financial information presented in a July 20, 2018, slide presentation regarding its proposed acquisition of Charles River Development. The primary focus of this amendment is the revision of historical financial data for Charles River Development, specifically related to its operating income. The company is updating a table in the presentation to reflect "adjusted operating income" instead of "operating income." More significantly, the 2013 adjusted operating income for Charles River Development has been corrected from $99 million to $109 million. This revision also impacts the calculated compound annual growth rate (CAGR) for adjusted operating income between 2013 and 2017, which is now presented as 8%. Revised slides containing this corrected information, along with an updated footnote, have been furnished as part of this filing.

Key Highlights

  • 1Amendment to a previous 8-K filing (8-K/A) filed on July 23, 2018.
  • 2Corrects financial information for Charles River Development (CRD) included in a July 20, 2018, presentation.
  • 3Revises the heading of CRD's historical financial data table from 'operating income' to 'adjusted operating income'.
  • 4Corrects CRD's 2013 adjusted operating income to $109 million, up from the previously stated $99 million.
  • 5Updates the 2013-2017 adjusted operating income CAGR for CRD to 8% based on the revised figures.
  • 6Revised slides (4 and 14) are furnished as Exhibit 99.1, including an updated footnote on adjusted operating income.
  • 7The corrected presentation is available on State Street's investor relations website.

Frequently Asked Questions

This filing is an amendment to correct and clarify specific historical financial data for Charles River Development (CRD) that was presented in a slide deck on July 20, 2018, related to State Street's proposed acquisition of CRD.

The filing revises CRD's 2013 adjusted operating income from $99 million to $109 million. Consequently, the compound annual growth rate (CAGR) for adjusted operating income between 2013 and 2017 has been updated to 8%.

The revision provides a more accurate historical financial picture for Charles River Development, specifically showing a higher adjusted operating income for 2013 and a corresponding adjusted CAGR. Investors should refer to the revised presentation for the updated figures when evaluating the acquisition's strategic rationale and potential financial impact.

The complete, revised slide presentation, including the corrected financial information and updated footnotes, is available on State Street's website under 'Investor Relations - Investor News & Events' and titled 'Events and Presentations - 2Q 2018 Earnings Conference Call'.