New Relic Releases ESG Impact Report for Fiscal Year 2023

Rhea-AI Summary

New Relic, the observability company, has announced its goal to achieve net-zero greenhouse gas emissions by 2030, making it the first observability company to set such a target.

Positive

• New Relic's commitment to achieving net-zero greenhouse gas emissions by 2030 demonstrates its dedication to sustainability.
• Being the first observability company to set this goal shows New Relic's leadership in the industry.
• This announcement aligns with the growing focus on environmental responsibility and sustainability.
• The company's efforts to reduce greenhouse gas emissions can positively impact its reputation and attract environmentally conscious customers.

Negative

• None.

Highlights include being the first observability company to set a goal to achieve net-zero greenhouse gas emissions by 2030

SAN FRANCISCO--(BUSINESS WIRE)-- New Relic (NYSE: NEWR), the observability company, published its second annual environmental, social, and governance (ESG) 2023 Impact Report. The report highlights the company’s progress in executing its ESG strategy, including being the first observability company to set a goal to achieve net-zero greenhouse gas (GHG) emissions by 2030. It also details how the company is expanding access to the New Relic observability platform by donating $8.5 million in product and discounts to nonprofits, completing its transition towards becoming a Flex First company, and consolidating the management of data security issues.

“As New Relic turns 15 years old, we celebrate our growth and achievements in observability while we build a more equitable and sustainable future,” said New Relic CEO Bill Staples. “We have deepened our resolve to keep ESG at the heart of our company strategy and culture, and to democratize access to observability for the world’s 27 million engineers. Looking ahead, we are continuing our focus on software integrity, strengthening and refining our policies around AI, lowering our GHG emissions, and investing in pay equity.”

Progress in Fiscal Year 2023 includes:

• Climate strategy: Set a goal to achieve net-zero greenhouse gas emissions by 2030. New Relic submitted a commitment to set GHG emissions reductions targets to the Science Based Target initiative (SBTi), joining the more than 2,200 companies worldwide that are leading the transition to a net-zero economy through emissions targets grounded in climate science.
• Building a more diverse, equitable company: Tracked a 15-20 percentage point decrease in turnover among all regions, ages, and genders, and doubled Black representation among its leaders in 2023. Deepened its work to create more career development opportunities across historically underrepresented groups, including Hispanic/Latinx and women-identifying people in its workforce.
• Introduced resources to support Transgender employees: Published a Gender Transition and Inclusion Support Policy and developed a self-paced training for all employees to shed light on how to support transitioning Relics.
• Centralized management of data security and trust issues: A newly integrated Security, Legal, and Compliance (SLC) team more deeply weaves data security into engineering, and updates and streamlines documentation, policies, and procedures.
• Expanded impact programs and funding: Exceeded its employee participation goal, with nearly 76% of Relics participating in volunteering or giving campaigns. Donated $8.5M in product and discounts to nonprofits and committed $100,000 of unrestricted funding for nonprofits to use in building their tech capacities, through the launch of a new Impact Fund.

Looking ahead, New Relic is committed to furthering its ESG commitments and expects to:

• Enhance its commitment to pay equity.
• Promote sustainable productivity, refresh its Flex First team agreements, and launch its Thriving in Flex First Playbook.
• Continue to secure the integrity of its software and services and the enhancement of controls over the software development lifecycle. As it continues its industry-first innovation with New Relic Grok, it will continue to strengthen and refine its policies around AI use in a variety of potential use cases.
• Continue to purchase removals and renewable energy for its Scope 1, 2, and 3 emissions based on its FY23 footprint, submit SBTi near-term targets, and set efficiency targets for all cloud applications.
• Pilot a new skills-based volunteer program that supports its community partners and the New Relic for Students program, and continue to partner with organizations that share its mission and promote open source projects and standards.
• Maintain the highest standards of corporate governance, ethics, and integrity. New Relic will continue to stand against corruption, uphold human rights, and work to ensure transparent, honest, and fair communication with its customers.

To learn more about New Relic’s approach to ESG, please visit the website.

About New Relic

As a leader in observability, New Relic empowers engineers with a data-driven approach to planning, building, deploying, and running great software. New Relic delivers the only unified data platform that empowers engineers to get all telemetry—metrics, events, logs, and traces—paired with powerful full stack analysis tools to help engineers do their best work with data, not opinions. Delivered through the industry’s first usage-based consumption pricing that’s intuitive and predictable, New Relic gives engineers more value for the money by helping improve planning cycle times, change failure rates, release frequency, and mean time to resolution. This helps the world’s leading brands including adidas Runtastic, American Red Cross, Australia Post, Banco Inter, Chegg, GoTo Group, Ryanair, Sainsbury’s, Signify Health, TopGolf, and World Fuel Services (WFS) improve uptime, reliability, and operational efficiency to deliver exceptional customer experiences that fuel innovation and growth. www.newrelic.com.

Forward-looking statements

This press release, and the associated blog post and website, contains “forward-looking” statements, as that term is defined under the federal securities laws, including but not limited to statements regarding New Relic’s ESG initiatives and goals and its ability to achieve them, its expectations regarding industry trends, and its strategic and operational goals and its ability to achieve them. The achievement or success of the matters covered by such forward-looking statements are based on New Relic’s current assumptions, expectations, and beliefs and are subject to substantial risks, uncertainties, assumptions, and changes in circumstances that may cause New Relic’s actual results, performance, or achievements to differ materially from those expressed or implied in any forward-looking statement. Further information on factors that could affect New Relic’s financial and other results and the forward-looking statements in this press post is included in the filings New Relic makes with the SEC from time to time, including in New Relic’s most recent Form 10-K, particularly under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Copies of these documents may be obtained by visiting New Relic’s Investor Relations website at http://ir.newrelic.com or the SEC’s website at www.sec.gov. New Relic assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230711714553/en/

Media Contact

Elena Keamy

New Relic, Inc.

PR@newrelic.com

Investor Contact

Ingo Friedrichowitz

New Relic, Inc.

IR@newrelic.com

Source: New Relic Corporate Communications

FAQ

What is the goal announced by New Relic?

New Relic has set a goal to achieve net-zero greenhouse gas emissions by 2030.

What makes New Relic's announcement significant?

New Relic is the first observability company to set a goal for net-zero greenhouse gas emissions by 2030.

How does this announcement align with current trends?

This announcement aligns with the increasing focus on environmental responsibility and sustainability.

How can New Relic benefit from reducing greenhouse gas emissions?

Efforts to reduce greenhouse gas emissions can enhance New Relic's reputation and attract environmentally conscious customers.