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Coinbase Announces Ethereum Name Service (ENS) Integration

Coinbase Global Inc (NASDAQ: COIN) announced Wednesday it would accept Ethereum (CRYPTO: ETH) Name Service domains to be linked to wallets on its platform. read more.....»»

Category: blogSource: benzingaSep 22nd, 2022

ABCAM PLC: Interim results for the six-month period ended 30 June 2022

20% constant exchange rate revenue growth in H1: Demand for Abcam In-house Products Increases CAMBRIDGE, England and WALTHAM, Mass., Sept. 12, 2022 /PRNewswire/ -- Abcam plc (NASDAQ:ABCM) (AIM: ABC) ('Abcam', the 'Group' or the 'Company'), a global leader in the supply of life science research tools, today announces its interim results for the six-month period ended 30 June 2022 (the 'period').     FINANCIAL PERFORMANCE Six months ended  £m, unless stated otherwise          30 June 2022           30 June 2021 Revenue                                                                                                                                  185.2 150.2 Reported gross profit margin, % 74.1 % 71.4 % Adjusted gross profit margin*, % 75.6 % 71.4 % Reported operating profit 9.3 10.3 Adjusted operating profit** 42.6 26.5 Adjusted operating profit, % 23.0 % 17.6 % Net (debt) / cash*** (9.8) 219.9 * Excludes the amortisation of the fair value of assets relating to the inventory acquired in connection with the acquisition of BioVision. ** Adjusted figures exclude systems and process improvement costs, acquisition costs, amortisation of fair value adjustments, integration and reorganisation costs, amortisation of acquisition intangibles, share-based payments and employer tax contributions thereon, and the tax effect of adjusting items. Such excluded items are described as "adjusting items." Further information on these items is shown in note 4 to the consolidated interim financial statements. Share-based payments have been included in adjusting items from the period ended 30 June 2022; the prior period has been re-presented to be in line with the current period. *** Net (debt) / cash comprises cash and cash equivalents less borrowings. FINANCIAL HIGHLIGHTS1 20% constant exchange rate ('CER') revenue growth (23% reported revenue growth), driven by in-house product sales and the inclusion of BioVision Adjusted gross margin increased 420 basis points aided by in-house product mix, including the accretive impact from the inclusion of BioVision Adjusted operating cost increases were primarily driven by higher selling, general & administrative expenses for personnel, IT expenses for our digital strategy, and the inclusion of BioVision. Adjusted operating profit margin expanded 540 bps to 23% driven by favourable product mix and operating leverage. Reported operating profit decreased by £1.0m to £9.3m (H1 2021: £10.3m) Adjusted diluted earnings per share were 14.0p up 97% (H1 2021: 7.1p) In-house new product development and sales experienced gains. Total in-house revenue (including CP&L and BioVision) now represents 67% of total revenue (H1 2021: 58%) The Company's net debt position is a result of the BioVision acquisition but improved as compared to 31 December 2021 (£24.1m) STRATEGIC & OPERATIONAL HIGHLIGHTS1 Academic and Research customers returned to their labs, although China continued to be impacted by COVID lockdowns Pharmaceutical customers continue their efforts to understand disease-specific biomarkers BioVision integration activities on track Consistent key performance indicators2     - Product satisfaction rates H1 2022 99.0% (H1 2021: 98.8%)     - Customer transactional Net Promoter Score ('tNPS') H1 2022 +55 (H1 2021: +58) Ongoing digital and physical infrastructure investments including Waltham expansion, and new Singapore office Installation of High Throughput Cell-Engineering Platform for edited cell lines H1 2022 New Product Development of over 1,800 products Recognised as the company with most CiteAb awards Following a positive shareholder response, Board to seek General Meeting before the end of the year to approve the cancellation of its listing on AIM Commenting on the performance, Alan Hirzel, Abcam's Chief Executive Officer, said: "I am proud of our team's effort to support our global customers and the results those efforts generated in our first half of 2022. We achieved 20% constant exchange rate revenue growth, 23% reported revenue growth, driven by our multi-year dedication to increasing in-house innovation at Abcam. These investments in innovation and in our broader strategy, have sustained growth and expanded gross margin in the period. As we move into the next phase of our five-year strategic plan, we are moderating investment levels and working toward higher operating leverage and adjusted operating margin expansion. Looking ahead, we are confident in our growth trajectory and committed to delivering our CY2022 plan and CY2024 goals." CY2022 GUIDANCEFor the full year ending December 2022, we currently estimate total revenue to increase approximately 20% CER including the impact from the acquisition of BioVision, with organic CER growth of mid-teens. We expect the contribution from the sale of higher margin in-house products and the full year effect of BioVision to contribute to a continuing increase in adjusted operating margins. SHARE TRADING, LIQUIDITY AND LISTINGHaving consulted shareholders on its proposal to cancel the admission of the Company's ordinary shares to trading on AIM, leaving it with a listing solely on NASDAQ, and having received positive responses from all consulted, in the coming weeks the Board will issue a circular to convene an extraordinary general meeting to seek shareholder approval for the cancellation of the admission of the Company's shares to trading on AIM.  The circular will contain full details of the proposal, what action shareholders will be required to take and information on the impact of those holding ordinary shares. Analyst and investor meeting and webcast:Abcam will host a conference call and webcast for analysts and investors today at 13:00 BST/ 08:00 EDT. For details, and to register, please visit corporate.abcam.com/investors/reports-presentations For further details please contact FTI Consulting at abcam@fticonsulting.com  A recording of the webcast will be made available on Abcam's website, corporate.abcam.com/investors Notes: Throughout this report, 'H1 2021' and 'H1 2022' refer to the six month periods ended 30 June 2021 and 30 June 2022, respectively. Key performance indicators are based on a rolling 12-month average. The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. For further information please contact: Abcam + 44 (0) 1223 696 000 Alan Hirzel, Chief Executive Officer Michael Baldock, Chief Financial Officer Tommy J. Thomas, CPA, Vice President, Investor Relations   Numis – Nominated Advisor & Joint Corporate Broker + 44 (0) 20 7260 1000 Freddie Barnfield / Duncan Monteith   Morgan Stanley – Joint Corporate Broker + 44 (0) 20 7425 8000 Tom Perry / Luka Kezic   FTI Consulting + 44 (0) 20 3727 1000 Ben Atwell / Julia Bradshaw / Lydia Jenkins This announcement shall not constitute an offer to sell or solicitation of an offer to buy any securities. This announcement is not an offer of securities for sale in the United States, and the securities referred to herein may not be offered or sold in the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended. Any public offering of such securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer, which would contain detailed information about the company and management, as well as financial statements. Forward Looking StatementsThis announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation statements of targets, plans, objectives or goals for future operations, including those related to Abcam's products, product research, product development, product introductions and sales forecasts; statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures; statements regarding future economic and financial performance; statements regarding the scheduling and holding of general meetings and AGMs; statements regarding the assumptions underlying or relating to such statements; statements about Abcam's portfolio and ambitions, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: a regional or global health pandemic, including the novel coronavirus ("COVID-19"), which has adversely affected elements of our business, could severely affect our business, including due to impacts on our operations and supply chains; challenges in implementing our strategies for revenue growth in light of competitive challenges; developing new products and enhancing existing products, adapting to significant technological change and responding to the introduction of new products by competitors to remain competitive; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognise the anticipated benefits of businesses or assets that we acquire; if our customers discontinue or spend less on research, development, production or other scientific endeavours; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; if our products fail to satisfy applicable quality criteria, specifications and performance standards; failing to maintain our brand and reputation; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and the important factors discussed under the caption "Risk Factors" in Abcam's prospectus pursuant to Rule 424(b) filed with the U.S. Securities and Exchange Commission ("SEC") on 22 October 2020, which is on file with the SEC and is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam's other filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.  Interim management report IntroductionWe are pleased with the steady progress of our business over the past six months despite ongoing difficulties from COVID-19 related lockdowns in China. As the pandemic continues to present isolated challenges, we have focused on meeting the needs of our customers driven by the resilience of both our employees and our business, as well as the role Abcam and its customers have in advancing critical life science research. We are convinced more than ever that by continuing to invest in our technologies, people, capabilities, and customer needs, we can extend our market leadership, sustain durable growth, and become an increasingly influential partner within our industry. Demand for our products, and particularly Abcam's in-house developed products, increased during the period. Whilst the global pandemic situation continues to be fluid – and the risk of further outbreaks and new variants remains – we estimate that overall lab activity is now approaching pre-COVID levels in most of our markets. Having reached the halfway point in our 2024 Vision strategy, we remain on track to achieve our guided revenues, adjusted operating profit margin, and return on capital employed. As the multi-year period of growth investments moderates, we expect to achieve operating efficiencies resulting in adjusted operating profit margin expansion consistent with the Board's expectations. We are proud of our colleagues and teams around the world who have shown audacity, agility, and dedication in the delivery of our plans – they are fundamental to the Group's future success. Underpinning our continued progress is our balance sheet and financial position, which enables us to invest in attractive organic and inorganic growth opportunities to accelerate Abcam's strategic execution and focus on in-house innovation and products. We continue to be pleased with the integration of BioVision, a leading innovator of biochemical and cell-based assays.  Looking forward, with our expanding capabilities, financial position and market opportunities for growth, the Company is well-positioned to sustain long-term value creation.   Financial review Six months ended 30 June Reported revenues Change in reported revenues % CER growth % 2022 £m 2021 £m Catalogue revenue – regional split                                          Americas 74.6 53.5 39 % 31 % EMEA 46.0 41.4 11 % 13 % China* 30.3 25.7 18 % 11 % Japan 10.0 9.8 2 % 9 % Rest of Asia Pacific 13.7 10.9 26 % 20 % Catalogue revenue 174.6 141.3 24 % 20 % CP&L revenue1 10.6 8.9 19 % 13 % Total reported revenue 185.2 150.2 23 % 20 % Total revenue – product type In-house 123.6 87.1 42%2 37 % Third party 61.6 63.1 (2%)2 (5 %) Total reported revenue 185.2 150.2 23 % 20 % * Revenues for Hong Kong have been reclassified from Rest of Asia to China for the period ended 30 June 2022. The value attributable to Hong Kong for the six months ended 30 June 2022 is £0.8m (30 June 2021: £0.7m). The comparatives presented for the six months ended 30 June 2021 have not been updated for this change due to immateriality. REVENUERevenue of £185.2 million (H1 2021: £150.2m) represents approximately 20% CER growth over the prior period.  Regionally, growth was driven in the Americas with broad customer strength. In the current period, BioVision's sales (previously reported as third-party sales) have been treated as in-house from the date of acquisition, resulting in 37% CER revenue growth. Product revenue growth continues to be driven by growth in antibodies, assays, proteins, and cell engineering sales. GROSS MARGINAdjusted gross profit of £140.0 million (H1 2021: £107.2m) equates to adjusted gross margin of 75.6% (H1 2021: 71.4%). Adjusted gross margin expansion was benefitted from favourable product mix from in-house products, including the accretive impact of BioVision. Reported gross profit of £137.3 million (H1 2021: £107.2m) equates to reported gross margin of 74.1% (H1 2021: 71.4%). Adjusted gross profit differs from reported gross profit by £2.7 million impacted by the amortisation of the fair value of assets relating to the inventory acquired in connection with the acquisition of BioVision.   OPERATING COSTS Six months ended 30 June Reported Adjusted     2022 £m     2021 £m     2022 £m     2021 £m Selling, general & administrative expenses ('SG&A')                                           108.9 85.8 87.3 72.7 Research & development expenses ('R&D') 19.1 11.1 10.1 8.0 Total operating costs and expenses 128.0 96.9 97.4 80.7 Adjusted operating costs of £97.4 million (H1 2021: £80.7m) represents approximately 21% growth over the prior period. Excluding BioVision, underlying growth was approximately 17% primarily driven by higher selling, general and administrative expenses reflecting increased investments in personnel as we build out our in-house supply chain & logistics, and manufacturing capabilities, as well as planned investments made during the period in our platform to support the Company's growth. On a reported basis, total reported costs were £128.0 million (H1 2021: £96.9m) increased by £31.1 million or 32% reflecting the adjusting items noted below. ADJUSTING ITEMSTotal reported expenses include the following adjusting items: £2.6 million relating to the Oracle Cloud ERP project (H1 2021: £2.0m) £6.0 million from acquisition, integration, and reorganisation charges (H1 2021: £3.5m) £9.0 million relating to the amortisation of acquired intangibles (H1 2021: £4.0m) £13.0 million in charges for share-based payments (H1 2021: £6.7m) Note 4 in the notes to the interim financial statements provides further detail on adjusting items and a reconciliation between reported and adjusted profit measures. NET PROFIT  Adjusted net profit was £32.2 million (H1 2021: £16.2m) driven by revenue growth, favourable product mix enabling gross margin expansion and modest cost growth. Reported net profit was £5.8 million (H1 2021 £2.9m). CASHCash of £109.6 million (period ended 31 December 2021: £95.1m) increased by £14.5 million. The reported change is driven by operating activities impacted by ongoing investments in working capital and reduced by moderating investing, and financing activities. The Company has outstanding borrowings net of fees of £119.4 million, resulting from our acquisition of BioVision, resulting in net debt of £9.8 million. Notes: Custom Products & Licensing (CP&L) revenue comprises custom service revenue, revenue from the supply of IVD products and royalty and licence income. Sales from our acquisition of BioVision have been treated as in-house from the date of acquisition impacting comparability. Looking forwardWe are achieving good momentum across the business as market activity continues to recover. Investments we have made, and that we continue to make, are enabling the business to sustain growth and we remain committed to generating revenue of £450 – 525m for the year ending 31 December 2024 (calculated at the average exchange rates for the 12 months ended June 2021). In the more immediate term, uncertainty around the COVID-19 pandemic remains, yet laboratory activity and demand continue to recover in most regions and trading performance year to date, in spite of headwinds in China, is in line with the Board's expectations. The business' cash generation and financial position continue to provide a foundation from which to pursue opportunities, including innovation, acquisitions, and partnerships. We will continue to invest in our business to enable Abcam to provide innovative, trusted, and improved solutions for our customers. While the rate of investment is moderating from recent levels as we pass the peak for this 2019-2024 strategy implementation, we have a continuing appetite to invest in growing Abcam sustainably for the long term. Supported by a clear purpose and strategy, and thanks to the efforts of all our employees and partners, we believe that Abcam is well positioned to continue delivering long-term value for our shareholders. Alan HirzelChief Executive Officer Michael S BaldockChief Financial Officer 12 September 2022 Forward Looking StatementsThis report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation statements of targets, plans, objectives or goals for future operations, including those related to Abcam's products, product research, product development, product introductions and sales forecasts; statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures; statements regarding future economic and financial performance; statements regarding the scheduling and holding of general meetings and AGMs; statements regarding the assumptions underlying or relating to such statements; statements about Abcam's portfolio and ambitions, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: a regional or global health pandemic, including the novel coronavirus ("COVID-19"), which has adversely affected elements of our business, could severely affect our business, including due to impacts on our operations and supply chains; challenges in implementing our strategies for revenue growth in light of competitive challenges; developing new products and enhancing existing products, adapting to significant technological change and responding to the introduction of new products by competitors to remain competitive; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognise the anticipated benefits of businesses or assets that we acquire; if our customers discontinue or spend less on research, development, production or other scientific endeavours; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; if our products fail to satisfy applicable quality criteria, specifications and performance standards; failing to maintain our brand and reputation; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and the important factors discussed under the caption "Risk Factors" in Abcam's prospectus pursuant to Rule 424(b) filed with the U.S. Securities and Exchange Commission ("SEC") on 22 October 2020, which is on file with the SEC and is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam's other filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law. Responsibility statementWe confirm to the best of our knowledge: the interim financial statements have been prepared in accordance with IAS 34; the Financial and Operational highlights, Interim Management Report and Interim Financial statements include a fair review of the information required by the Financial Statements Disclosure and Transparency Rules (DTR) 4.2.7R, being an indication of important events that have occurred during the first six months of the financial period and a description of the principal risks and uncertainties for the remaining six months of the period; and the Financial and Operational highlights and Interim Management Report include a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the current financial period and that have materially affected the financial position or performance of the entity during the period and also any changes in the related party transactions described in the last Annual Report that could do so. At the date of this statement, the Directors are those listed in the Annual Report and Accounts 2021 and there were no further changes. By order of the Board Alan HirzelChief Executive Officer Michael S BaldockChief Financial Officer 12 September 2022 Independent review report to Abcam plcReport on the condensed consolidated interim financial statements Our conclusionWe have reviewed Abcam plc's condensed consolidated interim financial statements (the "interim financial statements") in the interim report of Abcam plc for the 6 month period ended 30 June 2022 (the "period"). Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the AIM Rules for Companies. The interim financial statements comprise: the condensed consolidated balance sheet as at 30 June 2022; the condensed consolidated income statement and condensed consolidated statement of comprehensive income for the period then ended; the condensed consolidated cash flow statement for the period then ended; the condensed consolidated statement of changes in equity for the period then ended; and the explanatory notes to the interim financial statements. The interim financial statements included in the interim report of Abcam plc have been prepared in accordance with UK adopted International Accounting Standard 34, 'Interim Financial Reporting' and the AIM Rules for Companies. Basis for conclusionWe conducted our review in accordance with International Standard on Review Engagements (UK) 2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity' issued by the Financial Reporting Council for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the interim financial statements. Conclusions relating to going concernBased on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with this ISRE. However, future events or conditions may cause the group to cease to continue as a going concern. Responsibilities for the interim financial statements and the review Our responsibilities and those of the directorsThe interim report, including the interim financial statements, is the responsibility of, and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the AIM Rules for Companies which require that the financial information must be presented and prepared in a form consistent with that which will be adopted in the company's annual financial statements. In preparing the interim report, including the interim financial statements, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so. Our responsibility is to express a conclusion on the interim financial statements in the interim report based on our review. Our conclusion, including our Conclusions relating to going concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion paragraph of this report. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the AIM Rules for Companies and for no other purpose. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers LLPChartered AccountantsCambridge 12 September 2022     Condensed consolidated income statement For the six month period ended 30 June 2022 Six months ended 30 June 2022  (unaudited) Six months ended 30 June 2021 (unaudited) Note             Adjusted £m Adjusting items £m Total £m          Adjusted £m Adjusting items £m Total £m Revenue 185.2 — 185.2 150.2 — 150.2 Cost of sales (45.2) (2.7) (47.9) (43.0) — (43.0) Gross profit 140.0 (2.7) 137.3 107.2 — 107.2 Selling, general and administrative expenses* (87.3) (21.6) (108.9)   (72.7)   (13.1)   (85.8) Research and development expenses* (10.1) (9.0) (19.1) (8.0) (3.1) (11.1) Operating profit 42.6.....»»

Category: earningsSource: benzingaSep 12th, 2022

Fastly (FSLY) Acquires Web Apps Developer Platform Glitch

Fastly (FSLY) announces the acquisition of web coding platform, Glitch to aid customer growth. Fastly Inc. FSLY recently announced the acquisition of Glitch, a web coding platform that allows novice and experienced coders to quickly build and deploy small web apps. It is a full-stack platform that officially supports JavaScript but allows coding in CSS, HTML, and other languages as well.As part of the deal, Fastly will integrate Glitch with its network, which will give Glitch users access to Fastly's web application firewall, image optimization, and fast start times.Glitch will continue to operate within Fastly, with the latter planning to grow the team and enable Glitch apps to tap into its edge-computing services.The acquisition follows a partnership between the companies earlier this year, which brought Glitch to Compute@Edge, one of Fastly's core products. Compute@Edge is a distributed application platform for running apps in edge environments on Fastly hardware.Fastly also hopes to bring Glitch's community into its development process by gathering feedback shared by Glitch’s 1.8 million monthly users.Fastly, Inc. Price and Consensus Fastly, Inc. price-consensus-chart | Fastly, Inc. QuoteStrong Acquisitions and Partnerships to Aid Customer GrowthFastly is a provider of infrastructure software that powers cloud computing, image optimization, security, edge computer technology and broadband streaming solutions. They are considered part of a cloud niche called Content Delivery Networks or CDNs.The acquisition of Signal Sciences to further bolster security offerings holds promise at a time when data protection has become increasingly critical. The company is increasingly focusing on integrating the application security capabilities from Signal Sciences into a unified new product offering called Secure@ Edge.In the first quarter of 2022, Fastly launched the first Signal Sciences and a edge compute integrated product called Next Gen WAF (powered by Signal Sciences). These are expected to aid enterprise customer growth in the near term.In the first quarter of 2022, revenues increased 21% year over year to $102.4 million, driven by the continued adoption of its modern edge platform and products as well as a $4.6 million increase in revenues related to products acquired from the acquisition of Signal Sciences.Fastly’s focus on large enterprise customers like Datadog DDOG also makes it immune to recessionary threats faced by sectors like retail and travel & tourism as well as small and medium businesses. As of Mar 31, 2022, the company had 457 enterprise customers, which generated 89% of total revenues for the trailing 12 months ended Mar 31, 2022.Datadog uses the company’s API to pull in real-time stats and analytics for display in their dashboard.Moreover, this Zacks Rank #3 (Hold) company’s focus on attracting customers outside of the United States and expanding its international footprint is expected to drive top-line growth. As of Mar 31, 2022, Fastly’s edge network spans 54 markets and 33 countries that are outside of the United States. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.Moreover, the company’s exclusive Private Network Interconnects (PNIs) and peering arrangements with key cloud providers, such as Alphabet’s GOOGL Google Cloud Platform, Microsoft MSFT Azure, Amazon Web Services and others, to eliminate or minimize egress fees, enhance security, and improve overall performance remains a key catalyst.Tight integration with Google Cloud Platform allows the company’s real-time logs to be streamed to any Google Cloud Platform big data service, including Google Cloud Storage, BigQuery, and Bigtable. Likewise, integration with Microsoft Azure allows real-time logs to be streamed to both Azure Blob Storage and Kusto. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Fastly, Inc. (FSLY): Free Stock Analysis Report Datadog, Inc. (DDOG): Free Stock Analysis Report To read this article on Zacks.com click here......»»

Category: topSource: zacksMay 20th, 2022

Datadog (DDOG) Makes OpenTelemetry Protocol Support Available

Datadog (DDOG) announces the general availability of OpenTelemetry Protocol Support for Datadog Agent, making it easier to trace and analyze telemetry data for organizations. Datadog DDOG recently expanded its support for OpenTelemetry by enabling OpenTelemetry Protocol support in the Datadog Agent.OpenTelemetry is a Cloud Native Computing Foundation (CNCF) initiative providing open, vendor-neutral standards and tools for instrumenting services and applications. Organizations mainly use it to collect telemetry data to analyze and understand software performance and behavior and export the data to their preferred backend system.The availability of the new capability provides the OpenTelemetry-instrumented applications with the full monitoring capabilities of the Datadog platform. With the integration in place, Datadog Agent can now collect other telemetry data, such as infrastructure metrics and network data from more than 500 integrations. This allows Datadog customers richer data and thus a deeper understanding of their systems, applications and software.Datadog, Inc. Price and Consensus  Datadog, Inc. price-consensus-chart | Datadog, Inc. Quote Network Performance Monitoring Products To Aid Customer WinsThe coronavirus-led pandemic has led to an accelerated digital transformation and cloud migration across organizations. Per a Grand View Research report, the global cloud computing market was valued at $368.97 billion in 2021 and is expected to witness a CAGR of 15.7%, between 2022 and 2030. The trend bodes well with software-as-a-service (SaaS) companies such as Datadog.Datadog is benefiting from increased adoption of cloud-based monitoring and analytics platforms across the globe. In the last reported quarter, the company witnessed a robust demand for its infrastructure monitoring solutions, APM suite and log management products.The growing demand for its SaaS-based solutions is expected to drive the company’s top line as ell as boost subscriber growth in the near term. In the last reported quarter, steady customer additions drove the top line. Datadog had more than 19,800 customers at the end of the first quarter, up from 14,170 in the year-ago quarter.Recently, the company integrated several enhancements to its SaaS platform to simplify the monitoring and security of Google’s Kubernetes environment. It adds to the ongoing measures taken by the company to expand its content offerings.The integration of Datadog Operator for Kubernetes offers visibility into the health and performance of a Kubernetes environment. With these enhancements, Kubernetes users can easily deploy and update the Datadog Agent without downtime, get deeper visibility into the performance of their dynamic infrastructure and monitor their entire set of resources using Datadog monitors, dashboards and service level objectives (SLOs).The company also entered into a definitive agreement to acquire Hdiv Security. The acquisition of this security-testing software provider will enable Datadog’s Cloud Security Platform to adopt a more comprehensive approach to application security.In the last reported quarter, Datadog witnessed a robust demand for its security monitoring solutions and has since then been focused on enhancing the said product portfolio. The recent launch of its Application Security Monitoring product and the availability of two of its capabilities, namely Log Anomaly Detection and Root Cause Analysis for its AI engine Watchdog, are expected to have driven revenues across its cloud services segment and expanded its existing customer base.Zacks Rank and Stocks to ConsiderCurrently, Datadog has a Zacks Rank #3 (Hold)Datadog’s shares have plunged 45.4% year to date compared with the Zacks Internet Software industry’s decline of 45.4%. The Computer & Technology sector has tumbled 25.8% year-to-date.Some better-ranked stocks in the Zacks Computer & Technology sector are Avid Technology AVID, Ceridian HCM CDAYand Sapiens International SPNS, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Avid Technology shares have declined 25% compared with the Zacks Computer – Software industry’s fall of 25% and the Computer & Technology sector’s drop of 25.7% in the year-to-date period.Ceridian HCM stock has declined 47.5% against the Zacks Internet - Software industry’s decline of 45.5% and the Computer & Technology sector’s fall of 25.8% in the year-to-date period.Shares of Sapiens International have declined 31.2% compared with the Zacks Computer – Software industry’s fall of 25% and the Computer & Technology sector’s plunge of 25.7% in the year-to-date period. Just Released: Zacks Top 10 Stocks for 2022 In addition to the investment ideas discussed above, would you like to know about our 10 top picks for the entirety of 2022? From inception in 2012 through 2021, the Zacks Top 10 Stocks portfolios gained an impressive +1,001.2% versus the S&P 500’s +348.7%. Now our Director of Research has combed through 4,000 companies covered by the Zacks Rank and has handpicked the best 10 tickers to buy and hold. Don’t miss your chance to get in…because the sooner you do, the more upside you stand to grab.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Avid Technology, Inc. (AVID): Free Stock Analysis Report Sapiens International Corporation N.V. (SPNS): Free Stock Analysis Report Ceridian HCM (CDAY): Free Stock Analysis Report Datadog, Inc. (DDOG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMay 17th, 2022

NICE Expands Portfolio with the CXone Launch in Singapore

NICE announces the launch of its AI-powered CXone in Singapore. The company's innovative product portfolio is helping it win new customers. NICE NICE is riding on its strong product portfolio and innovative pipeline. An expanding partner base is noteworthy.The company recently announced the launch of its AI-powered CXone in Singapore. The CXone launch will provide Asia-Pacific companies with tools to eliminate friction and deliver customized digital customer experiences.On Mar 21, NICE subsidiary Actimize launched its advanced, X-Sight Entity Risk SaaS solution, which produces a single-risk score that provides a financial institution meaningful insight into its clients across the organization.X-Sight Entity is powered by AI, machine learning, entity resolution and network analytics. The latest solution helps enterprises prevent fraud and enhances the efficiency of anti-money laundering applications.Nice Price and Consensus Nice price-consensus-chart | Nice QuoteExpanding Partner Base Aids ProspectsNICE is riding on an expanding partner base and frequent customer wins. The company’s solutions like Inform Elite, Nexidia, Actimize, Robotic Process Automation and Investigate have been gaining traction in recent times. The expanding availability of NICE products on different platforms is helping the company win customers frequently.Recently, Siam Commercial Bank selected NICE Nexidia Analytics to automate a major portion of its quality management process. With the implementation of Nexidia Analytics, SCB witnessed significant changes in agent productivity and improved customer satisfaction.NICE recently signed a partnership with Magnet Forensics to digitize police case building and investigations.Per the terms of the partnership, NICE Investigate will be integrated with Magnet REVIEW. The integration will enable police agencies to automatically pull out and merge digital forensic evidence from digital evidence sources with Magnet REVIEW, streamlining investigations.NICE Investigate is a Microsoft MSFT Azure Gov cloud-based solution that brings in all necessary evidence and associated information right to law enforcement professionals.Magnet REVIEW is the Microsoft Azure cloud-based, collaborative and secure digital forensic review platform that enables investigators to access and examine digital forensic evidence.NICE’s partnership with Alphabet GOOGL and BCE BCE is also helping it win customers.In November 2021, NICE entered into a partnership with Google. Per the agreement, NICE’s AI-powered CXone was integrated with Google Cloud’s Contact Center Artificial Intelligence (CCAI) applications to make self-service bots and agent-facing virtual assistants more effective.NICE recently expanded its partnership with Google, adding CXone to Google’s Chrome Enterprise Recommended program.In September 2021, BCE, Canada's largest communications company, entered into an agreement with NICE to expand access to its CXone for Contact Center as a Service in Canada.NICE shares have returned 0.3% in the past year against the Zacks Internet Software industry’s decline of 43.4% and the Computer and Technology sector’s rise of 8% in the past year.Currently, NICE holds a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank stocks here. Investor Alert: Legal Marijuana Looking for big gains? Now is the time to get in on a young industry primed to skyrocket from $13.5 billion in 2021 to an expected $70.6 billion by 2028. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could kick start an even greater bonanza for investors. Zacks Investment Research has recently closed pot stocks that have shot up as high as +147.0%. You’re invited to immediately check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report BCE, Inc. (BCE): Free Stock Analysis Report Nice (NICE): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksMar 24th, 2022

ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS THIRD QUARTER OF FISCAL YEAR 2022

Net earnings were $746.4 million, or $0.70 per diluted share for the third quarter of fiscal 2022 compared with $607.5 million, or $0.55 per diluted share for the third quarter of fiscal 2021. Adjusted net earnings1 were approximately $746.0 million compared with $622.0 million for the third quarter of fiscal 2021. Adjusted diluted net earnings per share1 were $0.70, representing an increase of 25.0% from $0.56 for the corresponding quarter of last year. Total merchandise and service revenues of $4.8 billion, an increase of 5.8%. Same-store merchandise revenues increased 3.7% in the United States, 7.2% in Europe and other regions, and decreased 0.8% in Canada. On a 2-year basis, same-store merchandise revenues increased at a compound annual growth rate of 3.4% in the United States, 5.0% in Europe, and 2.1% in Canada. Merchandise and service gross margin increased 1.0% in the United States to 33.6%, 0.2% in Canada to 31.6%, and decreased 0.7% in Europe and other regions to 37.8%, which was impacted by the integration of Circle K Hong Kong. Same-store road transportation fuel volume increased 3.2% in the United States, 3.2% in Europe and other regions, and 7.2% in Canada. On a 2-year basis, same-store road transportation fuel volume decreased at a compound annual rate of 6.8% in the United States, 3.4% in Europe, and 7.4% in Canada, still impacted by work from home trends and resurgence of COVID-19 cases toward the end of the quarter. Road transportation fuel gross margin of 39.63¢ per gallon in the United States, an increase of 8.87¢ per gallon, and CA 11.78¢ per liter in Canada, an increase of CA 1.45¢ per liter. In Europe and other regions, it decreased by US 0.53¢ per liter to US 10.83¢ per liter. Fuel margins remained healthy throughout our network, due to favorable market conditions and the continued work on the optimization of our supply chain. On a 2-year basis, excluding the costs of employee retention measures implemented, which totaled approximately $28.0 million, normalized expenses increased at a compound annual growth rate of 3.7%, slightly below inflation level. Under its share repurchase program, the Corporation repurchased shares for an amount of $509.7 million during the quarter, and an amount of $230.7 million subsequent to the end of the quarter, reaching a total of $1.3 billion under the current program. Subsequent to the end of the quarter, the Toronto Stock Exchange approved the amendment of our current share repurchase program to increase the maximum number of shares that may be repurchased. Subsequent to the end of the quarter, and following the escalation of the conflict in Ukraine, the Corporation announced that it is suspending the operations of its 38 company-operated stores in Russia, and is implementing plans to take care of its employees in a responsible and safe manner.  _______________________________ 1  Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. LAVAL, QC, March 15, 2022 /PRNewswire/ - For its third quarter ended January 30, 2022, Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") (TSX: ATD) announces net earnings of $746.4 million, representing $0.70 per share on a diluted basis. The results for the third quarter of fiscal 2022 were affected by a pre-tax net foreign exchange gain of $4.2 million, as well as pre-tax acquisition costs of $3.2 million. The results for the comparable quarter of fiscal 2021 were affected by a pre-tax net foreign exchange loss of $16.5 million, as well as pre-tax acquisition costs of $5.2 million. Excluding these items, the adjusted net earnings1 were approximately $746.0 million, or $0.70 per share on a diluted basis for the third quarter of fiscal 2022, compared with $622.0 million, or $0.56 per share on a diluted basis for the third quarter of fiscal 2021, an increase of 25.0% in the adjusted diluted net earnings per share1, explained by higher road transportation fuel margins, organic growth in both the convenience and road transportation fuel activities, as well as by the favorable impact of its share repurchase program partly offset by higher operating expenses. All financial information presented is in US dollars unless stated otherwise. "Two years after the start of the pandemic and during a quarter where the Omicron variant surged across our network, I am proud to announce that we had good results during the third quarter in both convenience and fuel. Same store merchandise sales were particularly strong in Europe as well as in the U.S. with our freshly prepared food programs and packaged beverages among the main drivers of growth. Across the business, in fuel volumes and traffic we saw strong results early in the quarter, but both were impacted by work from home orders and rise in COVID-19 cases, especially towards the end of the quarter in our larger urban centers in North America and Europe. However, we continue to achieve healthy fuel margins and benefit from strategic initiatives on which we remain laser focused. I am grateful for the continued commitment of our team members, customers, and shareholders over the quarter and, as restrictive measures are reducing, I am optimistic that traffic and volumes will continue to revert toward normal levels as the impacts of Omicron fade" said Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard. "Over the quarter, we have worked hard to overcome the historic labor and supply chain issues in our industry and are pleased to report significant improvement in more recent periods. Fresh Food, Fast has continued to grow across the globe, with over 3,200 stores now carrying the program, and we are seeing strong year-over-year sales growth. Here, our operators continue to focus on execution of our strategy and optimizing our assortment. In our Circle K fuel rebrand, we completed over 180 sites in the third quarter, and in Europe we now have over 1,000 electric vehicle chargers. We continue to rollout localized data driven pricing, promotions and assortment, and in parallel have begun introducing innovative technologies, which will bring ease and speed to our check out and delivery process as well as supplement our labor force with hourly workers. We have also put great attention on hiring, training, and retention of our team members and are seeing positive momentum." concluded Brian Hannasch. Claude Tessier, Chief Financial Officer, added: "We delivered once again a solid quarter as evidenced by increases of 15.2% in gross profit1 dollars and 18.0% in adjusted EBITDA1 compared to the third quarter of last year, in an overall challenging environment in which we diligently managed higher-than-usual inflation and supply chain disruptions. We have continued to advance on our key strategic priorities, including our fuel initiatives, network development and cost optimization initiatives across our network, bringing our last four quarters adjusted EBITDA1 above $5.2 billion. Our financial position remains strong, highlighted by our leverage ratio of 1.33, which allowed us during the quarter to upsize our current share repurchase program from almost 32.1 million shares to over 46.8 million shares. We are actively managing our balance sheet and as a result, we repurchased close to $750.0 million of shares during the quarter and subsequent to the end of the quarter. On March 3, 2022, we also completed the early repayment of our Canadian-dollar-denominated senior unsecured notes issued on November 1, 2012. We also intend to renew our share repurchase program upon expiry on April 25, 2022, at a level of 10.0% of the then-prevailing public float, giving us the opportunity to repurchase approximately $3.2 billion over the upcoming fiscal year." Significant Items of the Third Quarter of Fiscal 2022  As the COVID-19 pandemic had a significant impact on our prior year financial results, looking at gross profit[2] on a 2-year basis provides additional insight given the volatility in the various key measures of our business. Excluding the disposal of CAPL and the acquisition of Circle K Hong Kong, merchandise and service, as well as road transportation fuel gross profit1, are higher by 6.8% and 27.6%, respectively, compared with the pre-pandemic third quarter of fiscal 2020. On December 8, 2021, as a result of all Couche-Tard's co-founders reaching the age of 65 years old, all of our Class B subordinate voting shares automatically converted into Class A multiple voting shares on a share-for-share basis. Following the automatic conversion, only Class A multiple voting shares of Couche-Tard are traded on the Toronto Stock Exchange under the symbol "ATD". On April 21, 2021, the Toronto Stock Exchange approved the implementation of a share repurchase program, which took effect on April 26, 2021. The program initially allowed us to repurchase up to 4.0% of the Class B subordinate voting shares of the public float as at April 19, 2021 (the "Public float"). On January 31, 2022, subsequent to the end of the third quarter of fiscal 2022, the Toronto Stock Exchange approved the amendment of our current share repurchase program to increase the maximum number of shares that may be repurchased to 5.8% of the Public float.During the third quarter and first three quarters of fiscal 2022, we repurchased 13,013,743 and 27,836,638 shares, respectively. These repurchases were settled for amounts of  $509.7 million and $1.0 billion, respectively. In addition, subsequent to the end of the third quarter of fiscal 2022, we repurchased 5,486,727 shares for an amount of $230.7 million. On March 3, 2022, subsequent to the end of the third quarter of fiscal 2022 and following the delivery of a redemption notice dated January 31, 2022, we fully repaid our CA $250.0 million Canadian-dollar-denominated senior unsecured notes issued on November 1, 2012, which were set to mature on November 1, 2022. The repayment of CA $254.1 million ($200.6 million) was settled using cash on hand and included an early redemption premium of CA $4.1 million ($3.2 million). We also settled the cross-currency interest rate swaps associated with these Canadian-dollar-denominated senior unsecured notes. ______________________________ 2  Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. Changes in our Network during the Third Quarter of Fiscal 2022 We acquired 34 company-operated stores, including 19 stores operating under the Pic Quik brand, located in New Mexico, United States, as well as 9 stores operating under the Londis brand, located in Ireland. In addition, we acquired 17 dealer-operated stores operating under the Purple Cow brand, located in Southeastern United States, 22 fuel supply agreements and a small sized company, specializing in technological solutions for retailers and convenience stores. We settled these transactions using our available cash. On July 30, 2021, we entered into a binding agreement in connection with the acquisition of Cape D'Or Holdings Limited, Barrington Terminals Limited, and other related holding entities, which operate an independent convenience store and fuel network in Atlantic Canada under the Esso, Go! Store and Wilsons Gas Stops brands (collectively "Wilsons"). The Wilsons network comprises 79 company-operated convenience retail and fuel locations, 147 dealer locations, and a fuel terminal in Halifax, Canada. The transaction is expected to close in the first half of fiscal year 2023 and is subject to customary closing conditions and regulatory approvals, including those under the Competition Act (Canada). On March 22, 2021, based on the outcome of a strategic review of our network, we announced our intention to sell certain sites across 28 states in the United States and 6 provinces in Canada. During the third quarter of fiscal 2022, we completed the sale of 146 sites to various buyers for cash consideration of $147.0 million, which resulted in a gain of $20.2 million. As at January 30, 2022, 59 sites in the United States and 9 sites in Canada met the criteria for classification as held for sale, however, 57 sites in the United States and 27 sites in Canada no longer met a held for sale criterion, which resulted in an amount of $11.7 million recorded to Depreciation, amortization and impairment. We completed the construction of 32 stores and the relocation or reconstruction of 3 stores, reaching a total of 75 stores since the beginning of fiscal 2022. As of January 30, 2022, another 85 stores were under construction and should open in the upcoming quarters. Summary of changes in our store network The following table presents certain information regarding changes in our store network over the 16–week period ended January 30, 2022: 16–week period ended January 30, 2022 Type of site Company-operated CODO DODO Franchised and  other affiliated Total Number of sites, beginning of period 9,925 392 691 1,262 12,270 Acquisitions 34 17 22 — 73 Openings / constructions / additions 32 — 10 70 112 Closures / disposals / withdrawals (145) (5) (10) (31) (191) Store conversion 11 (10) (1) — — Number of sites, end of period 9,857 394 712 1,301 12,264 Circle K branded sites under licensing agreements 1,880 Total network 14,144 Number of automated fuel stations included in the period-end    figures 975 — 13 — 988 Exchange Rate Data We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States. The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit: 16–week periods ended 40–week periods ended January 30, 2022 January 31, 2021 January 30, 2022 January 31, 2021 Average for the period Canadian dollar 0.7932 0.7733 0.8000 0.7541 Norwegian krone 0.1142 0.1129 0.1156 0.1090 Swedish krone 0.1120 0.1177 0.1150 0.1129 Danish krone 0.1532 0.1613 0.1573 0.1568 Zloty 0.2476 0.2660 0.2561 0.2604 Euro 1.1396 1.2005 1.1699 1.1672 Ruble 0.0136 0.0132 0.0136 0.0135 Hong Kong dollar(1) 0.1284 0.1290 0.1285 0.1290 (1) For the 16 and 40-week periods ended January 31, 2021, calculated by taking the average of the closing exchange rates of each day starting December 21, 2020. Summary Analysis of Consolidated Results for the Third Quarter and First Three Quarters of Fiscal 2022 The following table highlights certain information regarding our operations for the 16 and 40–week periods ended January 30, 2022 and January 31, 2021. Europe and other regions include the results from our operations in Asia. 16-week periods ended 40-week periods ended (in millions of US dollars, unless otherwise stated) January 30, 2022 January 31, 2021 Variation % January 30, 2022 January 31, 2021 Variation % Statement of Operations Data: Merchandise and service revenues(1): United States 3,355.5 3,274.9 2.5 8,938.9 8,862.7 0.9 Europe and other regions 715.9 541.1 32.3 1,857.7 1,278.9 45.3 Canada 722.5 713.9 1.2 2,044.2 2,006.9 1.9 Total merchandise and service revenues 4,793.9 4,529.9 5.8 12,840.8 12,148.5 5.7 Road transportation fuel revenues: United States 8,945.6 5,626.3 59.0 22,064.1 13,970.6 57.9 Europe and other regions 2,951.3 1,813.7 62.7 6,899.8 4,492.3 53.6 Canada 1,605.4 1,039.5 54.4 4,011.0 2,592.2 54.7 Total road transportation fuel revenues 13,502.3 8,479.5 59.2 32,974.9 21,055.1 56.6 Other revenues(2): United States 14.6 17.3 (15.6) 36.8 34.3 7.3 Europe and other regions 257.3 123.4 108.5 504.9 268.1 88.3 Canada 8.3 7.4 12.2 17.6 16.7 5.4 Total other revenues 280.2 148.1 89.2 559.3 319.1 75.3.....»»

Category: earningsSource: benzingaMar 15th, 2022

ALIMENTATION COUCHE-TARD ANNOUNCES ITS RESULTS FOR ITS THIRD QUARTER OF FISCAL YEAR 2022

Net earnings were $746.4 million, or $0.70 per diluted share for the third quarter of fiscal 2022 compared with $607.5 million, or $0.55 per diluted share for the third quarter of fiscal 2021. Adjusted net earnings1 were approximately $746.0 million compared with $622.0 million for the third quarter of fiscal 2021. Adjusted diluted net earnings per share1 were $0.70, representing an increase of 25.0% from $0.56 for the corresponding quarter of last year. Total merchandise and service revenues of $4.8 billion, an increase of 5.8%. Same-store merchandise revenues increased 3.7% in the United States, 7.2% in Europe and other regions, and decreased 0.8% in Canada. On a 2-year basis, same-store merchandise revenues increased at a compound annual growth rate of 3.4% in the United States, 5.0% in Europe, and 2.1% in Canada. Merchandise and service gross margin increased 1.0% in the United States to 33.6%, 0.2% in Canada to 31.6%, and decreased 0.7% in Europe and other regions to 37.8%, which was impacted by the integration of Circle K Hong Kong. Same-store road transportation fuel volume increased 3.2% in the United States, 3.2% in Europe and other regions, and 7.2% in Canada. On a 2-year basis, same-store road transportation fuel volume decreased at a compound annual rate of 6.8% in the United States, 3.4% in Europe, and 7.4% in Canada, still impacted by work from home trends and resurgence of COVID-19 cases toward the end of the quarter. Road transportation fuel gross margin of 39.63¢ per gallon in the United States, an increase of 8.87¢ per gallon, and CA 11.78¢ per liter in Canada, an increase of CA 1.45¢ per liter. In Europe and other regions, it decreased by US 0.53¢ per liter to US 10.83¢ per liter. Fuel margins remained healthy throughout our network, due to favorable market conditions and the continued work on the optimization of our supply chain. On a 2-year basis, excluding the costs of employee retention measures implemented, which totaled approximately $28.0 million, normalized expenses increased at a compound annual growth rate of 3.7%, slightly below inflation level. Under its share repurchase program, the Corporation repurchased shares for an amount of $509.7 million during the quarter, and an amount of $230.7 million subsequent to the end of the quarter, reaching a total of $1.3 billion under the current program. Subsequent to the end of the quarter, the Toronto Stock Exchange approved the amendment of our current share repurchase program to increase the maximum number of shares that may be repurchased. Subsequent to the end of the quarter, and following the escalation of the conflict in Ukraine, the Corporation announced that it is suspending the operations of its 38 company-operated stores in Russia, and is implementing plans to take care of its employees in a responsible and safe manner.  _______________________________ 1  Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. LAVAL, QC, March 15, 2022 /CNW Telbec/ - For its third quarter ended January 30, 2022, Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") (TSX: ATD) announces net earnings of $746.4 million, representing $0.70 per share on a diluted basis. The results for the third quarter of fiscal 2022 were affected by a pre-tax net foreign exchange gain of $4.2 million, as well as pre-tax acquisition costs of $3.2 million. The results for the comparable quarter of fiscal 2021 were affected by a pre-tax net foreign exchange loss of $16.5 million, as well as pre-tax acquisition costs of $5.2 million. Excluding these items, the adjusted net earnings1 were approximately $746.0 million, or $0.70 per share on a diluted basis for the third quarter of fiscal 2022, compared with $622.0 million, or $0.56 per share on a diluted basis for the third quarter of fiscal 2021, an increase of 25.0% in the adjusted diluted net earnings per share1, explained by higher road transportation fuel margins, organic growth in both the convenience and road transportation fuel activities, as well as by the favorable impact of its share repurchase program partly offset by higher operating expenses. All financial information presented is in US dollars unless stated otherwise. "Two years after the start of the pandemic and during a quarter where the Omicron variant surged across our network, I am proud to announce that we had good results during the third quarter in both convenience and fuel. Same store merchandise sales were particularly strong in Europe as well as in the U.S. with our freshly prepared food programs and packaged beverages among the main drivers of growth. Across the business, in fuel volumes and traffic we saw strong results early in the quarter, but both were impacted by work from home orders and rise in COVID-19 cases, especially towards the end of the quarter in our larger urban centers in North America and Europe. However, we continue to achieve healthy fuel margins and benefit from strategic initiatives on which we remain laser focused. I am grateful for the continued commitment of our team members, customers, and shareholders over the quarter and, as restrictive measures are reducing, I am optimistic that traffic and volumes will continue to revert toward normal levels as the impacts of Omicron fade" said Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard. "Over the quarter, we have worked hard to overcome the historic labor and supply chain issues in our industry and are pleased to report significant improvement in more recent periods. Fresh Food, Fast has continued to grow across the globe, with over 3,200 stores now carrying the program, and we are seeing strong year-over-year sales growth. Here, our operators continue to focus on execution of our strategy and optimizing our assortment. In our Circle K fuel rebrand, we completed over 180 sites in the third quarter, and in Europe we now have over 1,000 electric vehicle chargers. We continue to rollout localized data driven pricing, promotions and assortment, and in parallel have begun introducing innovative technologies, which will bring ease and speed to our check out and delivery process as well as supplement our labor force with hourly workers. We have also put great attention on hiring, training, and retention of our team members and are seeing positive momentum." concluded Brian Hannasch. Claude Tessier, Chief Financial Officer, added: "We delivered once again a solid quarter as evidenced by increases of 15.2% in gross profit1 dollars and 18.0% in adjusted EBITDA1 compared to the third quarter of last year, in an overall challenging environment in which we diligently managed higher-than-usual inflation and supply chain disruptions. We have continued to advance on our key strategic priorities, including our fuel initiatives, network development and cost optimization initiatives across our network, bringing our last four quarters adjusted EBITDA1 above $5.2 billion. Our financial position remains strong, highlighted by our leverage ratio of 1.33, which allowed us during the quarter to upsize our current share repurchase program from almost 32.1 million shares to over 46.8 million shares. We are actively managing our balance sheet and as a result, we repurchased close to $750.0 million of shares during the quarter and subsequent to the end of the quarter. On March 3, 2022, we also completed the early repayment of our Canadian-dollar-denominated senior unsecured notes issued on November 1, 2012. We also intend to renew our share repurchase program upon expiry on April 25, 2022, at a level of 10.0% of the then-prevailing public float, giving us the opportunity to repurchase approximately $3.2 billion over the upcoming fiscal year." Significant Items of the Third Quarter of Fiscal 2022  As the COVID-19 pandemic had a significant impact on our prior year financial results, looking at gross profit[2] on a 2-year basis provides additional insight given the volatility in the various key measures of our business. Excluding the disposal of CAPL and the acquisition of Circle K Hong Kong, merchandise and service, as well as road transportation fuel gross profit1, are higher by 6.8% and 27.6%, respectively, compared with the pre-pandemic third quarter of fiscal 2020. On December 8, 2021, as a result of all Couche-Tard's co-founders reaching the age of 65 years old, all of our Class B subordinate voting shares automatically converted into Class A multiple voting shares on a share-for-share basis. Following the automatic conversion, only Class A multiple voting shares of Couche-Tard are traded on the Toronto Stock Exchange under the symbol "ATD". On April 21, 2021, the Toronto Stock Exchange approved the implementation of a share repurchase program, which took effect on April 26, 2021. The program initially allowed us to repurchase up to 4.0% of the Class B subordinate voting shares of the public float as at April 19, 2021 (the "Public float"). On January 31, 2022, subsequent to the end of the third quarter of fiscal 2022, the Toronto Stock Exchange approved the amendment of our current share repurchase program to increase the maximum number of shares that may be repurchased to 5.8% of the Public float.During the third quarter and first three quarters of fiscal 2022, we repurchased 13,013,743 and 27,836,638 shares, respectively. These repurchases were settled for amounts of  $509.7 million and $1.0 billion, respectively. In addition, subsequent to the end of the third quarter of fiscal 2022, we repurchased 5,486,727 shares for an amount of $230.7 million. On March 3, 2022, subsequent to the end of the third quarter of fiscal 2022 and following the delivery of a redemption notice dated January 31, 2022, we fully repaid our CA $250.0 million Canadian-dollar-denominated senior unsecured notes issued on November 1, 2012, which were set to mature on November 1, 2022. The repayment of CA $254.1 million ($200.6 million) was settled using cash on hand and included an early redemption premium of CA $4.1 million ($3.2 million). We also settled the cross-currency interest rate swaps associated with these Canadian-dollar-denominated senior unsecured notes. ______________________________ 2  Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. Changes in our Network during the Third Quarter of Fiscal 2022 We acquired 34 company-operated stores, including 19 stores operating under the Pic Quik brand, located in New Mexico, United States, as well as 9 stores operating under the Londis brand, located in Ireland. In addition, we acquired 17 dealer-operated stores operating under the Purple Cow brand, located in Southeastern United States, 22 fuel supply agreements and a small sized company, specializing in technological solutions for retailers and convenience stores. We settled these transactions using our available cash. On July 30, 2021, we entered into a binding agreement in connection with the acquisition of Cape D'Or Holdings Limited, Barrington Terminals Limited, and other related holding entities, which operate an independent convenience store and fuel network in Atlantic Canada under the Esso, Go! Store and Wilsons Gas Stops brands (collectively "Wilsons"). The Wilsons network comprises 79 company-operated convenience retail and fuel locations, 147 dealer locations, and a fuel terminal in Halifax, Canada. The transaction is expected to close in the first half of fiscal year 2023 and is subject to customary closing conditions and regulatory approvals, including those under the Competition Act (Canada). On March 22, 2021, based on the outcome of a strategic review of our network, we announced our intention to sell certain sites across 28 states in the United States and 6 provinces in Canada. During the third quarter of fiscal 2022, we completed the sale of 146 sites to various buyers for cash consideration of $147.0 million, which resulted in a gain of $20.2 million. As at January 30, 2022, 59 sites in the United States and 9 sites in Canada met the criteria for classification as held for sale, however, 57 sites in the United States and 27 sites in Canada no longer met a held for sale criterion, which resulted in an amount of $11.7 million recorded to Depreciation, amortization and impairment. We completed the construction of 32 stores and the relocation or reconstruction of 3 stores, reaching a total of 75 stores since the beginning of fiscal 2022. As of January 30, 2022, another 85 stores were under construction and should open in the upcoming quarters. Summary of changes in our store network The following table presents certain information regarding changes in our store network over the 16–week period ended January 30, 2022: 16–week period ended January 30, 2022 Type of site Company-operated CODO DODO Franchised and  other affiliated Total Number of sites, beginning of period 9,925 392 691 1,262 12,270 Acquisitions 34 17 22 — 73 Openings / constructions / additions 32 — 10 70 112 Closures / disposals / withdrawals (145) (5) (10) (31) (191) Store conversion 11 (10) (1) — — Number of sites, end of period 9,857 394 712 1,301 12,264 Circle K branded sites under licensing agreements 1,880 Total network 14,144 Number of automated fuel stations included in the period-end    figures 975 — 13 — 988 Exchange Rate Data We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States. The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit: 16–week periods ended 40–week periods ended January 30, 2022 January 31, 2021 January 30, 2022 January 31, 2021 Average for the period Canadian dollar 0.7932 0.7733 0.8000 0.7541 Norwegian krone 0.1142 0.1129 0.1156 0.1090 Swedish krone 0.1120 0.1177 0.1150 0.1129 Danish krone 0.1532 0.1613 0.1573 0.1568 Zloty 0.2476 0.2660 0.2561 0.2604 Euro 1.1396 1.2005 1.1699 1.1672 Ruble 0.0136 0.0132 0.0136 0.0135 Hong Kong dollar(1) 0.1284 0.1290 0.1285 0.1290 (1) For the 16 and 40-week periods ended January 31, 2021, calculated by taking the average of the closing exchange rates of each day starting December 21, 2020. Summary Analysis of Consolidated Results for the Third Quarter and First Three Quarters of Fiscal 2022 The following table highlights certain information regarding our operations for the 16 and 40–week periods ended January 30, 2022 and January 31, 2021. Europe and other regions include the results from our operations in Asia. 16-week periods ended 40-week periods ended (in millions of US dollars, unless otherwise stated) January 30, 2022 January 31, 2021 Variation % January 30, 2022 January 31, 2021 Variation % Statement of Operations Data: Merchandise and service revenues(1): United States 3,355.5 3,274.9 2.5 8,938.9 8,862.7 0.9 Europe and other regions 715.9 541.1 32.3 1,857.7 1,278.9 45.3 Canada 722.5 713.9 1.2 2,044.2 2,006.9 1.9 Total merchandise and service revenues 4,793.9 4,529.9 5.8 12,840.8 12,148.5 5.7 Road transportation fuel revenues: United States 8,945.6 5,626.3 59.0 22,064.1 13,970.6 57.9 Europe and other regions 2,951.3 1,813.7 62.7 6,899.8 4,492.3 53.6 Canada 1,605.4 1,039.5 54.4 4,011.0 2,592.2 54.7 Total road transportation fuel revenues 13,502.3 8,479.5 59.2 32,974.9 21,055.1 56.6 Other revenues(2): United States 14.6 17.3 (15.6) 36.8 34.3 7.3 Europe and other regions 257.3 123.4 108.5 504.9 268.1 88.3 Canada 8.3 7.4 12.2 17.6 16.7 5.4 Total other revenues 280.2 148.1 89.2 559.3 319.1 75.3 Total revenues.....»»

Category: earningsSource: benzingaMar 15th, 2022

Abcam Plc Results for the 12- and 18-month periods ended 31 December 2021

Growing demand for Abcam's portfolio of in-house products drives calendar 2021 revenues up by 22% at constant exchange rates Acquisition of BioVision completed 26 October 2021 CAMBRIDGE, United Kingdom, March 14, 2022 (GLOBE NEWSWIRE) -- Abcam plc (NASDAQ:ABCM, AIM: ABC)) (‘Abcam', the ‘Group' or the ‘Company'), a global leader in the supply of life science research tools, today announces its final results for the 18-month period ended 31 December 2021 (the ‘period'). The Group's accounting reference date changed from 30 June to 31 December during the year1, therefore these financial statements report on both a 12- and 18-month period. SUMMARY PERFORMANCE £m, unless stated otherwise   12 months ended 31 Dec 2021 (unaudited)(‘CY2021') 12 months ended 31 Dec 2020 (unaudited)(‘CY2020')   18 months ended 31 Dec 2021 (audited) Revenue   315.4 269.3   462.9 Adjusted gross profit margin*, %   72.2% 70.0%   71.8% Reported operating profit   7.1 1.0   24.4 Adjusted operating profit**   60.4 50.6   95.5 Adjusted operating margin, %   19.2% 18.8%   20.6% Share-based payments related to pre-CY2021 schemes   (12.9) (13.3)   (22.0) Like-for-like adjusted operating profit (post share-based payments related to pre-CY2021 schemes)***   47.5 37.3   73.5 Like-for-like adjusted operating margin***, %   15.1% 13.9%   15.9% Net (Debt) / Cash****   (24.1) 211.9   (24.1) * Excludes the amortisation of the fair value of assets relating to the inventory acquired in connection with the acquisition of BioVision. ** Adjusted figures exclude impairment of intangible assets, systems and process improvement costs, acquisition costs, amortisation of fair value adjustments, integration and reorganisation costs, amortisation of acquisition intangibles, share-based payments and employer tax contributions thereon, the tax effect of adjusting items and credits from patent box claims. Such excluded items are described as ‘adjusting items'. Further information on these items is shown in note 4 to the consolidated financial statements. *** In previous reporting periods, share-based payments have not been included within adjusting items. With the approval of the Profitable Growth Incentive Plan (‘PGIP') during CY2021, management considers it to be more appropriate and more consistent with its closest comparable companies to include all share-based payments in adjusting items. To aid comparison with our previous presentation of results, we have included the adjusted operating margin in the table above on a like-for-like basis, excluding this change (‘Like-for-like'). **** Net Cash comprises cash and cash equivalents less borrowings. CY2021 FINANCIAL HIGHLIGHTS1,2 Revenue growth of +22% (+17% reported) at constant exchange rates, compared to CY2020, including a 1%pt contribution from the acquisition of BioVision +38% total in-house CER revenue growth (including Custom Products & Licensing3 and   £2.6m of incremental revenue from BioVision) (+32% reported) Revenue from in-house products and services contributed 61% of total revenue (including Custom Products & Licensing3 and £2.6m of incremental revenue from BioVision) Adjusted2 gross margin increased by over 200 basis points to 72.2% (CY2020: 70.0%), benefiting from the contribution of higher margin in-house products and volume leverage resulting from the increase in revenue Adjusted2 operating profit of £60.4m (excluding share-based payments), equating to an adjusted operating margin of 19.2% (CY2020: 18.8%) Adjusted2 operating margin on a like-for-like4 basis improved over 300 basis points to 16.5% in H2 '21 (Jul-Dec), from 13.3% in H1 '21 (Jan-Jun) Statutory reported operating profit increased to £7.1m from £1.0m in CY2020 Net cash inflow from operating activities increased to £62.9m (CY2020: £58.9m) BUSINESS HIGHLIGHTS Focus on serving customers' needs globally as research activity levels continued to normalise and demand for Abcam products increased Positive customer transactional Net Promotor Score ('tNPS') of +56 (CY2021) and product satisfaction rates at all-time highs Completed the acquisition of BioVision, Inc (‘BioVision'), a leading innovator of biochemical and cell-based assays, in October 2021, for cash consideration of $340m (on a cash free, debt free basis) High employee engagement, with the business ranked in the Top 5 in the Glassdoor UK Employees' Choice Awards in January 2022, for the second year running Strengthened and expanded leadership in commercial and operational teams with senior hires in Commercial, Brand, China, and Supply Chain Expanded the Group's global presence, with the opening of new and enlarged sites in China, the US (Massachusetts, California, Oregon), Singapore, and Australia Upgraded supply chain systems at three locations, implemented new data architecture, and began transition to a new e-commerce platform, with completion of the digital transformation due in 2022 Completed the secondary US listing on Nasdaq's Global Market in October 2020 (supplementing existing listing on AIM on the London Stock Exchange) Expanded Asia, digital, and life science industry experience on the Board of Directors, with the appointments of Bessie Lee, Mark Capone and Sally Crawford, as Non-Executive Directors SHARE TRADING, LIQUIDITY AND LISTING Following our listing on Nasdaq in October 2020, the number of Abcam shares traded as ADSs on Nasdaq has doubled. While only 10% of our shares trade in the US market, it represents 25% of liquidity The Board continues to review options to increase share liquidity and intends to consult with shareholders on these options in due course CY2022 GUIDANCE Global lab activity continues to recover, though some uncertainty remains CY2022 trading performance YTD is in line with our expectations Expect total CER5 revenue growth of c.20% (including BioVision) with mid-teens organic CER revenue growth Expect continued adjusted gross margin improvement from the contribution of higher margin in-house products and full year impact of the BioVision acquisition Expect total adjusted operating cost growth (including depreciation and amortisation) at mid-teens percentage, as we slow rate of investment and leverage recent investments LONG TERM GOALS TO CY2024 CY2024 revenue goal target range increased by £25m to £450m-£525m, adjusted to incorporate BioVision6 and current operating performance Adjusted operating margin and ROCE targets remain unchanged Commenting on today's results, Alan Hirzel, Abcam's Chief Executive Officer, said: "I am grateful to everyone at Abcam for their dedicated effort through this most challenging time and thank our customers and partners for their ongoing trust and support. We have had another successful year operationally and financially despite the ongoing challenges. As we look ahead to 2022, we expect to create more innovation and success out of the past two years of investment as we installed elements of Abcam's long term growth strategy. The scientific community remains our guide and with their support we are becoming a more influential and trusted brand globally." Analyst and investor meeting and webcast: Abcam will host a conference call and webcast for analysts and investors today at 13:00 GMT/ 09:00 EDT. For details, and to register, please visit corporate.abcam.com/investors/reports-presentations A recording of the webcast will be made available on Abcam's website, corporate.abcam.com/investors Notes: On 2 June 2021, Abcam announced that it had changed its accounting reference date from 30 June to 31 December. Following this extension, these financial statements are for the 18-month period ended 31 December 2021. To assist understanding of the company's underlying performance, like-for-like financial information for the 12-month periods ended 31 December 2021 (‘CY2021') and 31 December 2020 (‘CY2020') have also been provided. These results include discussion of alternative performance measures which include revenues calculated at Constant Exchange Rates (CER) and adjusted financial measures. CER results are calculated by applying prior period's actual exchange rates to this period's results. Adjusted financial measures are explained in note 2 and reconciled to the most directly comparable measure prepared in accordance with IFRS in note 4 to the interim financial statements. Custom Products & Licensing (CP&L) revenue comprises custom service revenue, revenue from the supply of IVD products and royalty and licence income. In previous reporting periods, share-based payments have not been included within adjusting items. With the approval of the Profitable Growth Incentive Plan (‘PGIP') during CY2021, management considers it to be more appropriate and more consistent with its closest comparable companies to include all share-based payments in adjusting items. To aid comparison with our previous presentation of results, we also calculate adjusted operating margin on a like-for-like basis, excluding this change (‘Like-for-like'). Average CY2021 exchange rates to GBP as follows: USD: 1.378; EUR: 1.159, RMB: 8.891, JPY: 150.7 Last 12-month BioVision recurring revenues of £17.8m at point of acquisition, adjusted for non-recurring COVID-19 related revenues, and sales to Abcam during that period. The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. For further information please contact: Abcam + 44 (0) 1223 696 000 Alan Hirzel, Chief Executive OfficerMichael Baldock, Chief Financial OfficerJames Staveley, Vice President, Investor Relations       Numis – Nominated Advisor & Joint Corporate Broker + 44 (0) 20 7260 1000 Garry Levin / Freddie Barnfield / Duncan Monteith       Morgan Stanley – Joint Corporate Broker + 44 (0) 207 425 8000 Tom Perry / Luka Kezic       FTI Consulting + 44 (0) 20 3727 1000 Ben Atwell / Julia Bradshaw   This announcement shall not constitute an offer to sell or solicitation of an offer to buy any securities. This announcement is not an offer of securities for sale in the United States, and the securities referred to herein may not be offered or sold in the United States absent registration except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act of 1933, as amended. Any public offering of such securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer, which would contain detailed information about the company and management, as well as financial statements. Forward Looking StatementsThis announcement contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any express or implied statements contained in this announcement that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation statements of targets, plans, objectives or goals for future operations, including those related to Abcam's products, product research, product development, product introductions and sales forecasts; statements containing projections of or targets for revenues, costs, income (or loss), earnings per share, capital expenditures, dividends, capital structure, net financials and other financial measures; statements regarding future economic and financial performance; statements regarding the scheduling and holding of general meetings and AGMs; statements regarding the assumptions underlying or relating to such statements; statements about Abcam's portfolio and ambitions, as well as statements that include the words "expect," "intend," "plan," "believe," "project," "forecast," "estimate," "may," "should," "anticipate" and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation: a regional or global health pandemic, including the novel coronavirus ("COVID-19"), which has adversely affected elements of our business, could severely affect our business, including due to impacts on our operations and supply chains; challenges in implementing our strategies for revenue growth in light of competitive challenges; developing new products and enhancing existing products, adapting to significant technological change and responding to the introduction of new products by competitors to remain competitive; failing to successfully identify or integrate acquired businesses or assets into our operations or fully recognize the anticipated benefits of businesses or assets that we acquire; if our customers discontinue or spend less on research, development, production or other scientific endeavours; failing to successfully use, access and maintain information systems and implement new systems to handle our changing needs; cyber security risks and any failure to maintain the confidentiality, integrity and availability of our computer hardware, software and internet applications and related tools and functions; we have identified material weaknesses in our internal control over financial reporting and failure to comply with requirements to design, implement and maintain effective internal control over financial reporting could have a material adverse effect on our business; failing to successfully manage our current and potential future growth; any significant interruptions in our operations; if our products fail to satisfy applicable quality criteria, specifications and performance standards; failing to maintain our brand and reputation; our dependence upon management and highly skilled employees and our ability to attract and retain these highly skilled employees; and the important factors discussed under the caption "Risk Factors" in Abcam's prospectus pursuant to Rule 424(b) filed with the U.S. Securities and Exchange Commission ("SEC") on 22 October 2020, which is on file with the SEC and is available on the SEC website at www.sec.gov, as such factors may be updated from time to time in Abcam's other filings with the SEC. Any forward-looking statements contained in this announcement speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Abcam disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.The Group has changed its year end to December 31 and, as a result, this year's results present an 18-month accounting period, which ended on 31 December 2021. The comparison to the previously reported 12 months ended 30 June 2020 presents substantial period-on-period increases due to the longer period of account in the current reporting period and provides little helpful insight into the underlying performance of the business. To provide more useful commentary, both the CEO and CFO reviews largely focus on the financial and operating performance of the business in the 12 months ended 31 December 2021 (‘CY2021') compared to the 12 months ended 31 December 2020 (‘CY2020'). The audited financial statements in the back of this report contain statutory results for the 18 months ended 31 December 2021 and a comparison to the year ended 30 June 2020. CEO Report Moving forward with courage and hope As we continue to grapple with the challenges of our times, I am convinced that for all of us in the science community, the only way to move forward is with courage and hope. Over the last several decades, the positive impact of life science on the human condition has been profound. For example, across every income level and every country where there has not been a catastrophe, life expectancy has increased by nearly 20 years since the 1960s. Life science, medical discovery and innovation have been central to this health and social progress. In the last two decades, since the sequencing of the human genome, research in life sciences has more than doubled, and with it the potential to make even more progress. New discoveries can take 10 years or more to make a tangible difference and I am hopeful that our children will reap greater benefits in health and lifespan in the years to come. As I think about these inspiring achievements, alongside the development of our own business, I am determined to ensure Abcam continues to innovate and play a key role in helping our customers reach their scientific and career goals. We remain resolutely focused on enabling scientists to make breakthroughs faster, with better quality research tools and a passion for collaboration. It won't stop there either. We see a greater role for Abcam to accelerate the transition of discovery to clinical and social impact. I have always believed in the power of collaboration and the global response to the pandemic has shown the benefits of such collaboration. With the challenges ahead we will find ways for researchers, funders, publishers, tools companies, translational researchers, clinicians, diagnostics companies, pharmaceutical companies, and regulators to work together in common purpose as one. Improvements our business has made in product performance and consistency and our expanding network of commercial relationships are significantly reducing the time from first discovery to a better patient outcome. We look to put more effort toward this collaborative approach as we build our business. This collaborative spirit is also championed within our teams. Efforts we have been making to improve inclusion and diversity have amplified more voices through groups led by our people and outreach activities in our communities. Despite everything we faced in 2021, and the disturbing geopolitical aggression in Europe at the start of 2022, we see this period as an exciting time for proteomics research. I remain confident that Abcam is well positioned to influence and improve the journeys from discovery to impact, while sustaining value creation for all stakeholders. Our performance We achieved the major strategic, operational and financial goals we set for the business in the period and continued to make significant operational changes and to implement our growth strategy. Feedback from our customers was excellent, with a customer tNPS of +56 (CY2021). Sales of our in-house products grew strongly as we scaled up our capability here. Because these are sold at a higher margin, we started to feel the benefits of increased operational leverage. The business transition to 2024 is nearly complete and we will soon be able to fully reap the benefits of what we have been building over recent years.   Indeed, the biggest contributor to Abcam's growth and value and the main reason why we are winning more market share is the portfolio of proprietary products developed and manufactured at Abcam. This burgeoning in-house library of recombinant antibodies, immunoassays, conjugation products, proteins, and cell lines is offering customers the right products, to the right pathways, with a promise to go the distance from discovery to clinic. Customer demand for this portfolio drove in-house product revenue to £174m in CY2021 (CY2020: £129m), equivalent to 41% annual CER growth (36% excluding BioVision). Our investment of 14% of revenue (own product) back into R&D (including capitalised product development) is helping us sustain the growth and higher customer satisfaction in these areas. The BioVision acquisition in October 2021 added one of our largest suppliers to the in-house portfolio, with strengths in biochemical and cell-based assay kits. Business integration is moving ahead as planned and we expect it to provide further innovation opportunities within this portfolio. Risks around the global pandemic remain – as evidenced by the emergence of the Omicron variant in late 2021 – but data suggests that overall lab activity increased consistently during 2021 in our largest markets. Progress toward our strategic goals We aim to deliver consistent, durable growth and performance in a responsible way. Despite the continued disruption of COVID-19, we have seen sustained progress during the period as we continue to deliver on the growth strategy announced in November 2019. Strategic KPI performance (in-house product revenue growth and customer transactional net promotor score) was positive, feedback on our products has never been stronger, and we continue to make market share gains worldwide. At the same time, we are focused on ensuring the significant investment made in our innovation capabilities, systems and processes, facilities, and people support our long-term growth aspirations. As we seek to further strengthen our position as the partner of choice for our customers and partners, we have made further progress against each of the following strategic goals to drive sustained organic growth set out in 2019: 1. Sustain and extend antibody and digital leadership 2. Drive continued expansion into complementary market adjacencies 3. Build organisational scalability and sustain value creation Innovation and our impact on scientific progress Our product portfolio enables breakthrough proteomics discovery by our customers and partners. They are working to innovate and discover proteomic mechanisms such as the role of signaling and regulatory proteins in biological pathways – ultimately leading to diagnostics and treatments for diseases such as cancer and immune deficiency disorders. Their success depends on rigorous product performance and reliability, and it's these factors that continue to guide our innovation efforts. Since 2019, we have put more resources into innovating faster in antibodies and immunoassays, and we have complemented these areas with new product categories such as conjugation kits, proteins/cytokines, engineered cell lines, and now a range of BioVision cellular and biochemical assays. In total, new products introduced since 2019 represented approximately 7% of 2021 revenue (CY2021) and our own-product revenues (including Custom Products & Licensing) contributed over 60% of total revenue in the last 12 months. We are confident that our customer data insights and our approach to innovation and marketing underly this strong growth driver from internal innovation. In CY2021, our teams developed and launched over 2,500 high-quality antibody products, including recombinant RabMAb antibodies, antibody pairs, SimpleStep ELISA kits and new formulations that enable faster labelling and assay development. These new product introductions combined to meet two objectives for our new product development: fill unmet needs in research and increase product quality. As we have developed our high throughput innovation capability, we have also made bolder moves to delist third party supplied product that doesn't meet our customer quality needs. Together, these actions have substantially improved Abcam's quality and our overall brand preference. According to the most recently available industry data, these innovations and other initiatives have led Abcam to become the most cited antibody company. Abcam products were cited more than 70,000 times in scientific journals in 2020 and the business now has a citation share of over 22%, up approximately two percentage points on the previous year (source: CiteAb, based on over 300,000 recorded citations for 2020 as of February 2022). Most importantly, we have seen a continued strengthening of customer feedback during the period, with product satisfaction rates at all-time highs (rolling 12-month period to 31 December 2021). Extending Abcam's leadership in research antibodies has provided a strong foundation to expand into adjacent product categories used in protein research. We took our first adjacent product category move in 2014 with the introduction of proprietary immunoassays. In total these (non-primary antibody) product categories now contribute over 30% of total revenue. In CY2021, total CER revenue growth from these categories was 32% demonstrating the progress made developing these capabilities and the growing customer interest in these high-quality product portfolios. Other, newer product categories have had less time to develop than either our antibody or immunoassay portfolio, but we are seeing similar growth performance and opportunities here. Extending the impact of our innovation through partnership and collaboration Across the translational research, drug discovery and clinical markets, we are focused on strengthening our position as a leading discovery partner to organisations looking to access high quality antibodies and antibody expertise for commercial use within their products and assays – a philosophy we refer to as ‘Abcam Inside'. The period has seen good progress in this regard, with continued growth in the adoption of our products for use on third party instrumentation platforms, or by partners for their use in the development of clinical products. We established several new platform partnerships during the period while significantly expanding existing co-development programmes with current partners, including recently announced strategic partnerships with Alamar and Nautilus Biotechnology. We also grew our specialty antibody portfolio – signing 85 new outbound commercial agreements in CY2021 with organisations that have the potential to lead to new diagnostic or therapeutic tools in years to come. To date, approximately 1,000 of our antibodies are now validated for commercial use on third party platforms or as diagnostic tools, with over 3,000 more currently undergoing evaluation by our partners. We believe both areas remain significant long-term opportunities for the Group. Building a scalable enterprise Over the last two years our teams have been putting ideas, know-how, and capital to work installing new capabilities as we build scalability into our operational infrastructure, including our manufacturing and logistics footprint and IT backbone and digital capabilities to support our growth. At the same time, global supply chains have faced significant challenges primarily as a result of the COVID-19 pandemic. These additional pressures have been resolved by additional investment in manufacturing equipment and processes, while also introducing additional shift patterns in order to achieve better use of our resources. Further progress is expected as we pursue changes to our processes, including quality control, kit development and logistics as well as benefits expected from our integrated business planning process. We also completed several important global footprint initiatives in the period, with site moves or upgrades completed in Boston, Fremont, and Eugene in the USA; Hangzhou and Shanghai in China; Adelaide in Australia; Amsterdam in the Netherlands as well as relocating our Hong Kong operations to Singapore. These initiatives enable more efficient customer service, manufacturing, supply chain and logistics processes; create additional capacity needed to meet our growth objectives; and reduce risks that were identified in our ongoing risk management process. Across our IT and digital infrastructure, roll-out of the final stages of our ERP renewal programme continued, covering manufacturing and supply chain. Systems have now been successfully deployed across the Group's major manufacturing hubs, with final deployments in other small sites due for completion in 2022. At the same time, development of the next generation of our customer-facing digital platform has continued. The new platform is being designed to enable a step change to the customer experience, supporting dynamic content, a more personalised experience and driving enhanced search and traffic. Beta-testing in select markets was launched during the year and we remain on track to launch the new site in 2022. Sustaining social and financial value creation Our impact flows from our vision and purpose, which ultimately lead to a positive impact on the world: helping the scientific community accelerate breakthroughs in human healthcare. The more successful we can be as a business, therefore, the greater the difference we can make in the world. Our vision to be the most influential life sciences company comes with a commitment to the highest ethical standards, not just in our own conduct, but across our value chain. We have made further progress against each of our four priority areas (those seen as most important to sustaining value creation, namely: Products; People; Partners; and Planet) and were pleased to be ranked first by Sustainalytics, a leading ESG ratings agency, across its universe of more than 1,000 healthcare companies globally. Full details of our commitments, performance and progress will be provided in our 2021 Impact Report to be published in April and made available on our corporate website (corporate.abcam.com/sustainability). Of course, the ability of Abcam and our industry to continue to thrive will depend on future generations of scientists and so it's exciting to see that more young people than ever are taking STEM subjects. I am proud of Abcam's support in this area through our work with In2Science UK and The Henrietta Lacks Foundation. We have also made significant progress on our diversity and inclusion during the period. A new D&I strategy was launched alongside the establishment of multiple Employee Resource Groups, an enhanced family leave policy, and the introduction of diversity and inclusion targets that are tied to senior management compensation. These and other initiatives ensure that we are building an exceptional workplace for our teams, and it was pleasing to once again be recognised by Glassdoor as one of the top 5 employers in the UK in 2021. Attractive outlook We remain on track to achieve the five-year plan that we set out in 2019. In 2022, we will complete a few large-scale tasks to help us scale the business over the next decade. Once those are complete, the agenda for the year will largely focus on refining what we have installed, learning from the market, and making adjustments to drive double digit revenue growth and improve profit margins. With the addition of BioVision and adjustments for ongoing revenue, plus our confidence in the performance of the business, we have raised our revenue target for 2024 to a range of £450m-£525m, representing growth rates that are two to three times our underlying market and reflect the durable growth of Abcam. None of this attractive outlook could happen without great energy and effort by everyone involved. I thank our colleagues for their unwavering dedication, our customers for the trust they place in us, and our board of directors and our shareholders for their continued support. Alan HirzelCEO CFO Report The Group has changed its year end to 31 December. As a result, this year's results will present an 18-month accounting period, which ended on 31 December 2021. As a result, the comparison to the previously reported 12 months ended 30 June 2020 presents substantial period-on-period increases due to the longer period of account in the current reporting period and provides little helpful insight into the performance of the business during 2021. In order to provide a more useful comparison, this review largely focuses on the comparison of the 12 months ended 31 December 2021 (‘CY2021') to the 12 months ended 31 December 2020 (‘CY2020'). The audited financial statements in the back of this report contains the statutory results for the 18 months ended 31 December 2021 and a comparison to the year ended 30 June 2020. In preparing the CY2020 and CY2021 balances, the Group has applied consistently its accounting policies as disclosed within note 1. Although CY2020 and CY2021 are not audited financial periods within these financial statements, the balances have been extracted from the Group's underlying accounting records and reconciled in line with previously disclosed statements. For further information on the composition of CY2020 and CY2021, refer to the ‘Basis of preparation' section in the back of this report. The CFO's Report and Financial Review includes discussion of alternative performance measures which are defined further in the Notes to the Preliminary Financial Information. These measures include adjusted financial measures, which are explained in note 1b and reconciled to the most directly comparable measure prepared in accordance with IFRS in note 4. Further detail on the Group's financial performance is set out in the Preliminary Financial Information and notes thereto. Constant exchange rates ("CER") growth is calculated by applying the applicable prior period average exchange rate to the Group's actual performance in the respective period. Continued strong performance The Group reported revenue for CY2021 of £315.4m (CY2020: £269.3m), a CER growth rate of 22%. This figure includes a contribution of approximately one percentage point, or £2.6m, from BioVision following the acquisition's completion on 27 October 2021. Growth in revenue from our own, in-house (catalogue) products was 41% (CER) for CY2021, including a four-percentage point contribution from BioVision. While laboratories continued to relax COVID-19 related restrictions during the period, and data indicates overall lab activity levels increased through 2021, activity had not fully returned to pre-COVID levels by the end of the period due to the emergence of the Omicron variant in late 2021. Adjusted operating profit (before all share-based payment costs) for CY2021 was up 19%, to £60.4m (CY2020: £50.6m). This equates to an adjusted operating profit margin (excluding share-based payments) of 19.2% (CY2020: 18.8%). After share-based payment charges related to share incentive schemes in force prior to the start of the year, of £12.9m, like-for-like adjusted operating profit was £47.5m, equivalent to an adjusted operating profit margin of 15.1% (CY2020: 13.9%). Total revenue and adjusted operating profit for the 18 months ended 31 December 2021 was £462.9m and £95.5m respectively. The Group's statutory results for the 18 months ended 31 December 2021 are covered in more detail in our audited financial statements contained herein. Investing in future growth Despite the disruption inflicted on our customers and industry by COVID-19, the long-term opportunities for growth across our markets continue to strengthen and, consistent with the strategic plans we set out in November 2019, we have further invested in our business through the period to capture these opportunities. Our global team increased to approximately 1,750 colleagues by the end of 2021 (31 December 2020: 1,600) and, overall, total adjusted operating costs in CY2021 rose 21% to £167.3m. We also committed a further £47m in capital expenditure (net of landlord contributions) during CY2021 to growth and scaling opportunities across the business, including capitalised product innovation, global footprint enhancements – including the opening of our flagship US site in Waltham, Massachusetts – and the implementation of the final stages of our ERP implementation. Underpinning our invest-to-grow strategy is our robust balance sheet and financial position. Net cash generation from operating activities increased to £62.9m in CY2021 (CY2020: £58.9m) and we ended the period with a small net debt position of £24.1m. Operational leverage and increased profitability As expected, over the last two years the Group's profit margins have been suppressed by the effects of both COVID-19 and the implementation of the Group's five-year growth plan. Many of our major investment plans are now substantially complete, and as we look forward, we expect to see the rate of investment reduce and the resultant delivery of operational leverage as the value of our investments are realised. We are pleased with the progress made over the most recent six-month period, where our adjusted operating margin (excluding share-based payments) was 20.3% as compared to 17.8% for the first six months of CY2021 (or 16.5% in H2 compared to 13.3% in H1 on a ‘like-for-like' basis, including share-based payments relating to pre-2021 share plans). As we look forward, we expect this operating leverage to continue to levels consistent with those levels laid out in our five-year growth plan, with a goal to reach over 30% in CY2024. Acquisition of BioVision In July 2021, we announced the signing of an agreement to acquire BioVision for $340m on a cash-free, debt-free basis. The purchase closed in October 2021, and we are now working on the integration, building on our combined expertise, and enhancing our presence in cell based and metabolic assays. To support the financing of the acquisition, we drew down approximately £120m on our revolving credit facility in October 2021. US Nasdaq listing The Group successfully added a secondary US listing on Nasdaq in October 2020, supplementing its existing admission to trading on the London Stock Exchange's AIM market whilst raising approximately £127m ($180m). The listing supports the Group's plans to enhance liquidity in our shares, attract a greater number of US-based life science and growth investors and provide the Group with an acquisition currency in the US market. We were pleased with the demand for the offering from long-term, life science investors. Interest has grown since, with the number of American Depository Receipts (ADRs) in issue doubling. The board continues to review options to increase share liquidity and to ensure investor demand is met, and intends to consult with shareholders on these options in due course. Outlook, 2022 guidance and long-term goals to 2024 We have made good progress in many areas during the year and our top line performance has seen good momentum coming out of the pandemic. Whilst short-term returns on our core business have inevitably been reduced by COVID-19 and our investments, I am confident in a continuation of the trajectory we have seen over the last six months, and the potential return our organic and inorganic investments will generate over the medium- and long-term. CY2022 Guidance Global lab activity continues to recover, though some uncertainty remains, with trading performance in the first two months of CY2022 in line with our expectations. For CY2022 overall, we currently estimate total reported revenue to increase by approximately 20% on a constant exchange rate basis, including the impact from the acquisition of BioVision, with organic CER growth of mid-teens. We expect continued adjusted gross margin improvement through CY2022, due to the contribution of higher margin in-house products and the full year effect of BioVision transaction. Total adjusted operating costs (including depreciation and amortisation) are expected to grow at a mid-teens percentage rate, as we slow the rate of investment and leverage our recent investments. Long-term goals to CY2024The Group expects to deliver improving operating leverage as the pace of investment graduates. We are increasing our 2024 revenue goal by £25m to £450m-£525m, adjusting to incorporate BioVision and our current operating performance. Our adjusted operating margin and ROCE targets remain unchanged. This commentary represents management's current estimates and is subject to change. See the Cautionary statement regarding forward-looking statements on page 3 of this release. Summary Performance   Reported Results   Adjusted Results   18 months ended 31 Dec 2021 (audited)£m 12 months ended 30 June 2020 (audited, restated) £m 12 months ended 31Dec 2021(unaudited)£m 12 months ended 31Dec 2020 (unaudited)£m   18 months ended 31 Dec 2021 (audited)£m 12 months ended 30 June 2020 (audited, restated) £m 12 months ended 31Dec 2021 (unaudited)£m 12 months ended 31Dec 2020 (unaudited) £m Revenue 462.9 260.0 315.4 269.3   462.9 260.0 315.4 269.3                     Gross profit 329.2 180.2 224.6 188.5   332.3 180.2 227.7 188.5 Gross profit margin (%) 71.1% 69.3% 71.2% 70.0%   71.8% 69.3% 72.2% 70.0%                     Operating profit 24.4 10.4 7.1 1.0   95.5 54.0 60.4 50.6 Operating profit margin (%) 5.3% 4.0% 2.3% 0.4%   20.6% 20.8% 19.2% 18.8%                     Earnings per share                   Basic earnings / (loss) per share 7.7p 6.0p 1.9p (0.4)p   33.2p 20.5p 20.8p 18.0p Diluted earnings / (loss) per share 7.6p 6.0p 1.9p (0.4)p   32.9p 20.3p 20.6p 17.8p                     Net (debt)/cash at end of the year1 (24.1) 80.9 (24.1) 211.9   (24.1) 80.9 (24.1) 211.9 Return on Capital Employed 3.1% 1.6% 0.9% 0.1%   12.0% 8.3% 7.6% 6.6% 1. Excludes lease liabilities Calendar Year Results The Group has prepared the following Calendar Year results to enable a more consistent like-for-like review of the trading performance of the business. The Calendar Year results are an Alternative Performance Measure and cover the trading period for the 12 months ended 31 December 2021 (CY2021) compared with the 12 months ended 31 December 2020 (CY2020). The basis of preparation applied to the Calendar Year results together with a reconciliation to the Group's Statutory IFRS Results are provided at the end of this report. Consolidated statement of profit and loss for the 12 months ended 31 December   CY2021(unaudited)   CY2020(unaudited) £m Adjusted Adjusting items Reported   Adjusted Adjusting items Reported Revenue 315.4 - 315.4   269.3 - 269.3 Cost of sales (87.7) (3.1) (90.8)   (80.8) - (80.8) Gross profit 227.7 (3.1) 224.6   188.5 - 188.5 Selling, general and administrative expenses (150.6) (39.1) (189.7)   (120.6) (23.9) (144.5) Research and development expenses (16.7) (11.1) (27.8)   (17.3) (25.7) (43.0) Operating profit 60.4 (53.3) 7.1   50.6 (49.6) 1.0 Finance income 0.3 - 0.3   0.4 - 0.4 Finance costs (2.7) - (2.7)   (3.6) - (3.6) Profit / (loss) before tax 58.0 (53.3) 4.7   47.4 (49.6) (2.2) Tax credit / (charge) (10.8) 10.5 (0.3)   (8.8) 10.1 1.3 Profit / (loss) for the financial period 47.2 (42.8) 4.4   38.6 (39.5) (0.9) Consolidated cashflow statement for the 12 months ended 31 December £m CY2021(unaudited) CY2020(unaudited) Operating cash flows before working capital 68.2 63.0 Change in working capital 4.0 (7.8) Cash generated from operations 72.2 55.2 Income taxes paid (9.3) 3.7 Net cash inflow from operating activities 62.9 58.9 Net cash inflow / (outflow) from investing activities (291.5) (153.7) Net cash inflow from financing activities 111.4 116.0 Net (decrease) / increase in cash and cash equivalents (117.2) 21.2 Cash and cash equivalents at beginning of period 211.9 189.9 Effect of foreign exchange rates 0.4 0.8 Cash and cash equivalents at end of the period 95.1 211.9       Free Cash Flow * 6.0 5.6 * Free Cash Flow comprises net cash generated from operating activities less net capital expenditure, cash flows relating to committed capital expenditure and outflows in respect of lease obligations Financial review Revenue   18 months ended 31 Dec 2021 (audited)£m 12 months ended 30 Jun 2020 (audited) £m   12 months ended 31 Dec 2021 (unaudited)£m 12 months ended 31 Dec 2020 (unaudited)£m 12 month % Change CER CY2021 % Split** Catalogue revenue by region               The Americas 163.7 96.8   112.4 95.3 26% 38% EMEA 121.5 68.4   82.3 73.2 15% 28% China 84.4 39.1   57.1 42.7 34% 19% Japan 28.4 18.8   18.6 19.3 5% 6% Rest of Asia Pacific 34.8 20.0   23.4 21.0 17% 8% Catalogue revenue sub-total* 432.8 243.1   293.8 251.5 22% 100% In-house catalogue revenue* 245.0 114.4   171.5 128.8 39% 58% Third party catalogue revenue 187.8 128.7   122.3 122.7 4% 42%                 Custom products and services 8.4 6.3   5.7 5.7 6% 30% IVD 8.9 4.7   6.3 5.9 15% 33% Royalties and licenses 10.2 5.9   7.0 6.2 20% 37% Custom Products & Licensing (CP&L) sub-total 27.5 16.9   19.0 17.8 14% 100%                 BioVision 2.6 -   2.6 -     Total reported revenue 462.9 260.0   315.4 269.3 22%   * Includes BioVision product sales sold through Abcam channels post closing of the transaction on 26 October 2021 but excludes incremental BioVision sales sold through non-Abcam channels of £2.6m. ** Numbers may not add up due to rounding In the 18-month statutory reporting period ended 31 December 2021, the Group generated revenue of £462.9m, which represents an increase of 78% on the results for the 12 months ended 30 June 2020, reflecting the extended accounting period. The Directors believe underlying business performance is better understood by comparing the performance for the 12 months ended 31 December 2021 (CY2021) and the 12 months ended 31 December 2020 (CY2020). In CY2021 revenue was £315.4m, representing CER growth of 22% and reported growth of 17%, after a 5%pt headwind from foreign currency exchange. The acquisition of BioVision added approximately 1%pt to revenue growth. Revenue growth continues to be driven by a recovery in laboratory activity from the depressed levels experienced in 2020 due to the COVID-19 pandemic, and by increasing demand for our growing portfolio of in-house products. Catalogue revenue grew 23% CER in CY2021 compared with CY2020 (18% reported), with revenue growth from our in-house products of 41% CER including BioVision (35% reported) or 36% CER excluding BioVision. Except for Japan, which suffered greater COVID-19 related disruption, all major territories grew at double digit rates, with China, which now accounts for 19.4% of revenue, the fastest growing region with CER growth of 34%. Custom Products & Licensing (‘CP&L') revenue, rose 14% on a CER basis (7% reported). Within CP&L, IVD and royalty and license sales grew double digit on a CER basis as the number of out-licensed products and commercial deals continues to grow, whilst custom projects returned to growth as customer activity levels improved following a more muted period of activity due to COVID-19. Gross margin   18 months ended 31 Dec 2021 (audited)% 12 months ended 30 Jun 2020 (audited)%   12 months ended 31 Dec 2021 (unaudited)% 12 months ended 31 Dec 2020 (unaudited)% Reported Gross Margin 71.1 69.3   71.2 70.0 Amortisation of fair value adjustments 0.7 -   1.0 - Adjusted Gross Margin 71.8 69.3   72.2 70.0 Reported gross margin for the 18 months ended 31 December 2021 was 71.1%. Reported gross margin for the period was impacted by the fair value adjustment of BioVision inventory following the acquisition, totaling £6.0m. Approximately half, or £3.1m, of this cost was amortised in the period, with the balance of £2.9m to be amortised in CY2022. Before this impact, adjusted gross margin for CY2021 increased by just over 2 percentage points to 72.2% (CY2020: 70.0%), reflecting a favourable movement in product mix towards high margin in-house products, as well as volume leverage resulting from the increase in revenue. In-house product sales (including CP&L revenue) contributed 61% of total revenue in CY2021 (CY2020: 54%). Operating profit Operating profit for CY2021 increased to £7.1m (CY2020: £1.0m). Adjusted operating profit for the same 12-month period increased to £60.4m (CY2020: £50.6m), representing an adjusted operating profit margin of 19.2% (CY2020: 18.8%) reflecting the Group's planned investment, the impact of COVID-19, and the step up in depreciation and amortisation. The calculation of adjusted operating profit has been updated to exclude share-based payments of £20.0m and £13.3m in CY2021 and CY2020 respectively. A reconciliation between reported and adjusted operating profit is provided in note 4 to the financial statements. Reported operating profit for the 18 months ended 31 December 2021 was £24.4m (12 months to 30 June 2020: £10.4m). Operating costs and expenses   Reported   Adjusted*   18 months ended 31 Dec 2021 (audited)£m 12 months ended 30 June 2020 (audited, restated) £m 12 months ended 31 Dec 2021 (unaudited) £m 12 months ended 31 Dec 2020 (unaudited)£m   18 months ended 31 Dec 2021 (audited)£m 12 months ended 30 June 2020 (audited, restated)£m 12 months ended 31 Dec 2021 (unaudited)£m 12 months ended 31 Dec 2020 (unaudited)£m Selling, general & administrative (263.3) (131.5) (189.7) (144.5)   (211.5) (111.5) (150.6) (120.6) Research and development (41.5) (38.3) (27.8) (43.0)   (25.3) (14.7) (16.7) (17.3) Total operating costs and expenses (304.8) (169.8) (217.5) (187.5)   (236.8).....»»

Category: earningsSource: benzingaMar 14th, 2022

Asure (ASUR) Integrates New Technology With Employee Navigator

Asure Software (ASUR) announces a two-way integration of its new technology with Employee Services, opening up a new market for itself and further supporting its broker referral strategy. Asure Software ASUR recently announced that it has built a technology to be integrated with the Employee Navigator software.Founded in 2008, Employee Navigator is trusted by more than 60,000 companies and around 10 million employees. It delivers all-in-one benefits and HR solutions.The new functionality will enable health insurance to benefit brokers to provide a seamless two-way integration, opening up a new market for Asure. The new integrated technology will further underpin Asure’s broker referral strategy.Benefit brokers are a major source of referral for Asure’s new business. The integration of Employee Navigator with Asure Software is anticipated to strengthen the latter’s relationship with Benefit Brokers, adding much more value to the proposition.The new functionality will enable Benefit Brokers to serve its clients better with a seamless connection between Asure’s payroll and HR solutions, and Employee Navigator services.In addition, as the pandemic accelerated the adoption of virtual work, Asure responded by providing advanced HR solutions, such as electronic signatures, touchless onboarding and improved employee self-service capabilities as part of its standard solutions.Asure Software Inc Price and Consensus Asure Software Inc price-consensus-chart | Asure Software Inc QuoteAcquisitions Expanding Product PortfolioAsure’s acquisition strategy has helped the company expand its product portfolio rapidly.At the end of September 2021, Asure’s operating subsidiary Evolution Payroll Processing LLC (EPP), partially funded by its new credit facility with Structural Capital, acquired certain assets of a New Jersey corporation as well as certain assets of a Vermont corporation, both of which were used to provide payroll processing services.Growth in revenues was partially driven by an increasing number of clients from Asure’s acquisitions in the beginning of 2021.Previously, Asure had acquired Payroll Maxx LLC. Asure resells its HRIS platform Evolution to organizations, reducing payroll compliance risk and enhancing time management via its comprehensive workforce management solutions.Zacks Rank and Stocks to ConsiderCurrently, Asure has a Zacks Rank #3 (Hold).In the third quarter of fiscal 2021, Asure reported revenues worth $17.98 million, up 12% year over year.The stock has inched up 0.3% against the Zacks Internet - Delivery Services industry’s decline of 38.9% and the Computer and Technology sector’s growth of 16.3% in the past year.Some better-ranked stocks in the Zacks Computer and Technology sector are Broadcom AVGO, currently sporting a Zacks Rank #1 (Strong Buy), besides Advanced Micro Devices AMD and Apple AAPL, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Broadcom’s first-quarter fiscal 2022 earnings has been revised upward by 8.1% to $8.15 per share over the past 60 days. For fiscal 2022, earnings estimates have moved upward by 6.5% to $33.03 per share over the past 60 days.AVGO has rallied 37.9% compared with the Zacks Electronics – Semiconductors industry’s rise of 27.5% and the Computer and Technology sector’s growth of 16.3%.The Zacks Consensus Estimate for Advanced Micro Devices’s first-quarter fiscal 2022 earnings has been constant at 75 cents per share over the past 30 days. For fiscal 2022, earnings estimates have moved upward by a penny to $2.65 per share in the past 30 days.Shares of AMD have surged 49.6% compared with the Zacks Electronics – Semiconductors industry’s rise of 27.5% and the Computer and Technology sector’s growth of 16.3%.The Zacks Consensus Estimate for Apple’s first-quarter fiscal 2022 earnings has been revised upward by a penny to $1.89 per share over the past 30 days. For fiscal 2022, earnings estimates have moved upward by four cents to $5.82 per share in the past 30 days.AAPL has rallied 33.8% compared with the Zacks Computer - Mini computers industry’s rise of 32.8% and the Computer & Technology sector’s growth of 16.3% in the past year. Breakout Biotech Stocks with Triple-Digit Profit Potential The biotech sector is projected to surge beyond $2.4 trillion by 2028 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases. Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Recommendations from previous editions of this report have produced gains of +205%, +258% and +477%. The stocks in this report could perform even better.See these 7 breakthrough stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Apple Inc. (AAPL): Free Stock Analysis Report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report Broadcom Inc. (AVGO): Free Stock Analysis Report Asure Software Inc (ASUR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksJan 13th, 2022

Kroger"s (KR) Indianapolis Fulfillment Network to Aid E-commerce

Kroger (KR) is expanding its fulfillment centers to ensure efficient deliveries. Management announces the expansion of KR's fulfillment network in the Indianapolis area. The Kroger Co. KR is consistently expanding its Customer Fulfillment Centers (CFCs) to new geographies for enriching customers’ shopping experience amid a dynamic retail landscape.In latest developments, management announced the expansion of Kroger fulfillment network to the Indianapolis area. This network is likely to enrich customers’ shopping experience with advanced digital services and delivery capabilities.Further DetailsThis 48,000-square-feet facility, situated at 9222 E. 33rd Street in Indianapolis, is likely to collaborate with the hub in Monroe, OH. Richmond, which is close to the hub in Ohio, will be part of the coverage area. Customers can easily avail groceries via placing an order on Kroger.com or the Kroger app, which will efficiently get delivered by a Kroger Delivery associate. Also, customers will be aware of the loyalty membership benefits, including earned fuel points and digital coupon savings.We note that the delivery network will be leveraging stores and third-party partners to deliver some orders. The Indianapolis fulfillment center will support the retailer’s e-commerce operations and further compliment the launch of the Boost by Kroger Plus annual membership program. Via this program, customers can avail benefits, such as free delivery and a chance to earn up to $1 off per gallon of fuel twice as often for $59 or $99 per year.The Indianapolis fulfillment center is expected to create nearly 150 job positions. This expansion further extends Kroger’s partnership with Ocado, a renowned technology firm providing online grocery fulfilment solutions.What’s More?Of late, Kroger also announced to set up a CFC in North Carolina, which will be powered by Ocado Group. Via this CFC, KR looks forward to serving the state’s communities with a more efficient e-commerce delivery service coupled with vertical integration, machine learning and robotics offering quick, economical and fresh food delivery.Management had also informed about the Monroe fulfillment center this year in April, followed by the Groveland, FL facility. Kroger remains committed to open sites in California, Dallas, TX, Forest Park, GA (Atlanta), Frederick, MD, Phoenix, AZ, Pleasant Prairie, WI, Romulus, MI (Detroit), South Florida, the Northeast, Pacific Northwest and the West.KR is steadily expanding its fulfillment network to ensure efficient deliveries. We believe that this process of availing fresh food via interconnected, automated and innovative expedite deliveries will tap incremental sales for Kroger.Image Source: Zacks Investment ResearchThis currently Zacks Rank #3 (Hold) player’s shares have increased 44.5% so far this year compared with the industry’s 3.4% growth.Hot Stocks in RetailSome better-ranked stocks are Boot Barn Holdings BOOT, Tractor Supply Company TSCO and Target TGT.Boot Barn Holdings, a lifestyle retailer of western and work-related footwear, apparel and accessories, sports a Zacks Rank #1 (Strong Buy) at present. The stock has jumped 196.3% in the year-to-date period. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Boot Barn Holdings’ current financial-year sales and earnings per share (EPS) suggests growth of 54.6% and 188%, respectively, from the year-ago period’s corresponding figures. BOOT has a trailing four-quarter earnings surprise of 161.5%, on average.Tractor Supply Company, a rural lifestyle retailer in the United States, currently flaunts a Zacks Rank of 1. TSCO has a trailing four-quarter earnings surprise of 22.8%, on average. Shares of TSCO have surged 65.8% year to date.The Zacks Consensus Estimate for Tractor Supply Company’s current-year sales and EPS suggests growth of 19% and 23.9%, respectively, from the year-ago period’s corresponding readings. TSCO has an expected EPS growth rate of 10.2% for three-five years.Target, a renowned omni-channel retailer, presently carries a Zacks Rank #2 (Buy). TGT has a trailing four-quarter earnings surprise of 19.7%, on average. The stock has rallied 27.3% in the year-to-date period.The Zacks Consensus Estimate for Target’s current-year sales and EPS suggests growth of 13.9% and 40.1%, respectively, from the corresponding year-ago period’s levels. TGT has an expected EPS growth rate of 14.4% for three-five years. 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Category: topSource: zacksDec 17th, 2021

Kroger (KR) to Set Up Fulfillment Center in North Carolina

Kroger (KR) is expanding the CFCs to ensure efficient deliveries. Management announces the opening of a CFC in North Carolina. The Kroger Co. KR is consistently expanding its Customer Fulfillment Centers (CFCs) to new geographies for enriching customers’ shopping experience amid a dynamic retail landscape.In latest developments, Kroger will set up a new customer fulfillment center (CFC) in North Carolina, which will be powered by Ocado Group,  a renowned technology firm providing online grocery fulfilment solutions. Via the latest CFC, KR looks forward to serving the state’s communities with a more efficient e-commerce delivery service coupled with vertical integration, machine learning and robotics offering quick, economical and fresh food delivery.We note that the latest 200,000-square feet CFC is likely to become operational within 24 months and looks to generate nearly 700 jobs in the coming five years. Kroger remains committed to open sites in California, Dallas, TX, Forest Park, GA (Atlanta), Frederick, MD, Phoenix, AZ, Pleasant Prairie, WI, Romulus, MI (Detroit), South Florida, the Northeast, Pacific Northwest and the West.Kroger is steadily expanding the CFCs to ensure efficient deliveries. We believe that this process of providing fresh food via interconnected, automated and innovative expedite deliveries will boost sales for Kroger. As e-commerce services quadrupled in the current times of unprecedented crisis, demand for online deliveries for grocery and other essentials is here to stay. KR is likely to capitalize on the prevailing trends.What’s More?Kroger is making every effort to strengthen its position not only with respect to products but also in terms of the way consumers shop. Management continues making investments to enhance product freshness and quality as well as expand digital capabilities. Further, KR is augmenting “Our Brands” portfolio by launching products.Kroger’s digital business remains one of the key growth drivers. KR has been focusing on no-contact delivery option, low-contact pickup service and ship-to-home orders for a while. Its ‘Kroger Delivery Now’ service in collaboration with Instacart provides customers with food and household staples at affordable prices in 30 minutes.KR also extends contactless payment solutions like Kroger Pay, Scan and Bag and Go. We note that digital sales surged 103% during the third quarter of fiscal 2021 on a two-year stacked basis. Kroger remains committed to double digital sales by 2023.Image Source: Zacks Investment ResearchSuch well-chalked expansion efforts aided this currently Zacks Rank #3 (Hold) player’s shares to have increased 37.5% so far this year against the industry’s 0.3% decline.Hot Stocks in RetailSome other top-ranked stocks are Boot Barn Holdings BOOT, Tractor Supply Company TSCO and Target TGT.Boot Barn Holdings, a lifestyle retailer of western and work-related footwear, apparel and accessories, sports a Zacks Rank #1 (Strong Buy) at present. The stock has jumped 196.3% in the year-to-date period. You can see the complete list of today’s Zacks #1 Rank stocks here.The Zacks Consensus Estimate for Boot Barn Holdings’ current financial-year sales and earnings per share (EPS) suggests growth of 54.6% and 188%, respectively, from the year-ago period’s corresponding figures. BOOT has a trailing four-quarter earnings surprise of 35.3%, on average.Tractor Supply Company, a rural lifestyle retailer in the United States, currently flaunts a Zacks Rank of 1. TSCO has a trailing four-quarter earnings surprise of 22.8%, on average. Shares of TSCO have surged 69% year to date.The Zacks Consensus Estimate for Tractor Supply Company’s current-year sales and EPS suggests growth of 19% and 23.9%, respectively, from the year-ago period’s corresponding readings. TSCO has an expected EPS growth rate of 10.2% for three-five years.Target, a renowned omni-channel retailer, presently carries a Zacks Rank #2 (Buy). TGT has a trailing four-quarter earnings surprise of 19.7%, on average. The stock has rallied 37.8% in the year-to-date period.The Zacks Consensus Estimate for Target’s current-year sales and EPS suggests growth of 13.9% and 40.1%, respectively, from the corresponding year-ago period’s levels. TGT has an expected EPS growth rate of 14.4% for three-five years. Zacks’ Top Picks to Cash in on Artificial Intelligence This world-changing technology is projected to generate $100s of billions by 2025. From self-driving cars to consumer data analysis, people are relying on machines more than we ever have before. Now is the time to capitalize on the 4th Industrial Revolution. Zacks’ urgent special report reveals 6 AI picks investors need to know about today.See 6 Artificial Intelligence Stocks With Extreme Upside Potential>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Target Corporation (TGT): Free Stock Analysis Report Tractor Supply Company (TSCO): Free Stock Analysis Report The Kroger Co. (KR): Free Stock Analysis Report Boot Barn Holdings, Inc. (BOOT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksDec 10th, 2021

CVB Financial (CVBF)-Suncrest Merger Gets Regulatory Approvals

CVB Financial (CVBF) announces that the $204-million-merger deal between Suncrest Bank and Citizens Business Bank has received regulatory approvals. CVB Financial Corp. CVBF, the holding company for Citizens Business Bank, announced that Citizens has received regulatory approvals from the Federal Deposit Insurance Corporation and the California Department of Financial Protection and Innovation to complete its previously-announced merger agreement with Suncrest Bank. The stock-and-cash deal worth $204 million, announced this July, is expected to close on or about Jan 7, 2022, subject to the satisfaction of all remaining closing conditions.The president and CEO of CVB Financial and Citizens, David A. Brager, stated, “We are pleased to have obtained all required regulatory approvals or non-objections for our anticipated merger with Suncrest Bank. This acquisition is an exciting opportunity for Citizens Business Bank to expand our presence northward to the Sacramento area and to bolster our already strong position in the important Central Valley region of California.”Ciaran H. McMullan, the president and CEO of Suncrest Bank, commented, “We believe the anticipated merger of Suncrest Bank and Citizens Business Bank is a tremendous opportunity for our customers and employees, and our shareholders voted overwhelmingly in favor of the merger at our special shareholders meeting on October 27, 2021. Citizens Business Bank’s ability to offer a wider range of products and higher credit capacity along with a proven commitment to excellent service fits very well with the community banking model of Suncrest Bank.”Terms of the Merger and Financial ImpactOn Jul 27, in an effort to expand its presence, CVB Financial announced an agreement and plan of reorganization and merger, according to which Suncrest bank would merge with and into Citizens. The acquisition would be the second-largest in CVB Financial’s history.It was decided that once the merger would be closed, each shareholder of Suncrest Bank would receive 0.6970 shares of CVB Financial’s common stock and $2.69 per share in cash.Accordingly, CVB Financial will be paying approximately 8.5 million shares of its common stock and $39 million in cash (subject to purchase price adjustment provisions and other terms outlined in the agreement).Suncrest Bank shareholders will hold approximately 6% of CVB Financial’s outstanding common stock following the merger.At the time of the deal announcement, CVB Financial expected the transaction to result in earnings per share accretion of 3.5% in 2023 (excluding one-time transaction costs and assuming full realization of cost savings).Also, the merger was anticipated to be 0.8% dilutive to tangible book value per share, with an earn-back period of less than 1.75 years and an internal rate of return of 20%.Notably, Suncrest Bank is headquartered in Visalia, CA. It has seven branches and two loan production offices throughout California’s Central Valley.Over the past year, shares of CVB Financial have gained 3.3% compared with 72.4% growth recorded by the industry. Image Source: Zacks Investment ResearchCurrently, CVB Financial carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.Inorganic Growth Efforts by Other FirmsSeveral companies from the finance sector are undertaking consolidation efforts to counter the low-interest-rate environment along with the heightened costs of investments in technology.Recently, Citizens Financial Group, Inc. CFG completed its previously announced merger with JMP Group LLC. Citizens Financial announced the all-cash deal in September in a bid to augment its capital market capabilities.The buyout is expected to foster growth, diversify Citizens Financial's capital market platform and provide greater scale in key verticals like healthcare, technology, financials and real estate.Likewise, in an effort to broaden its capabilities for institutional investors and investment management clients, SEI Investments Company SEIC acquired a global portfolio intelligence platform company, Novus Partners.SEI Investments' chairman and CEO, Alfred P. West, Jr., stated, "The financial services landscape is ever-evolving. Our markets continue to face an unprecedented pace of change, and we continuously seek opportunities to stay ahead of and manage this change. By making strategic investments in our solutions and workforce, we drive growth and help our clients make confident decisions for their futures."A few days ago, U.S. Bancorp USB, the parent company of U.S. Bank, agreed to acquire San Francisco-based fintech firm, TravelBank, which offers technology-driven cost and travel management solutions.The acquisition will help U.S. Bank, which is already an industry leader in delivering innovative corporate payment solutions like virtual corporate credit cards and tools to improve working capital, accelerate the integration of digital payments within its commercial segment. Bitcoin, Like the Internet Itself, Could Change Everything Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities. Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly. See 3 crypto-related stocks now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report U.S. Bancorp (USB): Free Stock Analysis Report CVB Financial Corporation (CVBF): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report Citizens Financial Group, Inc. (CFG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 26th, 2021

Alimentation Couche-Tard Announces its Results for its Second Quarter of Fiscal Year 2022

Net earnings were $694.8 million, or $0.65 per diluted share for the second quarter of fiscal 2022 compared with $757.0 million, or $0.68 per diluted share for the second quarter of fiscal 2021. Adjusted net earnings1 were approximately $693.0 million compared with $735.0 million for the second quarter of fiscal 2021. Adjusted diluted net earnings per share1 were $0.65, representing a decrease of 1.5% from $0.66 for the corresponding quarter of last year. Total merchandise and service revenues of $4.0 billion, an increase of 5.8%. Same-store merchandise revenues increased 1.4% in the United States and 3.9% in Europe and other regions, and decreased 2.1% in Canada. On a 2-year basis, same-store merchandise revenues increased at a compound annual growth rate of 2.9% in the United States, 6.3% in Europe, and 4.5% in Canada. Merchandise and service gross margin increased 0.2% in the United States to 33.8%, and 0.4% in Canada to 32.3% and decreased 1.8% in Europe and other regions to 38.4%, which was impacted by the integration of Circle K Hong Kong. Same-store road transportation fuel volume increased 3.3% in the United States and 2.8% in Canada, and decreased 0.3% in Europe and other regions. On a 2-year basis, same-store road transportation fuel volume decreased at a compound annual rate of 6.5% in the United States, 2.0% in Europe, and 4.9% in Canada, still impacted by work from home trends. Road transportation fuel gross margin of 36.39¢ per gallon in the United States, an increase of 0.18¢ per gallon, and CA 11.03¢ per liter in Canada, an increase of CA 1.02¢ per liter. In Europe and other regions, it decreased by US 0.53¢ per liter to US 10.57¢ per liter. Fuel margins remained healthy throughout our network, from a favorable competitive landscape and a strong sourcing efficiency. As the COVID-19 pandemic had a significant impact on our prior year financial results, looking at gross profit1 on a 2-year basis provides additional insight given the volatility in the various key measures of our business. Excluding the disposal of CAPL and the acquisition of Circle K Hong Kong, merchandise and service, as well as road transportation fuel gross profit1, are higher by 9.8% and 17.9%, respectively, compared with the pre-pandemic second quarter of fiscal 2020. On a 2-year basis, excluding the costs of employee retention measures implemented, which totaled approximately $24.0 million, normalized expenses increased at a compound annual growth rate of only 2.2%. 25.7% increase of the quarterly dividend, from CA 8.75¢ to CA 11.0¢. Under its current share repurchase program, the Corporation repurchased shares for an amount of $238.5 million during the quarter, and an amount of $50.0 million subsequent to the end of the quarter, reaching a total of $587.7 million under this program. LAVAL, QC, Nov. 23, 2021 /PRNewswire/ - For its second quarter ended October 10, 2021, Alimentation Couche- Tard Inc. ("Couche-Tard" or the "Corporation") (TSX:ATD) (TSX:ATD) announces net earnings of $694.8 million, representing $0.65 per share on a diluted basis. The results for the second quarter of fiscal 2022 were affected by a pre-tax net foreign exchange gain of $4.9 million, as well as pre-tax acquisition costs of $1.8 million. The results for the comparable quarter of fiscal 2021 were affected by a pre-tax gain on disposal of $40.9 million related to the sale of a property located in Toronto, Canada, a pre-tax net foreign exchange loss of $8.9 million, as well as pre-tax acquisition costs of $1.2 million. Excluding these items, the adjusted net earnings1 were approximately $693.0 million, or $0.65 per share on a diluted basis for the second quarter of fiscal 2022, compared with $735.0 million, or $0.66 per share on a diluted basis for the second quarter of fiscal 2021, a decrease of 1.5% in the adjusted diluted net earnings per share1, explained by higher operating expenses, partly offset by organic growth in both convenience and road transportation fuel activities as well as by the favorable impact of our share repurchase program. All financial information presented is in US dollars unless stated otherwise. "I am pleased to report that across our global network, we had solid results during the second quarter in both convenience and fuel. Same-store sales were particularly notable in our U.S. and European markets as we continue to see growing momentum with our food program. Fuel volumes showed an upward trend in Europe, while other geographies remained impacted by COVID-19 traffic patterns. Across the board, we continue to achieve healthy fuel margins. I am particularly proud of the work we did this quarter to improve the customer experience and drive traffic to our stores from enhancing Sip & Save, our beverage subscription offer, to introducing frictionless checkout in our Arizona stores and pioneering a global partnership bringing our stores to life in a leading augmented reality mobile game," said Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard. _____________________________ 1 Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. "Like our peers across the retail and convenience landscape in North America, this quarter we continued to face unprecedented labor and supply chain challenges. No doubt, this is the most difficult market in recent history, and we are working hard to mitigate the situation. We have instituted hiring and retention initiatives including bonuses and other offers and increased recruitment capacity and pipeline visibility. We have also focused more intensely on training and engagement to be recognized as an employer of choice. After meeting our summer goal of hiring over 20,000 store team members, we are starting to see some stabilization. We are also working with our partners and finding new solutions to critical supply chain issues. As we faced these obstacles head-on, I am proud that we delivered a solid quarter and kept on track with our strategic goals," concluded Brian Hannasch. Claude Tessier, Chief Financial Officer, added: "We delivered another solid quarter despite the unparalleled staffing hurdles in North America combined with an overall challenging inflationary environment. This has put pressure on expenses as we work to alleviate the situation. As we start to see improvements in the various economies in which we operate, we will continue with our customary cost discipline and advance our network-wide cost optimization projects. I am especially proud of our teams' execution this quarter as we furthered our strategic plans and our strong financial position, highlighted by our leverage ratio of 1.23, resulting in the announcement today of a dividend increase of 25.7% to CA 11.0¢ per share." Significant Items of the Second Quarter of Fiscal 2022 As the COVID-19 pandemic had a significant impact on our prior year financial results, looking at gross profit1 on a 2-year basis provides additional insight given the volatility in the various key measures of our business. Excluding the disposal of CAPL and the acquisition of Circle K Hong Kong, merchandise and service, as well as road transportation fuel gross profit1, are higher by 9.8% and 17.9%, respectively, compared with the pre-pandemic second quarter of fiscal 2020. On April 21, 2021, the Toronto Stock Exchange approved the implementation of a share repurchase program, which took effect on April 26, 2021. The program allows us to repurchase up to 4.0% of the public float of our Class B subordinate voting shares. During the second quarter and first half-year of fiscal 2022, we repurchased 6,351,895 and 14,822,895 Class B subordinate voting shares, respectively. These repurchases were settled for amounts of $238.5 million and $537.7 million, respectively. During the first half-year of fiscal 2022, 6,351,895 Class B subordinate voting shares were repurchased, for an amount of $238.5 million, from a related party. In addition, subsequent to the end of the second quarter of fiscal 2022, we repurchased 1,294,700 Class B subordinate voting shares for an amount of $50.0 million. Changes in our Network during the Second Quarter of Fiscal 2022 We acquired 36 company-operated stores, including the acquisition of 35 stores operating under the Porter's brand and located in the United States. We settled these transactions using our available cash and existing credit facilities. On July 30, 2021, we entered into a binding agreement in connection with the acquisition of Cape D'Or Holdings Limited, Barrington Terminals Limited and other related holding entities, which operate an independent convenience store and fuel network in Atlantic Canada under the Esso, Go! Store and Wilsons Gas Stops brands ("Wilsons"). The Wilsons network comprises 79 company-operated convenience retail and fuel locations, 147 dealer locations, and a fuel terminal in Halifax, Canada. The transaction is expected to close in the first half of calendar year 2022 and is subject to customary closing conditions and regulatory approvals, including those under the Competition Act (Canada). On September 9, 2021, we entered into a binding agreement to acquire 10 company-operated stores, operating under the Londis brand and located in Ireland. The transaction is expected to close in the third quarter of fiscal 2022. On March 22, 2021, we announced our intention to sell certain sites across 28 states in the United States and 6 provinces in Canada. The decision to dispose of these sites was based on the outcome of a strategic review of our network. As at October 10, 2021, 261 sites in the United States and 36 sites in Canada met the criteria for classification as held for sale, including 210 sites already subject to multiple sales agreements with various buyers. We completed the construction of 7 stores and the relocation or reconstruction of 3 stores, reaching a total of 40 stores since the beginning of fiscal 2022. As of October 10, 2021, another 77 stores were under construction and should open in the upcoming quarters. _________________________________ 1 Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. Summary of changes in our store network The following table presents certain information regarding changes in our store network over the 12–week period ended October 10, 2021: 12–week period ended October 10, 2021 Type of site Company-  operated CODO DODO Franchised and other affiliated Total Number of sites, beginning of period 9,906 397 689 1,263 12,255 Acquisitions 36 — — — 36 Openings / constructions / additions 7 3 9 11 30 Closures / disposals / withdrawals (33) (1) (5) (12) (51) Store conversion 9 (7) (2) — — Number of sites, end of period 9,925 392 691 1,262 12,270 Circle K branded sites under licensing agreements 1,917 Total network 14,187 Number of automated fuel stations included in the period-end figures 979 — 9 — 988 Exchange Rate Data We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States. The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit: 12–week periods ended  24–week periods ended October 10, 2021 October 11, 2020 October 10, 2021 October 11, 2020 Average for the period Canadian dollar 0.7923 0.7541 0.8045 0.7416 Norwegian krone 0.1142 0.1101 0.1165 0.1064 Swedish krone 0.1154 0.1136 0.1171 0.1097 Danish krone 0.1581 0.1582 0.1600 0.1538 Zloty 0.2572 0.2653 0.2617 0.2568 Euro 1.1758 1.1777 1.1901 1.1453 Ruble 0.0137 0.0134 0.0136 0.0137 Hong Kong dollar 0.1285 — 0.1287 — Summary Analysis of Consolidated Results for the Second Quarter and First Half-year of Fiscal 2022 The following table highlights certain information regarding our operations for the 12 and 24–week periods ended October 10, 2021 and October 11, 2020. Europe and other regions include the results from our operations in Asia. 12-week periods ended 24-week periods ended (in millions of US dollars, unless otherwise stated) October 10,2021 October 11,2020 Variation% October 10,2021 October 11,2020 Variation% Statement of Operations Data: Merchandise and service revenues(1): United States 2,754.0 2,736.4 0.6 5,583.4 5,587.8 (0.1) Europe and other regions 580.4 394.6 47.1 1,141.8 737.8 54.8 Canada 644.5 629.8 2.3 1,321.7 1,293.0 2.2 Total merchandise and service revenues 3,978.9 3,760.8 5.8 8,046.9 7,618.6 5.6 Road transportation fuel revenues: United States 6,654.8 4,438.3 49.9 13,118.5 8,344.3 57.2 Europe and other regions 2,154.9 1,496.2 44.0 3,948.5 2,678.6 47.4 Canada 1,267.7 875.7 44.8 2,405.6 1,552.7 54.9 Total road transportation fuel revenues 10,077.4 6,810.2 48.0 19,472.6 12,575.6 54.8 Other revenues(2): United States 11.4 9.5 20.0 22.2 17.0 30.6 Europe and other regions 147.6 69.5 112.4 247.6 144.7 71.1 Canada 4.4 5.4 (18.5) 9.3 9.3 — Total other revenues 163.4 84.4 93.6 279.1 171.0 63.2 Total revenues 14,219.7 10,655.4 33.5 27,798.6 20,365.2 36.5 Merchandise and service gross profit(1)(3)(4): United States 932.1 920.3 1.3 1,899.8 1,897.1 0.1 Europe and other regions 222.8 158.6 40.5 438.2 297.8 47.1 Canada 208.3 200.7 3.8 427.3 407.0 5.0 Total merchandise and service gross profit 1,363.2 1,279.6 6.5 2,765.3 2,601.9 6.3 Road transportation fuel gross profit(3)(4):.....»»

Category: earningsSource: benzingaNov 23rd, 2021

Alimentation Couche-Tard Announces its Results for its Second Quarter of Fiscal Year 2022

Net earnings were $694.8 million, or $0.65 per diluted share for the second quarter of fiscal 2022 compared with $757.0 million, or $0.68 per diluted share for the second quarter of fiscal 2021. Adjusted net earnings1 were approximately $693.0 million compared with $735.0 million for the second quarter of fiscal 2021. Adjusted diluted net earnings per share1 were $0.65, representing a decrease of 1.5% from $0.66 for the corresponding quarter of last year. Total merchandise and service revenues of $4.0 billion, an increase of 5.8%. Same-store merchandise revenues increased 1.4% in the United States and 3.9% in Europe and other regions, and decreased 2.1% in Canada. On a 2-year basis, same-store merchandise revenues increased at a compound annual growth rate of 2.9% in the United States, 6.3% in Europe, and 4.5% in Canada. Merchandise and service gross margin increased 0.2% in the United States to 33.8%, and 0.4% in Canada to 32.3% and decreased 1.8% in Europe and other regions to 38.4%, which was impacted by the integration of Circle K Hong Kong. Same-store road transportation fuel volume increased 3.3% in the United States and 2.8% in Canada, and decreased 0.3% in Europe and other regions. On a 2-year basis, same-store road transportation fuel volume decreased at a compound annual rate of 6.5% in the United States, 2.0% in Europe, and 4.9% in Canada, still impacted by work from home trends. Road transportation fuel gross margin of 36.39¢ per gallon in the United States, an increase of 0.18¢ per gallon, and CA 11.03¢ per liter in Canada, an increase of CA 1.02¢ per liter. In Europe and other regions, it decreased by US 0.53¢ per liter to US 10.57¢ per liter. Fuel margins remained healthy throughout our network, from a favorable competitive landscape and a strong sourcing efficiency. As the COVID-19 pandemic had a significant impact on our prior year financial results, looking at gross profit1 on a 2-year basis provides additional insight given the volatility in the various key measures of our business. Excluding the disposal of CAPL and the acquisition of Circle K Hong Kong, merchandise and service, as well as road transportation fuel gross profit1, are higher by 9.8% and 17.9%, respectively, compared with the pre-pandemic second quarter of fiscal 2020. On a 2-year basis, excluding the costs of employee retention measures implemented, which totaled approximately $24.0 million, normalized expenses increased at a compound annual growth rate of only 2.2%. 25.7% increase of the quarterly dividend, from CA 8.75¢ to CA 11.0¢. Under its current share repurchase program, the Corporation repurchased shares for an amount of $238.5 million during the quarter, and an amount of $50.0 million subsequent to the end of the quarter, reaching a total of $587.7 million under this program. LAVAL, QC, Nov. 23, 2021 /CNW/ - For its second quarter ended October 10, 2021, Alimentation Couche- Tard Inc. ("Couche-Tard" or the "Corporation") (TSX:ATD) (TSX:ATD) announces net earnings of $694.8 million, representing $0.65 per share on a diluted basis. The results for the second quarter of fiscal 2022 were affected by a pre-tax net foreign exchange gain of $4.9 million, as well as pre-tax acquisition costs of $1.8 million. The results for the comparable quarter of fiscal 2021 were affected by a pre-tax gain on disposal of $40.9 million related to the sale of a property located in Toronto, Canada, a pre-tax net foreign exchange loss of $8.9 million, as well as pre-tax acquisition costs of $1.2 million. Excluding these items, the adjusted net earnings1 were approximately $693.0 million, or $0.65 per share on a diluted basis for the second quarter of fiscal 2022, compared with $735.0 million, or $0.66 per share on a diluted basis for the second quarter of fiscal 2021, a decrease of 1.5% in the adjusted diluted net earnings per share1, explained by higher operating expenses, partly offset by organic growth in both convenience and road transportation fuel activities as well as by the favorable impact of our share repurchase program. All financial information presented is in US dollars unless stated otherwise. "I am pleased to report that across our global network, we had solid results during the second quarter in both convenience and fuel. Same-store sales were particularly notable in our U.S. and European markets as we continue to see growing momentum with our food program. Fuel volumes showed an upward trend in Europe, while other geographies remained impacted by COVID-19 traffic patterns. Across the board, we continue to achieve healthy fuel margins. I am particularly proud of the work we did this quarter to improve the customer experience and drive traffic to our stores from enhancing Sip & Save, our beverage subscription offer, to introducing frictionless checkout in our Arizona stores and pioneering a global partnership bringing our stores to life in a leading augmented reality mobile game," said Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard. _____________________________ 1 Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. "Like our peers across the retail and convenience landscape in North America, this quarter we continued to face unprecedented labor and supply chain challenges. No doubt, this is the most difficult market in recent history, and we are working hard to mitigate the situation. We have instituted hiring and retention initiatives including bonuses and other offers and increased recruitment capacity and pipeline visibility. We have also focused more intensely on training and engagement to be recognized as an employer of choice. After meeting our summer goal of hiring over 20,000 store team members, we are starting to see some stabilization. We are also working with our partners and finding new solutions to critical supply chain issues. As we faced these obstacles head-on, I am proud that we delivered a solid quarter and kept on track with our strategic goals," concluded Brian Hannasch. Claude Tessier, Chief Financial Officer, added: "We delivered another solid quarter despite the unparalleled staffing hurdles in North America combined with an overall challenging inflationary environment. This has put pressure on expenses as we work to alleviate the situation. As we start to see improvements in the various economies in which we operate, we will continue with our customary cost discipline and advance our network-wide cost optimization projects. I am especially proud of our teams' execution this quarter as we furthered our strategic plans and our strong financial position, highlighted by our leverage ratio of 1.23, resulting in the announcement today of a dividend increase of 25.7% to CA 11.0¢ per share." Significant Items of the Second Quarter of Fiscal 2022 As the COVID-19 pandemic had a significant impact on our prior year financial results, looking at gross profit1 on a 2-year basis provides additional insight given the volatility in the various key measures of our business. Excluding the disposal of CAPL and the acquisition of Circle K Hong Kong, merchandise and service, as well as road transportation fuel gross profit1, are higher by 9.8% and 17.9%, respectively, compared with the pre-pandemic second quarter of fiscal 2020. On April 21, 2021, the Toronto Stock Exchange approved the implementation of a share repurchase program, which took effect on April 26, 2021. The program allows us to repurchase up to 4.0% of the public float of our Class B subordinate voting shares. During the second quarter and first half-year of fiscal 2022, we repurchased 6,351,895 and 14,822,895 Class B subordinate voting shares, respectively. These repurchases were settled for amounts of $238.5 million and $537.7 million, respectively. During the first half-year of fiscal 2022, 6,351,895 Class B subordinate voting shares were repurchased, for an amount of $238.5 million, from a related party. In addition, subsequent to the end of the second quarter of fiscal 2022, we repurchased 1,294,700 Class B subordinate voting shares for an amount of $50.0 million. Changes in our Network during the Second Quarter of Fiscal 2022 We acquired 36 company-operated stores, including the acquisition of 35 stores operating under the Porter's brand and located in the United States. We settled these transactions using our available cash and existing credit facilities. On July 30, 2021, we entered into a binding agreement in connection with the acquisition of Cape D'Or Holdings Limited, Barrington Terminals Limited and other related holding entities, which operate an independent convenience store and fuel network in Atlantic Canada under the Esso, Go! Store and Wilsons Gas Stops brands ("Wilsons"). The Wilsons network comprises 79 company-operated convenience retail and fuel locations, 147 dealer locations, and a fuel terminal in Halifax, Canada. The transaction is expected to close in the first half of calendar year 2022 and is subject to customary closing conditions and regulatory approvals, including those under the Competition Act (Canada). On September 9, 2021, we entered into a binding agreement to acquire 10 company-operated stores, operating under the Londis brand and located in Ireland. The transaction is expected to close in the third quarter of fiscal 2022. On March 22, 2021, we announced our intention to sell certain sites across 28 states in the United States and 6 provinces in Canada. The decision to dispose of these sites was based on the outcome of a strategic review of our network. As at October 10, 2021, 261 sites in the United States and 36 sites in Canada met the criteria for classification as held for sale, including 210 sites already subject to multiple sales agreements with various buyers. We completed the construction of 7 stores and the relocation or reconstruction of 3 stores, reaching a total of 40 stores since the beginning of fiscal 2022. As of October 10, 2021, another 77 stores were under construction and should open in the upcoming quarters. _________________________________ 1 Please refer to the section "Non-IFRS Measures" for additional information on performance measures not defined by IFRS. Summary of changes in our store network The following table presents certain information regarding changes in our store network over the 12–week period ended October 10, 2021: 12–week period ended October 10, 2021 Type of site Company-  operated CODO DODO Franchised and other affiliated Total Number of sites, beginning of period 9,906 397 689 1,263 12,255 Acquisitions 36 — — — 36 Openings / constructions / additions 7 3 9 11 30 Closures / disposals / withdrawals (33) (1) (5) (12) (51) Store conversion 9 (7) (2) — — Number of sites, end of period 9,925 392 691 1,262 12,270 Circle K branded sites under licensing agreements 1,917 Total network 14,187 Number of automated fuel stations included in the period-end figures 979 — 9 — 988 Exchange Rate Data We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States. The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit: 12–week periods ended  24–week periods ended October 10, 2021 October 11, 2020 October 10, 2021 October 11, 2020 Average for the period Canadian dollar 0.7923 0.7541 0.8045 0.7416 Norwegian krone 0.1142 0.1101 0.1165 0.1064 Swedish krone 0.1154 0.1136 0.1171 0.1097 Danish krone 0.1581 0.1582 0.1600 0.1538 Zloty 0.2572 0.2653 0.2617 0.2568 Euro 1.1758 1.1777 1.1901 1.1453 Ruble 0.0137 0.0134 0.0136 0.0137 Hong Kong dollar 0.1285 — 0.1287 — Summary Analysis of Consolidated Results for the Second Quarter and First Half-year of Fiscal 2022 The following table highlights certain information regarding our operations for the 12 and 24–week periods ended October 10, 2021 and October 11, 2020. Europe and other regions include the results from our operations in Asia. 12-week periods ended 24-week periods ended (in millions of US dollars, unless otherwise stated) October 10,2021 October 11,2020 Variation% October 10,2021 October 11,2020 Variation% Statement of Operations Data: Merchandise and service revenues(1): United States 2,754.0 2,736.4 0.6 5,583.4 5,587.8 (0.1) Europe and other regions 580.4 394.6 47.1 1,141.8 737.8 54.8 Canada 644.5 629.8 2.3 1,321.7 1,293.0 2.2 Total merchandise and service revenues 3,978.9 3,760.8 5.8 8,046.9 7,618.6 5.6 Road transportation fuel revenues: United States 6,654.8 4,438.3 49.9 13,118.5 8,344.3 57.2 Europe and other regions 2,154.9 1,496.2 44.0 3,948.5 2,678.6 47.4 Canada 1,267.7 875.7 44.8 2,405.6 1,552.7 54.9 Total road transportation fuel revenues 10,077.4 6,810.2 48.0 19,472.6 12,575.6 54.8 Other revenues(2): United States 11.4 9.5 20.0 22.2 17.0 30.6 Europe and other regions 147.6 69.5 112.4 247.6 144.7 71.1 Canada 4.4 5.4 (18.5) 9.3 9.3 — Total other revenues 163.4 84.4 93.6 279.1 171.0 63.2 Total revenues 14,219.7 10,655.4 33.5 27,798.6 20,365.2 36.5 Merchandise and service gross profit(1)(3)(4): United States 932.1 920.3 1.3 1,899.8 1,897.1 0.1 Europe and other regions 222.8 158.6 40.5 438.2 297.8 47.1 Canada 208.3 200.7 3.8 427.3 407.0 5.0 Total merchandise and service gross profit 1,363.2 1,279.6 6.5 2,765.3 2,601.9 6.3 Road transportation fuel gross profit(3)(4):.....»»

Category: earningsSource: benzingaNov 23rd, 2021

Hepsiburada Announces Third Quarter 2021 Financial Results

ISTANBUL, Nov 23, 2021 /PRNewswire/ -- D-MARKET Electronic Services & Trading (d/b/a "Hepsiburada") (NASDAQ:HEPS), a leading Turkish e-commerce platform (referred to herein as "Hepsiburada" or the "Company"), today announces its unaudited financial results for the third quarter ended September 30, 2021. Third-Quarter 2021 Financial and Operational Highlights Gross merchandise value (GMV) grew by 49.8% compared to Q3 2020, reaching TRY 6.5 billion. This growth was achieved against a strong baseline from the Covid-19 pandemic last year, and was driven by strong order growth supported by our progress in our growth drivers as well as robust NPS performance. In the first nine months of 2021, GMV growth was 54.9% compared to the same period in 2020. Number of orders increased 71.5% to 13.8 million, an all-time quarterly high, compared to 8.0 million orders delivered in Q3 2020. In the first nine months of this year, the number of orders increased 53.6% compared to the same period in 2020. Active Customers reached 10.7 million from 8.5 million in Q3 2020 on 26% increase. Frequency grew to 4.4 in Q3 2021 from 3.7 in Q3 2020 on 21% increase. Active Merchant base increased to 67 thousand from 36 thousand in Q3 2020 while number of SKUs reached 77 million as at September 30, 2021 compared to 37 million at September 31, 2020. Share of Marketplace GMV reached 70%, compared to 57% in Q3 2020, reflecting our commitment to a hybrid business model. The GMV shift to Marketplace is expected to result in long-term strategic advantages, enabling a wider selection of products with improved availability across long-tail products and services.  Revenue slightly decreased by 0.8% compared to Q3 2020, reaching TRY 1,658.3 million. Despite the 49.8% GMV growth, the revenue outcome is mainly a reflection of the shift in GMV mix in favor of Marketplace and an increase in customer discounts in response to slowdown in market growth rate and intensified competition.   EBITDA was negative TRY 659.4 million in Q3 2021 compared to positive TRY 8.9 million in Q3 2020. The decline is mainly due to lower gross contribution driven primarily by higher customer discounts offered to stimulate customer demand. These discounts were also supported by an increase in advertising. Compared to Q3 2020, we experienced higher unit cost of advertising. As a result, net loss for the period was TRY 778.4 million compared to a net loss of TRY 79.6 million for Q3 2020. Free cash flow was negative TRY 639.0 million, compared to negative TRY 76.5 million in Q3 2020, driven by the increase in cash flow from operating activities to negative TRY 582.4 million which is mainly due to the TRY 698.8 million increase in our net loss for the period. Commenting on the results, Mr. Emirdag, CEO of Hepsiburada said: "In the third quarter, we observed challenging market conditions with competition intensifying and online consumer activity slowing as Turkey began to emerge from the COVID 19 restrictions. We responded to this new environment by increasing total customer discounts and expanding advertising and marketing spend. However, we also continued to invest in our growth drivers, brand, customer and merchant experience, and our infrastructure across operations, logistics and technology. As a result, we saw strong momentum in growth drivers of our business including active customers, order frequency, active merchants, and selection. Our NPS performance is a strong sign of the value of our differentiated customer experience, including frictionless return. Furthermore, considering the encouraging progress in our strategic assets, particularly HepsiPay, HepsiExpress and HepsiJet, we believe we are well positioned for long-term value creation. Based on the current trends, we expect to achieve around TRY 24 billion GMV in 2021. As the Turkish e-commerce market is expected to double its penetration within total retail by 2025, we are committed to delivering on our drivers of sustainable growth, key differentiators and strategic assets with a disciplined cash management." Summary: Key Operational and Financial Metrics The following table sets forth a summary of the key operating and financial data for the three months and nine months ended September 30, 2021, and September 30, 2020. The following table contains selected quarterly operational and financial information derived from our unaudited quarterly and nine months consolidated interim financial information, which are reported under IFRS applicable to interim financial reporting. The interim consolidated financial information included herein have not been audited. (in TRY million unless indicated otherwise) Three months ended September 30, Nine months ended September 30, 2021 2020 y/y % 2021 2020 y/y % GMV (TRY in billions) 6.5 4.3 49.8% 16.8 10.9 54.9% Marketplace GMV (TRY in billions) 4.5 2.4 84.5% 11.7 6.3 84.1% Share of Marketplace GMV (%) 70% 57% 13pp 69% 58% 11pp Number of orders (millions) 13.8 8.0 71.5% 36.1 23.5 53.6% Active Customer (millions) 10.7 8.5 26.1% 10.7 8.5 26.1% Revenue 1,658.3 1,671.7 (0.8%) 4,798.9 4,176.0 14.9% Gross contribution 280.0 380.6 (26.4%) 1,187.3 1,065.8 11.4% Gross contribution margin (%) 4.3% 8.8% (4.5pp) 7.1% 9.8% (2.7pp) Net loss for the period (778.4) (79.6) 877.9% (1,339.8) (151.7) 783.2% EBITDA (659.4) 8.9 n.m (951.6) 94.9 n.m EBITDA as a percentage of GMV (%) (10.2%) 0.2% (10.4pp) (5.7%) 0.9% (6.6pp) Net cash provided by operating activities (582.4) (47.8) n.m 44.6 182.9 n.m Free Cash Flow (639.0) (76.5) n.m (92.3) 120.1 n.m Note that EBITDA and free cash flow are non-IFRS financial measures. See "Presentation of Financial and Other Information" section of this press release for a definition of such non-IFRS measures, a discussion of the limitations on their use, and reconciliations of the non-IFRS measures to the most directly comparable IFRS measures. See the definitions of metrics such as GMV, Marketplace GMV, share of Marketplace GMV, gross contribution, gross contribution margin, EBITDA as a percentage of GMV and number of orders and Active Customer in the "Certain Definitions" section of this press release. Financial Outlook The below forward-looking statements reflect Hepsiburada's expectations as of November 23, 2021, considering trends year to date and could be subject to change, and involve inherent risks which we are not able to control. The financial outlook is based on management's current views and estimates with respect to market conditions, customer demand, the uncertainty of the continuing impact of the COVID-19 pandemic, and the broader competitive environment.  Please refer to the Forward Looking Statements section below.  Management's views and estimates are subject to change without notice. Based on the recent performance and current outlook, as we reported on November 12, 2021, our guidance of full year 2021 GMV is at around TRY 24 billion. We remain committed to our long term value proposition and to delivering on our drivers of sustainable growth, key differentiators, strategic assets and value-added services for customers and merchants with a disciplined cash management, which we believe will result in long-term value for our company and shareholders. We believe in the significant long-term market opportunity in the digitalization of the Turkish market. As we address these growth opportunities, we have no plans to go to capital markets to raise any funds in the next 18 months. Key Business Developments GMV and Order Growth Our Q3 2021 GMV grew by 49.8% compared to the same period of last year to TRY 6.5 billion. This solid growth was registered against an already strong third quarter of 2020 (i.e. 127% GMV growth in Q3 2020 compared to Q3 2019). At a two-year compounded annual growth rate1, our Q1 2021, Q2 2021 and Q3 2021 GMV growth rates were 68%, 86% and 84%, respectively. Total number of orders in the third quarter was 13.8 million, a 71.5% increase compared to the same period of last year and a 5.2% increase compared to the second quarter of 2021. The continued growth in orders is also supported by our strategic assets, particularly HepsiExpress and underpins our success in attracting and engaging customers to shop on the Hepsiburada platform. The GMV growth was achieved via a larger Active Customer base and rising frequency since our Active Customer base increased to 10.7 million in Q3 2021 from 8.5 million in Q3 2020 while our frequency grew to 4.4 in Q3 2021 from 3.7 in Q3 2020. Our last twelve month GMV per Active Customer grew by 32.8% in the third quarter compared to the same period of Q3 2020. Marketplace In the third quarter, Marketplace's share of overall GMV rose 13 percentage points to 70% compared with the third quarter of 2020. This performance matched the first half of 2021, during which Marketplace accounted for roughly 70% of GMV. We believe a greater share of Marketplace in our hybrid model (1P, direct sales and 3P, Marketplace) is essential to offer greater availability, wider selection, and more long-tail products and services. Accordingly, our Active Merchant base continued to increase reaching 67 thousand in Q3 2021 from 36 thousand in Q3 2020 while number of SKUs reached 77 million as at September 30, 2021 compared to 37 million as at September 30, 2020. In line with our strategy, we continued to provide a set of value-added-services to our merchants on our platform. As such, during the third quarter, our last mile delivery service, HepsiJet delivered around 53% of total Marketplace parcels. HepsiLojistik, our fulfillment services provider, has increased its focus on scaling its volume from merchants on our platform, running its operations at our six fulfillment centers. Meanwhile, approximately 12 thousand merchants used our adtech solution through our advertising platform, HepsiAd in the third quarter, generating our advertisement revenues. Moreover, in the first nine months, around 39 thousand training sessions were completed on HepsiAkademi (our training portal) by our merchants, accelerating their integration. We continued to make it easy for our merchants to maximize their success on our platform by providing them with a comprehensive set of advanced tools and services. Our merchant portal and proprietary merchant store management tools contribute to efficiency both from the merchant and the platform perspective and help to boost their sales. We continuously invest in enhancing the toolkits on our merchant portal and, in the third quarter, introduced new capabilities regarding campaign management as well as financial performance analytics. Furthermore, we developed a new merchant app, namely HepsiPartner, which became available in app stores in November. We believe HepsiPartner app will bring along further convenience and efficiency for our merchants. As the total number of SKUs on our platform reached 77 million at the end of the third quarter, we successfully onboarded one of the leading local department stores in Turkey (Boyner) and one of the leading mother and baby product retailers (ebebek) among others. During the past 12 months, over 50 thousand brands were introduced on our platform, expanding our selection largely in fashion & lifestyle, books & hobbies and home & garden domains. In the third quarter, HepsiGlobal Inbound also continued to increase its selection nearly by five times compared to the previous quarter by onboarding nearly 300 additional merchants. Customer Experience Based on the results of the market research by Future Bright (a local research company) conducted for Hepsiburada, our NPS performance marked the highest at 65% in the Turkish e-commerce market in September. This score underpins superior customer experience on our platform. As a household brand name in Turkey with 99% total awareness2, we welcomed 240 million sessions on our platform on a monthly average, up from 164 million during the same period of last year. During the third quarter, we continued our focus on excelling customer experience by scaling key differentiators. Being instrumental to our strong performance in customer experience, HepsiJet is highly focused on increasing its delivery speed through its operations in 81 cities with 153 cross-docks and around 1,800 carriers as of the end of the third quarter.  In the third quarter, HepsiJet delivered 75% of the orders from retail (1P) on the next day. With regards to delivery speed, in the third quarter, we introduced an option to filter "Next-day Delivery" products across our platform, facilitating further convenience. Our aim is to widen the range of such products across the platform as we partner with more merchants committing to this operational speed. By the end of October 2021, our logistics footprint reached over 190 thousand sqm, following the rental of a new warehouse in Tuzla (Istanbul) along with the rise in number of transfer hubs from 9 to 14. Thanks to our robust logistics capabilities, we offer "frictionless return" where we pick up returns from customers' doors at their preferred schedule across the country at no additional fee (subject to certain exceptions). To our knowledge, we are the only e-commerce player that offers this service in Turkey. With this service, we were awarded with the Golden Stevie at the International Business Awards in the "Best User Experience" category in October. During the quarter, HepsiJet also expanded the coverage of cities where it provides the two-man cargo handling service, called HepsiJet XL, and began offering scheduled return pick-up for such oversized products. Addressing the need for high quality and reliable service in that particular segment, HepsiJet's two-man cargo handling service is highly appreciated by customers, recording nearly 97% customer satisfaction score in September according to our internal reporting. New Strategic Assets: HepsiPay and HepsiExpress With its license to operate as an open wallet, HepsiPay aspires to evolve into best-in-class payment companion enabling frictionless platform experience across payments, money transfers, and incremental fintech capabilities across online and offline. Since its debut in June 2021, HepsiPay has continued its rapid penetration, recording 2.7 million HepsiPay Wallet customers and TRY2.4 billion GMV passing through its wallet as of the end of October. HepsiPay is focused on developing new use cases linked with the Hepsipay Wallet and payments landscape including seamless integration with other Hepsiburada assets. HepsiPay is also expanding its partner ecosystem. Accordingly, in November, HepsiPay has agreed with Paycell, a fintech subsidiary of Turkey's leading telecom operator Turkcell, to enable direct carrier billing capability at HepsiPay Wallet. By doing so, Turkcell subscribers will be able to shop at Hepsiburada without a credit or debit card. HepsiExpress, our on-demand grocery delivery service with instant and slotted delivery options, had expanded its ecosystem to include over 50 brands and roughly 1,950 stores at the end of the third quarter. Aiming to offer the widest selection for grocery shopping, HepsiExpress continues its progress in its partnership ecosystem. Migros, a leading national retailer, also agreed to join our HepsiExpress partner ecosystem in November. By the end of the third quarter, HepsiExpress delivery resources (i.e. pickers, vehicles and motorbikes) exceeded 3,400. With its scaled operational resources and optimization efforts, HepsiExpress has increased its daily order capacity. The introduction of cross-service search capability provided easy product discoverability as well as frictionless price and product portfolio comparison among different stores. By expanding into adjacent offerings such as Water and Flower, HepsiExpress began providing a greater spectrum of services in a hyper-localized way. Moreover, HepsiExpress enlarged its addressable audience by accepting payments via debit card. Social Consciousness, Diversity and Inclusion Our "Technology Empowerment for Women Entrepreneurs" program providing numerous benefits to women entrepreneurs on our platform covered approximately 24,000 entrepreneurs from across Turkey as at the end of the third quarter. Since August, through our collaboration with one of the mid-tier banks in Turkey, women entrepreneurs in our program have easier access to funding alternatives. We remain committed to continuing this inspirational program which was awarded with The Stevies For Women in Business in November. In July, together with TOBB (Union of Chambers and Commodity Exchanges of Turkey), we initiated the "HepsiTurkiye'den" program ("Everything from across Turkey") which gathers over three thousand long-tail products from local manufacturers and entrepreneurs with local practices including specialty food products, traditional handcrafts, organic farming and such with a geographical indication. By doing so, we aim to provide wider reach to local selection from local manufacturers and entrepreneurs. Hepsiburada Financial Review (in TRY million unless indicated otherwise) Three months ended September 30, Nine months ended September 30, 2021 2020 y/y % 2021 2020 y/y % GMV (TRY billion) 6.5 4.3 49.8% 16.8 10.9 54.9% Marketplace GMV (TRY billion) 4.5 2.4 84.5% 11.7 6.3 84.1% Share of Marketplace GMV (%) 70% 57% 13pp 69% 58% 11pp Revenue 1,658.3 1,671.7 (0.8%) 4,798.9 4,176.0 14.9% Gross contribution 280.0 380.6 (26.4%) 1,187.3 1,065.8 11.4% Gross contribution margin (%) 4.3% 8.8% (4.5pp) 7.1% 9.8% (2.7pp) Net loss for the period (778.4) (79.6) 877.9% (1,339.8) (151.7) 783.2% EBITDA (659.4) 8.9 n.m (951.6) 94.9 n.m EBITDA as a percentage of GMV (%) (10.2%) 0.2% (10.4pp) (5.7%) 0.9% (6.6pp) Net cash provided by operating activities (582.4) (47.8) n.m 44.6 182.9 n.m Free Cash Flow (639.0) (76.5) n.m (92.3) 120.1 n.m Revenue (in TRY million unless indicated otherwise) Three months ended September 30, 2021 % of Revenues 2020 % of Revenues y/y% Sale of goods1 (1P) 1,432.5 86.4% 1,420.8 85.0% 0.8% Marketplace revenue2 (3P) 30.0 1.8% 151.1 9.0% (80.1%) Delivery service revenue 173.3 10.5% 94.9 5.7% 82.6% Other 22.5 1.3% 4.9 0.3% 359.2% Revenue 1,658.3 100.0% 1,671.7 100.0% (0.8%) 1: In 1P model, we act as a principal and initially recognize revenue from the sales of goods on a gross basis at the time of delivery of the goods to our customers.2: In 3P model, revenues are recorded on a net basis, mainly consisting of marketplace commission, transaction fees and other contractual charges to the merchants. Revenue slightly declined by 0.8% to TRY 1,658.3 million in Q3 2021 compared to the ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 23rd, 2021

Autohome Inc. announces financial results for Q3 2021

BEIJING, Nov. 18, 2021 /PRNewswire/ -- On the evening of November 18, 2021 (Beijing Time), Autohome Inc., a leading online destination for automobile consumers in China, announced its unaudited financial results for the third quarter of 2021. According to the financial report, total revenue reached 1.764 billion yuan (approx. US$280 million) during the reporting period, with the proportion of revenue from new businesses increasing to 32 per cent. The adjusted net profit was 583 million yuan (approx. US$91.3 million) and the adjusted net profit margin stood at 33.1 per cent. In addition, in view of its greatly undervalued share price, Autohome's board of directors announced a plan to repurchase US$200 million worth of shares in the open market with its own funds over the next 12 months. Autohome facilitates implementation of its upgraded strategy via an in-depth collaboration with Ping An Insurance Group's ecosystem Autohome announced its new upgraded strategy on September 15, an ecosystem-based strategy designed to create an integrated service platform for consumers to view, buy, sell and use vehicles through an in-depth collaboration between and integration of Autohome and Ping An's ecosystems. With the further implementation of the upgraded strategy, the firm has achieved multiple outcomes. Autohome has developed a strategy which involves investigating and developing more gameplay models, creating more ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 19th, 2021

Should Centralized Exchanges Worry About DEX Offering Apple Pay?

Both decentralized and centralized exchanges –DEX and CEX respectively– are finding new and innovative ways to facilitate transactions. As the crypto space grows steadily, some platforms –especially CEX– may want to keep an eye on DEX platforms and some of their latest payment services to make transactions easier. Q3 2021 hedge fund letters, conferences and […] Both decentralized and centralized exchanges –DEX and CEX respectively– are finding new and innovative ways to facilitate transactions. As the crypto space grows steadily, some platforms –especially CEX– may want to keep an eye on DEX platforms and some of their latest payment services to make transactions easier. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get Our Activist Investing Case Study! Get the entire 10-part series on our in-depth study on activist investing in PDF. Save it to your desktop, read it on your tablet, or print it out to read anywhere! Sign up below! (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q3 2021 hedge fund letters, conferences and more While some DEX’s may be setting the pace in the DEX world, centralized cryptocurrency exchange Coinbase started allowing users to buy ethereum, bitcoin, and other cryptocurrencies using Apple Pay since August this year. However, Apple Pay is breaking its way into DEX platforms thanks to increasing reputation, which is something centralized exchanges are following from close range. DEX platforms incorporating similar payment methods are an enticing view for users and the industry alike. Could Apple Pay Option Be A Killer Feature? Crypto exchanges are currently in a race to incorporate a wider variety of payment options, making transactions easier and giving investors more in terms of choice. Apple Pay is not a rare service, since most exchanges are already eager to add Google Pay options or real-time payment networks (RTN) to boost their services. However, decentralized exchanges like Pangolin offering Apple Pay are a rarity in the crypto exchange space. AvaLabs created Pangolin on the Avalanche Network as a flagship DeFi app and decentralized exchange. The introduction of these new payment methods is believed to increase crypto adoption rates, as more users will bank on the convenience they offer to have a stake in the crypto world. The impact on DEX is bound to be bigger, as integration is a key element in the crypto space since it eradicates the complexities linked with transferring funds through some less conventional means. Instead of getting DEX to make a debit card or having users create a hard wallet, withdrawal options like Apple Pay are a method users already know. Apple and other big tech giants might be looking to foray into crypto in the future, and such a move could be a boost and lead to collaborations to mainstream DeFi. The most important part of this new payment option and what it means for DEX is that users can cash out quickly and flexibly. Apple Pay is not only helping simplify cash-outs but also making them faster. In all, the more decentralized exchanges that add to the ones currently offering Apple Pay, the more transactions DEX will be able to process. DEX Potential Decentralized exchanges are a developed version of the classic centralized exchanges. The difference is that the inner workings of the platform run directly on the blockchain through on-chain smart contracts, pieces of code that eliminate intermediaries –in addition to improving both the security and the trust of everyone who moves in this sector. Smart contracts facilitate trade between individuals while avoiding having control over the assets of different users. With centralized exchanges, all operations are managed by the same entity, in addition to being the same platform that stores the assets of each of its users. Regarding alternative payment methods, opportunities for DEXs are rife, as according to Business Insider, at present, there are more than 35 DEXs in existence globally including Uniswap, Kyber, and Bancor. “The two obvious advantages of DEXs are security and sovereignty. The fact that they are decentralized means there is no one entity that can be hacked, whereas a centralized exchange is more vulnerable to exploits, which in turn could affect its users. In addition, users retain access to their wallets and hence retain control of their own crypto holdings.” DEX is only the beginning, but offering alternative payment methods like Apple Pay and Google Pay are a way to the future. With big tech companies connecting crypto users via DEX platforms, this is an essential step to further adoption. Updated on Nov 16, 2021, 11:23 am (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkNov 16th, 2021

Cathedral Energy Services Reports Results for 2021 Q3

/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/ CALGARY, AB, Nov. 9, 2021 /CNW/ - Cathedral Energy Services Ltd. (the "Company" or "Cathedral") (TSX:CET) announces its consolidated financial results for the three and nine months ended September 30, 2021 and 2020.  Dollars in 000's except per share amounts. This news release contains "forward-looking statements" within the meaning of applicable Canadian securities laws.  For a full disclosure of forward-looking statements and the risks to which they are subject, see "Forward-Looking Statements" later in this news release. 2021 Q3 KEY TAKEAWAYS The Company completed the acquisition of Precision Drilling Corporation's directional drilling business and the assets of Valiant Energy Services Ltd. and these acquisitions along with internally generated growth increased the Company's Canadian market share to average 17.7% in 2021 Q3; As part of the Precision Drilling acquisition, the Company completed a marketing alliance with Precision; The capital program increased from $6,000 to $9,000 in part due to the investment of $3,000 from the Precision acquisition; The Company executed on its plan to deliver RapidFireTM Measurement-While-Drilling ("MWD") systems in both Canada and U.S.; Revenues increased by $15,137 or 303% from $4,990 in 2020 Q3 to $20,127 in 2021 Q3; Adjusted gross margin increased from 20% to 27%; Adjusted EBITDAS increased from $84 to $5,170. This was the highest quarterly Adjusted EBITDAS since 2018 Q3; Cathedral posted positive net income of $403, which was the first quarterly net income since 2018 Q3; These were the first results of the Company's plan to increase size and scale and a change in trajectory and strategic direction with a new leadership team in place. PRESIDENT'S MESSAGE  Comments from President & CEO Tom Connors: 2021 Q3 was a pivotal inflection point for Cathedral, marking the shift to a much more positive trajectory going forward, both operationally and financially. Our Company generated Adjusted EBITDAS of approximately $5,200 for the period, our highest quarterly figure since the third quarter of 2018.  This was accompanied by positive net income and was all driven by the core directional drilling and motor rental businesses, not one-time adjustments or significant lost-in-hole revenues. We believe the existing market fundamentals will provide for a sustained period of increased demand for our services and higher levels of activity and utilization. Strong oil and natural gas prices, robust cash flows and balance sheets for E&P companies combined with an improved market structure in Canada and declining inventories of drilled but uncompleted wells in the US, indicate improving market conditions in both of our key markets. Further, as we continue to progress through the early stages of a market recovery we anticipate a more constructive pricing environment for the supply of our services due to constraints imposed by tight local labour markets and bottlenecks created by global supply chains. In Canada, the combination and integration of two key acquisitions in the quarter firmly established Cathedral as a top three directional drilling contractor in the market. We grew our market share substantially in the quarter with up to 29 jobs running at certain times and an overall average market share of 17.7%, representing a 590% increase over the same quarter in the prior year. The growth in activity also led to improved margins and higher levels of Adjusted EBITDAS in the quarter.  With a further increase in drilling days anticipated in 2022, we expect a continued expansion in our job count as we maintain or grow our portion of the market.  Our acquisition of Precision Drilling Corporation's ("PD") directional assets in the quarter enabled the addition of a complementary customer base and increased access to an expanded client list through our joint marketing alliance with a credible, reputable partner for North America.  Cathedral was also able to purchase the assets of Valiant Energy Services Ltd. and secure the key leadership of this top tier private directional driller.  This transaction has delivered immediate value to our business as they continue to deliver reliable performance and high levels of utilization.  We believe accretive acquisitions are a key cornerstone of our strategy to expand our size and scale and provide much needed consolidation in a fragmented marketplace. These first two acquisitions demonstrate the transformative nature of the right transactions and the evolution of our company will continue as we  explore more opportunities that enhance our value proposition. The USA operations are steadily improving under the new leadership and sales teams, who are focused on leveraging our premium motor and MWD technologies, differentiating through superior performance and service, and identifying further opportunities for expansion through smart, accretive acquisitions. The marketing alliance is already demonstrating value in our US market with immediate incremental work provided by two PD turnkey opportunities. Technology is a cornerstone of our competitive advantage as we continue to invest meaningfully in our business with a capital budget of $9,000 for 2021.  We are on schedule to execute on our plan to deliver 18 RapidFireTM Measurement-While-Drilling ("MWD") systems by year end and have already deployed several systems successfully in both of our core markets. In response to customer demand for technology that places the sensor readings closer to the drill bit, we expect to build out 25 REACT drilling motors in the coming weeks and months.  This motor will reduce gamma and survey points by 5-6 meters and is ideal for thin target zones like those found in the Clearwater and Viking formations.  Finally, over the longer term our marketing alliance with PD will also focus on areas where we can jointly utilize or develop technology to differentiate our service offering in the marketplace.  Financial flexibility is a key element for our ongoing technology build-out, as well as executing these previous acquisitions and contemplating potential targets in the future.  To that end, the Company renewed its bank facility in late 2021 Q2 on traditional market terms and has access to its full capacity going forward.  This will ensure the Company can continue to explore and execute on organic growth and accretive consolidation opportunities. This quarter is clear evidence of Cathedral's ability to deliver on our ongoing strategy of achieving size and scale via technology expansion, organic growth and mergers & acquisitions.  And provided these positive macroeconomic factors persist, I am confident we have the people, the operations, and the financing to maintain this momentum into Q4 and beyond. 2021 ACQUISITIONS   On July 23, 2021, the Company announced the closing of Cathedral's acquisition of Precision Drilling Corporation's ("Precision") directional drilling business (the "Transaction") for a purchase price of $6,350.  The Transaction includes the operating assets and personnel of Precision's directional drilling business (including its operations facility in Nisku, Alberta), and a $3,000 cash investment by Precision to support growth and expansion of Cathedral, including continuing the buildout of RapidFireTM measurement-while-drilling guidance systems and nDuranceTM drilling motors.  Additionally, the Transaction is expected to enhance margins as expenses related to rental equipment used by Precision are replaced with proprietary Cathedral tools. Cathedral issued 13,400,000 common shares (the "Consideration Shares") along with warrants to purchase an additional 2,000,000 common shares of Cathedral at a price of $0.60 per common share within a two-year period after closing. In addition to a 4-month statutory hold period on the Consideration Shares, the parties have agreed to contractual restrictions on resale as follows: 25% of the Consideration Shares are restricted until January 22, 2022; a further 25% of the Consideration Shares are restricted until July 22, 2022; and a further 50% of the Consideration Shares are restricted until July 22, 2023, subject to certain exceptions. The Company has allocated the $6,350 purchase as follows: Cash $3,000 Land and building $1,500; and Equipment $$1,850. The Company has expensed $139 in costs related to the Transaction.  As the acquired assets were integrated into Cathedral's existing directional drilling operations it is impracticable to break-out the revenue and profit or loss of the acquired assets since the acquisition. As part of the Transaction, Cathedral and Precision have entered into a strategic marketing alliance (the "Alliance"), which is expected to produce new U.S. and Canadian customer opportunities for Cathedral as well as potential integrated service offerings for customers.  The Alliance is expected to support both parties' technology initiatives and lead the future of directional drilling. Precision's market leading AlphaTM digital technologies (AlphaApps, AlphaAutomation and AlphaAnalytics) are focused on automation and drilling performance and pair well with Cathedral's premium proprietary downhole equipment and directional drilling expertise. In addition, on September 7, 2021 the Company completed the acquisition of the operating assets of Valiant Energy Services Ltd. ("Valiant"), an Alberta-based directional drilling company, for a purchase price of $1,500,000. The purchase price was satisfied through the issuance of 3,464,204 common shares of Cathedral to Valiant.  These shares will be subject to a 4-month statutory hold period.  The Company has expensed $41 in costs related to this acquisition.  The principal owner of Valiant, Mr. Vaugn Spengler, has entered into a long-term performance-based agreement to remain with Cathedral and will continue to focus on opportunities to support and expand the existing customer base. FINANCIAL HIGHLIGHTS Three months ended September 30 Nine months ended September 30 2021 2020 2021 2020 Revenues $ 20,127 $ 4,990 $ 38,814 $ 33,126 Adjusted gross margin %(1) 27% 20% 18% 11% Adjusted EBITDAS (1) $ 5,170 $ 84 $ 3,305 $ 319 Basic and diluted per share $ 0.07 $ - $ 0.05 $ 0.01 As % of revenues 26% 2% 9% 1% Cash flow - operating activities $ (1,800) $ 3,544 $ (4,100) $ 960 Income (loss) from operating activities $ 1,377 $ (4,448) $ (6,874) $ (13,594) Basic and diluted per share $ 0.02 $ (0.09) $ (0.11) $ (0.27) Imapairments and direct write-downs $ - $ - $ - $ (6,994) Net income (loss) $ 403 $ (5,014) $ (7,529) $ (21,419) Basic and diluted per share $ 0.01 $ (0.10) $ (0.13) $ (0.43) Equipment additions $ (1,471) $ (556) $ (2,799) $ (1,325) Weighted average shares outstanding Basic (000s) 74,425 49,468 59,920 49,468 Diluted (000s) 75,359 49,468 60,420 49,468 September 30 December 31 2021 2020 Working capital $ 13,757 $ 7,680 Total assets $ 73,783 $ 64,280 Loans and borrowings excluding current portion $ 3,430 $ 1,560 Shareholders' equity $ 43,648 $ 39,974 (1) Refer to "NON-GAAP MEASUREMENTS" RESULTS OF OPERATIONS – THREE MONTHS ENDED SEPTEMBER 30 Revenues 2021 2020 Canada $ 16,118 $ 1,328 United States 4,009 3,662 Total $ 20,127 $ 4,990 Revenues     2021 Q3 revenues were $20,127, which represented an increase of $15,137 or 303% from 2020 Q3 revenues of $4,990.  Canadian revenues (excluding motor rental revenues) increased to 15,210 in 2021 Q3 from $848 in 2020 Q3; a 1,694% increase.  This increase was the result of: i) a 1,682% increase in activity days to 2,067 in 2021 Q3 from 116 in 2020 Q3 and ii) a 1% increase in the average day rate to $7,359 in 2021 Q3 from $7,309 in 2020 Q3.  Based on publicly disclosed Canadian drilling and directional drilling days, Cathedral's market share for 2021 Q3 was 17.7% compared to 3.0% in 2020 Q3. U.S. revenues (excluding motor rental revenues) decreased 1% to $3,269 in 2021 Q3 from $3,301 in 2020 Q3.  This decrease was the result of: i) a 6% increase in activity days to 367 in 2021 Q3 from 346 in 2020 Q3; net of ii) a 7% decrease in the average day rate to $8,906 in 2021 Q3 from $9,541 in 2020 Q3 (when converted to Canadian dollars). The average active land rig count for the U.S. was up 100% in 2021 Q3 compared to 2020 Q3 (source: Baker Hughes).  The Company experienced a 5% decline in activity resulting in a decrease in market share compared to 2020 Q3.  Day rates in USD decreased 1% to $7,072 USD in 2021 Q3 from $7,159 USD in 2020 Q3.       Motor rentals increased in both Canada and the U.S.  Combined rental revenues increased to $1,648 in 2021 Q3 compared to $841 in 2020 Q3.  Rentals were up due to the industry increase in drilling activity. Government grants  The Company recognized the benefit from the Canada Emergency Wage Subsidy ("CEWS") program of $259 (2020 - $741) and in 2020 Q3 $992 from the U.S. Paycheck Protection Program ("PPP") (2021 Q3 - $nil) which reduced salary expenses as follows: Cost of sales $154 (2020 - $1,271); Selling, general and administrative expenses $84 (2020 - $394); and Technology group expenses $21 (2020 - $122). Additionally, the Company received $133 (2020 - $nil) from the Canadian Emergency Rent Subsidy ("CERS"), which reduced cost of sales $110 (2020 - $nil) and selling, general and administrative $23 (2020 - $nil). The 2021 Q3 CEWS and CERS claims were at reduced levels due to the increase in revenues in 2021 Q3. Gross margin and adjusted gross margin     Gross margin for 2021 Q3 was 10% compared to -50% in 2020 Q3.  Adjusted gross margin (see Non-GAAP Measurements) for 2021 Q3 was $5,365 or 27% compared to $1,021 or 20% for 2020 Q3.    Adjusted gross margin, as a percentage of revenue, increased due to lower repairs and a reduction in fixed costs as percentage of revenue, partially offset by increases in field labour expenses and rentals.  During 2021 Q3, the Company revised its repair process and this resulted in lower repair costs.   Depreciation of equipment allocated to cost of sales decreased to $3,337 in 2021 Q3 from $3,520 in 2020 Q3.  Depreciation included in cost of sales as a percentage of revenue was 17% for 2021 Q3 and 71% in 2020 Q3. Selling, general and administrative ("SG&A") expenses                SG&A expenses were $2,209 in 2021 Q3; an increase of $10 compared with $2,199 in 2020 Q3.  There were increases in SG&A wages, commissions and reduced CEWS grants partially offset by reduction in bad debts.  As a percentage of revenue, SG&A was 11% in 2021 Q3 compared to 44% in 2020 Q3.  Technology group expenses     Technology group expenses were $183 in 2021 Q3; an increase of $106 compared with $77 in 2020 Q3.  Technology group expenses are related to new product development and supporting and upgrading existing technology. Technology group expenses consist of salaries and related benefits and burdens as well as shop supplies.  Gain on disposal of equipment     During 2021 Q3, the Company had a gain on disposal of equipment of $1,773 compared to $344 in 2020 Q3.  These gains are mainly related to equipment lost-in-hole.  Proceeds from clients on lost-in-hole equipment are based on amounts specified in service agreements.  The timing of lost-in-hole recoveries is not in the control of the Company and therefore can fluctuate significantly from quarter-to-quarter.  In 2021 Q3, the Company received proceeds on disposal of equipment of $1,980 (2020 Q3 - $633). Finance costs     Finance costs consisting of interest expenses on loans and borrowings and bank charges were $60 for 2021 Q3 versus $113 for 2020 Q3.  Finance costs lease liability     The lease liability interest decreased slightly to $195 from $223.  Foreign exchange     The Company had a foreign exchange loss of ($719) in 2021 Q3 compared to a gain of $614 in 2020 Q3 due to the fluctuations of the Canadian dollar relative to the U.S. dollar.  The Company's foreign operations are denominated in USD and therefore, upon consolidation, gains and losses due to fluctuations in the foreign currency exchange rates are recorded as other comprehensive income on the balance sheet as a component of equity.  However, gains and losses in the Canadian entity on U.S. denominated intercompany balances continue to be recognized in the statement of comprehensive income (loss).  Included in the 2021 Q3 foreign currency loss are unrealized loss of $692 (2020 Q3 – gain of $611) related to intercompany balances. Income tax     Previously, Cathedral derecognized deferred tax assets due to a recent history of tax losses within both of Cathedral's legal entities.  As a result of this, where there are losses in the Canadian entity that are not recognized as deferred taxes the effective tax rate is not meaningful.  Income tax expense is booked based upon expected annualized rates using the statutory rates of 25.5% for Canada and 23% for the U.S.  RESULTS OF OPERATIONS – NINE MONTHS ENDED SEPTEMBER 30 Revenues 2021 2020 Canada $.....»»

Category: earningsSource: benzingaNov 10th, 2021

Square announces new software offering for restaurants with Caviar integration

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Category: topSource: marketwatchMay 8th, 2018

TD SYNNEX (SNX) Rides on Tech Solution Demand and Deal Wins

TD SYNNEX (SNX) continues to benefit from the spurring demand for its technology business solutions, and its sustained focus on strategic acquisitions and partnerships. TD SYNNEX SNX is gaining from solid demand for its technology solutions, driven by the pandemic-induced work- and learn-from-home trends. Acquisitions and partnerships are helping the company to expand its product portfolio and global footprint. A steady IT spending environment, determined by the emerging digitalization trend, is a positive for the company.In third-quarter fiscal 2022, TD SYNNEX reported revenues of $15.36 billion, witnessing a whopping 194.9% rise year over year. The company is riding on strong growth in product areas, such as personal computers, networking and cloud plus software-related solutions, which is contributing to revenue acceleration of the Technology Solutions business.In September, the company announced the launch of the IAconnects MobiusFlow Click-to-Run solution on Microsoft’s MSFT Azure platform. The advanced solution intends to simplify the complex process by which SNX partners configure an Internet of Things solution, which provides hardware, software and infrastructure to manage smart buildings.TD SYNNEX’s Click-to-Run, a managed virtual desktop as a service solution, leverages Microsoft’s Azure Virtual Desktop to ensure a simple, secure and productive personal computing experience with flexibility, scalability and cost efficiency. The new release features air quality monitoring, preventive information technology maintenance, occupancy control, and energy-efficient operation while collecting secure data from sensors and intelligent controllers.The latest forecast for worldwide IT spending by Gartner is a positive for TD SYNNEX. Gartner forecasts worldwide IT spending to reach $4.5 trillion in 2022, suggesting an increase of 3% from 2021. The research firm expects worldwide spending on IT services to grow 6.2% year over year to $1.28 trillion this year. This bodes well for TD SYNNEX’s performance.TD SYNNEX anticipates adjusted net revenue growth between 6% and 8% for fiscal 2022. Over the next three to four years, the company expects revenues to increase at a compounded annual growth rate of 6-7%.Growing Through PartnershipsTD SYNNEX’s sustained focus on partnerships with other tech companies is helping it to enhance its product portfolio and expand its global footprint. In August, TD SYNNEX partnered with California-based spatial data company, Matterport Inc. MTTR, to help boost its presence in the North America market.A large network of 150,000 resellers of TD SYNNEX provides Matterport’s industry-leading technology to a huge customer base, including new enterprises, small & medium business customers and public agencies. This deal allows MTTR to gain a stronghold in the North American property market of approximately 1 billion spaces while enabling SNX clients to optimize operations through integration with Matterport’s platform.In June, TD SYNNEX’s Tech Data entered a partnership with Salt Lake City-based Learning Management Systems ("LMS") developer, Instructure, to leverage enhanced learning solutions in India. The company intends to ensure ground-level support and assistance among its India-based partners through this partnership. Instructure will utilize Tech Data’s extensive network of partners and expertise in the local Indian market to offer Canvas solutions to the subcontinent’s education sector.In May, the company entered into a cybersecurity aggregator partner agreement with California-based Broadcom Software. Per the agreement, SNX enables its channel partners to improve customer experiences and be financially rewarded in return.In January, TD SYNNEX forged a partnership with the largest independent publicly-traded business intelligence company in the North America region, MicroStrategy MSTR. This contract aided SNX to enhance its portfolio of IoT, data and analytics solutions.MicroStrategy’s comprehensive software platform, which includes features like self-service data discovery, enterprise reporting, mobile applications and embedded analytics, enables TD SYNNEX’s partners to offer end-to-end enterprise analytics, driving end-user adoption and meeting data-driven business culture demand.In the same month, the company entered into a strategic collaboration agreement with Amazon’s subsidiary, Amazon Web Services (“AWS”), to invest in resources that will help in developing advanced cloud solutions for its partners.This agreement enabled SNX’s partners, including small and medium-sized businesses, public sector organizations, and individual software vendors, to get improved international exposure to sell their newly developed offerings integrated with Amazon’s AWS advanced cloud technology. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Microsoft Corporation (MSFT): Free Stock Analysis Report TD SYNNEX Corp. (SNX): Free Stock Analysis Report MicroStrategy Incorporated (MSTR): Free Stock Analysis Report Matterport, Inc. (MTTR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacks21 hr. 2 min. ago

Nordstrom (JWN) Banks on Solid Online Show Amid Inflation

Despite rising inflation, Nordstrom (JWN) gains from strength in the online business, led by robust customer demand and a long-term growth strategy. With consumers returning to normalcy and the resumption of outdoor activities, Nordstrom Inc. JWN has been witnessing sturdy demand for men's and shoes, and women's apparel and beauty. Gains from strategic initiatives and strong anniversary sales, driven by improved customer experience and increased engagement, bode well. A solid e-commerce business acts as an upside.This led to impressive second-quarter fiscal 2022 results, wherein the top and bottom lines surpassed the Zacks Consensus Estimate. Adjusted earnings of 81 cents per share reflected a sharp improvement from the year-ago figure of 49 cents. Total revenues grew 12% year over year to $4,095 million, marking the eighth straight quarter of sequential top-line growth. Net sales advanced 12% year over year to $3,991 million, while credit card net revenues grew 13% from the prior-year quarter to $104 million.That said, let’s take a look into factors that have been supporting JWN’s growth story.Online Strength, A Major DriverThe company remains focused on advancing in the technology space by boosting e-commerce and digital networks, and improving its supply-chain channels and marketing efforts. Second-quarter fiscal 2022 digital sales rose 6.3% year over year, driven by the shift in the timing of the anniversary sale. The metric also represented 38% of net sales. The digital business witnessed gains from improved digital traffic across both Nordstrom and Nordstrom Rack, as well as increased utilization of the buy online, pick up in-store service.As part of its market strategy, the company launched additional pickup options, which received positive customer feedback. buy online pick up in store remains one of the most-used services. In the fiscal second quarter, Nordstrom expanded its next-day order pickup service to more than 60 additional Rack stores. Its styling services, which form part of its Closer to You strategy, have been performing well.Going ahead, management expects to expedite delivery, expand distribution and fulfillment centers, and the market level selection for in-store shopping, as well as same-day and next-day pickup. The company earlier completed the integration of Rack.com onto Nordstrom.com, offering a better customer experience.Other notable retailers that retained their solid online shows include Hibbett HIBB, American Eagle AEO and Tapestry TPR.Hibbett witnessed year-over-year e-commerce sales growth of 8.3% in second-quarter fiscal 2023, driven by better inventory, robust traffic across website and app, and improved digital customer experience. The metric rose 174.4% on a three-year basis. HIBB accounted for 15.2% of the total sales, up from 13.1% in the prior-year quarter.Hibbett remains focused on leveraging its omni-channel capabilities such as home delivery, buy online and pick-up in store, reserve online and pick-up in store, buy online ship to store facility, same day delivery, and mobile app services to fulfill online orders and serve customers.In second-quarter fiscal 2022, American Eagle’s digital revenues advanced 60% from the pre-pandemic levels (second-quarter fiscal 2019). The metric accounted for 33% of the total revenues compared with 24% in second-quarter fiscal 2019. This was driven by AEO’s mobile app, which is now the largest source of revenues in the digital channel.Recently, American Eagle launched a mobile point-of-sale system in its North America stores, allowing customers to check out or return items through a store associate. Some other notable efforts include customer self-checkout, a new instant credit feature for returns, the expansion of its Afterpay capabilities in its mobile app, and the introduction of Shop the Look service that allows customers to browse and shop head-to-toe looks curated by stylists.In the fourth quarter of fiscal 2022, Tapestry’s global digital sales increased in the high-single digits, and represented roughly 30% of the total revenues. In fiscal 2022, TPR generated digital sales of $2 billion, more than tripling from that reported in fiscal 2019 pre-pandemic, and accounting for 30% of the total revenues.By brand, digital sales increased roughly 30% at Coach, mid-teens at Kate Spade and nearly 25% at Stuart Weitzman in the fiscal year. Tapestry has been expanding its digital distribution channels with a focus on enhancing curbside or store pickup service, as well as contactless payment options, and the opportunity to make virtual appointments.Other Growth EffortsComing back to JWN, it is focused on its long-term strategy, aiming at enhancing its digital-first platform, expanding the reach of Nordstrom Rack, gaining market share and delivering growth. As part of the strategy, the company continues to scale enhanced capabilities like the expansion of order pickup and ship-to-store to all Nordstrom Rack stores. It noted that nearly 40% of next-day orders were picked up from Rack stores during the anniversary sale.As part of its closer-to-you strategy, the company aims to link stores and services to expedite deliveries, expand online offerings, and add cheaper merchandise at its Rack off-price stores to improve customers’ shopping experiences. It is also on track to integrate Nordstrom Rack assets and offer a wide range of price points offered at Nordstrom Rack. Increased focus on distribution capabilities, along with improved connectivity of physical and digital inventory, is likely to contribute to Nordstrom Rack sales by $2 billion in the long term.Management envisions its digital unit to account for 50% of the total sales. Apart from these, a rise in new customers, enhanced personalization and expanded product offering are expected to aid revenue growth, profit margin and cash flow generation.Headwinds to OvercomeDespite such upsides, Nordstrom slashed its fiscal 2022 view on declining discretionary spending stemming from inflation. The company expects total year-over-year revenue growth of 5-7%, down from the aforementioned 6-8% rise. Adjusted earnings are envisioned to be $2.30-$2.60, which compares unfavorably with the prior stated $3.20-$3.50. The EBIT margin is likely to be 4.5-4.9%, down from the earlier mentioned 5.8-6.2%. Adjusted EBIT is expected to be 4.3-4.7%, down from the prior stated 5.6-6%.For fiscal 2022, the gross profit is envisioned to remain flat year over year. Also, clearance activity and higher markdowns are likely to affect the gross profit by $200 million.For the fiscal third quarter, it expects a mid-single-digit decline in revenues, as evident from the demand deceleration seen in the latter part of the second quarter. Also, the EBIT margin is likely to be down 200 bps year over year.The company has been witnessing sluggish demand due to rising inflation. It expects a competitive promotional environment in retail in the second half of fiscal 2022. As a result, it has been making efforts to clear excess inventory by the end of fiscal 2022. The move is likely to hurt margins to some extent in the near term.Wrapping UpWe hope that despite sluggish demand and inflationary pressure, Nordstrom will stay afloat, driven by strong demand, a solid online show and a long-term growth strategy. 7 Best Stocks for the Next 30 Days Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops." Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention. See them now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report American Eagle Outfitters, Inc. (AEO): Free Stock Analysis Report Nordstrom, Inc. (JWN): Free Stock Analysis Report Hibbett, Inc. (HIBB): Free Stock Analysis Report Tapestry, Inc. 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Category: topSource: zacks21 hr. 2 min. ago