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GreenFirst Announces 2021 Third Quarter Results

TORONTO, Nov. 24, 2021 /CNW/ - GreenFirst Forest Products Inc. (TSXV:GFP) ("GreenFirst" or the "Company") filed its unaudited interim financial statements for the quarter and the nine month period ended September 25, 2021 and the related management discussion and analysis, both of which are available under GreenFirst's profile on SEDAR at www.sedar.com.  All amounts are in thousands of Canadian dollars unless indicated otherwise. Third Quarter Highlights On August 28, 2021, completed the acquisition of sawmill and newsprint assets from certain Canadian subsidiaries of Rayonier Advanced Materials Inc. in Ontario and Quebec. The mills continue to operate as 'business as usual' as Management focuses on setting up its back-office functions in North Bay and Toronto. Q3 results includes only 4 weeks of operating results for the newly acquired operations. Q3 2021 reported a negative Adjusted EBITDA of $4,736 after adjusting for acquisition related expenses. Q3 2021 net loss of $13,486 ($0.16 loss per share) includes the expensing of transaction costs. Lumber markets have rebounded in September and October from the low prices in August. "After closing our purchase transaction on August 28th, we immediately turned our attention to improving operational efficiency and yields. We have been very pleased with the efforts of our team," said Rick Doman, CEO of GreenFirst.  "We look forward to continuing our efforts in improving operations and reducing manufacturing costs. Our goal is to build a global forest company with a focus on sustainable forestry operations." Q3 2021 Financial Highlights For the period ended September 25, 2021, the Company operated its newly acquired assets for only four weeks. Inventory and some other identifiable assets were recognized at their fair values upon acquisition. The short period of operations, together with the opening inventory recognized at fair value, means results for this period are of limited value in extrapolating future quarterly and annual results. Select Financial Information Three months ended Nine months ended September 25, September 30, September 25, September 30, 2021 2020 2021 2020 $ $ $ $ Net sales $28,928 $- $28,928 $- Expenses   Manufacturing and production (31,082) - (31,082)   ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 24th, 2021

The Zacks Analyst Blog Highlights: Vertex Pharma, Amgen, Blueprint Medicines, Deciphera Pharma and CTI BioPharma

The Zacks Analyst Blog Highlights: Vertex Pharma, Amgen, Blueprint Medicines, Deciphera Pharma and CTI BioPharma For Immediate ReleaseChicago, IL – December 3, 2021 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Vertex Pharmaceuticals Inc. VRTX, Amgen Inc. AMGN, Blueprint Medicines Corporation BPMC, Deciphera Pharmaceuticals, Inc. DCPH and CTI BioPharma Corp. CTIC.Here are highlights from Thursday’s Analyst Blog:Biotech Stock Roundup: Pipeline Updates, Acquisitions & MoreThe biotech sector has been in focus over the past week with acquisition news, label expansion of existing drugs and other regulatory updates.Recap of the Week’s Most Important Stories:Vertex Up on Study Results: Shares of Vertex Pharmaceuticals gained after it announced positive results from a mid-stage study on VX-147. The phase 2 proof-of-concept (POC) study evaluated the efficacy, safety and pharmacokinetics of VX-147 in patients with APOL1-mediated focal segmental glomerulosclerosis (FSGS), a form of chronic kidney disease.Treatment with VX-147 led to a statistically significant, substantial and clinically meaningful mean reduction in proteinuria of 47.6% at 13 weeks compared to baseline and was well tolerated.  Based on these positive results, Vertex plans to advance VX-147 into pivotal development in APOL1-mediated kidney disease, including FSGS, in the first quarter of 2022.Vertex currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Pipeline Update from Amgen: Amgen announced positive top-line results from the phase III, multicenter, randomized, placebo-controlled, double-blind study — DISCREET. The study evaluated the efficacy of Otezla (apremilast) in adults with moderate to severe genital psoriasis and moderate to severe plaque psoriasis.Results showed that oral Otezla 30 mg twice daily achieved a clinically meaningful and statistically significant improvement compared with placebo, in the primary endpoint of the modified static Physician's Global Assessment of Genitalia (sPGA-G) response at week 16. In addition, all secondary endpoints were met.Amgen also announced that the FDA has approved the label expansion of the Kyprolis to include its use in combination with Darzalex Faspro and dexamethasone for the treatment of adult patients with relapsed or refractory multiple myeloma who have received one to three lines of therapy. Blueprint to Acquire Lengo Therapeutics:  Blueprint Medicines announced that it will acquire Lengo Therapeutics, a privately held precision oncology company, for $250 million in cash. Lengo Therapeutics is also entitled to up to $215 million in milestone payments.The acquisition will add LNG-451, a highly selective brain-penetrant precision therapy targeting EGFR exon 20 insertion mutations, to Blueprint Medicines' lung cancer pipeline. Lengo Therapeutics expects to submit an investigational new drug (IND) application for LNG-451 to the FDA in December 2021.With the addition of LNG-451, Blueprint Medicines will have three investigational compounds that cover the majority of all activating mutations in EGFR, the second most common oncogenic driver in NSCLC. The acquisition is expected to close in the ongoing quarter.Deciphera Gains on Restructuring Program: Shares of Deciphera Pharmaceuticals gained following the announcement of a corporate restructuring program whereby the company will prioritize clinical development of select programs, streamline commercial operations, maintain a focus on discovery research and extend its cash runway. The company will reduce its workforce by approximately 35%, or about 140 positions.Deciphera will focus on the clinical development of its vimseltinib and DCC-3116 programs, discontinuing the development of the rebastinib program. Deciphera will continue to commercialize Qinlock for the treatment of fourth-line GIST in the United States with a reduced commercial team. These changes are expected to significantly reduce operating expenses and extend the company’s cash runway into 2024.CTI BioPharma Plunges on Regulatory Update: Shares of CTI BioPharma plunged after the FDA extended the review period for the new drug application (NDA) for pacritinib for the treatment of adult patients with intermediate or high-risk primary or secondary (post-polycythemia vera or post-essential thrombocythemia) myelofibrosis (MF) with a baseline platelet count of >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 CTI BioPharma Corp. (CTIC): Free Stock Analysis Report Amgen Inc. (AMGN): Free Stock Analysis Report Vertex Pharmaceuticals Incorporated (VRTX): Free Stock Analysis Report Blueprint Medicines Corporation (BPMC): Free Stock Analysis Report Deciphera Pharmaceuticals, Inc. (DCPH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksDec 3rd, 2021

CIBC announces fourth quarter and fiscal 2021 results

CIBC's 2021 audited annual consolidated financial statements and accompanying management's discussion and analysis (MD&A) will be available today at www.cibc.com, along with the supplementary financial information and supplementary regulatory capital reports which include fourth quarter financial information. Our 2021 Annual Report is available on SEDAR at www.sedar.com. All amounts are expressed in Canadian dollars, unless otherwise indicated. TORONTO, Dec. 2, 2021 /CNW/ - CIBC (TSX:CM) (NYSE:CM) today announced its results for the fourth quarter and fiscal year ended October 31, 2021. "We delivered strong financial performance in 2021 with growth across all of our strategic business units as our entire team focused on helping our clients achieve their ambitions," said Victor Dodig, President and CEO, CIBC. "Against the backdrop of the ongoing global pandemic, our bank continued to invest for the future, including expanding our platform and capabilities in the U.S., accelerating the growth of our Canadian consumer franchise, and making foundational investments in cloud technology and other capabilities that will enable us to do more for clients in 2022 and beyond. We also launched our new brand, a statement on the bank we've become by living our purpose, and a symbol of the opportunities that lie ahead. We enter the new fiscal year well positioned for growth with a strong capital position, clear momentum across our business, and the full commitment of our team as we contribute to an equitable and sustainable future for our clients, our communities and our planet." Fourth quarter highlights Q4/21 Q4/20 Q3/21 YoY Variance QoQ Variance Reported Net Income $1,440 million $1,016 million $1,730 million +42% -17% Adjusted Net Income (1) $1,573 million $1,280 million $1,808 million +23% -13% Reported Diluted Earnings Per Share (EPS) $3.07 $2.20 $3.76 +40% -18% Adjusted Diluted EPS (1) $3.37 $2.79 $3.93 +21% -14% Reported Return on Common Shareholders' Equity (ROE) (2) 13.4% 10.7% 17.1% Adjusted ROE (1)(2) 14.7% 13.5% 17.9% Common Equity Tier 1 (CET1) Ratio (2) 12.4% 12.1% 12.3% CIBC's results for the fourth quarter of 2021 were affected by the following items of note aggregating to a negative impact of $0.30 per share: $109 million ($80 million after-tax) charge related to the consolidation of our real estate portfolio; $40 million ($29 million after-tax) increase in legal provisions; $19 million ($15 million after-tax) amortization of acquisition-related intangible assets; and $12 million ($9 million after-tax) in transaction and integration-related costs(3) associated with the acquisition of the Canadian Costco credit card portfolio. For the year ended October 31, 2021, CIBC reported net income of $6.4 billion and adjusted net income(1) of $6.7 billion, compared with reported net income of $3.8 billion and adjusted net income(1) of $4.4 billion for 2020. The following table summarizes our performance in 2021 against our key financial measures and targets, set over the medium term, which we define as three to five years, assuming a normal business environment and credit cycle. Financial Measure Target (4) 2021 Reported Results 2021 Adjusted Results (1) Diluted EPS growth 5% to 10% annually $13.93, up 69% from 2020 $14.47, up 49% from 2020 ROE (2) 15% + 16.1% 16.7% Operating leverage (2) Positive 5.3%, an increase of 930 basis points from 2020 0.7%, an increase of 130 basis points from 2020 CET1 ratio (2) Strong buffer to regulatory minimum 12.4% Dividend payout ratio (2) 40% to 50% 41.8% 40.3% Total shareholder return Outperform the S&P/TSX Composite Banks Index over a rolling five-year period CIBC – 91.9% S&P/TSX Composite Banks Index – 80.4% (1) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section. (2) For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section. (3) Transaction and integration costs are comprised of direct and incremental costs incurred as part of planning for and executing the integration of the Canadian Costco credit card portfolio, including enabling cross-sell opportunities, the upgrade and conversion of systems and processes, project management, and communication costs. These items are recognized in Canadian Personal and Business Banking. (4) Based on adjusted results. Adjusted measures are non-GAAP measures. For additional information, see the "Non-GAAP measures" section. Core business performanceF2021 Financial Highlights (C$ million) F2021 F2020 YoY Variance Canadian Personal and Business Banking (1) Reported Net Income $2,494 $1,785 up 40% Adjusted Net Income (2) $2,503 $1,791 up 40% Pre-provision, pre-tax earnings (2) $3,736 $3,614 up 3% Adjusted pre-provision, pre-tax earnings (2) $3,748 $3,622 up 3% Canadian Commercial Banking and Wealth Management Reported Net Income $1,665 $1,202 up 39% Adjusted Net Income (2) $1,665 $1,203 up 38% Pre-provision, pre-tax earnings (2) $2,227 $1,942 up 15% Adjusted pre-provision, pre-tax earnings (2) $2,227 $1,943 up 15% U.S. Commercial Banking and Wealth Management (1) Reported Net Income $926 $375 up 147% Adjusted Net Income (2) $976 $436 up 124% Pre-provision, pre-tax earnings (2) $1,073 $917 up 17% Adjusted pre-provision, pre-tax earnings (2) $1,141 $1,000 up 14% Capital Markets (1) Reported Net Income $1,857 $1,308 up 42% Adjusted Net Income (2) $1,857 $1,308 up 42% Pre-provision, pre-tax earnings (2) $2,403 $2,124 up 13% Adjusted pre-provision, pre-tax earnings (2) $2,403 $2,124 up 13% (1) Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details. (2) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section. Strong fundamentalsWhile investing in core businesses, CIBC has continued to strengthen key fundamentals. In 2021, CIBC maintained its capital strength and sound risk management practices: Capital ratios were strong, with a Basel III CET1 ratio(1) of 12.4% as noted above, and Tier 1(1) and Total capital ratios(1) of 14.1% and 16.2%, respectively, at October 31, 2021; Market risk, as measured by average Value-at-Risk, was $7.6 million in 2021 compared with $8.5 million in 2020; We continued to have solid credit performance, with a loan loss ratio(1) of 16 basis points compared with 26 basis points in 2020; Liquidity Coverage Ratio(1) was 127% for the three months ended October 31, 2021; and Leverage Ratio(1) was 4.7% at October 31, 2021. CIBC announced an increase in its quarterly common share dividend from $1.46 per share to $1.61 per share for the quarter ending January 31, 2022. Today we announced our intention to purchase for cancellation up to 10 million common shares, or approximately 2.2% of our outstanding common shares under a new normal course issuer bid, subject to the approval of the Toronto Stock Exchange. (1) For additional information on the composition of these specified financial measures, see the "Fourth quarter financial highlights" section. Credit qualityProvision for credit losses was $78 million for the fourth quarter, down $213 million or 73% from the same quarter last year. The current quarter included a provision reversal on performing loans of $34 million, while the same quarter last year included a provision for credit losses of $113 million. Provision for credit losses on impaired loans was down $66 million as the prior year quarter was adversely impacted by the COVID-19 pandemic. Making a difference in our CommunitiesWe invest our time and resources to remove barriers to ambitions and demonstrate that when we come together, positive change happens that helps our communities thrive. This quarter, we further strengthened our communities through the following initiatives: Supported cancer research and care as Team CIBC participated in the annual Ride to Conquer Cancer and Weekend to Conquer Cancer benefitting the Princess Margaret Cancer Foundation, and celebrated our 25th anniversary as title partner of the CIBC Run for the Cure as we worked with the Canadian Cancer Society to support innovative breast cancer research and support programs. Recognized the inaugural National Day for Truth and Reconciliation and announced initiatives supporting economic prosperity for Indigenous peoples in Canada. We announced further commitments to our newly launched Reconciliation Framework and donated $50,000 to the Orange Shirt Society, an organization working to support Survivors of the residential school system in Canada. CIBC and the BlackNorth Initiative announced that applications are now being accepted for the Youth Accelerator, in partnership with BGC Canada, that will provide students from the Black community $50,000 over four years for tuition, mentorship, financial education and opportunities to secure paid internships or co-ops. Together with our clients and team members, we responded to several global crises including donations to earthquake relief in Haiti, relief efforts following Hurricane Ida, clean drinking water for Iqaluit, and immediate aid to vulnerable groups in Afghanistan, including support for the evacuation and resettlement of Afghan women and families landing in Canada, and journalists fleeing persecution. In 2021, corporate and employee giving to more than 4,000 charities was $132.7 million(1), while employee volunteering totalled more than 99,000 hours. Subsequent to the end of the quarter, we announced the CIBC Foundation, which will serve our commitment to advance inclusion for a more equitable society and help make ambitions real for communities. To support this goal, we have made donations totalling $70 million in fiscal 2021 to launch the foundation, with plans to grow to $155 million over time. (1) Includes corporate giving, including $70 million to CIBC Foundation, corporate sponsorships and employee giving and fundraising. Fourth quarter financial highlights As at or for the As at or for the three months ended twelve months ended 2021 2021 2020 2021 2020 Unaudited Oct. 31 Jul. 31 Oct. 31 Oct. 31 Oct. 31 Financial results ($ millions) Net interest income $ 2,980 $ 2,893 $ 2,792 $ 11,459 $ 11,044 Non-interest income 2,084 2,163 1,808 8,556 7,697 Total revenue 5,064 5,056 4,600 20,015 18,741 Provision for (reversal of) credit losses 78 (99) 291 158 2,489 Non-interest expenses 3,135 2,918 2,891 11,535 11,362 Income before income taxes 1,851 2,237 1,418 8,322 4,890 Income taxes 411 507 402 1,876 1,098 Net income $ 1,440 $ 1,730 $ 1,016 $ 6,446 $ 3,792 Net income attributable to non-controlling interests 4 5 1 17 2 Preferred shareholders and other equity instrument holders 47 30 30 158 122 Common shareholders 1,389 1,695 985 6,271 3,668 Net income attributable to equity shareholders $ 1,436 $ 1,725 $ 1,015 $ 6,429 $ 3,790 Financial measures Reported efficiency ratio (1) 61.9 % 57.7 % 62.9 % 57.6 % 60.6 % Reported operating leverage (1) 1.7 % (0.6) % (5.5) % 5.3 % (4.0) % Loan loss ratio (2) 0.10 % 0.10 % 0.17 % 0.16 % 0.26 % Reported return on common shareholders' equity (1)(3) 13.4 % 17.1 % 10.7 % 16.1 % 10.0 % Net interest margin (1) 1.41 % 1.42 % 1.43 % 1.42 % 1.50 % Net interest margin on average interest-earning assets (4)(5) 1.58 % 1.60 % 1.60 % 1.59 % 1.69 % Return on average assets (5)(6) 0.68 % 0.85 % 0.52 % 0.80 % 0.52 % Return on average interest-earning assets (4)(5)(6) 0.77 % 0.96 % 0.58 % 0.89 % 0.58 % Reported effective tax rate 22.2 % 22.7 % 28.3 % 22.5 % 22.5 % Common share information Per share ($) - basic earnings $ 3.08 $ 3.77 $ 2.21 $ 13.97 $ 8.23 - reported diluted earnings 3.07 3.76 2.20 13.93 8.22 - dividends 1.46 1.46 1.46 5.84 5.82 - book value (7) 91.66 90.06 84.05 91.66 84.05 Closing share price ($) 150.17 145.07 99.38 150.17 99.38 Shares outstanding (thousands) - weighted-average basic 450,469 449,590 446,321 448,953 445,435 - weighted-average diluted 452,028 451,148 446,877 450,183 446,021 - end of period 450,828 450,082 447,085 450,828 447,085 Market capitalization ($ millions) $ 67,701 $ 65,293 $ 44,431 $ 67,701 $ 44,431 Value measures Total shareholder return 4.55 % 14.68 % 8.74 % 58.03 % (5.90) % Dividend yield (based on closing share price) 3.9 % 4.0 % 5.8 % 3.9 % 5.9 % Reported dividend payout ratio  (1) 47.3 % 38.7 % 66.2 % 41.8 % 70.7 % Market value to book value ratio 1.64 1.61 1.18 1.64 1.18 Selected financial measures - adjusted  (8) Adjusted efficiency ratio (9) 57.8 % 55.1 % 56.4 % 55.4 % 55.8 % Adjusted operating leverage (9) (2.8) % (0.6) % (0.7) % 0.7 % (0.6) % Adjusted return on common shareholders' equity (3) 14.7 % 17.9 % 13.5 % 16.7 % 11.7 % Adjusted effective tax rate 22.5 % 22.8 % 24.5 % 22.7 % 21.8 % Adjusted diluted earnings per share $ 3.37 $ 3.93 $ 2.79 $ 14.47 $ 9.69 Adjusted dividend payout ratio 43.2 % 37.0 % 52.2 % 40.3 % 60.0 % On- and off-balance sheet information ($ millions) Cash, deposits with banks and securities $ 218,398 $ 207,774 $ 211,564 $ 218,398 $ 211,564 Loans and acceptances, net of allowance for credit losses 462,879 449,167 416,388 462,879 416,388 Total assets 837,683 806,067 769,551 837,683 769,551 Deposits 621,158 602,969 570,740 621,158 570,740 Common shareholders' equity (1) 41,323 40,533 37,579 41,323 37,579 Average assets (5) 835,931 806,768 778,933 809,621 735,492 Average interest-earning assets (4)(5) 747,009 718,403 692,465 721,686 654,142 Average common shareholders' equity (1)(5) 40,984 39,263 36,762 38,881 36,792 Assets under administration (AUA) (1)(10)(11)(12) 2,963,221 2,982,469 2,364,005 2,963,221 2,364,005 Assets under management (AUM) (1)(11)(12) 316,834 310,560 261,037 316,834 261,037 Balance sheet quality and liquidity measures  (13) Risk-weighted assets (RWA) ($ millions) $ 272,814 $ 268,999 $ 254,871 $ 272,814 $ 254,871 CET1 ratio (14) 12.4 % 12.3 % 12.1 % 12.4 % 12.1 % Tier 1 capital ratio (14) 14.1 % 13.7 % 13.6 % 14.1 % 13.6 % Total capital ratio (14) 16.2 % 16.0 % 16.1 % 16.2 % 16.1 % Leverage ratio 4.7 % 4.6 % 4.7 % 4.7 % 4.7 % Liquidity coverage ratio (LCR) (15) 127 % 126 % 145 % n/a n/a Other information Full-time equivalent employees 45,282 44,904 43,853 45,282 43,853 (1) Certain additional disclosures on the composition of these specified financial measures have been incorporated by reference and can be found in the "Glossary" section on pages 100 to 102 of our 2021 Annual Report, available on SEDAR at www.sedar.com. (2) The ratio is calculated as the provision for (reversal of) credit losses on impaired loans to average loans and acceptances, net of allowance for credit losses. (3) Annualized. (4) Average interest-earning assets include interest-bearing deposits with banks, interest-bearing demand deposits with Bank of Canada, securities, cash collateral on securities borrowed, securities purchased under resale agreements, loans net of allowance for credit losses, and certain sublease-related assets. (5) Average balances are calculated as a weighted average of daily closing balances. (6) Net income expressed as a percentage of average assets or average interest-earning assets. (7) Common shareholders' equity divided by the number of common shares issued and outstanding at end of period. (8) Adjusted measures are non-GAAP measures. Adjusted measures are calculated in the same manner as reported measures, except that financial information included in the calculation of adjusted measures is adjusted to exclude the impact of items of note. For additional information and a reconciliation of reported results to adjusted results, see the "Non-GAAP measures" section. (9) Calculated on a taxable equivalent basis (TEB). (10) Includes the full contract amount of AUA or custody under a 50/50 joint venture between CIBC and The Bank of New York Mellon of $2,341.1 billion (July 31, 2021: $2,380.2 billion; October 31, 2020: $1,861.5 billion). (11) AUM amounts are included in the amounts reported under AUA. (12) Certain prior period information was restated in the second quarter of 2021. (13) RWA and our capital ratios are calculated pursuant to OSFI's Capital Adequacy Requirements (CAR) Guideline, the leverage ratio is calculated pursuant to OSFI's Leverage Requirements Guideline, and LCR is calculated pursuant to OSFI's Liquidity Adequacy Requirements (LAR) Guideline, all of which are based on BCBS standards. For additional information, see the "Capital management" and "Liquidity risk" sections on pages 32 and 72, respectively, of our 2021 Annual Report. (14) Effective beginning in the second quarter of 2020, ratios reflect the expected credit loss transitional arrangement announced by OSFI on March 27, 2020 in response to the onset of the COVID-19 pandemic. (15) Average for the three months ended for each respective period. n/a Not applicable.   Review of Canadian Personal and Business Banking fourth quarter results 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue $ 2,128 $ 2,056 $ 1,997 Provision for (reversal of) credit losses Impaired 87 82 88 Performing 77 (15) 33 Total provision for credit losses 164 67 121 Non-interest expenses 1,152 1,118 1,076 Income before income taxes 812 871 800 Income taxes 215 229 210 Net income $ 597 $ 642 $ 590 Net income attributable to: Equity shareholders $ 597 $ 642 $ 590 Efficiency ratio 54.1 % 54.4 % 53.9 % Operating leverage (0.4) % 3.4 % (4.2) % Return on equity (2) 35.9 % 38.6 % 36.1 % Average allocated common equity (2) $ 6,608 $ 6,595 $ 6,509 Full-time equivalent employees 12,629 12,578 12,437 Net income for the quarter was $597 million, up $7 million from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(2) were $988 million, up $65 million from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses. Revenue of $2,128 million was up $131 million from the fourth quarter of 2020, primarily due to strong volume growth and higher non-interest income, partially offset by lower product spreads.  Provision for credit losses of $164 million was up $43 million from the fourth quarter of 2020, due to a higher provision for credit losses on performing loans mainly as a result of model parameter updates. Non-interest expenses of $1,152 million were up $76 million from the fourth quarter of 2020 due to higher spending on strategic initiatives and higher performance-based compensation. (1) Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details. (2) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of Canadian Commercial Banking and Wealth Management fourth quarter results 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31 Revenue Commercial banking $ 489 $ 475 $ 409 Wealth management 751 732 619 Total revenue 1,240 1,207 1,028 Provision for (reversal of) credit losses Impaired 6 (11) 21 Performing (11) (38) 4 Total provision for (reversal of) credit losses (5) (49) 25 Non-interest expenses 646 617 540 Income before income taxes 599 639 463 Income taxes 157 169 123 Net income $ 442 $ 470 $ 340 Net income attributable to: Equity shareholders $ 442 $ 470 $ 340 Efficiency ratio 52.0 % 51.2 % 52.5 % Operating leverage 1.1 % 0.2 % (1.5) % Return on equity (1) 24.9 % 27.2 % 20.7 % Average allocated common equity (1) $ 7,039 $ 6,863 $ 6,551 Full-time equivalent employees 5,241 5,256 4,984 Net income for the quarter was $442 million, up $102 million from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(1) were $594 million, up $105 million from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses. Revenue of $1,240 million was up $212 million from the fourth quarter of 2020, driven mainly by volume growth reflecting market appreciation and record net sales, as well as higher commissions in wealth management. Revenue increased in commercial banking due to volume growth in loans and deposits, and higher credit fees from increased client transactional activity. Provision for credit losses was a reversal of $5 million due to a favourable change in economic conditions as well as our economic outlook, compared with a provision for credit losses of $25 million in the fourth quarter of 2020, reflective of an increased provision on one fraud-related impairment and a higher provision on impaired loans in the retail and wholesale sectors. Non-interest expenses of $646 million were up $106 million from the fourth quarter of 2020, primarily due to higher performance-based compensation. (1) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of U.S. Commercial Banking and Wealth Management fourth quarter results in Canadian dollars 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue Commercial banking $ 366 $ 350 $ 362 Wealth management 196 189 157 Total revenue (2) 562 539 519 Provision for (reversal of) credit losses Impaired 8 25 55 Performing (59) (82) 27 Total provision for (reversal of) credit losses (51) (57) 82 Non-interest expenses 296 274 267 Income before income taxes 317 322 170 Income taxes 61 56 35 Net income $ 256 $ 266 $ 135 Net income attributable to: Equity shareholders $ 256 $ 266 $ 135 Efficiency ratio 52.5 % 50.9 % 51.7 % Return on equity (3) 11.2 % 12.1 % 5.9 % Average allocated common equity (3) $ 9,085 $ 8,738 $ 9,127 Full-time equivalent employees 2,170 2,155 2,085   Review of U.S. Commercial Banking and Wealth Management fourth quarter results in U.S. dollars 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue Commercial banking $ 293 $ 284 $ 272 Wealth management 155 154 120 Total revenue (2) 448 438 392 Provision for (reversal of) credit losses Impaired 7 19 41 Performing (47) (65) 20 Total provision for (reversal of) credit losses (40) (46) 61 Non-interest expenses 235 223 203 Income before income taxes 253 261 128 Income taxes 49 45 26 Net income $ 204 $ 216 $ 102 Net income attributable to: Equity shareholders $ 204 $ 216 $ 102 Operating leverage (1.9) % 3.8 % 12.0 % Net income for the quarter was $256 million (US$204 million), up $121 million (up US$102 million) from the fourth quarter of 2020. Adjusted pre-provision, pre-tax earnings(3) were $282 million (US$226 million), up $13 million (up US$24 million) from the fourth quarter of 2020, due to higher revenue partially offset by higher expenses. Revenue of US$448 million was up US$56 million from the fourth quarter of 2020, primarily due to higher loan and deposit volumes and strong growth in asset management fees. Provision for credit losses was a reversal of US$40 million due to a favourable change in economic conditions as well as our economic outlook, compared with a provision of US$61 million in the fourth quarter of 2020. The same quarter last year reflects a higher provision on performing loans as a result of an unfavourable change in our economic outlook, and a higher provision in the real estate and construction, and manufacturing sectors. Non-interest expenses of US$235 million were up US$32 million from the fourth quarter of 2020, primarily due to higher employee-related compensation and higher expenses related to investments in the business and infrastructure. (1) Certain prior period information has been revised. See the "External reporting changes" section of our 2021 Annual Report for additional details. (2) Included $3 million (US$3 million) of income relating to the accretion of the acquisition date fair value discount on the acquired loans of The PrivateBank, for the quarter ended October 31, 2021 (July 31, 2021: $3 million (US$2 million); October 31, 2020: $5 million (US$4 million)). (3) This measure is a non-GAAP measure. For additional information, see the "Non-GAAP measures" section.   Review of Capital Markets fourth quarter results 2021 2021 2020 $ millions, for the three months ended Oct. 31 Jul. 31 Oct. 31(1) Revenue Global markets $ 420 $ 503 $ 427 Corporate and investment banking 382 428 322 Direct financial services 210 209 185 Total revenue (2) 1,012 1,140.....»»

Category: earningsSource: benzingaDec 2nd, 2021

Synopsys Posts Financial Results for Fourth Quarter and Fiscal Year 2021

MOUNTAIN VIEW, Calif., Dec. 1, 2021 /PRNewswire/ -- Synopsys, Inc. (Nasdaq: SNPS) today reported results for its fourth quarter and fiscal year 2021. Revenue for the fourth quarter of fiscal year 2021 was $1.152 billion, compared to $1.025 billion for the fourth quarter of fiscal year 2020. Revenue for fiscal year 2021 was $4.204 billion, an increase of 14.1 percent from $3.685 billion in fiscal year 2020. "Synopsys delivered another record fiscal year in 2021, substantially exceeding our original targets, with strength in all product groups and geographies. We are entering fiscal year 2022 with significant financial, technology and customer momentum," said Aart de Geus, chairman and co-CEO of Synopsys. "Over the past several years, we have delivered disruptive innovations that are enabling the new era of 'smart everything,' an era that brings with it many new market entrants and increased investments. As a result, we are seeing a growing number of substantially expanded customer commitments and collaborations. In addition to fiscal year 2022 expectations of strong double-digit revenue growth, continued operating margin expansion, EPS growth in the mid-teens range, and nearly $1.5 billion in operating cash flow, we are also raising our long-term financial objectives, with increased EDA and IP revenue growth expectations." GAAP Results On a generally accepted accounting principles (GAAP) basis, net income for the fourth quarter of fiscal year 2021 was $201.4 million, or $1.28 per share, compared to $197.5 million, or $1.26 per share, for the fourth quarter of fiscal year 2020. GAAP net income for fiscal year 2021 was $757.5 million, or $4.81 per share, compared to $664.3 million, or $4.27 per share, for fiscal year 2020.  Non-GAAP Results On a non-GAAP basis, net income for the fourth quarter of fiscal year 2021 was $285.8 million, or $1.82 per share, compared to non-GAAP net income of $247.7 million, or $1.58 per share, for the fourth quarter of fiscal year 2020. Non-GAAP net income for fiscal year 2021 was $1.077 billion, or $6.84 per share, compared to non-GAAP net income of $864.6 million, or $5.55 per share, for fiscal year 2020. For a reconciliation between GAAP and non-GAAP results, see "GAAP to Non-GAAP Reconciliation" in the accompanying tables below.  Business Segments Synopsys reports revenue and operating income in two segments: (1) Semiconductor & System Design, which includes EDA and IP products, system integration solutions and associated services, and (2) Software Integrity, which includes security and quality solutions for software development. Further information regarding these segments is provided at the end of this press release. Financial Targets Synopsys also provided its consolidated financial targets for the first quarter and full fiscal year 2022. These financial targets assume that there are no further changes to the current U.S. government "Entity List" restrictions. These targets constitute forward-looking statements and are based on current expectations. For a discussion of factors that could cause actual results to differ materially from these targets, see "Forward-Looking Statements" below.   First Quarter and Fiscal Year 2022 Financial Targets (in millions except per share amounts)  Range for Three Months  Range for Fiscal Year January 31, 2022 October 31, 2022 Low High Low High Revenue $            1,250 $            1,280 $            4,725 $            4,775 GAAP Expenses $               934 $               964 $            3,778 $            3,835 Non-GAAP Expenses $               802 $               812 $            3,225 $            3,255 Other Income (Expense) $                  (5) $                  (3) $                (11) $                  (7) Annual non-GAAP Tax Rate 18% 18% 18% 18% Outstanding Shares (fully diluted) 156 159 157 160 GAAP EPS $              1.75 $              1.92 $              5.39 $              5.65 Non-GAAP EPS $              2.35 $              2.40 $              7.73 $              7.80 Operating Cash Flow $            1,400 $            1,500 Earnings Call Open to Investors Synopsys will hold a conference call for financial analysts and investors today at 2:00 p.m. Pacific Time. A live webcast of the call will be available on Synopsys' corporate website at www.synopsys.com. A recording of the call will be available by calling +1-866-207-1041 (+1-402-970-0847 for international callers), access code 6504511, beginning at 5:45 p.m. Pacific Time today, until 11:59 p.m. Pacific Time on December 8, 2021. A webcast replay will also be available on the corporate website from approximately 5:30 p.m. Pacific Time today through the time Synopsys announces its results for the first quarter of fiscal year 2022 in February 2022.  Synopsys will post copies of the prepared remarks of Aart de Geus, chairman and co-chief executive officer, and Trac Pham, chief financial officer, on its website following today's call. In addition, Synopsys makes additional information available in a financial supplement and corporate overview presentation, also posted on the corporate website. Effectiveness of Information The targets included in this press release, the statements made during the earnings conference call and the information contained in the financial supplement and corporate overview presentation (available in the Investor Relations section of Synopsys' corporate website at www.synopsys.com) represent Synopsys' expectations and beliefs as of the date of this release only. Although this press release, copies of the prepared remarks of the co-chief executive officer and chief financial officer made during the call, the financial supplement, and the corporate overview presentation will remain available on Synopsys' website through the date of the first quarter of fiscal year 2022 earnings call in February 2022, their continued availability through such date does not mean that Synopsys is reaffirming or confirming their continued validity. Synopsys does not currently intend to report on its progress during the first quarter of fiscal year 2022 or comment to analysts or investors on, or otherwise update, the targets given in this release. Availability of Final Financial Statements Synopsys will include final financial statements for fiscal year 2021 in its annual report on Form 10-K to be filed by December 29, 2021. About Synopsys Synopsys, Inc. (NASDAQ:SNPS) is the Silicon to Software™ partner for innovative companies developing the electronic products and software applications we rely on every day. As an S&P 500 company, Synopsys has a long history of being a global leader in electronic design automation (EDA) and semiconductor IP and offers the industry's broadest portfolio of application security testing tools and services. Whether you're a system-on-chip (SoC) designer creating advanced semiconductors, or a software developer writing more secure, high-quality code, Synopsys has the solutions needed to deliver innovative products. Learn more at www.synopsys.com.       GAAP to Non-GAAP Reconciliation Synopsys continues to provide all information required in accordance with GAAP but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, Synopsys presents non-GAAP financial measures in reporting its financial results to provide investors with an additional tool to evaluate Synopsys' operating results in a manner that focuses on what Synopsys believes to be its core business operations and what Synopsys uses to evaluate its business operations and for internal planning and forecasting purposes. Synopsys' management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Synopsys' management believes it is useful for itself and investors to review, as applicable, both GAAP information that includes: (i) the amortization of acquired intangible assets, (ii) the impact of stock compensation, (iii) acquisition-related costs, (iv) restructuring charges, (v) the effects of certain settlements, final judgments and loss contingencies related to legal proceedings, and (vi) the income tax effect of non-GAAP pre-tax adjustments; and the non-GAAP measures that exclude such information in order to assess the performance of Synopsys' business and for planning and forecasting in subsequent periods. Synopsys adopted a three-year normalized non-GAAP tax rate of 16% for fiscal year 2019 through 2021 in the calculation of its non-GAAP financial measures to provide better consistency across interim reporting periods by eliminating the effects of non-recurring and period-specific items, which can vary in size and frequency and not necessarily reflect our normal operations, and to align our tax rate more clearly with our expected geographic earnings mix. Synopsys re-evaluated this rate on an annual basis for any significant events that could have materially affected its projections, such as significant changes in its geographic earnings mix or significant tax law changes in major jurisdictions where it operates. Given the uncertainty surrounding corporate tax reform, Synopsys has elected to provide a projected annual non-GAAP tax rate for fiscal year 2022 rather than a three-year normalized non-GAAP tax rate in calculating its non-GAAP financial measures. Based on an evaluation of Synopsys' historical and projected mix of U.S. and international profit before tax, taking into account the impact of non-GAAP adjustments described above, as well as other factors such as its current tax structure, existing tax positions, and expected recurring tax incentives, its projected annual non-GAAP tax rate is 18% for fiscal 2022. Synopsys intends to re-evaluate the projected fiscal 2022 annual non-GAAP tax rate on an interim basis to determine the appropriateness of adopting a multi-year normalized non-GAAP tax rate. Whenever Synopsys uses a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed below, as well as Item 2.02 of the Current Report on Form 8-K filed on December 1, 2021 for additional information about the measures Synopsys uses to evaluate its core business operations. Reconciliation of Fourth Quarter and Fiscal Year 2021 Results The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP net income and earnings per share for the periods indicated below. GAAP to Non-GAAP Reconciliation of Fourth Quarter and Fiscal Year 2021 Results (1) (unaudited and in thousands, except per share amounts) Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP net income $            201,447 $            197,455 $            757,516 $            664,347 Adjustments: Amortization of intangible assets 21,943 21,004 82,380 91,281 Stock compensation 96,742 78,429 345,272 248,584 Acquisition-related costs 3,800 3,259 15,394 14,096 Restructuring charges 18,254 (387) 33,405 36,059 Legal matters - - (1,455) - Tax adjustments (56,430) (52,084) (155,727) (189,798) Non-GAAP net income $            285,756 $            247,676 $         1,076,785 $            864,569 Three Months Ended Twelve Months Ended October 31, October 31, 2021 2020 2021 2020 GAAP diluted net income per share $                   1.28 $                   1.26 $                   4.81 $                   4.27 Adjustments: Amortization of intangible assets 0.14 0.13 0.52 0.59 Stock compensation 0.62 0.50 2.19 1.60 Acquisition-related costs 0.02 0.02 0.10 0.08 Restructuring charges 0.12 - 0.21 0.23 Legal matters - - (0.01) - Tax adjustments (0.36) (0.33) (0.98) (1.22) Non-GAAP diluted net income per share $                   1.82 $                   1.58 $                   6.84 $                   5.55 Shares used in computing diluted net income per share amounts: 157,243 156,825 157,340 155,706 (1) Synopsys' fourth quarter of fiscal year 2021 and 2020 ended on October 30, 2021 and October 31, 2020, respectively. For presentation purposes, we refer to the closest calendarmonth end.   Reconciliation of 2022 Targets The following tables reconcile the specific items excluded from GAAP in the calculation of non-GAAP targets for the periods indicated below. GAAP to Non-GAAP Reconciliation of First Quarter Fiscal Year 2022 Targets (1) (in thousands, except per share amounts)  Range for Three Months  January 31, 2022 Low High Target GAAP expenses $          934,000 $          964,000 Adjustments:       Amortization of intangible assets (22,000).....»»

Category: earningsSource: benzingaDec 1st, 2021

Kenon Holdings Reports Q3 2021 Results and Additional Updates

SINGAPORE, Nov. 30, 2021 /PRNewswire/ -- Kenon Holdings Ltd. (NYSE:KEN) (TASE: KEN) ("Kenon") announces its results for Q3 2021 and additional updates. Q3 and Recent Highlights Kenon In November 2021, Kenon's board of directors approved an interim cash dividend of $3.50 per share (approximately $189 million in total) payable in January 2022. Kenon's profit for the third quarter of 2021 of $170 million was primarily impacted by ZIM's results and a reduction in the carrying amount of Qoros. ZIM ZIM announced an interim dividend to be paid in December 2021 of $2.50 per share, or approximately $296 million in the aggregate, of which approximately $77 million is payable to Kenon. Financial results[1]: ZIM reported net profit in Q3 2021 of $1,463 million, as compared to net profit of $144 million in Q3 2020. ZIM reported Adjusted EBITDA[2] in Q3 2021 of $2,080 million, as compared to $262 million in Q3 2020. OPC Financial results: OPC's revenues in Q3 2021 increased to $133 million (including $17 million contributed by CPV), as compared to $117 million in Q3 2020.  OPC's net loss in Q3 2021 was approximately $33 million (including the negative impact of $75 million relating to a non-recurring early repayment of project financing debt, partially offset by net profit of $15 million contributed by CPV), as compared to net profit of $5 million in Q3 2020. OPC's Adjusted EBITDA2 in Q3 2021 was $38 million, as compared to Adjusted EBITDA in Q3 2020 of $28 million. Also, in Q3 2021 OPC's proportionate share of profit and EBITDA of CPV associated companies were $23 million and $29 million, respectively. In September and October 2021, as part of a rights offering, OPC raised proceeds of NIS329 million (approximately $102 million). Kenon participated in the offering for total consideration of approximately NIS206 million (approximately $64 million). Discussion of Results for the Three Months ended September 30, 2021 Kenon's consolidated results of operations from its operating companies essentially comprise the consolidated results of OPC Energy Ltd ("OPC"). Our share of the results of ZIM Integrated Shipping Ltd. ("ZIM") are reflected under results from associated companies.  See Exhibit 99.2 of Kenon's Form 6-K dated November 30, 2021 for summary of Kenon's consolidated financial information; summary of OPC's consolidated financial information; a reconciliation of OPC's Adjusted EBITDA (which is a non-IFRS measure) to net profit; summary of financial information of OPC's subsidiaries; and a reconciliation of ZIM's Adjusted EBITDA (which is a non-IFRS measure) to net profit. OPC  The following discussion of OPC's results of operations is derived from OPC's consolidated financial statements, as translated into US dollars. Summary Financial Information of OPC OPC OPC Israel U.S. Total Q3 2021 Q3 2020 $ millions Revenue 116 17 133 117 Cost of sales (excluding depreciation and amortization) 75 6 81 84 Finance expenses, net 86 2 88 11 Share in profit of associated companies, net - 23 23 - (Loss)/profit for the period (48) 15 (33) 5 Attributable to: Equity holders of OPC (38) 10 (28) 3 Non-controlling interest (10) 5 (5) 2 Adjusted EBITDA2 36 2 38 28 Proportionate share of EBITDA of associated companies - 29 29 -     Revenue For the three months ended September 30, 2021 2020 $ millions Israel Revenue from energy generated by OPC (and/or purchased from other generators) and sold to private customers 73 68 Revenue from energy purchased by OPC at the TAOZ rate and sold to private customers 2 14 Revenue from private customers in respect of infrastructure services 24 25 Revenue from energy sold to the System Administrator 8 6 Revenue from sale of steam 4 4 Revenue from virtual supply 5 - 116 117 U.S. Revenue from sale of electricity and provision of services in the U.S. 17 - Total 133 117 OPC's revenue from the sale of electricity to private customers derives from electricity sold at the generation component tariffs, as published by the Israeli Electricity Authority ("EA"), with some discount. Accordingly, changes in the generation component tariffs generally affect the prices paid under PPAs by customers of OPC-Rotem and OPC-Hadera. The weighted-average generation component tariff for 2021, as published by the EA, was NIS 0.2526 per KW hour, which was approximately 5.7% lower than the weighted-average generation component tariff in 2020 of NIS 0.2678 per KW hour. OPC's revenues from sale of steam are linked partly to the price of gas and partly to the Israeli Consumer Price Index. Set forth below is a discussion of changes in revenues by category between Q3 2021 and Q3 2020. Revenue from energy generated by OPC (and/or purchase from other generators) and sold to private customers – increased by $5 million in Q3 2021, as compared to Q3 2020. As OPC's revenue is denominated in NIS, translation of its revenue into US Dollars had a positive impact of $4 million. Excluding ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 30th, 2021

Chegg (CHGG) Rises on Busuu Buyout Plan & Repurchase Program

Chegg (CHGG) expands its global TAM with Busuu buyout plan and announces an ASP plan. Chegg, Inc.’s CHGG shares gained 2.84% during the trading session on Nov 29, 2021, after the online education company announced plans to acquire a language learning platform, Busuu, along with an accelerated share repurchase (ASR) plan.Busuu Buyout in the CardsChegg intends to buy Busuu, the online language learning startup established in Europe in 2008, for approximately $436 million (€385 million). The all-cash transaction, which is expected to close early in the first quarter of 2022, is approved by the companies’ boards of directors.With courses in 12 different languages to more than 500,000 paying subscribers, this content-rich education platform is designed for individuals keen on learning a new language. This platform is used across a broad age range, both in and out of formal education, and provides corporate language training to hundreds of organizations. It has a state-of-the-art approach that combines self-paced courses (developed by an in-house team of experts) with instant feedback from a global community of native speakers. Notably, Busuu has more than 20,000 new registrations daily.Chegg expects Busuu’s full-year 2021 revenues to be $45 million with year-over-year growth estimated at greater than 20%. The company expects the $17-billion digital language market to triple in size over the next five years and the latest Busuu-buyout to enhance its total available market (TAM) globally.ASR Program ProposalChegg has entered into a proposed ASR transaction to buy back $300 million of Chegg’s common stock. The company plans to enter into an ASR transaction with a financial institution during the fourth quarter of 2021.The proposed ASR transaction will be effective following Chegg’s previously announced $1.0-billion securities repurchase program. As of Sep 30, 2021, Chegg had $665.5 million available for buybacks under this program. The repurchase program has no expiration date.Share Price PerformanceChegg’s shares plummeted more than 45% on Nov 2 after it reported lackluster third-quarter 2021 results, wherein earnings met the Zacks Consensus Estimate but revenues missed the same. The quarterly results showed a surprising drop in subscriber count, majorly missing the holiday sales forecast. So far this year, shares of Chegg have declined 71.5%, compared with the Zacks Internet – Software industry’s decline of 15.6%.Concerning the ASR program, Chegg’s CEO, Dan Rosensweig, said “The accelerated share repurchase demonstrates the strength of our balance sheet, and it reaffirms our confidence in the long-term opportunity for Chegg, as well as our continued commitment to enhancing shareholder value."Image Source: Zacks Investment ResearchZacks Rank & Key PicksChegg currently carries a Zacks Rank #4 (Sell).Some better-ranked stocks from the broader Computer and Technology sector include Google-parent Alphabet GOOGL, Diodes DIOD and PTC Inc. PTC, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.For Alphabet, earnings estimates for 2021 have moved upward by 43 cents to $108.29 per share in the last seven days. The company’s 2021 earnings are likely to witness growth of 84.8%.Alphabet’s earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 41.5%. The GOOGL stock has rallied 66.1% in the year-to-date (YTD) period.For Diodes, earnings estimates for 2021 have moved upward by 6.3% to $5.06 per share over the last 30 days. The company’s 2021 earnings are likely to witness growth of 115.3%.Diodes’ earnings beat the Zacks Consensus Estimate in the preceding four quarters, the average surprise being 10%. Shares of DIOD have rallied 53.6% YTD.Although PTC Inc.’s shares have declined 7.7% YTD, its fiscal 2022 earnings estimates have been revised upward by 28 cents to $4.19 per share in the last 30 days, depicting analysts’ optimism over its prospects.The company’s earnings for the current year are likely to witness growth of 5.5%. PTC Inc.’s earnings beat the Zacks Consensus Estimate thrice in the preceding four quarters while missing the same on one occasion, the average surprise being 47.8%. Tech IPOs With Massive Profit Potential: Last years top IPOs surged as much as 299% within the first two months. With record amounts of cash flooding into IPOs and a record-setting stock market, this year could be even more lucrative. See Zacks’ Hottest Tech IPOs 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 Diodes Incorporated (DIOD): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Chegg, Inc. (CHGG): Free Stock Analysis Report PTC Inc. (PTC): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 30th, 2021

Red White & Bloom Provides Q3 2021 Financial Results: Revenue Increased $6 Million Over Q3 2020

Q3 year to date revenue increased 386% year over year to $36.9 million for the nine months ended September 30, 2021 EBITDA of $5.9 million is an increase of $11.7 million over Q3 2020, Adjusted sales1 of $99.2 million for the nine months ended September 30, 2021 Michigan Marijuana Regulatory Agency issued pre-qualification for RWB cannabis licensure Florida expansion strategy included 45,000 sq ft cultivation center purchased in Q3 TORONTO, Nov. 30, 2021 (GLOBE NEWSWIRE) -- Red White & Bloom Brands Inc. (CSE:RWB, OTCQX:RWBYF) ("RWB" or the "Company"), a multi-state cannabis operator and house of premium brands, announces 2021 third quarter financial results highlighted by a 93% increase in third quarter year over year revenue. All figures are reported in Canadian dollars (CAD) unless otherwise noted. "In the third quarter, we made excellent progress in laying additional building blocks in our core operating states of Florida, Michigan, and California to become more vertically integrated where it will be most profitable," stated Brad Rogers, RWB Chairman & CEO. "This will help drive increased revenue and margins for the Company. Simultaneously, we are gaining significant market share with our premium Platinum Vape™ (PV) and exclusively licensed High Times® branded products in select markets as evidenced by ArcView/Greentank's 2021 Q3 Industry Vape Report, which named Platinum Vape as the #1 brand vape cartridge in Michigan." Q3 2021 Financial Result Revenue for Q3 2021 was $11.8 million compared to $6.1 million in Q3 2020, an increase of 93%.   EBITDA was $5.9 million for Q3 compared to an EBITDA loss of $5.8 million in Q3 2020, a gain of $11.9 million. Net loss for Q3, 2021 was $5.5 million compared to $9.5 million in Q3, 2020. The change in net loss was primarily a result of revaluation of the Company's Call/Put options, as well as rightsizing compensation and achieving economies of scale. Nine Months Ended Sept 30, 2021 Results Revenue for the nine months ended September 30, 2021 was $36.9 million, an increase of 386% over revenue of $7.6 million in the comparable nine months ended September 30, 2020. Gross profit excluding fair value items for the nine months ended September 30, 2021 was $21.5 million, an increase of 295% over gross profit of $5.5 million in the comparable nine months ended September 30, 2020. Net loss for the nine months ended September 30, 2021 was $73.8 million compared to net loss of $29.8 million for the nine months ended September 30, 2020. The increase in net loss is primarily attributable to ramping up operations in our core markets in expectation of fortifying our brand strategy, which includes expanding and deepening our High Times retail and product presence and completing the pending investee transaction. Adjusted Sales1 RWB currently utilizes a state-licensed 3rd party cannabis manufacturer in Michigan for Platinum Vape sales. As part of the legacy product licensing agreement, the revenue RWB can recognize is product sales less inventory purchases and direct expenses. As a result, RWB's reported revenue in Michigan is substantially understated by inventory purchases made and direct expenses incurred during the period. Adjusted Sales1 - Combined           Q1 Q2 Q3 Total IFRS Revenue - All Combined $ 11,823,405 13,327,814 11,789,982 36,941,201 Difference between Adjusted Sales1 & IFRS Revenue – Mich $ 20,648,800 21,219,839  20,400,316 62,268,955 Adjusted Sales1 $ 32,472,205 34,547,653 32,190,298 99,210,156 Summary of EBITDA   For the three months ended For the nine months ended     September 30       September 30       September 30       September 30   Summary of EBITDA   2021               2020               2021          .....»»

Category: earningsSource: benzingaNov 30th, 2021

Patagonia Gold Third Quarter Financial Results

VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. ("Patagonia" or the "Company") (TSXV:PGDC) announces its results for the quarter ended September 30, 2021 ("Q3 2021"). The financial statements for Q3 2021, together with the related management's discussion and analysis, are available on the Company's website and under the Company's profile on SEDAR at www.sedar.com. Highlights Generated revenue of US$5.76 million and gross profit of US$1.48 million in Q3 2021. Produced 2,175 gold equivalent ounces (1) and sold 3,223 gold equivalent ounces (1) in Q3 2021. Produced 6,865 gold equivalent ounces (1) and sold 7,878 gold equivalent ounces (1) in the nine-month period including Q3. Exploration work at the Calcatreu gold and silver project (the "Calcatreu Project") includes trenching, channel sampling, rock chip sampling and 319 km of ground magnetic surveying. This work, identified new epithermal veins at the Calcatreu Project with gold values in rock chip samples ranging from less than 0.01 grams per tonne ("g/t") to 20.5 g/t and silver values ranging from less than 0.3 g/t to 68.5 g/t. Only one gold value and five silver values were less than the lower limit mentioned herein. (2) Additional trenching, sampling and ground magnetic surveying continues in the southern part of Calcatreu Project. Incurred expenditures to advance the Calcatreu Project totalling US$1.3 million. Prefeasibility study is underway. The 3,500 meters drill program at Tornado/Huracan initiated in June 2021 restarted on 23 November 2021. Completed 2,215 m ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Wildpack Announces Third Quarter Financial Results

Third Quarter Highlights: Gross margin increased by 56% to 19.7% in Q3 over Q2 2021 Total can volume increased by 36% to 24.8M in Q3 over Q2 2021 Adjusted EBITDA* increased by 137% to $436K in Q3 over Q2 2021 Quality assurance yield increased 35% in Q3 over Q2 2021  Completed acquisitions of Craftpac, LLC in Marietta, GA and Vertical Distilling, LLC in Longmont, CO Increased annual run rate decorating capacity by 48 million cans Progressed construction on the label printing line in the Las Vegas facility, on schedule for pilot production in Q4 2021 *Non IFRS Measure - See "Use of Non-IFRS Measures" section for further information. VANCOUVER, BC, Nov. 29, 2021 /PRNewswire/ - Wildpack Beverage Inc. (TSXV:CANS) (OTC:WLDPF) ("Wildpack" or the "Company") announces unaudited financial results for the third quarter ending September 30, 2021. All currencies referenced herein are to US dollars. Wildpack reported in Q3 2021, revenue of $7.069 million, gross profit margin of 19.7%, positive Adjusted EBITDA of approximately $436,000, normalizing expenses of $1.045 million and a net loss of $1.493 million on total can volume of 24.863 million. Wildpack wholly acquired the outstanding securities of Craftpac, LLC on July 2, 2021 for $1.89 million and Vertical Distilling, LLC on August 20, 2021 for $4.14 million with consideration paid and payable in cash. Both acquisitions have a history of cash flow positive operations and represent key geographic locations with no overlap of the current network of Wildpack's facilities. Regarding these acquisitions, Thomas Walker, CGO said: "We are very pleased with our acquisitions this quarter. Both companies bring a history of successful operations and positive cash flows. Their integrations are going smoothly and we are excited to continue to expand our geographic reach. We are already seeing interest from our existing customers looking to make use ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Wildpack Announces Third Quarter Financial Results

Third Quarter Highlights: Gross margin increased by 56% to 19.7% in Q3 over Q2 2021 Total can volume increased by 36% to 24.8M in Q3 over Q2 2021 Adjusted EBITDA* increased by 137% to $436K in Q3 over Q2 2021 Quality assurance yield increased 35% in Q3 over Q2 2021  Completed acquisitions of Craftpac, LLC in Marietta, GA and Vertical Distilling, LLC in Longmont, CO Increased annual run rate decorating capacity by 48 million cans Progressed construction on the label printing line in the Las Vegas facility, on schedule for pilot production in Q4 2021 *Non IFRS Measure - See "Use of Non-IFRS Measures" section for further information. VANCOUVER, BC, Nov. 29, 2021 /CNW/ - Wildpack Beverage Inc. (TSXV:CANS) (OTC:WLDPF) ("Wildpack" or the "Company") announces unaudited financial results for the third quarter ending September 30, 2021. All currencies referenced herein are to US dollars. Wildpack reported in Q3 2021, revenue of $7.069 million, gross profit margin of 19.7%, positive Adjusted EBITDA of approximately $436,000, normalizing expenses of $1.045 million and a net loss of $1.493 million on total can volume of 24.863 million. Wildpack wholly acquired the outstanding securities of Craftpac, LLC on July 2, 2021 for $1.89 million and Vertical Distilling, LLC on August 20, 2021 for $4.14 million with consideration paid and payable in cash. Both acquisitions have a history of cash flow positive operations and represent key geographic locations with no overlap of the current network of Wildpack's facilities. Regarding these acquisitions, Thomas Walker, CGO said: "We are very pleased with our acquisitions this quarter. Both companies bring a history of successful operations and positive cash flows. Their integrations are going smoothly and we are excited to continue to expand our geographic reach. We are already seeing interest from our existing customers looking to make use of our expanded footprint." Gross profit margin improvement ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 29th, 2021

Zumiez (ZUMZ) Lined Up for Q3 Earnings: What to Expect

Zumiez (ZUMZ) third-quarter fiscal 2021 earnings results might show the ill effects of higher costs, including SG&A. However, ZUMZ's omni-channel capabilities comprising store initiatives look good. Zumiez Inc. ZUMZ is likely to post a decrease in the bottom line from the year-ago quarter’s reported figure when it announces third-quarter fiscal 2021 earnings on Dec 2, after the closing bell. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.07, suggesting a decline of about 8% from the year-ago period’s tally.A glimpse of this Lynnwood, WA-based player’s performance shows that the same delivered a significant positive earnings surprise in the trailing four quarters, on average.The Zacks Consensus Estimate for the quarterly revenues is pegged at $288.4 million, indicating an increase of 6.4% from the prior-year period’s reported figure.Key Factors to NoteZumiez’s customer-centric business model, differentiated product assortments and improved omnichannel solutions are likely to have favorably impacted its top-line performance in the fiscal third quarter. ZUMZ seems well-poised to capitalize on the trends in the apparel space on the back of its one-channel concept and advanced in-store fulfillment capabilities.ZUMZ’s strategy to optimize its store base, including expansion in the underpenetrated markets looks appealing. These strengths coupled with its efforts to meet robust demand for the distinct merchandise offering might have contributed to its performance in the to-be-reported quarter. Zumiez’s men’s, accessories and footwear categories are performing well.On its last earnings call, management had projected results to surpass the fiscal 2020 sales levels during the second half of fiscal 2021. It had also stated that the fiscal third quarter is off to a strong start owing to a more normalized back-to-school shopping season. Evidently, total sales for the 37 days ended Sep 6, 2021 climbed 23.2% from the same-period level ended Sep 7, 2020. Also, total net sales rose 6.7% from the same-period reading in fiscal 2019. Total comparable sales for the 37-day period grew 10.5% year over year and 5.4% from the number achieved in the comparable period of fiscal 2019.On the flip side, Zumiez has been witnessing higher SG&A costs for a while now. Deleveraged store wages, higher annual incentive compensation, decline in governmental subsidies, elevated marketing events and other related spending might have been deterrents. Also, the pandemic-related uncertainties cannot be ruled out.What the Zacks Model UnveilsOur proven model does not conclusively predict an earnings beat for Zumiez this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter. Zumiez Inc. Price and EPS Surprise Zumiez Inc. price-eps-surprise | Zumiez Inc. QuoteAlthough Zumiez has a Zacks Rank #3, its Earnings ESP of 0.00% makes surprise prediction difficult.Stocks With Favorable CombinationHere are some companies you may want to consider as our model shows that these have the right combination of elements to beat on earnings this season:lululemon athletica LULU currently has an Earnings ESP of +1.44% and a Zacks Rank of 2. LULU is expected to register top and bottom-line growth when it reports third-quarter fiscal 2021 numbers. The Zacks Consensus Estimate for LULU’s quarterly revenues is pegged at $1.43 billion, suggesting growth of 28.1% from the prior-year quarter’s level.The Zacks Consensus Estimate for lululemon’s quarterly earnings has moved a penny up in the past 30 days to $1.39 per share, suggesting a 19.8% increase from the year-ago reported number. LULU delivered an earnings beat of 25.2%, on average, in the trailing four quarters. You can see  the complete list of today’s Zacks #1 Rank stocks here.PVH Corp. PVH currently has an Earnings ESP of +1.61% and a Zacks Rank #2. PVH is expected to register top- and bottom-line growth when it reports third-quarter fiscal 2021 results. The Zacks Consensus Estimate for quarterly earnings of $2.07 per share suggests growth of 56.8% from the year-ago quarter’s reported figure.The consensus mark for PVH Corp.’s quarterly revenues is pegged at $2.40 billion, indicating an increase of 13.4% from the figure reported in the year-ago quarter. PVH has a trailing four-quarter earnings surprise of 177.5%, on average.Costco COST currently has an Earnings ESP of +1.00% and a Zacks Rank of 3. COST is likely to register top- and bottom-line growth when it reports first-quarter fiscal 2022 numbers. The Zacks Consensus Estimate for quarterly earnings has moved 2.8% north in the past 30 days to $2.59 per share, suggesting an improvement of 13.1% from the year-ago quarter’s tally.The Zacks Consensus Estimate for Costco's quarterly revenues is pegged at $49.6 billion, suggesting growth of 14.8% from the figure reported in the prior-year quarter. COST delivered an earnings surprise of 7.7%, on average, in the trailing four quarters. 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 Zumiez Inc. (ZUMZ): Free Stock Analysis Report Costco Wholesale Corporation (COST): Free Stock Analysis Report lululemon athletica inc. (LULU): Free Stock Analysis Report PVH Corp. (PVH): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research.....»»

Category: topSource: zacksNov 29th, 2021

Highwood Asset Management Ltd. Announces Third Quarter 2021 Results and Operational Update

/NOT FOR DISSEMINATION IN THE U.S. OR THROUGH U.S. NEWSWIRES/ CALGARY, AB, Nov. 26, 2021 /CNW/ - Highwood Asset Management Ltd., ("Highwood" or the "Company") (TSXV:HAM) is pleased to announce financial and operating results for the quarter ended September 30, 2021.  The Company also announces that its unaudited financial statements and associated Management's Discussion and Analysis ("MD&A") for the quarter ended September 30, 2021, can be found at www.sedar.com and www.highwoodmgmt.com. Highlights On July 20, 2021, the Company changed its name from Highwood Oil Company Ltd. to Highwood Asset Management Ltd. to better reflect its renewed focus on driving shareholder return through a multitude of energy focused segments or divisions. The asset management structure will oversee various operations including ESG and other clean energy transition subsectors, which include industrial metals and minerals, clean energy technologies, upstream and midstream oil & gas production & processing. Within the industrial metals and minerals business unit, the Company has amassed industrial metallic and mineral permits of over 3,400,000 acres in Alberta and British Columbia and issued its National Instrument 43-101 technical report on Lithium from Brine on July 16, 2021 and National Instrument 43-101 technical report on Ironstone-Vanadium on September 21, 2021. The Company has also engaged the third-party resource evaluator to compile a 43-101 Lithium from Brine Resource Assessment specific to Drumheller, Alberta, comprising approximately 750,000 acres of the over 3,400,000 total acreage, which is anticipated to be completed in the fourth quarter of 2021. Within the upstream and midstream oil & gas production & processing business unit, the Company delivered average production of 108 bbl/d of oil in the third quarter of 2021. Current net production from Highwood is approximately 105 bbl/d of oil. Corporately, net debt at September 30, 2021 was $1.59 million. Summary of Financial & Operating Results  Three months ended September 30,  Nine months ended September 30,  2021 2020 % 2021 2020 %  Financial (in thousands)  Oil and natural gas sales $ 721 $ 5,752 (87) $ 6,423 $ 14,034 (54)  Transportation pipeline revenues 905 790 15 2,805 2,719 3  Total revenues, net of royalties(1) 1,325 5,981 (78) 6,242 23,297 (73)  Income (Loss) 150 (20,074) (101) (1,370) (27,635) (95)  Funds flow from operations(5) 195 1,923 (90) (1,198) 7,876 (115)  Capital expenditures 79 67 18 270 4,482.....»»

Category: earningsSource: benzingaNov 27th, 2021

Lingo Media Reports Financial Results for the Third Quarter Ended September 30, 2021

TORONTO, Nov. 24, 2021 /CNW/ - Lingo Media Corporation (TSXV:LM) (OTCQB:LMDCF) (FSE: LIMA) ("Lingo Media" or the "Company"), an EdTech company that is 'Building a multilingual world' through innovative online technology and solutions announces its financial results for the third quarter ended September 30, 2021. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted. Q3 2021 Operational Highlights Online English Language Learning: Released Level 1 of English Academy, a English learning program aimed at primary school learners. Doubled the Portuguese course to cover learners up to B2 on the Common European Framework of Reference. Entered into a distbitution agreement with partners in Peru and Honduras. Grew its sales team by hiring personnel in Colombia and Peru. Conducted three webinars as part of ELL teacher development series. Print-Based English Language Learning: Expanded existing market for PEP Primary English program into one additional province in China. Initiated the development of content and material for its Grade 3 textbooks. Q3 2021 Corporate Highlights November 6, 2021, the Company announced the filing of Form 15F with the U.S. Securities and Exchange Commission ("SEC") to terminate the registration under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as well as to terminate its reporting obligations under the Exchange Act. As a result of filing the Form 15F, Lingo Media's obligations to file reports under the Exchange Act will be suspended immediately and are expected to terminate 90 days after the filing, barring any objection by the SEC. On November 16, 2021, the shareholders approved all matters at the Annual General Meeting. On November 19, 2021, the Company announced that the Board of Directors re-appointed Gali Bar-Ziv as President & CEO and Khurram Qureshi as Chief Financial Officer. In addition, the Board appointed Khurram Qureshi as a Director and Mr. Michael Kraft notified the Company of his intention to retire from the Company's Board of Directors for personal reasons. Hon. Jerry Grafstein notified the Company of his intention to retire from the Company's Board of Directors for personal reasons, effective immediately. The Board of Directors and management of Lingo Media would like to thank Mr. Grafstein for his services and all of his contributions over the years. Q3 2021 Financial Highlights Third Quarter Ended September 30th   2021 2020 Revenue $ 163,493 $ 68,775 Operating and development expenses 433,209 404,377 Loss before amortization, share-based payments, depreciation, finance charges and taxes (269,716) (335,602) Amortization, share-based payments, and depreciation 961 32,147 Finance charges, taxes, foreign exchange 11,418 (10,604) Net loss.....»»

Category: earningsSource: benzingaNov 24th, 2021

ATN Reports its Third Quarter for the Three and Nine Months Ended September 30, 2021

TORONTO, Nov. 24, 2021 /CNW/ - Asian Television Network International Limited (ATN) Toronto Stock Exchange Venture (TSXV:SAT) Canada's pioneer South Asian broadcaster announces its third quarter 2021 consolidated financial and operating results for the three and nine months ended September 30, 2021, in accordance with International Financial Reporting Standards ("IFRS"). Summarized Consolidated Financial Results Three and nine months ended September 30, 2021 and September 30, 2020. Three months ended September 30,.....»»

Category: earningsSource: benzingaNov 24th, 2021

Humble & Fume Inc. Announces Financial Results for First Quarter Fiscal 2022

Reports 30% year-over-year gross margin growth from $3.2 million in Q1 2021 to $4.2 million in Q1 2022. Canadian operations revenue of $8.6 million, a 27% organic increase year-over-year. Maintained a strong liquidity position, including a cash balance of $6.5 million at quarter end. Continued expansion into cannabis distribution operations in the United States with investment from Johnson Brothers through Green Acre and the acquisition of Cabo Connection for cannabis distribution licenses and facility. Announces President of Canadian Distribution and Founder of BobHQ, Robert Ritchot is retiring. TORONTO, Nov. 24, 2021 /PRNewswire/ - Humble & Fume Inc. (CSE:HMBL) ("Humble" or the "Company"), a leading North American distributor of cannabis and cannabis accessories, today reported its first quarter fiscal 2022 ("Q1 2022") financial and operating results for the three months ended September 30, 2021. Joel Toguri, Chief Executive Officer of Humble, commented: "As the legal cannabis market in North America continues to mature, Humble remains agile and focused on providing a leading solution for brands to scale quickly and retailers to focus on their customers. We are encouraged by the strong revenue growth we saw this quarter from our Canadian operations, which was driven by our expanding cannabis brands partnerships and higher margin sales from our accessory portfolio. We have made huge strides towards our expansion into cannabis distribution in the United States. Last week's announcement of Johnson Brothers investment, through Green Acre, is transformative for the legal cannabis distribution market in North America. Together with our acquisition of Cabo Connection, Humble is executing upon our business strategy and readying for its launch in California." Mr. Toguri continued, "This past quarter was transitional for us following our public listing on the Canadian Securities Exchange. While we saw an increase in Canadian revenue, the U.S. operations saw a decrease as a result of our decision to focus the business on healthier margin sales, reducing the mix of high volume, low margin products. Aligned with our strategy to expand into cannabis distribution in the U.S., we implemented a new operating structure in October, which included headcount reductions. Our new structure reprioritizes our customers, identified redundancies and redirects resources to this opportunity. As part of these changes, in October we began the closure of our Florida warehouse, which will result in cost structure savings while consolidating shipping from our two remaining warehouses and improving customer experience. We are aggressively focused on becoming the leading cannabis distributor in North America, which we believe will ultimately deliver revenue growth and profitability." The Company announces that on December 3, 2021, President of Canadian Distribution and Founder of BobHQ Robert Ritchot, will be retiring and stepping away from his position with Humble. Mr. Ritchot will continue his role on the Board of Directors. The Company wishes to thank Mr. Ritchot for his years of leadership and his dedication to building a strong cannabis accessories distribution company. As a passionate advocate for cannabis legalization, Mr. Ritchot's legacy will remain strong as Humble enters its next phase of growth. Mr. Toguri concluded, "We would like to thank Bob as he heads into retirement from Humble for his years of dedication and leadership. We wish him all the best in his future endeavors. As we head into 2022, I am ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 24th, 2021

Humble & Fume Inc. Announces Financial Results for First Quarter Fiscal 2022

Reports 30% year-over-year gross margin growth from $3.2 million in Q1 2021 to $4.2 million in Q1 2022. Canadian operations revenue of $8.6 million, a 27% organic increase year-over-year. Maintained a strong liquidity position, including a cash balance of $6.5 million at quarter end. Continued expansion into cannabis distribution operations in the United States with investment from Johnson Brothers through Green Acre and the acquisition of Cabo Connection for cannabis distribution licenses and facility. Announces President of Canadian Distribution and Founder of BobHQ, Robert Ritchot is retiring. TORONTO, Nov. 24, 2021 /CNW/ - Humble & Fume Inc. (CSE:HMBL) ("Humble" or the "Company"), a leading North American distributor of cannabis and cannabis accessories, today reported its first quarter fiscal 2022 ("Q1 2022") financial and operating results for the three months ended September 30, 2021. Joel Toguri, Chief Executive Officer of Humble, commented: "As the legal cannabis market in North America continues to mature, Humble remains agile and focused on providing a leading solution for brands to scale quickly and retailers to focus on their customers. We are encouraged by the strong revenue growth we saw this quarter from our Canadian operations, which was driven by our expanding cannabis brands partnerships and higher margin sales from our accessory portfolio. We have made huge strides towards our expansion into cannabis distribution in the United States. Last week's announcement of Johnson Brothers investment, through Green Acre, is transformative for the legal cannabis distribution market in North America. Together with our acquisition of Cabo Connection, Humble is executing upon our business strategy and readying for its launch in California." Mr. Toguri continued, "This past quarter was transitional for us following our public listing on the Canadian Securities Exchange. While we saw an increase in Canadian revenue, the U.S. operations saw a decrease as a result of our decision to focus the business on healthier margin sales, reducing the mix of high volume, low margin products. Aligned with our strategy to expand into cannabis distribution in the U.S., we implemented a new operating structure in October, which included headcount reductions. Our new structure reprioritizes our customers, identified redundancies and redirects resources to this opportunity. As part of these changes, in October we began the closure of our Florida warehouse, which will result in cost structure savings while consolidating shipping from our two remaining warehouses and improving customer experience. We are aggressively focused on becoming the leading cannabis distributor in North America, which we believe will ultimately deliver revenue growth and profitability." The Company announces that on December 3, 2021, President of Canadian Distribution and Founder of BobHQ Robert Ritchot, will be retiring and stepping away from his position with Humble. Mr. Ritchot will continue his role on the Board of Directors. The Company wishes to thank Mr. Ritchot for his years of leadership and his dedication to building a strong cannabis accessories distribution company. As a passionate advocate for cannabis legalization, Mr. Ritchot's legacy will remain strong as Humble enters its next phase of growth. Mr. Toguri concluded, "We would like to thank Bob as he heads into retirement from Humble for his years of dedication and leadership. We wish him all the best in his future endeavors. As we head into 2022, I am confident that Humble is well positioned to continue to bridge the ...Full story available on Benzinga.com.....»»

Category: earningsSource: benzingaNov 24th, 2021

Banco BBVA Argentina S.A. announces Third Quarter 2021 results

BUENOS AIRES, Argentina, Nov. 24, 2021 /PRNewswire/ -- Banco BBVA Argentina S.A (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) ("BBVA Argentina" or "BBVA" or "the Bank") announced today its consolidated results for the third quarter (3Q21), ended on September 30, 2021.  As of January 1, 2020, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2020 and 2021 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to September 30, 2021. 3Q21 Highlights BBVA Argentina's inflation adjusted net income in 3Q21 was $3.4 billion, 57.1% lower than the $7.9 billion reported on the second quarter of 2021 (2Q21), and 37.6% lower than the $5.4 billion reported on the third quarter of 2020 (3Q20). In 3Q21, BBVA Argentina posted an inflation adjusted average return on assets (ROAA) of 1.4% and an inflation adjusted average return on equity (ROAE) of 9.3%. In terms of activity, total consolidated financing to the private sector in 3Q21 totaled.....»»

Category: earningsSource: benzingaNov 24th, 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

Chalice Brands Ltd. Reports over 300% improvement in Adjusted EBITDA (1) as part of Record Third Quarter 2021 Financial Results

Third Quarter 2021 Revenues of $8.0 Million Marks another Record and Fourth Consecutive Quarter of Positive Adjusted EBITDA(1) PORTLAND, Ore., Nov. 23, 2021 (GLOBE NEWSWIRE) -- Chalice Brands Ltd. (CSE:CHAL) (OTCQB:CHALF) ("Chalice" or the "Company"), a premier consumer-driven cannabis company specializing in retail, production, processing, wholesale, and distribution, today announces its financial and operating results for the third quarter 2021. All amounts stated are in US Dollars unless otherwise noted. Third Quarter Highlights: Record quarterly revenues from continuing operations of $8.0 million, a 29% year-over-year increase compared to $6.2 million for the same period in 2020, in part driven by a full quarter of revenues from the Company's Homegrown Oregon stores. 63.7% growth in gross profit for third quarter 2021 of $3.6 million, or 45% gross margin, compared to $2.2 million or 36% gross margin for the same period in 2020. Gross margin improvements are due to an increased share of our vertical product growth and retail sales of our own Bald Peak flower. Chalice branded products in the Homegrown stores have risen in the quarter from 3% pre-acquisition to 24%. In the Chalice branded retail stores, Chalice products reached a high of over 43% for the quarter compared to 20% for the same period in 2020, demonstrating a 115% year-over-year growth. Record positive Adjusted EBITDA1 of approximately $600,000 represents the fourth consecutive quarter of achieving positive Adjusted EBITDA1 and is over a 300% improvement compared to a loss of $260,0001 for the same period in 2020. Record year-to-date revenue of $20.4 million for the nine months ended September 30, 2021, an increase of 25% compared to $16.4 million for the same period in 2020 and almost matching total revenue for fiscal 2020 of $21.9 million. For the nine months ended September 30, 2021, Adjusted EBITDA1 was approximately $1.6 million, compared with a loss of approximately $1.9 million for the same period in 2020. On September 16, the Company announced its Cannabliss & Co. retail acquisition from Acreage Holdings Inc. of four retail dispensaries located in Portland, Eugene, and Springfield, Oregon for total consideration of US$6.5 million. The Company continues to operate these stores under a management services agreement pending OLCC approval. Subsequent to third quarter, on October 7, the Company announced the promotion of Meghan Miller to Chief Operating Officer (COO). "The third quarter was another outstanding performance for Chalice as we accomplished record revenues and our most profitable quarter to date. During the quarter, we closed a transformative acquisition in Oregon of four retail dispensaries from Acreage, bolstering our retail footprint by 130% in the fiscal year. By maintaining our focus on profitable operations and accretive acquisitions, Chalice has immediately impacted the vertical contribution within the new stores ahead of schedule. The Chalice team is motivated by our strategic mission to capitalize on untapped opportunities in Oregon and other markets with significant room for consolidation, synergies, and vertical leverage," commented Jeff Yapp, President and Chief Executive Officer of Chalice Brands. Fiscal Third Quarter Ended September 30, 2021 Financial Results For the three months ended September 30, 2021 ("Q3 2021"), total revenue from continuing operations was $8.0 million as compared to $6.2 million for the same period in 2020 ("Q3 2020"). The 29% year-over-year increase is strongly attributed to a full quarter realizing Homegrown Oregon sales. Gross profit was up 63.7% compared to Q3 2020 at $3.6 million, or 45% of total revenue for Q3 2021, compared with $2.2 million, or 36% of total revenue, in Q3 2020. Adjusted EBITDA1 was approximately $600,000 for Q3 2021, compared with a loss of approximately $260,000 for Q3 2020, continuing the positive trend since fourth quarter 2020. This move to profitability was primarily driven by continued cost controls, increased contribution from Homegrown, and increased vertical product contribution in both Chalice and Homegrown. The Company considers Adjusted EBITDA an important operational measure for the business and looks to continue to grow this important metric as the business scales. For the nine months ended September 30, 2021, total revenue from continuing operations was $20.4 million, as compared to $16.4 million for the same period in 2020. For the nine months ended September 30, 2021, gross profit was $9.2 million, or 45% gross profit margin compared to $5.1 million or 31% for the same period in 2020. For the nine months ended September 30, 2021, Adjusted EBITDA1 was approximately $1.6 million, compared with a loss of approximately $1.9 million for the same period in 2020. The Company's interim financial statements for the third quarter 2021 and related MD&A have been filed on SEDAR and are available for review. "Chalice is proud to have accomplished record revenue growth and profitable operations for four consecutive quarters. We remain diligent in executing our conservative capital allocation strategy which will ensure the Company is well positioned and prepared for both short and long-term growth and expansion. Despite the ongoing challenges facing the cannabis industry, our financial performance has never been stronger. For the remainder of the year and beyond, we will continue to focus on strengthening Chalice in a sustainable and profitable manner," noted John Varghese, Executive Chairman. 1Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization, non-cash compensation expenses, non-recurring promotional and investor relations expenses, one-time transaction fees and other non-cash charges that include impairments, start-up costs and extraordinary operational curtailment charges. Prior period amounts have been adjusted for the inclusion of fair value changes related to biological assets effective for Q3 2021 and forward. CHALICE BRANDS LTD.           Interim Condensed Consolidated Statements of Financial Position (Unaudited)   As at September 30, 2021 and December 31, 2020           (Expressed in U.S. dollars)                             September 30, 2021   December 31, 2020             CURRENT           Cash     $ 491,170     $ 905,149   Accounts receivable Note 5     323,793       108,308   Other receivables Note 5     414,970       737,185   Notes receivable       1,576,206       919,488   Sales tax recoverable       32,813       89,033   Biological assets Note 6     566,655       455,045   Inventory Note 6     4,603,057       2,304,501   Prepaid expenses and deposits       618,213       376,080   Total current assets       8,626,877       5,894,789               Property, plant and equipment Note 7     2,621,088       2,361,357   Other receivables Note 5     842,440       836,235   Right-of-use assets, net Note 8     5,307,935       4,132,035   Intangible assets, net Note 9     13,568,738       10,737,423   Goodwill Note 9     13,398,793       4,056,172   Total assets     $ 44,365,871     $ 28,018,011               LIABILITIES           CURRENT           Accounts payable and accrued liabilities     $ 4,070,488     $ 3,432,525   Interest payable       43,619       -   Income taxes payable       2,046,841       1,003,604   Deferred income tax payable       510,007       55,039   Sales tax payable       652,796       217,789   Current portion of long-term debt Note 12   25,846       22,171   Current portion of notes payable Note 12   417,338       119,533   Convertible debentures carried at fair value Note 10   -       5,575,273   Consideration payable - cash portion Note 12   713,280       -   Consideration payable - equity portion Note 12   4,566,390       -   Lease liability Note 11   1,054,621       949,496   Total current liabilities       14,101,226       11,375,430               Notes payable Note 12   1,706,243       -   Long-term debt Note 12   119,683       134,675   Long-term lease liability Note 11   5,408,452       4,372,395   Warrant liability Note 13   1,627,495       -   Derivative liability Note 10   170,742       -   Convertible debentures carried at amortized cost Note 10   2,832,208       -   Consideration payable - cash portion Note 12   1,569,758       1,824,533   Consideration payable - equity portion Note 12   39,390       4,838,780   Total liabilities       27,575,197       22,545,813               EQUITY          .....»»

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