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Kellyanne Conway slams "shrewd and calculating" Jared Kushner in memoir: "There was no subject he considered beyond his expertise."

"If Martian attacks had come across the radar, he would have happily added them to his ever-bulging portfolio," Conway wrote of Kushner. Jared Kushner (left), a White House senior adviser during the Trump administration, (left), and Kellyanne Conway (right), a former Trump aide.AP Photo/Andrew Harnik Former Trump aide Kellyanne Conway slammed Trump's son-in-law Jared Kushner in her new book. She called Kushner "shrewd and calculating" and criticized his sprawling portfolio.  Kushner knew he wouldn't be held accountable for personnel or legislative disasters, Conway wrote. Former Trump aide Kellyanne Conway has harsh words for the former president's son-in-law Jared Kushner in her new memoir.On Sunday, The Washington Post reported on an excerpt of Conway's new book, "Here's the Deal: A Memoir," which is a re-telling of her experiences in the Trump White House, where she served as a senior aide to former President Donald Trump. Per The Post, Conway wrote in her book that Kushner, a senior adviser to Trump, was a "shrewd and calculating" individual and "a man of knowing nods, quizzical looks, and sidebar inquiries."According to Conway, Kushner also operated with the knowledge that he was unlikely to be held accountable for any personnel or legislative disasters that took place on his watch, the outlet reported."There was no subject he considered beyond his expertise. Criminal justice reform. Middle East peace. The southern and northern borders. Veterans and opioids. Big Tech and small business," she wrote in her book, per The Post.Criticizing Kushner's sprawling portfolio, Conway wrote, per outlet: "If Martian attacks had come across the radar, he would have happily added them to his ever-bulging portfolio.""He'd have made sure you knew he'd exiled the Martians to Uranus and insisted he did not care who got credit for it," she added.Per The Post, Conway also claimed that Kushner had misunderstood the Constitution and believed that "all power not given to the federal government was reserved to him."Kushner's White House portfolio was known to have spanned a large gamut of responsibilities, from the country's COVID-19 response to an attempt to secure peace in the Middle East.Conway's criticism of Kushner isn't the first occasion that a former Trump aide has unloaded on him. Stephanie Grisham, Trump's former press secretary, also slammed Kushner and called him "Rasputin in a slim-fitting suit" in her 2021 book "I'll Take Your Questions Now." Representatives for Kushner did not immediately respond to a request for comment from Insider. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 23rd, 2022

Kellyanne Conway slams "shrewd and calculating" Jared Kushner in memoir: "There was no subject he considered beyond his expertise."

"If Martian attacks had come across the radar, he would have happily added them to his ever-bulging portfolio," Conway wrote of Kushner. Jared Kushner (left), a White House senior adviser during the Trump administration, (left), and Kellyanne Conway (right), a former Trump aide.AP Photo/Andrew Harnik Former Trump aide Kellyanne Conway slammed Trump's son-in-law Jared Kushner in her new book. She called Kushner "shrewd and calculating" and criticized his sprawling portfolio.  Kushner knew he wouldn't be held accountable for personnel or legislative disasters, Conway wrote. Former Trump aide Kellyanne Conway has harsh words for the former president's son-in-law Jared Kushner in her new memoir.On Sunday, The Washington Post reported on an excerpt of Conway's new book, "Here's the Deal: A Memoir," which is a re-telling of her experiences in the Trump White House, where she served as a senior aide to former President Donald Trump. Per The Post, Conway wrote in her book that Kushner, a senior adviser to Trump, was a "shrewd and calculating" individual and "a man of knowing nods, quizzical looks, and sidebar inquiries."According to Conway, Kushner also operated with the knowledge that he was unlikely to be held accountable for any personnel or legislative disasters that took place on his watch, the outlet reported."There was no subject he considered beyond his expertise. Criminal justice reform. Middle East peace. The southern and northern borders. Veterans and opioids. Big Tech and small business," she wrote in her book, per The Post.Criticizing Kushner's sprawling portfolio, Conway wrote, per outlet: "If Martian attacks had come across the radar, he would have happily added them to his ever-bulging portfolio.""He'd have made sure you knew he'd exiled the Martians to Uranus and insisted he did not care who got credit for it," she added.Per The Post, Conway also claimed that Kushner had misunderstood the Constitution and believed that "all power not given to the federal government was reserved to him."Kushner's White House portfolio was known to have spanned a large gamut of responsibilities, from the country's COVID-19 response to an attempt to secure peace in the Middle East.Conway's criticism of Kushner isn't the first occasion that a former Trump aide has unloaded on him. Stephanie Grisham, Trump's former press secretary, also slammed Kushner and called him "Rasputin in a slim-fitting suit" in her 2021 book "I'll Take Your Questions Now." Representatives for Kushner did not immediately respond to a request for comment from Insider. Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 23rd, 2022

Kellyanne Conway: Jared Kushner tried "to ice me out" from the Trump White House transition after the 2016 election

"This wasn't about me. This was about the president asking people to get along," the ex-White House aide told David Axelrod on CNN's "The Axe Files." White House Senior Advisor Jared Kushner (L) and Counselor to the President Kellyanne Conway on April 30, 2020.MANDEL NGAN/AFP via Getty Images Kellyanne Conway said Jared Kushner tried to "ice" her out after Trump won the 2016 election. "I thought we could have learned an awful lot from each other," she said on CNN's "The Axe Files." Conway managed Trump's 2016 campaign and moved to Washington, DC, to serve as a senior counselor. Former White House senior counselor Kellyanne Conway in a recent interview said that ex-White House senior advisor Jared Kushner tried to "ice" her out of the presidential transition after Donald Trump won the 2016 presidential election.In an interview with former White House senior advisor David Axelrod on CNN's "The Axe Files," Conway said almost immediately after Trump defeated former Secretary of State Hillary Clinton, the presidential son-in-law had a much different disposition toward her than he did when she managed the successful presidential campaign."I'm very honest about the difficulty of having the son-in-law, albeit a smart one and accomplished one, having all this authority and no accountability. It's too wide. And Jared took it upon himself to get in my way an awful lot," she told Axelrod.She continued: "I thought we could have learned an awful lot from each other. I tried to learn from him. He had no problem with me being the campaign manager. He had no problem with me and the very small team we had around us when we won in 2016."Speaking directly to Axelrod, a veteran of the Obama administration, Conway remarked that the former top aide understood the trials of working on an intense national campaign and clinching a major election victory."You know that euphoric feeling. You know your band of brothers and sisters in a campaign like that," she said."Why not just stay together like that? Almost from the moment, Donald Trump won, Jared was trying to ice me out in transition, in the White House. My life was hard enough. I'm a mom of four kids at the time — 7, 8, 12, and 12 — four sucky ages for Mom to go into the White House," she added.Conway emphasized that ultimately it was important for those in Trump's orbit to work together to get things accomplished."I could have used a little more support and a little less interference," she told Axelrod. "This wasn't about me. This was about the president asking people to get along."In her new memoir, "Here's the Deal," Conway described Kushner as a "shrewd and calculating" individual and "a man of knowing nods, quizzical looks, and sidebar inquiries.""There was no subject he considered beyond his expertise. Criminal justice reform. Middle East peace. The southern and northern borders. Veterans and opioids. Big Tech and small business," she wrote in the book."He misread the Constitution in one crucial respect, thinking that all power not given to the federal government was reserved to him. He never put it like that exactly, not in so many words. But that was how he always carried himself, secure in the knowledge that no matter how disastrous a personnel change or legislative attempt may be, he was highly unlikely to be held accountable for it," she added.During a May appearance on ABC's "The View," Conway poked at Kushner's oversight in the Trump White House."Some days felt like this extended, chaotic, 'take your kid to work day' when Jared was in charge of everything," she said on the daytime talk show.Read the original article on Business Insider.....»»

Category: topSource: businessinsider14 hr. 14 min. ago

Asure Announces Fourth Quarter and Full Year 2021 Results

AUSTIN, March 14, 2022 (GLOBE NEWSWIRE) -- Asure Software, Inc. (NASDAQ:ASUR), a leading provider of cloud-based Human Capital Management ("HCM") software solutions, reported results for the fourth quarter and year ended December 31, 2021. "Our fourth quarter and full year results show the many benefits of our growth strategy," said Chairman and CEO, Pat Goepel. "We continue to execute determinedly on the key priorities that we believe will drive future revenues and value creation. These priorities include a resolute focus on enhancing organic revenue growth, on executing acquisitions in our core target markets to build scale and profitability, on investments in sales and marketing to drive future revenue and on product and platform innovations that add value for our customers. Our strategy drove 29% annual growth in revenues in the fourth quarter and enabled Non-GAAP EBITDA to more than double relative to prior year." "We have accelerated the pace of product and platform innovations in key areas that help our clients enhance their engagement with their employees, which is becoming even more critical in today's labor market. In the last few months, we have introduced new benefits administration solutions with Employee Navigator, new secure check cashing solutions for unbanked employees with Certegy and have partnered with Jackson Lewis law firm to bring our clients new employment law expertise. We have also enhanced our tax, HR consulting, treasury management and core payroll user experience, including same-day-pay. We are delighted to have introduced these compelling new capabilities for our valued customers and their employees. We will continue to focus on innovation for our clients while enhancing value creation for our stakeholders and expect to have additional announcements throughout the year as we progress." Fourth Quarter and Full Year 2021 Key Highlights Revenue of $21.1 million, up 29% from the prior year's quarter, and up 17% sequentially; Non-GAAP EBITDA of $2.4 million, up 110% from last year's quarter and up 96% sequentially; Non-GAAP net income of $498 thousand compared with a net loss of $69 thousand in the prior year's quarter; Revenues were driven by acquisitions of two payroll businesses in September 2021 as well as 5% organic growth; Total bookings were up 7% from the prior year's quarter, and up 29% for the twelve months ended compared to 2020.   Three Months Ended   Year Ended in thousands, except per share data December 31, 2021   December 31, 2020   Variance   December 31, 2021   December 31, 2020   Variance REVENUE                         GAAP Revenue $ 21,113     $ 16,430     29 %   $ 76,064     $ 65,507     16 %                             GROSS PROFIT                           GAAP Gross Profit $ 13,259     $ 9,806     35 %   $ 46,564     $ 38,093     22 % GAAP Gross Margin   63 %     60 %   n/a       61 %     58 %   n/a   Non-GAAP Gross Profit $ 14,344     $ 10,912     31 %   $ 51,337     $ 42,477     21 % Non-GAAP Gross Margin   68 %     66 %   n/a       67 %     65 %   n/a                               EARNINGS                           GAAP Net income (loss) $ (4,301 )   $ (5,841 )   26 %   $ 3,193     $ (16,311 )   NM   GAAP Net income (loss) per share $ (0.22 )   $ (0.36 )   39 %   $ 0.17     $ (1.03 )   NM   Non-GAAP Net income (loss) $ 498     $ (69 )   NM     $ 2,495     $ 3,260     (23 )% Non-GAAP Net income (loss) per share $ 0.02     $ 0.00     NM     $ 0.13     $ 0.20     (35 )%                             EBITDA                           EBITDA $ 1,456     $ (1,558 )   NM     $ 22,280     $ (232 )   NM   EBITDA Margin   7 %     (9 )%   n/a       29 %     — %   n/a   Non-GAAP EBITDA $ 2,405     $ 1,144     110 %   $ 8,119     $ 7,850     3 % Non-GAAP EBITDA Margin   11 %     7 %   n/a       11 %     12 %   n/a   NM indicates Not Meaningful Information Non-GAAP financial measures are reconciled to GAAP in the tables set forth in this release Note that first quarters are seasonally strong as recurring year-end W2/ACA revenue is recognized in this period Financial Commentary "Asure posted record fourth quarter revenues and non-GAAP EBITDA since we became a pure-play HCM solutions provider," said CFO John Pence. "Our non-GAAP Gross Margins grew consistently throughout 2021, reaching 68% for the full year versus 65% in 2020. Our non-GAAP EBITDA performance was also significant with our fourth quarter EBITDA more than doubling relative to prior year. We improved our non-GAAP EBITDA margins by 4% relative to prior year on the back of strong double-digit revenue growth. This margin expansion proves out the impact of scale and cost control as important levers for the business and shows we are executing to achieve higher levels of profitability." "We built momentum in the business throughout 2021 and we are pleased with how we ended the year," continued Mr. Pence. "Our progress provides a strong footing for 2022. We will continue to execute our key business priorities in 2022 and we feel this will enhance growth and value for our customers, their employees and our stakeholders." Asure Files for More Than $200M in Employee Retention Tax Credits Stimulus on Behalf of Clients Asure Software, Inc. announced in February 2022 that it has filed for more than $200 million in stimulus on behalf of their clients as part of the Employee Retention Tax Credit (ERTC) program. "Getting this critical stimulus money in the hands of our clients is incredibly gratifying," said Pat Goepel, Chairman, and CEO of Asure. "Early in the pandemic, so much of the focus was on PPP loans and loan-forgiveness. But, because the ERTC program is more complex, many small and mid-sized businesses just didn't realize how much stimulus was available to them," added Goepel. Asure's ERTC Filing Service helps new and existing clients receive this stimulus. The program includes three key elements: Review Qualified Wages – With client's payroll data, Asure identifies eligible wages, including qualified health plan expenses. Calculate Credit Amount – Asure calculates eligible ERTC wages, taking into consideration the required offsets of wages paid with PPP funds. File Amended Returns – Asure processes the credits in our payroll system for audibility and files the necessary amended tax returns. Asure Partners With Jackson Lewis Law Firm to Help Growing Businesses Adapt to Changing Employment Laws Asure Software, Inc. announced in February 2022 that it has partnered with Jackson Lewis P.C. to provide vital HR compliance education to Asure's 80,000 client businesses via video webinars, podcasts, and articles. "Jackson Lewis is recognized as a national leader in HR and employment law," said Pat Goepel, Chairman and CEO of Asure. "Bringing their expertise to our clients is part of our vision to ‘Be the most trusted Human Capital Management resource to entrepreneurs everywhere.'" The most recent discussion, titled "Key New Employment Laws in 2022," centered on the profound legal changes impacting small and mid-sized businesses in 2022 and beyond. Brian J. Shenker, of counsel with Jackson Lewis, provided actionable updates on the topics of Non-Compete Agreements Paid Family Leave Laws Anti-Discrimination Laws (Including COVID-19 issues) Employee Privacy and Surveillance Laws Asure's Payroll Fintech Powers New Treasury System to Deliver Added Value to Business Customers Asure Software, Inc. announced in January 2022 the launch of an advanced Treasury Management System to bring world-class automation to its preparation and reconciliation of business customers' daily cash position. "Automating the ins and outs of money movement and the reconciliation of payroll funds in our new Treasury System sets us up to take advantage of the fintech megatrends shaping the future of payroll like same-day-pay, alternate currencies, and an Asure Wallet," said Pat Goepel, Chairman, and CEO of Asure. "We also now have more transparency into our business than ever before which allows us to make more strategic investment decisions with client funds." Asure's Treasury System provides real-time visibility into the Treasury function with an array of stakeholder dashboards. This new enterprise software creates a single interface that captures money movement from multiple platforms and provides instant visibility for File Transmissions, Returns, and Reconciliations that all sync with General Ledger, Balance Sheet, and Dashboards through APIs. Asure's New Technology Integration With Certegy Helps Businesses Offer Secure, Convenient, and Lower-Fee Check Cashing for Unbanked Employees Asure Software, Inc. announced in January 2022 a new partnership with Certegy, a leading provider of payment and risk management technology for retailers and financial institutions. Connecting Asure's 80,000+ Payroll and HR business customers with Certegy's Positive Pay program enables these businesses to now offer their unbanked employees more options when cashing their paper checks. In turn, this increases our business customers' ability to retain and recruit employees. Certegy's Positive Pay program enables quick approval for checks on record while preventing fraud. The information provided by check issuers is used to validate checks upon presentment at 100,000+ retailers throughout the US. This validation process greatly reduces risk for check cashing retailers, which allows these retailers to assess a lower check-cashing fee to customers of enrolled companies. Certegy's Positive Pay program protects check issuers from fraud while offering consumers hassle-free access to funds through a fast, frictionless check cashing experience. Guidance We are providing the following guidance for the first quarter of 2022 and fiscal year 2022 based on our fourth quarter results and our recent acquisitions. This outlook is offered with the backdrop of a stabilizing but still challenging environment to predict future economic results given fluctuations in employment trends, COVID-19 and the other political and economic challenges of today and considers the impact of recent acquisitions. First Quarter, 2022           Revenue $ 23.25 million — $ 23.75 million Non-GAAP EBITDA $ 3.3 million — $ 3.5 million Non-GAAP EPS $ 0.04 — $ 0.06             Fiscal Year, 2022           Revenue $ 85.0 million — $ 90.0 million We anticipate fiscal year 2022 Non-GAAP EBITDA Margin percentage to be in line with historical percentages and seasonal trends. Conference Call Details Asure management will host a conference call Monday, March 14, 2022 at 4:30pm Eastern / 3:30pm Central. Asure Chairman and CEO Pat Goepel and CFO John Pence will participate conference call followed by a question-and-answer session. The conference call will be broadcast live and available for replay via the investor relations section of the Company's website. Analysts may participate on the conference call by dialing (877) 853-5636 (U.S.) or (631) 291-4544 (outside the U.S.). The conference ID is 5470356. About Asure Software, Inc. Asure (NASDAQ:ASUR) is a leading provider of HCM software solutions. We help small and mid-sized companies grow by assisting them in building better teams with skills to stay compliant with ever-changing federal, state, and local tax jurisdictions and labor laws, and better allocate cash so they can spend their financial capital on growing their business rather than back-office overhead expenses. Asure's Human Capital Management suite, named Asure HCM, includes cloud-based Payroll, Tax Services, and Time & Attendance software as well as HR services ranging from HR projects to completely outsourcing payroll and HR staff. We also offer these products and services through our network of reseller partners. Visit us at asuresoftware.com. Non-GAAP Financial Measures This press release includes information about Non-GAAP Net Income (Loss), Non-GAAP Net Income (Loss) per share, Non-GAAP tax rates, Non-GAAP gross profit, Non-GAAP gross profit margin, EBITDA, EBITDA margin, Non-GAAP EBITDA, and Non-GAAP EBITDA margin (collectively the "Non-GAAP financial measures"). These Non-GAAP financial measures are measurements of financial performance that are not prepared in accordance with U.S. generally accepted accounting principles and computational methods may differ from those used by other companies. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with the Company's Consolidated Financial Statements prepared in accordance with GAAP. Non-GAAP financial measures are reconciled to GAAP in the tables set forth in this release. EBITDA differs from GAAP Net Income (Loss) in that it excludes items such as interest, tax, depreciation, and amortization. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Non-GAAP EBITDA differs from EBITDA in that it excludes share-based compensation, and one-time expenses. Asure is unable to predict with reasonable certainty the ultimate outcome of these exclusions without unreasonable effort. Non-GAAP Net Income (Loss) per share differs from GAAP Net Income (Loss) per share in that it assumes a 0% Non-GAAP tax rate, uses diluted share counts, and excludes items such as amortization, share-based compensation, and one-time expenses. Non-GAAP gross profit differs from GAAP gross profit in that it excludes amortization, share-based compensation, and one-time items. All Non-GAAP measures presented as "margin" are computed by dividing the applicable Non-GAAP financial measure by total revenue. Management uses both GAAP and Non-GAAP measures when planning, monitoring, and evaluating the Company's performance. The primary purpose of using Non-GAAP measures is to provide supplemental information that may prove useful to investors and to enable investors to evaluate the Company's results in the same way management does. Management believes that supplementing GAAP disclosure with Non-GAAP disclosure provides investors with a more complete view of the Company's operational performance and allows for meaningful period-to-period comparisons and analysis of trends in the Company's business. Further, to the extent that other companies use similar methods in calculating Non-GAAP measures, the provision of supplemental Non-GAAP information can allow for a comparison of the Company's relative performance against other companies that also report Non-GAAP operating results. Specifically, management is excluding the following items from its Non-GAAP earnings per share, as applicable, for the periods presented in the fourth quarter and year ended 2021 financial statements:   Share-Based Compensation Expenses. The Company's compensation strategy includes the use of share-based compensation to attract and retain employees and executives. It is principally aimed at aligning their interests with those of our stockholders and at long-term employee retention, rather than to motivate or reward operational performance for any particular period. Thus, share-based compensation expense varies for reasons that are generally unrelated to operational decisions and performance in any particular period.Amortization of Purchased Intangibles. The Company views amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company's research and development efforts, trade names, customer lists and customer relationships, and acquired lease intangibles, as items arising from pre-acquisition activities determined at the time of an acquisition. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangibles is a static expense, one that is not typically affected by operations during any particular period.Income Tax Effects and Adjustments. Beginning in first quarter 2018, the Company started using a fixed projected Non-GAAP tax rate in order to provide better consistency across the interim reporting periods by eliminating the effects of items such as changes in the tax valuation allowance and non-cash tax effects of acquired goodwill and amortization, since each of these can vary in size and frequency. This tax rate could be subject to change for a variety of reasons, such as significant changes in the acquisition activity or fundamental tax law changes in major jurisdictions where the Company operates. The Company re-evaluates this tax rate on an annual basis or when any significant events that may materially affect this rate occur. The Non-GAAP tax rate is currently projected to be approximately zero (0.0) percent.Amortization of Capitalized Internal-Use Software, Acquisition-Related, and One-Time Expenses. The Company's Non-GAAP financial measures exclude amortization of internal-use capitalized software costs and acquisition-related expenses as well as one-time expenses, such as material tax credits, material interest-expense credits, severance, recruitment, proforma adjustments of the impact of post-sale HCM restructuring, and relocation. Use of Forward-Looking Statements This press release contains forward-looking statements about our financial results, which may include expected GAAP and Non-GAAP financial and other operating and non-operating results, including revenue, net income, diluted earnings per share, operating cash flow growth, operating margin improvement, deferred revenue growth, expected revenue run rate, expected tax rates, share-based compensation expenses, amortization of purchased intangibles, amortization of debt discount and shares outstanding. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions, over many of which the Company has no control. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, the Company's results could differ materially from the results expressed or implied by the forward-looking statements we make. The risks and uncertainties referred to above include—but are not limited to—risks associated with possible fluctuations in the Company's financial and operating results; the Company's rate of growth and anticipated revenue run rate, including impact of the current environment, the spread of major epidemics (including COVID-19) and other related uncertainties such as government-imposed travel restrictions, interruptions to supply chains and extended shut down of businesses, political unrest, including the current issues between Russia and Ukraine, reductions in employment and an increase in business failures, specifically among our clients, the Company's ability to convert deferred revenue and unbilled deferred revenue into revenue and cash flow, and ability to maintain continued growth of deferred revenue and unbilled deferred revenue; errors, interruptions or delays in the Company's services or the Company's Web hosting; breaches of the Company's security measures; domestic regulatory developments, including changes to or applicability to our business of privacy and data securities laws, money transmitter laws and anti-money laundering laws; the financial and other impact of any previous and future acquisitions; the nature of the Company's business model, including risks related to government contracts; the Company's ability to continue to release, gain customer acceptance of and provide support for new and improved versions of the Company's services; successful customer deployment and utilization of the Company's existing and future services; changes in the Company's sales cycle; competition; various financial aspects of the Company's subscription model; unexpected increases in attrition or decreases in new business; the Company's ability to realize benefits from strategic partnerships and strategic investments; the emerging markets in which the Company operates; the Company's ability to hire, retain and motivate employees and manage the Company's growth; changes in the Company's customer base; technological developments; litigation and any related claims, negotiations and settlements, including with respect to intellectual property matters or industry-specific regulations; unanticipated changes in the Company's effective tax rate; regulatory pressures on economic relief enacted as a result of the COVID-19 pandemic that change or cause different interpretations with respect to eligibility for such programs; factors affecting the Company's term loan; fluctuations in the number of Company shares outstanding and the price of such shares; collection of receivables; interest rates; factors affecting the Company's deferred tax assets and ability to value and utilize them; the potential negative impact of indirect tax exposure; the risks and expenses associated with the Company's real estate and office facilities space; and general developments in the economy, financial markets, credit markets and the impact of current and future accounting pronouncements and other financial reporting standards. Further information on these and other factors that could affect the Company's financial results is included in the reports on Forms 10-K, 10-Q and 8-K, and in other filings we make with the SEC from time to time. These documents are available on the SEC Filings section of the Investor Information section of the Company's website at investor.asuresoftware.com. Asure Software assumes no obligation and does not intend to update these forward-looking statements, except as required by law. The forward-looking statements, including the financial guidance and 2021 outlook, contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. © 2022 Asure Software, Inc. All rights reserved. ASURE SOFTWARE, INC.CONSOLIDATED BALANCE SHEETS(in thousands)   December 31, 2021   December 31, 2020     ASSETS       Current assets:       Cash and cash equivalents $ 13,427     $ 28,577   Accounts receivable, net   5,308       3,848   Inventory   246       449   Prepaid expenses and other current assets   13,475       2,866   Total current assets before funds held for clients   32,456       35,740   Funds held for clients   217,376       321,069   Total current assets   249,832       356,809   Property and equipment, net   8,945       8,281   Goodwill   86,011       73,958   Intangible assets, net   78,573       64,552   Operating lease assets, net   5,748       6,450   Other assets, net   4,136       3,952   Total assets $ 433,245     $ 514,002   LIABILITIES AND STOCKHOLDERS' EQUITY       Current liabilities:       Current portion of notes payable $ 1,907     $ 12,310   Accounts payable   565       1,288   Accrued compensation and benefits   3,568       2,916   Operating lease liabilities, current   1,551       1,833   Other accrued liabilities   2,436       1,380   Contingent purchase consideration   1,905       3,880   Deferred revenue   3,750       4,416   Total current liabilities before client fund obligations   15,682       28,023   Client fund obligations   217,144       320,578   Total current liabilities   232,826       348,601   Long-term liabilities:    .....»»

Category: earningsSource: benzingaMar 14th, 2022

How The "Grand Chessboard" Led To US Checkmate In Afghanistan

How The "Grand Chessboard" Led To US Checkmate In Afghanistan Authored by Max Parry via Off-Guardian.org, Nearly as suspenseful as the Taliban’s meteoric return to power after the final withdrawal of American armed forces from Afghanistan is the uncertainty over what will come next amid the fallout... Many have predicted that Russia and China will step in to fill the power vacuum and convince the facelift Taliban to negotiate a power-sharing agreement in exchange for political and economic support, while others fear a descent into civil war is inevitable. Although Moscow and Beijing potentially stand to gain from the humiliating US retreat by pushing for an inclusive government in Kabul, the rebranded Pashtun-based group must first be removed as a designated terrorist organization. Neither wants to see Afghanistan worsen as a hotbed of jihad, as Islamist separatism already previously plagued Russia in the Caucasus and China is still in the midst of an ongoing ethnic conflict in Xinjiang with Uyghur Muslim secessionists and the Al Qaeda-linked Turkestan Islamic Party. At this point everyone recognizes the more serious extremist threat lies not with the Taliban but the emergence of ISIS Khorasan or ISIS-K, the Islamic State affiliate blamed for several recent terror attacks including the August 26th bombings at Hamid Karzai International Airport in the Afghan capital which killed 13 American service members and more than a 100 Afghans during the US drawdown. Three days later, American commanders ordered a retaliatory drone strike targeting a vehicle which they claimed was en route to detonate a suicide bomb at the same Kabul airport. For several days, the Pentagon falsely maintained that the aerial assault successfully took out two ISIS-K militants and a servile corporate media parroted these assertions unquestioningly, including concocting a totally fictitious report that the blast consisted of “secondary explosions” from devices already inside the car intended for use in an act of terror. Two weeks later, US Central Command (CENTCOM) was forced to apologize and admit the strike was indeed a “tragic mistake” which errantly killed ten innocent civilians — all of whom were members of a single family including seven children — while no Daesh members were among the dead. This distortion circulated in collusion between the endless war machine and the media is perhaps only eclipsed by the alleged Russian-Taliban bounty program story in its deceitfulness. If any Americans were aware of ISIS-K prior to the botched Kabul airstrike, they likely recall when former US President Donald Trump authorized the unprecedented use of a Massive Ordnance Air Blast bomb, informally referred to as the “Mother Of All Bombs”, on Islamic State militants in Nangarhar Province back in 2017. Reportedly, Biden’s predecessor had to be shown photos from the 1970s of Afghan girls wearing miniskirts by his National Security Advisor, HR McMaster, to renege on his campaign pledge of ending the longest war in US history. As it happens, the ISIS Khorasan fighters extinguished by the MOAB were sheltered at an underground tunnel complex near the Pakistani border that was built by the CIA back in the 1980s during the Afghan-Soviet war. Alas, the irony of this detail was completely lost on mainstream media whose proclivity to treat Pentagon newspeak as gospel has been characteristic of not only the last twenty years of US occupation but four decades of American involvement in Afghanistan since Operation Cyclone, the covert Central Intelligence Agency plan to arm and fund the mujahideen, was launched in 1979. Frank Wisner, the CIA official who established Operation Mockingbird, the agency’s extensive clandestine program to infiltrate the news media for propaganda purposes during the the Cold War, referred to the press as it’s “Mighty Wurlitzer”, or a musical instrument played to manipulate public opinion. Langley’s recruitment of assets within the fourth estate was one of many illicit activities by the national security apparatus divulged in the limited hangout of the Church Committee during the 1970s, along with CIA complicity in coups, assassinations, illegal surveillance, and drug-induced brainwashing of unwitting citizens. At bottom, it wasn’t just the minds of human guinea pigs that ‘The Company’ sought to control but the news coverage consumed by Americans as well. In his testimony before a congressional select committee, Director of Central Intelligence William Colby openly acknowledged the use of spooks in journalism, as seen in the award-winning documentary Inside the CIA: On Company Business (1980). Unfortunately, the breadth of the secret project and its vetting of journalists wasn’t fully revealed until an article by Carl Bernstein of Watergate fame appeared in Rolling Stone magazine, whereas the series of official investigations only ended up salvaging the deep state by presenting such wrongdoings as rogue “abuses” rather than an intrinsic part of espionage in carrying out US foreign policy. The corrupt institution of Western media also punishes anyone within its ranks who dares to swim against the current. The husband and wife duo of Paul Fitzgerald and Elizabeth Gould, authors of a new memoir which illuminates the real story of Afghanistan, were two such journalists who learned just how the sausage is made in the nation’s capital with the connivance of the yellow press. Both veterans of the peace movement, Paul and Liz were initially among those who naively believed that America’s humiliation in Vietnam and the well-publicized hearings which discredited the intelligence community might lead to a sea change in Washington with the election of Jimmy Carter in 1976. In hindsight, there was actually good reason for optimism regarding the prospect for world peace in light of the arms reduction treaties and talks between the US and Moscow during the Nixon and Ford administrations, a silver lining to Henry Kissinger’s ‘realist’ doctrine of statecraft. However, any glimmer of hope in easing strained relations between the West and the Soviet Union was short-lived, as the few voices of reason inside the Beltway presuming good faith on the part of Moscow toward détente and nuclear proliferation were soon challenged by a new bellicose faction of DC think tank ghouls who argued that diplomacy jeopardized America’s strategic position and that the USSR sought global dominion. Since intelligence assessments inconveniently contradicted the claims of Soviet aspirations for strategic superiority, CIA Director George H.W. Bush consulted the purported expertise of a competitive group of intellectual warmongers known as ‘Team B’ which featured many of the same names later synonymous with the neoconservative movement, including Richard Pipes, Paul Wolfowitz and Richard Perle. Bush, Sr. had replaced the aforementioned Bill Colby following the notorious “Halloween Massacre” firings in the Gerald Ford White House, a political shakeup which also included Kissinger’s ouster as National Security Advisor and the promotion of a young Donald Rumsfeld to Secretary of Defense with his pupil, one Richard B. Cheney, named Chief of Staff. This proto-neocon soft coup allowed Team B and its manipulated estimates of the Soviet nuclear arsenal to undermine the ongoing Strategic Arms Limitation Talks (SALT) between Washington and the Kremlin until Jimmy Carter and Leonid Brezhnev finally signed a second comprehensive non-proliferation treaty in June 1979. The behind-the-scenes split within the foreign policy establishment over which dogma would set external policymaking continued wrestling for power before the unipolarity of Team B prevailed thanks to the machinations of Carter’s National Security Advisor, Zbigniew Brzezinski. If intel appraisals of Moscow’s intentions and military capabilities didn’t match the Team B thesis, the Polish-American strategist devised a scheme to lure the USSR into a trap in Afghanistan to give the appearance of Soviet expansionism in order to convince Carter to withdraw from SALT II the following year and sabotage rapprochement. By the time it surfaced that the CIA was supplying weapons to Islamist insurgents in the Central Asian country, the official narrative dispensed by Washington was that it was aiding the Afghan people fight back against an “invasion” by the Red Army. Ironically, this was the justification for a proxy conflict which resulted in the deaths of at least 2 million civilians and eventually collapsed the socialist government in Kabul, setting off a bloody civil war and the emergence of the Taliban. Even so, it was the media which helped manage the perception that the CIA’s covert war began only after the Soviets had intervened. Meanwhile, the few honest reporters who tried to unveil the truth about what was happening were silenced and relegated to the periphery. Paul Fitzgerald and Elizabeth Gould were the first two American journalists permitted entry into the Democratic Republic of Afghanistan in 1981 by the Moscow-friendly government since Western correspondents had been barred from the country. What they witnessed firsthand on the ground could not have contrasted more sharply from the accepted tale of freedom fighters resisting a communist “occupation” disseminated by propaganda rags. Instead, what they discovered was an army of feudal tribesman and fanatical jihadists who blew up schools and doused women with acid as they waged a holy war against an autonomous, albeit flawed, progressive government in Kabul enacting land reforms and providing education for girls. In addition, they learned the Soviet military presence was being deliberately exaggerated by major outlets who either outright censored or selectively edited their exclusive accounts, beginning with CBS Evening News and later ABC’s Nightline. Not long after the Taliban established an Islamic emirate for the first time in the late 1990s, Brzezinski himself would shamelessly boast that Operation Cyclone had actually started in mid-1979 nearly six months prior to the deployment of Soviet troops later that year. Fresh off the publication of his book The Grand Chessboard: American Primacy and Its Geostrategic Imperatives, the Russophobic Warsaw-native told the French newspaper Le Nouvel Observateur in 1998: Question: The former director of the CIA, Robert Gates, stated in his memoirs that the American intelligence services began to aid the Mujaheddin in Afghanistan six months before the Soviet intervention. Is this period, you were the National Security Advisor to President Carter. You therefore played a key role in this affair. Is this correct? Brzezinski: Yes. According to the official version of history, CIA aid to the Mujaheddin began during 1980, that is to say, after the Soviet army invaded Afghanistan on December 24, 1979. But the reality, closely guarded until now, is completely otherwise: Indeed, it was July 3, 1979 that President Carter signed the first directive for secret aid to the opponents of the pro-Soviet regime in Kabul. And that very day, I wrote a note to the president in which I explained to him that in my opinion this aid was going to induce a Soviet military intervention. Q: Despite this risk, you were an advocate of this covert action. But perhaps you yourself desired this Soviet entry into the war and looked for a way to provoke it? B: It wasn’t quite like that. We didn’t push the Russians to intervene, but we knowingly increased the probability that they would. Q: When the Soviets justified their intervention by asserting that they intended to fight against secret US involvement in Afghanistan , nobody believed them. However, there was an element of truth in this. You don’t regret any of this today? B: Regret what? That secret operation was an excellent idea. It had the effect of drawing the Russians into the Afghan trap and you want me to regret it? The day that the Soviets officially crossed the border, I wrote to President Carter, essentially: “We now have the opportunity of giving to the USSR its Vietnam war.” Indeed, for almost 10 years, Moscow had to carry on a war that was unsustainable for the regime , a conflict that bought about the demoralization and finally the breakup of the Soviet empire. Q: And neither do you regret having supported Islamic fundamentalism, which has given arms and advice to future terrorists? B: What is more important in world history? The Taliban or the collapse of the Soviet empire? Some agitated Muslims or the liberation of Central Europe and the end of the Cold War? If this stunning admission straight from the horse’s mouth is too candid to believe, Fitzgerald and Gould obtain confirmation of Brzezinski’s Machiavellian confession from one of their own skeptics. Never mind that Moscow’s help had been requested by the legitimate Afghan government to defend itself against the US dirty war, a harbinger of the Syrian conflict more than three decades later when Damascus appealed to Russia in 2015 for military aid to combat Western-backed “rebel” groups. Paul and Liz also uncover CIA fingerprints all over the suspicious February 1979 assassination of Adolph Dubs, the American Ambassador to Afghanistan, whose negotiation attempts may have inadvertently thrown a wrench into Brzezinski’s ploy to draw the USSR into a quagmire. Spurring Carter to give his foreign policy tutor the green light to finance the Islamist proxies, the timely kidnapping and murder of the US diplomat at a Kabul hotel would be pinned on the KGB and the rest was history. The journo couple even go as far as to imply the branch of Western intelligence likely responsible for his murder was an agent from the Safari Club, an unofficial network between the security services of a select group of European and Middle Eastern countries which carried out covert operations during the Cold War across several continents with ties to the worldwide drug trade and Brzezinski. Although he was considered to be of the ‘realist’ school of international relations like Kissinger, Brzezinski’s plot to engineer a Russian equivalent of Vietnam in Afghanistan increased the clout of neoconservatism in Washington, a persuasion that would later reach its peak of influence in the George W. Bush administration. In retrospect, the need for a massive military buildup to achieve Pax Americana promoted by the war hawks in Team B was a precursor to the influential “Rebuilding America’s Defenses” manifesto by the Project for the New American Century cabal preceding 9/11 and the ensuing US invasion of Afghanistan. Fitzgerald and Gould also historically trace the ideological roots of neoconservatism to its intellectual foundations in the American Trotskyist movement during the 1930s. If a deviated branch of Marxism seems like an unlikely origin source for the right-wing interventionist foreign policy of the Bush administration, its basis is not as unexpected as it may appear. In fact, one of the main reasons behind the division between the Fourth International and the Comintern was over the national question, since Trotsky’s theory of “permanent revolution” called for expansion to impose global revolution unlike Stalin’s “socialism in one country” position which respected the sovereignty and self-determination of nation states while still giving support to national liberation movements. The authors conclude by highlighting how the military overhaul successfully championed by the neoconservatives marked the beginning of the end for US infrastructure maintenance as well. With public attention currently focused on the pending Infrastructure Investment and Jobs Act to repair decaying industry at home just as the disastrous Afghan pullout has put President Joe Biden’s favorability at an all-time low, Fitzgerald and Gould truly connect all the dots between the decline of America as a superpower with Brzezinski and Team B. Even recent statements by Jimmy Carter himself were tantamount when he spoke with Trump about China’s economic success which he attributed to Beijing’s lack of wasteful spending on military adventures, an incredible irony given the groundwork for the defense budget escalation begun under Ronald Reagan was laid by Carter’s own foreign policy. Looking back, the spousal team note that the ex-Georgia governor did not need much coaxing after all to betray his promises as a candidate, considering his rise to the presidency was facilitated by his membership alongside Brzezinski in the Trilateral Commission, an elite Rockefeller-funded think tank. What is certain is that Paul and Liz have written an indispensable book that gives a level of insight into the Afghan story only attainable from their four decades of scholarly work on the subject. The Valediction: Three Nights of Desmond is now available from Trine Day Press and the timing of its release could not offer better context to recent world events. Tyler Durden Thu, 11/18/2021 - 23:40.....»»

Category: blogSource: zerohedgeNov 19th, 2021

Celestica Announces Third Quarter 2021 Financial Results

(All amounts in U.S. dollars.Per share information based on dilutedshares outstanding unless otherwise noted.) TORONTO, Oct. 25, 2021 (GLOBE NEWSWIRE) -- Celestica Inc. (TSX:CLS) (NYSE:CLS), a leader in design, manufacturing and supply chain solutions for the world's most innovative companies, today announced financial results for the quarter ended September 30, 2021 (Q3 2021)†. "Celestica's strong third quarter performance reflects our consistent execution and the resiliency of our business, as we continue to successfully navigate challenges related to the pandemic and the global supply chain. Our non-IFRS operating margin* of 4.2% marks our seventh consecutive quarter of year-to-year improvement, and represents the highest operating margin in Celestica's history as a publicly-traded company," said Rob Mionis, President and CEO, Celestica. "Our performance in recent quarters serves as a validation of our long-term strategy and transformation actions in the face of a challenging and constantly evolving business environment." "The fourth quarter of 2021 serves as an important inflection point in our business, as our focus now turns squarely to growth and maintaining the momentum we've built in recent quarters. We remain on track to complete our acquisition of PCI in November. Achievement of our revenue guidance for the fourth quarter of 2021 will represent a return to top-line growth, and achievement of our non-IFRS operating margin* mid-point guidance of 4.5% will set a new high-water mark for our business. As we approach the final months of 2021, we believe we are well positioned to continue building on our success, and we reaffirm our strong outlook for 2022." Q3 2021 Highlights Revenue: $1.47 billion, decreased 5% compared to $1.55 billion for the third quarter of 2020 (Q3 2020); Revenue of our non-Cisco business** increased 6% compared to Q3 2020. Operating margin (non-IFRS)*: 4.2%, compared to 3.9% for Q3 2020. ATS segment revenue: increased 12% compared to Q3 2020; ATS segment margin was 4.3%, compared to 3.7% for Q3 2020. CCS segment revenue: decreased 14% compared to Q3 2020; CCS segment margin was 4.1%, compared to 4.0% for Q3 2020; Non-Cisco CCS revenue*** increased 2% compared to Q3 2020. Lifecycle Solutions portfolio revenue (combined ATS segment and HPS revenue): increased 15% compared to Q3 2020, and represented 60% of total revenue, compared to 50% of total revenue for Q3 2020. IFRS earnings per share (EPS): $0.28, compared to $0.24 per share for Q3 2020. Adjusted EPS (non-IFRS)*: $0.35, compared to $0.32 for Q3 2020. Adjusted return on invested capital (non-IFRS)*: 15.2%, flat compared to Q3 2020. Free cash flow (non-IFRS)*: $27.1 million, compared to $15.8 million for Q3 2020. Repurchased and cancelled 2.1 million subordinate voting shares for $17.2 million under our normal course issuer bid (NCIB). Q4 2021 Guidance Our fourth quarter of 2021 (Q4 2021) guidance assumes consummation of the acquisition of PCI Private Limited (PCI) (described below) in November 2021, and incorporates our estimated impact of supply chain constraints. IFRS revenue: $1.425 billion to $1.575 billion Operating margin (non-IFRS)*: 4.5% at the mid-point of our revenue and non-IFRS adjusted EPS guidance ranges Adjusted SG&A (non-IFRS)*: $62 million to $64 million Adjusted EPS (non-IFRS)*: $0.35 to $0.41 For Q4 2021, we expect a negative $0.11 to $0.17 per share (pre-tax) aggregate impact on net earnings on an IFRS basis for employee SBC expense, amortization of intangible assets (excluding computer software), and restructuring charges, and an non-IFRS adjusted effective tax rate of approximately 19% (which does not account for foreign exchange impacts or any unanticipated tax settlements). Full-Year 2021 Commentary We believe that 2021 is on track to be a successful year for Celestica, and one where we make meaningful progress towards the achievement of our long-term strategic objectives. Achievement of the mid-point of our guidance ranges for Q4 2021 (see above), would represent the following financial accomplishments for 2021: Adjusted EPS (non-IFRS)* of $1.24, compared to $0.98 for 2020, a growth rate of 27% Operating margin (non-IFRS)* of 4.0%, compared to 3.5% for 2020, an improvement of 50 basis points Non-Cisco business revenue** growth of 7% compared to 2020 Lifecycle Solutions portfolio revenue concentration of approximately 60%, compared to 51% for 2020 The foregoing commentary represents operating measures that would result if the mid-point of our Q4 2021 guidance ranges are achieved, and are not intended to be projections or forecasts of future performance. Our future performance is subject to risks, uncertainties and other factors that could cause actual outcomes and results to differ materially those described in this section. 2022 Outlook As we look to 2022, we expect the markets to remain dynamic. However, we believe that secular tailwinds in several of our end markets, strong operational performance and the ramping of new programs bode well for Celestica. Assuming the severity of supply chain constraints expected for the remainder of 2021 do not significantly worsen, and consummation of the PCI acquisition (see below) in November 2021, we anticipate the following for 2022: IFRS revenue to grow to at least $6.3 billion Operating margin (non-IFRS)* in the range of 4.0% to 5.0% Adjusted EPS (non-IFRS)* to increase by at least 20% compared to 2021 We do not provide reconciliations for forward-looking non-IFRS financial measures, as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of our control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking IFRS financial measure. For these same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-IFRS financial measures may vary materially from the corresponding IFRS financial measures. See Schedule 1 for the definitions of the foregoing non-IFRS financial measures, and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures. Also see "Non-IFRS Supplementary Information" below. † Celestica has two operating and reportable segments - Advanced Technology Solutions (ATS) and Connectivity & Cloud Solutions (CCS). Our ATS segment consists of our ATS end market, and is comprised of our Aerospace and Defense (A&D), Industrial, Energy, HealthTech and Capital Equipment (semiconductor, display, and power & signal distribution equipment) businesses. Our CCS segment consists of our Communications and Enterprise (servers and storage) end markets. Segment performance is evaluated based on segment revenue, segment income and segment margin (segment income as a percentage of segment revenue). See note 26 to our 2020 audited consolidated financial statements, included in our Annual Report on Form 20-F for the year ended December 31, 2020 (2020 20-F), available at www.sec.gov and www.sedar.com, for further detail. * Non-International Financial Reporting Standards (IFRS) financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar financial measures presented by other public companies that use IFRS or U.S. generally accepted accounting principles (GAAP). See "Non-IFRS Supplementary Information" below for information on our rationale for the use of non-IFRS financial measures, and Schedule 1 for, among other items, non-IFRS financial measures included in this press release, as well as their definitions, uses, and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures. We do not provide reconciliations for forward-looking non-IFRS financial measures, as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. See the paragraph after "2022 Outlook." ** total revenue from programs with customers other than Cisco Systems, Inc. (Cisco). *** aggregate CCS segment revenue from programs with customers other than Cisco. Summary of Selected Q3 2021 Results For information on the impact of coronavirus disease 2019 and related mutations (COVID-19) on our business in Q3 2021, see "Segment Updates" below and footnote (1) to the following table. Also see the "Recent Developments" section of each of our Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A) for Q3 2021, to be filed at www.sedar.com and www.sec.gov, and in Item 5 of our 2020 20-F.   Q3 2021 Actual (1)   Q3 2021 Guidance (2) IFRS revenue (in billions) $1.47   $1.40 to $1.55 IFRS EPS (1) $0.28   N/A IFRS earnings before income taxes as a % of revenue 3.0%   N/A Non-IFRS operating margin 4.2%   4.0% at the mid-point of ourrevenue and non-IFRS adjustedEPS guidance ranges IFRS SG&A (in millions) $62.0   N/A Non-IFRS adjusted SG&A (in millions) $56.5   $56 to $58 Non-IFRS adjusted EPS $0.35   $0.30 to $0.36 (1) IFRS EPS of $0.28 for Q3 2021 included an aggregate charge of $0.10 (pre-tax) per share for employee stock-based compensation (SBC) expense, amortization of intangible assets (excluding computer software), and restructuring charges. See the tables in Schedule 1 and note 8 to our September 30, 2021 unaudited interim condensed consolidated financial statements (Q3 2021 Interim Financial Statements) for per-item charges. This aggregate charge was within our Q3 2021 guidance range of between $0.09 and $0.15 per share for these items. IFRS EPS for Q3 2021 included a $0.04 per share positive impact attributable to a deferred tax recovery recorded in connection with the revaluation of certain temporary differences using the future effective tax rate of our Thailand subsidiary related to the forthcoming reduction of the income tax exemption rate in 2022 under an applicable tax incentive (Revaluation Impact) (see note 9 to our Q3 2021 Interim Financial Statements), and a $0.03 per share positive impact attributable to net other recoveries (consisting most significantly of a $0.07 per share positive impact attributable to legal recoveries, offset in part by a $0.05 per share negative impact attributable to Acquisition Costs, as described in note 8 to our Q3 2021 Interim Financial Statements), all offset in part by a $0.05 per share negative impact attributable to estimated COVID-19 Costs, net of $1 million of recognized COVID Subsidies (each defined below). IFRS EPS of $0.24 for Q3 2020 included a $0.06 per share negative impact attributable to estimated COVID-19 Costs and a $0.03 per share negative impact attributable to restructuring charges, more than offset by a $0.085 per share positive impact attributable to approximately $11 million of recognized COVID-19-related government subsidies, grants and credits (COVID Subsidies) and $0.3 million of customer recoveries related to COVID-19 (Customer Recoveries), and a $0.05 per share positive impact to reflect SBC expense reversals recorded in Q3 2020 to reflect a reduction in the estimated number of certain share-based awards that were expected to vest in January 2021 (SBC Reversal). IFRS EPS of $0.57 for the first three quarters of 2021 (YTD 2021) included a $0.17 per share negative impact attributable to estimated COVID-19 Costs, and a $0.02 per share negative impact attributable to net other charges (consisting most significantly of a $0.06 per share negative impact attributable to net restructuring charges and a $0.04 per share negative impact attributable to Acquisition Costs, offset in part by an $0.08 per share positive impact attributable to legal recoveries, as described in note 8 to our Q3 2021 Interim Financial Statements), all offset in part by a $0.09 per share positive impact attributable to approximately $11 million of recognized COVID Subsidies and $1 million of Customer Recoveries, as well as the $0.04 per share positive Revaluation Impact. IFRS EPS of $0.31 for the first three quarters of 2020 (YTD 2020) included a $0.22 per share negative impact attributable to estimated COVID-19 Costs, and a $0.15 per share negative impact attributable to restructuring charges, offset in part by a $0.21 per share positive impact attributable to approximately $26 million of recognized COVID Subsidies and $1 million in Customer Recoveries, as well as the $0.05 per share positive impact of the SBC Reversal. See Schedule 1 for the exclusions used to determine non-IFRS adjusted EPS for Q3 2021, Q3 2020, YTD 2021 and YTD 2020. COVID-19 Costs consist of both direct and indirect costs, including manufacturing inefficiencies related to lost revenue due to our inability to secure materials, idled labor costs, and incremental costs for labor, expedite fees and freight premiums, cleaning supplies, personal protective equipment, and/or IT-related services to support our work-from-home arrangements. (2) For Q3 2021, our revenue was at the mid-point of our guidance range, our non-IFRS adjusted EPS was towards the high end of our guidance range, and our non-IFRS operating margin exceeded the mid-point of our revenue and non-IFRS adjusted EPS guidance ranges. Non-IFRS adjusted SG&A for Q3 2021 was within our guidance range and our non-IFRS adjusted effective tax rate for Q3 2021 was 19% (compared to our anticipated estimate of approximately 20%). Q3 2021 non-IFRS operating margin and adjusted EPS benefited from strong performance in both of our segments, despite adverse revenue impacts attributable to materials shortages. See "Non-IFRS Supplementary Information" below for information on our rationale for the use of non-IFRS financial measures, and Schedule 1 for, among other items, non-IFRS financial measures included in this press release, as well as their definitions, uses, and a reconciliation of historical non-IFRS financial measures to the most directly comparable IFRS financial measures. Segment Updates ATS Segment: ATS segment revenue increased 12% in Q3 2021 compared to Q3 2020, driven by strong revenue growth in our Capital Equipment and HealthTech businesses, and the continuing recovery in our Industrial business. These increases more than offset continued softness in the commercial aerospace portion of our A&D business related to COVID-19. Also see "Supply Chain and Workforce Constraints" below for a description of the estimated adverse impact of such matters on ATS segment revenue in Q3 2021 and the prior year period. We remain on track to achieve our target of 10% revenue growth in our ATS segment in 2021 as compared to 2020. ATS segment margin increased to 4.3% in Q3 2021 compared to 3.7% in Q3 2020, primarily due to profitable growth in our Capital Equipment business, which more than offset the impact of lower revenues in our A&D business. This marks the sixth consecutive quarter of sequential ATS segment margin expansion. We anticipate our ATS segment margin will enter our target range of 5% to 6% in Q4 2021. Revenue from our semiconductor Capital Equipment customers increased in Q3 2021 compared to Q3 2020. The growth was driven by continued strong end market demand, in combination with new program wins and market share gains. We expect continued strength in our Capital Equipment business in Q4 2021 and into 2022, and anticipate that revenue from our Capital Equipment business for 2021 will exceed $700 million, which would represent at least 30% growth over 2020. While A&D revenue in Q3 2021 was lower than in Q3 2020, primarily due to soft demand driven by the ongoing impact of COVID-19, headwinds have stabilized, resulting in modest sequential growth. Although we do not expect our commercial aerospace business to return to pre-COVID-19 levels in the near term, we expect modest sequential growth to continue in Q4 2021 and into 2022, supported by new program wins. During Q3 2021, revenue from our Industrial business increased compared to Q3 2020. Demand in our Industrial business continues to recover after being significantly impacted by COVID-19 in 2020. We expect year-over-year revenue and sequential growth in Q4 2021 supported by strong bookings and a general recovery in demand, as well as the addition of PCI assuming consummation of the acquisition in November 2021 as anticipated (see "PCI Acquisition" below). We expect PCI's portfolio, as well as our existing Industrial business, to achieve solid organic growth in 2022. HealthTech revenue increased in Q3 2021 compared to Q3 2020. While we expect to see some moderation in revenue growth in Q4 2021 due to softening demand in our COVID-19-related programs, we continue to expect our overall HealthTech business to grow in 2022, supported by the ramping of new non-COVID-related programs. CCS Segment: CCS segment revenue decreased in Q3 2021 compared to Q3 2020, primarily due to our disengagement from programs with Cisco Systems, Inc. (Cisco Disengagement), completed in the fourth quarter of 2020, as well as program-specific demand softness from certain server customers in our Enterprise end market. Also see "Supply Chain and Workforce Constraints" below for a description of the estimated adverse impact of such matters on CCS segment revenue in Q3 2021 and the prior year period. These decreases were partially offset by strong demand from service provider customers, including in our HPS business, as well as strength in demand from certain storage customers in our Enterprise end market. We expect that year-to-year Enterprise revenue declines will begin to stabilize in Q4 2021. Our HPS business recorded strong revenue growth in Q3 2021, increasing 22% to approximately $300 million compared to Q3 2020. CCS segment revenue from programs with customers other than Cisco increased 2% in Q3 2021 compared to Q3 2020, and increased 5% YTD 2021 compared to YTD 2020. Although total CCS segment revenue for 2021 is anticipated to decline compared to 2020, we currently expect approximately 20% revenue growth in our HPS business in 2021 compared to 2020, as HPS revenue is expected to exceed $1 billion for 2021. We also expect HPS revenue to increase by at least 10% in 2022 compared to 2021. Despite lower revenue levels, CCS segment margin improved to 4.1% in Q3 2021 compared to 4.0% in Q3 2020, primarily due to a more favorable mix, driven by our portfolio reshaping activities, and an increased concentration of revenue from our HPS business. This represents our sixth consecutive quarter with CCS segment margin above our target range. We expect CCS segment margin to exceed our 2% to 3% target range in Q4 2021, and to be at the high end of the target range, or slightly higher, for 2022. Supply Chain and Workforce Constraints: Global supply chain constraints, including as a result of COVID-19, continued to impact both of our segments in Q3 2021, resulting in extended lead times for certain components, and impacting the availability of materials required to support customer programs. However, our advanced planning processes, supply chain management, and collaboration with our customers and suppliers helped to partially mitigate the impact of these constraints on our revenue. We expect this pressure to persist in Q4 2021 and throughout 2022, particularly in our CCS segment. While we have incorporated these dynamics into our Q4 2021 guidance and 2022 annual outlook to the best of our ability, their adverse impact (in terms of duration and severity) cannot be estimated with certainty, and may be materially in excess of our expectations. As a result of recent resurgences of COVID-19 outbreaks, the governments of various jurisdictions have mandated periodic lockdowns or workforce constraints. However, because Celestica's operations have been considered an essential service by relevant local government authorities to date, our manufacturing sites have generally continued to operate in impacted countries (including Malaysia, Mexico, Thailand and Laos in Q3 2021), albeit at reduced capacities (due to reduced attendance, shift reductions or temporary shutdowns). Although these lockdowns and workforce constraints present a challenge to our business performance when in force, due to effective resource management and planning, we have been able to largely mitigate the impact of these actions to date on our manufacturing capacity and our revenues. We estimate that we had an aggregate adverse revenue impact of approximately $30 million in Q3 2021 as a result of supply chain constraints and, to a lesser extent, lockdowns/workforce constraints, consistent with Q2 2021. Such constraints adversely impacted revenue in our ATS segment by approximately $21 million and our CCS segment by approximately $9 million in Q3 2021 (Q3 2020 — approximately $16 million (ATS segment — approximately $7 million; CCS segment — approximately $9 million)). We also incurred approximately $7 million of estimated COVID-19 Costs during Q3 2021 (Q3 2020 — $8 million), and recognized approximately $1 million of COVID Subsidies and no Customer Recoveries (Q3 2020 — approximately $11 million in COVID Subsidies and $0.3 million in Customer Recoveries), each as defined in footnote 1 to the "Summary of Selected Q3 2021 Results" above. PCI Acquisition On September 21, 2021, we entered into a definitive agreement to acquire PCI, a fully-integrated design, engineering and manufacturing solutions provider with five manufacturing and design facilities across Asia. The purchase price is estimated to be approximately $306 million (subject to a working capital adjustment). We expect to finance the acquisition with a combination of cash and borrowings of up to $220 million under our current credit facility (described below). The transaction is expected to close in November 2021, subject to satisfaction of customary closing conditions. There can be no assurance, however, that this transaction will be consummated, in a timely manner, or at all. We intend to use borrowings under our revolver to finance this portion of the PCI acquisition at closing. However, we are currently pursuing the addition of a new term loan under our credit facility with the Administrative Agent thereunder, which if obtained, will be used to repay the amounts borrowed under the revolver for the acquisition. Although we believe that such term loan will be provided on acceptable terms, there can be no assurance that this will be the case. Intention to Launch New NCIB We intend to file a notice of intention with the Toronto Stock Exchange (TSX) to commence a new NCIB in Q4 2021, after our current NCIB expires in November 2021. If this notice is accepted by the TSX, we expect to be permitted to repurchase for cancellation, at our discretion during the 12 months following such acceptance, up to 10% of the "public float" (calculated in accordance with the rules of the TSX) of our issued and outstanding subordinate voting shares. Purchases under the new NCIB, if accepted, will be conducted in the open market or as otherwise permitted, subject to applicable terms and limitations, and will be made through the facilities of the TSX and the New York Stock Exchange. We believe that a new NCIB is in the interest of the Company. Q3 2021 Webcast Management will host its Q3 2021 results conference call on October 26, 2021 at 8:00 a.m. Eastern Daylight Time (EDT). The webcast can be accessed at www.celestica.com. Non-IFRS Supplementary Information In addition to disclosing detailed operating results in accordance with IFRS, Celestica provides supplementary non-IFRS financial measures to consider in evaluating the company's operating performance. Management uses adjusted net earnings and other non-IFRS financial measures to assess operating performance and the effective use and allocation of resources; to provide more meaningful period-to-period comparisons of operating results; to enhance investors' understanding of the core operating results of Celestica's business; and to set management incentive targets. We believe investors use both IFRS and non-IFRS financial measures to assess management's past, current and future decisions associated with our priorities and our allocation of capital, as well as to analyze how our business operates in, or responds to, swings in economic cycles or to other events that impact our core operations. See Schedule 1 below. About Celestica Celestica enables the world's best brands. Through our recognized customer-centric approach, we partner with leading companies in Aerospace and Defense, Communications, Enterprise, HealthTech, Industrial, Capital Equipment, and Energy to deliver solutions for their most complex challenges. As a leader in design, manufacturing, hardware platform and supply chain solutions, Celestica brings global expertise and insight at every stage of product development - from the drawing board to full-scale production and after-market services. With talented teams across North America, Europe and Asia, we imagine, develop and deliver a better future with our customers. For more information on Celestica, visit www.celestica.com. Our securities filings can be accessed at www.sedar.com and www.sec.gov. Cautionary Note Regarding Forward-looking Statements This press release contains forward-looking statements, including, without limitation, those related to the impact of the COVID-19 pandemic on our business; our priorities, goals and strategies; trends in the electronics manufacturing services (EMS) industry and our segments (and/or constituent businesses), and their anticipated impact; the anticipated impact of current market conditions on each of our segments (and/or constituent businesses) and near term expectations (positive and negative); our anticipated financial and/or operational results and outlook, including our anticipated Q4 2021 non-IFRS adjusted effective tax rate; our anticipated acquisition of PCI, the expected timing, cost, and funding thereof, and the expected impact of such acquisition, if consummated, on our Q4 2021 and 2022 financial results; our intention to launch a new NCIB and anticipated terms; our pursuit of a new term loan under our credit facility; materials, components and supply chain constraints; our credit risk; our liquidity; anticipated charges and expenses, including restructuring charges; the potential impact of tax and litigation outcomes; mandatory prepayments under our credit facility; interest rates; and our financial statement estimates and assumptions. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as "believes," "expects," "anticipates," "estimates," "intends," "plans," "continues," "project," "target," "potential," "possible," "contemplate," "seek," or similar expressions, or may employ such future or conditional verbs as "may," "might," "will," "could," "should," or "would," or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995, where applicable, and applicable Canadian securities laws. Forward-looking statements are provided to assist readers in understanding management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements are not guarantees of future performance and are subject to risks that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including, among others, risks related to: customer and segment concentration; challenges of replacing revenue from completed, lost or non-renewed programs or customer disengagements; our customers' ability to compete and succeed using our products and services; price, margin pressures, and other competitive factors and adverse market conditions affecting, and the highly competitive nature of, the EMS industry in general and our segments in particular (including the risk that anticipated market improvements do not materialize); changes in our mix of customers and/or the types of products or services we provide, including negative impacts of higher concentrations of lower margin programs; the cyclical and volatile nature of our semiconductor business; delays in the delivery and availability of components, services and/or materials; managing changes in customer demand; rapidly evolving and changing technologies, and changes in our customers' business or outsourcing strategies; the expansion or consolidation of our operations; volatility in the commercial aerospace industry; the inability to maintain adequate utilization of our workforce; the nature of the display market; defects or deficiencies in our products, services or designs; integrating and achieving the anticipated benefits from acquisitions and "operate-in-place" arrangements; compliance with customer-driven policies and standards, and third-party certification requirements; challenges associated with new customers or programs, or the provision of new services; the impact of our restructuring actions, divestitures and/or productivity initiatives, including a failure to achieve anticipated benefits therefrom; the incurrence of future restructuring charges, impairment charges, other write-downs of assets or operating losses; managing our business during uncertain market, political and economic conditions, including among others, geopolitical and other risks associated with our international operations, including military actions, protectionism and reactive countermeasures, economic or other sanctions or trade barriers; disruptions to our operations, or those of our customers, component suppliers and/or logistics partners, including as a result of events outside of our control, including, among others: policies or legislation instituted by the former or current administration in the U.S., U.S. and global tax reform, the potential impact of significant tariffs on items imported into the U.S. and related countermeasures, and/or the impact of (in addition to COVID-19) other widespread illness or disease; the scope, duration and impact of the COVID-19 pandemic, including its continuing adverse impact on the commercial aerospace industry; changes to our operating model; changing commodity, materials and component costs as well as labor costs and conditions; execution and/or quality issues (including our ability to successfully resolve these challenges); non-performance by counterparties; maintaining sufficient financial resources to fund currently anticipated financial actions and obligations and to pursue desirable business opportunities; negative impacts on our business resulting from current outstanding third-party indebtedness; negative impacts on our business resulting from any significant uses of cash, securities issuances, and/or additional increases in third-party indebtedness (including increased third-party indebtedness for the acquisition of PCI, and/or as a result of an inability to sell desired amounts under our uncommitted accounts receivable sales program); the failure to obtain an additional term loan in connection with our acquisition of PCI on acceptable terms, in a timely manner, or at all, and if obtained, that such term loan includes additional restrictive financial or operational covenants, significantly increased interest rates and/or additional significant fees; the failure to satisfy the closing conditions required for our purchase of PCI; a material adverse change at PCI; operational impacts that may affect PCI's ability to achieve anticipated financial results; the purchase price for PCI varying from the expected amount; the inability to use cash on hand and/or borrowings under our credit facility to fund the acquisition as anticipated; the failure to consummate the purchase of PCI when anticipated, in a timely manner, or at all, and if the acquisition is consummated, a failure to successfully integrate the acquisition, further develop our capabilities and/or customer base in expected markets or otherwise expand our portfolio of solutions, and/or achieve the other expected synergies and benefits from the acquisition; foreign currency volatility; our global operations and supply chain; competitive bid selection processes; customer relationships with emerging companies; recruiting or retaining skilled talent; our dependence on industries affected by rapid technological change; our ability to adequately protect intellectual property and confidential information; increasing taxes, tax audits, and challenges of defending our tax positions; obtaining, renewing or meeting the conditions of tax incentives and credits; computer viruses, malware, ransomware, hacking attempts or outages that may disrupt our operations; the inability to prevent or detect all errors or fraud; the variability of revenue and operating results; unanticipated disruptions to our cash flows; compliance with applicable laws, regulations, and government subsidies, grants or credits; the management of our information technology systems; our pension and other benefit plan obligations; changes in accounting judgments, estimates and assumptions; our ability to maintain compliance with applicable (or any new) credit facility covenants; interest rate fluctuations and changes to LIBOR; deterioration in financial markets or the macro-economic environment; our credit rating; the interest of our controlling shareholder; current or future litigation, governmental actions, and/or changes in legislation or accounting standards; negative publicity; that the TSX will not accept a new NCIB; that we will not be permitted to, or do not, repurchase subordinate voting shares (SVS) under any NCIB; and our ability to achieve our environmental, social and governance (ESG) initiative goals, including with respect to climate change. The foregoing and other material risks and uncertainties are discussed in our public filings at www.sedar.com and www.sec.gov, including in our most recent MD&A, our 2020 Annual Report on Form 20-F filed with, and subsequent reports on Form 6-K furnished to, the U.S. Securities and Exchange Commission, and as applicable, the Canadian Securities Administrators. The forward-looking statements contained in this press release are based on various assumptions, many of which involve factors that are beyond our control. Our material assumptions include those related to the following: the scope and duration of materials constraints and the COVID-19 pandemic and its impact on our sites, customers and suppliers; fluctuation of production schedules from our customers in terms of volume and mix of products or services; the timing and execution of, and investments associated with, ramping new business; the success of our customers' products; our ability to retain programs and customers; the stability of general economic and market conditions and currency exchange rates; supplier performance, pricing and terms; compliance by third parties with their contractual obligations; the costs and availability of components, materials, services, equipment, labor, energy and transportation; that our customers will retain liability for product/component tariffs and countermeasures; global tax legislation changes; our ability to keep pace with rapidly changing technological developments; the timing, execution and effect of restructuring actions; the successful resolution of quality issues that arise from time to time; the components of our leverage ratio (as defined in our credit facility); our ability to successfully diversify our customer base and develop new capabilities; the availability of cash resources for, and the permissibility under our credit facility of, repurchases of outstanding SVS under NCIBs, acceptance of a new NCIB and compliance with applicable laws and regulations pertaining to NCIBs; receipt of an additional term loan under our credit facility on acceptable terms and in a timely manner; that we will maintain compliance with applicable (or any new) credit facility covenants; anticipated demand strength in certain of our businesses; anticipated demand weakness in, and/or the impact of anticipated adverse market conditions on, certain of our businesses; and that: the closing conditions to our purchase of PCI will be satisfied in a timely manner; no material adverse change will have occurred at PCI; anticipated financial results by PCI will be achieved; our purchase of PCI will be consummated in a timely manner and on anticipated terms; our ability to use available cash on hand and incur further indebtedness under our credit facility will be as expected in order to finance the PCI acquisition as anticipated; once acquired, we are able to successfully integrate PCI, further develop our ATS segment business, and achieve the other expected synergies and benefits from the acquisition; all financial information provided by PCI is accurate and complete, and all forecasts of PCI's operating results are reasonable and were provided to Celestica in good faith; and we will continue to have sufficient financial resources to fund currently anticipated financial actions and obligations and to pursue desirable business opportunities. Although management believes its assumptions to be reasonable under the current circumstances, they may prove to be inaccurate, which could cause actual results to differ materially (and adversely) from those that would have been achieved had such assumptions been accurate. Forward-looking statements speak only as of the date on which they are made, and we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements. Schedule 1Supplementary Non-IFRS Financial Measures The non-IFRS financial measures included in this press release are: adjusted gross profit, adjusted gross margin (adjusted gross profit as a percentage of revenue), adjusted selling, general and administrative expenses (SG&A), adjusted SG&A as a percentage of revenue, operating earnings (or adjusted EBIAT), operating margin (operating earnings or adjusted EBIAT as a percentage of revenue), adjusted net earnings, adjusted EPS, adjusted return on invested capital (adjusted ROIC), free cash flow, adjusted tax expense and adjusted effective tax rate. Adjusted EBIAT, adjusted ROIC, free cash flow, adjusted tax expense and adjusted effective tax rate are further described in the tables below. In calculating our non-IFRS financial measures, management excludes the following items where indicated in the table below: employee stock-based compensation (SBC) expense, amortization of intangible assets (excluding computer software), Other Charges, net of recoveries (defined below), Finance Costs (defined below), and acquisition inventory fair value adjustments, all net of the associated tax adjustments (quantified in the table below), and non-core tax impacts (tax adjustments related to acquisitions, and certain other tax costs or recoveries related to restructuring actions or restructured sites). We believe the non-IFRS financial measures we present herein are useful to investors, as they enable investors to evaluate and compare our results from operations in a more consistent manner (by excluding specific items that we do not consider to be reflective of our core operations), to evaluate cash resources that we generate from our business each period, and to provide an analysis of operating results using the same measures our chief operating decision makers use to measure performance. In addition, management believes that the use of a non-IFRS adjusted tax expense and a non-IFRS adjusted effective tax rate provide improved insight into the tax effects of our core operations, and are useful to management and investors for historical comparisons and forecasting. These non-IFRS financial measures result largely from management's determination that the facts and circumstances surrounding the excluded charges or recoveries are not indicative of our core operations. Non-IFRS financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies that report under IFRS, or who report under U.S. GAAP and use non-GAAP financial measures to describe similar financial metrics. Non-IFRS financial measures are not measures of performance under IFRS and should not be considered in isolation or as a substitute for any IFRS financial measure. The most significant limitation to management's use of non-IFRS financial measures is that the charges or credits excluded from the non-IFRS financial measures are nonetheless recognized under IFRS and have an economic impact on us. Management compensates for these limitations primarily by issuing IFRS results to show a complete picture of our performance, and reconciling non-IFRS financial measures back to the most directly comparable IFRS financial measures. The economic substance of the exclusions described above (where applicable to the periods presented) and management's rationale for excluding them from non-IFRS financial measures is provided below: Employee SBC expense, which represents the estimated fair value of stock options, restricted share units and performance share units granted to employees, is excluded because grant activities vary significantly from quarter-to-quarter in both quantity and fair value. In addition, excluding this expense allows us to better compare core operating results with those of our competitors who also generally exclude employee SBC expense in assessing operating performance, who may have different granting patterns and types of equity awards, and who may use different valuation assumptions than we do. Amortization charges (excluding computer software) consist of non-cash charges against intangible assets that are impacted by the timing and magnitude of acquired businesses. Amortization of intangible assets varies among our competitors, and we believe that excluding these charges permits a better comparison of core operating results with those of our competitors who also generally exclude amortization charges in assessing operating performance. Other Charges, net of recoveries, consist of, when applicable: Restructuring Charges, net of recoveries (defined below); Transition Costs (defined below); net Impairment charges (defined below); consulting, transaction and integration costs related to potential and completed acquisitions, and charges or releases related to the subsequent re-measurement of indemnification assets or the release of indemnification or other liabilities recorded in connection with our acquisition of Impakt Holdings, LLC (such releases were first recorded in the first quarter of 2021) (collectively, Acquisition Costs (Recoveries)); legal settlements (recoveries); credit facility-related charges; and post-employment benefit plan losses. We exclude these charges, net of recoveries, because we believe that they are not directly related to ongoing operating results and do not reflect expected future operating expenses after completion of these activities or incurrence of the relevant costs. Our competitors may record similar charges at different times, and we believe these exclusions permit a better comparison of our core operating results with those of our competitors who also generally exclude these types of charges, net of recoveries, in assessing operating performance. Restructuring Charges, net of recoveries, consist of costs relating to: employee severance, lease terminations, site closings and consolidations; write-downs of owned property and equipment which are no longer used and are available for sale; and reductions in infrastructure. Transition Costs consist of: (i) costs recorded in connection with the relocation of our Toronto manufacturing operations, and the move of our corporate headquarters into and out of a temporary location during, and upon completion, of the construction of space in a new office building at our former location (all in connection with the 2019 sale of our Toronto real property) and (ii) costs recorded in connection with the transfer of manufacturing lines from closed sites to other sites within our global network. Transition Costs consist of direct relocation and duplicate costs (such as rent expense, utility costs, depreciation charges, and personnel costs) incurred during the transition periods, as well as cease-use costs incurred in connection with idle or vacated portions of the relevant premises that we would not have incurred but for these relocations and transfers. We believe that excluding these costs permits a better comparison of our core operating results from period-to-period, as these costs will not reflect our ongoing operations once these relocations and manufacturing line transfers are complete. Impairment charges, which consist of non-cash charges against goodwill, intangible assets, property, plant and equipment, and right-of-use (ROU) assets, result primarily when the carrying value of these assets exceeds their recoverable amount. Finance Costs consist of interest expense and fees related to our credit facility (including debt issuance and related amortization costs), our interest rate swap agreements, our accounts receivable sales program and customers' supplier financing programs, and interest expense on our lease obligations, net of interest income earned. We believe that excluding these costs provides useful insight for assessing the performance of our core operations. Acquisition inventory fair value adjustments relate to the write-up of the inventory acquired in connection with our acquisitions, representing the difference between the cost and fair value of such inventory. We exclude the impact of the recognition of these adjustments, when incurred, because we believe such exclusion permits a better comparison of our core operating results from period-to-period, as their impact is not indicative of our ongoing operating performance. Non-core tax impacts are excluded, as we believe that these costs or recoveries do not reflect core operating performance and vary significantly among those of our competitors who also generally exclude these costs or recoveries in assessing operating performance. The following table sets forth, for the periods indicated, the various non-IFRS financial measures discussed above, and a reconciliation of non-IFRS financial measures to the most directly comparable IFRS financial measures (in millions, except percentages and per share amounts):   Three months ended September 30   Nine months ended September 30   2020   2021   2020   2021     % ofrevenue     % ofrevenue     % ofrevenue     % ofrevenue IFRS revenue $ 1,550.5       $ 1,467.4       $ 4,361.5       $ 4,122.6                             IFRS gross profit $ 124.2   8.0 %   $ 125.4   8.5 %   $ 323.8   7.4 %   $ 344.9   8.4 % Employee SBC expense 1.1       3.1       8.9       9.4     Non-IFRS adjusted gross profit $ 125.3   8.1 %   $ 128.5   8.8 %   $ 332.7   7.6 %   $ 354.3   8.6 %                         IFRS SG&A $ 56.9   3.7 %   $ 62.0   4.2 %   $ 171.3   3.9 %   $ 179.6   4.4 % Employee SBC expense (0.6 )     (5.5 )     (11.8 )     (14.8 )   Non-IFRS adjusted SG&A $ 56.3   3.6 %   $ 56.5   3.9 %   $ 159.5   3.7 %   $ 164.8   4.0 %                         IFRS earnings before income taxes $ 40.3   2.6 %   $ 43.9   3.0 %   $ 63.8   1.5 %   $ 94.4   2.3 % Finance Costs 8.9       7.8       28.6       23.4     Employee SBC expense 1.7       8.6       20.7       24.2     Amortization of intangible assets (excluding computer software) 5.5       4.9       16.9       14.7     Other Charges (recoveries) 3.7       (3.9 )     19.0       2.9     Non-IFRS operating earnings (adjusted EBIAT) (1) $ 60.1   3.9 %   $ 61.3   4.2 %   $ 149.0   3.4 %   $ 159.6   3.9 %                         IFRS net earnings $ 30.4   2.0 %   $ 35.2   2.4 %   $ 40.5   0.9 %   $ 72.0   1.7 % Employee SBC expense 1.7       8.6       20.7       24.2     Amortization of intangible assets (excluding computer software) 5.5       4.9       16.9       14.7     Other Charges (recoveries) 3.7       (3.9 )     19.0       2.9     Adjustments for taxes (2) (0.4 )     (1.4 )     (3.8 )     (4.7 )   Non-IFRS adjusted net earnings $ 40.9       $ 43.4       $ 93.3       $ 109.1                             Diluted EPS                       Weighted average # of shares (in millions) 129.1       125.5       129.1       127.3     IFRS earnings per share $ 0.24       $ 0.28       $ 0.31       $ 0.57     Non-IFRS adjusted earnings per share $ 0.32       $ 0.35       $ 0.72       $ 0.86     # of shares outstanding at period end (in millions) 129.1       124.7       129.1       124.7                             IFRS cash provided by operations $ 42.0       $ 55.7       $ 189.9       $ 161.0     Purchase of property, plant and equipment, net of sales proceeds (9.9 )     (13.2 )     (32.2 )     (35.3 )   Lease payments (3) (9.9 )     (10.0 )     (27.9 )     (30.0 )   Finance Costs paid (excluding debt issuance costs paid) (3) (6.4 )     (5.4 )     (22.3 )     (16.5 )   Non-IFRS free cash flow (3) $ 15.8       $ 27.1       $ 107.5       $ 79.2                             IFRS ROIC % (4) 10.2 %     10.9 %     5.3 %     7.8 %   Non-IFRS adjusted ROIC % (4) 15.2 %     15.2 %     12.5 %     13.2 %   (1)   Management uses non-IFRS operating earnings (adjusted EBIAT) as a measure to assess performance related to our core operations. Non-IFRS adjusted EBIAT is defined as earnings (loss) before income taxes, Finance Costs (defined above), employee SBC expense, amortization of intangible assets (excluding computer software), Other Charges (recoveries) (defined above), and in applicable periods, acquisition inventory fair value adjustments. See note 8 to our Q3 2021 Interim Financial Statements for separate quantification and discussion of the components of Other Charges (recoveries). (2)   The adjustments for taxes, as applicable, represent the tax effects of our non-IFRS adjustments and non-core tax impacts (see below). The following table sets forth a reconciliation of our IFRS tax expense and IFRS effective tax rate to our non-IFRS adjusted tax expense and our non-IFRS adjusted effective tax rate for the periods indicated, in each case determined by excluding the tax benefits or costs associated with the listed items (in millions, except percentages) from our IFRS tax expense for such periods:   Three months ended   Nine months ended   September 30   September 30   2020 Effectivetax rate   2021 Effectivetax rate   2020 Effectivetax rate   2021 Effectivetax rate                     IFRS tax expense and IFRS effective tax rate $ 9.9   25 %   $ 8.7   20 %   $ 23.3   37 %   $ 22.4   24 %                         Tax costs (benefits) of the following items excluded from IFRS tax expense:                       Employee SBC expense 0.2       1.4       1.2       2.9     Other Charges (recoveries) 0.2       —       2.2       0.7     Non-core tax impacts related to tax uncertainties* —       —       0.4       —     Non-core tax impact related to restructured sites** —       —       —       1.1     Non-IFRS adjusted tax expense and non-IFRS adjusted effective tax rate $ 10.3   20 %   $ 10.1   19 %   $ 27.1   23 %   $ 27.1   20 % * Consists of the reversal of certain tax uncertainties related to a prior acquisition that became statute-barred in the first quarter of 2020. ** Consists of the reversals of tax uncertainties related to one of our Asian subsidiaries that completed its liquidation and dissolution during the first quarter of 2021. (3)   Management uses non-IFRS free cash flow as a measure, in addition to IFRS cash provided by (used in) operations, to assess our operational cash flow performance. We believe non-IFRS free cash flow provides another level of transparency to our liquidity. Non-IFRS free cash flow is defined as cash provided by (used in) operations after the purchase of property, plant and equipment (net of proceeds from the sale of certain surplus equipment and property), lease payments and Finance Costs paid (excluding any debt issuance costs and when applicable, waiver fees related to our credit facility). We do not consider debt issuance costs (nil paid in Q3 2021 and YTD 2021; $0.3 million and $0.6 million paid in Q3 2020 and YTD 2020, respectively) or such waiver fees (when applicable) to be part of our ongoing financing expenses. As a result, these costs are excluded from total Finance Costs paid in our determination of non-IFRS free cash flow. Note, however, that non-IFRS free cash flow does not represent residual cash flow available to Celestica for discretionary expenditures. (4)   Management uses non-IFRS adjusted ROIC as a measure to assess the effectiveness of the invested capital we use to build products or provide services to our customers, by quantifying how well we generate earnings relative to the capital we have invested in our business. Non-IFRS adjusted ROIC is calculated by dividing non-IFRS adjusted EBIAT by average net invested capital. Net invested capital (calculated in the table below) is defined as total assets less: cash, ROU assets, accounts payable, accrued and other current liabilities, provisions, and income taxes payable. We use a two-point average to calculate average net invested capital for the quarter and a four-point average to calculate average net invested capital for the nine-month period. A comparable measure under IFRS would be determined by dividing IFRS earnings (loss) before income taxes by average net invested capital (which we have set forth in the charts above and below), however, this measure (which we have called IFRS ROIC), is not a measure defined under IFRS. The following table sets forth, for the periods indicated, our calculation of IFRS ROIC % and non-IFRS adjusted ROIC % (in millions, except IFRS ROIC % and non-IFRS adjusted ROIC %).   Three months ended   Nine months ended   September 30   September 30   2020   2021   2020   2021                 IFRS earnings before income taxes $ 40.3     $ 43.9     $ 63.8     $ 94.4   Multiplier to annualize earnings 4     4     1.333     1.333   Annualized IFRS earnings before income taxes $ 161.2     $ 175.6     $ 85.0     $ 125.8                   Average net invested capital for the period.....»»

Category: earningsSource: benzingaOct 26th, 2021

Tecsys Reports Financial Results for the Fourth Quarter and Full Year Fiscal 2022

SaaS revenue up 41% for the full year  MONTREAL, June 29, 2022 /CNW/ -- Tecsys Inc. (TSX:TCS), an industry-leading supply chain management SaaS company, today announced its results for the fourth quarter and full year of fiscal year 2022, ended April 30, 2022. All dollar amounts are expressed in Canadian currency and are prepared in accordance with International Financial Reporting Standards (IFRS). Fourth Quarter Highlights: SaaS revenue increased by 40% to $7.7 million, up from $5.5 million in Q4 2021. Annual Recurring Revenue (ARRi) at April 30, 2022 was up 20% to $62.7 million compared to $52.5 million at April 30, 2021. SaaS subscription bookingsi (measured on an ARRi basis) were $4.5 million, up 29% compared to $3.5 million in the fourth quarter of 2021. Professional services revenue was up 6% to $12.9 million compared to $12.2 million in Q4 2021. Total revenue was $34.3 million, 6% higher than $32.4 million reported for Q4 2021. Gross margin was 44% compared to 49% in the prior year quarter. Total gross profit decreased to $15.1 million, down 4% from $15.7 million in Q4 2021. Operating expenses increased to $13.8 million, higher by $0.7 million or 6% compared to $13.1 million in Q4 fiscal 2021, with continued investment in sales and marketing. Profit from operations was $1.3 million, down 50% from $2.6 million in Q4 2021. Net profit was $2.6 million or $0.17 per share on a fully diluted basis compared to a net profit of $2.0 million or $0.14 per share for the same period in fiscal 2021.  Net Profit was positively impacted in the three and twelve months ended April 30, 2022 as a result of the recognition of approximately $1.9 million net deferred tax assets and the recognition of approximately $0.6 million gain on remeasurement of lease liability. Adjusted EBITDAii was $1.7 million, down 56% compared to $3.9 million reported in Q4 2021. A weaker USD to CAD exchange rate negatively impacted revenue and Profit from operations and Adjusted AEBITDA by approximately $0.7 million compared to the same quarter last year. "Our solid fourth quarter results cap off a compelling year of top-line growth. SaaS bookings drove our double digit Annual Recurring Revenue growth for the year and resulted in SaaS revenue growth of 47% on a constant currency basis.  We are proud of our performance as the pandemic headwinds begin to subside and the potential emergence of tailwinds position us for continued growth well into the future." said Peter Brereton, president and Chief Executive Officer of Tecsys Inc. "Healthcare continues to be a significant contributor as we added another two networks in the quarter for a total of eight in the fiscal year.  The rising adoption of our agile end-to-end SaaS supply chain solutions by leading companies as the vendor of choice cements the important role we play in their digital transformation journeys and validates our strategy as well poised for continued success." Mark Bentler, chief financial officer of Tecsys Inc., added, "Looking ahead, we believe our evolution as a SaaS company and our drive to expand our partner ecosystem will continue to have an impact on our revenue mix.  From an investment standpoint, we believe our existing professional services capacity is adequate for the near term.  We believe that our prior investments in sales and marketing put us in a solid position to grow as productivity continues to improve.  Our investment in research and development during the fourth quarter will impact Q1 of fiscal 2023, but we expect investment to moderate beyond that point." Results from operations 3 months ended 3 months ended Fiscal Yearended Fiscal Yearended April 30, 2022 April 30, 2021 April 30, 2022 April 30, 2021 Total Revenue $ 34,288 $ 32,374 $ 137,200 $ 123,101 Cloud, Maintenance and Subscription Revenue 15,716 13,836 59,627 52,879 Gross Profit 15,130 15,723 60,310 60,630 Gross Margin % 44 % 49 % 44 % 49 % Operating Expenses 13,819 13,092 54,934 49,949 Op. Ex. As % of Revenue 40 % 40 % 40 % 41 % Profit from Operations 1,311 2,631 5,376 10,681 Adjusted EBITDAii 1,730 3,917 10,130 16,220 EPS basic 0.18 0.14 0.31 0.50 EPS diluted 0.17 0.14 0.30 0.49 License Bookings 540 752 2,402 4,288 SAAS ARR Bookings 4,457 3,493 11,920 9,548 Annual Recurring Revenue 62,737 52,485 Professional Services Backlog 33,427 33,639   Fiscal 2022 Highlights: SaaS revenue increased 41% to $26.9 million, up from $19.2 million in fiscal 2021. SaaS subscription bookingsi increased 25% to $11.9 million compared to $9.5 million in fiscal 2021. Professional services revenue was up 9% to $52.0 million compared to $47.5 million in fiscal 2021. Total revenue was $137.2 million, up 11% from $123.1 million reported in fiscal 2021. Gross margin was 44% compared to 49% for fiscal 2021. Total gross profit decreased to $60.3 million, down $0.3 million or 1% compared to $60.6 million in the same period last year. Operating expenses increased to $54.9 million, higher by $5.0 million or 10% compared to $49.9 million in the same period of fiscal 2021. Profit from operations was $5.4 million, down from $10.7 million in the same period of fiscal 2021. Net profit was $4.5 million, or $0.30 per diluted share, compared to a profit $7.2 million or $0.49 per share, for fiscal 2021. Adjusted EBITDAii was $10.1 million, down 38% compared to $16.2 million for fiscal 2021. A weaker USD to CAD exchange rate negatively impacted revenue by $6.6 million and Profit from operations and Adjusted AEBITDA by $5.2 million compared to the same period last year. On June 29, 2022, the Company declared a quarterly dividend of $0.07 per share payable on August 5, 2022 to shareholders of record at the close of business on July 15, 2022. Pursuant to the Canadian Income Tax Act, dividends paid by the Company to Canadian residents are considered to be "eligible" dividends. i See Key Performance Indicators in Management's Discussion and Analysis of the 2022 Financial Statements.ii See Non-IFRS Performance Measures in Management's Discussion and Analysis of the 2022 Financial Statements. Fourth Quarter and Full Year Fiscal 2022 Results Conference CallDate: June 30, 2022Time: 8:30am EDTPhone number: (800) 758-5606 or (416) 641-6662 The call can be replayed until July 7, 2022 by calling:(800) 558-5253 or (416) 626-4100 (access code: 22019359) About Tecsys Tecsys is a global provider of supply chain solutions that equip the borderless enterprise for growth. Organizations thrive when they have the software, technology and expertise to drive operational greatness and deliver on their brand promise. Spanning healthcare, retail, service parts, third-party logistics, and general wholesale high-volume distribution industries, Tecsys delivers dynamic and powerful solutions for warehouse management, distribution and transportation management, supply management at point of use, retail order management, as well as complete financial management and analytics solutions. Tecsys' shares are listed on the Toronto Stock Exchange under the ticker symbol TCS. For more information on Tecsys, visit www.tecsys.com. Forward Looking Statements The statements in this news release relating to matters that are not historical fact are forward looking statements that are based on management's beliefs and assumptions. Such statements are not guarantees of future performance and are subject to a number of uncertainties, including but not limited to future economic conditions, the markets that Tecsys Inc. serves, the actions of competitors, major new technological trends, and other factors beyond the control of Tecsys Inc., which could cause actual results to differ materially from such statements. More information about the risks and uncertainties associated with Tecsys Inc.'s business can be found in the MD&A section of the Company's annual report and the most recently filed annual information form. These documents have been filed with the Canadian securities commissions and are available on our website (www.tecsys.com) and on SEDAR (www.sedar.com).  Copyright © Tecsys Inc. 2022. All names, trademarks, products, and services mentioned are registered or unregistered trademarks of their respective owners. Non-IFRS Measures  Reconciliation of EBITDA and Adjusted EBITDA EBITDA is calculated as earnings before interest expense, interest income, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before stock-based compensation, fair value adjustment on contingent consideration earnout, restructuring costs, gain on remeasurement of lease liability and recognition of tax credits generated in prior periods. The exclusion of interest expense, interest income, income taxes and restructuring costs eliminates the impact on earnings derived from non-operational activities, and the exclusion of depreciation, amortization, and share-based compensation, fair value adjustments, gains and losses on remeasurement of lease liabilities and recognition of tax credits generated in prior years eliminates the non-cash impact of these items. For the year ended April 30, 2022, we amended the definition of Adjusted EBITDA to include adjustments for the gain on remeasurement of lease liability and the recognition of tax credits generated in prior periods as a result of new significant non-cash transactions. The Company believes that these measures are useful measures of financial performance without the variation caused by the impacts of the items described above and that could potentially distort the analysis of trends in our operating performance. In addition, they are commonly used by investors and analysts to measure a company's performance, its ability to service debt and to meet other payment obligations, or as a common valuation measurement. Excluding these items does not imply that they are necessarily non-recurring. Management believes these non-GAAP financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and future prospects in a manner similar to management. Although EBITDA and Adjusted EBITDA are frequently used by securities analysts, lenders and others in their evaluation of companies, it has limitations as an analytical tool, and should not be considered in isolation, or as a substitute for analysis of the Company's results as reported under IFRS.The EBITDA and Adjusted EBITDA calculation for fiscal 2022, 2021 and 2020 derived from IFRS measures in the Company's Consolidated financial statements, is as follows: Year ended April 30, (in thousands of CAD) 2022 2021 2020 Profit for the period $    4,478 $    7,188 $    2,346 Adjustments for: Depreciation of property and equipment and right-of-use assets 2,162 2,180 2,004 Amortization of deferred development costs 290 269 536 Amortization of other intangible assets.....»»

Category: earningsSource: benzingaJun 29th, 2022

ESE Entertainment Reports Second Quarter 2022 Results

Record quarterly revenue of $15.0 million, year-over-year increase of 1,994% Record gross profit of $3.8 million, year-over-year increase of 2,748% Record adjusted EBITDA1 of $884,751 VANCOUVER, British Columbia, June 16, 2022 (GLOBE NEWSWIRE) -- ESE Entertainment Inc. ("ESE" or the "Company") (TSXV:ESE) (OTCQB:ENTEF), a gaming and esports company that provides a range of services to leading video game developers and publishers, is pleased to announce that is has filed its unaudited condensed interim consolidated financial statements (the "Financial Statements") and related management's discussion and analysis (the "MD&A") for the three months ended April 30, 2022 ("Q2 2022") the highlights of which are presented in this news release. The Financial Statements and MD&A are available on www.sedar.com and on the Company's website. Second Quarter 2022 Financial and Operating Highlights: Revenue of $15.00 million for Q2 2022, representing a 1,994% increase from revenue for the three months ended April 30, 2021 of $0.72 million. Gross profit of $3.82 million for Q2 2022, representing a 2,748% increase from gross profit in Q2 2021 of $0.13 million. Adjusted EBITDA1 of $884,751 in Q2 2022, compared to adjusted EBITDA loss of ($832,195) in Q2 2021. Total assets as at April 30, 2022 of $38.06 million, compared to total assets as at April 30, 2021 of $15.94 million. "We are excited to share our Q2 2022 financial performance with shareholders, which is our seventh straight quarter in a row of record growth. This was the first quarter that included the financial performance of our most recent acquisition, Gameaddik. The combined operations have proven to deliver record revenue growth, improve margins, and reach a critical milestone of achieving positive adjusted EBITDA for the first time in company history. This performance is a testament to our entire team, which continues to execute at the highest level and deliver on our business plan and growth strategy. As we start to unlock synergies of the combined operations, we are setting our sights on continued organic growth," stated Konrad Wasiela, CEO of ESE. ——————————————————— 1 Adjusted EBITDA is a non-IFRS measure. Refer to "Non-IFRS Measures" at the end of this press release. Q2 2022 Operational Highlights: Announced a partnership agreement with Opera, one of the world's major browser developers and a leading internet consumer brand. The agreement focuses on providing advertising services in connection with the promotion of Opera GX, Opera's gamer-oriented browser Completed the acquisition of 9327-7358 Quebec Inc. DBA Gameaddik, adding new technology to ESE's global 360 esports business Appointed the Founder and CEO of Gameaddik, Eric Jodoin, as the Chief Operating Officer (COO) of ESE Entertainment Announced that the Company's subsidiary, Digital Motorsports signed a reseller agreement with Corsair Gaming – a leading global developer and manufacturer of high-performance gaming gear Announced that its media division, Frenzy, is launching a new broadcast studio in Warsaw, Poland. The first project produced from the new studio will be VRL East: Surge, a competition in the game VALORANT carried out in 20 countries Announced that it has started a new division of its business focused on expanding its existing business products and services to internet gambling companies Signed a Partnership Agreement with Waveform Entertainment Inc., a highly regarded esports entertainment company with clients that include ESL Gaming (recently merged and sold as ESL Faceit Group to Savvy Gaming Group), DreamHack, Ubisoft, Redbull, and more Announced a Partnership Agreement with Cowana GmbH ("Cowana"), a highly regarded European esports entertainment company with clients that include Bethesda Softworks, Capcom, NVIDIA, BENQ, and more The following table presents a reconciliation of Net income (loss) to Adjusted EBITDA for the three months ended April 30, 2022, and the three months ended April 30, 2021:   Three months endedApril 30, 2022   Three months endedApril 30, 2021   (In Canadian dollars) $(unaudited)   $(unaudited)   Net loss (2,014,133 ) (3,814,622 ) Provision for income taxes 319,713   735   Depreciation 104,696   5,181   Commissions 52,702   4,704   Finder's fees and stamp duty for acquisitions 749,624   1,000,498   Share-based payments 1,629,218   1,981,730   Interest 47,068   -   Impairment of K1CK assets   -   Accretion 33,005   -   Foreign exchange (gain) loss (37,142 ) -10,421   Adjusted EBITDA1 884,751   (832,195 ) 1 Adjusted EBITDA is a non-IFRS measure. Refer to "Non-IFRS Measures" at the end of this press release. The financial and operating results included in this news release are based on the Financial Statements and the MD&A, which were released on June 16, 2022. It is only in the context of the fulsome information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A will be published under the Company's profile on SEDAR at www.sedar.com. All amounts are in Canadian dollars. ESE Entertainment Inc. Konrad WasielaChief Executive Officer and Director About ESE Entertainment Inc.ESE is a Europe based entertainment and technology company focused on gaming and esports. The Company provides a range of services to leading video game developers, publishers, and brands by providing technology, infrastructure, and fan engagement services internationally. ESE also operates its own ecommerce channels, esports teams, and gaming leagues. In addition to the Company's organic growth opportunities, the Company is considering selective acquisitions that align with its objective of becoming a dominant global player in esports technology and infrastructure. | www.esegaming.com CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that ESE anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements with respect to the Company's ability to unlock and benefit from synergies from its acquisitions and the Company's continued growth. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of ESE to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to ESE, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of ESE should be considered highly speculative. This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about ESE's prospective results of operations, revenues and margins and components thereof, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraph. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about ESE's future business operations. ESE disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. NON-IFRS MEASURES This press release includes references to adjusted EBITDA. Adjusted EBITDA is a non-IFRS financial measure and is defined by the Company as net income or loss before income taxes, depreciation, commissions, finder's fees and stamp duty for acquisitions, share-based payments, interest, impairment of assets, accretion, and foreign exchange gain or loss. We believe that adjusted EBITDA is a useful measure of financial performance because it provides an indication of the Company's ability to capitalize on growth opportunities in a cost-effective manner, finance its ongoing operations and service its financial obligations. This non-IFRS financial measure is not an earnings or cash flow measure recognized by IFRS and does not have a standardized meaning prescribed by IFRS. Our method of calculating such a financial measure may differ from the methods used by other issuers and, accordingly, our definition of this non-IFRS financial measure may not be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as an alternative to net income determined in accordance with IFRS as indicators of our performance or to cash flows from operating activities as measures of liquidity and cash flows. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE ESE Entertainment Inc. For further information about ESE, please contact:Apollo Shareholder Relationsinvestors@esegaming.com+1 604-259-7540 ESE ENTERTAINMENT INC.Condensed Interim Consolidated Statements of Financial Position(Expressed in Canadian Dollars)(Unaudited - Prepared by Management)   April 30, 2022   April 30, 2021     (unaudited)   (audited)   ASSETS           Current assets     Cash $ 2,498,993   $ 4,825,072   Receivables (Note 8)   7,156,762     844,148   Prepaid expense and deposits   519,683     448,616   Inventory   613,684     406,549       10,789,122     6,524,385         Property and equipment (Note 9)   1,488,938     346,995   Other assets   501,608     -   Deposit (Note 10)   287,864     311,219   Unallocated purchase price (Notes 5, 6 and 7)   24,989,451     8,761,762         Total assets $ 38,056,983   $ 15,944,361         LIABILITIES           Current liabilities     Accounts payable and accrued liabilities (Notes 11 and 18) $ 3,718,751   $ 1,000,785   Current portion of lease liabilities (Note 12)   189,068     71,574   Frenzy and GameAddik acquisition payment commitment (Notes 6 and 7)   3,934,123     -   Deferred revenue (Note 19)   262,867     234,390       8,104,809     1,306,749         Loans and credit facilities (Note 13)   367,493     -   Convertible notes (Note 14)   2,661,197     -   Lease liabilities (Note 12)  .....»»

Category: earningsSource: benzingaJun 16th, 2022

How To Retire Early – The Definitive Guide

Have you dreamed of early retirement? ‌How about the freedom it brings – financial and otherwise? ‌It’s not just you who dreams of‌ ‌early‌ ‌retirement. In fact, since 1992, people have embraced the F.I.R.E. movement. ‌It has become more popular in recent years. ‌As an example, Natixis Investment Managers reported that Generation Y (ages 26-61) […] Have you dreamed of early retirement? ‌How about the freedom it brings – financial and otherwise? ‌It’s not just you who dreams of‌ ‌early‌ ‌retirement. In fact, since 1992, people have embraced the F.I.R.E. movement. ‌It has become more popular in recent years. ‌As an example, Natixis Investment Managers reported that Generation Y (ages 26-61) wants to retire at the age of 60 on average. if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more There is a slight hiccup, unfortunately. 59% of Americans don’t believe that have enough to retire, let along retire early. There are number of reasons why a majority of people feel this way. Everything from overwhelming debt, the impact of the pandemic, and inflation. At the same time, all is not lost. ‌As well as getting your retirement savings back on track, you might be able to‌ still ‌retire‌ ‌early. How? Well, let’s show you in the following guide. What is Early Retirement? Before‌ ‌you commit to early retirement, make sure you understand what exactly it means. In the past, early retirement was defined as retiring before the age of‌ ‌65. ‌Technically, this is true. Nevertheless, it’s an evolving concept. You don’t have to give up work completely by taking early retirement. ‌Rather, your employment is purely voluntary. ‌That means you’re free to live your life as you see fit. Why? Because you have the financial freedom to do so. Believe it or not, people as young as 30 or 40 can take early retirement. ‌But most of them also work in some capacity, such as with their passion projects or other endeavors. More simply put, people who work this way do it for themselves, not because they have to. It is important to remember that work can be fulfilling, meaningful, and purposeful. ‌Additionally, some studies suggest that people who retire early and do not work at all may die earlier than those who remain employed. Conversely, early retirement enables you to spend more time with your family and friends. ‌You can‌ ‌also‌ ‌start your own company or pursue new hobbies. Or, maybe you’re burned out from the daily grind. For many, stopping working isn’t the ultimate goal. ‌Instead, it’s about having the freedom to do what you want. What are the Pros and Cons of Early Retirement? Getting to early retirement can be tough. But the rewards are typically worth all of the struggles once you reach it. ‌Again, as soon as you retire, you are free to spend it as you choose. Among the things you can do with all that free time are: Bond with family and friends. You can visit your friends and family more often when you retire and stay for longer periods of time. Take extended vacations. The question might arise, “Who on earth can spend a month in Europe or take weeklong cruises?” ‌Now that you’re retired, the answer is obvious: You can. Enjoy hobbies. Your days can be filled with the things that bring you joy once you retire, whether that is golf or ‌reading. Volunteer. There are many reasons why people do not volunteer, one of them being lack of‌ ‌time. ‌Giving back to your community becomes a lot easier once you retire. Early retirement might sound amazing, but there are a few downsides. ‌There are even experts who claim that early retirement isn’t worth the effort. ‌For‌ ‌example, 64% of Americans live‌ ‌paycheck‌ ‌to‌ ‌paycheck. ‌Thus, pushing yourself to fit into an early retirement plan can be stressful and counter-productive. Another drawback? You might get bored. In early retirement, you may wish that you were still working so you would have something to keep your mind occupied. Yes. You get to travel and engage with new hobbies. But, will this truly keep you stimulated for the next 40 or 50 years? Overall, the financial risks of early retirement are substantial. ‌That‌ ‌is,‌ ‌unless you‌ ‌have‌ ‌a number of sources of income or have ‌more‌ ‌than‌ ‌enough‌ ‌money‌ ‌in‌ ‌the‌ ‌bank. If not, early retirement may ‌completely bankrupt your dreams. Phase 1: Pre-Retirement Planning When you’re young, you can adopt the right mindset and financial plan to help you retire early. If that sounds daunting, here’s how you can get the ball rolling. What does early retirement mean to you? Retiring early doesn’t mean you have to stop working — unless that’s your endgame. ‌Early retirement is instead a term used to describe a situation where an individual is not working‌ ‌‌to‌‌ ‌‌support themselves. It simply means that you’re financially independent enough to stop working your 9-to-5 job. ‌Nevertheless, you can still work part-time or find ways to earn a passive income. But, since you aren’t putting in 40 pus hours a week working, you can spend that time however you please. Early retirement begins with you figuring out what it means ‌to‌ ‌you. ‌‌‌After that, you can begin to move in that direction. ‌ The following questions may help you define‌ ‌your‌ ‌ideal‌ ‌early‌ ‌retirement: Are you planning on moving or staying in the same place? How will the cost of living change for you? Which kind of lifestyle are you looking for? Hobbies and travel are expensive, for example. ‌But, volunteering and spending time with your family are not. Would you prefer to work‌ ‌part-time,‌ ‌full-time,‌ ‌or‌ ‌not‌ ‌at‌ ‌all? By answering these questions accurately, you’ll be able to calculate when you’ll be able to retire. Save money on a larger scale. It’s crucial that you change your attitude about money if you’re committed to retiring‌ ‌early. ‌The process begins with making conscious trade-offs when spending money. Contrary to popular belief, ‌fiscal discipline along will not solve the problem. For example, cutting back on high-cost expenditures is ‌more sensible than giving up your daily latte. ‌You can stick to your budget by making your coffee at home. But you won’t be able to retire early with this method. You should, simply put, live ‌below‌ ‌your‌ ‌means. ‌This will allow you to save a significant portion‌ ‌of‌ ‌your‌ ‌earnings. What’s the appropriate amount to save? ‌Planners recommend saving 30% of one’s earnings over 40 years,‌ ‌instead‌ ‌of‌ ‌10%‌ ‌to‌ ‌15%. You might think that’s an impossible‌ ‌goal. ‌But it’s possible if you automate your savings. The reason being is that you’ll stash this money away before you can spend it. ‌You should also contribute to your savings whenever you receive a windfall of cash, such as a bonus or tax refund. Keep your lifestyle in check. It’s okay to reward yourself when you get a ‌generous raise or promotion. ‌However, with greater earnings comes a natural tendency to spend more money. ‌Financial‌ ‌advisors‌ ‌refer to this as “lifestyle creep.” How can you keep your lifestyle in check? You can save half of those additional dollars by setting up automatic deductions from your paycheck or making a bank transfer. But you should also refrain from feeling restricted when using your dollars. ‌If you find ways to cut costs or search for the best deals, you can still travel. Perhaps you could stay with a friend or family member rather than book a hotel. This can’t be stressed enough. Retiring doesn’t mean that you stop‌ ‌working. Taking a part-time job or starting a side business are possibilities. ‌Because you’re still generating an income, you can still enjoy a comfortable lifestyle. Become more aware‌ ‌of‌ ‌your‌ ‌financial‌ ‌decisions. Regardless of your retirement plan, the only way to achieve your retirement goals is to make wise financial decisions. ‌You can secure your financial success in the future if you make smart decisions today. What’s the best way to get started? ‌Get the basics down first, like; Spending only what you can afford. Create a budget to keep you from overspending. ‌‌If necessary, try creating a mock retirement budget with your monthly expenses for retirement as well. ‌To calculate how much maintaining that lifestyle would cost, you can work backwards. Paying‌ ‌off‌ ‌high-interest debts,‌ ‌such‌ ‌as‌ ‌credit‌ ‌cards. Creating a fund for emergencies so that you won’t be forced to tap into‌ ‌savings. Putting your tax returns and bonuses to good use, as well as your savings from unnecessary purchases. The obvious examples are paying off debt or contributing to a retirement or emergency fund. But, let’s also address the elephant in the room. Housing. Your‌ ‌house is probably your biggest expenditure, and therefore your biggest opportunity for savings. ‌According to the Bureau of Labor Statistics, Americans spend a third of their income on housing. In order to figure out what you can realistically afford, check out calculators provided by Bankrate, NerdWallet, or Mortgage Loan. If you can’t downsize and buy a home that you can actually pay off your mortgage in a shorter time-frame. More likely than not, you’ve heard this advice before. ‌There’s a good reason for this. ‌By following these steps, you can put money aside, plan for the future, and manage the unpredictable. Maximize your tax savings. Do you really want to retire‌ ‌early? ‌As much money as possible should be deposited in tax-favored accounts if that’s the case. Maximizing your 401(k) would be the logical starting point). ‌As of 2022, employees can contribute up to $20,500 ‌to‌ ‌their‌ ‌401(k). ‌The catch-up contribution for individuals over 50 years old in 2022 will be $6,000 more. You can also choose‌ ‌a‌ ‌Roth‌ ‌IRA. A Roth IRA contribution is‌ ‌after-tax. ‌However, you must meet certain income requirements to contribute to a Roth IRA. ‌To qualify, your Modified Adjusted Gross Income (MAGI) must be under $144,000 in‌ ‌2022 if you’re filing as a single person. ‌To contribute to a Roth IRA for tax year 2022, your MAGI must be less than 214,000 if you’re married and file jointly. Combined,‌ ‌you‌ ‌can‌ ‌contribute‌ ‌these amounts to all ‌your‌ ‌IRAs; $6,000 for those under 50 $7,000 if you’re 50 years old or older Additionally, you can contribute a portion of the income from your side job as well as your regular job to a SEP-IRA. You may also want to consider putting as much into a health savings account as possible if you have a high-deductible health plan. ‌HSAs can sometimes be a better investment than 401(k)s when certain factors apply. ‌HSA earnings are not taxed if they are used to pay for qualified medical expenses today or in the future, and taxable withdrawals are also not allowed. ‌For a self-only plan, you can contribute $3,650, and for a family plan, $7,300 as of 2022 Phase 2: ‌Getting Ready to Dive Into Early Retirement Nearing your early retirement? ‌Make sure these key elements of your plan are in place. Make an estimation of‌ ‌your‌ ‌retirement‌ ‌savings. In order to plan a successful early retirement lifestyle, you must estimate your expenses and income. ‌You can estimate your retirement income by combining your Social Security, pension, and any side jobs you have. Most retirees depend on Social Security and, ‌less frequently, pensions for income. ‌With a pension, the payments are often available as early as age 55, and with Social Security at age 62. ‌If you take early benefits, however, your monthly benefits will be smaller. ‌In the long run, your retirement plan will be affected by Social Security, even if it is only the cream on top. You will be able to see the projected benefits on the Social Security website if you file early. ‌If you’re part of a couple who earns two incomes, it’s best to discuss your options with a Social Security offiicial or a financial professional. Suppose you die with a higher monthly benefit than your spouse. ‌The‌ ‌earlier you claim your benefits, the less you will receive, and the less your spouse will receive in the event you pass away. Ask your employer’s pension administrator how much your pension payment will be at different ages. ‌With this info, you’ll have a better idea of how much income you’ll get. You may have difficulty calculating your expenses, however. Establish a‌ ‌retirement‌ ‌budget. When you are within five years of your desired early retirement, think about the lifestyle you want and what it might cost you. ‌Determining where and what activities you will engage in will assist you with this. ‌It’s an incorrect belief that a person’s expenses will decrease after they stop working. ‌Actually, retired people spend about 20% more during retirement than during their working years. Even though you’ll have more time to spend on hobbies and trips, this obviously costs more. ‌Moreover, if you leave the workforce young, you can enjoy an active and most likely costly retirement if you are healthy and energetic. Budget items may rise faster than inflation overall, so you must keep this in mind. ‌For example, health care costs could rise as much as 7% or 10% annually. In some cases, a retirement income calculator such as‌ ‌T. Rowe Price’s Retirement Income Calculator ‌will let you know whether your retirement portfolio will allow you to retire early. Your retirement will be delayed if you reduce your lifestyle expectations, boost your savings, or delay your retirement. Just add up your pension, Social Security, and savings. ‌After this, calculate how much you would have to spend every month (including income taxes) if you were to retire five years early and become eligible for Social Security and pension benefits earlier. ‌It should give you an idea of how much you will need in retirement. But, to give you a ballpark figure, the Bureau of Labor Statistics’ Consumer Expenditure Survey found that the average household earns $84,352 a year. In addition, the average household spends $72,258 each‌ ‌year. ‌The data also shows that roughly $5,854 is spent monthly on bills and other expenses. Make sure your health insurance is in place. Nobody wants to blow through retirement savings by paying for unanticipated medical expenses in the years between early retirement and Medicare eligibility. ‌Until‌ ‌you‌ ‌are eligible for Medicare, you will still need private health insurance. COBRA allows you to keep your employer-sponsored health insurance. But, you can also join the plan of your spouse or enroll in a health insurance plan through HealthCare.gov. ‌AARP and other organizations may offer‌ ‌discounts‌ ‌on‌ ‌coverage as well. You might also want to think about long-term care insurance. ‌It’s not just the long-term care costs that can be expensive, it’s medical insurance too. ‌In order to save money, you might like to research it while you’re still young. Even if you have some sort of health insurance, taking care of yourself is a surefire way to keep healthcare costs at bay. The most obvious places to start is eating a nutritious and balanced diet and engaging in physical activity. Don’t take any risks‌ ‌with‌ ‌your‌ ‌portfolio. Suppose you’re planning to retire at 50. You should be more conservative with your portfolio in your late 40s than your peers who plan to keep working until 65. ‌The objective is to avoid what’s called‌ ‌”sequence‌ ‌of‌ ‌return‌ ‌risk.” ‌This is the risk of having a series of bad markets occur at a time when your finances are particularly fragile. In fact, according to Dr. Wade Pfau, professor of retirement income at the American College of Financial Services, this is what makes the first couple of years in retirement so dangerous. “I’ve estimated that if somebody is planning for a 30-year retirement, the market returns they experience in the first 10 years can explain 80% of the retirement outcome,” he told Barron’s. “If you get a market downturn early on, and markets recover later on, that doesn’t help all that much when you’re spending from that portfolio because you have less remaining to benefit from the subsequent market recovery.” The solution? “There are four ways to manage the sequence-of-return risk,” Dr. Pfau adds. “One, spend conservatively. Two, spend flexibly.” You can manage sequence-of-return risk if you can reduce your spending after a market downturn by not selling as many shares to meet spending needs. “A third option is to be strategic about volatility in your portfolio, even using the idea of a rising equity glide path,” he states. “The fourth option is using buffer assets like cash, a reverse mortgage or whole life policy with cash value.” Create a 10-year financial buffer. “At least five years before their early retirement date, investors should set aside the amount of money required to provide income for their first five years of retirement,” says Phil Lubinski, CFP, co-founder of IncomeConductor. “This will effectively put a 10-year buffer between the money they need for early income and any market volatility that could take place during their five-year countdown to retirement.” By setting aside this money from their main retirement savings, investors are able to protect the wealth they’ve accumulated. ‌The recommended five years of income can be rolled into a new IRA. ‌These funds can then be invested in a portfolio designed for capital preservation, such as one using cash-based investments such as‌ ‌Treasury‌ ‌Bills‌ ‌or‌ ‌bonds, suggest E. Napoletano and Benjamin Curry in Forbes. With a separate account for the money you’ll need for retirement, you give yourself a cushion in case the market experiences‌ ‌volatility. ‌You’ll have years to bounce back from any losses experienced in your remaining investments under this model. Phase 3: ‌Maintaining and Sustaining Your Finances So, you were able to retire early. Congratulations! ‌However, while you’re in the initial stage of retirement, keep an eye on your compass and be prepared to correct course. Keep your retirement funds secure. “One of the biggest misconceptions many people have is that retirement simply means living off of their pension, Social Security, or retirement savings,” notes Pierre Raymond, cofounder of Global Equity Analytics & Research Services LLC (GEARS). “While this may be the case for a minority of people, the latter reveals that some Americans have still not placed any stress on their financial future when they reach the age of retirement.” A retiree’s expenses can become more manageable by investing in various stocks and portfolios, or perhaps taking out an annuity. An annuity offers a guaranteed lifetime income. Because of this, it’s an ideal supplement to other income sources. Raymond also suggests that you have an investment portfolio and minimize withdrawals from retirement funds. And, as mentioned several times already, think about how you can introduce new income streams. Some suggestions would be: Starting a blog or online course. Renting out a spare bedroom. Providing baby-or-petsitting services. House-sit internationally. Being a freelancer or local business consultant. Tutoring. Selling handmade goods online. Take a strategic approach to‌ ‌Social‌ ‌Security. Did you know ‌you‌ ‌can‌ ‌‌‌manage ‌the‌ ‌size‌ ‌of‌ ‌your‌ ‌Social‌ ‌Security‌ ‌check? ‌Yes, you can – to an‌ ‌extent. ‌The key is when you start getting‌ ‌benefits. “About 1 out of 3 Social Security recipients apply for benefits at the earliest age, which is 62,” writes author and certified financial planner Liz Weston. “It’s often a mistake.” “Benefits grow by a guaranteed 5% to 8% each year that the applicant delays,” ‌she‌ ‌adds. “Starting early also can stunt the survivor benefit that one spouse will have to live on when the other dies.” Don’t rush it. ‌Wait‌‌ ‌‌until the right time comes. ‌This will increase your Social Security benefits. Seek the advice of‌ ‌a‌ ‌financial‌ ‌advisor. In order to retire early there are two major challenges to consider: It takes less time to save for retirement. After retirement, you’ll have more free time. You should work with a financial advisor regularly — unless you’re a financial expert yourself. ‌An advisor can help you to develop an investment strategy so that you can meet your retirement goals. ‌In addition, a financial planner can show you how much you have to invest per month to hit your goals over‌ ‌time. Even after retirement, it’s possible for you to work with your advisor to ensure that your retirement funds last. ‌Income streams include dividend income, required minimum distributions, Social Security, defined-benefit plans, and rental income from real estate. Trust is imperative since you’ll probably work together for a long time. ‌Likewise, an advisor’s fee shouldn’t just be based on their time, but also their expertise. ‌In the end, hiring an advisor with the right expertise is more than worth it. Follow your plan, but enjoy life as well. Discipline and time are both essential for executing and maintaining your plan. ‌Save and invest while you can, but don’t forget to take advantage of your youth. ‌If you dream of touring Patagonia, you should do it when you’re younger and ‌in‌ ‌good‌ ‌health. In the words of early retiree Steven Adcock, “Sacrifice is necessary to retire early, but it’s not all we do, either. It is important to treat and reward ourselves along the way by celebrating those smaller achievements.” Frequently Asked Retirement Questions When can I retire? There is no set age to retire. ‌As long as you are able to retire, you can leave the workforce whenever you wish. There are some factors, however, that may limit when you can‌ ‌retire. ‌Pensions are usually available to employees after 20 to 30 years of service. Aside from that, Social Security benefits aren’t available until the age of 62. And Medicare won’t kick in until ‌65. ‌So, people covered by their employer’s health insurance may not be able to retire until 65. How‌ ‌much‌ ‌money‌ ‌do‌ ‌I‌ ‌need‌ ‌for retirement? An individual’s retirement income depends on a variety of factors. The factors considered include Social Security benefits, monthly expenses, retirement age, and life expectancy. ‌It’s helpful to have a financial advisor help you figure out how much you’ll need for a comfortable retirement. How will early retirement affect my Social Security benefits? In general, you can receive Social Security retirement benefits as early as‌ ‌age 62. ‌Benefits may, however,‌ ‌be‌ ‌reduced‌ ‌by‌ ‌up‌ ‌to‌ ‌30%. “Workers planning for their retirement should be aware that retirement benefits depend on age at retirement,” notes the Social Security Administration. “If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.” “Starting to receive benefits after normal retirement age may result in larger benefits,” adds the SSA. “With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.” For each month before normal retirement age, you lose 5/9 of one percent of your benefits. ‌When the number of months over 36 is exceeded, the benefit is reduced by 5/12 of one percent per month. “For example, if the number of reduction months is 60 (the maximum number for retirement at 62 when normal retirement age is 67), then the benefit is reduced by 30 percent,” the SSA states. “This maximum reduction is calculated as 36 months times 5/9 of 1 percent plus 24 months times 5/12 of 1 percent.” Should I pay off my mortgage before retiring? At the end of the day, it’s a personal choice. ‌People who itemize deductions can reduce their taxes by paying mortgage interest. ‌In addition, if the interest rate is low enough, it might make more sense financially to invest money rather than pay off the debt. If you plan on retiring comfortably, it’s important to think about how paying off your mortgage will impact your ability to do so. ‌Though a debt-free retirement is ideal, don’t use too much money from a retirement account to pay off a house. What does a good monthly retirement income look like? An individual’s definition of an adequate monthly retirement income may differ from another’s. ‌Various factors will determine how much retirement income is adequate. ‌This includes your retirement lifestyle, any dependents you have (kids, grandkids, debts, etc.) and your health. A good retirement income is usually between 70% and 80% of an individual’s last income before retirement. Article by John Rampton, Due About the Author John Rampton is an entrepreneur and connector. When he was 23 years old while attending the University of Utah he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months he had several surgeries, stem cell injections and learned how to walk again. During this time he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine and Finance Expert by Time . He is the Founder and CEO of Due. Updated on Jun 14, 2022, 3:35 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkJun 14th, 2022

Kellyanne Conway says America is ready for its first woman president and that she may end up being a businesswoman

"There are any number of Republican senators, governors — maybe a businesswoman here or there," said Conway. Kellyanne Conway was one of former President Donald Trump's longest-serving aides, working as counselor to the president.Alex Wong/Getty Images Conway said in her new book "Here's the Deal" that America is ready for a female president. She cited Iowa Gov. Kim Reynolds and Sen. Marsha Blackburn of Tennessee as possible options.  Ivanka Trump could have a future in politics "if she wants," Conway said.  Kellyanne Conway was the first woman to lead a US presidential campaign to victory as Donald Trump's campaign manager in 2016. That campaign she led bested Democrat Hillary Clinton who was close to reaching the title of first woman president. Still, Conway thinks America was ready for a female president even in 2016 — "just not this one," meaning Clinton, she writes in her book out Tuesday, called "Here's the Deal." In an interview with Insider on Wednesday, Conway said she could envision "any number" of Republican women leading from the Oval Office. "I think you have to look at Gov. Kim Reynolds of Iowa, you have to look at Sen. Marsha Blackburn of Tennessee," she said. "There are any number of Republican senators, governors — maybe a businesswoman here or there, who knows.""I can tell you one person it's not going to be is Kamala Harris," she added, referring to the current vice president. Before joining the Trump campaign, Conway had developed an expertise in female voting patterns through her polling company. She also explored issues women voters cared about in her 2010 book "What Women Really Want." She told Insider that she thought women felt a heavier burden than men did when considering the question of whether to seek the White House. "It is a tremendous sacrifice of privacy, of time, of energy, of money," she said. "I think the considerations set for women are always different, whether everybody wants to admit it and acknowledge it or not."Throughout her book, Conway writes about the personal sacrifices she made for her career as a wife and mother when she went to the Trump White House to become a counselor to the president. She ultimately decided to leave the White House a few months before the 2020 election to spend more time with her children, she wrote. Conway remains in Trump's inner circle, telling Insider she and the former president last spoke on Tuesday. Asked whether she saw a political future for Trump's daughter, Ivanka Trump, Conway replied, "If she wants." "Ivanka is very talented, brilliant woman who has succeeded at everything she has ever tried," she said, referring to Ivanka Trump's fashion line, her work as an executive in the Trump Organization, and then as a senior advisor to her father when he was president. "She is a naturally talented, very kind, and focused professional who sets out to do a task and gets it done," said Conway. Conway had less kind things to say in her book about Jared Kushner, Ivanka Trump's husband, calling him "shrewd and calculating." But she said that for Ivanka Trump one of the factors that is likely to weigh on her if she wants to go into politics is factoring in that she has young children and that she has seen "how unfair and how evil detractors can be.""There is a calculus that every man and woman must make," Conway said, "Does the risk outweigh the rewards? Is the opportunity cost too great? Is there too much of a personal sacrifice involved? And I think, professionally speaking, women often think about that in a different way and come up with a different set of considerations than do men." Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 26th, 2022

ATRenew Inc. Reports Unaudited First Quarter 2022 Financial Results

SHANGHAI, May 24, 2022 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE:RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the first quarter ended March 31, 2022.  First Quarter 2022 Highlights Total net revenues grew by 45.7% to RMB2,206.5 million (US$348.1 million) from RMB1,514.4 million in the first quarter of 2021. Loss from operations was RMB134.8 million (US$21.3 million), compared to RMB111.4 million in the first quarter of 2021. Adjusted income from operations (non-GAAP)[1] was RMB3.9 million (US$0.6 million) compared to an adjusted loss from operations of RMB33.6 million in the first quarter of 2021. Total Gross Merchandise Volume ("GMV[2]") increased by 51.6% to RMB9.4 billion from RMB6.2 billion in the first quarter of 2021. GMV for product sales increased by 57.1% to RMB2.2 billion from RMB1.4 billion in the first quarter of 2021. GMV for online marketplaces increased by 50.0% to RMB7.2 billion from RMB4.8 billion in the first quarter of 2021. Number of consumer products transacted[3] increased by 31.3% to 8.4 million from 6.4 million in the first quarter of 2021. [1] See "Reconciliations of GAAP and Non-GAAP Results" for more information. [2] "GMV" represents the total dollar value of goods distributed to merchants and consumers through transactions on the Company's platform in a given period for which payments have been made, prior to returns and cancellations, excluding shipping cost but including sales tax. [3] "Number of consumer products transacted" represents the number of consumer products distributed to merchants and consumers through transactions on the Company's PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer. Mr. Kerry Xuefeng Chen, the Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "During the first quarter of 2022, our business operations demonstrated resilience against the volatility brought by a series of resurgences of COVID-19 outbreaks due to the highly transmissible Omicron variant. We attribute our resilience to the hard work and commitment of our team and the continued implementation of our city-level service integration strategy. Our upgraded strategy proved invaluable as we navigated challenges posed by regional lockdowns leveraging fulfillment capabilities from nearby cities to combat supply chain interruptions. However, as macro uncertainty remains in the near future, we will prioritize operational efficiency and aim at achieving decent growth while synchronizing our business model with China's dual-carbon goal through the coming decades." Mr. Rex Chen, the Chief Financial Officer of ATRenew, added, "We are pleased to report another profitable quarter, with non-GAAP operating income reaching RMB3.9 million. This result, achieved in the face of the continuing macro headwinds, demonstrates the extent to which we have optimized our cost structure compared with the same quarter last year. Our swift adoption of flexible and safety-focused operations safeguarded and bolstered our overall growth. During the lockdown in Shanghai, in addition to providing our employees with care and support, we also donated anti-COVID supplies to universities and communities in Shanghai as part of our effort in further integrating corporate social responsibility into our commercial operations. In the near term, we will remain prudent in our expansion and expenditure in the event that regional lockdowns continue. We employ a disciplined and balanced capital allocation strategy in order to ensure that we have sufficient cash to sustain business operations and tackle potential contingencies. Meanwhile, we firmly believe that strategically investing in supply chain capabilities and technology will widen our competitive moat in the long run." First Quarter 2022 Financial Results REVENUE Total net revenues increased by 45.7% to RMB2,206.5 million (US$348.1 million) from RMB1,514.4 million in the same period of 2021. Net product revenues increased by 45.7% to RMB1,908.9 million (US$301.1 million) from RMB1,310.5 million in the same period of 2021. The increase was primarily attributable to an increase in the sourcing volume and the corresponding sales of pre-owned consumer electronics through PJT Marketplace, Paipai Marketplace and the Company's offline channels. Net service revenues increased by 46.0% to RMB297.6 million (US$46.9 million) from RMB203.9 million in the same period of 2021. The increase was primarily due to the increases in transaction volume on PJT Marketplace and Paipai Marketplace. OPERATING COSTS AND EXPENSES Operating costs and expenses increased by 44.7% to RMB2,352.5 million (US$371.1 million) from RMB1,626.2 million in the same period of 2021. Merchandise costs increased by 49.7% to RMB1,640.0 million (US$258.7 million) from RMB1,095.7 million in the same period of 2021. The increase was primarily due to the growth in product revenues. Fulfillment expenses increased by 32.8% to RMB296.2 million (US$46.7 million) from RMB223.0 million in the same period of 2021. The increase was primarily due to (i) the increases in logistics expenses and operation center related expenses, which were in line with the increase in sales of pre-owned consumer electronics; (ii) an increase in personnel cost in connection with the Company's growing business; and (iii) an increase in the recognition of share-based compensation expense resulting from options granted to employees with an IPO condition since the second quarter of 2021. Selling and marketing expenses increased by 38.3% to RMB307.8 million (US$48.6 million) from RMB222.6 million in the same period of 2021. The increase was primarily due to (i) an increase in sales promotion and coupon expenses in connection with business development; (ii) an increase in personnel cost in connection with the Company's growing business; and (iii) an increase in the recognition of share-based compensation expense resulting from options granted to employees with an IPO condition since the second quarter of 2021. General and administrative expenses increased by 53.1% to RMB45.0 million (US$7.1 million) from RMB29.4 million in the same period of 2021. The increase was primarily due to the increase in the recognition of share-based compensation expense resulting from options granted to employees with an IPO condition since the second quarter of 2021. Technology and content expenses increased by 14.4% to RMB63.5 million (US$10.0 million) from RMB55.5 million in the same period of 2021. The increase was primarily due to (i) the increases in operation center and system upgrade related expenses in connection with the Company's growing business; and (ii) the increase in the recognition of share-based compensation expense resulting from options granted to employees with an IPO condition since the second quarter of 2021. LOSS (INCOME) FROM OPERATIONS Loss from operations increased by 21.0% to RMB134.8 million (US$21.3 million) from RMB111.4 million in the same period of 2021. Adjusted income from operations (non-GAAP), excluding amortization of intangible assets and deferred cost resulting from assets and business acquisitions and recognition of share-based compensation expense resulting from options granted to employees, was RMB3.9 million (US$0.6 million), compared to an adjusted loss from operations of RMB33.6 million in the same period of 2021. NET LOSS Net loss increased by 70.3% to RMB161.4 million (US$25.5 million) from RMB94.8 million in the same period of 2021. Adjusted net loss (non-GAAP)[1] was RMB35.8 million (US$5.7 million), compared to RMB36.4 million in the same period of 2021. BASIC AND DILUTED NET LOSS PER ORDINARY SHARE Basic and diluted net loss per ordinary share were RMB0.99 (US$0.16), compared to RMB32.13 in the same period of 2021. Adjusted basic and diluted net loss per ordinary share (non-GAAP)[1] were RMB0.22 (US$0.03), compared to RMB1.94 in the same period of 2021. CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers decreased to RMB2,419.5 million (US$381.7 million) as of March 31, 2022, from RMB2,421.9 million as of December 31, 2021. Business Outlook For the second quarter of 2022, the Company currently expects its total revenues to be between RMB2,000.0 million and RMB2,050.0 million. This forecast only reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.  Recent Development On December 28, 2021, ATRenew announced a share repurchase program, effective immediately, to repurchase up to US$100 million of its shares over a twelve-month period. As of March 31, 2022, the company had repurchased 4,753,840 American depositary shares ("ADSs") in the open market at an average price of US$4.73 per ADS, with a total cash consideration of US$22 million. Conference Call Information The Company's management will hold a conference call Tuesday, May 24, 2022, at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on Tuesday, May 24, 2022) to discuss the financial results. Listeners may access the call by dialing the following numbers: International: 1-412-317-6061 United States Toll Free: 1-888-317-6003 Mainland China Toll Free: 4001-206115 Hong Kong Toll Free: 800-963976 Access Code: 8697849 The replay will be accessible through May 31, 2022, by dialing the following numbers: International: 1-412-317-0088 United States Toll Free: 1-877-344-7529 Access Code: 7316914 A live and archived webcast of the conference call will also be available at the Company's investor relations website at ir.atrenew.com. About ATRenew Inc. Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.3393 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2022. Use of Non-GAAP Financial Measures The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted loss from operations, adjusted net loss and adjusted net loss per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted loss from operations is loss from operations excluding the impact of share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net loss is net loss excluding the impact of share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effect of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net loss per ordinary share is adjusted net loss attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share. Adjusted net loss attributable to ordinary shareholders is net loss attributable to ordinary shareholders excluding the impact of share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effect of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. The Company presents non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. The Company believes that adjusted loss from operations and adjusted net loss help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors' assessment of the Company's operating performance. The Company believes that adjusted loss from operations and adjusted net loss provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. Share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effect of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to loss from operations, net loss, and net loss attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results." Safe Harbor Statement This press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to provide facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law. Investor Relations Contact In China:ATRenew Inc.Investor RelationsEmail: ir@atrenew.com In the United States:ICR, LLC.Email: atrenew@icrinc.comTel: +1-212-537-0461   ATRENEW INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share and per share and otherwise noted) As of December 31, As of March 31, 2021 2022 RMB RMB US$ ASSETS Current assets: Cash and cash equivalents 1,356,342 1,126,509 177,702 Restricted cash 150,000 — — Short-term investments 510,467 880,000 138,817 Amount due from related parties, net 410,088.....»»

Category: earningsSource: benzingaMay 24th, 2022

Ivanka Trump recommended couple"s therapy for Kellyanne Conway after her husband started criticizing Donald Trump: book

In her new memoir Kellyanne Conway reportedly describes the tensions that emerged when her husband became a social media critic of her boss. Ivanka Trump and Counselor to the President Kellyanne Conway listen as President Donald J. Trump speaks during a cabinet meeting in the Cabinet Room at the White House on Tuesday, Feb. 12, 2019 in Washington, DC.Jabin Botsford/The Washington Post via Getty Images The Washington Post published details from Kellyanne Conway's new memoir.  In it is the claim from Conway that Ivanka Trump recommended marriage counselors to her. It came after George Conway, her husband, started criticising Donald Trump on Twitter.  Ivanka Trump recommended that White House advisor Kellyanne Conway get couple's therapy after her husband started criticizing Donald Trump on Twitter, according to excerpts from Conway's new book. The Washington Post published excerpts of "Here's the Dea," which details her years serving as one of Donald Trump's closest advisors and media surrogates. She writes that at one point Ivanka Trump, Donald Trump's eldest daughter, handed her a Post-it note with "the names of two local doctors who specialized in couples therapy."At the time, Conway's husband, George Conway, a Republican lawyer, had begun criticizing Donald Trump on Twitter, building a reputation as one of Trump's most high-profile GOP critics.The media took special interest because of the obvious rift between the couple when it came to Trump.George T. Conway III, husband of White House Counselor to the President Kellyanne Conway, attends the 139th Easter Egg Roll on the South Lawn of the White House April 17, 2017 in Washington, DC.Chip Somodevilla/Getty Images"I noticed she had avoided putting that in a text or an email. I appreciated the information and her thoughtfulness and wanted to pursue it," Conway recalled."After I showed George the names, he rejected one and said a halfhearted 'okay' to the other while looking at his phone. We never went."In the Conway is also critical of Jared Kushner, Ivanka Trump's husband, who was another senior advisor to Trump during, describing him as "shrewd and calculating."As the president's son-in-law, Conway writes, "no matter how disastrous a personnel change or legislative attempt may be, he was unlikely to be held accountable for it."She went on to describe the tensions her husband's anti-Trump activism caused in their marriage, claiming that he violated their marriage vows with his "daily deluge of insults-by-tweet against my boss."Conway's is the latest in a series of memoirs by former Trump officials. Some, such as those by former defense secretary Mark Esper, have been highly critical of Trump.In her memoir Conway appears not to criticize Trump. Despite the number of women to accuse Trump of sexual misconduct, Conway called him a feminist who was "generous, respectful, engaging, and empowering."Read the original article on Business Insider.....»»

Category: worldSource: nytMay 23rd, 2022

GDS Holdings Limited Reports First Quarter 2022 Results

SHANGHAI, China, May 18, 2022 (GLOBE NEWSWIRE) -- GDS Holdings Limited ("GDS Holdings", "GDS" or the "Company") (NASDAQ:GDS, HKEX: 9698)), a leading developer and operator of high-performance data centers in China, today announced its unaudited financial results for the first quarter ended March 31, 2022. First Quarter 2022 Financial Highlights Net revenue increased by 31.5% year-over-year ("Y-o-Y") to RMB2,243.6 million (US$353.9 million) in the first quarter of 2022 (1Q2021: RMB1,706.0 million). Service revenue increased by 31.6% Y-o-Y to RMB2,243.5 million (US$353.9 million) in the first quarter of 2022 (1Q2021: RMB1,704.5 million). Net loss was RMB373.3 million (US$58.9 million) in the first quarter of 2022, compared with a net loss of RMB278.7 million in the first quarter of 2021. Adjusted EBITDA (non-GAAP) increased by 28.5% Y-o-Y to RMB1,051.2 million (US$165.8 million) in the first quarter of 2022 (1Q2021: RMB817.9 million). See "Non-GAAP Disclosure" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. Adjusted EBITDA margin (non-GAAP) decreased to 46.9% in the first quarter of 2022 (1Q2021: 47.9%). Operating Highlights1 Total area committed and pre-committed by customers increased by 18,188 square meters ("sqm") in the first quarter of 2022, to reach 575,009 sqm as of March 31, 2022, an increase of 24.5% Y-o-Y (March 31, 2021: 461,823 sqm). Area in service increased by 4,461 sqm in the first quarter of 2022, to reach 492,344 sqm as of March 31, 2022, an increase of 36.6% Y-o-Y (March 31, 2021: 360,542 sqm). Commitment rate for area in service was 95.3% as of March 31, 2022 (March 31, 2021: 95.0%). Area under construction was 168,128 sqm as of March 31, 2022 (March 31, 2021: 170,149 sqm). Pre-commitment rate for area under construction was 63.1% as of March 31, 2022 (March 31, 2021: 70.0%). Area utilized by customers increased by 12,545 sqm in the first quarter of 2022, to reach 332,019 sqm as of March 31, 2022, an increase of 32.2% Y-o-Y (March 31, 2021: 251,063 sqm). Utilization rate for area in service was 67.4% as of March 31, 2022 (March 31, 2021: 69.6%). "We kicked off 2022 with a solid first quarter," said Mr.William Huang, Chairman and Chief Executive Officer. "During the first quarter, we secured over 18,000 sqm of new bookings and further cemented our leading position in China's Tier 1 markets through both organic and acquisition-driven growth. In addition, we progressed our regionalization plan to deepen our presence in Southeast Asia through our partnership with YTL for green data center campus development in Malaysia, creating a unique platform with access to renewable energy in this emerging digital region." "We maintained a steady financial performance in the first quarter, achieving a revenue increase of 31.5% and Adjusted EBITDA growth of 28.5% year-over-year, " commented Mr. Dan Newman, Chief Financial Officer. "Our Adjusted EBITDA margin was 46.9% compared with 47.0% last quarter. Additionally, we raised US$620 million during the first quarter through a private convertible senior note and obtained debt financing and refinancing facilities of around US$532 million to continue building our capital base to support future business growth." First Quarter 2022 Financial Results Net revenue in the first quarter of 2022 was RMB2,243.6 million (US$353.9 million), a 31.5% increase over the first quarter of 2021 of RMB1,706.0 million and a 2.6% increase over the fourth quarter of 2021 of RMB2,187.4 million. Service revenue in the first quarter of 2022 was RMB2,243.5 million (US$353.9 million), a 31.6% increase over the first quarter of 2021 of RMB1,704.5 million and a 2.6% increase over the fourth quarter of 2021 of RMB2,185.9 million. The increase over the previous quarter was mainly due to the full quarter revenue contribution from additional area utilized in the previous quarter and the contribution from 12,545 sqm of net additional area utilized in the first quarter of 2022, mainly related to the Beijing 8 ("BJ8"), Langfang 3 ("LF3"), Langfang 10 ("LF10") and Nantong 3 ("NT3") data centers. Cost of revenue in the first quarter of 2022 was RMB1,757.2 million (US$277.2 million), a 34.2% increase over the first quarter of 2021 of RMB1,309.1 million and a 3.4% increase over the fourth quarter of 2021 of RMB1,700.1 million. The increase over the previous quarter was mainly due to an increase in utility cost as a result of higher power consumption due to higher area utilized and higher power tariffs following the power market reform initiated during the previous quarter, and an increase in depreciation and amortization cost related to the full quarter contribution from new data centers coming into service in the previous quarter, as well as new data centers coming into service in the first quarter of 2022, namely Changshu 2 ("CS2") Phase 2 and Wuhan 1 ("WH1") Phase 1 (through acquisition) data centers. Gross profit was RMB486.4 million (US$76.7 million) in the first quarter of 2022, a 22.6% increase over the first quarter of 2021 of RMB396.9 million, and a 0.2% decrease over the fourth quarter of 2021 of RMB487.3 million. The slight decrease over the previous quarter was mainly due to higher power tariffs leading to higher utility cost as a result of the power market reform initiated during the previous quarter, and higher depreciation and amortization cost related to new data centers coming into service during the fourth quarter of 2021 and the first quarter of 2022. Gross profit margin was 21.7% in the first quarter of 2022, compared with 23.3% in the first quarter of 2021, and 22.3% in the fourth quarter of 2021. The decrease over the previous quarter was mainly due to higher power tariffs as a result of the power market reform initiated during the previous quarter, and higher depreciation and amortization cost related to new data centers coming into service during the fourth quarter of 2021 and the first quarter of 2022. Adjusted Gross Profit ("Adjusted GP") (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,174.6 million (US$185.3 million) in the first quarter of 2022, a 26.6% increase over the first quarter of 2021 of RMB928.0 million and a 2.3% increase over the fourth quarter of 2021 of RMB1,148.4 million. See "Non-GAAP Disclosure" and "Reconciliations of GAAP and non-GAAP results" elsewhere in this earnings release. Adjusted GP margin (non-GAAP) was 52.4% in the first quarter of 2022, compared with 54.4% in the first quarter of 2021, and 52.5% in the fourth quarter of 2021. The Adjusted GP margin stayed at a similar level as the previous quarter, which is an outcome of higher power tariffs leading to higher utility cost partially offset by a decrease of other cash costs in cost of revenue. Selling and marketing expenses, excluding share-based compensation expenses of RMB13.0 million (US$2.0 million), were RMB28.6 million (US$4.5 million) in the first quarter of 2022, a 40.2% increase from the first quarter of 2021 of RMB20.4 million (excluding share-based compensation of RMB15.3 million) and a 3.8% decrease from the fourth quarter of 2021 of RMB29.7 million (excluding share-based compensation of RMB12.4 million). The decrease over the previous quarter was primarily due to a decrease in marketing activities during the Chinese New Year season. General and administrative expenses, excluding share-based compensation expenses of RMB52.6 million (US$8.3 million), depreciation and amortization expenses of RMB121.1 million (US$19.1 million) and operating lease cost relating to prepaid land use rights of RMB20.7 million (US$3.3 million), were RMB105.3 million (US$16.6 million) in the first quarter of 2022, a 4.2% increase over the first quarter of 2021 of RMB101.1 million (excluding share-based compensation expenses of RMB59.7 million, depreciation and amortization expenses of RMB62.1 million and operating lease cost relating to prepaid land use rights of RMB8.2 million) and a 9.4% decrease from the fourth quarter of 2021 of RMB116.2 million (excluding share-based compensation of RMB50.8 million, depreciation and amortization expenses of RMB104.5 million, and operating lease cost relating to prepaid land use rights of RMB9.3 million). The decrease over the previous quarter was mainly due to a lower level of professional fees related to acquisitions. Research and development costs were RMB9.8 million (US$1.5 million) in the first quarter of 2022, compared with RMB9.3 million in the first quarter 2021 and RMB12.4 million in the fourth quarter of 2021. Net interest expenses for the first quarter of 2022 were RMB453.5 million (US$71.5 million), a 26.8% increase over the first quarter of 2021 of RMB357.7 million and a 2.4% increase over the fourth quarter of 2021 of RMB442.8 million. The increase over the previous quarter was mainly due to higher interest expenses on increased total gross debt balance to finance data center capacity expansion. Foreign currency exchange loss for the first quarter of 2022 was RMB4.7 million (US$0.7 million), compared with a gain of RMB1.2 million in the first quarter of 2021 and a loss of RMB3.9 million in the fourth quarter of 2021. Others, net for the first quarter of 2022 was RMB21.5 million (US$3.4 million), compared with RMB16.3 million in the first quarter of 2021 and RMB37.2 million in the fourth quarter of 2021. Net loss in the first quarter of 2022 was RMB373.3 million (US$58.9 million), compared with a net loss of RMB278.7 million in the first quarter of 2021 and a net loss of RMB312.9 million in the fourth quarter of 2021. Adjusted EBITDA (non-GAAP) is defined as net loss excluding net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses and gain from purchase price adjustment. Adjusted EBITDA was RMB1,051.2 million (US$165.8 million) in the first quarter of 2022, a 28.5% increase over the first quarter of 2021 of RMB817.9 million and a 2.3% increase over the fourth quarter of 2021 of RMB1,027.4 million. Adjusted EBITDA margin (non-GAAP) was 46.9% in the first quarter of 2022, compared with 47.9% in the first quarter of 2021, and 47.0% in the fourth quarter of 2021. The slight decrease over the previous quarter was mainly due to higher power tariffs leading to higher utility cost partially offset by a lower level of corporate expenses during the quarter. Basic and diluted loss per ordinary share in the first quarter of 2022 was RMB0.39 (US$0.06), compared with RMB0.21 in the first quarter of 2021, and RMB0.24 in the fourth quarter of 2021. Basic and diluted loss per American Depositary Share ("ADS") in the first quarter of 2022 was RMB3.15 (US$0.50), compared with RMB1.66 in the first quarter of 2021, and RMB1.92 in the fourth quarter of 2021. Each ADS represents eight Class A ordinary shares. Sales Total area committed and pre-committed at the end of the first quarter of 2022 was 575,009 sqm, compared with 461,823 sqm at the end of the first quarter of 2021 and 556,822 sqm at the end of the fourth quarter of 2021, an increase of 24.5% Y-o-Y and 3.3% quarter-over-quarter ("Q-o-Q"), respectively. In the first quarter of 2022, net additional total area committed was 18,188 sqm, including significant contributions from the Shanghai 18 ("SH18") Phase 1, Beijing 14 ("BJ14") Phase 1, Beijing 21 ("BJ21") and Beijing 22 ("BJ22") data centers. Data Center Resources Area in service at the end of the first quarter of 2022 was 492,344 sqm, compared with 360,542 sqm at the end of the first quarter of 2021 and 487,883 sqm at the end of the fourth quarter of 2021, an increase of 36.6% Y-o-Y and 0.9% Q-o-Q. In the first quarter of 2022, CS2 Phase 2 and WH1 Phase 1 (through acquisition) data centers came into service. Area under construction at the end of the first quarter of 2022 was 168,128 sqm, compared with 170,149 sqm at the end of the first quarter of 2021 and 161,515 sqm at the end of the fourth quarter of 2021, a decrease of 1.2% Y-o-Y and an increase of 4.1% Q-o-Q, respectively. In the first quarter of 2022, construction commenced on the SH18 Phase 1 and WH1 Phase 2 data centers. SH18 Phase 1 is the first phase of SH18 data center at the same site as our Shanghai 16 and Shanghai 17 data centers in the Minhang District of Shanghai. SH18 Phase 1 will yield a net floor area of 6,680 sqm and is 67.5% pre-committed. It is expected to come into service in the second half of 2022. WH1 Phase 2 is the second and final phase of WH1 data center which the Company completed the acquisition of during the first quarter of 2022. WH1 Phase 2 will yield a net floor area of 2,800 and is expected to come into service in the first half of 2023. Commitment rate for area in service was 95.3% at the end of the first quarter of 2022, compared with 95.0% at the end of the first quarter of 2021 and 93.8% at the end of the fourth quarter of 2021. Pre-commitment rate for area under construction was 63.1% at the end of the first quarter of 2022, compared with 70.0% at the end of the first quarter of 2021 and 61.3% at the end of the fourth quarter of 2021. Area utilized at the end of the first quarter of 2022 was 332,019 sqm, compared with 251,063 sqm at the end of the first quarter of 2021 and 319,475 sqm at the end of the fourth quarter of 2021, an increase of 32.2% Y-o-Y and 3.9% Q-o-Q. Net additional area utilized was 12,545 sqm in the first quarter of 2022, which mainly came from additional area utilized in the BJ8, LF3, LF10 and NT3 data centers. Utilization rate for area in service was 67.4% at the end of the first quarter of 2022, compared with 69.6% at the end of the first quarter of 2021 and 65.5% at the end of the fourth quarter of 2021. During the first quarter of 2022, the Company completed its previously announced acquisition of 100% equity interest in target companies which are developing a data center site in Wuhan, Hubei Province, containing two data centers, WH1 and Wuhan 2 ("WH2"). The two data centers will yield an aggregate net floor area of approximately 8,400 sqm once fully developed. WH1 Phase 1, with a net floor area of 1,400 sqm, is currently in service and 100% committed. WH1 Phase 2, with a net floor area of 2,800 sqm, is currently under construction. WH2, with a potential net floor area of 4,200 sqm, is currently held for future development. During the first quarter of 2022, the Company completed its previously announced acquisition of a greenfield site in the Nusajaya Tech Park, Johor, Malaysia, immediately adjacent to Singapore. The Company intends to develop the site into a data center campus comprising a total net floor area of approximately 18,000 sqm, or 54 MW of total IT power capacity, according to the initial design. The first phase of the development, with an IT power capacity of 18 MW, is expected to be delivered in 2024. During the first quarter of 2022, the Company completed its previously announced acquisition of a greenfield site in the Nongsa Digital Park, located in Batam, Indonesia, approximately 25 km from Singapore. The Company plans to construct two new data center buildings on the site, comprising a total net floor area of approximately 10,000 sqm or 28 MW of total IT power capacity. The Company expects to secure a supply of renewable energy to support the data center site. The development of a data center campus in Nongsa Digital Park will complement the Company's existing project in the Nusajaya Tech Park, Johor, Malaysia forming a strong core for its "Singapore Plus" strategy in the region. During the first quarter of 2022, the Company completed its previously announced acquisition of a majority equity interest in a target company which owns greenfield land in the Xianghe County of Langfang in Hebei Province, namely Xianghe Land Site 1. The target company has already obtained required energy quota and other approvals for data center development on the site. Approximately 10 km to the east of Tongzhou District of Beijing, the site is well located to serve the Beijing market. Xianghe Land Site 1 has a land area of approximately 65,000 sqm and, once fully developed, it will yield a net floor area of approximately 30,000 sqm. It is currently held for future development. The Company will subsequently acquire all the remaining minority equity interest in the target company when certain conditions are met. During the first quarter of 2022, as previously announced, the Company entered into a definitive agreement for the lease of a purpose-built building shell (currently under construction by the landlord) in Hong Kong which will house our Hong Kong 3 ("HK3") data center. HK3 is located in West Kowloon, approximately 3 km from the Company's existing Hong Kong 1 ("HK1"), Hong Kong 2 ("HK2") and Hong Kong 4 ("HK4") data center cluster in the Kwai Chung area. HK3 will yield a net floor area of 7,265 sqm. It is expected to be delivered in the second half of 2024, ensuring that we will have continuous new capacity across four purpose-built data centers coming into service in Hong Kong through 2022 to 2025. On March 8, 2022 the Company closed its previously announced sale of US$620 million in aggregate principal amount of 0.25% convertible senior notes due 2029 (the "Notes") to Sequoia China Infrastructure Fund I ("SCIF"), ST Telemedia Global Data Centres ("STT GDC"), and an Asian sovereign wealth fund which has a strategic relationship with GDS (collectively, the "Investors"). In conjunction with SCIF's investment in the Notes, GDS and Sequoia Capital China (together with its affiliates, "Sequoia China") have entered into a Strategic Cooperation Agreement pursuant to which GDS and Sequoia China will identify and pursue collaborative opportunities for business synergies between GDS and Sequoia China; the development and implementation of GDS's regionalization strategy; and strategic acquisitions and investments in the internet data center business in China and overseas. Liquidity As of March 31, 2022, cash was RMB11,320.9 million (US$1,785.8 million). Total short-term debt was RMB6,793.1 million (US$1,071.6 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB6,242.3 million (US$984.7 million) and the current portion of finance lease and other financing obligations of RMB550.8 million (US$86.9 million). Total long-term debt was RMB33,983.9 million (US$5,360.8 million), comprised of long-term borrowings (excluding current portion) of RMB19,594.1 million (US$3,090.9 million), convertible bonds of RMB5,804.5 million (US$915.6 million) and the non-current portion of finance lease and other financing obligations of RMB8,585.4 million (US$1,354.3 million). During the first quarter of 2022, the Company obtained new debt financing and re-financing facilities of RMB3,369.5 million (US$531.5 million), and further raised $US620 million from a convertible bond issuance. Recent Developments Shenzhen 11 AcquisitionThe Company has recently completed its previously announced acquisition of 100% equity interest in a target company which has developed a data center in the Longhua District of Shenzhen, Shenzhen 11 ("SZ11"). SZ11 will yield a net floor area of approximately 7,089 sqm. It is a scarce resource in a Tier 1 core location which the Company believes is highly marketable. Partnership with YTL for green data center campus development in Johor, MalaysiaThe Company recently signed a partnership with YTL Power International Berhad ("YTL Power"), an international multi-utility infrastructure group, to co-develop 168 MW of data center capacity, across 8 individual data center facilities, at the upcoming YTL Green Data Center Park in Johor, Malaysia. The first phase of the co-development will enter service in 2024. YTL Green Data Center Park ("the Park") is a visionary project initiated by YTL Data Center Holdings Pte. Ltd., a wholly-owned subsidiary of YTL Power. Located in Kulai, Johor, approximately 30 kilometres from the cities of Johor Bahru and Singapore, the Park will comprise 500 MW of total data center capacity integrated with an equivalent amount of solar power generation. It is the first hyperscale data center campus in Malaysia to be powered by on-site renewable energy. GDS's presence at the YTL Green Data Center Park will complement its hyperscale data center projects at Nusajaya Tech Park, Johor, Malaysia and Nongsa Digital Park, Batam, Indonesia. Ulanqab 1 to become a B-O-T joint venture data centerThe Company recently signed a share purchase agreement for the sale of a 49% equity interest in the project company of Ulanqab 1 ("UL1"), a build-operate-transfer ("B-O-T") data center, under the new master joint venture agreement signed between GDS and GIC in the third quarter of 2021. Once the transaction is completed, UL1 will become the second B-O-T joint venture data center with GDS owning 51% equity interest and GIC owning 49%, after HL1 Phase 1 data center. Business Outlook The Company confirms that the previously provided guidance for total revenues of RMB9,320 – RMB9,680 million, adjusted EBITDA of RMB4,285 – RMB4,450 million and capex of around RMB12,000 million for the year of 2022 remain unchanged. This forecast reflects the Company's preliminary view on the current business situation and market conditions, which are subject to change. Conference Call Management will hold a conference call at 8:00 p.m. U.S. Eastern Time on May 18, 2022 (8:00 a.m. Beijing Time on May 19, 2022) to discuss financial results and answer questions from investors and analysts. Listeners may access the call by dialing: United States: +1-833-239-5565 International: +65-6713-5590 Hong Kong: +852-3018-6771 Mainland China: 400-820-5286 Conference ID: 1699103 Participants should dial in at least 15 minutes before the scheduled start time and provide the Conference ID to the Operator to be connected to the conference. Due to conditions surrounding the outbreak of COVID-19, participants may experience longer than normal hold period before being assisted to join the call. The Company thanks everyone in advance for their patience and understanding. A telephone replay will be available approximately two hours after the call until May 26, 2022 09:59 AM U.S. ET by dialing: United States: +1-646-254-3697 International: +61-2-8199-0299 Hong Kong: +852-3051-2780 Mainland China: 400-820-9035 Replay Access Code: 1699103 A live and archived webcast of the conference call will be available on the Company's investor relations website at investors.gds-services.com. Non-GAAP Disclosure Our management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance, whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company's core operating performance. We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses and gain from purchase price adjustment, each of which have been and may continue to be incurred in our business. We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of GAAP and non-GAAP results" set forth at the end of this press release. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars ("USD") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB 6.3393 to US$1.00, the noon buying rate in effect on March 31, 2022 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. Statement Regarding Preliminary Unaudited Financial Information The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information. About GDS Holdings Limited GDS Holdings Limited (NASDAQ:GDS, HKEX: 9698)) is a leading developer and operator of high-performance data centers in China. The Company's facilities are strategically located in China's primary economic hubs where demand for high-performance data center services is concentrated. The Company also builds, operates and transfers data centers at other locations selected by its customers in order to fulfill their broader requirements. The Company's data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access all the major PRC telecommunications networks, as well as the largest PRC and global public clouds which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 21-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company's customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "aim," "anticipate," "believe," "continue," "estimate," "expect," "future," "guidance," "intend," "is/are likely to," "may," "ongoing," "plan," "potential," "target," "will," and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings' beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings' strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings' actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings' goals and strategies; GDS Holdings' future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China; GDS Holdings' expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings' expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the continued adoption of cloud computing and cloud service providers in China; risks and uncertainties associated with increased investments in GDS Holdings' business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings' ability to maintain or grow its revenue or business; fluctuations in GDS Holdings' operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings' business operations; competition in GDS Holdings' industry in China; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, the impact of the COVID-19 outbreak, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings' filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: GDS Holdings LimitedLaura ChenPhone: +86 (21) 2029-2203Email: ir@gds-services.com The Piacente Group, Inc.Ross WarnerPhone: +86 (10) 6508-0677Email: GDS@tpg-ir.com Brandi PiacentePhone: +1 (212) 481-2050Email: GDS@tpg-ir.com GDS Holdings Limited GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$"))               As ofDecember 31, 2021 As of March 31, 2022     RMB RMB US$             Assets       Current assets         Cash 9,968,109   11,320,911   1,785,830     Accounts receivable, net of allowance for doubtful accounts 1,732,686   2,313,110   364,884     Value-added-tax ("VAT") recoverable 229,090   243,739   38,449  .....»»

Category: earningsSource: benzingaMay 18th, 2022

Stephen Miller wanted to dip ISIS leader"s decapitated head in pig"s blood and parade it around as a warning to other terrorists, says Esper

Miller has denied advocating for what would likely be a war crime, calling former Defense Secretary Mark Esper a "moron." Killed ISIS Leader Abu Bakr al-Baghdadi and former White House Senior Advisor Stephen Miller.Al-Furqan Media/Anadolu Agency and Jabin Botsford/The Washington Post via Getty Images Mark Esper says Stephen Miller wanted to capture the ISIS leader's head and dip it in pig's blood. That's considered unholy in Islam, and Miller wanted to use it as a warning to other terrorists. Trump himself previously suggested shooting terrorists with bullets dipped in pig's blood. Former White House Senior Advisor Stephen Miller wanted to capture ISIS leader Abu Bakr al-Baghdadi's head, dip it in pig's blood, and parade it around as a warning to other terrorists, according to former Defense Secretary Mark Esper.Esper's forthcoming memoir, an excerpt of which was published in the New York Times on Thursday, details an October 2019 meeting in the Situation Room as Trump and other top national security officials watched drone footage of the raid that ultimately resulted in al-Baghdadi's death."He died after running into a dead-end tunnel, whimpering and crying and screaming all the way," former President Donald Trump declared in a press conference following the raid.Even while still working for Trump, Esper denied knowledge of any whimpering, and said it would have been impossible to hear from the drone feed that he and other officials watched.Miller reportedly made the suggestion at that meeting, prompting Esper to fire back that such an action would constitute a "war crime." The former senior advisor to Trump denied the exchange to the Times, calling Esper a "moron," and representatives for Miller did not immediately respond to Insider's request for comment.—The White House 45 Archived (@WhiteHouse45) October 27, 2019Islam forbids the consumption of pork and considers pigs to be unclean, and dipping the self-styled caliph's head in the substance would've constituted a religiously-tinged insult.And according to the Rome Statue of the International Criminal Court, it is a war crime to subject "persons who are in the power of an adverse party to physical mutilation."Esper also alleges that Miller wanted to send 250,000 troops to the US-Mexico border, claiming that a large caravan of migrants was en route. Esper said on Thursday that he was "flabbergasted" by the idea.Trump himself had previously raised using pig's blood against Muslims in the wake of a terrorist attack in Barcelona, Spain in August 2017."Study what General Pershing of the United States did to terrorists when caught," he tweeted at the time. "There was no more Radical Islamic Terror for 35 years!"Trump was referring to a long-debunked story that Army General John Joseph Pershing, then Governor of the US-occupied Philippines, used bullets dipped in pig's blood against Muslim Moro tribesmen. He had also told the story at several rallies during his 2016 presidential campaign.    Read the original article on Business Insider.....»»

Category: topSource: businessinsiderMay 6th, 2022

AUTOCANADA REPORTS RECORD FIRST QUARTER RESULTS

Revenue was $1,342.4 million as compared to $969.8 million in the prior year, an increase of 38.4% and the highest first quarter revenue reported in the Company's history Net income for the period was $4.3 million versus $21.3 million in the prior year and includes a loss on extinguishment of embedded derivative of $(29.3) million and a loss on extinguishment of debt of $(9.9) million in Q1 2022 Adjusted EBITDA1 was $62.2 million versus $47.2 million in the prior year, an increase of 31.7%; normalized increase of 60.6% as compared to prior year normalized adjusted EBITDA1 of $38.7 million Adjusted EBITDA margin1 was 4.6% versus 4.9% in the prior year, a decrease of (0.3) percentage points; normalized increase of 0.6 percentage points as compared to prior year normalized adjusted EBITDA margin1of 4.0% Diluted earnings per share was $0.10, a decrease of $(0.61) from $0.71 in the prior year Indebtedness of $358.5 million at the end of Q1 2022 compares to $285.9 million at the end of Q4 2021 Net indebtedness1 of $248.8 million at the end of Q1 2022 compares to $212.7 million at the end of Q4 2021 EDMONTON, AB, May 4, 2022 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX:ACQ), a multi-location North American automobile dealership group, today reported its financial results for the three month period ended March 31, 2022. "We opened 2022 with yet another record first quarter, reflecting ongoing positive momentum and our business as a whole continues to perform better than ever," said Paul Antony, Executive Chairman of AutoCanada. "Our Q1 results speak to the determination, agility and strength of our team, and the trend of sustainable improvement across all areas of our business. Continued strong performance from used vehicles, F&I, and our U.S. operations were key drivers in the quarter. "We continued to advance our acquisition strategy with the recent addition of the Audi Windsor and Porsche of London dealerships, further expanding our platform in Ontario while adding brand diversity and increasing the mix of luxury dealerships within our overall portfolio.  "Looking forward to the remainder of 2022, with our newly expanded executive team in place, we will continue to build on our strong momentum and focus on our strategic growth pillars to deliver industry-leading performance and enhance shareholder returns. We remain well positioned to continue to execute on our acquisition strategy in the coming quarters with several dealerships currently being evaluated. We also expect to see continued realization of synergies from our acquisitions which will further drive our 2022 Adjusted EBITDA performance." AutoCanada also announced today that Maryann Keller will be retiring from the Company's Board of Directors effective May 5, 2022. Mr. Antony continued, "On behalf of the Board and the management team at AutoCanada, I would like to thank Maryann for her dedication and capable guidance during her board tenure. Maryann has been with us since May 2015, including four years as our Lead Independent Director. Maryann has seen the Company through numerous critical transformations, leaving us with a strong foundation to pursue our growth strategy. We wish her all the best." 1    See "NON-GAAP AND OTHER FINANCIAL MEASURES" below. 2    This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the three month period ended March 31, 2022 for further information regarding the composition of these measures. First Quarter Key Highlights and Recent Developments The Company set another first quarter record as revenue reached $1,342.4 million as compared to $969.8 million in the prior year, an increase of 38.4%. Record Q1 2022 results were driven by strong performance across all areas of our complete business model, in particular our used vehicle and finance and insurance ("F&I") business operations, and continued material improvements from our U.S. Operations. Net income for the period was $4.3 million, as compared to $21.3 million in Q1 2021, including a loss on extinguishment of embedded derivative of $(29.3) million and a loss on extinguishment of debt of $(9.9) million in Q1 2022. Diluted earnings per share was $0.10, an decrease of $(0.61) from $0.71 in the prior year. Adjusted EBITDA1 for the period was $62.2 million as compared to $47.2 million reported in Q1 2021, an improvement of 31.7%. Prior year results include $8.5 million of government assistance related to COVID. Excluding these typically non-recurring income items in the prior year, adjusted EBITDA1 of $62.2 million compares to normalized adjusted EBITDA1 of $38.7 million in the prior year, a normalized improvement of 60.6%. Adjusted EBITDA margin1 of 4.6% compares to normalized adjusted EBITDA margin1 of 4.0% in the prior year, an increase of 0.6 percentage points ("ppts"). Gross profit increased by $79.7 million to $247.3 million, an increase of 47.5%, as compared to prior year. This increase was largely driven by the increases of $13.6 million from used vehicles and $26.8 million from F&I. In addition, used retail vehicles2 sales increased by 4,338 units, up 44.6%, to 14,072, which contributed to the consolidated used to new retail units ratio2 moving to 1.55 from 1.18. F&I gross profit per retail unit average2 increased to $3,406, up 17.9% or $516 per unit. Gross profit percentage2 of 18.4% was a result of strong performance across all areas of the business and compares to 17.3% in the prior year. Our U.S. Operations continues to demonstrate strong growth and contributed $38.9 million of gross profit, an increase of $23.5 million or 152% as compared to prior year. This improvement in gross profit was driven by gains across all aspects of the business, resulting in a gross profit percentage of 18.4%. Proactive inventory management for both new and used vehicles continued to be a key driver to the Company's success in delivering both strong revenue and retail margin growth across all our business operations in the first quarter. We continue to manage our new vehicle inventory as the chip shortage remains an issue, particularly impacting new vehicle inventory supply. While we are gradually seeing improvements in both available new vehicle inventory and allocations, we are not expecting a return to "normalcy" in inventory levels until late 2023 to 2024. Compensating for reduced new vehicle supply, we more than doubled our used vehicle inventory position to $717.3 million as at March 31, 2022 as compared to $311.4 million in Q1 2021. Management continues to monitor the used vehicle market and actively manage our used vehicle inventory position to ensure it is appropriate to meet current market demand. Net indebtedness1 increased by $36.0 million from December 31, 2021 to $248.8 million at the end of Q1 2022. This increase is primarily driven by the repurchase and cancellation of $(31.2) million of shares under the authorized Normal Course Issuer Bid ("NCIB"). Free cash flow1 on a trailing twelve month ("TTM") basis was $93.6 million at Q1 2022 as compared to $144.6 million in Q1 2021; the decline in free cash flow1 between years was driven primarily by reduced government assistance in 2021, increased cash taxes, stock based compensation related cash payments, and changes in working capital. Additionally, our net indebtedness leverage ratio1 of 1.1x remained well below our target range at the end of Q1 2022, as compared to 0.7x in Q1 2021. Had all of the completed acquisitions, as identified in Section 5 Acquisitions, Divestitures, Relocations and Real Estate, occurred at April 1, 2021, consolidated pro forma net income would have been $155.7 million for the TTM ended March 31, 2022, as compared to consolidated pro forma net income of $174.8 million for the year ended December 31, 2021. Pro forma normalized adjusted EBITDA1 would be $282.4 million for the TTM ended March 31, 2022, as compared to pro forma normalized adjusted EBITDA1 of $266.4 million for the year ended December 31, 2021.  We remain well-positioned to continue to execute on our acquisition strategy in the coming quarters. We continue to develop a transaction pipeline with a number of dealerships currently being evaluated. The Company welcomed Jeffery Thorpe, President, Canadian Operations, Brian Feldman, Senior Vice President, Canadian Operations and Disruptive Technologies, and Lee Wittick, Senior Vice President, Operations and OEM Relations to the executive team April 2022 to continue to drive the Company's ongoing growth, synergies, and efficiencies. All three executive team members have significant industry expertise operating a dealership platform at scale using centralized services through head office, which closely mirrors AutoCanada's operating rhythm. With our 2022 strategic growth pillars and the new executive team in place, we are poised to demonstrate our best in class operations, and continue to grow our scalable and repeatable business model. Our performance, both in Canada and U.S. Operations, continues our trend of sustainable improvement and demonstrates the efficacy of our complete business model and strategic initiatives. We remain aware that uncertainty continues to exist in the macroeconomic environment given the ongoing challenges associated with the global pandemic and the Russia-Ukraine war. Uncertainties may include potential economic recessions or downturns, continued disruptions to the global automotive manufacturing supply chain, and other general economic conditions resulting in reduced demand for vehicle sales and service. We will continue to remain proactive and vigilant in assessing the impacts on our organization and remain committed to optimizing and building stability and resiliency into our business model to ensure we are able to drive industry-leading performance regardless of changing market condition. 1  See "NON-GAAP AND OTHER FINANCIAL MEASURES" below. 2  This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the three month period ended March 31, 2022 for further information regarding the composition of these measures. Consolidated AutoCanada Highlights ANOTHER RECORD SETTING FIRST QUARTER AutoCanada delivered another record setting first quarter. Refer to Section 5 Acquisitions, Divestitures, Relocations and Real Estate of the Company's MD&A for the three month period ended March 31, 2022 for acquisitions included in Q1 2022 results. For the three-month period ended March 31, 2022: Revenue was $1,342.4 million, an increase of $372.6 million or 38.4% Total vehicles sold2 were 23,414, an increase of 4,707 units or 25.2% Used retail vehicles2 sold increased by 4,338 or 44.6% Net income for the period was $4.3 million (or $0.11 per basic share) versus $21.3 million (or $0.71 per diluted share) Loss on extinguishment of embedded derivative of $(29.3) million and loss on extinguishment of debt of $(9.9) million were recognized in Q1 2022 Adjusted EBITDA1 increased by 31.7% to $62.2 million, an increase of $15.0 million Adjusted EBITDA1 increased by 60.6% over prior year normalized adjusted EBITDA1 of $38.7 million, an increase of $23.5 million Adjusted EBITDA1 on a trailing twelve month basis was $266.8 million Net indebtedness1 of $248.8 million reflected an increase of $36.0 million from the end of Q4 2021 Canadian Operations Highlights OUTPERFORMED NEW RETAIL MARKET BY 6.6 PPTS, USED RETAIL UNIT2 SALES INCREASED BY 30% We outperformed the Canadian market, as same store new retail unit2 sales decreased by (6.8)% as compared to the market decrease of (13.4)%, for same store brands represented by AutoCanada as reported by DesRosiers Automotive Consultants ("DesRosiers"), an outperformance of 6.6 ppts. Our used vehicle and F&I segments were key drivers of the record earnings in Q1 2022. Used vehicle gross profit percentage2 increased to 7.0% as compared to 6.7% in the prior year. F&I gross profit per retail unit average2 increased to $3,368, up 12.7% or $379 per unit. Unless stated otherwise, all results for acquired businesses are included in all Canadian references in the MD&A. For the three-month period ended March 31, 2022: Revenue was $1,131.0 million, an increase of 30.9% Used retail vehicles2 sold increased by 2,620 or 29.6% Average TTM Canadian used retail unit2 sales per dealership per month, excluding Used Digital Retail Division dealerships2, improved to 54, as compared to 50 in the prior year Used to new retail units ratio2 increased to 1.50 from 1.29 TTM used to new retail ratio2 improved to 1.48 at Q1 2022 as compared to 1.01 at Q1 2021 F&I gross profit per retail unit average2 increased to $3,368, up 12.7% or $379 per unit Net loss for the period was $(1.0) million, down (104.8)% from a net income of $21.0 million in 2021 Loss on extinguishment of embedded derivative of $(29.3) million and loss on extinguishment of debt of $(9.9) million were recognized in Q1 2022 Adjusted EBITDA1 increased 23.6% to $53.4 million, an increase of $10.2 million Adjusted EBITDA1 increased by 33.1% over prior year normalized adjusted EBITDA1 of $40.1 million Adjusted EBITDA margin1 was 4.7% as compared to normalized adjusted EBITDA margin1 of 4.6% in the prior year, an increase of 0.1 ppts 1    See "NON-GAAP AND OTHER FINANCIAL MEASURES" below. 2    This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the three month period ended March 31, 2022 for further information regarding the composition of these measures. U.S. Operations Highlights REVENUE DOUBLED TO $211 MILLION U.S. Operations continues to improve under the new management team, as demonstrated by the fourth consecutive quarter of year-over year growth in adjusted EBITDA1. This growth was driven by improvements across all aspects of the business and resulted in a gross profit percentage of 18.4% and a 77.3% increase in total retail unit sales. Revenue was $211.4 million, an increase of 99%, from $106.0 million Used retail vehicles2 sold increased by 1,718 units or 192% F&I gross profit per retail unit average2 increased to $3,583 per unit, up 62.3% or $1,375 per unit Net income for the period increased by $5.0 million to $5.3 million, from $0.3 million Net income on a trailing twelve month basis was $22.1 million Adjusted EBITDA1 was $8.8 million as compared to $4.0 million, an increase of $4.8 million Normalized adjusted EBITDA1 for the prior year was $(1.4) million, resulting in a normalized increase of $10.2 million Adjusted EBITDA1 on a trailing twelve month basis was $36.0 million Same Store Metrics - Canadian Operations F&I GROSS PROFIT PER RETAIL UNIT AVERAGE2 INCREASED TO $3,702, UP 20% OR $617 PER UNIT We outperformed the Canadian market by 6.6 ppts as same store new retail units2 decreased by (6.8)% as compared to the market decrease of (13.4)%, for same store brands represented by AutoCanada as reported by DesRosiers. The continued optimization of the Company's complete business model is highlighted by the year-over-year 23.2% improvement in gross profit across each individual business segment which collectively totaled $179.6 million. Refer to Section 19 Same Stores Results Data of the Company's MD&A for the three month period ended March 31, 2022 for the definition of same store and further information. Revenue increased to $926.7 million, an increase of 17.2% Gross profit increased by $33.8 million or 23.2% Used to new retail units ratio2 increased to 1.46 from 1.19 Used retail unit2 sales increased by 14.0%, an increase of 1,144 units For the fourteenth consecutive quarter of year-over-year growth, F&I gross profit per retail unit average2 increased to $3,702, up 20.0% or $617 per unit; gross profit increased to $58.1 million as compared to $46.3 million in the prior year, an increase of 25.4% Parts, service and collision repair ("PS&CR") gross profit increased to $59.2 million, an increase of 17.3% PS&CR gross profit percentage2 decreased to 52.2% as compared to 54.6% in the prior year Financing and Investing Activities and Other Recent Developments ISSUED $350 MILLION SENIOR UNSECURED NOTES Net indebtedness1 of $248.8 million resulted in a net indebtedness leverage ratio1 of 1.1x. Financing and investing activities included the following: On January 12, 2022, S&P Global Ratings ("S&P") issued a research update and raised both the issuer credit rating and the Company's senior unsecured notes to 'B+'. On February 7, 2022, amended and extended our existing credit facility for total aggregate bank facilities of $1.3 billion, with a maturity date of April 14, 2025. On February 7, 2022, issued $350 million of Senior Unsecured Notes at 5.75%, due February 7, 2029, with the proceeds used to fund the redemption of the outstanding $250 million 8.75% Senior Unsecured Notes due February 11, 2025, to reduce the outstanding balance under its syndicated credit facility and for general corporate purposes including acquisitions. On May 2, 2022, the Company acquired substantially all of the assets used in or relating to the Audi Windsor and Porsche of London dealerships, located in London and Windsor, Ontario, respectively. The acquisition supports management's strategic objectives of further establishing the Company's presence in the province of Ontario, increasing both brand diversity and luxury mix within our portfolio. The acquisition included the underlying real estate for both dealerships. On May 4, 2022, the Company entered into an arrangement with the Bank of Nova Scotia to provide non-recourse mortgage financing for a previously purchased property in Maple Ridge, BC. The non-recourse mortgage arrangement will fund land value as well as construction costs associated with the development of two dealerships. The non-recourse mortgage is secured by the real estate as collateral. The credit facility allows for up to $100 million of non-recourse mortgage financing. The non-recourse mortgage liability is not considered a liability for purposes of calculating our credit facility financial covenants. 1   See "NON-GAAP AND OTHER FINANCIAL MEASURES" below.  2     This press release contains "SUPPLEMENTARY FINANCIAL MEASURES". See Section 15. NON-GAAP AND OTHER FINANCIAL MEASURES of the Company's Management's Discussion & Analysis (MD&A) for the three month period ended March 31, 2022 for further information regarding the composition of these measures.   First Quarter Financial Information The following table summarizes the Company's performance for the quarter: Three Months Ended March 31 Consolidated Operational Data 2022 2021 % Change Revenue 1,342,438 969,824 38.4% Gross profit 247,339 167,636 47.5% Gross profit % 18.4% 17.3% 1.1% Operating expenses 193,646 127,948 51.3% Operating profit 56,690 41,664 36.1% Net income for the period 4,322 21,334 (79.7)% Basic net income per share attributable to AutoCanada shareholders 0.11 0.77 (85.7)% Diluted net income per share attributable to AutoCanada shareholders 0.10 0.71 (85.9)%    Adjusted EBITDA1 62,196 47,234 31.7%    New retail vehicles2 sold (units) 9,052 8,233 9.9%    New fleet vehicles2 sold (units) 290 740 (60.8)%    Total new vehicles2 sold (units) 9,342 8,973 4.1%    Used retail vehicles2 sold (units) 14,072 9,734 44.6%    Total vehicles2 sold 23,414 18,707 25.2%    Same store new retail vehicles2 sold (units) 6,383 6,848 (6.8)%    Same store new fleet vehicles2 sold (units) 264 739 (64.3)%    Same store used retail vehicles2 sold (units) 9,306 8,162 14.0%    Same store total vehicles2 sold 15,953 15,749 1.3%    Same store2 revenue 926,660 790,798 17.2%    Same store2 gross profit 179,559 145,799 23.2%    Same store2 gross profit % 19.4% 18.4% 1.0%   SELECTED QUARTERLY FINANCIAL INFORMATION The following table shows the unaudited results of the Company for each of the eight most recently completed quarters. The results of operations for these periods are not necessarily indicative of the results of operations to be expected in any given comparable period. MD&AFootnote Reference3 Q1 2022 Q4 2021 Q3 2021 REVISED Q2 2021 REVISED Q1 2021 REVISED Q4 2020 Q3 2020 Q2 2020 Income Statement Data 4     New vehicles 4 7 511,195 467,085 498,142 547,593.....»»

Category: earningsSource: benzingaMay 4th, 2022

How Much Taxes Should I Plan On Paying For My Annuity

At one point or another, you get stung with an unexpected expense. Like you take your car to the mechanic for what you assume is a simple brake pad replacement. But, you become flabbergasted when the mechanic informs you that the entire brake line needs to be replaced. Of course, having an emergency fund in […] At one point or another, you get stung with an unexpected expense. Like you take your car to the mechanic for what you assume is a simple brake pad replacement. But, you become flabbergasted when the mechanic informs you that the entire brake line needs to be replaced. Of course, having an emergency fund in place would alleviate some of this pressure. But, what if you could be like Nostradamus and predict these types of expenses? if (typeof jQuery == 'undefined') { document.write(''); } .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Henry Singleton Series in PDF Get the entire 4-part series on Henry Singleton in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Now, I’m not talking about recurring expenses that you at least have a ballpark figure on. These would be your mortgage, rent, car insurance, and utilities. Rather, this would be these out-of-the-blue expenditures like car or home repairs, medical bills, and your taxes in retirement. I really want to hone-on on the latter because there’s a misconception your taxes will be lower in retirement. And, that’s not exactly true. After all, you’ll most likely still be earning an income from Social Security benefits and distributions from retirement accounts. What’s more, in any retirement planning discussion, we couldn’t leave out the topic of how an income annuity might impact your taxes. And, more specifically how much you’re going to have to pay. How is an Annuity Taxed? As you have experienced working your entire life, income taxes are a significant part of your monthly budget. But, when you’re on a more limited budget in retirement, this becomes even more pertinent. It is further complicated by the fact that income is taxed differently than many other investments and annuities. In fact, dividends from stocks and bonds are more tax-efficient than dividends from stocks. But, wait a minute? Aren’t annuities tax-deferred? Yes. All annuities grow tax-deferred. This means you don’t have to pay any taxes until you receive distributions from an accumulation annuity or a regular payment. In contrast to non-qualified investment accounts or savings accounts, annuities may grow more over time since they compound undisturbed. Despite the fact that annuity money grows tax-deferred, when you start withdrawing your money, that growth will be taxable as ordinary income. How about the money you paid into your annuity? Depending on how you fund the annuity, either qualified or unqualified, this money is taxed differently. In short, as long as you do not withdraw your investment gains from the annuity you will not be taxed on them. But, once you make a withdrawal or begin receiving payments, you’ll have to pay Uncle Sam. Qualified Annuity Taxation In general, annuities are taxed differently if they are in a qualified or non-qualified account. An annuity bought with pre-tax dollars is considered a qualified annuity. When you buy an annuity using a 401(k), 403(b), traditional IRA, SEP-IRA, or SIMPLE IRA, it will be classified as a qualified annuity since they are all funded with pre-tax dollars. The payments you receive from this annuity type are fully taxable as ordinary income when they are withdrawn or received. If you withdraw from the annuity early, you may be charged your full contribution to the annuity plus the 10% penalty. Lost? Let’s try to clarify what a qualified annuity is. “A deposit into a qualified annuity is made without taxes being withheld,” explains Julia Kagan for Investopedia. As a result, this will minimize “the taxpayer’s income, and taxes owed, for that year. In addition, no taxes will be owed on the money that accrues in the qualified account year after year as long as no withdrawals are made.” “Taxes on both the investor’s contribution and the investment gains that have accrued will be owed after the investor retires and begins taking an annuity or any withdrawal from the account,” continues Kagan. “While distributions from a qualified annuity are taxed as ordinary income, distributions from a non-qualified annuity are not subject to any income tax on the contributions,” she notes. “Taxes may be owed on the investment gains, which generally are a smaller portion of the account.” As a whole, qualified annuities are more tax-efficient. And, there’s also “a smaller hit on take-home pay during the person’s working years.” Unqualified Annuity Taxation Annuities purchased outside of employee benefits, such as 401(k)s, are non-qualified. Since you’re transferring funds that have already been taxed, you won’t have to pay taxes on your initial investment once it’s disbursed. As a result, you are able to grow your annuity tax-deferred. There are several examples of nonqualified sourcing funds, such as; Savings accounts Non-IRA accounts Certificates of deposit Mutual funds Inheritance accounts Unlike retirement plans like 401(k), there are no contribution limits. Also, there is no mandatory distribution age. Similarly, you can transfer funds between policies through a 1035 exchange with no consequences. In addition, you can include a death benefit with most annuities. And, a beneficiary or heir can receive the remaining annuity funds if you die before disbursements are issued. The earnings you receive from your annuity contribution are taxable when you withdraw the money or receive a payout. This includes dividends, interest, and capital gains. Depending on the exclusion ratio, the amount of your withdrawal or payment from investments may be limited. When you withdraw an annuity, the exclusion ratio refers to the amount that is taxed. Non-qualified annuities are funded with after-tax dollars, so the exclusion ratio is used to figure out what the earnings have been on the annuity since the earnings are not taxable. Withdrawals are subject to taxes, but earnings are permitted to grow tax-free until withdrawal. What is the Exclusion Ratio? The insurance company requires an initial lump-sum payment when you purchase an annuity. When you receive payments from your annuity, you won’t have to pay income taxes on a portion of each payment because it is viewed as a return on your principal. Because you paid the principal with after-tax money, the IRS won’t be taxing you again. However, this is only a portion of what you receive from your insurance company either each month, quarter, or year. Over time, your original principal earns interest, and that money is indeed taxable. In a way, think of this as how taxes work with your additional income streams. Similarly, gains made within the investment sub-accounts of annuities are taxable. When money is distributed, taxes are deducted from untaxed funds. The monthly exclusion ratio in your insurance contract should be provided to you by your insurance company. Consider, for instance, an annuity paying out $200 in 20-dollar installments after investing $100. Such an expectation is horribly unrealistic. Nevertheless, it will suffice in helping you better understand the exclusion ratio. In this case, the exclusion ratio would be 50%, which is the ratio of your principal to returns. The first $10 of each check received will not be taxed as you are collecting back your initial investment. How To Calculate The Taxable Amount Of An Annuity Again. the IRS acknowledges that you have already paid taxes on the money you use to purchase an income annuity when you do it with after-tax savings. Due to this, when you receive your annuity payments each month, only part of each payment is taxed. This represents the new interest your annuity is generating. The portion of every payment that represents the return of your previously-taxed principal is not taxed a second time. To compute taxes on your annuity, use the “exclusion ratio” or “pro rata” method, which is based on IRS General Rule 939. With that being said, the exclusion ratio is one of the reasons why you should consider buying a nonqualified annuity. But, how can you calculate the taxable amount of this annuity? Percentages are calculated by measuring income tax on periodic payments against the contract’s expected return, explains Shawn Plummer, The Annuity Expert. In order to determine how much of the money received is tax-free as a return of investment in the contract, the percentage is multiplied by the periodic payments. The rest of the periodic payments is taxable as ordinary income. Investment Amount ÷ Expected Return = Percentage Of Payment That Is Tax-Free 100% – Tax-Free Percentage = Percentage Of Payment That Is Taxable Example $100,000 investment ÷ $150,000 expected return = .6666 (66.7 percent of payment is tax-free) 100% – 66.7% (tax-free percentage) = 33.3 percent of payment is taxable Life expectancy is also taken into account when calculating the exclusion ratio. A person receiving annuity payments after the age of their actuarial life expectancy is fully taxable if she or he lives longer than expected. It spreads principal withdrawals over an annuitant’s life expectancy so an exclusion ratio can be calculated. The remaining income payments and withdrawals from the loan are considered earnings once the principal has been accounted for. So, here’s an example; At retirement, you have a life expectancy of 10 years. You have an annuity purchased for $50,000 with after-tax money. An annual payment of $5,000 – 10 percent of your original investment – is not taxable. You live more than 10 years. If you receive income in excess of that 10-year life expectancy, it will be taxed. Annuity Exclusion Ratio Example Consider the following scenario: You buy a $100,000 immediate annuity at 65 years old. You are told that you have a 20-year life expectancy and that you will receive $565 a month for the rest of your life from the insurance company. Within those 20 years, you will have grown your initial $100,000 investment to $135,600. As a result, the insurance company must spread out your $100,000 principal throughout the next 20 years. This would come to just shy of $417 a month. However, you are entitled to $565 a month under your contract. So, if you used the following formula you the exclusion ratio would be 73.7% $100,000 ____________________ $565 x 240 x = $135,600 Because this is a tax-free return of your original principal, $417 of your $565 monthly payment will not be taxed by the IRS. It’s basically returning to you all of the money you paid them after tax, plus interest. Because of this, only $148 of your $565 monthly payout will be subject to ordinary income tax. Since this is the percentage of taxes that are not collected, the exclusion ratio is 73.7 percent. The other 26.3 percent is taxable. Annuity Withdrawal Taxation The amount and timing of withdrawals affect your tax bill too. The taxable portion of your annuity withdrawal may be subject to a 10 percent penalty if you withdraw money before you are 59 ½. The tax on your earnings will be triggered if you withdraw as a lump sum instead of an income stream after that age. On the entire taxable portion of the funds, you will need to pay income taxes that year. What if you have money remaining in your annuity account? Withdrawals made after the first are considered interest by the IRS and are taxable. Again, how much of the withdrawal is taxed depends on whether the contract is qualified or not. When you withdraw the full withdrawal amount from a qualified annuity, you will be taxed. Taxes are only due on earnings when it is non-qualified. Annuity Payout Taxation As a general rule, each non-qualified annuity income payment has two components according to the General Rule for Pensions and Annuities by the Internal Revenue Service. Your tax-free portion is determined by the net cost of the annuity you purchased. What’s left is the taxable portion. With an annuity, instead of withdrawing, you receive income payments that are evenly divided over the number of payments expected to be received. In addition to the amount in each payment, the remainder is taxable. Inherited Annuity Taxation You must follow the same tax rules if you are the beneficiary of an annuity. Taxation of an inherited annuity is based on the concept that pre-tax dollars are subject to ordinary income tax, while after-tax dollars are exempt. For annuity owners who want to pass money to their beneficiaries tax-free, life insurance may be a better choice. Frequently Asked Questions About Annuity Taxation 1. Do you pay tax on annuities? As soon as you withdraw money or begin receiving annuity payments, you will owe income taxes. You will have to pay income tax on the withdrawal if you bought the annuity with pre-tax money. In that case, you would only pay taxes on the earnings if you bought the annuity with post-tax funds. If you buy an annuity in the accumulation phase, you can benefit from tax-deferred growth. 2. What type of annuity will cause immediate taxation of interest earned? There is no way to overstate how important it is to realize that interest earned within an annuity is only taxable when it is withdrawn. But, the interest earnings on a one-time distribution from an annuity, which is not in a retirement account, are treated as first-in-first-out (LIFO). Generally, you will pay income tax on withdrawals from annuities in non-Roth retirement accounts (self-directed withdrawals or annuity payments). 3. How do I avoid paying taxes on an inherited annuity? An annuity’s tax burden does not end with the death of its owner. There is, however, the possibility that you can avoid early withdrawal penalties from an inherited annuity if you take distributions before the age of 59 ½. 4. How do I use the General Rule to determine an annuity’s taxation? Annuity payments or distributions can be excluded from income if you qualify under the General Rule. You can use the IRS’s Publication 939 worksheets to figure out the appropriate amount. You can verify the amount you claim by talking to a tax preparer or CPA. 5. What amount of tax should you withhold from your annuity? The tax on an annuity is deferred until the income begins to flow. Depending on whether the annuity was purchased with qualified (pre-tax) or nonqualified (post-tax) funds, the income will be taxable. At that time, your tax bracket and total income could influence your withholding strategy. Article by Albert Costill, Due About the Author Albert Costill graduated from Rowan University with a History degree. He has been a senior finance writer for Due since 2015. His financial advice has been featured in Money Magazine, Fool, The Street, Forbes, CNBC and MarketWatch. He loves to give personal finance advice to millennials. Updated on Apr 29, 2022, 1:57 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkApr 29th, 2022

A Mostly Wind- & Solar-Powered US Economy Is A Dangerous Fantasy

A Mostly Wind- & Solar-Powered US Economy Is A Dangerous Fantasy Authored by Francis Menton via The Gatestone Institute, When President Biden and other advocates of wind and solar generation speak, they appear to believe that the challenge posed is just a matter of currently having too much fossil fuel generation and not enough wind and solar; and therefore, accomplishing the transition to "net zero" will be a simple matter of building sufficient wind and solar facilities and having those facilities replace the current ones that use the fossil fuels. They are completely wrong about that. The proposed transition to "net zero" via wind and solar power is not only not easy, but is a total fantasy. It likely cannot occur at all without dramatically undermining our economy, lifestyle and security, and it certainly cannot occur at anything remotely approaching reasonable cost. At some point, the ongoing forced transition... will crash and burn. [I]t doesn't matter whether you build a million wind turbines and solar panels, or a billion, or a trillion. On a calm night, they will still produce nothing, and will require full back-up from some other source. If you propose a predominantly wind/solar electricity system, where fossil fuel back-up is banned, you must, repeat must, address the question of energy storage. Without fossil fuel back-up, and with nuclear and hydro constrained, storage is the only remaining option. How much will be needed? How much will it cost? How long will the energy need to remain in storage before it is used? There should be highly-detailed engineering studies of how the transition can be accomplished.... But the opposite is the case. At the current time, the government is paying little to no significant attention to the energy storage problem. There is no detailed engineering plan of how to accomplish the transition. There are no detailed government-supported studies of how much storage will be needed, or of what technology can accomplish the job, or of cost. It gets worse:.... Ken Gregory calculated the cost of such a system as well over $100 trillion, before even getting to the question of whether battery technology exists that can store such amounts of energy for months on end and then discharge the energy over additional months. And even at that enormous cost, that calculation only applied to current levels of electricity consumption.... For purposes of comparison, the entire U.S. GDP is currently around $22 trillion per year. In other words: we have a hundred-trillion-or-so dollar effort that under presidential directive must be fully up and running by 2035, with everybody's light and heat and everything else dependent on success, and not only don't we have any feasibility study or demonstration project, but we haven't started the basic research yet, and the building where the basic research is to be conducted won't be ready until 2025. Meanwhile the country heads down a government-directed and coerced path of massively building wind turbines and solar panels, while forcing the closure of fully-functioning power plants burning coal, oil and natural gas. It is only a question of time before somewhere the system ceases to work.... [I]t is easy to see how the consequences could be dire. Will millions be left without heat in the dead of winter, in which case many will likely die? Will a fully-electrified transportation system get knocked out, stranding millions without ability to get to work? Will our military capabilities get disabled and enable some sort of attack? No sane, let alone competent, government would ever be headed down this path. The Biden Administration's proposed transition to "net zero" via wind and solar power is not only not easy, but is a total fantasy. It likely cannot occur at all without dramatically undermining our economy, lifestyle and security, and it certainly cannot occur at anything remotely approaching reasonable cost. At some point, the ongoing forced transition will crash and burn. (Photo by VCG via Getty Images) With or without Congressional support, President Joe Biden has determined to move the U.S. as quickly as possible toward an economy predominantly powered by wind- and solar-sourced electricity. In his earliest days in office, Biden issued multiple Executive Orders directing the federal bureaucracy to bend all efforts to achieve this goal. One of those early Executive Orders, dated January 27, 2021 and titled "Tackling the Climate Crisis At Home and Abroad," stated: "It is the policy of my Administration to organize and deploy the full capacity of its agencies to combat the climate crisis to implement a Government-wide approach that reduces climate pollution in every sector of the economy..." When burned to generate energy, fossil fuels -- coal, oil and natural gas -- all emit carbon dioxide, otherwise known in Biden-speak as "climate pollution." Thus, under Biden's directive, they are all to be suppressed. The alternative of expanding nuclear power has meanwhile equally been made impractical by regulatory obstruction; and our potential hydro-electric capacity is already mostly in use. That leaves as the principal remaining option the generation of more electricity from wind and solar facilities; and indeed, the wind/solar electricity option is currently the subject of great regulatory favor, including extensive government subsidies and tax benefits. On last year's Earth Day, April 22, 2021, Biden issued a press release expanding on his Executive Orders and setting specific goals for the elimination of fossil fuels from the U.S. economy. Although Congress has not acted on any such proposals, the Earth Day press release supposedly committed the United States by unilateral executive action to "100 percent carbon pollution-free electricity by 2035," and to a "net zero emissions economy by no later than 2050." We are thus as a country embarked on a government-ordered crash program to eliminate our fossil fuel electricity generation within a very short 13-year period, and to eliminate all usage of fossil fuels within a not-much-longer 28 years. When Biden and other advocates of wind and solar generation speak, they appear to believe that the challenge posed is just a matter of currently having too much fossil fuel generation and not enough wind and solar; and therefore, accomplishing the transition to "net zero" will be a simple matter of building sufficient wind and solar facilities and having those facilities replace the current ones that use the fossil fuels. They are completely wrong about that. The green energy advocates, including our President and his administration, entirely misperceive the challenge at hand. The proposed transition to "net zero" via wind and solar power is not only not easy, but is a total fantasy. It likely cannot occur at all without dramatically undermining our economy, lifestyle and security, and it certainly cannot occur at anything remotely approaching reasonable cost. At some point, the ongoing forced transition, should it continue, will inevitably hit physical and/or financial limits, and will crash and burn. But the circumstances under which the crashing and burning will occur are currently unknown. Thus, worse than being a mere fantasy, the attempt to accomplish a "net zero" transition is a highly dangerous fantasy, putting the lives, health, and security of all Americans at risk as the attempted transition proceeds to its inevitable failure. The root of the mostly-unrecognized problem is that wind and solar generation facilities produce something fundamentally different from what fossil fuels produce. Fossil fuels produce energy that is reliable and dispatchable, that is, available when wanted and needed. The wind and sun produce energy that is intermittent, that is, available only when weather conditions permit, which often does not correspond to consumer demand. Here is something that ought to be blindingly obvious, but unfortunately goes largely unmentioned in discussions of the green energy transition: No amount of incremental wind and solar power generation on their own can ever provide a reliable 24/7 electricity grid. Electricity gets produced the moment it is consumed, and therefore a reliable grid must provide electricity to meet consumer demand at all hours. To take just the most obvious example, wind turbines produce nothing when the wind is calm, and solar panels produce nothing at night; and therefore, a combined wind/solar system produces nothing on a calm night. Unfortunately, peak electricity demand often occurs in the evening, shortly after sunset, when the wind is calm or close to it. Without full back-up from some source, an electrical grid powered by the wind and sun will experience, as just this one example, a full blackout on every calm night. And it doesn't matter whether you build a million wind turbines and solar panels, or a billion, or a trillion. On a calm night, they will still produce nothing, and will require full back-up from some other source. Fossil fuels, and particularly natural gas, are fully capable of providing the back-up needed by a principally wind/solar electricity generation system. But our President now directs that fossil fuel back-up is "carbon pollution" and must be eliminated. The remaining option is storage of the energy from the time when it is produced (e.g., in the case of a wind/solar system, at noon on a windy June day) until the time when it is needed for consumption (e.g., 7 PM on a calm December night). Which brings us to blindingly obvious statement number two: If you propose a predominantly wind/solar electricity system, where fossil fuel back-up is banned, you must, repeat must, address the question of energy storage. Without fossil fuel back-up, and with nuclear and hydro constrained, storage is the only remaining option. How much will be needed? How much will it cost? How long will the energy need to remain in storage before it is used? And, do storage systems exist that can store the energy for that period of time and return it without significant loss and at the rate required to keep the lights on? If our government officials were remotely competent, while proposing a green energy transition for the country over a short period of years -- and with hundreds of billions of dollars, if not trillions, being spent on the imminent transition -- these questions should be at the forefront of their attention every day. Long before the U.S. ever got committed to transition to an energy system based mostly on wind and sun, it should quite obviously have been far down the road toward demonstration of the feasibility and cost of the energy storage systems that are capable of enabling the transition. There should be highly-detailed engineering studies of how the transition can be accomplished. The requirements for amounts of batteries measured in gigawatt hours should be known at a high level of precision. The amounts of materials needed to produce the batteries should be known with an equally high level of precision. The technological capabilities of the batteries should be known with an also equally high level of precision (e.g., What is the optimum chemistry of the batteries to be used in the system? What will be loss of energy between input into the battery and consumption? How much in the way of additional generation facilities must be built to provide for this loss? How long can the batteries hold the charge? If charge added in June needs to be stored until December, do the proposed batteries have that capability? Do the proposed batteries need expensive climate control systems to enable them to hold the charge before it is used? And so on, and so on.) Indeed, by this time, supposedly only 13 years from when we will have a carbon-free electricity system, there should be existing demonstration projects showing clearly what technology will be used, and that the proposed technology works and can be deployed at grid scale and at reasonable cost. But the opposite is the case. At the current time, the government is paying little to no significant attention to the energy storage problem. There is no detailed engineering plan of how to accomplish the transition. There are no detailed government-supported studies of how much storage will be needed, or of what technology can accomplish the job, or of cost. It gets worse: In the absence of any serious government effort to address the engineering challenge of energy storage necessary to back up a predominantly wind/solar electricity system, the task has instead fallen to a small number of volunteer amateurs, mostly retired engineers of one sort or another. Several such people have produced credible calculations indicating that backing up a predominantly intermittent wind/solar electricity system using only battery storage will require storage in the range of approximately 30 days of average usage to avoid significant risk of the batteries running out of charge and the system crashing. The high amounts of storage required are largely a consequence of the seasonality inherent in either wind or solar generation, e.g., solar facilities produce far more electricity in the summer than the winter. One example of a serious effort to determine how much and what type of energy storage would suffice to back up a fully wind/solar electricity system was produced in 2018 by a man named Roger Andrews, a retired engineer then living in Mexico. Andrews's work appeared on a website called Energy Matters in November 2018. Andrews considered two cases, one for California and the other for Germany, and obtained detailed data of electricity usage and of production by existing wind and solar facilities in those places in order to make his calculations. Andrews' spreadsheets, and charts appearing in his post, demonstrate that, largely due to seasonality of production from both the sun and wind, it would take approximately 30 days of stored electricity usage to get through an entire year with a wind/solar system. Andrews showed that batteries to hold that amount of charge would cost in excess of a full year's GDP for either California or Germany, although, based on existing technology, batteries even at such enormous cost would not have the capability to hold the charge for sufficient months to fulfill their task. At the end of his post, Andrews concluded: "[B]attery storage is clearly not an option for a low-cost 100% renewable future." In a more recent example, in January 2022, a man name Ken Gregory -- a retired engineer living in Calgary, Canada -- undertook to produce a spreadsheet calculating storage requirements and costs for backing up a wind/solar electricity system for the case of the entire United States. Gregory's work is accessible at this link. Gregory's spreadsheet is based on detailed (in this case, hourly) data for actual consumption and generation from existing wind and solar facilities, with their wildly fluctuating output. Gregory's principal result is that full back-up by storage of the U.S. electricity system at current levels of consumption, and assuming all generation comes from wind and solar, would require something in the range of 250,000 gigawatt hours of battery capacity. Some of that energy would need to remain in storage for over six months, and be discharged over the course of months. Since U.S. electricity consumption is currently in the range of 3.7 million GWH per year, the 250,000 GWH storage requirement calculated by Gregory represents about 24 days of average usage, a result in the same range as the result reached by Andrews. Gregory calculated the cost of such a system as well over $100 trillion, before even getting to the question of whether battery technology exists that can store such amounts of energy for months on end and then discharge the energy over additional months. And even at that enormous cost, that calculation only applied to current levels of electricity consumption. The Biden "net zero" plan for 2050 involves the approximate tripling of electricity consumption, which by Gregory's calculations would drive the cost of the necessary storage up to the range of some $400 trillion. For purposes of comparison, the entire U.S. GDP is currently around $22 trillion per year. Obviously Gregory's calculations could be questioned or modified as to many of his assumptions, and perhaps his calculation of the cost of such a system is too high -- or maybe, too low. The fact remains that if the U.S. government were even slightly competent, it would have its own detailed engineering studies of how to accomplish its coerced energy transition, let alone, at this late date, demonstration projects for small cities or towns establishing the feasibility and cost of what is being proposed. None of that exists. Indeed, none of it is even in the works. To fully understand the depths of incompetence with which the U.S. government is approaching this energy transition, consider the current effort of the federal Department of Energy called the Energy Storage Grand Challenge. Under this program, the DOE proposes to hand out grants to study the challenges of creating batteries to back up the electricity grid when the grid has gone almost fully wind/solar, and particularly to study the subject of the "long duration" batteries that will clearly be needed to store and then discharge massive amounts of energy over the course of months on end to deal with the issue of seasonality. According to a piece that appeared in Energy Storage News in September 2021, here is the status of that effort: "The DOE is also helping to get a US $75 million long-duration energy storage research centre built at Pacific Northwest National Laboratory, which is expected to open by or during 2025." In other words: we have a hundred-trillion-or-so dollar effort that under presidential directive must be fully up and running by 2035, with everybody's light and heat and everything else dependent on success, and not only don't we have any feasibility study or demonstration project, but we haven't started the basic research yet, and the building where the basic research is to be conducted won't be ready until 2025. Meanwhile the country heads down a government-directed and coerced path of massively building wind turbines and solar panels, while forcing the closure of fully-functioning power plants burning coal, oil and natural gas. It is only a question of time before somewhere the system ceases to work. It is impossible to predict exactly when and where that will occur. But it is easy to see how the consequences could be dire. Will millions be left without heat in the dead of winter, in which case many will likely die? Will a fully-electrified transportation system get knocked out, stranding millions without ability to get to work? Will our military capabilities get disabled and enable some sort of attack? No sane, let alone competent, government would ever be headed down this path. *  *  * Francis Menton is the President of the American Friends of the Global Warming Policy Foundation, and blogs at manhattancontrarian.com Tyler Durden Thu, 04/28/2022 - 05:00.....»»

Category: blogSource: zerohedgeApr 28th, 2022

How To Retire Early With Zero Regrets And Extra Cash For Life

Depending on who you ask, early retirement has different definitions. Generally, any time before your 62nd birthday when you are eligible to draw Social Security benefits. Recent years have seen the growth of the “Financial Independence, Retire Early” or FIRE movement, which encourages people to retire even in their 30s and 40s. Q1 2022 hedge […] Depending on who you ask, early retirement has different definitions. Generally, any time before your 62nd birthday when you are eligible to draw Social Security benefits. Recent years have seen the growth of the “Financial Independence, Retire Early” or FIRE movement, which encourages people to retire even in their 30s and 40s. .first{clear:both;margin-left:0}.one-third{width:31.034482758621%;float:left;margin-left:3.448275862069%}.two-thirds{width:65.51724137931%;float:left}form.ebook-styles .af-element input{border:0;border-radius:0;padding:8px}form.ebook-styles .af-element{width:220px;float:left}form.ebook-styles .af-element.buttonContainer{width:115px;float:left;margin-left: 6px;}form.ebook-styles .af-element.buttonContainer input.submit{width:115px;padding:10px 6px 8px;text-transform:uppercase;border-radius:0;border:0;font-size:15px}form.ebook-styles .af-body.af-standards input.submit{width:115px}form.ebook-styles .af-element.privacyPolicy{width:100%;font-size:12px;margin:10px auto 0}form.ebook-styles .af-element.privacyPolicy p{font-size:11px;margin-bottom:0}form.ebook-styles .af-body input.text{height:40px;padding:2px 10px !important} form.ebook-styles .error, form.ebook-styles #error { color:#d00; } form.ebook-styles .formfields h1, form.ebook-styles .formfields #mg-logo, form.ebook-styles .formfields #mg-footer { display: none; } form.ebook-styles .formfields { font-size: 12px; } form.ebook-styles .formfields p { margin: 4px 0; } Get The Full Ray Dalio Series in PDF Get the entire 10-part series on Ray Dalio in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues (function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';}(jQuery));var $mcj = jQuery.noConflict(true); Q1 2022 hedge fund letters, conferences and more Many Americans do not know how much they will need to save for retirement, which poses a challenge. However, many people can achieve early retirement with dedication and planning. To find out if you can retire early, here’s an overview on how you can make that dream a reality. What is Early Retirement? Traditionally, early retirement was defined as retiring at age 60 as opposed to 65. Even though this is technically true, the notion of early retirement has evolved. Taking early retirement doesn’t mean you’re completely done working. Instead, you work because you want to. In other words, you have the financial freedom to do whatever you please. Early retirement is possible for people as early as their 30s or 40s. The majority of these people, however, also work in some way, often on their passion projects or some other activity. To put that more succinctly, those who work this way work purely for their own sake, not as a necessity. Remember that work can provide us with meaning, purpose, and fulfillment. Moreover, some studies suggest that people who retire early and do not work at all may die earlier than people who continue to work. On the flipside, retiring early allows you to pursue hobbies or spend more time with friends and family. You can also launch your own business. Or, maybe you’re just fed up with the rat race. It is therefore not the goal for many to stop working altogether. The goal is to be free to choose whatever you want to do. How to Retire Early If you want to retire early, there are a lot of factors to consider. But, here’s a blueprint you can refer to to get started. Get the foundation in place. Want to retire early? You first need to posses the right mindset. And, you’ll also need a financial plan in place — ideally as soon as you’re kicking off your career. Take your savings strategy to the next level. It’s crucial to change your attitude towards money if you’re serious about retiring early. And, to get started, a conscious tradeoff must be made whenever money is spent. More specifically, a little belt-tightening won’t do the trick — despite popular opinion. Rather than swearing off your daily latte, the key is cutting back on high-cost expenditures. So, while making your coffee at home can help you stick to a budget, it’s also not going to make early retirement possible. To put it simply, you should live well below your means. As result, you’ll be able to stash away a large part of your earnings. How much should you be saving? Financial planners advise aiming for 30% of one’s earnings over a typical 40-year career instead of 10% to 15%. That may sound like an unachievable goal. But, it’s possible if you automating your savings so that you don’t spend it. Also, whenever you come across a windfall of cash, think bonuses or tax refunds, contribute these funds to your nest egg. Do not succumb to lifestyle creep. If you get a huge raise or promotion, you know you should treat yourself. But as you earn more, there’s a natural tendency to spend more. Financial advisors call this “lifestyle creep.” Again, setting up an automatic deduction from your paycheck or a bank transfer can ensure that you save half of those additional dollars. At the same time, it’s important to spend your dollars carefully without feeling restricted. For example, you can still travel after researching the best deals or finding ways to reduce your spending. Maybe you could visit a friend or family member and stay with them for a couple of days instead of booking a hotel room. Again, just because you “retire” doesn’t mean that you’re no longer working. You could work part-time or maybe start a side hustle. This way you’ll have more free time while still having an income stream. Spend less on housing. Your greatest expense, and therefore greatest opportunity for saving, is probably your house. In fact, the average American’s housing budget consumes a third of their income, according to the Bureau of Labor Statistics. But, what if want to buy a new home? Keep your home if it is large enough. If not, then don’t buy the biggest house you can buy. To find out what you can realistically swing, use online calculators from Bankrate, NerdWallet, or Mortgage Loan. Based on your income and other financial information, these tools will let you figure out how much mortgage you can afford. Keep in mind, though, that you do not have to borrow the maximum amount. Keep your housing expenses to 30% of your income or lower if you would like to maximize your savings. Make the most of tax savings. Are you serious about retiring early? If so, you should put away as much money as possible in tax-favored accounts. The most obvious place to start would be maxing out your 401(k). Employees can contribute up to $20,500 for 2022 to their 401(k). An additional $6,500 catch-up contribution is available to individuals over the age of 50 in 2022. Another option is a Roth IRA. Contributions to Roth IRAs are made after-tax. Remember that Roth IRAs require a certain level of income to qualify for contributions. You must have a Modified Adjusted Gross Income (MAGI) under $140,000 for the tax year 2021, or under $144,000 for the tax year 2022, if you file as a single person. If you’re married and file jointly, though, your MAGI must be under $208,000 for the tax year 2021, or under 214,000 for the tax year 2022 to contribute to a Roth IRA. Combined, you can contribute the following amount to all of your IRAs; Under age 50, $6,000 If you are 50 years old or older, you will receive $7,000 Furthermore, a SEP-IRA can be used to save a portion of the income from your side job, as well as your regular job. If you’ve maxed out these retirement contributions and the funds in your budget, you may also want to buy an annuity. This is tax-deferred insurance product that guarantees a lifetime income. It’s a safe to prevent outliving your savings and can be a supplemental retirement income stream. In addition, if you’ve got a high-deductible health plan, put as much into a health savings account as possible. When certain factors apply, an HSA can be a better investment than a 401(k). If the money is used for qualifying medical expenses today or in the future, HSA earnings aren’t taxed, and withdrawals are tax-free as well. As of 2022, for self-only coverage, you can contribute $3,650, and for family coverage, $7,300 Estimate your retirement savings. Expenses and income estimates will be essential if you want to plan a successful early retirement lifestyle. Based on your Social Security income, your pension income, and any side jobs you may have, it is generally easy to estimate your retirement income. As a retiree, most of your income is likely to come from Social Security and, to a lesser extent, pensions. These payments can usually be collected early, often as early as age 55 with a pension and at 62 for Social Security. You will, however, receive smaller monthly benefits if you take benefits early. Even if Social Security is simply the cherry on top of your retirement cake, that will affect your bottom line. If you claim your benefits early, it will be projected on your Social Security website. It may be best to visit a Social Security office or meet with a financial professional if you’re part of a couple with two incomes to weigh options. For example, if you die with a higher monthly benefit than your spouse, your spouse will receive your benefit. The early you claim your benefits, the less you receive, and the less your spouse could benefit if you die early. You can estimate your monthly pension payments at different ages by asking your employer’s pension administrator. After you have these estimates, you’ll have a better idea of how much income you can expect for any specific period of time. Calculating your expenses, on the other hand, can be difficult. Create your post-work budget Consider the lifestyle you want and how much it is likely to cost you when you are within five years of your desired early retirement. Identify where you will live as well as what activities you’ll pursue. Most people incorrectly believe that when they stop working, their expenses will decrease. The truth is that retired people spend about 20% more than they while working. While you’ll have more time to pursue hobbies and take trips, this obviously costs more than working all day. And, if you leave the workforce young, you’ll likely have the energy and health the enjoy an active and most likely pricey retirement. You should be aware that some items in your budget may increase faster than inflation as a whole. The cost of health care, for example, could increase by as much as 7% to 10% every year. A retirement income calculator like T. Rowe Price’s Retirement Income Calculator can show you whether your portfolio is on track to make early retirement possible. Choosing between boosting your savings, reducing your lifestyle expectations, or delaying retirement will be a difficult choice. In short, add up the pensions, Social Security, and savings you may be entitled to. Next, calculate your anticipated monthly expenditures (including income taxes) if you were to retire five years early and would be eligible for Social Security and pension benefits sooner. This should help you figure out your retirement budget. The average American household budget. If you look at the average American household budget, you can see how your budget compares. Using the Bureau of Labor Statistics’ Consumer Expenditure Survey, it is possible to determine how much is spent on everything from housing and transportation to clothing, entertainment and charitable contributions. Currently, data from 2020 is available. According to the BLS survey, the average household earns $84,352 a year and spends $72,258 a year. Data shows that roughly $5,854 is spent on bills and other expenses a month. So, let’s break this down. Housing In 2020, households spent an average of $21,409 on housing, including rent, mortgage payments, utilities, furnishings, laundry and cleaning supplies, according to the BLS survey. Taxes, interest, and maintenance accounted for about $7,473 of homeowners’ annual expenses; Mortgage interest: $2,962 Property taxes: $2,353 Maintenance, repairs, and insurance: $2,158 Utilities American households paid an average of $4,158 in 2020 for utilities, up from $3,737 in 2013, representing about 19 percent of all housing-related expenses. The calculation includes heating and cooling, internet service, and cellphone service. Natural gas: $414 Electricity: $1,516 Fuel oil and other fuels: $105 Telephone services (including cellphone service): $1,441 Water and other public services: $682 In the U.S., energy costs vary significantly by region, so Americans pay different prices to heat and cool their homes. Transportation In 2020, stay-at-home orders and remote work brought down transportation costs by nearly 9 percent per household as a result of stay-at-home orders and remote work. On the other hand, household expenditures on vehicles increased slightly – just over 3 percent – in 2020 over 2019. In 2020, the average household’s transportation expenses were: Vehicle purchases: $4,523 Gasoline, other fuels and motor oil: $1,568 Other vehicle expenses: $3,471 Public and other transportation: $263 Taxes According to figures from the U.S. Census Bureau, American households earned an average of $84,352 in 2020 and paid an average of $9,402 in personal income taxes after accounting for $1,911 in stimulus payments from the government. Due to stimulus payments, taxpayers paid the lowest amount of taxes since 2015. Federal taxes amounted to $8,812; state taxes amounted to $2,430; and other taxes amounted to $72. Additional expenses. Food: $7,316 Health care: $5,177 Entertainment: $3,341 Apparel and services: $1,434 Personal care products and services: $646 Engage rather than beat the market. Low-fee index funds are preferred over riskier, volatile investments like stocks or cryptocurrencies by those looking to retire early — specifically FIRE followers. If you’re unaware, the S&P 500 is an index fund that reflects the performance of the 500 largest companies in the U.S. based on market capitalization. Index funds are basically baskets of stocks that track the performance of a major stock index. “The best advice I have is the conventional wisdom in the financial independence community is that it’s better to participate in the market than to try to beat it,” Ed Ditto of Early Retirement Dude told CNBC. “And one of the best ways to do that is to buy low-cost index funds. You’ll find that the Vanguard S&P 500 ETF is the darling of the FIRE set.” If you invest in index funds, you get exposure to stocks from a wide variety of industries, explains Trina Paul for CNBC. Therefore, when you invest in an index fund that provides diversification, you take on less risk than if you bought individual stocks. You might see gains in another sector which will offset a decline in another. FYI, from 1970 to 2020, the S&P 500 returned an average of 10.83% per year, according to Investopedia. Getting started with investing. TD Ameritrade, E*TRADE, or Vanguard are all solid options if you want to get started investing, suggests Paul. Unlike traditional brokers, these platforms don’t charge commissions for the trades they execute. The money you invest in these funds, however, will be subject to expense fees known as expense ratios. An expense ratio is a fee charged to manage a fund. As an example, a fund charging 0.15% expense ratio would cost you $1.50 for every $1,000 you invest, clarifies Paul. A robo-advisor, such as Wealthfront, Betterment, or Charles Schwab, is a great place to start if you don’t know where to begin assembling your investment portfolio. A robot advisor invests on your behalf after obtaining a picture of your current finances and future goals. Typically, you’ll enter your age, risk tolerance, and investment horizon, she adds. After the portfolio is constructed, the robo-advisor will select stocks and bonds from a large selection. Upon reaching your financial goals, your portfolio will then be automatically adjusted over time by sales and purchases of funds. Along with fund expense ratios, robo-advisors charge accounts fees. By reading the fine print, you will know how much money you will need to invest. Following their success with index funds, some early retirees and FIRE followers move on to other asset classes requiring more expertise and knowledge. “As time goes along, and as your portfolio starts to build, you owe it to yourself to take new risks,” Kiersten Saunders of rich & REGULAR. “I think what people find when they get online is they start to see all of the hype and the buzz around crypto, NFTs, real estate, these types of asset classes that are either very risky or have high barriers to entry.” Know how far your money will go as inflation increases. In order to plan for a comfortable retirement, you should consider inflation. “After all, if your retirement is 20 years away and you aim to save $1 million for it, that $1 million won’t have the same purchasing power in 20 years as it does today,” writes Selena Maranjian for the Motley Foul. The inflation rate has averaged about 3% annually historically. Although, it has been different in different years. Over the course of 25 years, an interest rate of that kind will roughly halve your dollar’s purchasing power. To illustrate how you can include inflation in your planning, imagine you’re still 20 years from retirement and anticipate living on the equivalent of a $50,000 income. “You could take the number 1.03 and raise it to the 20th degree — by punching buttons such as 1.03 ^ 20 on your calculator — getting 1.81,” states Maranjian. “Then multiply $50,000 by 1.81, getting $90,306. That’s the actual income in 2040 that would have a similar purchasing power as $50,000 in 2020.” Dividend-paying stocks help combat inflation because they typically increase their dividends annually. As such, the stock price will rise over time as well. “If you have, say, $100,000 invested in dividend payers with an overall average yield of 3%, you’ll receive $3,000 in dividend income this year,” she explains. “If those payouts grow by an annual average of 5%, in 10 years they will be generating close to $4,900 per year.” The cost of annuities with inflation-adjusted features may also help combat inflation, as can investing in Treasury Inflation-Protected Securities (TIPS) bonds. Consider your health (insurance). In the years between early retirement and Medicare eligibility at age 65, no one wants to burn through their retirement savings by paying for unanticipated healthcare costs. Until you qualify for Medicare, you’ll need some health insurance coverage if you lose your employer-sponsored policy. You can continue your employer-sponsored coverage through COBRA, join your spouse’s health insurance plan, or enroll in a health insurance plan through the Health Insurance Marketplace at HealthCare.gov. If you belong to an organization, such as AARP, you may be eligible for discounts on coverage. Additionally, “long-term care insurance may be worth considering,” recommends Due Founder and CEO John Rampton. “In addition to the costs associated with long-term care, medical insurance for it can be expensive as well.” You might want to look into it while you’re still in your middle age to save money. Richer people may be able to pay for it themselves, while those with less wealth may not be able to afford it. This makes middle-income individuals the ideal candidates. “By eating more nutritiously and exercising more, you may also be able to save a lot of money and years in retirement by taking care of your health,” John advises. And, if you have dependents, like a spouse or children, purchase a life insurance policy to protect their livelihood. Work with a financial advisor. You are faced with two major challenges if you wish to retire early; The retirement savings period is shorter. In retirement, you will have more time on your hands. Working regularly with a financial advisor is a good idea unless you’re a season investing pro To make it easier for you to meet your retirement goals, an advisor can develop an investment strategy. A financial planner can also show you how much you need to invest each month to achieve your goals within a certain period of time. You can work with your advisor to make sure that the money you receive lasts after you retire. Dividend income, required minimum distributions, Social Security, defined-benefit plans, and real estate investment income are examples of income streams. Since you might end up working with that advisor for decades, it’s imperative to find someone you trust and are comfortable with. Also, the cost of a financial advisor should not be seen as merely their time, but as their expertise, too. After all, you will more than make up for the costs of that advisor if you work with one with the right expertise who can also steer you in the right direction. Frequently Asked Questions About Early Retirement How Do I Know When I Should Retire? There are various factors you need to examine when you’re deciding when to retire. First and foremost, you need to how much you already have saved and will it help you maintain your lifestyle. Additionally, you need to consider when you can start receiving different benefits. And, you need to determine when you can start taking advantage of your retirement plans. What Is The Ideal Age To Become Debt-Free? It’s often recommended that individuals are debt-free by the time they are 45 years old. Why at this age? By 45, you should have no debts except good debt like a mortgage. And, at this point, you should begin saving for retirement because this is where you should be in the second half of your career. When Can I Start Withdrawing From My 401(K) Without Penalties? When you stop working, you can typically withdraw funds from your 401(k) without incurring penalties after age 59 1/2. As soon as you turn 72 (or 70 1/2 if you were born before July 1, 1949), you are required to take the required minimum distributions. If you retire later, you must take the required minimum distributions by April of that year. How Does Early Retirement Impact Social Security? “Workers planning for their retirement should be aware that retirement benefits depend on age at retirement,” notes the Social Security Administration. “If a worker begins receiving benefits before his/her normal (or full) retirement age, the worker will receive a reduced benefit. A worker can choose to retire as early as age 62, but doing so may result in a reduction of as much as 30 percent.” “Starting to receive benefits after normal retirement age may result in larger benefits,” adds the SSA. “With delayed retirement credits, a person can receive his or her largest benefit by retiring at age 70.” When you retire early, you lose 5/9 of one percent of your benefit for every month before the normal retirement age, up to 36 months. A benefit reduction of 5/12 of one percent per month occurs if the number of months over 36 is exceeded. “For example, if the number of reduction months is 60 (the maximum number for retirement at 62 when normal retirement age is 67), then the benefit is reduced by 30 percent,” the SSA states. “This maximum reduction is calculated as 36 months times 5/9 of 1 percent plus 24 months times 5/12 of 1 percent.” What Is A Good Monthly Retirement Income? Each individual will have a different definition of a good monthly retirement income. A good retirement income will depend on a variety of factors. At the minimum, this includes expected lifestyle in retirement, dependents, such as children or grandchildren, outstanding debts, and overall health. However, a good retirement income is generally considered to be 70% to 80% of an individual’s last income before retirement. Article by John Rampton, Due About the Author John Rampton is an entrepreneur and connector. When he was 23 years old while attending the University of Utah he was hurt in a construction accident. His leg was snapped in half. He was told by 13 doctors he would never walk again. Over the next 12 months he had several surgeries, stem cell injections and learned how to walk again. During this time he studied and mastered how to make money work for you, not against you. He has since taught thousands through books, courses and written over 5000 articles online about finance, entrepreneurship and productivity. He has been recognized as the Top Online Influencers in the World by Entrepreneur Magazine, Finance Expert by Time and Annuity Expert by Nasdaq. He is the Founder and CEO of Due. Article by John Rampton, Due Updated on Apr 22, 2022, 2:40 pm (function() { var sc = document.createElement("script"); sc.type = "text/javascript"; sc.async = true;sc.src = "//mixi.media/data/js/95481.js"; sc.charset = "utf-8";var s = document.getElementsByTagName("script")[0]; s.parentNode.insertBefore(sc, s); }()); window._F20 = window._F20 || []; _F20.push({container: 'F20WidgetContainer', placement: '', count: 3}); _F20.push({finish: true});.....»»

Category: blogSource: valuewalkApr 22nd, 2022

Bonds can be taxable or tax-free — here"s your guide to the different types and calculating what"s due on them

Bonds are divided into two classes: taxable and tax-exempt. While their capital gains are always taxable, the interest they earn may not be. Municipal bonds are the main federal tax-free bond on the market.baona/Getty Images Bonds and bond funds generate two types of income: interest and capital gains. Interest income from a bond may be taxable or tax-exempt, depending on the type of bond. Capital gains from selling a bond before maturity are always taxable unless it's in a tax-advantaged account. Like most investments, a bond can earn investors money in two ways: through fixed interest payments when an investor holds onto it over a period of time — or by selling it at a higher price than when they first bought it. Unfortunately, like most investments, bonds are also subject to capital gains taxes.How are bonds taxed?Bonds generate two different types of income: interest and capital gains. InterestBonds are a type of debt security. When you buy a bond, you're loaning money to the government or company that issued it. That entity can leverage that money to bolster returns and pays you back in the form of periodic interest payments and a return of principal once the bond matures. Most bonds pay a fixed, predetermined rate of interest over their lifespan usually in semiannual or annual intervals. That interest income may be taxable or tax-free (more on the types of bonds that generate tax-free income later). For the most part, if the interest is taxable, you pay income taxes on that interest in the year it's received. The rate you'll pay on bond interest is the same rate you pay on your ordinary income, such as wages or income from self-employment. There are seven tax brackets, ranging from 10% to 37%. So if you're in the 37% tax bracket, you'll pay a 37% federal income tax rate on your bond interest.2022 Tax BracketsFiled in 2023Tax RateSingleHead of HouseholdMarried Filing JointlyMarried Filing Separately10%Up to $10,275Up to $14,650Up to $20,550Up to $10,27512%$10,276-$41,755$14,651-$55,900$20,551-$83,550$10,276-$41,77522%$41,756-$89,075$55,901-$89,050$83,551-$178,150$41,776-$89,07524%$89,076-$170,050$89,051-$170,050$178,151-$340,100$89,076-$170,05032%$170,051-$215,950$170,051-$215,950$340,101-$431,900$170,051-$215,95035%$215,951-$539,900$215,951-$539,900$431,901-$647,850$215,951-$323,92537%$539,901+$539,901+$647,851+$323,926+2021 Tax BracketsFiled in 2022Tax RateSingleHead of HouseholdMarried Filing JointlyMarried Filing Separately10%Up to $9,950Up to $14,200Up to $19,900Up to $9,95012%$9,951-$40,525$14,201-$54,200$19,901-$81,050$9,951-$40,52522%$40,526-$86,375$54,201-$86,350$81,051-$172,750$40,526-$86,37524%$86,376-$164,925$86,351-$164,900$172,751-$329,850$86,376-$164,92532%$164,926-$209,425$164,901-$209,400$329,851-$418,850$164,926-$209,42535%$209,426-$523,600$209,401-$523,600$418,851-$623,300$209,426-$314,15037%$523,601+$523,601+$623,301+$314,151+ Capital gainsIf you buy a bond when it's first issued and hold it until maturity — the full length of its lifespan — you generally won't recognize a capital gain or loss. The money you get back is considered a return of your principal — what you originally invested in it.However, after they're issued, bonds often trade on financial exchanges, just like stocks. If you sell them before their maturity date on the secondary market, the bonds can generate capital gains and losses, depending on how its current price compares to your original cost. Bond funds can also generate capital gains and losses as the fund manager buys and sells securities within the fund.So, the profit you make from selling a bond is considered a capital gain. Capital gains are taxed at different rates depending on whether they're short-term or long-term.Short-term capital gains apply if you hold the bond for one year (365 days) or less. Then the gain is taxed at your ordinary income tax rates.Long-term capital gains apply if you hold the bond for more than one year. Then you can benefit from reduced tax rates, ranging from 0% to 20%, depending on your filing status and total taxable income for the year.Note: The IRS lets single filers and married couples filing jointly to deduct up to $3,000 in realized investment losses from their income tax annually. Leftover losses can be rolled to next year or be deducted from capital gains.Long-term capital gains tax rates by incomeYearTax RateSingleMarried Filing JointlyMarried Filing SeparatelyHead of Household20220%Up to $41,675Up to $83,350Up to $41,675Up to $55,80015%$41,676-$459,750$83,351-$517,200$41,676-$258,600$55,801-$488,50020%$459,751+$517,201+$285,601+$488,501+20210%Up to $40,400Up to $80,800Up to $40,400Up to $54,10015%$40,401-$445,850$80,801-$501,600$40,401-$445,850$54,101-$473,50020%$445,851+$501,601+$445,851+$473,501+Are all bonds taxed?Bonds are divided into two classes: taxable and tax-exempt. A bond's tax-exempt status applies only to the bond's interest income. Any capital gains generated from selling a bond or bond fund before its maturity date is taxable, regardless of the type of bond. Taxable bondsThe interest income from taxable bonds is subject to federal, state (and local, if applicable) income taxes. Though interest on these bonds are taxable, they often offer higher returns — albeit at a higher risk.Taxable bonds include:Corporate bondsMortgage-backed securitiesGlobal bond fundsDiversified bond fundsSavings bonds and treasury bonds, US Treasuries, bonds issued by the US Department of the Treasury, are subject to federal income tax. However, they are generally free from state and local income taxes. Are municipal bonds tax free?Municipal bonds, also known as munis, are the main type of tax-exempt bonds. Munis are issued by states, counties, cities, and other government agencies to fund major capital projects, such as building schools, hospitals, highways, and other public buildings.Any interest income from muni bonds is generally not subject to federal income tax. It can also be exempt from state or local income taxes if your home state or city issues the bond. Interest income from muni bonds issued by another state or city is taxable on your state or local income tax return. Note: Muni bonds exempt from federal, state, and local taxes are known as "triple tax exempt."Zero-coupon bondsZero-coupon bonds are a special case. You might have to pay tax on their interest income — even though you don't actually receive any interest. With a zero-coupon bond, you buy the bond at a discount from its face value, don't receive interest payments during the bond's term, and are paid the bond's face amount when it matures. For example, you might pay $3,000 to buy a 20-year zero-coupon bond with a face value of $10,000. After 20 years, the issuer pays you $10,000. The difference between the amount you pay for a zero-coupon bond and the face amount you receive later is considered "imputed interest."That interest may be taxable or tax-exempt, depending on whether the bond was issued by the US Treasury (the most common type), a corporation, or a state or local government agency.If the interest is taxable, the IRS treats the prorated imputed interest as if it were paid annually, even though you don't actually receive any interest payments. This results in paying tax on "phantom income" each year.How can I avoid paying taxes on bonds?Here are a few strategies for avoiding – or at least reducing – the taxes you pay on bonds.Hold the bond in a tax-advantaged account. When you invest in bonds within a Roth IRA or Roth 401(k), the returns are tax-free, as long as you follow the withdrawal rules. Bond income and profits from sales earned within a traditional IRA or 401(k) are tax-deferred, meaning you don't pay taxes until you withdraw the money in retirement.Use savings bonds for educational purposes. Consider using Series EE or Series I savings bonds to save for education. When you redeem the bond, the interest paid is tax-exempt as long as you use the money to pay for qualified higher education expenses and meet other qualifications. Hold bonds until maturity. Holding a bond until maturity, instead of selling it early on the secondary market can help you avoid paying taxes on capital gains. However, you still owe tax on any taxable interest generated by the bond while you owned it.Minimizing the tax consequences of bonds comes down to investing in tax-exempt bonds, such as muni bonds and US Treasuries, and using tax-advantaged accounts where your money can grow on a tax-free or tax-deferred basis.If you invest in bonds outside of tax-advantaged accounts, you'll receive a Form 1099 from the bank or brokerage holding your investments around January 31 of each year. Hold on to these forms, as you'll need them to report bond interest and capital gains on your tax return. The IRS also gets a copy of those 1099s. If you miss reporting any income, they'll be sure to let you know.Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 20th, 2022

Jeff Bezos" former assistant has a 3 stage-process for securing a promotion. The first step involves finding a way to solve your manager"s problems.

Ann Hiatt was hired by Jeff Bezos and later worked at Google under Eric Schmidt. She shared her best advice for getting promoted. Ann Hiatt worked as an executive assistant for Jeff Bezos and Marissa Mayer. She was chief of staff to Eric Schmidt.Ann Hiatt To get promoted, find a way to solve your manager's problems, set goals, and stay relevant. That's the advice of Ann Hiatt, who worked for Jeff Bezos and former Google CEO Eric Schmidt. As a starting point, ask 'what do I want to learn next in my career?,'" Hiatt told Insider.  If you want to be considered for promotion, you should "look for a way to solve your manager's problems," Ann Hiatt, an executive coach and former assistant to Jeff Bezos told Insider — it's part of her three-step advice for climbing the careers ladder.  Hiatt was hired by Jeff Bezos' executive assistant in 2002. She later spent 12 years at Google, first working alongside Marissa Mayer before being promoted to chief of staff under then CEO Eric Schmidt. Since 2018, she's been an executive coach. In her memoir "Bet on Yourself," she distils some of her lessons from working alongside billionaire CEOs. Why do you want to get promoted?When she's asked for her advice about securing a promotion, Hiatt says she refers to the "Win, Win, Win" method, something she picked up from working with other CEOs.The first step is to look at your goals and what you want to achieve. "Always start with 'what do I want to learn next in my career?'," Hiatt told Insider. "'What expertise do I want to be known for?' What teams do I want to be leading?' 'What stages do I want to be standing on?' — whatever that looks like," she said.  Then look for opportunities to help solve your manager's problems in ways that help you fulfil some of your own goals, Hiatt said. Perhaps your manager has taken on too many appointments and needs to delegate, or is too busy to fulfil a speaking opportunity they've been invited to. Put yourself forward to help, Hiatt said. "That often involves volunteering for things that are outside of your traditional job description and or team," she added.Another important consideration at this point, according to Hiatt, is to ask yourself what type of leader do you want to become? Not every manager is worthy of replicating, she said. How can you stay relevant?The final stage of the process is about "future-proofing" your career, Hiatt said.Make sure what you're helping your manager with is solving a core need of the company. Otherwise, you can accidentally veer yourself into a skillset or area that is at risk of getting cut. "If you're not consistently stretching the boundaries of your expertise, you are primed for disruption — you're the one who's going to be laid off or furloughed in the next crisis," Hiatt said. The best way to do this is by constantly learning new, and relevant skills, Hiatt said. If you're at a small company or live in a small town where there aren't tons of opportunities, getting involved in community projects, for example, can be a good way of learning new skills.Promotion is never guaranteedEngineering a promotion is no simple process. Nor is it always fair. Women and people from ethnic minority backgrounds have historically faced — and continue to face — a "glass ceiling" as a result of unconscious biases, social factors, and sometimes downright stigmatism, which has held them back compared with their white, male peers. Some companies have also historically focused on the wrong skills when promoting people, focusing, for example, on how much a salesperson sold, rather than their people skills.Gallup, the leadership consultancy, has estimated that organizations promote a candidate without adequate management skills in up to 82% of appointments. However, careers experts say it's important to be intentional and plan to give yourself the best chance of securing one. Part of that involves knowing what not to do. Acting like a know-it-all, staying quiet, or getting too defensive are among the habits to avoid, experts say.   Read the original article on Business Insider.....»»

Category: topSource: businessinsiderApr 10th, 2022

The Anatomy Of Big Pharma"s Political Reach

The Anatomy Of Big Pharma's Political Reach Authored by Rebecca Strong via Medium.com, They keep telling us to “trust the science.” But who paid for it? After graduating from Columbia University with a chemical engineering degree, my grandfather went on to work for Pfizer for almost two decades, culminating his career as the company’s Global Director of New Products. I was rather proud of this fact growing up — it felt as if this father figure, who raised me for several years during my childhood, had somehow played a role in saving lives. But in recent years, my perspective on Pfizer — and other companies in its class — has shifted. Blame it on the insidious big pharma corruption laid bare by whistleblowers in recent years. Blame it on the endless string of big pharma lawsuits revealing fraud, deception, and cover-ups. Blame it on the fact that I witnessed some of their most profitable drugs ruin the lives of those I love most. All I know is, that pride I once felt has been overshadowed by a sticky skepticism I just can’t seem to shake. In 1973, my grandpa and his colleagues celebrated as Pfizer crossed a milestone: the one-billion-dollar sales mark. These days, Pfizer rakes in $81 billion a year, making it the 28th most valuable company in the world. Johnson & Johnson ranks 15th, with $93.77 billion. To put things into perspective, that makes said companies wealthier than most countries in the world. And thanks to those astronomical profit margins, the Pharmaceuticals and Health Products industry is able to spend more on lobbying than any other industry in America. While big pharma lobbying can take several different forms, these companies tend to target their contributions to senior legislators in Congress — you know, the ones they need to keep in their corner, because they have the power to draft healthcare laws. Pfizer has outspent its peers in six of the last eight election cycles, coughing up almost $9.7 million. During the 2016 election, pharmaceutical companies gave more than $7 million to 97 senators at an average of $75,000 per member. They also contributed $6.3 million to president Joe Biden’s 2020 campaign. The question is: what did big pharma get in return? When you've got 1,500 Big Pharma lobbyists on Capitol Hill for 535 members of Congress, it's not too hard to figure out why prescription drug prices in this country are, on average, 256% HIGHER than in other major countries. — Bernie Sanders (@BernieSanders) February 3, 2022 ALEC’s Off-the-Record Sway To truly grasp big pharma’s power, you need to understand how The American Legislative Exchange Council (ALEC) works. ALEC, which was founded in 1973 by conservative activists working on Ronald Reagan’s campaign, is a super secretive pay-to-play operation where corporate lobbyists — including in the pharma sector — hold confidential meetings about “model” bills. A large portion of these bills is eventually approved and become law. A rundown of ALEC’s greatest hits will tell you everything you need to know about the council’s motives and priorities. In 1995, ALEC promoted a bill that restricts consumers’ rights to sue for damages resulting from taking a particular medication. They also endorsed the Statute of Limitation Reduction Act, which put a time limit on when someone could sue after a medication-induced injury or death. Over the years, ALEC has promoted many other pharma-friendly bills that would: weaken FDA oversight of new drugs and therapies, limit FDA authority over drug advertising, and oppose regulations on financial incentives for doctors to prescribe specific drugs. But what makes these ALEC collaborations feel particularly problematic is that there’s little transparency — all of this happens behind closed doors. Congressional leaders and other committee members involved in ALEC aren’t required to publish any records of their meetings and other communications with pharma lobbyists, and the roster of ALEC members is completely confidential. All we know is that in 2020, more than two-thirds of Congress — 72 senators and 302 House of Representatives members — cashed a campaign check from a pharma company. Big Pharma Funding Research The public typically relies on an endorsement from government agencies to help them decide whether or not a new drug, vaccine, or medical device is safe and effective. And those agencies, like the FDA, count on clinical research. As already established, big pharma is notorious for getting its hooks into influential government officials. Here’s another sobering truth: The majority of scientific research is paid for by — wait for it — the pharmaceutical companies. When the New England Journal of Medicine (NEJM) published 73 studies of new drugs over the course of a single year, they found that a staggering 82% of them had been funded by the pharmaceutical company selling the product, 68% had authors who were employees of that company, and 50% had lead researchers who accepted money from a drug company. According to 2013 research conducted at the University of Arizona College of Law, even when pharma companies aren’t directly funding the research, company stockholders, consultants, directors, and officers are almost always involved in conducting them. A 2017 report by the peer-reviewed journal The BMJ also showed that about half of medical journal editors receive payments from drug companies, with the average payment per editor hovering around $28,000. But these statistics are only accurate if researchers and editors are transparent about payments from pharma. And a 2022 investigative analysis of two of the most influential medical journals found that 81% of study authors failed to disclose millions in payments from drug companies, as they’re required to do. Unfortunately, this trend shows no sign of slowing down. The number of clinical trials funded by the pharmaceutical industry has been climbing every year since 2006, according to a John Hopkins University report, while independent studies have been harder to find. And there are some serious consequences to these conflicts of interest. Take Avandia, for instance, a diabetes drug produced by GlaxoSmithCline (GSK). Avandia was eventually linked to a dramatically increased risk of heart attacks and heart failure. And a BMJ report revealed that almost 90% of scientists who initially wrote glowing articles about Avandia had financial ties to GSK. But here’s the unnerving part: if the pharmaceutical industry is successfully biasing the science, then that means the physicians who rely on the science are biased in their prescribing decisions. Photo credit: UN Women Europe & Central Asia Where the lines get really blurry is with “ghostwriting.” Big pharma execs know citizens are way more likely to trust a report written by a board-certified doctor than one of their representatives. That’s why they pay physicians to list their names as authors — even though the MDs had little to no involvement in the research, and the report was actually written by the drug company. This practice started in the ’50s and ’60s when tobacco execs were clamoring to prove that cigarettes didn’t cause cancer (spoiler alert: they do!), so they commissioned doctors to slap their name on papers undermining the risks of smoking. It’s still a pretty common tactic today: more than one in 10 articles published in the NEJM was co-written by a ghostwriter. While a very small percentage of medical journals have clear policies against ghostwriting, it’s still technically legal —despite the fact that the consequences can be deadly. Case in point: in the late ’90s and early 2000s, Merck paid for 73 ghostwritten articles to play up the benefits of its arthritis drug Vioxx. It was later revealed that Merck failed to report all of the heart attacks experienced by trial participants. In fact, a study published in the NEJM revealed that an estimated 160,000 Americans experienced heart attacks or strokes from taking Vioxx. That research was conducted by Dr. David Graham, Associate Director of the FDA’s Office of Drug Safety, who understandably concluded the drug was not safe. But the FDA’s Office of New Drugs, which not only was responsible for initially approving Vioxx but also regulating it, tried to sweep his findings under the rug. "I was pressured to change my conclusions and recommendations, and basically threatened that if I did not change them, I would not be permitted to present the paper at the conference," he wrote in his 2004 U.S. Senate testimony on Vioxx. "One Drug Safety manager recommended that I should be barred from presenting the poster at the meeting." Eventually, the FDA issued a public health advisory about Vioxx and Merck withdrew this product. But it was a little late for repercussions — 38,000 of those Vioxx-takers who suffered heart attacks had already died. Graham called this a “profound regulatory failure,” adding that scientific standards the FDA apply to drug safety “guarantee that unsafe and deadly drugs will remain on the U.S. market.” This should come as no surprise, but research has also repeatedly shown that a paper written by a pharmaceutical company is more likely to emphasize the benefits of a drug, vaccine, or device while downplaying the dangers. (If you want to understand more about this practice, a former ghostwriter outlines all the ethical reasons why she quit this job in a PLOS Medicine report.) While adverse drug effects appear in 95% of clinical research, only 46% of published reports disclose them. Of course, all of this often ends up misleading doctors into thinking a drug is safer than it actually is. Big Pharma Influence On Doctors Pharmaceutical companies aren’t just paying medical journal editors and authors to make their products look good, either. There’s a long, sordid history of pharmaceutical companies incentivizing doctors to prescribe their products through financial rewards. For instance, Pfizer and AstraZeneca doled out a combined $100 million to doctors in 2018, with some earning anywhere from $6 million to $29 million in a year. And research has shown this strategy works: when doctors accept these gifts and payments, they’re significantly more likely to prescribe those companies’ drugs. Novartis comes to mind — the company famously spent over $100 million paying for doctors’ extravagant meals, golf outings, and more, all while also providing a generous kickback program that made them richer every time they prescribed certain blood pressure and diabetes meds. Side note: the Open Payments portal contains a nifty little database where you can find out if any of your own doctors received money from drug companies. Knowing that my mother was put on a laundry list of meds after a near-fatal car accident, I was curious — so I did a quick search for her providers. While her PCP only banked a modest amount from Pfizer and AstraZeneca, her previous psychiatrist — who prescribed a cocktail of contraindicated medications without treating her in person — collected quadruple-digit payments from pharmaceutical companies. And her pain care specialist, who prescribed her jaw-dropping doses of opioid pain medication for more than 20 years (far longer than the 5-day safety guideline), was raking in thousands from Purdue Pharma, AKA the opioid crisis’ kingpin. Purdue is now infamous for its wildly aggressive OxyContin campaign in the ’90s. At the time, the company billed it as a non-addictive wonder drug for pain sufferers. Internal emails show Pursue sales representatives were instructed to “sell, sell, sell” OxyContin, and the more they were able to push, the more they were rewarded with promotions and bonuses. With the stakes so high, these reps stopped at nothing to get doctors on board — even going so far as to send boxes of doughnuts spelling out “OxyContin” to unconvinced physicians. Purdue had stumbled upon the perfect system for generating tons of profit — off of other people’s pain. Documentation later proved that not only was Purdue aware it was highly addictive and that many people were abusing it, but that they also encouraged doctors to continue prescribing increasingly higher doses of it (and sent them on lavish luxury vacations for some motivation). In testimony to Congress, Purdue exec Paul Goldenheim played dumb about OxyContin addiction and overdose rates, but emails that were later exposed showed that he requested his colleagues remove all mentions of addiction from their correspondence about the drug. Even after it was proven in court that Purdue fraudulently marketed OxyContin while concealing its addictive nature, no one from the company spent a single day behind bars. Instead, the company got a slap on the wrist and a $600 million fine for a misdemeanor, the equivalent of a speeding ticket compared to the $9 billion they made off OxyContin up until 2006. Meanwhile, thanks to Purdue’s recklessness, more than 247,000 people died from prescription opioid overdoses between 1999 and 2009. And that’s not even factoring in all the people who died of heroin overdoses once OxyContin was no longer attainable to them. The NIH reports that 80% of people who use heroin started by misusing prescription opioids. Former sales rep Carol Panara told me in an interview that when she looks back on her time at Purdue, it all feels like a “bad dream.” Panara started working for Purdue in 2008, one year after the company pled guilty to “misbranding” charges for OxyContin. At this point, Purdue was “regrouping and expanding,” says Panara, and to that end, had developed a clever new approach for making money off OxyContin: sales reps were now targeting general practitioners and family doctors, rather than just pain management specialists. On top of that, Purdue soon introduced three new strengths for OxyContin: 15, 30, and 60 milligrams, creating smaller increments Panara believes were aimed at making doctors feel more comfortable increasing their patients’ dosages. According to Panara, there were internal company rankings for sales reps based on the number of prescriptions for each OxyContin dosing strength in their territory. “They were sneaky about it,” she said. “Their plan was to go in and sell these doctors on the idea of starting with 10 milligrams, which is very low, knowing full well that once they get started down that path — that’s all they need. Because eventually, they’re going to build a tolerance and need a higher dose.” Occasionally, doctors expressed concerns about a patient becoming addicted, but Purdue had already developed a way around that. Sales reps like Panara were taught to reassure those doctors that someone in pain might experience addiction-like symptoms called “pseudoaddiction,” but that didn’t mean they were truly addicted. There is no scientific evidence whatsoever to support that this concept is legit, of course. But the most disturbing part? Reps were trained to tell doctors that “pseudoaddiction” signaled the patient’s pain wasn’t being managed well enough, and the solution was simply to prescribe a higher dose of OxyContin. Panara finally quit Purdue in 2013. One of the breaking points was when two pharmacies in her territory were robbed at gunpoint specifically for OxyContin. In 2020, Purdue pled guilty to three criminal charges in an $8.3 billion deal, but the company is now under court protection after filing for bankruptcy. Despite all the damage that’s been done, the FDA’s policies for approving opioids remain essentially unchanged. Photo credit: Jennifer Durban Purdue probably wouldn’t have been able to pull this off if it weren’t for an FDA examiner named Curtis Wright, and his assistant Douglas Kramer. While Purdue was pursuing Wright’s stamp of approval on OxyContin, Wright took an outright sketchy approach to their application, instructing the company to mail documents to his home office rather than the FDA, and enlisting Purdue employees to help him review trials about the safety of the drug. The Food, Drug, and Cosmetic Act requires that the FDA have access to at least two randomized controlled trials before deeming a drug as safe and effective, but in the case of OxyContin, it got approved with data from just one measly two-week study — in osteoarthritis patients, no less. When both Wright and Kramer left the FDA, they went on to work for none other than (drumroll, please) Purdue, with Wright earning three times his FDA salary. By the way — this is just one example of the FDA’s notoriously incestuous relationship with big pharma, often referred to as “the revolving door”. In fact, a 2018 Science report revealed that 11 out of 16 FDA reviewers ended up at the same companies they had been regulating products for. While doing an independent investigation, “Empire of Pain” author and New Yorker columnist Patrick Radden Keefe tried to gain access to documentation of Wright’s communications with Purdue during the OxyContin approval process. “The FDA came back and said, ‘Oh, it’s the weirdest thing, but we don’t have anything. It’s all either been lost or destroyed,’” Keefe told Fortune in an interview. “But it’s not just the FDA. It’s Congress, it’s the Department of Justice, it’s big parts of the medical establishment … the sheer amount of money involved, I think, has meant that a lot of the checks that should be in place in society to not just achieve justice, but also to protect us as consumers, were not there because they had been co-opted.” Big pharma may be to blame for creating the opioids that caused this public health catastrophe, but the FDA deserves just as much scrutiny — because its countless failures also played a part in enabling it. And many of those more recent fails happened under the supervision of Dr. Janet Woodcock. Woodcock was named FDA’s acting commissioner mere hours after Joe Biden was inaugurated as president. She would have been a logical choice, being an FDA vet of 35 years, but then again it’s impossible to forget that she played a starring role in the FDA’s perpetuating the opioid epidemic. She’s also known for overruling her own scientific advisors when they vote against approving a drug. Not only did Woodcock approve OxyContin for children as young as 11 years old, but she also gave the green light to several other highly controversial extended-release opioid pain drugs without sufficient evidence of safety or efficacy. One of those was Zohydro: in 2011, the FDA’s advisory committee voted 11:2 against approving it due to safety concerns about inappropriate use, but Woodcock went ahead and pushed it through, anyway. Under Woodcock’s supervision, the FDA also approved Opana, which is twice as powerful as OxyContin — only to then beg the drug maker to take it off the market 10 years later due to “abuse and manipulation.” And then there was Dsuvia, a potent painkiller 1,000 times stronger than morphine and 10 times more powerful than fentanyl. According to a head of one of the FDA’s advisory committees, the U.S. military had helped to develop this particular drug, and Woodcock said there was “pressure from the Pentagon” to push it through approvals. The FBI, members of congress, public health advocates, and patient safety experts alike called this decision into question, pointing out that with hundreds of opioids already on the market there’s no need for another — particularly one that comes with such high risks. Most recently, Woodcock served as the therapeutics lead for Operation Warp Speed, overseeing COVID-19 vaccine development. Big Pharma Lawsuits, Scandals, and Cover-Ups While the OxyContin craze is undoubtedly one of the highest-profile examples of big pharma’s deception, there are dozens of other stories like this. Here are a few standouts: In the 1980s, Bayer continued selling blood clotting products to third-world countries even though they were fully aware those products had been contaminated with HIV. The reason? The “financial investment in the product was considered too high to destroy the inventory.” Predictably, about 20,000 of the hemophiliacs who were infused with these tainted products then tested positive for HIV and eventually developed AIDS, and many later died of it. In 2004, Johnson & Johnson was slapped with a series of lawsuits for illegally promoting off-label use of their heartburn drug Propulsid for children despite internal company emails confirming major safety concerns (as in, deaths during the drug trials). Documentation from the lawsuits showed that dozens of studies sponsored by Johnson & Johnson highlighting the risks of this drug were never published. The FDA estimates that GSK’s Avandia caused 83,000 heart attacks between 1999 and 2007. Internal documents from GSK prove that when they began studying the effects of the drug as early as 1999, they discovered it caused a higher risk of heart attacks than a similar drug it was meant to replace. Rather than publish these findings, they spent a decade illegally concealing them (and meanwhile, banking $3.2 billion annually for this drug by 2006). Finally, a 2007 New England Journal of Medicine study linked Avandia to a 43% increased risk of heart attacks, and a 64% increased risk of death from heart disease. Avandia is still FDA approved and available in the U.S. In 2009, Pfizer was forced to pay $2.3 billion, the largest healthcare fraud settlement in history at that time, for paying illegal kickbacks to doctors and promoting off-label uses of its drugs. Specifically, a former employee revealed that Pfizer reps were encouraged and incentivized to sell Bextra and 12 other drugs for conditions they were never FDA approved for, and at doses up to eight times what’s recommended. “I was expected to increase profits at all costs, even when sales meant endangering lives,” the whistleblower said. When it was discovered that AstraZeneca was promoting the antipsychotic medication Seroquel for uses that were not approved by the FDA as safe and effective, the company was hit with a $520 million fine in 2010. For years, AstraZeneca had been encouraging psychiatrists and other physicians to prescribe Seroquel for a vast range of seemingly unrelated off-label conditions, including Alzheimer’s disease, anger management, ADHD, dementia, post-traumatic stress disorder, and sleeplessness. AstraZeneca also violated the federal Anti-Kickback Statute by paying doctors to spread the word about these unapproved uses of Seroquel via promotional lectures and while traveling to resort locations. In 2012, GSK paid a $3 billion fine for bribing doctors by flying them and their spouses to five-star resorts, and for illegally promoting drugs for off-label uses. What’s worse — GSK withheld clinical trial results that showed its antidepressant Paxil not only doesn’t work for adolescents and children but more alarmingly, that it can increase the likelihood of suicidal thoughts in this group. A 1998 GSK internal memo revealed that the company intentionally concealed this data to minimize any “potential negative commercial impact.” In 2021, an ex-AstraZeneca sales rep sued her former employer, claiming they fired her for refusing to promote drugs for uses that weren’t FDA-approved. The employee alleges that on multiple occasions, she expressed concerns to her boss about “misleading” information that didn’t have enough support from medical research, and off-label promotions of certain drugs. Her supervisor reportedly not only ignored these concerns but pressured her to approve statements she didn’t agree with and threatened to remove her from regional and national positions if she didn’t comply. According to the plaintiff, she missed out on a raise and a bonus because she refused to break the law. At the top of 2022, a panel of the D.C. Court of Appeals reinstated a lawsuit against Pfizer, AstraZeneca, Johnson & Johnson, Roche, and GE Healthcare, which claims they helped finance terrorist attacks against U.S. service members and other Americans in Iraq. The suit alleges that from 2005–2011, these companies regularly offered bribes (including free drugs and medical devices) totaling millions of dollars annually to Iraq’s Ministry of Health in order to secure drug contracts. These corrupt payments then allegedly funded weapons and training for the Mahdi Army, which until 2008, was largely considered one of the most dangerous groups in Iraq. Another especially worrisome factor is that pharmaceutical companies are conducting an ever-increasing number of clinical trials in third-world countries, where people may be less educated, and there are also far fewer safety regulations. Pfizer’s 1996 experimental trials with Trovan on Nigerian children with meningitis — without informed consent — is just one nauseating example. When a former medical director in Pfizer’s central research division warned the company both before and after the study that their methods in this trial were “improper and unsafe,” he was promptly fired. Families of the Nigerian children who died or were left blind, brain damaged, or paralyzed after the study sued Pfizer, and the company ultimately settled out of court. In 1998, the FDA approved Trovan only for adults. The drug was later banned from European markets due to reports of fatal liver disease and restricted to strictly emergency care in the U.S. Pfizer still denies any wrongdoing. “Nurse prepares to vaccinate children” by World Bank Photo Collection is licensed under CC BY-NC-ND 2.0 But all that is just the tip of the iceberg. If you’d like to dive a little further down the rabbit hole — and I’ll warn you, it’s a deep one — a quick Google search for “big pharma lawsuits” will reveal the industry’s dark track record of bribery, dishonesty, and fraud. In fact, big pharma happens to be the biggest defrauder of the federal government when it comes to the False Claims Act, otherwise known as the “Lincoln Law.” During our interview, Panara told me she has friends still working for big pharma who would be willing to speak out about crooked activity they’ve observed, but are too afraid of being blacklisted by the industry. A newly proposed update to the False Claims Act would help to protect and support whistleblowers in their efforts to hold pharmaceutical companies liable, by helping to prevent that kind of retaliation and making it harder for the companies charged to dismiss these cases. It should come as no surprise that Pfizer, AstraZeneca, Merck, and a flock of other big pharma firms are currently lobbying to block the update. Naturally, they wouldn’t want to make it any easier for ex-employees to expose their wrongdoings, potentially costing them billions more in fines. Something to keep in mind: these are the same people who produced, marketed, and are profiting from the COVID-19 vaccines. The same people who manipulate research, pay off decision-makers to push their drugs, cover up negative research results to avoid financial losses, and knowingly put innocent citizens in harm’s way. The same people who told America: “Take as much OxyContin as you want around the clock! It’s very safe and not addictive!” (while laughing all the way to the bank). So, ask yourself this: if a partner, friend, or family member repeatedly lied to you — and not just little white lies, but big ones that put your health and safety at risk — would you continue to trust them? Backing the Big Four: Big Pharma and the FDA, WHO, NIH, CDC I know what you’re thinking. Big pharma is amoral and the FDA’s devastating slips are a dime a dozen — old news. But what about agencies and organizations like the National Institutes of Health (NIH), World Health Organization (WHO), and Centers for Disease Control & Prevention (CDC)? Don’t they have an obligation to provide unbiased guidance to protect citizens? Don’t worry, I’m getting there. The WHO’s guidance is undeniably influential across the globe. For most of this organization’s history, dating back to 1948, it could not receive donations from pharmaceutical companies — only member states. But that changed in 2005 when the WHO updated its financial policy to permit private money into its system. Since then, the WHO has accepted many financial contributions from big pharma. In fact, it’s only 20% financed by member states today, with a whopping 80% of financing coming from private donors. For instance, The Bill and Melinda Gates Foundation (BMGF) is now one of its main contributors, providing up to 13% of its funds — about $250–300 million a year. Nowadays, the BMGF provides more donations to the WHO than the entire United States. Dr. Arata Kochi, former head of WHO’s malaria program, expressed concerns to director-general Dr. Margaret Chan in 2007 that taking the BMGF’s money could have “far-reaching, largely unintended consequences” including “stifling a diversity of views among scientists.” “The big concerns are that the Gates Foundation isn’t fully transparent and accountable,” Lawrence Gostin, director of WHO’s Collaborating Center on National and Global Health Law, told Devex in an interview. “By wielding such influence, it could steer WHO priorities … It would enable a single rich philanthropist to set the global health agenda.” Photo credit: National Institutes of Health Take a peek at the WHO’s list of donors and you’ll find a few other familiar names like AstraZeneca, Bayer, Pfizer, Johnson & Johnson, and Merck. The NIH has the same problem, it seems. Science journalist Paul Thacker, who previously examined financial links between physicians and pharma companies as a lead investigator of the United States Senate Committee, wrote in The Washington Post that this agency “often ignored” very “obvious” conflicts of interest. He also claimed that “its industry ties go back decades.” In 2018, it was discovered that a $100 million alcohol consumption study run by NIH scientists was funded mostly by beer and liquor companies. Emails proved that NIH researchers were in frequent contact with those companies while designing the study — which, here’s a shocker — were aimed at highlighting the benefits and not the risks of moderate drinking. So, the NIH ultimately had to squash the trial. And then there’s the CDC. It used to be that this agency couldn’t take contributions from pharmaceutical companies, but in 1992 they found a loophole: new legislation passed by Congress allowed them to accept private funding through a nonprofit called the CDC Foundation. From 2014 through 2018 alone, the CDC Foundation received $79.6 million from corporations like Pfizer, Biogen, and Merck. Of course, if a pharmaceutical company wants to get a drug, vaccine, or other product approved, they really need to cozy up to the FDA. That explains why in 2017, pharma companies paid for a whopping 75% of the FDA’s scientific review budgets, up from 27% in 1993. It wasn’t always like this. But in 1992, an act of Congress changed the FDA’s funding stream, enlisting pharma companies to pay “user fees,” which help the FDA speed up the approval process for their drugs. A 2018 Science investigation found that 40 out of 107 physician advisors on the FDA’s committees received more than $10,000 from big pharma companies trying to get their drugs approved, with some banking up to $1 million or more. The FDA claims it has a well-functioning system to identify and prevent these possible conflicts of interest. Unfortunately, their system only works for spotting payments before advisory panels meet, and the Science investigation showed many FDA panel members get their payments after the fact. It’s a little like “you scratch my back now, and I’ll scratch your back once I get what I want” — drug companies promise FDA employees a future bonus contingent on whether things go their way. Here’s why this dynamic proves problematic: a 2000 investigation revealed that when the FDA approved the rotavirus vaccine in 1998, it didn’t exactly do its due diligence. That probably had something to do with the fact that committee members had financial ties to the manufacturer, Merck — many owned tens of thousands of dollars of stock in the company, or even held patents on the vaccine itself. Later, the Adverse Event Reporting System revealed that the vaccine was causing serious bowel obstructions in some children, and it was finally pulled from the U.S. market in October 1999. Then, in June of 2021, the FDA overruled concerns raised by its very own scientific advisory committee to approve Biogen’s Alzheimer’s drug Aduhelm — a move widely criticized by physicians. The drug not only showed very little efficacy but also potentially serious side effects like brain bleeding and swelling, in clinical trials. Dr. Aaron Kesselheim, a Harvard Medical School professor who was on the FDA’s scientific advisory committee, called it the “worst drug approval” in recent history, and noted that meetings between the FDA and Biogen had a “strange dynamic” suggesting an unusually close relationship. Dr. Michael Carome, director of Public Citizen’s Health Research Group, told CNN that he believes the FDA started working in “inappropriately close collaboration with Biogen” back in 2019. “They were not objective, unbiased regulators,” he added in the CNN interview. “It seems as if the decision was preordained.” That brings me to perhaps the biggest conflict of interest yet: Dr. Anthony Fauci’s NIAID is just one of many institutes that comprises the NIH — and the NIH owns half the patent for the Moderna vaccine — as well as thousands more pharma patents to boot. The NIAID is poised to earn millions of dollars from Moderna’s vaccine revenue, with individual officials also receiving up to $150,000 annually. Operation Warp Speed In December of 2020, Pfizer became the first company to receive an emergency use authorization (EUA) from the FDA for a COVID-19 vaccine. EUAs — which allow the distribution of an unapproved drug or other product during a declared public health emergency — are actually a pretty new thing: the first one was issued in 2005 so military personnel could get an anthrax vaccine. To get a full FDA approval, there needs to be substantial evidence that the product is safe and effective. But for an EUA, the FDA just needs to determine that it may be effective. Since EUAs are granted so quickly, the FDA doesn’t have enough time to gather all the information they’d usually need to approve a drug or vaccine. “Operation Warp Speed Vaccine Event” by The White House is licensed under CC PDM 1.0 Pfizer CEO and chairman Albert Bourla has said his company was “operating at the speed of science” to bring a vaccine to market. However, a 2021 report in The BMJ revealed that this speed might have come at the expense of “data integrity and patient safety.” Brook Jackson, regional director for the Ventavia Research Group, which carried out these trials, told The BMJ that her former company “falsified data, unblinded patients, and employed inadequately trained vaccinators” in Pfizer’s pivotal phase 3 trial. Just some of the other concerning events witnessed included: adverse events not being reported correctly or at all, lack of reporting on protocol deviations, informed consent errors, and mislabeling of lab specimens. An audio recording of Ventavia employees from September 2020 revealed that they were so overwhelmed by issues arising during the study that they became unable to “quantify the types and number of errors” when assessing quality control. One Ventavia employee told The BMJ she’d never once seen a research environment as disorderly as Ventavia’s Pfizer vaccine trial, while another called it a “crazy mess.” Over the course of her two-decades-long career, Jackson has worked on hundreds of clinical trials, and two of her areas of expertise happen to be immunology and infectious diseases. She told me that from her first day on the Pfizer trial in September of 2020, she discovered “such egregious misconduct” that she recommended they stop enrolling participants into the study to do an internal audit. “To my complete shock and horror, Ventavia agreed to pause enrollment but then devised a plan to conceal what I found and to keep ICON and Pfizer in the dark,” Jackson said during our interview. “The site was in full clean-up mode. When missing data points were discovered the information was fabricated, including forged signatures on the informed consent forms.” A screenshot Jackson shared with me shows she was invited to a meeting titled “COVID 1001 Clean up Call” on Sept. 21, 2020. She refused to participate in the call. Jackson repeatedly warned her superiors about patient safety concerns and data integrity issues. “I knew that the entire world was counting on clinical researchers to develop a safe and effective vaccine and I did not want to be a part of that failure by not reporting what I saw,” she told me. When her employer failed to act, Jackson filed a complaint with the FDA on Sept. 25, and Ventavia fired her hours later that same day under the pretense that she was “not a good fit.” After reviewing her concerns over the phone, she claims the FDA never followed up or inspected the Ventavia site. Ten weeks later, the FDA authorized the EUA for the vaccine. Meanwhile, Pfizer hired Ventavia to handle the research for four more vaccine clinical trials, including one involving children and young adults, one for pregnant women, and another for the booster. Not only that, but Ventavia handled the clinical trials for Moderna, Johnson & Johnson, and Novavax. Jackson is currently pursuing a False Claims Act lawsuit against Pfizer and Ventavia Research Group. Last year, Pfizer banked nearly $37 billion from its COVID vaccine, making it one of the most lucrative products in global history. Its overall revenues doubled in 2021 to reach $81.3 billion, and it’s slated to reach a record-breaking $98-$102 billion this year. “Corporations like Pfizer should never have been put in charge of a global vaccination rollout, because it was inevitable they would make life-and-death decisions based on what’s in the short-term interest of their shareholders,” writes Nick Dearden, director of Global Justice Now. As previously mentioned, it’s super common for pharmaceutical companies to fund the research on their own products. Here’s why that’s scary. One 1999 meta-analysis showed that industry-funded research is eight times less likely to achieve unfavorable results compared to independent trials. In other words, if a pharmaceutical company wants to prove that a medication, supplement, vaccine, or device is safe and effective, they’ll find a way. With that in mind, I recently examined the 2020 study on Pfizer’s COVID vaccine to see if there were any conflicts of interest. Lo and behold, the lengthy attached disclosure form shows that of the 29 authors, 18 are employees of Pfizer and hold stock in the company, one received a research grant from Pfizer during the study, and two reported being paid “personal fees” by Pfizer. In another 2021 study on the Pfizer vaccine, seven of the 15 authors are employees of and hold stock in Pfizer. The other eight authors received financial support from Pfizer during the study. Photo credit: Prasesh Shiwakoti (Lomash) via Unsplash As of the day I’m writing this, about 64% of Americans are fully vaccinated, and 76% have gotten at least one dose. The FDA has repeatedly promised “full transparency” when it comes to these vaccines. Yet in December of 2021, the FDA asked for permission to wait 75 years before releasing information pertaining to Pfizer’s COVID-19 vaccine, including safety data, effectiveness data, and adverse reaction reports. That means no one would see this information until the year 2096 — conveniently, after many of us have departed this crazy world. To recap: the FDA only needed 10 weeks to review the 329,000 pages worth of data before approving the EUA for the vaccine — but apparently, they need three-quarters of a century to publicize it. In response to the FDA’s ludicrous request, PHMPT — a group of over 200 medical and public health experts from Harvard, Yale, Brown, UCLA, and other institutions — filed a lawsuit under the Freedom of Information Act demanding that the FDA produce this data sooner. And their efforts paid off: U.S. District Judge Mark T. Pittman issued an order for the FDA to produce 12,000 pages by Jan. 31, and then at least 55,000 pages per month thereafter. In his statement to the FDA, Pittman quoted the late John F. Kennedy: “A nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people.” As for why the FDA wanted to keep this data hidden, the first batch of documentation revealed that there were more than 1,200 vaccine-related deaths in just the first 90 days after the Pfizer vaccine was introduced. Of 32 pregnancies with a known outcome, 28 resulted in fetal death. The CDC also recently unveiled data showing a total of 1,088,560 reports of adverse events from COVID vaccines were submitted between Dec. 14, 2020, and Jan. 28, 2022. That data included 23,149 reports of deaths and 183,311 reports of serious injuries. There were 4,993 reported adverse events in pregnant women after getting vaccinated, including 1,597 reports of miscarriage or premature birth. A 2022 study published in JAMA, meanwhile, revealed that there have been more than 1,900 reported cases of myocarditis — or inflammation of the heart muscle — mostly in people 30 and under, within 7 days of getting the vaccine. In those cases, 96% of people were hospitalized. “It is understandable that the FDA does not want independent scientists to review the documents it relied upon to license Pfizer’s vaccine given that it is not as effective as the FDA originally claimed, does not prevent transmission, does not prevent against certain emerging variants, can cause serious heart inflammation in younger individuals, and has numerous other undisputed safety issues,” writes Aaron Siri, the attorney representing PHMPT in its lawsuit against the FDA. Siri told me in an email that his office phone has been ringing off the hook in recent months. “We are overwhelmed by inquiries from individuals calling about an injury from a COVID-19 vaccine,” he said. By the way — it’s worth noting that adverse effects caused by COVID-19 vaccinations are still not covered by the National Vaccine Injury Compensation Program. Companies like Pfizer, Moderna, and Johnson & Johnson are protected under the Public Readiness and Emergency Preparedness (PREP) Act, which grants them total immunity from liability with their vaccines. And no matter what happens to you, you can’t sue the FDA for authorizing the EUA, or your employer for requiring you to get it, either. Billions of taxpayer dollars went to fund the research and development of these vaccines, and in Moderna’s case, licensing its vaccine was made possible entirely by public funds. But apparently, that still warrants citizens no insurance. Should something go wrong, you’re basically on your own. Pfizer and Moderna COVID-19 vaccine business model: government gives them billions, gives them immunity for any injuries or if doesn't work, promotes their products for free, and mandates their products. Sounds crazy? Yes, but it is our current reality. — Aaron Siri (@AaronSiriSG) February 2, 2022 The Hypocrisy of “Misinformation” I find it interesting that “misinformation” has become such a pervasive term lately, but more alarmingly, that it’s become an excuse for blatant censorship on social media and in journalism. It’s impossible not to wonder what’s driving this movement to control the narrative. In a world where we still very clearly don’t have all the answers, why shouldn’t we be open to exploring all the possibilities? And while we’re on the subject, what about all of the COVID-related untruths that have been spread by our leaders and officials? Why should they get a free pass? Photo credit: @upgradeur_life, www.instagram.com/upgradeur_life Fauci, President Biden, and the CDC’s Rochelle Walensky all promised us with total confidence the vaccine would prevent us from getting or spreading COVID, something we now know is a myth. (In fact, the CDC recently had to change its very definition of “vaccine ” to promise “protection” from a disease rather than “immunity”— an important distinction). At one point, the New York State Department of Health (NYS DOH) and former Governor Andrew Cuomo prepared a social media campaign with misleading messaging that the vaccine was “approved by the FDA” and “went through the same rigorous approval process that all vaccines go through,” when in reality the FDA only authorized the vaccines under an EUA, and the vaccines were still undergoing clinical trials. While the NYS DOH eventually responded to pressures to remove these false claims, a few weeks later the Department posted on Facebook that “no serious side effects related to the vaccines have been reported,” when in actuality, roughly 16,000 reports of adverse events and over 3,000 reports of serious adverse events related to a COVID-19 vaccination had been reported in the first two months of use. One would think we’d hold the people in power to the same level of accountability — if not more — than an average citizen. So, in the interest of avoiding hypocrisy, should we “cancel” all these experts and leaders for their “misinformation,” too? Vaccine-hesitant people have been fired from their jobs, refused from restaurants, denied the right to travel and see their families, banned from social media channels, and blatantly shamed and villainized in the media. Some have even lost custody of their children. These people are frequently labeled “anti-vax,” which is misleading given that many (like the NBA’s Jonathan Isaac) have made it repeatedly clear they are not against all vaccines, but simply making a personal choice not to get this one. (As such, I’ll suggest switching to a more accurate label: “pro-choice.”) Fauci has repeatedly said federally mandating the vaccine would not be “appropriate” or “enforceable” and doing so would be “encroaching upon a person’s freedom to make their own choice.” So it’s remarkable that still, some individual employers and U.S. states, like my beloved Massachusetts, have taken it upon themselves to enforce some of these mandates, anyway. Meanwhile, a Feb. 7 bulletin posted by the U.S. Department of Homeland Security indicates that if you spread information that undermines public trust in a government institution (like the CDC or FDA), you could be considered a terrorist. In case you were wondering about the current state of free speech. The definition of institutional oppression is “the systematic mistreatment of people within a social identity group, supported and enforced by the society and its institutions, solely based on the person’s membership in the social identity group.” It is defined as occurring when established laws and practices “systematically reflect and produce inequities based on one’s membership in targeted social identity groups.” Sound familiar? As you continue to watch the persecution of the unvaccinated unfold, remember this. Historically, when society has oppressed a particular group of people whether due to their gender, race, social class, religious beliefs, or sexuality, it’s always been because they pose some kind of threat to the status quo. The same is true for today’s unvaccinated. Since we know the vaccine doesn’t prevent the spread of COVID, however, this much is clear: the unvaccinated don’t pose a threat to the health and safety of their fellow citizens — but rather, to the bottom line of powerful pharmaceutical giants and the many global organizations they finance. And with more than $100 billion on the line in 2021 alone, I can understand the motivation to silence them. The unvaccinated have been called selfish. Stupid. Fauci has said it’s “almost inexplicable” that they are still resisting. But is it? What if these people aren’t crazy or uncaring, but rather have — unsurprisingly so — lost their faith in the agencies that are supposed to protect them? Can you blame them? Citizens are being bullied into getting a vaccine that was created, evaluated, and authorized in under a year, with no access to the bulk of the safety data for said vaccine, and no rights whatsoever to pursue legal action if they experience adverse effects from it. What these people need right now is to know they can depend on their fellow citizens to respect their choices, not fuel the segregation by launching a full-fledged witch hunt. Instead, for some inexplicable reason I imagine stems from fear, many continue rallying around big pharma rather than each other. A 2022 Heartland Institute and Rasmussen Reports survey of Democratic voters found that 59% of respondents support a government policy requiring unvaccinated individuals to remain confined in their home at all times, 55% support handing a fine to anyone who won’t get the vaccine, and 48% think the government should flat out imprison people who publicly question the efficacy of the vaccines on social media, TV, or online in digital publications. Even Orwell couldn’t make this stuff up. Photo credit: DJ Paine on Unsplash Let me be very clear. While there are a lot of bad actors out there — there are also a lot of well-meaning people in the science and medical industries, too. I’m lucky enough to know some of them. There are doctors who fend off pharma reps’ influence and take an extremely cautious approach to prescribing. Medical journal authors who fiercely pursue transparency and truth — as is evident in “The Influence of Money on Medical Science,” a report by the first female editor of JAMA. Pharmacists, like Dan Schneider, who refuse to fill prescriptions they deem risky or irresponsible. Whistleblowers, like Graham and Jackson, who tenaciously call attention to safety issues for pharma products in the approval pipeline. And I’m certain there are many people in the pharmaceutical industry, like Panara and my grandfather, who pursued this field with the goal of helping others, not just earning a six- or seven-figure salary. We need more of these people. Sadly, it seems they are outliers who exist in a corrupt, deep-rooted system of quid-pro-quo relationships. They can only do so much. I’m not here to tell you whether or not you should get the vaccine or booster doses. What you put in your body is not for me — or anyone else — to decide. It’s not a simple choice, but rather one that may depend on your physical condition, medical history, age, religious beliefs, and level of risk tolerance. My grandfather passed away in 2008, and lately, I find myself missing him more than ever, wishing I could talk to him about the pandemic and hear what he makes of all this madness. I don’t really know how he’d feel about the COVID vaccine, or whether he would have gotten it or encouraged me to. What I do know is that he’d listen to my concerns, and he’d carefully consider them. He would remind me my feelings are valid. His eyes would light up and he’d grin with amusement as I fervidly expressed my frustration. He’d tell me to keep pushing forward, digging deeper, asking questions. In his endearing Bronx accent, he used to always say: “go get ‘em, kid.” If I stop typing for a moment and listen hard enough, I can almost hear him saying it now. People keep saying “trust the science.” But when trust is broken, it must be earned back. And as long as our legislative system, public health agencies, physicians, and research journals keep accepting pharmaceutical money (with strings attached) — and our justice system keeps letting these companies off the hook when their negligence causes harm, there’s no reason for big pharma to change. They’re holding the bag, and money is power. I have a dream that one day, we’ll live in a world where we are armed with all the thorough, unbiased data necessary to make informed decisions about our health. Alas, we’re not even close. What that means is that it’s up to you to educate yourself as much as possible, and remain ever-vigilant in evaluating information before forming an opinion. You can start by reading clinical trials yourself, rather than relying on the media to translate them for you. Scroll to the bottom of every single study to the “conflicts of interest” section and find out who funded it. Look at how many subjects were involved. Confirm whether or not blinding was used to eliminate bias. You may also choose to follow Public Citizen’s Health Research Group’s rule whenever possible: that means avoiding a new drug until five years after an FDA approval (not an EUA, an actual approval) — when there’s enough data on the long-term safety and effectiveness to establish that the benefits outweigh the risks. When it comes to the news, you can seek out independent, nonprofit outlets, which are less likely to be biased due to pharma funding. And most importantly, when it appears an organization is making concerted efforts to conceal information from you — like the FDA recently did with the COVID vaccine — it’s time to ask yourself: why? What are they trying to hide? In the 2019 film “Dark Waters” — which is based on the true story of one of the greatest corporate cover-ups in American history — Mark Ruffalo as attorney Rob Bilott says: “The system is rigged. They want us to think it’ll protect us, but that’s a lie. We protect us. We do. Nobody else. Not the companies. Not the scientists. Not the government. Us.” Words to live by. Tyler Durden Sat, 04/09/2022 - 22:30.....»»

Category: personnelSource: nytApr 9th, 2022