Gross Profit – Event Planer http://eventplaner.net/ Tue, 17 May 2022 13:38:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://eventplaner.net/wp-content/uploads/2021/03/cropped-favicon-32x32.jpg Gross Profit – Event Planer http://eventplaner.net/ 32 32 Hil Davis, CEO of Digital Brands Group, Inc. (DBGI), on First Quarter 2022 Earnings – Earnings Call Transcript https://eventplaner.net/hil-davis-ceo-of-digital-brands-group-inc-dbgi-on-first-quarter-2022-earnings-earnings-call-transcript/ Tue, 17 May 2022 13:38:00 +0000 https://eventplaner.net/hil-davis-ceo-of-digital-brands-group-inc-dbgi-on-first-quarter-2022-earnings-earnings-call-transcript/

Digital Brand Group, Inc. (NASDAQ: DBGI) First Quarter 2022 Earnings Conference Call May 16, 2022 5:30 p.m. ET

Participating companies

Hil Davis – President and CEO

Conference call participants

Operator

Hello, welcome to the Digital Brands Group First Quarter 2022 Earnings Conference Call. At this time, all participants are in listen-only mode. A question-and-answer session will follow the official presentation. [Operator Instructions] Please note that this conference is recorded.

I will now hand over to Hil Davis, CEO. Thanks, you can start.

Hill Davis

Yes. Thank you very much, have a good day, and welcome to Digital Brands’ First Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode.

This earnings call may contain forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, including statements regarding, among other things, the company’s business strategy and growth strategy. Expressions that identify forward-looking statements speak only as of the date the statement is made.

These forward-looking statements are based largely on our company’s expectations and are subject to a number of risks and uncertainties, some of which cannot be predicted or quantified and are beyond our control. Future developments and actual results could differ materially from those presented and contemplated by or underlying the forward-looking statements. In light of these risks and uncertainties, there can be no assurance that the forward-looking information will prove to be accurate. The company will hold a Q&A session at the end of the prepared remarks. Please note that this event is recorded. And that supports the legal part of the appeal.

So let me start by saying that we continue to take advantage of our revenue growth starting in the fourth quarter and leveraging our fixed operating leverage momentum starting in the fourth quarter, and this is both during the first quarter and until today. We believe this momentum is exemplified by our 740% revenue growth in the first quarter, which is an increase from the 425% revenue growth we experienced in the fourth quarter of last year.

We expect to continue to experience significant year-over-year revenue growth throughout 2022, in addition to benefiting from our fixed operating costs throughout 2022, as illustrated by our results. of the fourth quarter and the first quarter. We believe 2021 has shown that we can acquire, integrate and grow revenues from acquired companies, which we have done successfully with Stateside and Harper and Jones.

For 2022, we plan to show that we can leverage our fixed costs to fully leverage our costs through continued revenue growth, which is supported by our fall wholesale bookings. Again, we already have hotel reservations for the fall based on the shows we have this year. Additionally, we announced our definitive agreement to acquire Sundry in January of this year, and we expect to add further acquisitions this year. Importantly, all acquisitions thanks to the review of our positive EBITDA.

First quarter results, net revenue increased 740% to $3.4 million in Q1 2022 from $0.4 million in Q1 2021. This revenue growth was seen across all brands of our portfolio. The increase in net sales is due to increased revenues from all of our brands and the inclusion of Stateside and Harper and Jones on a pro forma basis.

Gross profit margin increased 671% year-on-year to 42.9% from a decline of 50.8%. Gross margin increased by $1.7 million, due to improved gross margins across all of our brands. Additionally, our gross margin increased 5.5% sequentially from the fourth quarter. So we’re seeing both gross margin improvement year over year and sequentially. We expect gross margin to continue to increase throughout the year, both in percentage terms and in absolute gross margin dollars.

G&A margin decreased 333% from 467% to 134% as we continue to leverage our fixed costs with higher revenues. We expect to continue to see significant improvement in this margin, driven by our revenue growth throughout the year. General and administrative expenses were $4.6 million in the first quarter of 2022, which included a non-cash charge of $1.1 million for loan amortization, discount and fees, compared to $223,000 at the same time a year ago.

Additionally, there was a non-cash charge of 682,000 for the change in the fair value of the derivative liability from zero in the same period a year ago, which is entirely in the statements of cash flows. This resulted in total non-cash G&A charges of $1.8 million in the first quarter of 2022 compared to $223,000 in the first quarter of last year. Excluding non-cash expenses, general and administrative expenses were $2.8 million versus $1.7 million a year ago, a 65% year-over-year increase, while revenues increased by 740%.

We believe this illustrates the significant fixed cost leverage we enjoy as we drive revenue growth. And again, we have a pretty good idea of ​​our Q4 revenue considering wholesale bookings.

Sales and marketing expenses increased from 171,000 in the first quarter of 21 to $1 million in the first quarter of 2022. We saw a significant increase in revenue associated with this increase in marketing expenses, which allowed us to acquire a significant increase in new customers, who already show a propensity to renew the purchase. All of this was achieved without cross-merchandising between our brands. Historically, we have seen a significant increase in products sold when we cross our brands, which we plan to do this year, especially using certain technologies and third parties who are very good at it.

Distribution expenses as a percentage of revenue fell 9.7% to 5.9% in the first quarter of 2022, from 15.6% in the same period a year ago. Distribution expenses were 203,000 in the first quarter of 2022 compared to 64,000 in the same period a year ago. And again, significant leverage here, as well as on the G&A line. There was a non-cash charge of $1.2 million for the change in fair value of the contingent liability from zero in the same period a year ago, which is also shown in the statement of cash flows .

Net loss attributable to common shareholders in the first quarter of 2022 was $7.8 million or $0.59 per diluted share. Please note that the net loss included $3 million in non-recurring cash – non-cash expenses and there is also no additional amortization of approximately $600,000 which would have cost $3.6 million non-cash dollars. That compares to a net loss attributable to common shareholders of $3 million or a loss of $4.55 per diluted share in the fourth quarter of 2021, and again, that’s a loss of $0.59 per action against a loss of $4.55, and that includes more than $3.5 million in non-cash charges between one-time expenses and depreciation and amortization.

In conclusion, I can’t stress enough that we’re driving both significant organic growth and acquisition revenue, which we plan to continue, especially given the bulk bookings we have for the fall. Additionally, as demonstrated by our results for the fourth quarter of last year and the first quarter of this year, we benefit from significant operating expense leverage, which we plan to continue. We have several revenue generators planned for the remainder of this year and are excited to continue to leverage our fixed operating costs as our revenue grows. And we expect to be able to reach neutral cash flow in the fourth quarter.

So with that, thank you all for your time, we’re delighted with the continued momentum and we’ll open it up for questions and answers, please.

Q&A session

Operator

Thank you. [Operator Instructions] There are no questions in the queue. This will conclude today’s conference. You can disconnect your lines at this time, and thank you for your participation.

Hill Davis

Thank you everybody.

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India Inc on high alert as margin pressure and demand concerns weigh https://eventplaner.net/india-inc-on-high-alert-as-margin-pressure-and-demand-concerns-weigh/ Sun, 15 May 2022 18:56:47 +0000 https://eventplaner.net/india-inc-on-high-alert-as-margin-pressure-and-demand-concerns-weigh/

NEW DELHI : Soaring inflation is becoming a headache for businesses and consumers alike. Rising input costs are a major drag on corporate profits, although some have managed to pass the costs on to consumers.

A Mint analysis of 435 manufacturing companies that reported their March quarter earnings showed input costs rose about 24% from a year earlier, and a significant number of them were successful. to pass on the high costs to consumers, recording higher revenues. Some companies charge consumers more by reducing the weight of packaged products.

Show full picture

Compression of inflation

“The impact of inflation is visible. More companies beat the Nifty 200 Index’s March quarter earnings season estimates than those who missed them,” said Deepak Jasani, head of retail research at HDFC. Securities. “However, much of this growth is likely to have been driven by price increases taken amid inflationary pressures. »

Sales growth was good, but profits grew at a slower pace due to higher raw material costs and interest charges, he added.

As input costs rose, companies either raised prices or reduced pack weights. Retail price inflation in April hit an eight-year high of 7.79%, even as the reading remained above the central bank’s 6% upper tolerance limit for the fourth month of ‘april.

“There was about a 100 basis point impact on the margins of the companies in our coverage universe and a 200 basis point impact on the margins of the Nifty companies,” said Gautam Duggad, head of research at Motilal Oswal Financial Services. Overall results were in line with expectations, added Duggad, with performance driven by financials.

Analysts said that while companies in some sectors such as chemicals and fertilizers recorded positive earnings surprises and appear to have been able to pass on costs, other sectors such as paints, cement and consumer packaged goods are among the hardest hit by rising commodity prices. prices and have yet to fully pass the costs on to consumers. “Major margin pressure would be visible in first-quarter earnings if companies are unable to pass on input costs, and companies will pass on 40-50% of the impact of higher commodity prices. on the buyers and the rest will be hit by the hopes of a cooling-lower price rise in the near term,” said Prashanth Tapse, Vice President (Research) at Mehta Equities Ltd.

Pressure on input costs has been unprecedented and therefore continues to be visible in shrinking gross margins despite aggressive price increases, said Manish Jain, fund manager at Ambit Asset Management. Jain said recent price increases may have mitigated the situation, but the impact will only be partially visible in the June quarter and fully in the following three months.

A bigger concern is the results for the following quarters given the continued rise in commodity prices and inflation and its impact on consumer and business spending, Jasani said.

Moreover, maintaining a balance between growth and profitability is always a tricky thing, especially in these times of inflation, experts said. Companies don’t want to lose market share in their quest to maintain margins, Jain said.

Mehta also said companies are cautious in passing on costs and managing to maintain decent revenue growth as demand is intact for products such as edible oil, where higher costs have been passed on almost entirely to the buyers.

Duggad said price increases remain demand driven and if demand holds up, companies may be able to pass on costs.

It’s not just high prices; rising interest rates may affect demand. Monthly payments could rise and lending to customers will become expensive and reduce liquidity in the market and the economy, analysts said.

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Size, share, growth of the padel market https://eventplaner.net/size-share-growth-of-the-padel-market/ Mon, 09 May 2022 05:32:31 +0000 https://eventplaner.net/size-share-growth-of-the-padel-market/

Pune, May 09, 2022 (GLOBE NEWSWIRE) — World padel market research report [2022-2029] has been prepared by experienced and knowledgeable market analysts and researchers. It is a phenomenal compilation of significant studies which explores the competitive landscape, segmentation, geographical expansion, and revenue and consumption growth of the Global Padel Market. This report focuses on Padel volume and value at global level, regional level and company level. From a global perspective, this report represents overall Paddle market size by analyzing historical data and future prospect. Regionally, this report focuses on several key regions: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. This is accomplished through current knowledge of the most important drivers, current trends, untapped opportunities, risks and restrictions, challenges, and the most promising areas of development. It will also help to analyze the market growth properly and make better decisions in the coming years.

Get a sample PDF of the report – https://www.marketreportsworld.com/enquiry/request-sample/20176596

Moreover, the research report provides detailed data on the main factors influencing the growth of the Padel market at the national and local levels, forecast of the market size, in terms of value, market share by region and segment, positions on the Regional Market, Segment and Growth Opportunities by Countries, Key Company Profiles, SWOT, Product Portfolio and Growth Strategies.

Impact of Covid-19 on the padel industry:

The Covid-19 pandemic has had a negative impact on the padel market. with industrialists. Major companies have suspended operations in different locations due to lockdown and social distancing norms. After the pandemic, the industry expects a lot of requirements and demands due to the rapid urbanization and the increasing need for rational use of the present area.

COVID-19 (Coronavirus) Global Market Conditions and Competitors:- In this report, analysts compile existing research on COVID-19, share key insights and help the reader spot new market opportunities related to the pandemic. Topics include product development pipelines, diagnostic testing approaches, vaccine development programs, regulatory approvals and more.

Get Sample Copy of Padel Market Research Report 2022

This report gives a detailed description of all the factors influencing the growth of these market players along with their company profiles, product portfolios, marketing strategies, technology integrations and more information about these market players. Some of the major players are:

Leading companies reviewed in the Padel Market‎ report are:

  • RS Sports
  • Cushioning
  • Enebe
  • Tecnifibre
  • Bullpadel
  • Babolat
  • dunlop
  • Head
  • Starvie

Global padel market: Pilots and Withholdings

The research report has integrated the analysis of different factors which are increasing the growth of the market. It constitutes trends, restraints and drivers that transform the market either positively or negatively. This section also provides the scope of different segments and applications that can potentially influence the market in the future. Detailed information is based on current trends and historical milestones.

A thorough assessment of the restrictions included in the report portrays the contrast with the drivers and gives room for strategic planning. Factors that overshadow the growth of the market are pivotal as they can be understood to devise different bends for getting hold of the lucrative opportunities that are present in the ever-growing market. Additionally, insights into the opinions of market experts have been taken to better understand the market.

Learn more and share questions, if any, before purchase on this report at – https://www.marketreportsworld.com/enquiry/pre-order-enquiry/20176596

Overall, the report proves to be an effective tool that players can utilize to gain a competitive edge over their competitors and ensure sustainable success in the global Padel Market. All conclusions, data and information provided in the report are validated and revalidated using reliable sources. The analysts authoring the report have adopted a unique and industry-best research and analytical approach to an in-depth study of the global Padel market.

Global padel market: segment analysis

The research report includes specific segments by region (country), company, type and application. This study provides information on sales and revenue over the historical and forecast period. Understanding the segments helps to identify the importance of different factors contributing to market growth.

By type:

  • padel racket
  • Paddle shoes

Per application:

Geographic segment covered in the report:

The Padel report provides information on the market area, which is sub-divided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country and sub-region over the estimated period.

  • United States
  • Europe (Germany, UK, France, Italy, Spain, Russia, Poland)
  • China
  • Japan
  • India
  • Southeast Asia (Malaysia, Singapore, Philippines, Indonesia, Thailand, Vietnam)
  • Latin America (Brazil, Mexico, Colombia)
  • Middle East and Africa (Saudi Arabia, United Arab Emirates, Turkey, Egypt, South Africa, Nigeria)
  • Other regions

The research objectives of this report are:

Chapter 1 provides an overview of Paddle market, containing global revenue and CAGR. The forecast and analysis of Padel market by type, application, and region are also presented in this chapter.

Chapter 2 is about the market landscape and major players. It provides the competitive situation and market concentration status along with the basic information of these players.

Chapter 3 introduces the industrial chain of Padel. The industry chain analysis, raw material (suppliers, price, supply and demand, market concentration rate), and downstream buyers are analyzed in this chapter.

Chapter 4 focuses on manufacturing analysis, including cost structure analysis and process analysis, constituting a comprehensive manufacturing cost analysis.

Chapter 5 provides insightful insights on market dynamics, influence of COVID-19 in Paddle Board industry, consumer behavior analysis.

Chapter 6 provides a full-scale analysis of major players in Padel industry. The basic information, along with product market performance profiles, applications and specifications along with business overview are offered.

Chapter 7 is about sales, revenue, price and gross margin of Padel in markets of different regions. Global market sales, revenue, price and gross margin analysis are covered in this part.

Chapter 8 gives a worldwide view of Paddle market. It includes sales, revenue, price, market share and growth rate by type.

Chapter 9 focuses on Padel application, by analyzing the consumption and its growth rate of each application.

Chapter 10 prospects the whole Paddle market, including the global sales and revenue forecast, regional forecast. It also foresees the Padel market by type and application.

Buy this report (Price 2980 USD for single user license) – https://www.marketreportsworld.com/purchase/20176596

Detailed TOC of Global Padel Market Report 2022

1 Overview of the padel market

1.1 Product Overview and Scope of Padel
1.2 Padel Segment by Type
1.2.1 Global Padel Sales and CAGR Comparison by Type (2017-2029)
1.2.2 The Paddle Rackets Market Profile
1.2.3 Padel Shoes Market Profile
1.3 Global Padel Segment by Application
1.3.1 Paddle Board Consumption (Sales) Comparison by Application (2017-2029)
1.3.2 The market profile of professionals
1.3.3 The amateur market profile
1.4 Global Padel Market, by Region (2017-2022)
1.4.1 Global Padel Market Size (Revenue) and CAGR Comparison by Regions (2017-2022)
1.5 Global Padel Market Size (2017-2029)
1.5.1 Global Padel Revenue Status and Prospect (2017-2029)
1.5.2 Global Padel Sales Status and Prospect (2017-2029)

2 Global Paddle Board Market Landscape by Player

2.1 Global Paddleboard Sales and Share by Player (2017-2022)
2.2 Global Paddle Board Revenue and Market Share by Player (2017-2022)
2.3 Global Padel Average Price by Player (2017-2022)
2.4 Global Padel Gross Margin by Player (2017-2022)
2.5 Paddle Wheels Manufacturing Base Distribution, Sales Area and Product Type by Player
2.6 Padel Market Competitive Situation and Trends
2.6.1 Padel market concentration rate
2.6.2 Padel Market Share of Top 3 and Top 6 Players
2.6.3 Mergers and acquisitions, expansion

3 Upstream and Downstream Padel Analysis

4 Padel Manufacturing Cost Analysis

5 Market dynamics

6 player profiles

7 Global Padel Sales and Revenue by Region (2017-2022)

8 Global Paddle Board Sales, Revenue (Revenue), Price Trend by Type

9 Global Padel Market Analysis by Application

10 Global Padel Market Forecast (2022-2029)

11 Research findings and conclusion

12 Appendix

Continued….

Browse Full Table of Contents at – https://www.marketreportsworld.com/TOC/20176596#TOC

About Us: –

Market Reports World is the credible source for getting the market reports that will provide you with the direction your business needs. The market is changing rapidly with the continuous expansion of the industry. Technological advancements have provided today’s businesses with multi-faceted benefits driving daily economic changes. Thus, it is very important for a business to understand the patterns of market movements in order to better strategize. An effective strategy gives companies a head start in planning and an advantage over their competitors.

        
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		Industrias Unidas, SA de CV Consolidated operating results for the financial year 2021
		https://eventplaner.net/industrias-unidas-sa-de-cv-consolidated-operating-results-for-the-financial-year-2021/
		
		
		Sun, 01 May 2022 21:43:00 +0000
				
		https://eventplaner.net/industrias-unidas-sa-de-cv-consolidated-operating-results-for-the-financial-year-2021/

					
										

MEXICO–(BUSINESS WIRE)–Industrias Unidas, SA de CV (“IUSA” or the “Company”) has announced its audited results for the twelve months ended December 31, 2021. Figures are audited and have been prepared in accordance with Mexican Financial Reporting Standards (“MFRS”), which differ in certain respects from United States Generally Accepted Accounting Principles (“US GAAP”). Results for any interim period are not necessarily indicative of results that may be expected for any given financial year. Unless otherwise specified, references herein to “pesos”, “pesos” or “Ps” are pesos, the lawful currency of Mexico and references to “US dollars”, “dollars”, “US$” or “$ are in US dollars, the legal tender of the United States of America. Unless otherwise specified, all peso amounts are presented here in pesos with purchasing power as of December 31, 2021, and in pesos with their historical value for other dates cited. The dollar translations f Provided herein are calculated solely for the convenience of the reader using an exchange rate of Ps. 20.51 per US dollar, the exchange rate published by Banco de Mexico, the country’s central bank, on December 31, 2021.

Twelve months ended December 31, 2021, compared to twelve months ended December 31, 2020.

The following table summarizes our operating results for the twelve months ended December 31, 2021 and 2020:

(figures in millions of pesos)
For the year ended December 31,

2020

2021

Revenue

19,720.4

28,604.8

Cost of sales

17,424.4

23,188.5

Gross profit

2,296.1

5,416.4

Selling and administrative expenses

1,578.0

1,912.3

Operating profit (loss)

718.0

3,504.1

Other Expenses – Net

(86.8

)

(84.0

)

Overall financing result

(831.2

)

(572.4

)

Taxes and statutory employee profit-sharing

75.0

817.2

Equity in income (loss) of associated corporations

13.5

11.0

Consolidated net profit (loss)

(261.4

)

2,041.5

D&A

435.5

369.5

EBITDA 1/

1,153.6

3,873.6

1/ EBITDA for any period is defined as consolidated net income (loss) excluding i) amortization, ii) total net comprehensive financial income (which includes net interest expense, foreign exchange gain or loss, gain or loss of currency position and other Funding costs), iii) other net charges, iv) income taxes and employee profit-sharing and v) equity in the result of associates. EBITDA should not be considered as another measure of net profit or operating profit, as determined on a consolidated basis using amounts derived from income statements prepared in accordance with IFRS, or as an indicator of operating performance or cash flow from operating activity such as a measure of liquidity. EBITDA is not a recognized term under MFRS or US GAAP and is not intended to be an alternative to net income as a measure of operating performance or cash flow from operating activities as a measure. liquidity.

Our consolidated net income for the twelve months ended December 31, 2021 amounted to 2,041.5 million pesos (99.5 million US dollars), compared to a consolidated net loss of 261.4 million pesos during the same period of 2020. This variation is mainly due to a significant increase in income (and therefore taxes) and a lower overall financial result, due to market conditions.

Revenue

Our net income for the twelve months of 2021 increased by 45.1% to reach 28,604.8 million pesos (1,394.8 million dollars) compared to 19,720.4 million pesos during the same period of 2020 This increase is mainly due to market conditions, relatively high copper prices compared to previous years, which directly affect our final selling price in our copper products segment and the 12.0% increase in the volume of sales.

Our costs and revenues track copper prices very closely since market practice is to pass commodity price changes on to the buyer.

Our sales are primarily to customers engaged in commercial, industrial and residential construction and related maintenance and renovation activities. We also sell to customers engaged in the production, transmission and distribution of electrical energy and to the gas, water and air conduction sector in the field of heating, ventilation, air conditioning and refrigeration (HVACR).

Our revenues come mainly from sales of copper-based products (tubes, wires, cables and alloys) and electrical products.

By country of production, approximately 55.1% of our revenues in the twelve months ended December 31, 2021 came from products manufactured in Mexico and the remaining 44.9% from products manufactured in the United States.

In terms of sales by region during the twelve months ended December 31, 2021, we derived approximately 53.3% of our revenue from sales to customers in the United States, 43.9% from customers in Mexico and 2.8 % of the rest of the world (“ROW”).

In terms of volume, consolidated sales of copper products during the twelve months ended December 31, 2021 increased by 12.0% compared to the same period in 2020:

(Metric Tons)
For the year ended December 31,
Volume sales of copper products 2/

2020

2021

UNITED STATES

51 206

57,718

Mexico

31,474

34,301

ROW

2,090

2,937

Total

84,769

94,956

2/ Includes wire and aluminum cable

Cost of sales

Our cost of sales during the twelve months ended December 31, 2021 increased by 33.1% to 23,188.5 million pesos ($1,130.7 million) from 17,424.4 million pesos during the same period of 2020. As a percentage of revenue, the cost of sales improved and was 81.1% and 88.4% respectively.

We continue to reduce our cost base through several initiatives, including plant planning, raw material handling and manufacturing overhead. In accordance with our accounting policies, we value inventory at the average purchase price. In the case of copper cathodes, an a posteriori adjustment is necessary due to the quotation period agreed with the suppliers (M+1). This initiative allows us to cover purchases for 30 days at no additional cost. The adjustment is recorded in cost of sales for the month in which it occurs.

Gross profit

Our gross profit in the twelve months ended December 31, 2021 increased twofold to Ps. 2,296.1 million from 11.6% in 2020.

Selling and administrative expenses

Our selling and administrative expenses in the twelve months ended December 31, 2021 increased by 21.2% to Ps.1,912.3 million from Ps.1,578.0 in the same period of 2020 As a percentage of total sales, this item was 6.0% and 8.7% in the corresponding periods.

Operating result

Our operating profit for the twelve months ended December 31, 2021 increased fourfold to Ps3,504.1 million (US$170.9 million) from an operating profit of 718, 0 Ps during the same period of 2020. As a percentage of sales, this element was 12.3% and 3.6% in the corresponding years.

EBITDA

In the twelve months ended December 31, 2021, our EBITDA increased three times, from Ps. 1,153.6 million for January to December 2021 and Ps. 435.5 million for the same period of 2020.

Overall financing result

The following table presents our overall financing result for the twelve months ended December 31, 2020 and 2021:

(figures in millions of pesos)
For the year ended December 31,

2020

2021

Interest charges

(663.7

)

(477.5

)

interest income

22.2

18.5

Foreign exchange gain (loss) – Net

(183.9

)

(96.2

)

Other financing costs

(5.8

)

(17.2

)

Overall financing result

(831.2

)

(572.4

)

Our overall financing result during the twelve months ended December 31, 2021 represented a cost of Ps 572.4 million, compared to a cost of Ps 831.2 million for the same period of 2020.

Taxes and statutory employee profit-sharing

The provision for current and deferred taxes and statutory employee profit sharing during the twelve months ended December 31, 2021 represented an expense of Ps 817.2 million, compared to a cost of Ps 75.0 million for the same period of 2020.

Consolidated net income

Our consolidated net profit for the twelve months ended December 31, 2021 amounted to 2,041.5 million pesos (99.5 million US dollars), compared to a consolidated net loss of 261.4 million pesos during the same period of 2020.

Cash and capital resources

Liquidity

As of December 31, 2021, we had cash and cash equivalents of Ps348.7 million (US$17.0 million). Our policy is to invest available cash in short-term instruments issued by Mexican and US banks and in securities issued by the governments of Mexico and the United States.

Our operating cash flow and operating margins are strongly influenced by world market prices for raw copper, as quoted by COMEX and the London Metal Exchange (“LME”). Copper prices are subject to significant market fluctuations; Average copper prices increased 51.6% in the twelve months ended December 31, 2021 to US$4.24 per pound from US$2.79 per pound in the same period of 2020.

We obtain short-term financing from various sources, including Mexican and international banks. Short-term financing consists partly of lines of credit denominated in pesos and dollars. As of December 31, 2021, our outstanding short-term debt, including the current portion of long-term debt, amounted to Ps591.7 million (US$28.8 million), all of which was denominated in dollars.

As of the same date, our consolidated long-term debt outstanding, excluding the current portion thereof, amounted to Ps5,001.9 million (US$243.9 million), entirely denominated in dollars.

Accounts receivable from third parties as of December 31, 2021 amounted to 4,346.9 million pesos ($211.9 million). The days remaining in the domestic market was 31 days as of December 31, 2021.

Debt securities

The following table summarizes our debt as of December 31, 2021:

Consolidated debt December 31, 2021
(In millions of pesos)
Debt of US subsidiaries

531.6

Mexican debt

5,062.0

Total

5,593.6

This total includes the Company’s restructured debt.

Capital expenditure

For the twelve months ended December 31, 2021, we invested Ps236.8 million (US$11.5 million) in capital expenditure projects, primarily related to production and maintenance expansion.

During the twelve months ended December 31, 2021, our capital expenditures were allocated by segment as follows: 31.1% to copper tubes, 13.5% to wires and cables, 13.2% to valves and controls, 3.2% to electrical products and the rest and 39.0% to other divisions. By geography, 70.7% of total capital expenditures were invested in our Mexican facilities and the remaining 29.3% in the United States

You should read this document in conjunction with the audited consolidated financial statements as at December 31, 2021, including the accompanying notes thereto.

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Penske Automotive Group posts record first-quarter results, revenue jumps 21% to $7 billion https://eventplaner.net/penske-automotive-group-posts-record-first-quarter-results-revenue-jumps-21-to-7-billion/ Fri, 29 Apr 2022 22:37:56 +0000 https://eventplaner.net/penske-automotive-group-posts-record-first-quarter-results-revenue-jumps-21-to-7-billion/
Retail sales at Penske Automotive Group’s 23 CarShop locations increased 71%, while revenue increased 113%. // Courtesy of CarShop

Penske Automotive Group in Bloomfield Township reported record quarterly results for the first quarter (Q1) of 2022, reporting a 102% increase in profit from continuing operations attributable to common shareholders to $367.9 million and a 111% increase in related earnings per share to $4.76.

Foreign exchange negatively impacted earnings per share by $0.05.

“I am pleased to report record quarterly results for the first quarter of 2022 as pretax earnings, net earnings and earnings per share more than doubled from the first quarter of 2021,” said Roger Penske, president and CEO. of the Penske automotive group. “In addition to strong financial performance, so far this year we have repurchased $184.1 million of common stock and added approximately $665 million in annualized revenue through acquisitions and a new opening point. since the beginning of the year.

“Our results were driven by strong performance across the business, with pre-tax profit increasing 93% for retail motor vehicles, 113% for commercial truck retail in Americas North and 75% for Penske Australia. Additionally, the benefits of our investment in Penske Transportation Solutions increased by 121%. »

Among other highlights, total revenue rose 21% to $7.0 billion from $5.8 billion. Automotive comparable store revenues increased 11%, with new vehicles down 3% and used vehicles up 29%. Finance and Insurance increased 25%, and Service and Parts increased 13%.

Automotive retail comparable store gross profit increased 27%, with new vehicles up 45% and used vehicles up 38%. Finance and Insurance increased by 25% and Service and Parts increased by 12%.

Commercial truck same-store revenues increased 47%, with new trucks increasing 55% and used trucks increasing 54%. Finance and Insurance increased by 77%, and Service and Parts increased by 26%.

Commercial Truck same-store gross profit increased 45%. New trucks increased by 71% and used trucks by 92%. Finance and Insurance increased by 77%, and Service and Parts increased by 28%.

As of March 31, 2022, Penske operated 23 CarShop used vehicle locations. For the three months ended March 31, 2022, retail unit sales increased 71% to 19,523, while total revenue increased 113% to $515.8 million, including an 89% increase on a comparable store basis.

Penske Transportation Solutions (PTS), a full-service truck rental, truck rental, contract maintenance and logistics services provider in which Penske Automotive Group has a 28.9% stake, posted a profit of 118, $5 million, compared to $53.7 million for the same period last year. year, an increase of 121%.

The increase was primarily due to increased demand for the company’s full-service leasing, rental and logistics services, coupled with improved efficiency that resulted in a 13.4% return on sales for PTS during the first quarter of 2022.

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NAHB: Builder profit margins fall amid growing balance sheets https://eventplaner.net/nahb-builder-profit-margins-fall-amid-growing-balance-sheets/ Tue, 26 Apr 2022 01:34:19 +0000 https://eventplaner.net/nahb-builder-profit-margins-fall-amid-growing-balance-sheets/

Adobe Stock

Builder profit margins shrank in 2020 for the first time since 2008 due to growing balance sheets, according to the NAHB Builder Cost of Doing Business Study. The national survey of manufacturers attempts to provide benchmarks of profitability allowing companies to compare their financial performance.

On average, builders reported $13.7 million in revenue for fiscal 2020, of which $11.2 million (81.8%) was spent on cost of sales (land costs, construction costs direct and indirect) and an additional $1.5 million (11.2%) in operating expenses. (i.e. finance, S&M, G&A and owner compensation). As a result, builders averaged a gross profit margin of 18.2% and a net margin of 7.0%.

The average gross margin for builders fell dramatically during the housing recession (from 20.8% in 2006 to 14.4% in 2008), but then increased steadily until 2017 (19.0%) before drop slightly in 2020 (18.2%). Similarly, the average net margin of manufacturers fell between 2006 and 2008 (7.7% to -3.0%), gradually increased until 2017 (7.6%), then fell in 2020 (7. 0%).

However, it is important to place the latest results in the context of the circumstances and realities of the time. 2020 has not been a normal year for any person or business in any part of the world as the COVID-19 pandemic has engulfed our lives and our economy. Like most businesses in the United States, many builders have been forced to shut down operations for a while, reinvent processes to ensure safety, provide health training to workers, limit visits to model homes and accommodate office staff working remotely. Builders in 2020 have also had to quickly learn to navigate the uncertainties of supply chain disruptions that have made many building materials significantly more expensive and unavailable in demand. And, as if those problems weren’t difficult enough, the industry’s chronic labor shortages worsened as fear of the virus spread among workers and contractors.

Read more

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GoDaddy: A $100+ Stock (NYSE: GDDY) https://eventplaner.net/godaddy-a-100-stock-nyse-gddy/ Sun, 24 Apr 2022 07:34:00 +0000 https://eventplaner.net/godaddy-a-100-stock-nyse-gddy/

Spencer Platt/Getty Images News

Despite GoDaddy (NYSE: GDDY) being known to virtually anyone who has ever registered a domain name, the title remains relatively unknown to most investors. This is generally good for profit trading, as studies have shown that low profile stocks such as these tend to move more than expected during earnings releases. GDDY reports in early May. Timing the Market subscribers received this trade alert earlier:

GDDY Earnings

NASDAQ

An appraisal of $100 or more

In terms of valuations, GDDY is extremely cheap, at least from a cash flow perspective. Analysts expect free cash flow to exceed $1 billion by the end of the year. This trend is set to continue.

GDDY Growth

Simply Wall St

If you apply discounted cash flow analysis to GDDY, we’re talking about a $100+ stock.

FDC

Damon Verial

FDC

Damon Verial

FDC

Damon Verial

FDC

Damon Verial

In other words, the discounted cash flow valuation places the stock almost 50% undervalued. Obviously the market valuation and discounted cash flow valuation are not aligned, but I still believe that GDDY’s cash flow is highly discounted, even with the company’s issues. And on that note, let’s talk a bit about the company’s issues, as they’re likely contributing to investor wariness here.

Some risks

I see GoDaddy having some major issues. The first is simply financial: the debt ratio is close to 5,000%.

GDDY Debt

Simply Wall St.

You can see how even investors interested in cash flow would get their feet wet here. Also, equity was negative until recently. The silver lining here is that operating cash flow covers debt by 20% and EBIT covers interest payments by 340%. So, although the debt is heavy, GoDaddy is not at risk of becoming insolvent anytime soon, thanks to its cash flow.

The second problem is much less financial and more reputational. GoDaddy recently suffered several serious security breaches. In the past six months alone, the company has had two: one in March and one in November. While the average individual GoDaddy customer is likely unaware of this fact, those who run many sites will be more likely to choose a competitor over GoDaddy, the more frequent and severe these breaches of security will be. Technology news tends to spread quickly, and if GoDaddy doesn’t take its security concerns seriously, it could see a significant migration of customers. Notably, GoDaddy also provides security services and has seen growth in this category. More flops in this category could stifle such growth.

And growth is the name of the game here. Gross margin has been on a steady slope since its IPO.

Benefits of GDDY

macrotrends

Earnings Play

As research has shown, earnings reports tend to move stocks as new financial data forces investors to reapply their valuations. And as my own research has revealed, Q1 earnings tend to be the perfect time to go long-side for GDDY. The combination of a high probability of Q1 earnings surprises and low analyst expectations leads to an alpha-generating trade for anyone who regularly takes long positions in GDDY during the first quarter.

The probability of GDDY increasing relative to this quarter’s earnings is 71%. Unfortunately, the risk/reward ratio favors the bears, with the Q1 earnings sell-off being 54% larger than the earnings increases. However, the expected value still makes it a winning play for the bulls.

Holding GDDY just above Q1 earnings yields a 6% annual return. The period containing Q1 explains 13% of GDDY’s overall growth, 5% more than expected. For this reason, I suggest going long on GDDY for its next profit period.

The options market is pricing an $8.70 move from GDDY to earnings. I think it’s too high, because the average move is more like around $5. This means the options are probably too expensive.

In this situation, I would normally recommend running a long call ladder. But GDDY’s option bid-ask spreads are a bit too wide to sell out-of-the-money calls here. Instead, I recommend just buying the stock or using long-term parity calls with tight bid-ask spreads if you can find them.

At the time of writing (April 22), the January 20 $82.50 has tight spreads, with only 50 cents between bid and ask. They’re currently trading at $1175 each, and I’d use those default calls if you’re not sure what to buy.

Let me know what you think.

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Red Hat, Hybrid Cloud, Consulting and Kyndryl fuel growth https://eventplaner.net/red-hat-hybrid-cloud-consulting-and-kyndryl-fuel-growth/ Wed, 20 Apr 2022 14:10:00 +0000 https://eventplaner.net/red-hat-hybrid-cloud-consulting-and-kyndryl-fuel-growth/

Red Hat, hybrid cloud platform, consulting and IBM’s recent spin-off Kyndryl helped fuel the tech giant’s revenue growth in its most recent fiscal quarter.

Meanwhile, the Armonk, New York-based company quantified Russia’s loss of revenue due to the country’s invasion of Ukraine. While IBM earned about $300 million in revenue from Russia in 2021, the company expects no revenue from Russia this year.

IBM updated investors and analysts Tuesday on its earnings call for the fiscal quarter that ended March 31, IBM’s first fiscal quarter. Asked about a possible recession in the United States, IBM Chairman and CEO Arvind Krishna predicted that tech sales could weather any hit to the economy.

“We believe and we believe – and the last two quarters have confirmed this – that demand for technology is going to remain four or five points above GDP. [gross domestic product]”, Krishna said. “Even if the GDP falls too low, or if there is a rapid recession or if it is a very slight recession, we see the demand remaining strong and continuing. Now I recognize that if we have something much more catastrophic, that’s different. But for all the scenarios that we’re describing and looking at, we see that demand is going to continue in a growth phase for the foreseeable future.”

[RELATED: IBM’s Most Highly Compensated Executives In 2021]

Here’s a look at IBM’s performance for the quarter.

Ukraine, Russia and the recession

Russia brought around $300 million in revenue and $200 million in cash profits to IBM last year, IBM chief financial officer James Kavanaugh said. Most of the revenue came from high-end infrastructure and software.

IBM expects no revenue from Russia in 2022 due to the country’s invasion of Ukraine.

Asked about the potential effects on IBM’s business in Europe, Krishna said demand “remains strong”.

“We have a lot more fundamental transformations with our customers, and focusing on critical systems financial volumes (telecoms, utilities, healthcare, government), we tend to find that currently the demand profile in Europe remains strong,” Krishna mentioned.

He added: “Our primary focus is on the safety and security of our employees. IBM provides assistance, including relocation assistance and financial support to IBMers in the region, as well as matching donations from our employees around the world to nonprofit organizations.

Krishna said he expects demand for technology to “remain strong” even if the United States hits a recession later this year.

“We believe and we believe – and the last two quarters have confirmed this – that demand for technology is going to remain four or five points above GDP. [gross domestic product]”, Krishna said. “Even if the GDP falls too low, or if there is a rapid recession or if it is a very slight recession, we see the demand remaining strong and continuing. Now I recognize that if we have something much more catastrophic, that’s different. But for all the scenarios that we’re describing and looking at, we see that demand is going to continue in a growth phase for the foreseeable future.”

Software

IBM added 200 hybrid cloud platform customers during the quarter, bringing the total to more than 4,000, according to the company.

Hybrid cloud revenue hit $5 billion in the first quarter, a 17% year-over-year increase. Full cloud capabilities, from infrastructure to consulting, generated $20.8 billion in revenue over the past 12 months.

Red Hat’s revenue increased 21% for the quarter year-over-year. The company unveiled a new partnership with Nvidia during the quarter around AI-powered applications in data centers, edge and public clouds.

Automation revenue grew 5% driven by AIOps (AI operations), management and integration. Kavanaugh said the shortage of workers with computer skills was partly due to customer demand.

Revenue from IBM’s data and AI offerings grew 4%. Transaction processing increased 31% year over year. And annual recurring revenue from the hybrid platform and services grew 9% year-over-year.

Security revenue increased by 8%. In November, IBM bought security company ReaQta as part of its investment in new security offerings.

IBM made three acquisitions during the quarter: Envizi, Neudesic and Sentaca.

Consultant

With the Kyndryl spin-off, IBM retains a consulting wing to help bring its products to customers. And given the segment’s strong performance this quarter, IBM has raised its guidance for the revenue consulting the tech giant will bring. “We now expect a pre-tax margin of around 10%, up a few points year-over-year,” Kavanaugh said. “This reflects improved performance in the second half as we realize price increases in our contracts.”

The company’s investments in 2021 in employee ecosystem skills, capabilities and partnerships were in preparation for strong demand for consulting services in 2022, he said.

“Consulting, as I’ve always said, is the tip of the spear that provides tremendous value in leveraging IBM technology and driving scale and adoption of our hybrid cloud platform – then you couple that with the inflationary environment, you see the pressure on our gross margins,” Kavanaugh said.

He continued, “When we saw this robust demand environment, we invested a significant amount of capacity and capacity. In the first innings of this, you have underutilization. We knew it. This is why we had to tackle our G&A structure to optimize and rationalize it. By the way, reinventing IBM through automation, digitization – everything our customers do – we did at IBM. This mitigated the overall impact on earnings.

The value of a change in IBM Consulting prices will take a few quarters to show up, Kavanaugh said.

The consultancy reported $4.8 billion in revenue for the quarter, up 17% year-over-year with bookings up 40%, according to IBM. Consulting’s hybrid cloud revenue reached $8.3 billion in the past 12 months, growing 32% and representing 45% of consulting business.

The consulting segment nearly doubled its Red Hat-related signings year over year. Kavanaugh said the Red Hat practice has nearly $4.5 billion in business volume since its inception to date. The consulting segment also generates between 20 and 40 percent of Cloud Pak revenue for IBM.

IBM grew revenue through strategic “double-digit” partnerships, with Salesforce, SAP, Amazon Web Services and Microsoft Azure leading the growth.

Business transformation, the largest category within IBM Consulting, brought in $2.3 billion in the quarter, up 19% year-over-year. Enforcement operations brought in $1.6 billion, up 14%. And technology consulting brought in $1 billion, a growth of 19%.

Infrastructure

IBM’s infrastructure revenue was about the same, at $3.2 billion. Hybrid infrastructure brought in $1.7 billion of that revenue, down 2% year-over-year.

Distributed infrastructure grew 8% year-over-year, fueled by customer demand for data-intensive workloads S/4HANA, SAP’s ERP offering, on high-end IBM systems Power10. zSystems fell 18% year over year.

IBM is in its 11th quarter of z15 availability. Kavanaugh said IBM shipped more z15 million instructions per second (MIPS) than “in any other program.”

“Our installed MIPS capacity is now up more than 45% over previous programs,” Kavanaugh said. “We have about 80 million MIPS that are out there today. This is our opportunity to deliver tremendous value to our customers, but also to monetize that value in a variety of ways.

Earlier this month, IBM announced the z16 mainframe platform designed for cloud-native development, cybersecurity resiliency and with an on-chip AI accelerator, Krishna said.

“The z16 exemplifies our ability to bring critical innovations to a platform that remains essential to the global economy,” he said.

The release of the z16 at the end of the second quarter should mean better performance than IBM’s infrastructure model for the year, plus about 5 percentage points of sales to Kyndryl.

Kavanaugh also said IBM expects no supply chain disruptions to ship the z16s.

“Our working capital was actually a use of cash in the first quarter as we cautiously built up our fair inventory position given the ongoing supply chain disruption in the market,” he said. declared. “We have secured our supply for the planned z16.”

Kyndryl

Kyndryl, the recent publicly traded independent spin-off, formerly known as IBM’s managed infrastructure business, contributed about 50% to IBM’s growth in the quarter.

Overall, IBM posted 11% growth in the quarter and $14.2 billion in revenue. About 5 percentage points of the growth came from additional sales to Kyndryl.

Additional sales to Kyndryl contributed 8 percentage points to software revenue growth of 15% in the quarter. Software generated $5.8 billion in revenue.

Kyndryl contributed approximately 28 percentage points to transaction processing revenue growth, which saw revenue growth of 31% year-over-year.

And Kyndryl contributed about 1.5 points to the 10% year-over-year hybrid platform and solutions growth.

“So by growing IBM both with additional Kyndryl sales and with our broader customer base on the back end of a mainframe product cycle, we’re quite happy with the operational leverage we’re seeing in our business,” Kavanaugh said.

IBM shares were trading at around $131 after hours on Tuesday, up about 4% from the opening price of $125.75 a share.

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Reliq Health Technologies, Inc. Responds to Short Seller https://eventplaner.net/reliq-health-technologies-inc-responds-to-short-seller/ Mon, 18 Apr 2022 07:01:00 +0000 https://eventplaner.net/reliq-health-technologies-inc-responds-to-short-seller/

HAMILTON, Ont., April 18, 2022 (GLOBE NEWSWIRE) — Reliq Health Technologies Inc. (TSXV: RHT or OTC: RQHTF or WKN: A2AJTB) (“reliq“or the”Company”), a rapidly growing global health technology company that develops innovative virtual care solutions for the multi-billion dollar healthcare market, is aware of a report published on April 14, 2022 by a vendor at discovered known. This report contains defamatory, misleading and patently false statements and conspiracy theories, which the Company believes were intended to negatively impact its stock price for the financial benefit of short sellers.

The short position in the company increased significantly in the weeks leading up to the distribution of the bogus report, with more than 5 million shares currently short. While the Company recognizes the role of short selling in creating balance in public markets, it strongly condemns the unscrupulous practice of “short and misrepresented” campaigns in which short sellers intentionally post false statements. and misleading to unnecessarily alarm investors and manipulate the market for their interests. own profit.

“Reliq is one of countless public companies that have been targeted by short-selling companies employing deceptive practices to generate profits for short sellers at the expense of shareholders and the detriment of the integrity of public markets,” said Dr. Lisa Crossley, CEO. of Reliq Health Technologies, Inc. “We encourage investors to do their own due diligence on their investments and to question the intent and reliability of reports that include disclaimers that the authors are likely to realize significant gains by short selling the stock in question, who statements made in the report represent their opinions and not facts, or who make no representations as to the accuracy of the information presented.As set forth in our SEDAR filings, during past four quarters, Reliq has seen quarterly revenue growth of over 494% and gross margins increase from 43% to over 74%.When Reliq first entered the market in 2017/2018, it did not only had one product, customers in one US state, and could only access one CMS billing code. software and services to support more than 10 CMS programs operating 23 different billing codes and has customers in the United States, Puerto Rico and the US Virgin Islands. Despite multiple COVID surges that have heavily impacted the healthcare space over the past two years, Reliq has managed to grow its business and expects to have over 200,000 patients on its platform by mid- 2023. This projection is based solely on existing contracts with current customers who are already actively onboarding patients or who have recently confirmed their implementation plans for the next 12-18 months. Driven by significant increases by Medicare and Medicaid in reimbursements for virtual care programs and program reach, the company continues to anticipate rapid growth through 2022 and beyond.

The Company has been informed that the short-selling firm responsible for the report in question is currently one of more than two dozen firms that are under investigation by the U.S. Department of Justice (DOJ) launched in December 2021 on known short sellers and their practices. (https://www.bnnbloomberg.ca/vast-doj-probe-looks-at-almost-30-short-selling-firms-and-allies-1.1718553). The DOJ’s criminal investigation is being led by its fraud division with federal prosecutors in Los Angeles. The Company, through its attorneys, intends to submit evidence of the multiple false and misleading allegations in the report to the DOJ as part of this ongoing investigation.

Reliq Health
Reliq Health Technologies is a rapidly growing global health technology company specializing in the development of innovative virtual care solutions for the multi-billion dollar healthcare market. Reliq’s powerful iUGO Care platform supports care coordination and community-based virtual healthcare. iUGO Care enables complex patients to receive high-quality care at home, improving health outcomes, improving the quality of life for patients and families, and reducing the cost of delivering care. iUGO Care provides real-time access to remote patient monitoring data, enabling rapid care team interventions to avoid costly hospital readmissions and emergency room visits. Reliq Health Technologies trades on the TSX Venture Exchange under the symbol RHT, on the OTC as RQHTF and on the WKN as A2AJTB.

ON BEHALF OF COUNCIL

“Dr. Lisa Crossley”

CEO and Director

For more information, please contact:

Company details
Investor Relations at ir@reliqhealth.com

US Investor Relations Contact
Investor Relations
Lytham Partners, LLC
Ben Chamsyan
New York | Phoenix
646-829-9701
shamsian@lythampartners.com

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.

Cautions Regarding Forward-Looking Information

Certain statements contained in this press release constitute forward-looking statements, within the meaning of applicable securities laws. All statements that are not historical facts, including, without limitation, statements regarding future estimates, plans, programs, forecasts, projections, goals, assumptions, expectations or beliefs, are “forward-looking statements”.

We caution you that these “forward-looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in these statements.

Forward-looking statements include, but are not limited to, statements regarding business operations, including technology development, anticipated revenues, projected market size, and other information based on forecasts of future results, estimates of amounts not yet determinable and management assumptions.

Reliq Health Technologies Inc. (the “Company“) does not intend and assumes no obligation to update these forward-looking statements, except as required by law. These forward-looking statements involve risks and uncertainties relating to, among other things, technological development and marketing activities, company history, technology development experience, uninsured risks Actual results may differ materially from those expressed or implied by such forward-looking statements.

SOURCE: Reliq Health Technologies Inc.

]]> Biden brings in about $610,000 in income in 2021 as he files tax returns https://eventplaner.net/biden-brings-in-about-610000-in-income-in-2021-as-he-files-tax-returns/ Fri, 15 Apr 2022 19:50:54 +0000 https://eventplaner.net/biden-brings-in-about-610000-in-income-in-2021-as-he-files-tax-returns/

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President Biden, Vice President Harris and their spouses released tax forms on Friday showing they were earning income and paying tax rates similar to those reported last year.

The Bidens reported 2021 adjusted federal gross income of $610,702 and federal income tax payments of $150,439, at an effective rate of 24.6%.

Joe Biden earned $378,333 as president and Jill Biden earned $67,116 from Northern Virginia Community College, where she taught English for years. The president’s salary is normally $400,000 a year, but Biden didn’t assume the presidency until January 20 last year. The Bidens also received $61,995 in royalties from their books, with the rest of their income coming from pensions, annuities, IRA distributions and Social Security benefits.

The first family donated just over $17,000 to 10 different charities, with the highest contribution of $5,000 going to the Beau Biden Foundation. The charity, which works to protect children from abuse, was created in honor of Biden’s late son, who died of cancer in 2015.

With this year’s documents, Biden released 24 years of his tax returns and continues the tradition of presidents to publicly release their tax documents. The White House touted Biden’s track record on Friday, saying in a statement that Biden was “once again demonstrating his commitment to being transparent with the American people about the Commander-in-Chief’s finances.”

Former President Donald Trump broke with tradition, which dates back decades, by repeatedly refusing to release his tax returns both as a presidential candidate and as president. The former president said he was being audited and fought efforts by congressional Democrats and prosecutors to obtain those records. In 2020, the Supreme Court ruled against Trump in favor of the Manhattan District Attorney seeking his tax records.

Harris and her husband, Doug Emhoff, reported adjusted federal gross income of $1,655,563 in 2021 and federal income tax payments of $523,371, at an effective rate of 31.6%.

Harris earned $215,548 in her role as vice president and Emhoff earned $164,740 from Georgetown University, where he taught law school. Emhoff also earned $582,543 from DLA Piper and Venable, the law firms he worked at as a partner before leaving his firm when Harris was elected vice president. Harris also made nearly $400,000 in profit from book sales, and the second family sold their San Francisco home for $860,000, resulting in a long-term capital gain of $319,082.

The second family donated just over $22,000 to charity in 2021, including donations to Howard University, University of Southern California and DC Central Kitchen. The Bidens and Emhoffs visited DC Central Kitchen just before Thanksgiving last year to put together meal kits.

In 2020, the Bidens reported adjusted gross income of $607,336 with an effective federal tax rate of 25.9%, according to their tax returns, Harris and Emhoff had adjusted gross income of nearly $1.7 million. dollars in 2020 and paid effective federal income tax. rate of 36.7 percent, their deposits showed.

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