Shifting the start-up bias

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 11th September 2019 | By contenteditor Subscribe to the iGaming newsletter Email Address People Topics: People Strategycenter_img Tags: Mobile Online Gambling It’s common sense that greater diversity increases the pool of ideas and drives innovation, yet just four of 228 applications for Clarion Gaming’s start-up competitions in the last four years have been led by female founders. Director of industry insight and engagement Ewa Bakun looks at why this is, and asks what the industry can do about it. It’s common sense that greater diversity increases the pool of ideas and drives innovation, yet just four of 228 applications for Clarion Gaming’s start-up competitions in the last four years have been led by female founders. Director of industry insight and engagement Ewa Bakun looks at why this is, and asks what the industry can do about it.Do start-ups have a gender? Those in gambling do and it’s male.Over the last four years I have reviewed applications from 228 gaming, gambling and betting start- ups in a selection process for various start-up competitions organised across iGB Live! (formerly EiG), ICE North America (formerly GiGSe) and ICE London.Of that number, 222 had male founders, four were led by female founders and two had female co-founders.While I only have records dating back to 2015, I have been organising start-up competitions for the past 10 years going back to the EiG days. So we will have had many more start- ups applying – and the likelihood is that the ratio of male to female founders would have been similar prior to 2015.Out of the 24 start-up competitions and events (EiG/iGB Live! since 2009; GiGse/ICE North America since 2011 and ICE London since 2016), just one female-led start-up has triumphed: Dorothy Creaven of Element Wave at EiG 2013, although two made the final five at GiGse 2018, Tracy Hankin of Inside Injuries and Kara Holm from Play the Field.It is very possible that over the years of doing start-up events, there have been fewer than 10 start-up businesses in the gambling and betting sector founded by female entrepreneurs. Not a great result. I asked two well-known industry investors and regular start-up judges on our competitions, Velo Partners’ Evan Hoff and Burlywood Capital’s Mark Blandford, for their thoughts. Their insights are useful as they are regularly approached by start-ups looking to raise capital and each has had similar experiences.Over the course of 2019 alone, across the Pitch ICE, iGB Live! and ICE North America launchpads, there wasn’t a single application from a female-led start-up, despite the industry taking  a more concerted and conscious approach to address its lack of diversity and inclusion.Some claim that gender imbalance in the industry is mirroring its customer base. But, as Hoff points out, “a huge part of the slots customer base is female, so it would make for good business logic to have female founders, designers, etc.”So why haven’t we, then?The lack of female-led start-ups is a reflection of the gambling sector’s legacy as a male-dominated industry.
It doesn’t help that this image is often perpetuated at industry events where a prevailing majority of women seem to be there with the main purpose of looking attractive, rather than doing business like the crowds of well-suited men.This doesn’t send a welcoming message to women who want to break into the industry and establish themselves as business partners. A change is in motion, with initiatives such as the ICE London Code of Conduct, and I hope it will be embraced by events around the world so we no longer see images of provocatively dressed promotions staff, such as the one of hostesses dressed in lingerie and bunny ears at an event in Asia that recently circulated on LinkedIn. The picture  was accompanied by the caption: “The Clarion conference ‘steer’ not quite made it to the Philippines yet”.The scarcity of female role models, as demonstrated at industry gatherings, is a discouraging factor for sure. We all gravitate towards people who are similar to us. And that also explains why a higher number of women in leadership roles can result in more female talent coming to the industry. In the same vein it explains why there are so few female founders – men who are dominating the leadership roles tend to invest in and attract talent with whom they can best identify, i.e. other men.This isn’t a problem of the gambling sector exclusively. Silicon Valley has been tackling this issue for a long time, acknowledging the unconscious bias of VCs in choosing investees and setting up funds that back female-led start-ups. What’s more, the business case behind such funds exists and has been researched.For example, Caroline Criado Perez in Invisible Women: Exposing Data Bias in a World Designed for Men reports that “female business owners, who receive less than half the investment of their male counterparts, generate more than twice the revenue. For every dollar of funding, female- owned start-ups generate 78 cents, compared to male-owned start-ups which generate 31 cents. Over time, they generate 10% more in cumulative revenue over a five-year period.”We don’t have numbers for the gambling and betting sector specifically, which is part of the problem (perhaps another challenge to be tackled by All-In Diversity?). Unfortunately, there are not enough female start-ups in the gambling sector to investigate the performance numbers and compare them to the male-owned ones. It is clear, however, that a conscious effort to encourage and support female entrepreneurs’ participation and progression can lead to a better financial performance. Looking beyond research, isn’t it common sense that more diversity leads to more innovation, which is ultimately what we value start-ups for? Shifting the start-up biaslast_img read more

Botswana Insurance Holdings Limited (BIHL.bw) 2020 Abridged Report

first_imgBotswana Insurance Holdings Limited (BIHL.bw) listed on the Botswana Stock Exchange under the Insurance sector has released it’s 2020 abridged results.For more information about Botswana Insurance Holdings Limited (BIHL.bw) reports, abridged reports, interim earnings results and earnings presentations, visit the Botswana Insurance Holdings Limited (BIHL.bw) company page on AfricanFinancials.Document: Botswana Insurance Holdings Limited (BIHL.bw)  2020 abridged results.Company ProfileBotswana Insurance Holdings Limited (BIHL Group) is a leading financial services group in Botswana which operates through three subsidiaries. Botswana Insurance Fund Management (BIFM) is an asset management company and wholly-owned by BIHL Group; managing in excess of P23.9 billion in assets across equity, fixed income, real estate, liquidity and alternative investments. The subsidiary company is also invested in non-traditional assets which include the healthcare industry, tourism sector and property development. Botswana Life Insurance Limited (BLIL) is the leading life insurer in Botswana; with an estimated market share of 80%. Legal Guard is a legal expenses insurer which provides clients with access to personal legal counseling and assistance with experienced attorneys based in 11 branches located in the major towns and cities of Botswana. Legal Guard represents clients in civil, criminal and labour matters.last_img read more

City Attorney: No one viewed confidential health documents

first_img I read the breaking news of the death of Robert F. Kennedy’s granddaughter found deceased, who was only 22 years old. This is so tragic. So many tragedies in their huge family, and I also heard on tv, that she also was the victim of an attempted abduction in the past, when she was out walking, and two men in a van attempted to abduct her. I assume, probably, wanting big money, in the form of a ransom was the plan, that failed. Is it really safe anywhere on this earth? I guess, I will always remember where I was when President John F. Kennedy was was murdered, and I will always want to cry, when I remember little John John saluting his daddy’s casket as it passed by, and I want to cry when I think about John Kennedy Jr. crashing the plane into the Atlantic, and he, his wife, and his sister-in-law dying so tragically. So very sad to learn about this latest Kennedy family member. God rest her troubled soul. Please enter your comment! Reply Mama Mia Joseph Byrd has become a fixture at the end of City Council meetings since taking over as City Attorney in January. In that time, he has given updates on lawsuits, introduced contracts and raised other last-minute issues during the City Attorney’s Report section, but at Wednesday’s meeting, he came bearing good news.Byrd released an update on the Apopka vs. NEB Group case involving negligience by the city’s former Emergency Medical Service billing agent from 2007 until June of 2019 and its owner David Sulik. The update included an email from the Orange County Clerk of Courts that confirmed no one viewed confidential health information that was posted on its site by Sulik or an NEB representative under the title of “Response” to the City’s lawsuit.Apopka City Attorney Joseph ByrdIn less than two months, Byrd has filed a lawsuit and two motions against the NEB Group, and in this latest motion, Byrd had the “Response” portion of the lawsuit sealed because it contained confidential health information according to Byrd, who wrote this in an update to the City Council on July 17th:“Unknown to me, Mr. Sulik (or his employee) sent/filed a document entitled “Response” that included more than 1,000 pages of documents to the Orange County Clerk of Court. To my shock, I discovered hundreds of those pages contained Confidential Health Information of patients and were available as a public record on the Clerk of Court’s website. I learned of the filing late in the evening of Saturday, July 13, 2019 and on Monday morning, July 15, 2019 I filed a second motion for emergency temporary relief to seal the record to protect the privacy of an unknown number of patients transported by Apopka EMS.”In the update, which was emailed to the City Council on July 26th, given to The Apopka Voice at the July 31st meeting as a general release for public information, and announced, Byrd explained the activity the document received on the Clerk’s site.“…While the case has been accessed approximately 161 times, Mr. Sulik’s “Response” file was only viewed five times prior to my court approved viewing today – the five times that I viewed it in order to file the motion to seal it,” Byrd wrote in the release. “This means only I viewed the document and no one else in the public viewed it. This has been verified with a review of the history log of the computers I utilized to access the document. By having the record sealed on the City’s motion on July 15th, we insured that that information disclosed was not further used.”On June 5th, Byrd filed an eight-count breach of contract complaint against the NEB Group and Sulik. He is also overseeing an investigation that he describes as “misconduct” in the Apopka Fire Department which began with written allegations from a confidential source received by the administration on April 29th. The Anatomy of Fear You have entered an incorrect email address! Please enter your email address here I planned to go to the city council meeting Wednesday night, but right ahead of the time to go, it started some bad lightning and thunder with rain, and I changed my mind about going. I am honestly proud the Apopka City Council voted to keep the millage rate the same. I don’t think the millage rate will change, this late of a date, so again, I am very happy that you all did not go wild with the property tax millage rates. Thanks so much, city council. Now, don’t go wild with the user fees that you all are considering….Keep up the good work city council! August 5, 2019 at 2:33 pm August 2, 2019 at 6:47 pm 4 COMMENTS TAGSApopka City Attorney Joseph ByrdApopka Fire DepartmentNEB Previous articleBack-to-School Immunization event ends August 4thNext articleConspiracy theories and fear of needles contribute to vaccine hesitancy for many parents Denise Connell RELATED ARTICLESMORE FROM AUTHOR Support conservation and fish with NEW Florida specialty license plate Mama Mia Please enter your name herecenter_img Mama Mia August 2, 2019 at 6:12 pm August 2, 2019 at 6:32 pm Reply LEAVE A REPLY Cancel reply Honestly, I just don’t understand this case at all. It says that the website was accessed 161 times, but that only our city attorney linked on five times to the website, and that he was the only one who viewed what was there, and not the general public, so who were the other 156 times……? I don’t expect the city attorney to answer my questions about this here, as I heard him say previously, that he doesn’t answer questions from citizens, and anyway, he has stated that he doesn’t read social media, so I just wonder why the city is sending out letters, about this subject to our citizens? Okay, it is getting annoying that the city council meetings, and other city meetings that are listed on the agenda, are not getting the audios of the meetings posted in a timely manner. Why is that? People like to listen to the meetings, if they didn’t attend. Bad enough that the packets aren’t posted, and now there is slacking on posting the audios. Reply Mama Mia Free webinar for job seekers on best interview answers, hosted by Goodwill June 11 Reply Share on Facebook Tweet on Twitter Save my name, email, and website in this browser for the next time I comment.last_img read more

Official reason for Kashmiri journalist’s arrest is challenged

first_img April 27, 2021 Find out more RSF_en Help by sharing this information News 18.06.2002The hearings resumed in the Geelani case on 18 June. The journalist had been remanded in custody for a further three days on 15 June. According to V.K Ohri, Iftikhar Geelani’s lawyer, the documents seized from his client’s home had been available on the Internet since 1993. ______________________________________________________________11.06.2002Reporters Without Borders (Reporters Sans Frontières) called today for the release of Kashmiri journalist Iftikhar Ali Geelani and suggested his arrest was an attempt to restrict coverage of events in Kashmir.”Charging a Kashmiri journalist under the Official Secrets Act in present circumstances would seem an effort to intimidate any media which tries to report independently on the conflict in the province,” said Reporters Without Borders secretary-general Robert Ménard in a letter to Indian interior minister Lal Krishna Advani.Calling on him to explain the arrest and charging of Geelani, who is New Delhi bureau chief of the Indian daily Kashmir Times and also correspondent for the Pakistani daily The Nation, he said the case against the journalist was “weak.”He also asked the minister to make a speedy inquiry into the beating-up of another Kashmiri journalist by Indian police who, he said, “seem incapable of putting a stop to a wave of physical attacks and attempts to kill journalists in Kashmir. It would be regrettable if the government allowed the climate of impunity enjoyed by these attackers to increase,” he added.Geelani was charged today under the secrets act and police were granted a further five days to hold him for questioning.  He was arrested on 9 June at his New Delhi home by tax department officers and police but was then accused of storing information in his laptop computer about India’s military presence in Kashmir.  He pointed out that this material was from a 1997 US State Department report and had already been published in the Indian daily The Hindu. The daily Hindustan Times said the journalist had admitted to his interrogators that he worked for Pakistani intelligence but this has not been confirmed by other sources.  Many Kashmiri journalists, as well as the New Delhi journalists’ union, have condemned his arrest, which came soon after the detention of his father-in-law, Kashmiri leader Syed Ali Shah Geelani, who has been charged under an anti-terrorist law and accused of being in the pay of Pakistani intelligence.Another Kashmiri journalist, Mohammad Yusuf Dar, a reporter for the Daily Excelsior in Jammu (Kashmir), was beaten and insulted by police and detained for two hours on 10 June. The independent English-language daily Kashmir Images said he was arrested on his way home.Police have still not made any serious investigation into the attempt to kill Zafar Iqbal, of Kashmir Images, who was shot and seriously wounded by masked men at his office in Srinagar on 29 May.  His colleagues told Reporters Without Borders that police had made no effort to guard the paper’s offices and made no inquiry into the shooting. News IndiaAsia – Pacific In rural India, journalists face choice between covering pandemic and survival March 3, 2021 Find out more News Follow the news on Indiacenter_img June 18, 2002 – Updated on January 20, 2016 Official reason for Kashmiri journalist’s arrest is challenged IndiaAsia – Pacific June 10, 2021 Find out more Receive email alerts News RSF demands release of detained Indian journalist Siddique Kappan, hospitalised with Covid-19 Organisation to go further India: RSF denounces “systemic repression” of Manipur’s medialast_img read more

Wendy Guerra gets back her job as TV presenter

first_imgNews May 11, 2006 – Updated on January 20, 2016 Wendy Guerra gets back her job as TV presenter News April 27, 2021 Find out more 2011-2020: A study of journalist murders in Latin America confirms the importance of strengthening protection policies Help by sharing this information Receive email alerts HondurasAmericas Organisation December 28, 2020 Find out more Wendy Guerra, who was abruptly dismissed from her job as TV presenter as a result of political pressure, was given back her job on the programme, Denuncias 49, on local TV station Canal 49 in Santa Rosa de Copán in western Honduras on 3 May. The journalist told the Committee for Free Expression in Honduras (C-Libre) on the telephone that she was back on Canal 49, adding that the management had apologised to her and they had reached a satisfactory professional agreement.Guerra explained that her dismissal had provoked strong reactions locally, nationally and internationally and had brought gestures of solidarity that she could never have imagined. “There were even people ready to organise protest demonstrations against Canal 49” she said.Reporters Without Borders said it considered the case revealing of a new “subtle” form of censorship that was becoming ever more common in Honduras.______________________________________________________________26.04.06 – Political pressure gets local TV presenter fired Reporters Without Borders today condemned the harassment and intimidation of local TV journalist Wendy Guerra of Canal 49 by municipal councillors in the western city of Santa Rosa de Copán and her dismissal on 24 April as a result of pressure from the ruling Liberal Party.“It is not our job to question a news media’s internal decision to fire an employee, but if the management fails to defend one if its journalists when she is the target of threats and then fires her as a result of external political pressure, it speaks volumes about its concept of press freedom,” Reporters Without Borders said.“We firmly condemn the party political solidarity that led to Wendy Guerra’s removal,” the organisation added.Guerra had worked for two years for Canal 49 as reporter and presenter of the investigative programme “Denuncias 49.” At the start of April, she reported that, during a public meeting, three of the city’s 10 municipal councillors had voted against the proposed building of a sports centre for young people. After the programme was aired, she began being harassed and threatened by the three councillors.Canal 49 owner Amid Cárdenas, a former parliamentary representative of the ruling Liberal Party (which also controls Santa Rosa de Copán), told Guerra on 24 April that he was removing her from the news staff and was withdrawing “Denuncias 49.” According to the account Guerra gave to the Committee for Free Expression (C-Libre), Cárdenas told her that her report had “created problems with party friends” and that he did not want “bad things said about Mel’s government on my TV station because he is a friend and they won’t give me any more advertising.” Mel is the nickname of President Manuel Zelaya.Before giving Guerra her notice verbally, Cárdenas wrote a note to the three councillors explaining what he had done. “It was if he was saying: Look, I’ve sorted out the problem,” Guerra told C-Libre. Reports RSF’s 2020 Round-up: 50 journalists killed, two-thirds in countries “at peace” to go further Follow the news on Honduras RSF begins research into mechanisms for protecting journalists in Latin America HondurasAmericas RSF_en Reporters Without Borders condemns the political pressure that led to the dismissal on 24 April of Wendy Guerra, the presenter of an investigative programme on local TV station Canal 49 in the western city of Santa Rosa de Copán. News May 13, 2021 Find out morelast_img read more

“Pressure from big media must not endanger proposed media law”

first_img Call for continuing transparency and dialogue in media law’s passage April 4, 2014 Find out more Reporters Without Borders supports a proposed broadcast media law, known as the SCA or Ley de Medios, which Uruguay’s Chamber of Deputies began considering on 22 May and which is due to be submitted to the Senate by the end of the year.The media freedom organization therefore regrets the pressure that some media groups have recently been exercising in an attempt to delay or block adoption of this bill, which could weaken their dominant position.The provisions and goals of Uruguay’s SCA recall those of Argentina’s SCA, which we supported in principle although its implementation continues to held up by a regrettable climate of polarization between the government and some privately-owned media.Uruguay has so far avoided similar polarization and we hope that examination of this bill will not provide any pretext.The dominant broadcast media groups are hostile to the proposed law, which would promote less concentrated ownership. Last week, the owners of Channels 4, 10 and 12 boycotted the digital broadcast licence allocation process until the last day, 8 July, although they had been assured that their licences would be renewed. Hoping to keep all their frequencies and, furthermore, get the government to do a U-turn on the proposed law, they finally agreed to renew their licences in return for a 10-day extension to the deadline for presenting their programme plan to the Regulatory Unit for Communication Services (URSEC).“This kind of blackmail is unacceptable,” Reporters Without Borders said. “The defence of a broadcast or print media company’s business interests must not be confused with the fight for freedom of expression or information. It is regrettable that the bill’s opponents are trying to confuse the two.“Promoting more pluralism includes expanding the availability of broadcast frequencies in a transparent and fair way, and we think the SCA will do this. We support legislation or legislative provisions in Uruguay and elsewhere in the western hemisphere that promote less concentrated ownership and a balance between state-owned, privately-owned and community media.“It should be recalled that Uruguay was a regional pioneer for community broadcast media, adopting a law in 2007 that assigned them a third of AM and FM radio frequencies and over-the-air television broadcast frequencies.”Reporters Without Borders particularly supports articles 44 and 45 of the SCA, which aim to prevent broadcasting oligopolies. Article 44 would limit each owner to no more than two AM, two FM and two over-the-air broadcast TV licences anywhere in Uruguay, while article 45 would limit ownership of subscription TV services.At the same time, no person or company would be able to have more than six licences anywhere in the country and no more than one in a single locality – a ceiling that would increase to three in Montevideo department.Initial concessions would be valid for 10 years for radio and 15 years for TV while, in both cases, the renewal period would be 10 years (article 117). They would be allocated on the basis of competitive bids that would be conducted transparently and would include public consultation, as in the 2007 community radio law. In a major safeguard against censorship, article 106 forbids “discriminatory use of the granting or renewal of permits and licences with the aim of exercising pressure in order to punish or reward journalists or media according to their news coverage or editorial policies.” Such a clause could usefully have been included in similar legislation in other countries in the region.While the SCA would restrict programming at certain times of the day to protect minors and would impose a nationally-produced content quota, it refrains from any other attempt to control or regulate content. In this, it is similar to Argentina’s SCA and quite different from Ecuador’s recently-adopted media law.Reporters Without Borders concluded: “In every respect, the future SCA is a model of media regulation for other countries in the region, where freedom of information suffers from glaring imbalances (see the Brazil report). The civil society debate that oversaw the drafting process was also exemplary.” Receive email alerts Reporters Without Borders welcomes the adoption of the Broadcasting Communication Services Law UruguayAmericas Follow the news on Uruguay December 24, 2014 Find out more July 9, 2013 – Updated on January 20, 2016 “Pressure from big media must not endanger proposed media law” UruguayAmericas Newscenter_img RSF_en Help by sharing this information Organisation to go further News News Deputies pass amended broadcasting law, new challenge ahead News December 12, 2013 Find out morelast_img read more

GEEK: Login security messages can be difficult to interpret

first_imgLocal NewsBusiness Facebook By admin – May 27, 2018 Facebook GEEK: Login security messages can be difficult to interpret WhatsApp Twitter >> Jeff Werner is a software engineer and has been writing this column since 2007. Twitter Q: I read your column faithfully; it is my favorite in the newspaper! I have an Acer Laptop running Windows 7 which periodically does not recognize that it is plugged in to the wall. The battery icon just keeps getting lower & lower with no indication that it’s plugged in, even though it is. It has done this on and off since I bought it new. I bought another charger but that did not do the trick. It is random, and can even do it while plugged in, not shut on and off or unplugged, just all of a sudden stop detecting that it is plugged in. Hence, if I keep it on it dies once it uses all of its charge up. Any ideas? I use it for business and would like to keep it going before being forced to Windows 10 for my business. Thank you in advance for all your wisdom over the years!– Maureen D.Defuniak Springs, FloridaA: Such kind words, Maureen – thank-you! I’m not even sure I.G.T.M. is my own favorite column in the newspaper, but I’m glad to hear that it’s yours. Thanks for being a loyal reader.My first suggestion would have been to check your charger, but you said you tried a new one. The only other thing I can think of is that perhaps the part of the laptop that the charger plugs in to has become worn, and is making intermittent contact. Even a battery going bad would not cause the symptoms you’ve described, and everything else involved in managing power in your laptop is software-based, and can’t really wear out or go bad.Next time the issue occurs, without touching either the mouse or keyboard, gently wiggle and push on the cord where it plugs into the laptop. If it immediately snaps back into AC power mode, you have a plug that needs work. If not, take a second look at the charger. Make sure it’s really working properly, and that it’s the exact model that your laptop’s manufacturer calls for – they’re not all the same, even though they might have similar plugs.To view additional content, comment on articles, or submit a question of your own, visit my website at ItsGeekToMe.co (not .com!) WhatsApp Pinterest Previous articleTHE IDLE AMERICAN: Mere words don’t stand a chanceNext articleGUEST VIEW: The dangers of debt admin ItsGeekToMeQ: Lately I have been getting a reply “invalid username”. It works on other requests. How can someone tell me that my user name is invalid? I have used that username since the internet first started with e-mail.– Glenn H.Shalimar, FloridaA: Your question is missing some contextual information, Glenn. From whom or what are you getting that reply? I can only assume you meant my website, and I’ll answer that below, but let’s explore the issue first.The way I see it, there are at least three possible meanings to the phrase “Invalid Username”. One would be that the username in question does not meet certain criteria required by whatever it is that you’re signing into. For example, it might require an e-mail address, and you entered only your name. How can they tell you that your chosen username is not valid? Well, in this day and age of increasing cyber-crime, and with so many people continuing to be so lax about protecting themselves, many online services are enforcing rules to help protect their users’ data – and for good reason. One of the first things many people do when their data is compromised is to blame the service. In such cases, a service might very well declare a username to be “invalid” if it doesn’t meet their strict security requirements.A second possible meaning of “Invalid Username” is that the system you’re trying to sign into cannot find a match in its user records for the login information you entered. That would certainly make the username “invalid” from the perspective of allowing access. If this is what’s happening to you, that would certainly explain why you’re able to say “It works on other requests.” because if you’re using that username on other sites, well, of course it’s considered valid there. I looked into the user records of my own website, and could not find an account record for you. I found that to be odd, because I know you had one at one time, because you’ve submitted questions via the site’s web form. I noticed that this question arrived via regular e-mail though. If it was my site you were talking about, try signing up again (It’s still free!). If you have problems, drop me another e-mail and I’ll see what I can do.One final possible reason is that perhaps the username is valid, but the account’s password is wrong, or has expired. The worldwide web is truly world-wide, and there are occasional language barriers on some sites, as well as occasional programming errors. It wouldn’t surprise me even a little bit to see a page that displays the phrase “Invalid username” by accident when it actually means “Invalid password.” Pinterestlast_img read more

Canada Goose Reports Results for Third Quarter Fiscal 2021

first_img $ 36.3 CAD $ millions 127.1 2.4 118.2 Three quarters ended TORONTO–(BUSINESS WIRE)–Feb 4, 2021– Canada Goose Holdings Inc. (“Canada Goose” or the “Company”) (NYSE:GOOS, TSX:GOOS) today announced financial results for the third quarter ended December 27, 2020. “The global strength of our brand and digital business has returned Canada Goose to growth in our biggest quarter. Through HUMANATURE, we are also rapidly advancing our sustainability and purpose-based commitments,” said Dani Reiss, President & CEO. “While we remain in an uncertain world, we are very encouraged by our strong momentum as we finish the fiscal year.” Third Quarter Fiscal 2021 Business Highlights (compared to Third Quarter Fiscal 2020)Global e-Commerce revenue increased by 39.3%.DTC revenue in Mainland China increased by 41.7%.Total revenue increased for the first time since the onset of the pandemic. Third Quarter Fiscal 2021 Results (compared to Third Quarter Fiscal 2020)Total revenue was $474.0m from $452.1m.DTC revenue was $299.4m from $301.8m driven by e-Commerce growth and continued store expansion in Mainland China, offset by lower retail revenue due to COVID-19 disruptions globally.Wholesale revenue was $160.8m from $145.3m. The increase was a result of the later timing of shipments as requested from partners and international distributors relative to the comparative quarter.Other revenue was $13.8m from $5.0m. The increase was driven by PPE sales in support of COVID-19 response efforts. 10.0 % — 33.8 % Provisions 153.3 Other % 44.3 December 27,2020 — Deferred income taxes 47.8 $ 156.1 December 29,2019 0.97 40.8 149.2 Income taxes payable — 161.4 0.2 % 163.8 $ 109,714,958 149.2 110,928,199 153.3 1.0 Tax effect of adjustments 0.4 5.8 Adjusted EBIT (2.7) Non-cash provision release (f) — 67.3 1.46 53.1 1.45 Condensed Consolidated Interim Statements of Income and Comprehensive Income $ 13.4 50.6 1.01 By Digital AIM Web Support – February 4, 2021 Gross profit was $316.4m, a gross margin of 66.8%, compared to $298.4m and 66.0%. The increase in gross profit was attributable to revenue growth and $4.8m of government subsidies. The increase in gross margin was a result of higher DTC and Wholesale gross margins, partially offset by a lower Other gross margin.DTC gross margin of 77.9%, compared to 75.1%. The increase was attributable to higher pricing and favourable geographic mix (+210 bps). Gross margin was also positively impacted by $1.6m (+50 bps) of government subsidies.Wholesale gross margin of 51.5%, compared to 48.5%. The increase was attributable to the net impact of higher pricing and the positive impact of volume (+180 bps) driven by parkas, partially offset by the unfavourable impact of a higher proportion of distributor sales (-80 bps). Gross margin was also positively impacted by $3.1m (+200 bps) of government subsidies.Other segment gross profit was $0.3m from $1.3m. PPE gross loss and gross margin were $(0.7)m and (6.5)%. Third quarter ended 255.7 Trade receivables % 31.2 December 29,2019 % 22.9 — Current assets 153.3 577.4 $ 694.9 6.8 149.2 33.3 5.4 27.2 8.7 $ (1.5) Local NewsBusiness Net interest, finance and other costs — Weighted average number of sharesoutstanding — 23.9 Income before income taxes 157.9 4.6 86.4 109.1 December 27,2020 118.0 Net income (in millions of Canadian dollars) — 24.2 26.6 — 7.0 32.3 317.5 35.8 (3.3) 37.6 — 15.4 — 161.4 1.08 Other comprehensive (loss) income 2.2 (i) The non-cash unamortized costs accelerated in connection with the amendments to the Term Loan Facility on October 7, 2020 and May 10, 2019. % (2.0) — 39.1 Operating margin 1.4 Basic Earnings per share — $ 1.1 (b) Unrealized gains and losses on the translation of the Term Loan Facility from USD to CAD, net of the effect of derivative transactions entered into to hedge a portion of the exposure to foreign currency exchange risk. 2.2 143.3 0.61 0.5 1.36 975.7 35.9 160.6 509.7 1.07 18.4 Gross profit 8.1 Costs in connection with the Baffin acquisition and the impact of gross margin that would otherwise have been recognized on inventory recorded at net realizable value less costs to sell. 161.4 110,581,202 339.0 Diluted — $ Diluted $ 122.5 Deferred income taxes 111,092,787 — EBIT March 29,2020 1.4 211.8 Net interest, finance and other costs 36.2 19.1 185.4 36.2 110,136,707 Adjusted EBIT margin % Acceleration of unamortized costs on Term Loan Refinancing (i) $ (a) 25.6 — 474.0 19.5 Adjusted EBIT margin 111.9 118.2 Goodwill 160.6 Total current assets 18.3 Total adjustments 7.8 1.09 111,239,180 0.77 Revenue 114.7 Net temporary store closure costs (d) 415.4 240.4 412.3 209.3 $ 36.3 0.5 144.7 $ Condensed Consolidated Interim Statements of Financial Position 107.0 Accounts payable and accrued liabilities December 27,2020 December 29,2019 (e) Costs incurred during pre-opening periods for new retail stores, including depreciation on right-of-use assets. 376.1 4.8 15.6 316.4 0.77 Total adjustments 469.0 0.4 159.9 Add (deduct) the impact of: 66.0 Adjusted net income per diluted share 25.3 Add (deduct) the impact of: 66.8 Total liabilities Transition of logistics agencies (c) 19.1 (in millions of Canadian dollars, except share and per share amounts) — 69.9 15.8 217.1 18.5 (5.2) 0.61 Twitter Depreciation and amortization 956.6 1.9 15.7 Current liabilities 59.8 817.2 Net temporary store closure costs (d) (g) $ 16.4 (1) See “Non-IFRS Financial Measures”. 118.0 % 161.7 Right-of-use assets Operating income was $153.3m, an operating margin of 32.3%, compared to $161.4m and an operating margin of 35.7%.DTC operating margin of 55.0%, compared to 56.0%. The decrease was due to lower retail profitability from COVID-19 disruptions. This was partially offset by a higher gross margin and the positive impact of e-Commerce growth.Wholesale operating margin of 42.9%, compared to 38.0%. The increase was attributable to a higher gross margin and cost reduction initiatives, supplemented by $3.1m of government subsidies.Other operating loss was $(80.4)m from $(62.7)m. The increase was attributable to higher operating costs including an $8.4m increase in marketing costs, and $3.3m of product development costs. In addition, there were $7.1m of unfavourable foreign exchange losses partially offset by $1.3m of government subsidies. 2.5 % (3.0) 4.6 325.0 — — 0.1 254.4center_img 5.8 155.6 600.9 35.7 67.3 Canada Goose Reports Results for Third Quarter Fiscal 2021 % $ 1.2 $ 18.3 85.0 22.7 209.3 Other 174.9 Facebook $ 13.0 (unaudited) 25.0 5.4 Adjusted EBIT 37.6 105.5 Transition of logistics agencies (c) 30.5 — (4.4) Pre-store opening costs (h) 208.9 Selling, general and administrative expenses 19.5 4.3 December 29,2019 127.1 (0.3) $ 15.1 — — % % 111.9 % 147.6 (unaudited) 1.34 216.6 61.1 Effective tax rate 158.1 Pinterest 4.8 Twitter 348.1 % 26.4 600.1 % 110,201,805 1,120.3 21.4 % 499.7 (2.7) $ Net income 1.08 Income tax expense Revolving facility December 27,2020 Non-cash provision release (f) Adjusted net income per basic share 119.7 10.0 (3.0) 153.7 67.3 December 29,2019 — Pre-store opening costs (e) Three quarters ended December 27,2020 18.0 1.7 6.0 December 27,2020 Assets 22.7 Restructuring expense (d) 157.9 1.8 Adjusted net income (f) Release of a non-cash sales contract provision as a result of the expiration of the statute of limitations in the respective jurisdiction in the third and three quarters ended December 27, 2020. 1.1 Short-term borrowings 0.1 $ Inventories 1.9 Unrealized foreign exchange gain on Term Loan Facility (b) 2.4 (0.3) 254.6 107.0 32.3 Unrealized foreign exchange gain on Term Loan Facility (b) — 31.7 2.4 7.0 1.0 — 22.1 — 119.7 6.0 — $ — Income tax expense Other long-term liabilities 0.7 Third quarter ended Pinterest 1,576.6 147.2 SG&A expenses as % of revenue TAGS  Previous articleGlobal Endoscopy Market in 2020 – Impact of COVID-19 on the Industry – ResearchAndMarkets.comNext articleNuStar Energy L.P. Reports Fourth Quarter and Full-Year 2020 Earnings Results Digital AIM Web Support Three quarters ended 36.8 1.4 0.1 23.9 0.9 217.1 27.3 December 27,2020 Costs of the Baffin acquisition (a) 144.4 0.9 Gross margin 113.7 45.0 Property, plant and equipment % 531.8 19.1 % Adjusted net income Other current assets 118.0 % 109,646,184 Total assets — $ 4.3 Income taxes receivable Non-IFRS Financial Measures This press release includes references to certain non-IFRS financial measures such as adjusted EBIT, adjusted EBIT margin, adjusted net income and adjusted net income per diluted share. These financial measures are employed by the Company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’s operating and financial performance. These financial measures are not defined under IFRS nor do they replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. Definitions and reconciliations of non-IFRS measures to the nearest IFRS measure can be found in our MD&A. Such reconciliations can also be found in this press release under “Reconciliation of Non-IFRS Measures”. Reconciliation of Non-IFRS Measures The tables below reconcile net income to EBIT, adjusted EBIT, and adjusted net income for the periods indicated. Adjusted EBIT margin is equal to adjusted EBIT for the period presented as a percentage of revenue for the same period. 1,136.9 Lease liabilities 205.0 (d) Total government subsidies globally of $6.4m and $27.1m were recognized in the third and three quarters ended December 27, 2020, respectively. These subsidies were recorded as a reduction to the associated wage costs which the Company incurred; as a result government subsidies were recorded as a reduction to excess overhead costs from temporary closure of manufacturing facilities ($nil and $1.3m), temporary store closure costs (less than $0.1m and $1.4m), and restructuring expense ($nil and $0.4m), for the third and three quarters ended December 27, 2020, respectively. The benefit of $6.4m and $26.7m of government subsidies therefore remained in adjusted EBIT as a reduction to the associated wage costs for the third and three quarters ended December 27, 2020, respectively. 21.0 Liabilities Costs of the Baffin acquisition (a) Basic Net income 627.2 109.1 Comprehensive income 2.6 — 85.0 192.0 Total liabilities and shareholders’ equity % 43.5 0.5 279.5 115.1 1,136.9 Total current liabilities 33.3 22.1 Net excess overhead costs from temporary closure of manufacturing facilities (d) $ 298.4 72.0 Facebook 1,576.6 WhatsApp 26.6 1.0 157.6 107.0 1.9 1.02 Lease liabilities 0.96 Shareholders’ equity 1.1 — % 7.7 520.2 (c) Costs incurred for the transition of logistics, warehousing, and freight forwarding agencies to enhance our global distribution structure. December 29,2019 36.2 Term loan 209.3 36.2 December 29,2019 Third quarter ended 185.9 % Operating income 109.1 (1.1) $ Net excess overhead costs from temporary closure of manufacturing facilities (d) CAD $ millions (0.8) Net income was $107.0m, or $0.96 per diluted share, compared to $118.0m, or $1.07 per diluted share.Non-IFRS adjusted EBIT was $157.9m, an adjusted EBIT margin of 33.3%, compared to $163.8m and 36.2%.Non-IFRS adjusted net income was $111.9m, or $1.01 per diluted share, compared to $119.7m, or $1.08 per diluted share.Cash was $469.0m as at quarter end, compared to $72.0m, alongside $256.2m of available borrowing capacity in the undrawn revolving facility. The increase in cash was driven by positive free operating cash flow and refinancing proceeds. Outlook Given ongoing COVID-19 disruptions and uncertainties, the Company is not providing an outlook for fiscal 2021. As of the date of this release, 7 of 28 Canada Goose retail stores, representing 25% of the network, are closed. Conference Call Information Dani Reiss, President and Chief Executive Officer and Jonathan Sinclair, EVP and Chief Financial Officer, will host the conference call at 9:00 a.m. Eastern Time on February 4, 2021. Those interested in participating are invited to dial (866) 211-4197 or (647) 689-6828 if calling internationally and reference Conference ID 7108676 when prompted. A live audio webcast of the conference call will be available online at http://investor.canadagoose.com. About Canada Goose Founded in 1957 in a small warehouse in Toronto, Canada, Canada Goose (NYSE:GOOS, TSX:GOOS) is a lifestyle brand and a leading manufacturer of performance luxury apparel. Every collection is informed by the rugged demands of the Arctic, ensuring a legacy of functionality is embedded in every product from parkas and rainwear to apparel and accessories. Canada Goose is inspired by relentless innovation and uncompromised craftsmanship, recognized as a leader for its Made in Canada commitment. In 2020, Canada Goose announced HUMANATURE, its purpose platform that unites its sustainability and values-based initiatives, reinforcing its commitment to keep the planet cold and the people on it warm. Canada Goose also owns Baffin, a Canadian designer and manufacturer of performance outdoor and industrial footwear. Visit www.canadagoose.com for more information. 163.8 — 207.7 Other long-term assets Provisions 1.0 1,120.3 53.1 12.0 Intangible assets % (h) Pre-store opening costs incurred in (e) above plus $0.1m and $0.6m of interest expense on lease liabilities for new retail stores during pre-opening periods in the third and three quarters ended December 27, 2020 (third and three quarters ended December 29, 2019 – $0.4m and $0.9m, respectively). 452.1 (g) Includes $0.1m and $1.4m of interest expense on lease liabilities for temporary store closures in the third and three quarters ended December 27, 2020, respectively. EBIT 53.1 Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements, including statements relating to the execution of our proposed strategy, our operating performance and prospects, and the general impact of the COVID-19 pandemic on the business. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “believe,” “could,” “continue,” “expect,” “estimate,” “forecast,” “may,” “potential,” “project,” “plan,” “would,” “will,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Our business is subject to substantial risks and uncertainties. Applicable risks and uncertainties include, among others, the impact of the ongoing COVID-19 pandemic, and are discussed under the headings “Cautionary Note regarding Forward-Looking Statements” and “Factors Affecting our Performance” in our MD&A as well as in our “Risk Factors” in our Annual Report on Form 20-F for the year ended March 29, 2020. You are also encouraged to read our filings with the SEC, available at www.sec.gov, and our filings with Canadian securities regulatory authorities available at www.sedar.com for a discussion of these and other risks and uncertainties. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements. View source version on businesswire.com:https://www.businesswire.com/news/home/20210204005449/en/ CONTACT: Investors: [email protected]: [email protected] KEYWORD: NORTH AMERICA CANADA INDUSTRY KEYWORD: RETAIL LUXURY FASHION SOURCE: Canada Goose Holdings Inc. Copyright Business Wire 2021. PUB: 02/04/2021 06:45 AM/DISC: 02/04/2021 06:45 AM http://www.businesswire.com/news/home/20210204005449/en Other data: (1) 123.6 Cash Cost of sales WhatsApp —last_img read more

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