Financial Shape – Amiya Sahu http://amiyasahu.com/ Thu, 23 Jun 2022 09:52:34 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://amiyasahu.com/wp-content/uploads/2021/06/icon-150x150.png Financial Shape – Amiya Sahu http://amiyasahu.com/ 32 32 $12 billion from the global gene therapy industry by 2031 – https://amiyasahu.com/12-billion-from-the-global-gene-therapy-industry-by-2031/ Thu, 23 Jun 2022 09:38:41 +0000 https://amiyasahu.com/12-billion-from-the-global-gene-therapy-industry-by-2031/ Dublin, June 23, 2022 (GLOBE NEWSWIRE) — The “Global Gene Therapy Market Report 2022, Vector, Application, End Users” report has been added to from ResearchAndMarkets.com offer. This report provides strategists, marketers, and senior management with the essential information they need to assess the global gene therapy market. This report focuses on the high growth Gene […]]]>

Dublin, June 23, 2022 (GLOBE NEWSWIRE) — The “Global Gene Therapy Market Report 2022, Vector, Application, End Users” report has been added to from ResearchAndMarkets.com offer.

This report provides strategists, marketers, and senior management with the essential information they need to assess the global gene therapy market.

This report focuses on the high growth Gene Therapy market market. The report gives a market guide to the gene therapy market that will shape and change our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.

Reasons to buy

  • Get a truly global perspective with the most comprehensive report available on this market covering over 12 geographies.
  • Understand how the market is affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus diminishes.
  • Create regional and national strategies based on local data and analysis.
  • Identify growth segments for investment.
  • Outperform your competition using forecast data and the drivers and trends shaping the market.
  • Understand customers based on the latest market research.
  • Benchmark performance against leading competitors.
  • Use relationships between key data sets for better strategy.
  • Suitable to support your internal and external presentations with reliable high quality data and analysis

Where is the largest and fastest growing market for the gene therapy market? What is the relationship between the market and the overall economy, demographics and other similar markets? What forces will shape the market in the future? The global gene therapy market report answers all these questions and more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces historical and forecast market growth by geography. It places the market in the context of the broader gene therapy market and compares it to other markets.

  • The market characteristics section of the report defines and explains the market.
  • The market size section gives the market size (in billions of dollars) covering both historical market growth, the influence of the Covid 19 virus and its growth forecast.
  • Market segmentations break down the market into sub-markets.
  • The regional and country breakdowns section gives an analysis of the market in each geography and the market size by geography and compares their historical and forecast growth. It covers the growth trajectory of Covid 19 for all regions, major developed countries and major emerging markets.
  • The competitive landscape gives a description of the competitive nature of the market, market shares and a description of the major companies. The main financial transactions that have shaped the market in recent years are identified.
  • The trends and strategies section analyzes the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
  • The gene therapy market section of the report provides context. It compares the gene therapy market market with other segments of the gene therapy market by size and growth, historical and forecast. It analyzes the proportion of GDP, expenditure per capita, the comparison of gene therapy market indicators.

Key players in the gene therapy market include Novartis AG, Bluebird Bio Inc., Spark Therapeutics Inc., Audentes Therapeutics, Voyager Therapeutics, Applied Genetic Technologies Corporation, UniQure NV, Celgene Corporation, Cellectis SA, and Sangamo Therapeutics.

The global gene therapy market is expected to grow from $3.18 billion in 2020 to $3.97 billion in 2021 at a compound annual growth rate (CAGR) of 24.8%. The growth is primarily due to businesses resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive lockdown measures involving social distancing, remote work and the closure of business activities that have resulted in operational challenges. The market is expected to reach $12.16 billion in 2025 with a CAGR of 32%.

The gene therapy market includes sales of gene therapy-related services by entities (organizations, independent marketers, and partnerships) that manufacture gene therapy drugs. Gene therapy is used to replace faulty genes or add new genes to cure disease or improve the body’s ability to fight disease. Only goods and services exchanged between entities or sold to final consumers are included.

The main types of vectors in gene therapy are viral vectors, non-viral vectors, others. Viral vectors are methods that molecular biologists often use to transmit genetic material into cells. It is used in oncological disorders, rare diseases, cardiovascular diseases, neurological disorders, infectious diseases, etc. and implemented in various sectors such as hospitals, home care, specialized clinics, others.

Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The incidence of cancer and other target diseases has increased dramatically, requiring effective treatments, which is driving the growth of the gene therapy market. Rising number of cancer cases globally is expected to contribute to the growth of the gene therapy market over the forecast period. According to the American Cancer Society, there were 1.7 million new cases and 0.6 million cancer deaths in 2019 in the United States.

The four most common types of cancer worldwide are lung, prostate, bowel and breast cancer in women, accounting for 43% of all new cancer cases.

Hence, increasing incidence rate of cancer across the world is expected to drive the demand for the gene therapy market over the coming years. Gene therapy is one of the most effective treatments in oncology. In this treatment, new genes are introduced into a cancer cell or surrounding tissue to cause cell death or slow cancer growth. For example, in September 2019, RMIT University, Australia discovered that non-viral gene therapy can be used to accelerate cancer research, which can bring patient-friendly cancer treatments to market.

High gene therapy drug prices are expected to limit the growth of the gene therapy market. The pressure to contain costs and demonstrate value is pervasive. Political uncertainty and continuing economic tensions in many countries call into question the sustainability of public financing of health care. In less affluent countries, the lack of cost-effective therapies for cancer and other diseases has influenced the health conditions of the population and led to a low average life expectancy.

Luxturna, a one-time treatment for acquired retinal eye disease, costs $850,000 in the US and £613,410 in the UK, despite a discount applied by the UK National Health Service. Zolgensma, for spinal muscular atrophy, is valued at $2.1 million in the United States and Zynteglo, which focuses on a rare genetic blood disorder, costs $1.78 million, restraining market growth.

The use of machine learning and artificial intelligence is gradually gaining popularity in the gene therapy market. Artificial intelligence (AI) is the simulation of human intelligence in machines, which are programmed to display their natural intelligence. Machine learning is part of AI. Machine learning and AI are helping companies in the gene therapy market to perform detailed analysis of all relevant data, provide insights into tumor-immune cell interactions, and offer more accurate assessment of tissue samples often in conflict between different evaluators.

Main topics covered:

1. Summary

2. Characteristics of Gene Therapy Market

3. Gene Therapy Market Trends and Strategies

4. Impact of COVID-19 on gene therapy

5. Gene Therapy Market Size and Growth
5.1. Global historical gene therapy market, 2016-2021, USD billion
5.1.1. Market Drivers
5.1.2. Market Constraints
5.2. Global Gene Therapy Market Forecast, 2021-2026F, 2031F, Billion USD
5.2.1. Market Drivers
5.2.2. Market Constraints

6. Gene Therapy Market Segmentation
6.1. Global Gene Therapy Market, Segmentation by Vector, History and Forecast, 2016-2021, 2021-2026F, 2031F, Billion USD

  • viral vector
  • Non-viral vector
  • Others

6.2. Global Gene Therapy Market, Segmentation by Application, History and Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

  • Oncological disorders
  • Rare diseases
  • Cardiovascular illnesses
  • Neurological disorders
  • Infectious diseases
  • Others

6.3. Global Gene Therapy Market, Segmentation by End Users, History and Forecast, 2016-2021, 2021-2026F, 2031F, Billion USD

  • Hospitals
  • Home Care
  • Specialized clinics

7. Regional and Country Analysis of the Gene Therapy Market
7.1. Global Gene Therapy Market, Split by Region, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion
7.2. Global Gene Therapy Market, Split by Country, Historical & Forecast, 2016-2021, 2021-2026F, 2031F, USD Billion

For more information on this report, visit https://www.researchandmarkets.com/r/syieec

        
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Firefighter in Indore gives free training to poor students for police, army recruitment https://amiyasahu.com/firefighter-in-indore-gives-free-training-to-poor-students-for-police-army-recruitment/ Mon, 20 Jun 2022 05:08:26 +0000 https://amiyasahu.com/firefighter-in-indore-gives-free-training-to-poor-students-for-police-army-recruitment/ Police and Army Recruitment Training by Foreman in Indore Photo: iStock An Indore fire constable provides free physical training to students from economically weaker sections preparing for police and army recruitment exams. Om Prakash Jaiswal, a firefighter in the Indore Fire Brigade, has trained thousands of students over the past 10 years who are now […]]]>

Police and Army Recruitment Training by Foreman in Indore

Photo: iStock

An Indore fire constable provides free physical training to students from economically weaker sections preparing for police and army recruitment exams.
Om Prakash Jaiswal, a firefighter in the Indore Fire Brigade, has trained thousands of students over the past 10 years who are now serving in the Indian Police and Army.

Jaiswal was also a national level marathon runner and won a gold medal in a 42 kilometer race. His residence is dotted with medals and trophies. He was transferred to the fire service as a Constable of the State Armed Forces (SAF).

Speaking to ANI, Jaiswal said, “There are a lot of poor children who are unable to afford the tuition fees for the police or army training academy. so started to provide free training to these students.These children have a great passion to serve for the country but due to financial constraints they have not been able to attend training.They just need to be guided well. Otherwise, they may take the wrong path due to depression.

“I decided that by giving free training to these children, I would help them build a great nation. I started giving training in 2012 and so far more than 8,000 students are serving the country in the army and the police.”

He said that the Department of Sports and Youth Welfare of the Madhya Pradesh government has now entrusted him with the responsibility of training these children.

“Right now, I have 600 students doing physical training, including 300 girls and 300 boys. They are learning long jump, shot put, running, pulling, etc.,” he said. declared.

Nisha Chauhan, who is undergoing training at Om Prakash Jaiswal, said two members of her family had undergone training at Jaiswal and joined the police.

“Our financial situation is not good. I am preparing for a position as a police officer and I am coming here for free training. In our family, two people had joined the police after training with Om Prakash sir,” Chauhan told ANI.

Khandwa resident Shivkumar Yadav prepares for police recruitment. Yadav is a farmer’s son.

“My financial situation is not good. I live with a relative in Indore and I am free training from Om Prakash sir. Here the kits are also given free. Apart from this Om Prakash sir helps to reduce the fees for students who are unable to afford the training course. He also organizes food and drink for poor students,” Shivkumar said.

Another aspirant, Shalini Yadav, who is preparing to become a sub-inspector, said her brother worked in the police and had undergone training in Jaiswal. “I also came here to train like my brother. Here training is done for running, shot put and long jump,” Shalini told ANI.

Amit Gurjar, a midshipman has come from Harda to Indore and is preparing for the sub-inspector. “I couldn’t afford the academy fee. I learned from friends that Om Prakash sir gives free fitness training so I came here to train,” Gurjar said.

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6 ways to prepare your investment portfolio for a recession https://amiyasahu.com/6-ways-to-prepare-your-investment-portfolio-for-a-recession/ Sat, 18 Jun 2022 12:26:57 +0000 https://amiyasahu.com/6-ways-to-prepare-your-investment-portfolio-for-a-recession/ With the markets falling, many investors are worried about an impending recession. According to financial planner Nicole Morong, cost averaging can save your wallet in the long run. She also suggests investing in I bonds, which currently have an interest rate of 9.62%. Loading Something is loading. With the S&P 500 down 8.23% and the […]]]>
  • With the markets falling, many investors are worried about an impending recession.
  • According to financial planner Nicole Morong, cost averaging can save your wallet in the long run.
  • She also suggests investing in I bonds, which currently have an interest rate of 9.62%.

With the S&P 500 down 8.23% and the bitcoin price down 28.93% over the past month as of this writing, investors have been worried about an upcoming


recession

.

Instead of making rash decisions during a


bear market

however, financial planner Nicole Morong of Peterkin Financial says she takes a different approach with her clients.

“Our conversations are less about how to cut right before a recession,” she says. “I’ve asked my clients, ‘Can you keep investing consistently so you can buy stocks on the sell side and take advantage of this market downturn instead of just having your nest egg disappear?'”

Instead of panicking when the market is down, here are six smart investing moves that can protect your portfolio in the long run.

1. Diversify your portfolio

Don’t put 100% of your money in one investment vehicle. Diversifying your portfolio is one of the most shared investment tips, although some people ignore it during a recession, Morong says.

“One of the most common mistakes people make is thinking they’re diversified because they own five different S&P 500 funds,” she says. “They have their Fidelity account, their Schwab account, their 401(k) — and they have an S&P 500 fund in each one. And they think because the custodian is different, they invest in different things, but really, when the S&P 500 down, all of their portfolios down.”

2. Continue Averaging

Cost averaging is the practice of regularly investing the same amount of money, regardless of market conditions. You might buy fewer stocks when prices are very high during a


bull market

but your buying balances out when you buy more shares at a lower price during a bear market.

Morong adds, “If you invest on a weekly, monthly or yearly basis, I wouldn’t do anything different. The only exception is for someone who invests in increments, as if you were adding money to your investment accounts of an annual premium.

If you typically pay a lump sum into your investment accounts, Morong recommends dividing that lump sum into regular payments from your cash flow instead of waiting for a large sum of money to be invested.

3. If you can afford it, buy aggressively while the market is falling

“When COVID happened, my clients were like, ‘I wish I had more money to buy all these stocks and buy in the market right now.’ Now we are in that environment again,” Morong says.

Before doing this, however, many experts, including Morong, generally recommend building up an emergency savings fund before aggressively investing in the market. An emergency savings fund is three to six months of living expenses typically kept in a high-yield savings account that’s easily accessible in case of an emergency, like a layoff or a car accident.

4. Understand your time horizon

Morong explains that a time horizon is the time you plan to let your investment grow in the market before withdrawing it to devote to a specific goal. For example, some of his clients plan to let their investments grow for seven to ten years before cashing them in to buy a home or an investment property. Your expected retirement age can also tell you your time horizon.

She adds: “If you have a portfolio for a vacation home or a


advance payment

whether you’ve set a five- or seven-year goal, you may need to re-evaluate whether or not that money should be invested. Do you have time to wait for that money to rebound with the market? When do you Actually need that money?”

5. Take advantage of Ibonds

“I bonds are a risk-free way to get a higher interest rate than they can get anywhere in the market right now,” Morong says.

I bonds are low-risk federal bonds issued by the US Treasury indexed to the current rate of inflation. Right now, I bonds have an annualized interest rate of 9.62% and that’s “basically risk-free,” Morong says. Each year, you can buy up to $10,000 in I Bonds.

Their interest rate will change and there are restrictions on when you can cash them out, but they will never drop below 0% so you don’t run the risk of losing your money completely.

6. Hire a financial planner or advisor

Investing in a finance professional may seem counterintuitive when trying to save as much money as possible before a recession hits, but it’s an investment that can protect your money in the long run. Financial planners and financial advisors advise clients on how to budget, invest and save for future goals.

The main difference between the two is that a financial planner is a


fiduciary

, which means they are ethically bound to give you the advice best suited to your financial situation. A financial advisor, on the other hand, may receive commissions and kickbacks for recommending financial products that don’t meet your needs (although this isn’t always the case). Look for a “pay only” finance professional to avoid this problem.

“The biggest reason to hire a finance professional during a recession is simply behavioral accountability,” Morong says. “I think it’s very easy to be scared. When you don’t have anyone to brainstorm with, you can look at your portfolio and think, ‘Oh my God, that’s a slow bleed! That’s all. my money! It’s down 40%!” You might sell or make rash decisions.”

Morong adds that financial planners can help run different investment scenarios as the market moves so you can make the best long-term decisions. She says, “You can actually get hard numbers to understand the opportunity cost of different actions.”

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Title Comparison of Financial Statements of Insurance Companies https://amiyasahu.com/title-comparison-of-financial-statements-of-insurance-companies/ Thu, 16 Jun 2022 20:36:48 +0000 https://amiyasahu.com/title-comparison-of-financial-statements-of-insurance-companies/ [*] As a reference for professionals in the real estate industry using title insurance, below is a comparison and limited analysis of certain aspects of the annual financial statements of a representative sample of active title insurance companies. The discussion focuses on one factor that parties may consider in determining whether, and to what extent, […]]]>

[*]

As a reference for professionals in the real estate industry using title insurance, below is a comparison and limited analysis of certain aspects of the annual financial statements of a representative sample of active title insurance companies. The discussion focuses on one factor that parties may consider in determining whether, and to what extent, measures of such coinsurance and reinsurance may be appropriate for a given transaction.

For your reference, attached is an updated schedule of “suggested maximum risk” amounts for a representative sample of US title insurance companies. We invite any unlisted title insurance company that wishes to be included in future updates to this memorandum to provide us with their Uniform Statutory Annual Financial Statements. The timeline is based on insurers’ financial reports to state regulatory agencies for the year ending December 31, 2021. The “maximum suggested risk” is just that, a suggestion as to title insurance risk. the highest that a particular insurance company may be allowed to retain on a given project or financing. In most cases, title insurance companies can legally accept more risk (and would be happy to do so) and this appendix is ​​intended only as a possible guideline as to when it may be appropriate, within the framework larger transactions, consider diversifying title insurance risk (requiring co-insurance and/or reinsurance) based on the financial size of the companies involved. [*] The determination of when to require such risk to be diversified is ultimately the responsibility of the insured purchasing the title insurance and may appropriately take into account a number of factors beyond the scope of this memorandum, such as described in more detail below. The appendix indicates which insurers are affiliated companies, identifying the parent company under the heading “Group of companies” where applicable. Particularly in larger transactions, real estate investors and lenders may prefer to treat a “group of companies” as a single insurer and require the risk to be shared with unaffiliated companies through reinsurance and/or coinsurance.

The fact that all title insurers are not equal was highlighted in 2020 with the liquidation of OneTitle National Guaranty Company, Inc. (“OneTitle”). OneTitle began operations in New York in 2014 and emphasized in its marketing that its premiums were lower than other title insurers, based on a fee structure for which OneTitle had obtained Department of Financial Services approval. of the State of New York (“DFS”). OneTitle struggled to gain market acceptance. In 2020, DFS sought to wind up OneTitle and on October 6, 2020 an order was issued in the Supreme Court of New York, County of New York, ordering such winding up and terminating all existing title insurance policies issued by OneTitle (In re: OneTitle National Guaranty Company, Inc. (NYS Supreme Court, New York County INDEX NO. 451834/2020)).

The “maximum suggested risk” herein is simply one-third of the “policyholder excess” declared by a company and reflects a rule of thumb used by some financial institutions in the past. The underlying data from which the numbers presented here are derived are from December 31, 2021 financial statements filed with state regulators by listed title insurance companies or their affiliates (copies provided by insurers). ArentFox Schiff LLP makes no representations or warranties regarding the accuracy of this data or the relative merits of using the “maximum suggested risk” calculation contained herein versus other indices of the relative financial characteristics of companies. title insurance. In particular, we note that a number of title insurance companies, including the companies in this survey, may be parties to reinsurance treaties with other entities (which may or may not be affiliated) that provide for the ceding of a portion of the risk covered, on a full basis for all policies issued, and thus enable the insurer to issue policies for higher amounts than would otherwise be warranted by its own individual financial characteristics. The use of such reinsurance treaties may be an appropriate factor in deciding to exceed the “maximum suggested risk” suggested here, based on an evaluation and analysis of the terms of the actual contract, and the financial strength of the counterparty to the contract, both of which are beyond the scope of this memorandum. Information on reinsurance treaties can be obtained directly from the title insurance companies themselves. The financial condition of listed companies may have changed since the date of these financial statements, and persons concerned about the current condition of any company should contact that company, state insurance regulators and/or independent rating agencies who can assess their financial situation. (rating agencies that cover title insurers include Demotech, Inc., AM Best Company, Inc., Fitch Ratings Ltd., Moody’s Investors Services, and Standard & Poor’s, Inc.). ArentFox Schiff LLP expressly disclaims any obligation to update this information for any reason. ArentFox Schiff LLP does not provide financial advice and has compiled the information contained herein solely as a courtesy to its clients and other interested parties.

TITLE INSURANCE COMPANIES

Suggested Maximum Single Risk Amounts *



NOTES

[*] In New York, for example, the law containing the legal limit on the amount a title insurance company can hold on a policy takes into account statutory premiums and voluntary reserves as well as reinsurance in place (see NY Insurance Law § 6403(c) (“(c) No title insurance company carrying on business in this State shall incur a loss on any risk in an amount greater than the sum of its capital, surplus, statutory premium and any voluntary reserve, all as set forth in its most recent quarterly or annual return filed with the Superintendent Any risk or part thereof that has been reinsured with a ceding insurer authorized to exercise such activity in that State shall be deducted in determining the risk limit prescribed in this paragraph Credit to the ceding insurer of reinsurance with an unlicensed insurer is permitted to the extent permitted by regulation of the Superintendent ant. »

* The “suggested maximum risk” amount is one-third of each company’s “excess with respect to policyholders” from the financial statements for the year ending December 31, 2021 that each insurer is required to file with the insurance regulatory authorities of the states where it does business, as provided by the companies. “Maximum Suggested Risk” amounts are rounded to the nearest $100,000 increment. Although many insurance companies are publicly traded companies or subsidiaries of a publicly traded company, state filings allow the insurance companies themselves to be compared using generally consistent accounting methods. As with any large business, the financial statements of title insurance companies contain complete and detailed information about the finances of the business and there are a number of methods for assessing the financial strength of a business.

[1] AmTrust Title Insurance Company had indicated that it objects to the “rule of thumb” methodology in this memorandum because it does not take into account the reinsurance treaties that AmTrust Title has in place. Pursuant to New York Insurance Law § 6403(c), as noted above, reinsurance is a factor in determining the amount of risk a title insurance company is permitted to hold in the state. of New York (as is the case in a number of other states). Further information regarding this reinsurance can be obtained directly from the company.

[2] Formerly known as North American Title Insurance Company. Name changed in 2021.

[3] Formerly known as North American Title Insurance Company. Name changed in 2021.

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Pike Therapeutics Announces Positive Animal Pharmacokinetic Study Results and Unexpected Benefits for Its Patented Weekly Continuous Transdermal CBD Delivery Technology https://amiyasahu.com/pike-therapeutics-announces-positive-animal-pharmacokinetic-study-results-and-unexpected-benefits-for-its-patented-weekly-continuous-transdermal-cbd-delivery-technology/ Tue, 14 Jun 2022 13:00:00 +0000 https://amiyasahu.com/pike-therapeutics-announces-positive-animal-pharmacokinetic-study-results-and-unexpected-benefits-for-its-patented-weekly-continuous-transdermal-cbd-delivery-technology/ Pike Therapeutics Inc. STRONG POINTS: – Continuous positive delivery of CBD over 7 days in rabbits equivalent to an oral rabbit dose of 35 mg/kg/day– Positive skin irritation score– Significantly lower AUC (drug exposure) VANCOUVER, British Columbia, June 14, 2022 (GLOBE NEWSWIRE) — Pike Therapeutics Inc., a preclinical biotechnology company focused on transforming synthetic cannabinoids […]]]>

Pike Therapeutics Inc.

STRONG POINTS:

– Continuous positive delivery of CBD over 7 days in rabbits equivalent to an oral rabbit dose of 35 mg/kg/day
– Positive skin irritation score
– Significantly lower AUC (drug exposure)

VANCOUVER, British Columbia, June 14, 2022 (GLOBE NEWSWIRE) — Pike Therapeutics Inc., a preclinical biotechnology company focused on transforming synthetic cannabinoids and psychedelics with its proprietary continuous transdermal delivery, has completed a preliminary pharmacokinetic study on the rabbit with its CBD formulations which gave first positive results. This study demonstrated that Pike’s continuous delivery technology provided sustained CBD blood levels over 7 days equivalent to oral dosing and achieved an acceptable skin irritation score.

Pike’s goal is to leverage our proprietary delivery technology and these early discoveries to develop an approach that delivers the oral equivalent of 20 mg/kg/day and could be equal or potentially superior in efficacy to the product. FDA-approved CBD prescription drug to treat seizures associated with Lennox Gastaut Syndrome (LGS), Dravet Syndrome (DS) or Tuberous Sclerosis Complex (TSC). In humans, this product has a dose-toxicity response which demonstrates that higher exposure is associated with higher toxicity and discontinuation. This would imply that a lower AUC (exposure) would then reduce toxicity and potentially improve tolerance. Pike’s goal is to use a significantly lower dose and achieve an effective target blood level. In Pike’s animal study, we were able to demonstrate a measurable decrease in exposure.

Potential Benefits of Pike’s Continuous Delivery Technology

  • The side effect profile of the FDA-approved CBD product is dose-related, and dose escalation stops when patients can no longer tolerate it or due to toxicity. Dose escalation monitors drug tolerance and toxicity, starting at 5 mg/kg/day and increasing to a target of 20 mg/kg/day. Pike’s early findings offer the ability to skip dose escalation administration and go straight to the target maintenance dose.

  • Pike will deliver a measurably less drug continuously, which may provide an opportunity to push the target dose higher providing increased therapeutic effect.

Brad Miles, CEO, said, “We believe the data from this animal study is significantly relevant to our current stage of development and provides Pike with a solid foundation to move our platform forward.

Pike intends to pursue full development of our transdermal patch in multiple indications. Our next steps include finalizing the development of the transdermal patch so that we can enter the clinical phase.

About Pike Therapeutics

Pike is a preclinical-stage biotechnology company focused on transforming synthetic cannabinoids and psychedelics using our proprietary transdermal technology platform that uses significantly lower drug exposure combined with continuous delivery to target efficacy and increased tolerability.

To learn more, visit www.piketx.com

General pike information:
contact@piketx.com

This press release contains forward-looking statements subject to risks and uncertainties. These forward-looking statements include information about possible or expected future results of the Company’s business, financial condition, liquidity, results of operations, plans and objectives. In some cases, you can identify forward-looking statements by words such as “may”, “should”, “plan”, “intend”, “potential”, “continue”, “believe”, “will expect”, “predict”, “foresee” and “estimate”, the negative of these words or other comparable words. These statements are only predictions. Undue reliance should not be placed on these forward-looking statements. Forward-looking statements are qualified by their terms and/or important factors, many of which are beyond the Company’s control and involve a number of risks, uncertainties and other factors that could cause actual results and events to differ. noticeably of the statements made. Forward-looking statements are based on the Company’s beliefs, assumptions and expectations regarding future performance, taking into account information currently available to the Company. Neither the Company nor any other person assumes responsibility for the accuracy or completeness of these statements. The information in this press release will only be updated to the extent required by applicable laws. If a change occurs, the business, financial condition, liquidity, results of operations, plans and objectives of the Company may differ materially from those expressed in the forward-looking statements referred to above.

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Iran-Venezuela 20-year cooperation plan will shape bright future for bilateral relations https://amiyasahu.com/iran-venezuela-20-year-cooperation-plan-will-shape-bright-future-for-bilateral-relations/ Sun, 12 Jun 2022 08:57:22 +0000 https://amiyasahu.com/iran-venezuela-20-year-cooperation-plan-will-shape-bright-future-for-bilateral-relations/ The signing of a 20-year cooperation plan between Tehran and Caracas presents bright prospects for the future of relations between the two countries, according to the visiting Venezuelan president.“I believe that the future of the friendship between Iran and Venezuela will be very pleasant and intact,” Nicolas Maduro said during a joint press briefing with […]]]>

The signing of a 20-year cooperation plan between Tehran and Caracas presents bright prospects for the future of relations between the two countries, according to the visiting Venezuelan president.
“I believe that the future of the friendship between Iran and Venezuela will be very pleasant and intact,” Nicolas Maduro said during a joint press briefing with President Ebrahim Raisi following a meeting in Tehran on Saturday, President.ir reported.
Maduro arrived in Tehran on Friday for a two-day stay as part of an official trip that earlier this week included Turkey and Algeria. He was accompanied by ministers and officials in areas such as agriculture, technology, oil, communications, tourism and transport.
During the visit, the two sides signed a 20-year cooperation plan and discussed other areas of cooperation.
Raisi described Tehran-Caracas relations as strategic and multifaceted, highlighting bilateral cooperation in various sectors, including energy, technical and engineering services, economy, agriculture, military and defense.
“This level of cooperation indicates that Iran and Venezuela have multiple capabilities for expanding their ties,” he said.
The Venezuelan president said his country wants to use the historical experiences of the Islamic Republic and its capabilities in technical and technological fields to help it through its difficult times.
There is a wide range of cooperation sectors between Tehran and Caracas, including oil, gas, refinery and petrochemicals, he added.
In this line, he announced that a weekly air link from Caracas to Tehran will soon be opened, which he believes will help unlock many potentials for bilateral cooperation.
Raisi also said the road would facilitate transportation between the two countries, helping to both improve trade ties and deepen relations between the two nations.
Maduro also hailed Iran’s progress in the agricultural sector despite the fact that around 70 percent of its land is arid and water-stressed.
“One of Venezuela’s priorities for developing its relations with Iran is to use its technologies to improve the country’s agricultural production,” he said.

Exemplary resistance

Maduro then reiterated that Iran and Venezuela will weather the odds and make progress side by side as a new world takes shape.
“The future world will be one of equality and justice and all must contribute to building this future by opposing imperialism,” he said, assuring the Iranian government and people of his full support. and his contribution.
Iran and Venezuela, both sanctioned by the United States, have since 2020 expanded their cooperation, especially for energy projects and oil exchanges, helping the Caribbean nation mitigate the effect of Washington’s measures.
Raisi said Iran’s foreign policy is centered on developing ties with independent countries.
“Venezuela has shown that it opposes imperialism and the threats and sanctions of its enemies and puts up exemplary resistance,” he said.
The fact that Venezuela has contained its hyperinflations and started economic growth, according to its president, is a good sign that resistance is working and forcing enemies to retreat, Raisi said.
The Iranian nation also faced sanctions and threats following its Islamic revolution in 1979, but decided to use them as an opportunity for progress, according to the president.
“When the Americans officially announce that their maximum pressure against Iran has hopelessly failed, it is a point of victory for Iran and defeat for the United States and its enemies.”
Iran was subject to draconian US sanctions after Washington pulled out of the 2015 nuclear deal in 2018.
US officials in the incumbent administration have repeatedly confessed that the so-called maximum pressure campaign had failed and began indirect talks to join the deal last year.

]]>
RENT THE RUNWAY, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://amiyasahu.com/rent-the-runway-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Fri, 10 Jun 2022 13:10:04 +0000 https://amiyasahu.com/rent-the-runway-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ The following discussion of our financial condition and results of operations should be read in conjunction with our unaudited condensed consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q and the audited financial statements and notes thereto as of and for the year ended January 31, 2022 and […]]]>
The following discussion of our financial condition and results of operations
should be read in conjunction with our unaudited condensed consolidated
financial statements and the related notes included elsewhere in this Quarterly
Report on Form 10-Q and the audited financial statements and notes thereto as of
and for the year ended January 31, 2022 and the related Management's Discussion
and Analysis of Financial Condition and Results of Operations in our Annual
Report on Form 10-K for the year ended January 31, 2022 (the "2021 Annual Report
on Form 10-K").

In addition to historical financial information, the following discussion
contains forward-looking statements that reflect our plans, estimates and
beliefs. Our actual results may differ materially from those described in or
implied by any forward-looking statements. Factors that could cause or
contribute to these differences include those discussed below and elsewhere in
this Quarterly Report on Form 10-Q, particularly in Part II, Item 1A, "Risk
Factors".

Insight


We give customers ongoing access to our "unlimited closet" - with over 20,000
styles by over 800 designer brands - through our Subscription offering or the
ability to rent a-la-carte through our Reserve offering. We also give our
subscribers and customers the ability to buy our products through our Resale
offering. These offerings allow us to engage and serve our subscribers and
customers across diverse use cases from everyday life to special occasions. We
have served over 2.5 million lifetime customers across all of our offerings and
we had 177,213 ending total subscribers1 (active and paused) as of April 30,
2022. The majority of our revenue is highly recurring and is generated by our
subscribers. For the three months ended April 30, 2022 and 2021, respectively,
86% and 87% of our total revenue (including Reserve and Resale revenue) was
generated by subscribers while they were active or paused.

The variety, breadth and quantity of products we carry is important to our
business, and we strategically manage the capital efficient acquisition of a
high volume of items every year. We have successfully disproved the myth that
fashion apparel items and accessories only last one season as we are able to
rent or "turn" our products multiple times over many years. We price our items
at a fraction of their retail or comparable value, creating an attractive price
and value proposition for our subscribers and customers.

We source virtually all of our products, which includes apparel, accessories and
home goods, directly from designer brands. Prior to 2018, we purchased nearly
all of our products from our brand partners typically at a discount to wholesale
cost, which we refer to as "Wholesale" items. In late 2018, we began to procure
products through Share by RTR and Exclusive Designs. See "-Our Product
Acquisition Strategy" below for a description of the three ways in which we
procure products.

1 Ending total subscribers represents the number of subscribers with an active
or paused membership as of the last day of the period and excludes subscribers
who had an active or paused subscription during the period, but ended their
subscription prior to the last day of the fiscal period.
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Recent Business Developments


Initial Public Offering.   On October 29, 2021, we closed our initial public
offering (the "IPO"), in which we issued and sold 17,000,000 shares at the
public offering price of $21.00 per share. We received net proceeds of $327.3
million after deducting underwriting discounts and commissions and offering
expenses.

Debt Paydown and Amendment. Concurrent with our IPO, we paid down our senior
secured term loan with Ares Corporate Opportunities Fund V, L.P. (the "Ares
Facility") of $80.7 million in full and $60.0 million of our subordinated,
junior lien term loan with Double Helix Pte Ltd. as administrative agent for
Temasek Holdings (the "Temasek Facility"), resulting in a total debt repayment
of $140.7 million. We also refinanced the remaining Temasek Facility (the
"Amended Temasek Facility").

Main operational and financial results. We achieved the following operational and financial results for the three months ended April 30, 2022 and 2021, respectively:

• Turnover was $67.1 million and $33.5 millionrespectively, representing 100.3% year-on-year growth;

•134,998 and 74,018 end active subscribers2 (excluding paused subscribers), respectively, representing 82% year-over-year growth and our highest number of active subscribers at the end of the quarter since the launch of the subscription;

• 177,213 and 104,138 total subscribers at the end (including paused subscribers), respectively, representing a 70% year-over-year growth;

• Gross profit was $22.5 million and $8.1 millionrepresenting respectively a gross margin of 33.5% and 24.2%;

• The net loss was ($42.5) million and ($42.3) million, respectively. The net loss as a percentage of revenue was (63.3)% and (126.3)%, respectively;

• Adjusted EBITDA was ($8.8) million and ($6.2) million, representing respectively an adjusted EBITDA margin of (13.1)% and (18.5)%, respectively; and

• Cash and cash equivalents was $219.0 million and $103.8 millionrespectively.

First Quarter Business Highlights

• We continued to drive subscriber engagement, with 28% of subscribers adding one or more additional paid items to their subscription program;

•Continued growth of Exclusive Designs and launch of six new Exclusive Designs collections;

• Expansion of door-to-door collection to more than 20 markets; and

•Continued to expand automation and productivity initiatives in our distribution centers, leveraging RFID technology to increase the efficiency of our quality control process and generate data to improve garment longevity.

2 Active subscribers are defined as the total number of end subscribers at the end of the period, excluding subscribers on pause.

Our product acquisition strategy


We acquire and monetize products in three ways: Wholesale, Share by RTR and
Exclusive Designs. Wholesale items are acquired directly from brand partners,
typically at a discount to Wholesale price. Share by RTR items are acquired
directly from brand partners on consignment, at zero to low upfront cost with
performance-based revenue share payments to our brand partners over time.
Exclusive Designs items are designed using our data in collaboration with our
brand partners. These units are manufactured through third-party partners with a
low upfront fee and minimal revenue share payments to our brand partners over
time.
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Our three product acquisition methods are strategic levers to manage our capital
efficiency, profitability and product risk. Our Exclusive Designs channel uses
data insights to acquire items at a lower cost, which are designed to generate
higher profitability over time. Share by RTR meaningfully reduces our upfront
spend and de-risks our investment since we pay brands primarily based on item
performance. Our Share by RTR arrangements with brands target delivering 85% to
100% of comparable Wholesale cost to the brand in the first year; however there
is no minimum commitment other than the upfront payment if applicable. Nearly
all Share by RTR deals consummated after September 2020 include a cap on total
potential payments to the brand partner.

In fiscal year 2021, 45% of new items were acquired through Wholesale, 33%
through Share by RTR and 22% through Exclusive Designs, compared to 46%
Wholesale, 36% Share by RTR and 18% Exclusive Designs in fiscal year 2020. In
total, approximately 55% of new items were acquired through the more
capital-efficient channels in fiscal year 2021, approximately 54% in fiscal year
2020 and approximately 26% in fiscal year 2019. Both our purchasing power and
the diversification into Share by RTR and Exclusive Designs have led to a
decrease in average upfront cost per item over time. We are executing on our
strategy to further decrease the percentage of units acquired through Wholesale
and increase the percentage of units acquired through our more capital-efficient
channels, Exclusive Designs and Share by RTR, in fiscal year 2022.

For more details on our business model and product acquisition strategy, see our 2021 Annual Report on Form 10-K.

Key factors affecting our performance

We believe that our performance and future success depends on a variety of factors that present significant opportunities for our business, but also present risks and challenges that could negatively impact our growth and profitability.

Brands and products


Ability to Acquire and Monetize Products Efficiently. Our ability to deliver an
elevated experience for our subscribers and customers that keeps them loyal to
RTR depends on us having the right assortment. Due to our deep partnerships with
brands, we can acquire products directly from them in multiple ways, and due to
our expertise in reverse logistics and garment restoration we can monetize our
products effectively over their useful life. Diversifying our product
acquisition away from 100% Wholesale has driven higher overall product return on
investment and reduced the capital needs of the business. In fiscal year 2021,
approximately 55% of new items were acquired through our more capital efficient
non-Wholesale channels, compared to 54% in fiscal year 2020 and 26% in fiscal
year 2019. We are executing on our strategy to further increase the percentage
of units acquired through Exclusive Designs and Share by RTR in fiscal year
2022. We continuously evaluate our product acquisition mix to maximize our
strategic priorities.

Upfront cost per item is defined as total upfront spend for items acquired in a
period divided by the number of items acquired. We define total upfront spend as
the total costs of products acquired in a period excluding performance based
revenue share payments which are paid out over time. Total upfront spend
includes the total acquisition cost for Wholesale items, upfront payments to
brand partners for Share by RTR and Exclusive Designs items, third party
manufacturing or other similar acquisition costs for Exclusive Designs items,
and other ancillary upfront costs such as freight, where applicable. For fiscal
year 2021 our average upfront cost per item was $95, representing a 14% decrease
from an average upfront cost of $111 in fiscal year 2019. Due to seasonality
factors, we track our progress on average upfront cost on a full year basis, as
quarterly costs are not necessarily reflective of full year trends. Our
diversification into non-Wholesale channels has meaningfully reduced our upfront
spend.

Ability to Achieve Leverage in our Cost Structure. Improving operational
efficiency of our platform is imperative to maintaining or increasing
profitability. We expect our operating costs to increase as we make investments
to grow subscribers and revenue and to enhance the customer experience. Though
we anticipate quarterly fluctuations in operating leverage, we do not expect
these costs to generally grow at the same pace as our total revenue on an annual
basis.

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We use technology and customer data to drive efficiency across products,
fulfillment expenses and operating costs. Our data has allowed us to build a
differentiated and proprietary rental reverse logistics platform with a
vertically integrated cleaning and restoration process. We have invested in
technology and automation in order to drive operating leverage and higher
margins as we grow and scale our business.

Over time, we have improved our margins, profitability and cash flow, and we
believe we will continue to benefit from economies of scale and are focused on
driving additional efficiencies in our operating expenses.

We use Adjusted EBITDA to assess our operating performance and the operating
leverage of our business prior to capital expenditures. We also measure the cash
consumption of the business including capital expenditures by assessing net cash
used in operating activities and net cash used in investing activities on a
combined basis.

Seasonality


We experience seasonality in our business, which has been impacted and may in
the future change due to the effects of the COVID-19 pandemic. For our
subscription rentals, we typically acquire the highest number of subscribers in
March through May and September through November, as these are the times
customers naturally think about changing over their wardrobes. We generally see
a higher rate of subscribers pause in the summer, and in mid-December through
the end of January. We historically had typically realized a higher portion of
revenue from Reserve rentals during our third and fourth fiscal quarters as a
result of increased wedding and holiday events.

The third and fourth fiscal quarters of 2021 and the first quarter of 2022
demonstrated subscriber seasonality patterns that are generally consistent with
our historical trends, although our fourth quarter of 2021 saw a higher rate of
pause activity due to the Omicron variant impact. In addition, our seasonality
trends are seeing effects from COVID-19 generally, as Reserve orders and revenue
are impacted by fewer large-scale holiday and special events compared to
pre-COVID-19, especially those typically occurring in the third and fourth
quarters. Subscriber acquisition was also impacted by COVID-19 in the fourth
quarter of 2021 due to fewer large-scale holiday and special events.

We also experience seasonality in the timing of expenses and capital outlays.
Transportation expense, and therefore fulfillment cost, is typically highest in
the fiscal fourth quarter, given higher service levels, such as more costly
expedited shipping, and competition during holidays. Our most significant
product capital expenditures typically occur in the first fiscal quarter and the
third fiscal quarter, when we acquire product for the upcoming fall and spring
seasons, though impact on cash is dependent on timing of receipt of product.

For more details on the key factors affecting our performance, see our 2021 Annual Report on Form 10-K.

Impact of COVID-19 on our business


The COVID-19 pandemic materially adversely affected our fiscal year 2020
operating and financial results. In March 2020, we instituted numerous health
and safety measures and took immediate financial actions to withstand COVID-19
including pausing of paid advertising and marketing activities and other
cost-saving measures to reduce operating and capital expenditures in the short
term, including salary reductions, closing of brick and mortar stores and right
sizing of labor in our fulfillment centers. These actions significantly reduced
these costs as a percentage of revenue throughout fiscal year 2020. Rental
product depreciation and revenue share as a percentage of revenue increased
throughout fiscal year 2020 due to the levels of rental product on hand relative
to the reduced subscriber levels.

In fiscal year 2021, our financial results continued to be impacted by the
COVID-19 pandemic. In particular, in the first quarter of fiscal year 2021
subscriber acquisition and engagement increased as shelter-at-home restrictions
were lifted. In the fourth quarter of fiscal year 2021 the Omicron variant
negatively impacted us in three key ways: 1) significantly decreased revenue
from our Reserve business as most holiday events were canceled; 2) reduced
subscriber acquisition in the second half of quarter; and 3) drove a higher rate
of subscriber pause. In fiscal year 2021, financial results also continued to be
impacted by consumers working primarily from home and by special events and
occasions not being back to pre-pandemic levels.

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We expect the effects of the COVID-19 pandemic and related macro-economic
trends, including the spread of potential new variants, to have a continued
impact on our business, results of operations, growth rates, and financial
condition into fiscal year 2022, though we currently expect an environment that
is improved from fiscal year 2021. We believe that the backlog of special events
and leisure travel that have been pushed to 2022 and 2023 will contribute to
additional COVID-19 recovery in those periods.

We continue to take actions to adjust to the changing COVID-19 business
environment and related inflationary pressure. For example, we increased wage
rates throughout fiscal year 2021 to attract and retain talent at our
fulfillment centers and we expect to continue to be impacted by rising labor
costs in fiscal year 2022. We also expect transportation costs to continue to
increase in fiscal year 2022, and we are focused on diversifying our
transportation network to mitigate these rising costs and service delays.
Examples of these mitigation efforts include increasing volumes with regional
and last-mile carriers and consolidating shipments, such as through the launch
of an at-home pickup service in certain markets. Although we continue to face a
challenging environment due to the COVID-19 pandemic, rising wages, a decreased
level of workforce participation and nationwide shipping carrier delays, we have
been able to and plan to continue hiring and are diversifying our transportation
network in order to support increasing and/or fluctuating demand for our
offerings.

The full extent to which the COVID-19 pandemic, including the spread of any new
variants, will directly or indirectly impact our business, results of
operations, growth rates, and financial condition will depend on future
developments that are highly uncertain and cannot be accurately predicted. Given
the uncertainty, we cannot estimate the financial impact of the pandemic on our
future results of operations, cash flows, or financial condition. For additional
details, see Part II, Item 1A, "Risk Factors" of this Quarterly Report on Form
10-Q.

Main commercial and financial parameters


In addition to the measures presented in our condensed consolidated financial
statements, we use the following key business and financial metrics to help us
evaluate our business, identify trends affecting our business, formulate
business plans, and make strategic decisions. The calculation of the key
business and financial metrics discussed below may differ from similarly titled
metrics used by other companies, securities analysts or investors, limiting the
usefulness of those measures for comparative purposes. These key business and
financial metrics are not meant to be considered as indicators of our financial
performance in isolation from or as a substitute for our financial information
prepared in accordance with GAAP and should be considered in conjunction with
other metrics and components of our results of operations, such as each of the
other key business and financial metrics, and our revenue and net loss.

                               Three Months Ended April 30,
                                    2022                     2021
                                     ($ in millions)
Active Subscribers            134,998                       74,018
Gross Profit          $          22.5                      $   8.1
Adjusted EBITDA (1)   $          (8.8)                     $  (6.2)


__________
(1)Adjusted EBITDA is a non-GAAP financial measure; for a reconciliation to the
most directly comparable GAAP financial measure, net loss, and why we consider
Adjusted EBITDA to be a useful metric, see "-Non-GAAP Financial Metrics" below.

Active Subscribers: Active Subscribers represents the number of subscribers with
an active membership as of the last day of any given period and excludes paused
subscribers. As of April 30, 2022, we had 134,998 Active Subscribers, up 82%
year-over-year as the equivalent quarter of fiscal year 2021 was more heavily
impacted by the COVID-19 pandemic, and we saw recovery post-Omicron during the
first quarter of fiscal year 2022.

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Gross Profit and Gross Margin: We define Gross Profit as total revenue less
fulfillment expense, rental product depreciation and revenue share. We
depreciate owned apparel assets over three years and owned accessory assets over
two years net of 20% and 30% salvage values, respectively, and recognize the
depreciation on a straight-line basis and remaining cost of items when sold or
retired on our condensed consolidated statement of operations. Rental product
depreciation expense is time-based and reflects all rental product items we own.
We use Gross Profit and Gross Profit as a percentage of revenue, or Gross
Margin, to measure the continued efficiency of our business after the cost of
our products and fulfillment costs are included. Gross Profit was $22.5 million
for the three months ended April 30, 2022 compared to $8.1 million in the three
months ended April 30, 2021 representing Gross Margins of 33.5% and 24.2%,
respectively. The significant increase in Gross Profit and Gross Margin for the
three months ended April 30, 2022 was driven by lower rental product
depreciation and revenue share as a percentage of total revenue than in the
prior period which offset higher fulfillment costs driven by increases in
fulfillment related transportation costs. Rental product depreciation decreased
as a percentage of revenue as costs were absorbed over a larger revenue base,
while revenue share increased slightly as a percentage of revenue due to a
higher proportion of Share by RTR items relative to prior year. We have improved
and expect to have the opportunity to further improve Gross Profit and Gross
Margin over time by driving growth in total revenue and revenue per subscriber,
fulfillment and operational efficiency gains, and strategically evolving our mix
of product acquisition.

Adjusted EBITDA and Adjusted EBITDA Margin: We define Adjusted EBITDA as net
loss, adjusted to exclude interest expense, rental product depreciation, other
depreciation and amortization, share-based compensation expense, write-off of
liquidated rental product assets, certain non-recurring or one-time costs (see
below footnotes to the reconciliation table), income taxes, warrant liability
revaluation gains / losses, debt extinguishment gains / losses, other income and
expense, and other gains / losses. We define Adjusted EBITDA Margin as Adjusted
EBITDA as a percentage of total revenue, net for a period. Adjusted EBITDA was
$(8.8) million for the three months ended April 30, 2022 compared to $(6.2)
million for the three months ended April 30, 2021, representing margins of
(13.1)% and (18.5)%, respectively. Adjusted EBITDA Margin has improved for the
three months ended April 30, 2022 due to reasons consistent with the improvement
in Gross Profit and Gross Margin and improved operating leverage across
technology and general and administrative expenses even with additional
strategic investments, offset by higher marketing expenditure. We have the
opportunity to improve Adjusted EBITDA as we increase revenue and drive higher
revenue per subscriber, fulfillment and operational efficiency gains, and
operating expense leverage.

Components of operating results

Total income, net


Our total revenue, net consists of Subscription and Reserve rental revenue and
Other revenue. Total revenue is presented net of promotional discounts, credits
and refunds, and taxes.

Subscription and Reserve Rental Revenue.  We generate Subscription and Reserve
rental revenue from subscription and Reserve rental fees. We recognize
subscription fees ratably over the subscription period, commencing on the date
the subscriber enrolls in a subscription program. These fees are collected upon
enrollment and any revenue from an unrecognized portion of the subscription
period is deferred to the following fiscal period. We announced a price increase
in April 2022 for our subscription plans, which we expect will generally
increase revenue per subscriber by program over time. We recognize Reserve fees
over the rental period, which starts on the date of delivery of the product to
the customer. Reserve orders can be placed up to four months prior to the rental
start date and the customer's payment form is charged upon order confirmation.
We defer recognizing the rental fees and any related promotions for
Reserve rentals until the date of delivery, and then recognize those fees evenly
over the four- or eight-day rental period.

Other Revenue.  We generate Other revenue primarily from the sale of products
while they are in rental condition. We offer the ability for subscribers and
customers to purchase products at a discount to retail price. Payment for the
sale of products occurs upon order confirmation while the associated revenue is
recognized either at the time the sold product is delivered to the customer or
when purchased, if the item is already at home with the customer.
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Costs and expenses


Fulfillment.  Fulfillment expenses consist of all costs to receive, process and
fulfill customer orders. This primarily includes shipping costs to/from
customers and personnel and related costs, which include salaries and bonuses,
and employee benefit costs. Personnel and related costs are related to
processing inbound and outbound customer orders, cleaning, restoring and
repairing items received from customers, tracking and managing items within our
fulfillment center network and ingesting new items received from brands.
Fulfillment expenses also include costs of packing materials, cleaning supplies,
and other fulfillment-related expenses. We expect fulfillment costs to increase
in the future as order volume increases and as costs to ship orders increase due
to increasing prices in the transportation market which we started to see in the
second half of fiscal year 2021 and continued to see impact results in the first
quarter of fiscal year 2022. We also expect fulfillment expense to increase due
to competitive pressures in the labor market which could lead to continued
higher wage rates. We increased warehouse wage rates during fiscal year 2021 and
believe we will continue to be impacted by rising wage rates. We expect to
continue to invest in automation and other process improvements to support and
drive efficiencies in our operations. To the extent we are successful in
becoming more efficient in fulfilling orders, and at a magnitude that is able to
offset increasing shipping costs, wage rates and cleaning/packing supply price
increases, we would expect these expenses to decrease as a percentage of total
revenue over the longer term.

Technology.  Technology expenses consist of personnel and related costs for
employees engaged in software development and engineering, quality assurance,
product, customer experience, data science, analytics and information
technology-related efforts, net of personnel costs associated with capitalized
software. Technology expenses also include professional services, third-party
hosting expenses, website monitoring costs, and software and license fees. We
expect to increase technology expenses as we continue to improve the customer
and subscriber experience and invest in our technology stack and infrastructure
to support overall growth in our business and distribution network, including
prioritizing cloud capabilities. While these expenses may vary from period to
period as a percentage of total revenue, we expect them to decrease as a
percentage of total revenue over the longer term.

Marketing.  Marketing expenses include online and mobile marketing, search
engine optimization and email costs, marketing personnel and related costs,
agency fees, brand marketing, printed collateral, consumer research, and other
related costs. We expect marketing expenses to increase as we intend to increase
marketing spend to drive the growth of our business and increase our brand
awareness. The trend and timing of our marketing expenses will depend in part on
the timing of marketing campaigns.

General and Administrative.  General and administrative expenses consist of all
other personnel and related costs for customer service, finance, tax, legal,
human resources, fashion and photography and fixed operations costs. General and
administrative expenses also includes occupancy costs (including
warehouse-related), professional services, credit card fees, general corporate
and warehouse expenses, other administrative costs, and gains and losses
associated with asset disposals and operating lease terminations. We expect
general and administrative expenses to increase as we grow our infrastructure to
support operating as a public company and the overall growth of the business. We
also expect rent expense and other facilities-related costs to increase in the
future as we expand our distribution network to support overall business growth
and fulfillment cost-reduction initiatives. While these expenses may vary from
period to period as a percentage of total revenue, we expect them to decrease as
a percentage of total revenue over the longer term.

Rental Product Depreciation and Revenue Share.  Rental product depreciation and
revenue share expenses consist of depreciation and write-offs of rental
products, and payments under revenue share arrangements with brand partners. We
depreciate the cost, less an estimated salvage value, of our owned products
(Wholesale and Exclusive Designs items), over the estimated useful lives of
these items and, if applicable, accelerate depreciation of the items when they
are no longer in rental condition. We recognize the cost of items acquired under
Share by RTR, as incurred, through upfront payments and performance-based
revenue share payments. We expect rental product depreciation and revenue share
expenses to increase in absolute dollars as we continue to support subscriber
and customer growth. The amount and proportion of rental product depreciation
and revenue share will vary from period to period based on how we acquire items
as well as the mix of our rental product base.
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Other depreciation and amortization. Other depreciation and amortization includes amounts for the amortization of fixed assets, intangible fixed assets, including capitalized software, and rights of use financing.


Interest Income / (Expense). Interest income / (expense) consists primarily of
accrued paid-in-kind interest, cash interest and debt issuance cost amortization
associated with our Amended Temasek Facility going forward.

Gain / (Loss) on Warrant Liability Revaluation, Net. Gain / (loss) on warrant
liability revaluation is associated with revaluing liability classified warrants
to the respective fair value at period end or prior to conversion. As of
April 30, 2022, all outstanding warrants are equity classified and therefore do
not require remeasurement going forward.

Income Tax Benefit / (Expense). Income taxes consist primarily of state minimum
taxes and Irish refundable tax credits. We have established a valuation
allowance for our U.S. federal and state deferred tax assets, including net
operating losses. We expect to maintain this valuation allowance until it
becomes more likely than not that the benefit of our federal and state deferred
tax assets will be realized by way of expected future taxable income in the
United States.

Operating results


The results of operations presented below should be reviewed in conjunction with
the condensed consolidated financial statements and notes included elsewhere in
this Quarterly Report on Form 10-Q. The following tables set forth our results
of operations for the periods presented:

                                                                     Three Months Ended April 30,
                                                                      2022                   2021

Revenue:
Subscription and Reserve rental revenue                         $         61.4          $      29.8
Other revenue                                                              5.7                  3.7
Total revenue, net                                                        67.1                 33.5
Costs and expenses:
Fulfillment                                                               22.9                  8.8
Technology                                                                13.6                  9.7
Marketing                                                                  8.7                  2.6
General and administrative                                                29.2                 19.0
Rental product depreciation and revenue share                             21.7                 16.6
Other depreciation and amortization                                        4.2                  5.1
Total costs and expenses                                                 100.3                 61.8
Operating loss                                                           (33.2)               (28.3)
Interest income / (expense), net                                          (9.3)               (14.5)
Gain / (loss) on warrant liability revaluation, net                          -                  0.5
Net loss before income tax benefit / (expense)                           (42.5)               (42.3)
Income tax benefit / (expense)                                               -                    -
Net loss                                                        $        (42.5)         $     (42.3)

Comparison of the three months ended April 30, 2022 and 2021


Total Revenue, Net.  Total revenue, net was $67.1 million for the three months
ended April 30, 2022, an increase of $33.6 million, or 100.3%, compared to
$33.5 million for the three months ended April 30, 2021. This increase was
primarily driven by the increase in overall demand, including subscriber count,
directly attributable to the COVID-19 recovery compared to last year.
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Subscription and Reserve Rental Revenue.  Subscription and Reserve rental
revenue was $61.4 million for the three months ended April 30, 2022, an increase
of $31.6 million, or 106.0%, compared to $29.8 million for the three months
ended April 30, 2021. This increase was primarily driven by the 82%
year-over-year increase in Active Subscriber count and the increase in Reserve
rental revenue as a result of the COVID-19 pandemic recovery compared to last
year. In addition, in the first quarter of fiscal year 2022, we experienced a
recovery from the impact of the Omicron variant which impacted the fourth
quarter of fiscal year 2021. Our active subscriber count increased 17% from the
end of fiscal year 2021 and the rate of subscriber pause decreased from 28% to
24% of total subscribers. In April 2022, we announced a price increase for our
subscription plans which went into effect for new subscribers at the end of the
quarter, and which went into effect for existing subscribers in the second
quarter of fiscal year 2022. We expect the price increase will generally
increase revenue per subscriber by program over time.

Other Revenue.  Other revenue was $5.7 million for the three months ended April
30, 2022, an increase of $2.0 million, or 54.1%, compared to $3.7 million for
the three months ended April 30, 2021. This increase was primarily driven by an
increase in Active Subscribers which resulted in increased purchases of resale
items. Other revenue represented 8.5% of total revenue, down from 11.0% in the
same period of fiscal year 2021 as we shifted away from the strategy to increase
resale revenue through promotional activities during COVID-19.

Costs and Expenses.  Total costs and expenses were $100.3 million for the three
months ended April 30, 2022, an increase of $38.5 million, or 62.3%, compared to
$61.8 million for the three months ended April 30, 2021. This increase was
primarily driven by an increase in fulfillment, paid marketing, technology, and
G&A expenses and hiring to support our increased growth and public company
costs.

Fulfillment.  Fulfillment expenses were $22.9 million for the three months ended
April 30, 2022, an increase of $14.1 million, or 160.2%, representing 34.1% of
revenue, compared to $8.8 million for the three months ended April 30, 2021,
representing 26.3% of revenue. The increase in fulfillment dollars was primarily
driven by an increase in demand-related growth and an increase in transportation
costs and wage rates which are expected to continue for the remainder of fiscal
year 2022, partially offset by fulfillment process improvements.

Technology.  Technology expenses were $13.6 million for the three months ended
April 30, 2022, an increase of $3.9 million, or 40.2%, compared to $9.7 million
for the three months ended April 30, 2021. This increase was primarily driven by
an increase in strategic investments and personnel costs to support future
growth initiatives, including back end infrastructure and cloud investments that
provide scaling and efficiency benefits and support our work to provide an
enhanced search, fit and discovery experience for the consumer. Technology
expenses were 20.3% of revenue for the three months ended April 30, 2022
compared to 29.0% last year as we saw increased operating leverage with higher
revenue compared to prior year. Technology related share-based compensation
expense was $1.2 million for the three months ended April 30, 2022 and was $0.4
million for the same period last year. We expect technology expenses to increase
in fiscal year 2022, driven by continued strategic investments.

Marketing.  Marketing expenses were $8.7 million for the three months ended
April 30, 2022, an increase of $6.1 million, or 234.6%, compared to $2.6 million
for the three months ended April 30, 2021. This increase was driven by the
increased marketing initiatives as compared to the same period last year which
had reduced paid and brand marketing spend during the COVID-19 pandemic.
Marketing expenses unrelated to personnel costs were $7.4 million in the three
months ended April 30, 2022 and 11.0% of revenue, compared to $1.6 million last
year and 4.8% of total revenue. We expect marketing expenses to increase in
absolute dollars in fiscal year 2022, in particular in the first half relative
to fiscal year 2021, in order to drive subscriber growth and higher recurring
revenue earlier in the year.

General and Administrative.  General and administrative ("G&A") expenses were
$29.2 million for the three months ended April 30, 2022, an increase of
$10.2 million, or 53.7%, compared to $19.0 million for the three months ended
April 30, 2021. This increase was primarily driven by the increase in costs
required to support our growth and public company operations, including
increased personnel, insurance and professional service fees, as well as
increased credit card fees and customer service costs driven by revenue growth.
G&A expenses as a percentage of revenue were 43.5% compared to 56.7% last year
as we saw increased operating leverage with higher revenue compared to prior
year. G&A related share-based compensation expense was $4.1 million for the
three months ended April 30, 2022 and was $1.4 million for the same period last
year.
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Rental Product Depreciation and Revenue Share.  Rental product depreciation and
revenue share was $21.7 million for the three months ended April 30, 2022, an
increase of $5.1 million, or 30.7%, compared to $16.6 million for the three
months ended April 30, 2021. The increase is primarily a result of an increase
in revenue share payments due to a higher proportion of Share by RTR items
rented. Rental product depreciation and revenue share was 32.3% of revenue in
the three months ended April 30, 2022, down from 49.6% in the prior period
primarily due to rental product depreciation decreasing as a percentage of
revenue as costs were absorbed over a larger revenue base.

Other depreciation and amortization. The other amortizations were
$4.2 million for the three months ended April 30, 2022a decrease of
$0.9 millioni.e. 17.6%, compared to $5.1 million for the three months ended
April 30, 2021. This decrease is mainly due to lower amortization associated with leasehold improvements.


Interest Income / (Expense), Net.  Interest expense, net was $9.3 million for
the three months ended April 30, 2022, a decrease of $5.2 million, or 35.9%,
compared to $14.5 million for the three months ended April 30, 2021. This
decrease was driven by the accrued payment-in-kind interest related to the
additional Ares debt entered in October 2020 which impacted the balance as of
April 30, 2021 and then was paid down in full in October 2021 which impacted the
balance as of April 30, 2022. Of the $9.3 million total interest expense in the
three months ended April 30, 2022, $3.4 million was the accrual of paid-in kind
("PIK") interest, $4.9 million was cash, financing lease interest and other
interest and $1.0 million was debt discount amortization, compared to
$11.2 million of PIK interest, $1.1 million of cash, financing lease interest
and other interest and $2.2 million of debt discount amortization in the three
months ended April 30, 2021.

Gain / (Loss) on Warrant Liability Revaluation, Net. Gain / (loss) on warrant
liability revaluation, net was none for the three months ended April 30, 2022, a
decrease of $0.5 million compared to $0.5 million for the three months ended
April 30, 2021. This decrease was driven by the exercise and reclassification of
liability-classified warrants to equity-classified warrants upon the Company's
IPO in the third quarter of fiscal year 2021. As of April 30, 2022, all the
Company's outstanding warrants are equity-classified and, as such, did not
require fair value remeasurement.

Non-GAAP Financial Measures


In addition to our results determined in accordance with GAAP, we believe the
following non-GAAP financial metrics are useful in evaluating our performance.
These non-GAAP financial metrics are not meant to be considered as indicators of
our financial performance in isolation from, or as a substitute, for our
financial information prepared in accordance with GAAP and should be read only
in conjunction with financial information presented on a GAAP basis. There are
limitations to the use of the non-GAAP financial metrics presented in this
Quarterly Report. For example, our non-GAAP financial metrics may not be
comparable to similarly titled measures of other companies. Other companies,
including companies in our industry, may calculate non-GAAP financial metrics
differently than we do, limiting the usefulness of those measures for
comparative purposes.

The reconciliation of the below non-GAAP financial metrics to the most directly
comparable GAAP financial measure is presented below. We encourage reviewing the
reconciliation in conjunction with the presentation of the non-GAAP financial
metrics for each of the periods presented. In future periods, we may exclude
similar items, may incur income and expenses similar to these excluded items,
and may include other expenses, costs and non-recurring items.

Adjusted EBITDA and Adjusted EBITDA Margin.  Adjusted EBITDA and Adjusted EBITDA
Margin are key performance measures used by management to assess our operating
performance and the operating leverage of our business prior to capital
expenditures. Our Adjusted EBITDA margins have improved from (18.5)% in the
three months ended April 30, 2021 to (13.1)% in the three months ended April 30,
2022.
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The following table provides a reconciliation of net loss, the most comparable GAAP financial measure, to adjusted EBITDA for the periods presented:

                                                                     Three Months Ended April 30,
                                                                      2022                   2021
                                                                            (in millions)
Net loss                                                        $       (42.5)          $     (42.3)
Interest (income) / expense, net (1)                                      9.3                  14.5
Rental product depreciation                                              13.6                  12.7
Other depreciation and amortization (2)                                   4.2                   5.1
Share-based compensation (3)                                              5.5                   1.9
Write-off of liquidated assets (4)                                        0.6                   1.4
Non-recurring adjustments (5)                                             0.3                   1.0
(Gain) / loss on warrant liability revaluation, net (6)                     -                  (0.5)
Other (gains) / losses (7)                                                0.2                     -
Adjusted EBITDA                                                 $        (8.8)          $      (6.2)
Adjusted EBITDA Margin (8)                                              (13.1)  %             (18.5) %


__________

(1)Includes amortization of debt discounting $1.0 million within three months
April 30, 2022 and $2.2 million within three months April 30, 2021.

(2) Reflects the amortization of non-rental income and the amortization of capitalized software.

(3)Reflects non-cash charge related to stock-based compensation.

(4)Reflects the write-off of the remaining book value of liquidated rental income that was previously held for sale.


(5)Non-recurring adjustments for the three months ended April 30, 2022 includes
$0.3 million of costs related to public company SOX readiness and the three
months ended April 30, 2021 includes $1.0 million of costs primarily associated
with public readiness preparation.

(6)Reflects the charge associated with the revaluation of prior lenders’ warrants classified as liabilities to their respective fair values ​​at the end of the period. From April 30, 2022all outstanding warrants are classified as equity and therefore do not require revaluation in the future.


(7)Includes gains / losses recognized in relation to foreign exchange, operating
lease terminations and the related surrender of fixed assets (see "Note 4 -
Leases - Lessee Accounting" in the Notes to the Condensed Consolidated Financial
Statements).

(8) Adjusted EBITDA margin calculated as Adjusted EBITDA as a percentage of sales.

Cash and capital resources


Since our founding, we have financed our operations primarily from net proceeds
from the sale of redeemable preferred stock, common stock and debt financings.
As of April 30, 2022, we had cash and cash equivalents of $219.0 million and
restricted cash of $10.8 million ($5.0 million current and $5.8 million
noncurrent), and an accumulated deficit of $(843.7) million.

As disclosed above, on October 29, 2021, we closed our IPO, in which we issued
and sold 17,000,000 shares at a public offering price of $21.00 per share. We
received net proceeds of $327.3 million after deducting underwriting discounts
and commissions and offering expenses.

Concurrent with our IPO, we paid down our senior secured term loan of $80.7
million (including accrued interest) with Ares Corporate Opportunities Fund V,
L.P. (the "Ares Facility") in full and $60.0 million of our Temasek Facility and
refinanced the remaining Temasek Facility, resulting in a total debt repayment
of $140.7 million. Our total indebtedness as of April 30, 2022 was $265.2
million. For a description of the terms of our current and prior credit
agreements, see "Note 6 - Long-Term Debt" in the Notes to the Condensed
Consolidated Financial Statements.
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We expect that operating losses and negative cash flows from operations could
continue in the foreseeable future as we continue to acquire products and
increase other investments in our business. We believe our existing cash and
cash equivalents, and cash generated from our operations, will be sufficient to
sustain our business operations, to satisfy our debt service obligations and to
comply with our amended debt covenants for at least the next twelve months from
the date of this Quarterly Report.

Our future capital requirements will depend on many factors, including, but not
limited to, growth in the number of customers and Active Subscribers and the
timing of investments in technology and personnel to support the overall growth
of our business. To the extent that current and anticipated future sources of
liquidity are insufficient to fund our future business activities and
requirements, we may be required to seek additional equity or debt financing.
The sale of additional equity would result in additional dilution to our
stockholders. The incurrence of debt financing would result in debt service
obligations and the instruments governing such debt could provide for operating
and financing covenants that would restrict our operations. There can be no
assurances that we will be able to raise additional capital which could
negatively affect our liquidity in the future. In the event that additional
financing is required from outside sources, we may not be able to negotiate
terms acceptable to us or at all. If we are unable to raise additional capital
when required, or if we cannot expand our operations or otherwise capitalize on
our business opportunities because we lack sufficient capital, our business,
results of operations, financial condition, and cash flows would be adversely
affected.

Cash Flows

The following table summarizes our cash flows for the periods presented:

                                                                       Three Months Ended
                                                                            April 30,
                                                                     2022                 2021

Net cash (used in) provided by operating activities            $    (17.4)            $    (9.0)
Net cash (used in) provided by investing activities                 (10.8)                 (1.3)
Net cash (used in) provided by financing activities                  (1.6)                 17.9

Net increase in cash and cash equivalents and restricted cash (29.8)

                 7.6

Cash and cash equivalents and restricted cash at the beginning of the year

                                                                259.6                 109.2

Cash and cash equivalents and restricted cash at the end of the year $229.8

$116.8



We also measure the cash consumption of the business including capital
expenditures, by assessing net cash used in operating activities and net cash
used in investing activities on a combined basis, which was $(10.3) million for
the three months ended April 30, 2021 and $(28.2) million for the three months
ended April 30, 2022.

The sum of net cash used in operating activities and net cash used in investing
activities, as a percentage of revenue, was (30.7)% for the three months ended
April 30, 2021 and (42.0)% for three months ended April 30, 2022.

Net cash (used in) provided by operating activities.  For the three months ended
April 30, 2022, net cash used in operating activities was $(17.4) million, which
consisted of a net loss of $(42.5) million, partially offset by non-cash charges
of $29.6 million, reclassification of the proceeds from the sale of rental
product of $4.0 million and a net change of $(0.5) million in our operating
assets and liabilities. The non-cash charges were primarily comprised of $13.6
million of rental product depreciation and write-off expenses, $3.4 million of
payment-in-kind interest, $5.5 million of share-based compensation, $1.0 million
of debt discount amortization and $6.1 million of other fixed and intangible
asset depreciation and the loss on the surrender of fixed asset write-offs
related to the partial termination of the lease of the corporate headquarters
(see "Note 4 - Leases - Lessee Accounting" in the Notes to the Condensed
Consolidated Financial Statements).
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For the three months ended April 30, 2021, net cash used in operating activities
was $(9.0) million, which consisted of a net loss of $(42.3) million, partially
offset by non-cash charges of $32.4 million, reclassification of the proceeds
from the sale of rental product of $2.8 million and a net change of $3.7 million
in our operating assets and liabilities. The non-cash charges were primarily
comprised of $12.5 million of rental product depreciation and write-off
expenses, $11.2 million of payment-in-kind interest, $1.9 million of share-based
compensation, $2.2 million of debt discount amortization and $5.1 million of
other fixed and intangible asset depreciation and amortization.

Net cash (used in) provided by investing activities.  For the three months ended
April 30, 2022, net cash used in investing activities was $(10.8) million,
primarily consisting of $(13.4) million of purchases of rental product incurred
in the period and $(2.0) million of purchases of fixed and intangible assets.
The investment in rental product does not include an additional $12.7 million of
cost for units received in the current period but not yet paid for, but does
include $6.5 million of cost for units paid for in the current period but
received in the prior period (see the Supplemental Cash Flow Information in Part
I, Item 1. Financial Statements). The investment in rental product was to
support our growth in customer demand. The majority of the investment in fixed
and intangible assets was related to investments in automation assets,
additional processing machinery and equipment for our Secaucus and Arlington
warehouses and capitalized technology labor. The cash used in investing
activities was partially offset by $4.0 million of proceeds from the sale of
owned rental product and $0.6 million of proceeds from the liquidation of rental
product.

For the three months ended April 30, 2021, net cash used in investing activities
was $(1.3) million, primarily consisting of $(4.4) million of purchases of
rental product and $(1.3) million of purchases of fixed and intangible assets.
The investment in rental product did not include the additional $3.5 million of
cost for units received in the current period but not yet paid for, but did
include $3.6 million of cost for units paid for in the current period but
received in the prior period (see Supplemental Cash Flow Information in Part I,
Item 1. Financial Statements). The investment in rental product was to support
growth in planned customer demand prior to the onset of COVID-19. The majority
of the investment in fixed and intangible assets was related to the build-out of
our new headquarters in Brooklyn, NY, the investment in automation assets and
additional processing machinery and equipment for our warehouses in addition to
capitalized technology labor. The cash used in investing activities was
partially offset by $2.8 million of proceeds from sale of owned rental product
and $1.6 million of proceeds from the liquidation of rental product.

Net cash provided by (used in) financing activities.  During the three months
ended April 30, 2022, net cash used in financing activities was $(1.6) million,
consisting of other financing payments.

During the three months ended April 30, 2021, net cash provided by financing
activities was $17.9 million, consisting primarily of proceeds from the issuance
of redeemable preferred stock of $17.1 million.

Contractual obligations and commitments


In October 2021, we paid down outstanding principal and accrued interest of our
Ares Facility in full and a portion of our Temasek Facility. Additionally, we
entered into the Amended Temasek Facility. As of April 30, 2022, we had
approximately $265.2 million of total debt outstanding, none of which is payable
within the next 12 months. See "Note 6 - Long-Term Debt" in the Notes to the
Condensed Consolidated Financial Statements for more information.

See “Note 4 – Leases – Accounting for tenants” in the Notes to the condensed consolidated financial statements for our minimum fixed lease obligations under existing leases at April 30, 2022.

Critical accounting estimates


Our critical accounting estimates are described under the heading "Management's
Discussion and Analysis of Financial Condition and Results of
Operations-Critical Accounting Estimates" in our 2021 Annual Report on Form
10-K. In the three months ended April 30, 2022, there were no material changes
to our critical accounting estimates from those discussed in our 2021 Annual
Report on Form 10-K.
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Recent accounting pronouncements

See “Note 2 – Summary of Significant Accounting Policies” in the Notes to the Condensed Consolidated Financial Statements for a description of recently adopted accounting pronouncements and recently issued accounting pronouncements that have not yet been adopted.


JOBS Act

We currently qualify as an "emerging growth company" under the Jumpstart Our
Business Startups Act of 2012, or the JOBS Act. Accordingly, we are provided the
option to adopt new or revised accounting guidance either (i) within the same
periods as those otherwise applicable to non-emerging growth companies or
(ii) within the same time periods as private companies. We have elected to adopt
new or revised accounting guidance within the same time period as private
companies until the earlier of the date we (i) are no longer an emerging growth
company or (ii) affirmatively and irrevocably opt out of the extended transition
period. Accordingly, our utilization of these transition periods may make it
difficult to compare our financial statements to those of non-emerging growth
companies and other emerging growth companies that have opted out of the
transition periods afforded under the JOBS Act.

© Edgar Online, source Previews

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Statement by Philip Lowe, Governor: Monetary Policy Decision | Press Releases https://amiyasahu.com/statement-by-philip-lowe-governor-monetary-policy-decision-press-releases/ Tue, 07 Jun 2022 04:31:57 +0000 https://amiyasahu.com/statement-by-philip-lowe-governor-monetary-policy-decision-press-releases/ At its meeting today, the Board decided to increase the target cash rate by 50 basis points to 85 basis points. It also increased the interest rate on foreign exchange settlement balances by 50 basis points to 75 basis points. Inflation in Australia has increased significantly. While inflation is lower than in most other advanced […]]]>

At its meeting today, the Board decided to increase the target cash rate by 50 basis points to 85 basis points. It also increased the interest rate on foreign exchange settlement balances by 50 basis points to 75 basis points.

Inflation in Australia has increased significantly. While inflation is lower than in most other advanced economies, it is higher than expected. Global factors, including COVID-related supply chain disruptions and the war in Ukraine, largely explain this rise in inflation. But domestic factors are also playing a role, with capacity constraints in some sectors and the tight labor market contributing to upward pressure on prices. The floods at the start of the year also affected some prices.

Inflation is expected to rise further, but then decline back to the 2-3% range next year. Higher electricity and gas prices and recent increases in gasoline prices mean that in the near term, inflation is likely to be higher than expected a month ago. As global supply issues are resolved and commodity prices stabilize, even at a high level, inflation should moderate. Today’s increase in interest rates will help inflation return to target over time.

The Australian economy is resilient, growing 0.8% in the March quarter and 3.3% for the year. Household and business balance sheets are generally healthy, a recovery in business investment is underway and a large pipeline of construction work remains to be completed. Macroeconomic policies support growth and national income is boosted by rising commodity prices. The terms of trade are at an all time high.

The labor market is also strong. Employment has increased significantly and the unemployment rate is 3.9%, the lowest rate in nearly 50 years. Vacancies and job vacancies are at high levels and a further decline in unemployment and underemployment is expected. The Bank’s corporate outreach program continues to point to an increase in wage growth from the low rates of recent years as companies compete for staff in a tight labor market.

The evolution of household spending is a source of uncertainty about the economic outlook, given the growing pressure on Australian household budgets from rising inflation. Interest rates are also rising. House prices have fallen in some markets in recent months, but remain more than 25% higher than before the pandemic, supporting household wealth and spending. The household savings rate also remains higher than it was before the pandemic and many households have built up significant financial reserves. While the central scenario is one of strong household consumption growth this year, the Council will pay close attention to these various influences on consumption when assessing the appropriate monetary policy framework.

The Board will also pay particular attention to the global outlook, which remains clouded by the war in Ukraine and its effect on energy and agricultural commodity prices. Real household incomes are under pressure in many economies and financial conditions are tightening as central banks withdraw monetary policy in response to widespread inflation. There are also lingering COVID-related uncertainties, particularly in China.

Today’s interest rate hike by the Board is another step in the withdrawal of the extraordinary monetary support that has been put in place to help the Australian economy during the pandemic. The resilience of the economy and rising inflation mean that this extraordinary support is no longer needed. Given the current inflationary pressures in the economy and the still very low level of interest rates, the Board decided today to advance by 50 basis points. The Council expects to take further steps in the process of normalizing monetary conditions in Australia over the coming months. The magnitude and timing of future interest rate increases will be guided by incoming data and the Board’s assessment of the outlook for inflation and the labor market. The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time.

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Tender shareholders are in for a treat, even in a potential bear market https://amiyasahu.com/tender-shareholders-are-in-for-a-treat-even-in-a-potential-bear-market/ Sun, 05 Jun 2022 12:18:00 +0000 https://amiyasahu.com/tender-shareholders-are-in-for-a-treat-even-in-a-potential-bear-market/ Softit is (CHWY -1.30%) the stock price is down 75% since hitting an all-time high of $120 in early 2021. As this performance suggests, investor expectations were very low when the earnings report was released of the first fiscal quarter on June 1. After the company showed sales grew 14% year-on-year with improved profitability from […]]]>

Softit is (CHWY -1.30%) the stock price is down 75% since hitting an all-time high of $120 in early 2021. As this performance suggests, investor expectations were very low when the earnings report was released of the first fiscal quarter on June 1. After the company showed sales grew 14% year-on-year with improved profitability from the prior quarter, the stock jumped 24%.

Value investors are looking for heavily discounted stocks during this market correction, names that can rebound from their lows and potentially generate big returns. Digging into Chewy’s business model, the company appears to be significantly undervalued at the moment.

Image source: Getty Images.

Chewy can survive a bear market

Pet owners are going to spend on their pets no matter what. This is a key distinguishing feature between Chewy and other e-commerce stocks. If the economy deteriorates and people are unwilling to spend money, some e-commerce businesses that sell clothes or electronics, for example, may experience sales pressure. But pet owners will still need to purchase pet food, medicine, and other necessities to care for their four-legged family members.

Chewy is a relatively safe company to invest in during a bear market. It is the largest pure pet e-commerce store in the United States. It also ended the last quarter in strong financial shape with $604 million in cash on the balance sheet and no debt.

The most telling sign of Chewy’s rock-solid business model is the percentage of sales coming from its Autoship program. This is a popular feature that allows customers to have products automatically shipped to their doorstep on a set schedule. In the first fiscal quarter, Autoship accounted for 72.2% of customer sales, compared to 69.3% in the prior year quarter and 65.7% in fiscal 2019 (which ended in January) .

Autoship sales reported include sales made by any customer who participated in the program within the past year. This means that Autoship sales also include orders placed by customers outside of their subscriptions, so it’s a good metric for tracking how much of Chewy’s business is generated by its most frequent customers. Building on Autoship’s rising sales, Chewy said net sales per active customer rose 15% year-over-year to a record $446.

Chewy clearly has a very loyal customer base that continues to spend more with the company over time. This is important to understand, as most of his clientele was acquired within the last three years. This represents huge potential for sales growth over the next few years, as you will see in the next section.

A powerful combination of growth drivers

Chewy ended the quarter with 20.6 million active customers, which is defined as a customer who purchased a product or service in the past 364 days. Specifically, two-thirds of these customers were acquired within the last three years. This provides good visibility into future sales growth when considering the spending habits of older customer cohorts.

In the first year of buying with Chewy for the first time, the average customer spends less than $200. In year two, it jumps to over $400, and in year five, customers spend around $700. Chewy says his oldest cohorts spend nearly $1,000 a year.

Some customers may come to Chewy for the convenience of Autoship, but as they become satisfied with the service, they might think of Chewy first the next time they need to purchase a new dog bed.

Eventually, these customers may want to try Chewy’s health services, including the upcoming rollout of pet wellness and insurance plans. This is the powerful effect of Chewy’s business model. It is growing through the acquisition of new customers, in addition to seeing substantial growth in sales from existing ones. Each new service it launches strengthens its growth potential and expands its addressable market.

That’s not reflected in the stock price at those lows, but Chewy’s business is going up in value. What is certain is that the growth in net sales and spending per customer will make Chewy’s business worth much more in the future. That’s why Chewy is a promising e-commerce stock to buy during this market downturn.

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DMG Blockchain Solutions Inc. Announces April & May Update, https://amiyasahu.com/dmg-blockchain-solutions-inc-announces-april-may-update/ Fri, 03 Jun 2022 21:30:00 +0000 https://amiyasahu.com/dmg-blockchain-solutions-inc-announces-april-may-update/ VANCOUVER, British Columbia, June 03, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE: 6AX) (“DMG” or the “Company”), a vertically-integrated blockchain and cryptocurrency technology company, DMG today also announces combined production figures for April and May 2022: Bitcoin mined (April/May): 88.1/48.3 (136.4 total) BTC Bitcoin mined daily average: 2.9/1.6 (2.3 […]]]>

VANCOUVER, British Columbia, June 03, 2022 (GLOBE NEWSWIRE) — DMG Blockchain Solutions Inc. (TSX-V: DMGI) (OTCQB: DMGGF) (FSE: 6AX) (“DMG” or the “Company”), a vertically-integrated blockchain and cryptocurrency technology company, DMG today also announces combined production figures for April and May 2022:

  • Bitcoin mined (April/May): 88.1/48.3 (136.4 total) BTC
  • Bitcoin mined daily average: 2.9/1.6 (2.3 month average) BTC
  • Hash rate reached: 625 PH/s (0.63 EH/s)
  • Miners added: 129

Additionally, DMG announces that Sheldon Bennett, CEO, and Steven Eliscu, Chief Operating Officer, will present a company overview at the LD Micro Invitational XII conference. The conference will be held June 7-9, 2022 at the Four Seasons in Westlake Village, California.

Mr. Bennett and Mr. Eliscu will be available for one-on-one meetings with registered conference participants.

About DMG Blockchain Solutions Inc.

DMG is a vertically integrated, eco-friendly blockchain and cryptocurrency company that manages, operates and develops end-to-end digital solutions to monetize the blockchain ecosystem. DMG’s sustainable activities are segmented into two business areas under the Core and Core+ strategies and unified through the vertical integration of DMG.

Future changes in Bitcoin network-wide mining difficulty rate or Bitcoin hash rate could materially affect the future performance of DMG’s Bitcoin production, and future operating results could also be materially affected by Bitcoin price and an increase in hash rate mining difficulty.

For more information about DMG Blockchain Solutions, visit: www.dmgblockchain.com

Follow @dmgblockchain on Twitter and subscribe to The DMG YouTube channel.

On behalf of the Board of Directors,

Sheldon Bennett, CEO and Director

For more information, please contact:

DMG Blockchain Solutions Inc.

Email: investors@dmgblockchain.com

Web: www.dmgblockchain.com

Contact with Investor Relations:

CORE IR 516-222-2560

For media inquiries:

Jules Abraham, Public Relations Manager

COREIR

917-885-7378

julesa@coreir.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 press release.

Caution Regarding Forward-Looking Information

Forward-looking statements consist of statements that are not purely historical, including statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forward-looking terms such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe”, and “continue”. or the negative thereof or similar variations. Readers are cautioned that the assumptions used in preparing any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those anticipated due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control, including, but not limited to, the ability of the auditors to complete its internal review and audit procedures for the Company’s financial year ended September 30, 2021 in a timely manner, market and other conditions, the volatility in the price of the Company’s common stock, business, economic and financial market conditions; the ability to manage operating expenses, which could adversely affect the Company’s financial condition; the ability to remain competitive as other, better-funded competitors develop and market competitive products; regulatory uncertainties; access to equipment; market conditions and product demand and prices; bitcoin demand and price; security threats, including loss/theft of DMG bitcoin; DMG’s relationships with its customers, distributors and business partners; the inability to add more power to DMG’s facilities; DMG’s ability to successfully define, design and launch new products on a timely basis that meet customer needs; the ability to attract, retain and motivate qualified personnel; industry competition; the impact of technological changes on products and the industry; inability to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend claims of third parties for infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and reliance on key personnel. DMG may not achieve its plans, projections or expectations. These statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including demand for its products, ability to successfully develop software, there will be no regulations or laws that will prevent the Company from carrying on business, the expected costs, the ability to obtain sufficient capital to carry out its business plans, the ability to achieve its objectives and the price of bitcoin. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. DMG’s securities are considered highly speculative due to the nature of DMG’s business. For further information regarding these and other risks and uncertainties, see the Company’s filings on www.SEDAR.com, including the Annual Information Form for the fiscal year ended September 30, 2021, filed March 22, 2022. .

Factors that could cause actual results to differ materially from those in the forward-looking statements include, failure to obtain regulatory approval, continued availability of capital and financing, equipment failures, lack of supply of equipment, electricity and infrastructure, the inability to obtain permits necessary to operate the business, the impact of technological changes on the industry, the impact of Covid-19 or other viruses and diseases on the company’s ability to operate, secure equipment and hire staff, competition, security threats, including the theft of bitcoins from DMG or its customers, consumer sentiment towards the products, DMG’s services and blockchain technology in general, inability to develop new and innovative products, litigation, increased operating costs, increased equipment costs. ent and labor, decline in the price of Bitcoin, inability of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants and general economic, market or business conditions. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Readers are cautioned not to place undue reliance on forward-looking information. The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Further, the Company assumes no obligation to comment on any expectations or representations made by third parties with respect to the matters discussed above.

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