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BigCommerce Announces Third Quarter Financial Results – Yahoo Finance

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 on


Third Quarter Total Revenue of $39.7 Million, an Increase of 41% Versus Prior Year
Total ARR of $167.0 Million, an Increase of 38% Versus Prior Year

AUSTIN, Texas, Nov. 05, 2020 (GLOBE NEWSWIRE) — BigCommerce Holdings, Inc. (“BigCommerce”) (Nasdaq: BIGC), a leading open SaaS ecommerce platform for fast-growing and established brands, today announced financial results for its third quarter ended September 30, 2020.

“Our third quarter was one of the best quarters in BigCommerce’s history. Our third quarter revenue was up 41% year over year, which was a further acceleration versus the 33% growth rate we saw just last quarter. Our ability to deliver continued accelerating growth is a testament to our merchants’ continued success on the BigCommerce platform,” said Brent Bellm, CEO at BigCommerce. “As we head into the busiest time of year for retail, we remain focused on providing our merchants the technology, partnerships and resources they need to usher in a successful holiday sales season.”

Third Quarter Financial Highlights

  • Total revenue was $39.7 million, up 41% compared to the third quarter of 2019.

  • Total annual revenue run-rate (ARR) was $167.0 million, up 38% compared to the third quarter of 2019.

Operating Income/(Loss)

  • GAAP operating loss was ($10.1) million, compared to ($10.3) million in the third quarter of 2019.

  • Non-GAAP operating loss was ($7.2) million, compared to ($9.5) million in the third quarter of 2019.

Net Income/(Loss) and Earnings Per Share

  • GAAP net loss was ($10.9) million or (27%) of total revenue, compared to ($10.7) million or (38%) of total revenue in the third quarter of 2019. The nearly 11 point improvement in net loss as a percent of revenue was primarily a result of the significant increase in high margin PSR and the Company’s ability to manage spend effectively while driving further leverage in the business as the Company continues to scale.

  • Non-GAAP net loss was ($8.0) million, compared to ($9.9) million in the third quarter of 2019.

  • GAAP net loss per share was ($0.16) based on 49.4 million weighted-average shares of common stock outstanding, compared to ($0.70) based on 18.0 million weighted-average shares of common stock outstanding in the third quarter of 2019.

  • Non-GAAP net loss per share was ($0.16) based on 49.4 million weighted-average shares of common stock outstanding, compared to ($0.55) based on 18.0 million weighted-average shares of common stock outstanding in the third quarter of 2019.

Adjusted EBITDA

  • Adjusted EBITDA was ($6.6) million, compared to ($8.9) million in the third quarter of 2019. The increase in Adjusted EBITDA was primarily a result of the significant increase in high margin PSR and the Company’s ability to manage spend effectively while driving leverage.

Cash

  • Cash and cash equivalents totaled $178.8 million as of September 30, 2020.

  • For the nine months ended September 30, 2020, net cash used in operating activities was ($23.2) million, compared to ($31.1) million for the same period in 2019.

Key Business Metrics

  • ARR from accounts with at least one Enterprise plan (“Enterprise accounts”) was $89.8 million, up 48% compared to the third quarter of 2019.

  • ARR from Enterprise accounts as a percent of total ARR was 54%, up from 50% from the third quarter of 2019.

  • Number of accounts greater than $2,000 in annual contract value (ACV) was 9,777, up 10% compared to the third quarter of 2019.

  • Average revenue per account (ARPA) of accounts greater than $2,000 in ACV was $13,792, up 31% compared to the third quarter of 2019.

  • Accounts greater than $2,000 in ACV as a percent of total ARR was 81%, up from 77% from the third quarter of 2019.

Business Highlights

  • Product Highlights: The Company continues to invest in building the best open SaaS ecommerce platform in the world, supported and integrated with the Company’s extensive network of best-of-breed technology and agency partners. The Company launched the availability of Channel Manager, a platform feature that allows merchants to seamlessly discover and connect new sales channels and manage their omnichannel operations. Additionally, the Company launched international marketing sites in France, Italy and the Netherlands.

  • Merchant Highlights: The Company added leading brands across multiple industries including ChapStick, a leader in lip care; 5-Hour Energy; the well-known camera manufacturer Nikon Canada; Little League International; and Chivas, a leading football club in the top professional division in Mexico.

  • Partner Highlights: During the third quarter, the Company added multiple key strategic partnerships to expand its technology ecosystem. In cross-channel, the Company signed new partnerships with CED Commerce, Wish, SureDone, Feedonomics, and Deliverr. The Company further strengthened its community of advertising partners by adding Tinuiti and Teikametrics to support omnichannel sales efforts. The Company expanded its accessibility services by partnering with Essential Accessibility to allow ease of shopping for all shoppers. In addition, the Company expanded its partnership with PayPal by integrating with iZettle, the #1 payment gateway in the Netherlands, in order to further support international merchants.

  • Team/Culture: The Company was recently awarded “Best and Brightest Company” in San Francisco. Additionally, the Company hired its first Vice President of Diversity, Equity and Inclusion, Sharon Brogdon. Sharon joined the Company from Vericast where she was the executive director and head of diversity, equity and inclusion, and created and implemented a DEI strategy designed to be infused into and have a positive impact on all aspects of the culture, people and business.

Q4 and 2020 Financial Outlook
For the fourth quarter of 2020, the Company currently expects:

For the full year 2020, the Company currently expects:

The Company’s third quarter and 2020 financial outlook is based on a number of assumptions that are subject to change and many of which are outside the Company’s control. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that the Company will achieve these results.

The Company does not provide guidance for operating loss, the most directly comparable GAAP measure to non-GAAP operating loss, and similarly cannot provide a reconciliation between its forecasted non-GAAP operating loss and its directly comparable GAAP measure without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.

Conference Call Information

BigCommerce will host a conference call and webcast at 4:00 p.m. CT (5:00 p.m. ET) on Thursday, November 5, 2020, to discuss its financial results and business highlights. The conference call can be accessed by dialing (833) 519-1347 from the United States and Canada or (914) 800-3909 internationally with conference ID 3834549. The live webcast of the conference call and other materials related to BigCommerce’s financial performance can be accessed from BigCommerce’s investor relations website at http://investors.bigcommerce.com.

Following the completion of the call through 8:00 p.m. ET on November 12, 2020, a telephone replay will be available by dialing (855) 859-2056 from the United States and Canada or (404) 537-3406 internationally with conference ID 3834549. A webcast replay will also be available at http://investors.bigcommerce.com for 12 months.

About BigCommerce

BigCommerce (Nasdaq: BIGC) is a leading software-as-a-service (SaaS) ecommerce platform that empowers merchants of all sizes to build, innovate and grow their businesses online. As a leading open SaaS solution, BigCommerce provides merchants sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2B and B2C companies across 150 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, Sony, Vodafone and Woolrich. Headquartered in Austin, BigCommerce has offices in San Francisco, Sydney and London.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “outlook,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “strategy, “target,” “explore,” “continue,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our Q4 and 2020 financial outlook, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factors” and elsewhere in our filings with the Securities and Exchange Commission (the “SEC”), including our final prospectus under Rule 424(b) filed with the SEC on August 5, 2020, our Annual Report on Form 10-K for the year ended December 31, 2020 to be filed with the SEC and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to BigCommerce at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. BigCommerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.

Use of Non-GAAP Financial Measures

We have provided in this press release certain financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). Our management uses these non-GAAP financial measures internally in analyzing our financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. A reconciliation of our historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Annual revenue run-rate

We calculate annual revenue run-rate (“ARR”) at the end of each month as the sum of: (1) the product of the current month’s monthly recurring revenue (“MRR”) multiplied by twelve (to prospectively annualize subscription revenue), and (2) the trailing twelve-month partner and services revenue, including non-recurring services revenue, such as one-time partner integration fees and store-launch services. MRR includes BigCommerce platform subscription fees and invoiced growth adjustments as customers’ businesses grow past contracted order thresholds after a threshold has been met. It also includes recurring professional services revenue, such as recurring technical account management services and product training services.

Accounts with greater than $2,000 ACV

We track the total number of accounts with annual contract value (“ACV”) greater than $2,000 (the “ACV threshold”) as of the end of a monthly billing period. To define this $2,000 ACV cohort, we include only subscription plan revenue and exclude partner and services revenue and recurring services revenue. We consider all stores added and subtracted as of the end of the monthly billing period. This metric includes accounts that may have either one single store above the ACV threshold or multiple stores that together exceed the ACV threshold. Accordingly, this cohort would include: (1) customers on Enterprise plans, (2) customers on Pro plans, and (3) customers with multiple plans that together exceed the ACV threshold.

Average revenue per account

We calculate average revenue per account (ARPA) for accounts above the ACV threshold at the end of a period by including customer-billed revenue and an allocation of partner and services revenue.

Adjusted EBITDA

We define Adjusted EBITDA as our net loss, excluding the impact of stock-based compensation expense, depreciation and amortization expense, interest income, interest expense, changes in fair value of financial instruments, and our provision for income taxes. The most directly comparable GAAP measure is net loss.

Non-GAAP Operating Loss

We define Non-GAAP Operating Loss as our GAAP Loss from operations, excluding the impact of stock-based compensation expense. The most directly comparable GAAP measure is our loss from operations.

Non-GAAP Net Loss

We define Non-GAAP Net Loss as our GAAP net loss, excluding the impact of stock-based compensation expense. The most directly comparable GAAP measure is our net loss.

Non-GAAP Net Loss per Share

We define Non-GAAP Net Loss per Share as our Non-GAAP Net Loss, defined above, divided by our basic and diluted GAAP weighted average shares outstanding. The most directly comparable GAAP measure is our net loss per share.

Source: BigCommerce Holdings, Inc.

Consolidated Balance Sheet
(in thousands, except per share amounts)

September 30,

December 31,

2020

2019

Assets

Current assets

Cash and cash equivalents

$

178,846

$

7,795

Restricted cash

1,133

1,355

Accounts receivable, net

21,458

15,548

Prepaid expenses and other assets

9,259

5,296

Deferred commissions

2,224

1,677

Total current assets

212,920

31,671

Property and equipment, net

7,242

8,241

Right-of-use-assets

12,345

14,065

Deferred commissions, net of current portion

2,995

2,087

Total assets

$

235,502

$

56,064

Liabilities, convertible preferred stock, and stockholders equity (deficit)

Current liabilities

Accounts payable

$

5,566

$

3,881

Accrued liabilities

2,584

5,849

Deferred revenue

11,842

9,399

Current portion of long-term debt

11,895

2,363

Current portion of operating lease liabilities

3,074

2,718

Other current liabilities

17,516

9,704

Total current liabilities

52,477

33,914

Deferred revenue, net of current portion

1,127

1,492

Long-term debt, net of current portion

10,000

38,502

Operating lease liabilities, net of current portion

13,400

15,705

Total liabilities

77,004

89,613

Commitments and contingencies (Note 6)

Convertible preferred stock

Convertible preferred stock, $0.0001 par value; 10,000 and 102,031 shares authorized at September 30, 2020 and December 31, 2019, respectively; 0 shares and 102,031 shares issued and outstanding, at September 30, 2020 and December 31, 2019, respectively.

223,754

Stockholders equity (deficit)

Common stock, $0.0001 par value; 500,000 shares Series 1 and, 5,051 shares Series 2 authorized at September 30, 2020 and 200,000 shares voting and 30,000 shares of non-voting authorized at December 31, 2019; 62,757, and 18,544 shares Series 1 and voting issued and, outstanding at September 30, 2020 and December 31, 2019, respectively and 5,051 and 0 shares Series 2 and non-voting issued and, outstanding at September 30, 2020, and December 31, 2019, respectively.

7

2

Additional paid-in capital

457,681

17,244

Accumulated deficit

(299,190

)

(274,549

)

Total stockholders equity (deficit)

158,498

(257,303

)

Total liabilities, convertible preferred stock, and stockholders equity (deficit)

$

235,502

$

56,064

Consolidated Statements of Operations
(in thousands, except per share amounts)

Three months ended
September
30,

Nine months ended
September
30,

2020

2019

2020

2019

Revenue

$

39,735

$

28,264

$

109,225

$

81,083

Cost of revenue

8,593

6,806

23,910

18,958

Gross profit

31,142

21,458

85,315

62,125

Operating expenses:

Sales and marketing

19,328

15,346

51,893

45,445

Research and development

12,124

10,862

34,390

32,162

General and administrative

9,745

5,527

23,925

15,748

Total operating expenses

41,197

31,735

110,208

93,355

Loss from operations

(10,055

)

(10,277

)

(24,893

)

(31,230

)

Interest income

2

4

20

245

Interest expense

(741

)

(359

)

(2,655

)

(1,129

)

Change in fair value of financial instruments

4,413

Other expense

(75

)

(86

)

(238

)

(163

)

Loss before provision for income taxes

(10,869

)

(10,718

)

(23,353

)

(32,277

)

Provision for income taxes

(14

)

7

6

21

Net loss

$

(10,855

)

$

(10,725

)

$

(23,359

)

$

(32,298

)

Dividends and accretion of issuance costs on Series F preferred stock

$

2,732

$

(1,865

)

$

(962

)

$

(5,417

)

Net loss attributable to common stockholders

$

(8,123

)

$

(12,590

)

$

(24,321

)

$

(37,715

)

Basic and diluted net loss per share attributable to common stockholders

$

(0.16

)

$

(0.70

)

$

(0.83

)

$

(2.13

)

Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders

49,355

17,959

29,145

17,681

Revenue by Source
(in thousands)

Three months ended
September
30,

Nine months ended
September
30,

(Unaudited, in thousands)

2020

2019

2020

2019

Subscription solutions

$

26,545

$

21,021

$

74,041

$

60,406

Partner and services

13,190

7,243

35,184

20,677

Total revenue

$

39,735

$

28,264

$

109,225

$

81,083

Consolidated Statements of Cash Flows
(in thousands)

Nine months
ended
September
30,

Nine months
ended
September
30,

2020

2019

Cash flows from operating activities:

Net loss

$

(23,359

)

$

(32,298

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

2,377

1,751

Amortization of discount on debt

480

41

Stock-based compensation

5,038

2,231

Allowance for credit losses

1,198

741

Accretion on discount to marketable securities

(69

)

Change in fair value of financial instrument

(4,413

)

Changes in operating assets and liabilities:

Accounts receivable

(7,473

)

(3,587

)

Prepaid expenses

(3,675

)

1,612

Deferred commissions

(1,454

)

(2,482

)

Accounts payable

1,685

(1,050

)

Accrued and other current liabilities

4,319

2,920

Deferred revenue

2,077

(920

)

Net cash used in operating activities

(23,200

)

(31,110

)

Cash flows from investing activities:

Purchase of property and equipment

(1,378

)

(5,326

)

Maturity of marketable securities

23,450

Net cash (used in) provided by investing activities

(1,378

)

18,124

Cash flows from financing activities:

Proceeds from exercise of stock options

1,947

471

Payment of dividends

(12,814

)

Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions and other offering costs

171,128

Proceeds from debt

41,861

8,591

Repayment of debt

(6,715

)

(1,538

)

Net cash provided by financing activities

195,407

7,524

Net change in cash and cash equivalents and restricted cash

170,829

(5,462

)

Cash and cash equivalents and restricted cash, beginning of period

9,150

13,897

Cash and cash equivalents and restricted cash, end of period

$

179,979

$

8,435

Supplemental cash flow information:

Cash paid for interest

$

1,519

$

1,117

Noncash investing and financing activities:

Conversion of convertible preferred stock into common stock upon initial public offering

$

211,899

$

Conversion of convertible debt into common stock upon initial public offering

$

50,172

$

Reconciliation from GAAP to Non-GAAP Results
(in thousands, except per share amounts)

Three months ended September 30,

Nine months ended September 30,

2020

2019

2020

2019

Operating loss

$

(10,055

)

$

(10,277

)

$

(24,893

)

$

(31,230

)

Less: Stock-based compensation expense

2,868

815

5,038

2,231

Non-GAAP operating loss

(7,187

)

(9,462

)

(19,855

)

(28,999

)

Non-GAAP operating margin

(18.1

)%

(33.5

)%

(18.2

)%

(35.8

)%

Three months ended September 30,

Nine months ended September 30,

2020

2019

2020

2019

Net loss

$

(10,855

)

$

(10,725

)

$

(23,359

)

$

(32,298

)

less: Stock-based compensation expense

2,868

815

5,038

2,231

less: Change in fair value of financial instruments

(4,413

)

Non-GAAP net loss

(7,987

)

(9,910

)

(22,734

)

(30,067

)

Non-GAAP net loss per share

(0.16

)

(0.55

)

(0.78

)

(1.70

)

Weighted average shares used to compute basic and diluted net loss per share attributable to common stockholders

49,355

17,959

29,145

17,681

Non-GAAP net loss margin

(20.1

)%

(35.1

)%

(20.8

)%

(37.1

)%

Three months ended September 30,

Nine months ended September 30,

2020

2019

2020

2019

Net loss

$

(10,855

)

$

(10,725

)

$

(23,359

)

$

(32,298

)

Stock-based compensation expense

2,868

815

5,038

2,231

Depreciation and amortization

699

635

2,377

1,751

Interest income

(2

)

(4

)

(20

)

(245

)

Interest expense

741

359

2,655

1,129

Change in fair value of financial instrument

(4,413

)

Provision for income taxes

(14

)

7

6

21

Adjusted EBITDA

$

(6,563

)

$

(8,913

)

$

(17,716

)

$

(27,411

)

Adjusted EBITDA Margin

(16.5

)%

(31.5

)%

(16.2

)%

(33.8

)%

Nine months ended September 30,

Nine months ended September 30,

(in thousands)

2020

2019

Net cash used in operating activities

$

(23,200

)

$

(31,110

)

Capital expenditures

$

(1,378

)

$

(5,326

)

Free cash flow

$

(24,578

)

$

(36,436

)

Reconciliation from GAAP to Non-GAAP Results (continued)
(in thousands, except per share amounts)

Three months ended September 30,

Nine months ended September 30,

2020

2019

2020

2019

Cost of revenue

$

8,593

$

6,806

$

23,910

$

18,958

less: Share-based compensation expense

179

62

334

121

Non-GAAP cost of revenue

8,414

6,744

23,576

18,837

Non-GAAP gross margin

78.8

%

76.1

%

78.4

%

76.8

%

Three months ended September 30,

Nine months ended September 30,

2020

2019

2020

2019

Sales and marketing

$

19,328

$

15,346

$

51,893

$

45,445

less: Share-based compensation expense

871

241

1,511

572

Non-GAAP sales and marketing

18,457

15,105

50,382

44,873

As a % of revenue

46.5

%

53.4

%

46.1

%

55.3

%

Three months ended September 30,

Nine months ended September 30,

2020

2019

2020

2019

Research and development

$

12,124

$

10,862

$

34,390

$

32,162

less: Share-based compensation expense

582

186

1,216

415

Non-GAAP research and development

11,542

10,676

33,174

31,747

As a % of revenue

29.0

%

37.8

%

30.4

%

39.2

%

Three months ended September 30,

Nine months ended September 30,

2020

2019

2020

2019

General & administrative

$

9,745

$

5,527

$

23,925

$

15,748

less: Share-based compensation expense

1,236

326

1,977

1,123

Non-GAAP general & administrative

8,509

5,201

21,948

14,625

As a % of revenue

21.4

%

18.4

%

20.1

%

18.0

%

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CDC may shorten coronavirus quarantine guidelines: WSJ – Yahoo Finance

Published

 on


Yahoo Finance’s Alexis Christoforous and Dr. Jennifer Cowart, internal medicine physician, discuss rising U.S. coronavirus cases.

Video Transcript

ALEXIS CHRISTOFOROUS: The US is recording the highest number of deaths from the coronavirus since May. Continues to average close to 200,000 new cases a day. Why is the CDC thinking about shortening the quarantine time?

JENNIFER COWART: Yes, thank you. I think it’s a really good question. Looking at it, they’re looking at the evidence that most people who become positive after an exposure to COVID-19 become positive within that seven to 10-day window or before then. So it doesn’t mean that you may not have some folks who become positive on the later end of the 10 to 14-day window, but the vast majority are going to become positive earlier in that time frame, which is one reason they’re considering shortening the timeframe.

Looks like they’re also going to recommend that there be a negative test associated with that shorter quarantine. They’re looking at it also from a pragmatic perspective because 14 days of quarantine is really difficult for many people to adhere to for a variety of reasons. They’re trying to work and go to school and do other things. So I believe they’re looking at it in the sense of, we can maintain a high degree of safety and potentially even a higher degree of adherence with quarantining with a little bit shorter quarantine, still catch the majority of cases, and encourage a negative test in that– to try to keep things as safe as they can be.

ALEXIS CHRISTOFOROUS: I know that you’re working at a hospital there in Jacksonville, Florida. I’m hearing reports from hospitals across the country and clinics that they’re struggling to get that PPE. What’s your situation in your hospital? And is that becoming a problem?

JENNIFER COWART: I’m really grateful that we’ve had good access to PPE through the course of this pandemic. But I know that’s not the situation in every hospital across the country. So in order to keep health care workers safe, we really do need to be sure that everybody has access to surgical masks, to N95 respirators for those high-risk encounters, gloves, gowns, face coverings or face shields or goggles. Because we do see evidence that covering the eyes, it reduces the risk of health care transmission further.

So I’m grateful that my hospital, we’ve had good access to PPE. But every hospital, every clinic needs to have that same access.

JENNIFER COWART: You know, US officials planning to release 6.4 million COVID-19 vaccine doses nationwide. And its first distribution, of course, would be to frontline workers like yourself and to people who are at high risk, namely the elderly. Do you think the CDC is doing enough to prepare people for the possible side effects of these vaccines?

JENNIFER COWART: It’s a great question because it does look like this is a vaccine that, the Pfizer and Moderna versions, that produce a vigorous immune response. And so I think folks should be prepared to feel the effects of this vaccine. Not everybody will, and that does not mean the vaccine is not working. But in many patients, they will get two doses of the vaccine, and either or both doses may produce a day of feeling some mild flu-like symptoms, some headaches, some aches and pains and shells. And folks should be prepared for that.

I think it’s a positive thing because I’d rather have one day of feeling achy compared to two weeks of illness and the risk of passing it on to my friends, family, and co-workers. But I agree I would love to see all of us, myself included, getting that message out there that this vaccine may produce a vigorous response. You may not feel well for a day or so. Still, very crucial to take that second dose of vaccine because you need both doses to get the full effect of this vaccine.

JENNIFER COWART: That’s, I think, the worry, right, that you would get the first dose, you would have these side effects, you would get concerned about that and not go back for the second dose. What would that do if a large enough amount of people decided to forego the second dose?

JENNIFER COWART: Right. And I think the vaccine has tested and known to be effective with both doses. So I think the risk would be that folks would be in completely protected if they get one dose and not the second dose. So I think we need to be very clear in saying, from the vaccine trials, the experience is that both doses are needed and that you can have a response, that you may not feel great for a day, that you need to take some acetaminophen or some ibuprofen, maybe take the day off of work if you need to.

But it’s better to have one day of feeling achy after the vaccine, means you’re getting a good robust response. And then you need to do both times to get that in order to have that full protection. And that’s the best way to keep the COVID-19 from continuing to spread, devastating our communities, working on our economy in negative ways. The best way to keep us all safe and back to work is both doses. And it may make you feel not great for a day, but it’s still better than getting COVID-19.

ALEXIS CHRISTOFOROUS: And real quickly, doctor, your advice to people who are going to be seeing family over this Thanksgiving.

JENNIFER COWART: Absolutely. So I think of everything in terms of risk and benefit and harm reduction. So if you need to travel, if you need to see your family, ways to keep it safer would be limit the size of your gathering, so not very many people in a room, eat outside if you’re able to, if the weather is nice, go outdoors, have your Thanksgiving meal outside where folks can take their masks off for a moment to eat and eat outside. Third, as I just mentioned, masks.

I know it may not feel comfortable to have masks on around our family members, but that’s the best way that if you need to have a gathering, keep it small, wear your masks, and be outdoors as much as possible. If you do decide to get a COVID test before your trip, I think that’s a great way to show that if you have a negative test, maybe your risk right this second is lower. But do not take that negative test as a license to think, great, I’ll take my mask off, and I’ll have a massive gathering of 50 people where we all share the mashed potatoes.

The way to use that test is if you take that test and it’s positive, you cancel your trip. You don’t go meet with family if you have a positive test. If you have a negative test, it means you’re still going to wear your mask, you’re going to limit the size of your gathering, and you’re going to go outside as much as possible.

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BMO, CIBC extend work from home to April as Canada cases surge – BNN

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Signage is displayed outside the Canadian Imperial Bank of Commerce (CIBC) in the financial district of Toronto, Ontario, Canada, on Friday, Feb. 14, 2020. Canadian stocks declined with global markets, as authorities struggled to keep the coronavirus from spreading more widely outside China. However, investors flocking to safe havens such as gold offset the sell-off in Canada's stock market.

A recent surge in COVID-19 cases is derailing Canadian banks’ plans to bring employees back to offices, with one lender even asking some workers who had already returned to go back home.

Canada is now facing about 5,000 new COVID-19 cases a day, prompting provinces and cities including Toronto — home to the country’s five biggest banks — to implement new restrictions to limit the virus spread. Even Prime Minister Justin Trudeau recently returned to working from home in an attempt to set a national tone of caution.

Bank of Montreal and Canadian Imperial Bank of Commerce are extending work-from-home plans for some employees until at least April. Toronto-Dominion Bank hasn’t set a firm date for a return, but said in a memo last week that most people working from home won’t come back “until at least the spring.”

Royal Bank of Canada even encouraged employees who had gone back to offices to return to working from home as of Nov. 16, according to a memo from Chief Human Resources Officer Helena Gottschling. Canada’s second-largest lender by assets said it will continue pre-screening and requiring masks and distancing for those who can’t work remotely.

“For those in critical roles that cannot be done from home and who are working on premises today, please continue to work on site,” Gottschling said in the Nov. 12 memo. “Our ongoing protocols will continue to protect employees’ health and safety in the workplace.”

The bank hasn’t set a firm time for employees to return. Royal Bank also delayed plans to have employees retrieve personal items from work sites in and around Toronto until further notice.

Bank of Nova Scotia also hasn’t set a specific time for office employees to return because of “uncertainty around how the COVID-19 pandemic will unfold in the coming months,” according to a spokesman. Canada’s third-biggest bank said workers will receive at least four weeks notice before being asked to return.

Bank of Montreal doesn’t “foresee any broad-based changes for employees who are currently working from home any sooner than April 2021, unless a specific business need exists,” the company said in an emailed statement. The country’s fourth-largest lender previously said workers would remain out of the office until the end of this year. The bank will give employees 30 days notice before asking them to return.

Most CIBC employees who are already working off-site will continue to do so until at least April, Sandy Sharman, the executive who oversees human resources, said Wednesday in a memo to staff. The bank originally advised employees they’d be working from home until at least the end of the year.

CIBC, Canada’s fifth-largest lender, said it will give workers at least four-weeks’ notice before asking them back, Sharman said in the memo. The bank had planned to start relocating employees to its freshly built new headquarters at CIBC Square by the end of the year.

“With the majority of our team members working from home seamlessly, we have the flexibility to align our decisions and timing around our long-term real estate plans, including CIBC Square, and the guidance we receive from local governments and public health authorities,” she said.

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Ontario to release updated COVID-19 projections after locking down Toronto, Peel – CityNews Toronto

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Ontario health officials are expected to release new COVID-19 projections on Thursday.

It will be the first time they have released such data since sending the province’s two biggest virus hot spots — Toronto and Peel Region — into lockdown earlier this week.

Two weeks ago, the province unveiled modelling that showed Ontario could see as many as 6,500 new daily cases of COVID-19 by mid-December unless steps are taken to limit the spread of the virus.

It said the province would reach 2,500 new daily cases by that time if the growth rate was at three per cent, or 6,500 if the growth rate was at five per cent.

At the time, Dr. Adalsteinn Brown, one of the experts behind the projections, said a five per cent growth rate was “slightly optimistic.”

Premier Doug Ford announced he would lower thresholds for imposing stricter COVID-19 measures under the province’s colour-coded restrictions system the following day.

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