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BigCommerce Announces Third Quarter Financial Results – Yahoo Finance

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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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The 5 Big Banks in Canada

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Banks in Canada

The Big Five Banks is a term used in Canada to describe the five largest banks: Royal Bank, The Bank of Montreal, Canadian Imperial Bank of Commerce, The Bank of Nova Scotia, and TD Canada Trust.

Occasionally, the term “Big Six Banks” is used, with the sixth bank referring to the National Bank of Canada. As of March 2008, the Big Six Banks and Laurentian Bank of Canada are the largest banks in Canada. The Five Big Banks hold over $100 billion in assets, and they are all based in Toronto. World Atlas provides the following data on each of the Big Five Banks.

1. Royal Bank of Canada

The Royal Bank of Canada is the largest of the Big Five with respect to net revenue (C$12.431 billion in 2018) and capitalization (C$150.35 billion as of early 2020). The Royal Bank of Canada has over 16 million clients worldwide, over 74,000 full-time employees and over 1,300 branches. Founded in 1864 in Halifax, Nova Scotia, the bank financed the lumber and timber industries. It was known as the Merchants Bank of Halifax. The Royal Bank of Canada gives 1% of its income to charity.

2. Toronto-Dominion Bank

The second-largest bank in Canada, the Toronto-Dominion Bank has the most assets, which are valued at C$1.4 trillion as of July 2019. This bank has over 22 million clients worldwide, 85,000 full-time employees and over 1,100 branches. The bank was the result of a merger of the Bank of Toronto and the Dominion Bank in 1955.

3. Bank of Nova Scotia

The Bank of Nova Scotia, or Scotiabank, is the next largest bank in Canada with assets valued at C$998 billion as of late 2019, the revenue of C$28.8 billion in 2018 and capitalization of C$87.55 billion. The bank has over 23 million customers worldwide, 89,000 full-time employees and over 1,000 branches in Canada. This bank offers to trade on both the New York and Toronto Stock Exchanges.

Also founded in Halifax, Nova Scotia—this one in 1832—the bank moved its headquarters to Toronto in 1900 to improve the transAtlantic trade industry.

4. Bank of Montreal

The Bank of Montreal is the fourth largest Canadian bank with C$852.2 billion worth of assets in late 2019, the revenue of C$22.8 billion and capitalization of C$64.81 billion as of early 2020. The bank has over 7 million clients in Canada and 939 branches. The bank has over 47,000 employees. It was founded in 1817 and is the oldest bank in Canada. Throughout crises such as World War I, the Great Depression, World War II, and the 2008 Global Financial Crisis, the Bank has consistently met dividend payments.

5. Canadian Imperial Bank of Commerce

The Canadian Imperial Bank of Commerce has C$597 billion in assets, the revenue of C$17.834 billion for 2018, and capitalization of C$48.01 billion. The bank has over 11 million clients worldwide, 1,100 branches in Canada and over 44,000 full-time employees worldwide. The bank was formed in 1961 when the Canadian Bank of Commerce and the Imperial Bank of Canada merged.

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U.S. lawmakers press GM CEO on California emissions

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U.S. lawmakers press GM CEO on California emissions

General Motors Chief Executive Mary Barra faced questions from U.S. lawmakers on Wednesday on a workers’ vote at a company plant in Mexico and the company’s support for emissions reductions.

Barra met with House of Representatives Speaker Nancy Pelosi and other senior Democrats on Capitol Hill, and touted the company’s decision announced earlier in the day to boost spending on electric and autonomous vehicles to $35 billion through 2025.

“We’re committed to an all-EV future,” Barra said in brief comments to Reuters after the meeting. “We had a lot of conversations about a lot of things that we can do to enable EV adoption.”

Until November, GM backed the Trump administration’s effort to block California from setting tougher emissions standards than the federal government.

Pelosi had expressed disappointment with GM’s support for Republican President Donald Trump’s position on the emissions rules, a source briefed on the matter said, and she urged GM to work with California and the Biden administration to reach the strongest possible vehicle emissions standards.

The administration of Democratic President Joe Biden is set to unveil revised vehicle emissions rules in July.

GM said last week it backs emissions reductions outlined in a 2019 deal struck between California and other major automakers, but wants the federal government to endorse changes to speed the adoption of electric vehicles.

Barra also faced questions about a delayed worker vote at a GM plant in Silao, Mexico.

Mexico’s Labor Ministry scrapped an initial union-led vote in April, citing “serious irregularities,” and later ordered the GM union to hold a new ballot within 30 days of its May 11 statement. No vote has been scheduled

The U.S. Trade Representative’s Office in May asked Mexico to review potential labor abuses at the Silao plant under the United States-Mexico-Canada Agreement (USMCA).

Last month, U.S. Representatives Dan Kildee, Bill Pascrell and Earl Blumenauer, all Democrats, pressed GM to answer questions about potential abuses in Mexico.

“We want to see some real demonstration of embracing the labor standards in Mexico — more than compliance,” Kildee told Reuters after the meeting. “The situation in Silao — I raised that with Mary — that’s a problem.”

The Democrats urged GM to commit to providing workers with physical copies of the contract, publicly posting contracts and to meet other requirements.

Kildee offered additional steps GM could take to support workers and meet USMCA requirements, and the three lawmakers followed up with a written list of suggested actions, congressional aides said.

The suggestions “would be tangible demonstrations of GM’s commitment to lead on compliance with the new labor standards,” Kildee told Reuters.

Earlier Wednesday, some House lawmakers on a trade panel, including Kildee, had a virtual meeting with Mexico’s ambassador to the United States in which the GM labor issued was raised.

 

(Reporting by David Shepardson; Editing by Leslie Adler)

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Presenting Your Professional Experience: Numbers Are Your Friends

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B.C. has met its goal of hiring more than 1200 contact tracers

Numbers rule the business world—revenue, headcount, process time, value increase, number of clients, inventory count, profit margin, credit rating, customer satisfaction score. Numbers indicate and measure success or failure, whether a business activity is positive or negative to the bottom line. You’d be hard-pressed to find a business decision made without some factoring in of “the numbers,” be it stats, cost, the potential return on investment.

 

Hiring is a business decision.

 

To make a strong case for yourself (Envision your selling features.) throughout your resume use numbers, the language of business, to quantify your results and establish yourself as someone who can bring value to an employer. Using numbers shows you understand how companies operate and that they exist to make a profit. Most importantly, using results-achieved numbers displays your value.

 

Which job seeker displays better value?

 

Candidate 1: Duties included taking field measurements and maintaining records, setting up and tracking project using Microsoft Project.

 

Candidate 2: Spearheaded the Hazzard County water decontamination project, finishing $125,000 under budget due to a 25% decrease in staff allocation time.

 

Which job seeker gives a clearer picture of their responsibilities?

 

Candidate 1: Supervised team leaders.

 

Candidate 2: Supervised 3 team leaders, collectively responsible for 40 CSRs answering 1,750 – 2,500 calls daily.

 

Which job seeker shows their work ethic?

 

Candidate 1: Completed first editing pass on articles.

 

Candidate 2: Reviewed and evaluated 50 – 75 articles per week, deciding whether to reject the article, forward it to the editorial team, or send it back to the author with revision suggestions.

 

Information quantified means something. Information not quantified is just an opinion. Most resumes are just a list of opinions, thus quantifying your professional experience will set you apart from your competition.

 

TIP: Always use bullets, not paragraphs, to describe your professional experiences.

 

For each position you list on your resume, ask yourself:

 

  • Did I increase my employer’s revenue? How?
  • Did I save my employer money?
  • Did I save time?
  • Was my boss(es), colleagues, staff, customers, vendors, and leadership team members happier because of me?
  • How did I contribute to improving my employer’s business?

 

When answering these questions, quantify (percentage, range, monetary, frequency, before/after comparison, ratio). Creating a resume that WOWs requires filling it with quantified results-rich statements.

 

  • Reduced customer complaints by 47% by implementing a formal feedback system.
  • Improved product delivery time 22% after assigning clarified monthly job tasks to team members.
  • In 2020, grew revenue 33%, and improved gross margin by 22%, by standardizing business operating procedures.
  • Produced $1.75M in cost-savings after renegotiating the company’s supply and service contracts (14 vendors).
  • Built sales organization from the ground up, hiring and training 15 sales representatives within 6 months.
  • In 2019, generated over $7.25M in additional revenue by identifying, pursuing, and securing 4 new international contracts.

 

As I mentioned a few columns back, your resume must clearly and succinctly answer one question: How did you add or bring value to your employers? When it comes to answering this question, numbers are your friends.

 

Something to keep in mind: The king of numbers, the only metric in business that matters, the one that keeps a business alive and profitable, is revenue. As much as possible, throughout your resume and cover letter, demonstrate the results you’ve achieved that were added value to your employer’s financial success.

 

Don’t write on your resume what’s become a cliche, “result-oriented.” Don’t write it on your LinkedIn profile. Don’t say it during an interview. Show your results! “In 2017, I increased sales by 29% by creating upsell opportunities for my 8-member sales team to offer.”

 

Additional tips when bulleting your professional experience:

 

  • Employment dates need to be month/year. Only indicating years is a red flag you’re trying to cover up employment gaps.
  • Under 2 Lines. Your bullets shouldn’t be more than 2 lines.
  • The first 5 – 8 words are critical. When skimming a resume, the reader will likely read the first few words of a bullet then, unless their interest is piqued, move on to the next bullet. The first few words need to be captivating.

 

Next week I’ll cover presenting your education, skills, and certifications. These need to demonstrate your career path, not that you simply attended classes.

______________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send him your questions at artoffindingwork@gmail.com.

 

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