SAN FRANCISCO, August 11, 2021–(BUSINESS WIRE)–Stem, Inc. (“Stem” or the “Company”) (NYSE:STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today its financial results for the second quarter ended June 30, 2021.
Second Quarter 2021 Financial and Operating Highlights
Financial Highlights
Revenues of $19.3 million, up from $4.4 million (+339%) in the same quarter last year
Gross Margin (GAAP) of (1)% versus (40)% in the same quarter last year
Non-GAAP Gross Margin of 11%, up from 5% in the same quarter last year
Net Loss of $(100.2) million versus $(19.0) million in the same quarter last year
Adjusted EBITDA of $(8.6) million vs. $(7.5) million in the same quarter last year
Ended the second quarter with $474 million in cash and zero debt
Operating Highlights
12-month Pipeline of $1.7 billion, up from $1.4 billion (+21%) at end of the first quarter
Contracted Backlog of $250 million, up from $221 million (+13%) at end of the first quarter
Contracted Assets Under Management (AUM) of 1.2 gigawatt hours (GWh), up from 0.5 GWh in the same quarter last year
John Carrington, Chief Executive Officer of Stem, commented, “We are pleased to announce a solid second quarter of execution, building on our strong first-quarter results. Revenue was at the high end of our guidance range, which, coupled with our gross margin and operating expense performance, keeps us on track to meet our full-year revenue and Adjusted EBITDA targets. Our sales team continued to leverage our partner channel in multiple geographies increasing our contracted backlog to $250 million (13% sequential growth), providing us with increased visibility into 2022 revenue. As the first pure-play publicly traded smart energy storage company, our experience, industry-leading Athena® software platform, robust service offerings, and strong balance sheet will continue to differentiate Stem in this rapidly expanding market.”
Key metrics
$ millions unless otherwise noted
Three Months Ended
June 30,
2021
2020
Financial metrics
Revenue
$19.3
$4.4
Gross Margin (GAAP)
$(0.1)
$(1.7)
Gross Margin (GAAP, %)
-1%
-40%
Non-GAAP Gross Margin***
$2.1
$0.2
Non-GAAP Gross Margin (%)***
11%
5%
Net Loss (GAAP)
$(100.2)
$(19.0)
Adjusted EBITDA***
$(8.6)
$(7.5)
Key Operating metrics*
12-Month Pipeline ($ billions)
$1.7
**
Contracted Backlog
$250
**
Contracted AUM (GWh)
1.2
0.5
* at period end
** not available
***Non-GAAP financial measures. See the section below titled “Use of Non-GAAP Financial Measures” for details and page 9 for reconciliations.
Second-Quarter 2021 Financial and Operating Results
Financial Results
Second quarter revenue increased 339% to $19.3 million, versus $4.4 million in the same quarter last year. Higher hardware revenue from Front of the Meter (“FTM”) partnership agreements drove most of the year-over-year increase, in addition to higher services revenue from host customer arrangements.
Gross Margin (GAAP) was $(0.1) million, or (1)%, versus $(1.7) million, or (40)% in the same quarter last year. Non-GAAP Gross Margin was $2.1 million or 11% versus $0.2 million or 5% in the same quarter last year. The year-over-year increases in Gross Margin (GAAP) and Non-GAAP Gross Margin resulted from an increased mix of software service revenues and higher-margin hardware deliveries.
Net Loss increased to $(100.2) million versus $(19.0) million in the same quarter last year. This was primarily due to $76.4 million of non-cash charges recorded in the quarter from the revaluation of warrants tied to an increase in the value of the underlying stock, along with higher operating expenses.
Adjusted EBITDA was $(8.6) million compared to $(7.5) million in the same quarter last year. The lower Adjusted EBITDA results were primarily driven by higher operating expenses, due to increased personnel costs reflecting continued investment in our growth initiatives.
The Company ended the second quarter with $474 million in cash and no debt.
Operating Results
The Company’s 12-month forward Pipeline was $1.7 billion as of June 30, 2021, representing significant year-over-year growth. The 21% increase in the 12-month pipeline from $1.4 billion at March 31, 2021 is a result of increased FTM project opportunities and the seasonal nature of the pipeline.
Contracted Backlog increased 13% sequentially, from $221 million as of March 31, 2021 to $250 million as of June 30, 2021. The increase in Contracted Backlog resulted from strong bookings of $45 million tied to increased commercial activity. Bookings grew 18% year-over-year from $38 million in the quarter ended June 30, 2020.
Contracted AUM more than doubled year-over-year to 1.2 GWh, driven by increased commercial activity and the addition of the 345-megawatt hour (MWh) Electrodes Holdings LLC portfolio. Contracted AUM increased sequentially by 9%, driven by new contracts and new systems that came in service.
The following table provides a summary of current backlog compared to prior quarter backlog:
$ millions
Period ending 1Q21
$221
$45
($19)
$3
Period ending 2Q21
$250
Business Highlights
Since mid-June 2021, Stem has consistently dispatched more than 500 MWh daily in multiple markets across the United States and Canada in response to heat waves, increased grid interconnections from renewables and wildfires that have caused widespread stress on power grids. Stem’s demand response and grid services programs are designed to use virtual power plants powered by the Athena software platform to flatten electricity usage peaks and deliver power to the most constrained parts of the grid.
Stem has grown rapidly in ISO New England since the system operator expanded market participation activities for Front-of-the-Meter (“FTM”) storage in 2020. As of the end of June, Stem-directed systems comprised 52% of Massachusetts and 19% of ISO-NE of the operational continuous storage facilities active in the wholesale energy, ancillary services and forward capacity settlement markets, as reported by the system operator.
On June 25, 2021, Stem entered into an agreement to exchange 7.2 million private warrants for 4.7 million shares of common stock. The transaction closed on June 30, 2021. As of August 11, 2021, 12.8 million public warrants remain outstanding, which are redeemable by the Company beginning August 20, 2021.
On June 2, 2021, Stem announced that it had partnered with Ameresco, a leading cleantech integrator, whereby it will provide 15 MWh of battery storage for Holy Cross Energy, an electric cooperative in western Colorado. Stem and Ameresco plan to further collaborate to provide enhanced returns in electric cooperative markets and beyond. The Company is currently pursuing projects with cooperatives in 26 states and expects this end market to represent a significant component of its FTM business.
Outlook
The Company reaffirms its guidance of full-year 2021 revenue of $147 million and full-year 2021 Adjusted EBITDA of $(25) million. Consistent with prior guidance, the Company reaffirms that it expects to recognize 20-30% of total 2021 revenue in Q3, and 50-60% of total 2021 revenue in Q4.
The Company believes that it has contracted for sufficient supply chain commitments to meet its 2021 revenue goal and will continue to diversify its supply chain, adopt alternative technologies, and deploy its balance sheet to meet the significant growth in customer demand.
Use of Non-GAAP Financial Measures
In addition to financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures: non-GAAP gross margin and Adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. See “Reconciliations of non-GAAP Financial Measures” on page 9 of this release. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate our operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our operating performance, such as stock-based compensation and other non-cash charges, as well as discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) are used by our institutional investors and the analyst community to help them analyze the health of our business.
We define Adjusted EBITDA as net loss before depreciation and amortization, including amortization of internally developed software, net interest expense, further adjusted to exclude stock-based compensation and other income and expense items, including the change in fair value of warrants and embedded derivatives.
We define non-GAAP gross margin as gross margin excluding amortization of capitalized software, impairments related to decommissioning of end-of-life systems, and adjustments to reclassify data communication and cloud production expenses to operating expenses.
About Stem, Inc.
Stem Inc. (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter.
For more information, visit www.stem.com.
Notes
Stem will hold a conference call to discuss this earnings press release and business outlook on Wednesday, August 11, 2021 at 5:00 p.m. Eastern Time. The conference call may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing 877-705-6003, or for international callers, 201-493-6725 and referencing Stem. A replay of the webcast will be available shortly after the call on the Events & Presentations page in the Investor Relations section of the Company’s website and will remain available for approximately one month.
Forward-Looking Statements
This second-quarter 2021 earnings release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the reduction of greenhouse gas (“GHG”) emissions; the integration and optimization of energy resources; the business strategies of Stem and those of its customers; the global commitment to decarbonization; our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our ability to manage our supply chains and distribution channels and the impact of natural disasters and other events beyond our control, such as the COVID-19 pandemic and the Delta variant; and future results of operations. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; our inability to achieve our financial and performance targets and other forecasts and expectations; our inability to recognize the anticipated benefits of our recent business combination with Star Peak Energy Transition Corp. (“Star Peak”); our ability to grow and manage growth profitably; risks relating to the development and performance of our energy storage systems and software-enabled services; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; our inability to attract and retain qualified personnel; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this second-quarter 2021 press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
Source: Stem, Inc.
STEM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share amounts)
June 30, 2021
December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents
$
474,138
$
6,942
Accounts receivable, net
17,833
13,572
Inventory, net
27,167
20,843
Other current assets (includes $206 and $123 due from related parties as of June 30, 2021 and December 31, 2020, respectively)
19,199
7,920
Total current assets
538,337
49,277
Energy storage systems, net
118,216
123,703
Contract origination costs, net
11,668
10,404
Goodwill
1,786
1,739
Intangible assets, net
12,387
12,087
Other noncurrent assets
15,945
8,640
Total assets
$
698,339
$
205,850
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current liabilities:
Accounts payable
$
17,798
$
13,749
Accrued liabilities
9,177
16,072
Accrued payroll
4,565
5,976
Notes payable, current portion
—
33,683
Convertible promissory notes (includes $— and $45,271 due to related parties as of June 30, 2021 and December 31, 2020, respectively)
—
67,590
Financing obligation, current
15,336
14,914
Deferred revenue, current
37,056
36,942
Other current liabilities (includes $880 and $399 due to related parties as of June 30, 2021 and December 31, 2020, respectively)
1,910
1,589
Total current liabilities
85,842
190,515
Deferred revenue, noncurrent
18,648
15,468
Asset retirement obligation
4,178
4,137
Notes payable, noncurrent
1,719
4,612
Financing obligation, noncurrent
74,496
73,128
Warrant liabilities
303,798
95,342
Lease liability, noncurrent
880
57
Total liabilities
489,561
383,259
Commitments and contingencies (Note 13)
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value; 1,000,000 shares authorized as of June 30, 2021 and December 31, 2020, respectively; 0 shares issued and outstanding as of June 30, 2021 and December 31, 2020
—
—
Common stock, $0.0001 par value; 500,000,000 shares authorized as of June 30, 2021 and December 31, 2020; 130,418,055 and 40,202,785 issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
13
4
Additional paid-in capital
799,918
230,620
Accumulated other comprehensive loss
(543
)
(192
)
Accumulated deficit
(590,610
)
(407,841
)
Total stockholders’ equity (deficit)
208,778
(177,409
)
Total liabilities and stockholders’ equity (deficit)
$
698,339
$
205,850
STEM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(in thousands, except share and per share amounts)
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
Revenue
Services revenue
$
5,153
$
3,670
$
10,035
$
7,062
Hardware revenue
14,184
709
24,723
1,427
Total revenue
19,337
4,379
34,758
8,489
Cost of revenue
Cost of service revenue
5,809
5,510
12,715
10,255
Cost of hardware revenue
13,655
614
22,286
1,365
Total cost of revenue
19,464
6,124
35,001
11,620
Gross margin
(127
)
(1,745
)
(243
)
(3,131
)
Operating expenses:
Sales and marketing
3,913
4,242
6,580
8,646
Research and development
4,827
3,619
9,234
7,032
General and administrative
15,014
2,404
17,706
5,383
Total operating expenses
23,754
10,265
33,520
21,061
Loss from operations
(23,881
)
(12,010
)
(33,763
)
(24,192
)
Other income (expense), net:
Interest expense
(3,929
)
(5,192
)
(10,162
)
(9,561
)
Loss on extinguishment of debt
(5,064
)
—
(5,064
)
—
Change in fair value of warrants and embedded derivative
(67,179
)
(1,918
)
(133,577
)
(909
)
Other income (expenses), net
(163
)
139
(203
)
(1,790
)
Total other income (expense)
(76,335
)
(6,971
)
(149,006
)
(12,260
)
Loss before income taxes
(100,216
)
(18,981
)
(182,769
)
(36,452
)
Income tax expense
—
—
—
—
Net loss
$
(100,216
)
$
(18,981
)
$
(182,769
)
$
(36,452
)
Net loss per share attributable to common shareholders, basic and diluted
$
(1.00
)
$
(0.48
)
$
(2.59
)
$
(1.14
)
Weighted-average shares used in computing net loss per share, basic and diluted
100,611,965
39,801,379
70,684,750
40,209,877
STEM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
Six Months Ended June 30,
2021
2020
OPERATING ACTIVITIES
Net loss
$
(182,769
)
$
(36,452
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense
10,315
7,918
Non-cash interest expense, including interest expenses associated with debt issuance costs
7,119
4,570
Stock-based compensation
1,784
932
Change in fair value of warrant liability and embedded derivative
133,577
909
Noncash lease expense
334
286
Accretion expense
112
160
Impairment of energy storage systems
1,275
947
Issuance of warrants for services
9,183
—
Changes in operating assets and liabilities:
Accounts receivable
(4,219
)
2,212
Inventory
(6,323
)
(6,340
)
Other assets
(16,924
)
(2,691
)
Contract origination costs
(1,650
)
(1,383
)
Accounts payable and accrued expenses
3,292
412
Deferred revenue
3,294
12,308
Lease liabilities
(289
)
(310
)
Other liabilities
56
25
Net cash used in operating activities
(41,833
)
(16,497
)
INVESTING ACTIVITIES
Purchase of energy storage systems
(5,603
)
(7,555
)
Capital expenditures on internally-developed software
(2,693
)
(2,628
)
Purchase of property and equipment
(300
)
—
Net cash used in investing activities
(8,596
)
(10,183
)
FINANCING ACTIVITIES
Proceeds from exercise of stock options and warrants
2,933
54
Net contributions from Merger and PIPE financing, net of transaction costs of $58,061
550,322
—
Proceeds from financing obligations
4,929
8,391
Repayment of financing obligations
(4,609
)
(4,267
)
Proceeds from issuance of convertible notes, net of issuance costs of $8 and $911 for the six months ended June 30, 2021 and 2020, respectively
1,118
14,050
Proceeds from issuance of notes payable, net of issuance costs of $101 and $1,502 for the six months ended June 30, 2021 and 2020, respectively
3,940
23,498
Repayment of notes payable
(41,446
)
(19,665
)
Net cash provided by financing activities
517,187
22,061
Effect of exchange rate changes on cash and cash equivalents
438
(176
)
Net increase (decrease) in cash and cash equivalents
467,196
(4,795
)
Cash and cash equivalents, beginning of period
6,942
12,889
Cash and cash equivalents, end of period
$
474,138
$
8,094
STEM, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(unaudited)
The following table provides a reconciliation of net loss to Adjusted EBITDA:
Three Months Ended June 30,
Six Months Ended June 30,
2021
2020
2021
2020
(in thousands)
(in thousands)
Net loss
$
(100,216
)
$
(18,981
)
$
(182,769
)
$
(36,452
)
Adjusted to exclude the following:
Depreciation and amortization
5,236
3,924
10,315
7,918
Interest expense
3,929
5,192
10,162
9,561
Loss on extinguishment of debt
5,064
—
5,064
—
Stock-based compensation
1,024
476
1,784
932
Vesting of warrants
9,184
—
9,184
—
Change in fair value of warrants and embedded derivative
67,179
1,918
133,577
909
Provision for income taxes
—
—
—
—
Adjusted EBITDA
$
(8,600
)
$
(7,471
)
$
(12,683
)
$
(17,132
)
Adjusted EBITDA as used in connection with the Company’s 2021 outlook is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. The Company is unable to reconcile Adjusted EBITDA to net loss, its most directly comparable forward-looking GAAP financial measure, without unreasonable efforts, because the Company is currently unable to predict with a reasonable degree of certainty its change in fair value of warrants expense for 2021. In addition, the Company may incur additional expenses that may affect Adjusted EBITDA, such as stock-based compensation expense and other items. The unavailable information could have a significant effect on the Company’s full year 2021 GAAP financial results.
The following table provides a reconciliation of gross margin (GAAP) to non-GAAP gross margin:
$ millions, unless otherwise noted
Three Months Ended
June 30,
2021
2020
Revenue
$19.3
$4.4
Cost of Goods Sold
($19.4)
($6.1)
Gross Margin (GAAP)
($0.1)
($1.7)
Gross Margin (GAAP) (%)
-1%
-40%
Adjustments to Gross Margin
Amortization of Capitalized Software
$1.3
$0.9
Impairments of Storage Systems
$0.3
$1.1
Other Adjustments(1)
$0.6
($0.1)
Non-GAAP Gross Margin
$2.1
$0.2
Non-GAAP Gross Margin (%)
11%
5%
(1) Consists of certain operating expenses including communication and cloud service expenditures reclassified to cost of revenue.
Key Definitions:
Item
Definition
12-Month Pipeline
Total value of uncontracted, potential hardware and software revenue from opportunities currently in process by Stem direct salesforce and channel partners which have a reasonable likelihood of contract execution within 12 months
Gross Pipeline
Total value of uncontracted, potential hardware and software revenue from opportunities currently in process by Stem direct salesforce and channel partners
Bookings
Total value of executed customer agreements, as measured during a given period (e.g. quarterly booking or annual booking)
Contracted Backlog
Total value of bookings in dollars, as reflected on a specific date
Contracted AUM
Total MWh of systems in operation or under contract
It’s common knowledge that companies don’t hire the most qualified candidates. Employers hire the person they believe will deliver the best value in exchange for their payroll cost.
Since most job seekers know the above, I’m surprised that so few mention their Employee Value Proposition (EVP). Most job seekers list their education, skills, and experience without substantiating them and expect employers to determine whether they can benefit their company; hence, most resumes and LinkedIn profiles are just a list of opinions—borderline platitudes—that are meaningless and, therefore, have no value. Job seekers need to better explain, along with providing evidence, how they’ll contribute to an employer’s success.
Employers don’t hire opinions (read: talk is cheap); they hire results.
You’re not offering anything tangible when you claim:
I’m a great communicator.
I’m detail oriented.
I’m a team player.
Tangible:
“At Global Dynamics, I held quarterly town hall meetings with my 22 sales reps, highlighting our accomplishments, identifying opportunity areas, and recognizing outstanding performers.”
“For eight years, I managed Vandelay Industries IT department, overseeing a staff of 18 and a 12-million-dollar budget while coordinating cross-specialty projects. My strong attention to detail is why I never exceeded budget.”
“While working at Cyberdyne Systems, I was part of the customer service team, consisting of nine of us, striving to improve our response time. Through collaboration and sharing of best practices, we reduced our average response time from 48 to 12 business hours, resulting in a 35% improvement in customer feedback ratings.”
These examples of tangible answers provide employers with what they most want to hear from candidates but rarely do; what value the candidate will bring to the company. Typically, job seekers present their skills, experience, and unsubstantiated opinions and expect recruiters and employers to figure out their value, which is a lazy practice.
Getting hired isn’t based on “I have an MBA in Marketing and Sales,” “I’ve been a web designer for over 15 years,” “I’m young, beautiful and energetic,” blah, blah, blah. Likewise, being rejected isn’t based on “I’m overqualified,” “I’m too old,” “I don’t have enough education,” blah, blah, blah. Getting hired depends entirely on showing employers that you can add value and substance to their company; that you’ll serve a purpose.
When you articulate a solid value offer, the “blah, blah, blah” doesn’t matter. Job seekers focus too much on the “blah, blah, blah,” and when not hired, they say, “It’s not me, it’s…” The biggest mistake I see job seekers make is focusing on the “blah, blah, blah”—their experience and education—believing this is what interests employers. Hiring managers are more interested in whether you can solve the problems the position exists to solve than in your education and experience.
Not impressive: Education
Impressive: A track record of achieving tangible results.
You aren’t who you say you are; you are what you do.
If you want to be somebody who works hard, you have to actually work hard. If you want to be somebody who goes to the gym, you actually have to go to the gym. If you want to be a good friend, spouse, or colleague, you have to actually be a good friend, spouse, or colleague. Actions build reputations, not words.
The biggest challenge job seekers face today is differentiating themselves. To stand out and be memorable, don’t be like most job seekers, someone who’s all talk and no action. Any recruiter or hiring manager will tell you that the job market is heavily populated with job seekers who talk themselves up, talk a “good game” about everything they can “supposedly” do, drop names, etc., but have nothing to show for it.
More than ever, employers want to hear candidates offer a value proposition summarizing what value they bring. If you’re looking for a low-hanging fruit method to differentiate yourself, do what job seekers hardly ever do and make a hard-to-ignore value proposition.
Increase sales: “Based on my experience managing Regina and Saskatoon for PharmaKorp, I’m confident that I can increase BioGen’s sales by no less than 25% in Winnipeg and the surrounding area by the end of 2025.”
Reduce cost: “During my 12 years as Taco Town’s head of purchasing, I renegotiated contracts with key suppliers, resulting in 15% cost savings, saving the company over $450,000 annually. I know I can do the same for The Pasta House.”
Increase customer satisfaction:“During my time at Globex Corporation, I established a systematic feedback mechanism that enabled customers to share their experiences. This led to targeted improvements, increasing our Net Promoter Score by 15 points. I can increase Dunder Mifflin’s net promoter score.”
Save time: “As Zap Delivery’s dispatcher, I implemented advanced routing software that analyzed traffic patterns, reducing average delivery times by 20%. My implementation of this software at Froggy’s Delivery can reduce your delivery times by at least 20%, if not more.”
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Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.
Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.
The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.
Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.
The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.
The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.
The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.
The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.
Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.
In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.
“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.
As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.
Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.
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