Net Revenue Increased ~20% to $155 Million from the Prior Year Quarter
Net Income Improved $95 Million to $6 Million from the Prior Year Quarter
Adjusted EBITDA of $13.8 Million, 11th Consecutive Quarter of Positive Adjusted EBITDA
Achieved $70 Million in Cost Synergies To Date; On-Track to Exceed Original Plan of $80 Million Ahead of Schedule and to Generate Additional $20 Million of Synergies in Fiscal 2023
Leading Medical Cannabis Company in Europe with ~20% Market Share in Germany
NEW YORK, Jan. 10, 2022 (GLOBE NEWSWIRE) — Tilray, Inc. (“Tilray” or the “Company”) (Nasdaq: TLRY; TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported financial results for the second fiscal quarter ended November 30, 2021. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated.
The Company also announced a new parent name, Tilray Brands, Inc., reflecting the Company’s evolution from a Canadian LP to a global consumer packaged goods company powerhouse with a market leading portfolio of cannabis and lifestyle CPG brands.
Irwin D. Simon, Tilray’s Chairman and Chief Executive Officer, stated, “Our second quarter performance reflects notable success building high-quality and highly sought-after cannabis and lifestyle CPG brands which, coupled with our scale, operational excellence and broad global distribution, enabled us to increase sales and maintain profitability despite sector-specific and macro-economic headwinds.”
Mr. Simon continued, “Looking at performance highlights across key markets, we maintained our #1 cannabis market share position in Canada – despite market saturation and related competitive challenges — on the strength of our brands and adept pricing and marketing adjustments. Importantly, we believe these adjustments will enable us to aggressively recapture share when the market right-sizes. In Germany – Europe’s largest and most profitable medical cannabis market – our nearly 20% share leads the market. We believe this, coupled with our infrastructure, will also allow us to capture the adult-use market as legalization accelerates under the new coalition government. Turning to the U.S., SweetWater Brewing and Manitoba Harvest continued to invest in product innovation and acquisitions to enhance awareness and distribution. These profitable businesses further provide an opportunity to launch THC-based products upon federal legalization in the U.S. Subsequent to the end of the fiscal quarter, we also expanded our spirits portfolio through the acquisition of Breckenridge Distillery, deepening our presence in the fast-growing spirits sector while also providing an immediate contribution to earnings.”
Mr. Simon concluded, “The totality of our performance, our prospects and our global platform make Tilray Brands’ opportunity as compelling as ever, driven by our success as a cannabis and lifestyle CPG powerhouse and our relentless focus on delivering shareholder value.”
Financial Highlights – Second Quarter Fiscal 2022
Net income increased to $6 million from a net loss of $89 million in the previous year quarter.
Net revenue increased ~20% to $155 million during the second quarter from $129 million in the prior year quarter. The increase was driven by 7% growth in cannabis revenue to $58.8 million, net beverage alcohol revenue of $13.7 million from SweetWater, and wellness segment revenue of $13.8 million from Manitoba Harvest.
Adjusted EBITDA of $13.8 million in the second quarter 2022, 8% growth compared to the preceding prior quarter, and the eleventh consecutive quarter of positive Adjusted EBITDA
Gross profit of $32.8 million, a 7% decrease from $35.3 million in the prior year quarter.
Adjusted gross margin in the cannabis segment remained strong at 43%.
Maintained #1 cannabis market share in Canada1 with leading portfolio of comprehensive medical cannabis and adult-use brands, including top position in cannabis flower and pre-rolls.
International medical cannabis market leader and #1 in Germany2 with ~20% market share.
Cost synergies from Aphria-Tilray combination of $70 million achieved on a run-rate basis to date, with actual cash-savings close to $36 million to date. Expect to reach $80 million synergy target, ahead of schedule, by May 31, 2022 and to generate an additional $20 million in synergies in fiscal 2023.
Strategic Growth Actions
On December 21, 2021 – SweetWater acquired award-winning craft-beer brands, Alpine Beer and Green Flash Brewing.
On December 8, 2021, Tilray acquired Breckenridge Distillery, strengthening its strategic position in the U.S.
On November 4, 2021, SweetWater entered the Spirits category with new ready-to-drink cocktail and cross-brand collaboration with Canadian cannabis brand, RIFF.
On October 26, 2021, Tilray announced European expansion with medical cannabis agreement in Luxembourg.
On October 20, 2021, Tilray announced an expanded distribution agreement with Great North Distributors for adult-use cannabis sales across Canada.
Growth and High Potential Across Key Markets
#1 Market Leading Position in Germany and Poised to Benefit from Recreational Legalization –Tilray is also the only company currently supplying the German government with medical cannabis grown in-country. The Company’s state-of-the-art EU GMP certified cultivation facility in Germany has additional capacity to immediately support entry into the recreational market upon legalization, which the new German coalition government is accelerating.
Ongoing Progress Across the EU – Tilray’s success across the EU, a powerful growth market worth potentially $1 billion for the Company, is backed by its two state-of-the-art cultivation facilities in Portugal and Germany that provide EU GMP certified pharmaceutical-grade medical cannabis across the region. Tilray is also the only Company with two EU GMP certified cannabis facilities in Europe. This unparalleled production capability coupled with Tilray’s sales arrangements through major distribution channels in Germany, the UK, and other key markets, and strong relationships with local governments and the trust of patients give Tilray the ability to drive accelerated growth.
#1 Leading Cannabis Market Share in Canada – Amid an intensely competitive and over-saturated market, Tilray remains the market leader in the CAD$4.26 billion Canadian cannabis market, driven by a portfolio of carefully curated brands across all consumer segments; medical, wellness, innovative cannabis 2.0 products across concentrates, edibles, and drinks; processing capacity; and distribution. In order to address the saturated marketplace, Tilray has implemented strategic price adjustments, expanded distribution through its coast-to-coast agreement with Rose Life Sciences and Great North Distributors, and doubled-down on and accelerated product innovation.
A Leading U.S. CPG Platform that Generates Considerable Cash Flow Now and Will Be Immediately Leveraged for Cannabis Products Upon Federal Legalization – In the U.S., Tilray’s operating businesses include SweetWater, the 11th largest craft brewer in the nation3 and leading lifestyle brand, and Manitoba Harvest, a pioneer in hemp, CBD and wellness products. Together, they generate approximately $100 million in revenue and are EBITDA and cash flow positive and will expand in the near term into CBD adjacencies and THC-based products upon legalization. Further, the Company continues to build its U.S. platform, including through its prior acquisition of a majority of the outstanding senior secured convertible notes of MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) – which marked a critical step towards delivering on its objective of leading the U.S. cannabis market upon federal legalization.
Conference Call Tilray executives will host a conference call and live audio webcast to discuss these results at 8:30 am Eastern Time, details of which are provided below.
Call-in Number: (877) 407-0792 from Canada and the U.S. or (201) 689-8263 from international locations. Please dial in at least 10 minutes prior to the start time.
A telephone replay will be available approximately two hours after the call concludes through January 26, 2022. To access the recording dial (844)-512-2921 and use the passcode 13725661.
There will be a simultaneous, live webcast available on the Investors section of Tilray’s website at www.tilray.com. The webcast will also be archived.
ICR Conference Participation Today
Tilray executives will also host a virtual fireside chat at the ICR Conference at 1:30 pm Eastern Time today. There will be a simultaneous, live webcast available on the Investors section of Tilray’s website at www.tilray.com. The webcast will also be archived.
About Tilray
Tilray, Inc. (Nasdaq: TLRY; TSX: TLRY), is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
For more information on how we open a world of wellbeing, visit www.Tilray.com.
Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian securities laws and 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, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the Company’s ability to become the world’s leading cannabis-focused consumer branded company; expectations regarding profitable revenue growth and expected cost savings; and the Company’s ability to commercialize new and innovative beverage products. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
Use of Non-U.S. GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures, including adjusted gross margin, Adjusted EBITDA and adjusted free cash flow. Management believes that the non-GAAP financial measures presented provide useful additional information to investors about current trends in the Company’s operations and are useful for period-over-period comparisons of operations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read only in connection with the Company’s Consolidated Statements of Operations and Cash Flows presented in accordance with GAAP.
Adjusted EBITDA is calculated as net income (loss) before finance expense, net; non-operating expense (income), net; amortization; stock-based compensation; facility start-up and closure costs; inventory valuation adjustment; lease expense; and transaction costs. A reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Gross margin, excluding inventory valuation adjustments, is calculated as revenue less cost of sales adjusted to add back inventory valuation adjustments and amortization of inventory step-up, divided by revenue. A reconciliation of Gross margin, excluding inventory valuation adjustments, to gross margin, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release. Free cash flow is comprised of two GAAP measures deducted from each other which are net cash flow provided by (used in) operating activities less investments in capital and intangible assets. Adjusted free cash flow removes the cash impact of acquisitions from free cash flow. A reconciliation of net cash flow provided by (used in) operating activities to free cash flow and to adjusted cash flows, the most directly comparable GAAP measure, has been provided in the financial statement tables included below in this press release.
1 Based on Hifyre retail data. 2 Insight Health NPI: Panel data of 5,500 pharmacies (29% coverage) 3 The Brewers Association Top 50 Brewing Companies by Sales Volume Report for 2020.
Consolidated Statements of Financial Position
(In thousands of United States dollars)
November 30, 2021
May 31, 2021
Assets
Current assets
Cash and cash equivalents
$
331,783
$
488,466
Accounts receivable, net
84,575
87,309
Inventory
233,020
256,429
Prepaids and other current assets
57,340
48,920
Convertible notes receivable
1,560
2,485
Total current assets
708,278
883,609
Capital assets
604,249
650,698
Right-of-use assets
13,933
18,267
Intangible assets
1,450,015
1,605,918
Goodwill
2,814,163
2,832,794
Interest in equity investees
4,440
8,106
Long-term investments
168,244
17,685
Other assets
164
8,285
Total assets
$
5,763,486
$
6,025,362
Liabilities
Current liabilities
Bank indebtedness
$
8,736
$
8,717
Accounts payable and accrued liabilities
168,300
212,813
Contingent consideration
62,339
60,657
Warrant liability
40,455
78,168
Current portion of lease liabilities
3,588
4,264
Current portion of long-term debt
31,510
36,622
Total current liabilities
314,928
401,241
Long – term liabilities
Lease liabilities
49,265
53,946
Long-term debt
151,819
167,486
Convertible debentures
554,854
667,624
Deferred tax liability
219,311
265,845
Other liabilities
320
3,907
Total liabilities
1,290,497
1,560,049
Shareholders’ equity
Common stock ($0.0001 par value; 990,000,000 shares authorized; 463,802,393 and 265,423,304 shares issued and outstanding, respectively)
46
46
Additional paid-in capital
4,954,547
4,792,406
Accumulated other comprehensive income
9,595
152,668
Accumulated Deficit
(527,900
)
(486,050
)
Total Tilray shareholders’ equity
4,436,288
4,459,070
Non-controlling interests
36,701
6,243
Total shareholders’ equity
4,472,989
4,465,313
Total liabilities and shareholders’ equity
$
5,763,486
$
6,025,362
Condensed Consolidated Statements of Net Income (Loss) and Comprehensive (Loss)
Three months ended November 30,
Six months ended November 30,
Three months ended November 30,
Six months ended November 30,
(In thousands of United States dollars)
2021
2020
2021
2020
Change
%Change
Change
%Change
Net revenue
$
155,153
$
129,459
$
323,176
$
246,949
$
25,694
20
%
$
76,227
31
%
Cost of goods sold
122,387
94,176
239,455
176,721
28,211
30
%
62,734
35
%
Gross profit
32,766
35,283
83,721
70,228
(2,517
)
(7
%)
13,493
19
%
Operating expenses:
0
0
General and administrative
33,469
28,273
82,956
54,245
5,196
18
%
28,711
53
%
Selling
9,210
6,079
16,642
11,896
3,131
52
%
4,746
40
%
Amortization
29,016
4,208
59,755
8,335
24,808
590
%
51,420
617
%
Marketing and promotion
7,120
4,252
12,585
9,177
2,868
67
%
3,408
37
%
Research and development
515
225
1,300
345
290
129
%
955
277
%
Transaction costs
8,120
18,206
33,699
20,664
(10,086
)
(55
%)
13,035
100
%
Total operating expenses
87,450
61,243
206,937
104,662
26,207
43
%
102,275
98
%
Operating loss
(54,684
)
(25,960
)
(123,216
)
(34,434
)
(28,724
)
111
%
(88,782
)
258
%
Interest expense, net
(9,940
)
(4,832
)
(20,110
)
(10,568
)
(5,108
)
106
%
(9,542
)
90
%
Non-operating income (expense), net
64,750
(72,649
)
113,610
(86,008
)
137,399
(189
%)
199,618
(232
%)
Income (loss) before income taxes
126
(103,441
)
(29,716
)
(131,010
)
103,567
(100
%)
101,294
(77
%)
Income taxes (recovery)
(5,671
)
(14,192
)
(909
)
(20,017
)
8,521
(60
%)
19,108
(95
%)
Net income (loss)
$
5,797
$
(89,249
)
$
(28,807
)
$
(110,993
)
$
95,046
(106
%)
$
82,186
(74
%)
Total net income (loss) attributable to Shareholders of Tilray Inc.
$
(201
)
$
(99,900
)
$
(41,850
)
$
(134,243
)
$
99,699
(100
%)
$
92,393
(69
%)
Weighted average number of common shares – basic
460,254,275
243,477,655
454,797,598
242,207,388
Weighted average number of common shares – diluted
460,254,275
243,477,655
454,797,598
242,207,388
Net income (loss) per share – basic
$
(0.00
)
$
(0.41
)
$
(0.09
)
$
(0.55
)
Net income (loss) per share – diluted
$
(0.00
)
$
(0.41
)
$
(0.09
)
$
(0.55
)
Net Revenue by Operating Segment
(In thousands of United States dollars)
Three months ended November 30, 2021
% of Total revenue
Three months ended November 30, 2020
% of Total revenue
Six months ended November 30, 2021
% of Total revenue
Six months ended November 30, 2020
% of Total revenue
Cannabis revenue
$
58,775
38
%
$
54,766
42
%
$
129,224
40
%
$
105,968
43
%
Distribution revenue
68,869
44
%
73,983
57
%
136,055
42
%
140,271
57
%
Beverage alcohol revenue
13,707
9
%
710
1
%
29,168
9
%
710
0
%
Wellness revenue
13,802
9
%
—
0
%
28,729
9
%
—
0
%
Net revenue
$
155,153
100
%
$
129,459
100
%
$
323,176
100
%
$
246,949
100
%
Net Cannabis Revenue by Market Channel
Three months ended November 30,
Six months ended November 30,
(In thousands of United States dollars)
2021
2020
2021
2020
Revenue from Canadian medical cannabis products
$
7,929
11
%
$
6,260
9
%
$
16,303
10
%
$
12,640
9
%
Revenue from Canadian adult-use cannabis products
49,535
67
%
58,175
83
%
119,128
73
%
115,123
84
%
Revenue from wholesale cannabis products
2,259
3
%
1,440
2
%
3,959
2
%
5,232
4
%
Revenue from international cannabis products
13,706
19
%
4,280
6
%
23,972
15
%
4,280
3
%
Total cannabis revenue
73,429
70,155
163,362
137,275
Excise taxes
(14,654
)
(20
%)
(15,389
)
(22
%)
(34,138
)
(21
%)
(31,307
)
(23
%)
Total cannabis net revenue
$
58,775
$
54,766
$
129,224
$
105,968
Other Financial Information: Gross Margin and Adjusted Gross Margin
(In thousands of United States dollars)
Three months ended November 30, 2021
Cannabis
Beverage
Distribution
Wellness
Total
Gross revenue
$
73,429
$
14,544
$
68,869
$
13,802
$
170,644
Excise taxes
(14,654
)
(837
)
—
—
(15,491
)
Net revenue
58,775
13,707
68,869
13,802
155,153
Cost of goods sold
45,259
5,921
61,237
9,970
122,387
Gross profit
$
13,516
$
7,786
$
7,632
$
3,832
$
32,766
Gross margin
23
%
57
%
11
%
28
%
21
%
Adjusted gross profit
$
25,516
$
7,786
$
7,632
$
3,832
$
44,766
Adjusted gross margin
43
%
57
%
11
%
28
%
29
%
Three months ended November 30, 2020
Cannabis
Beverage
Distribution
Wellness
Total
Gross revenue
$
70,155
$
754
$
73,983
$
—
$
144,892
Excise taxes
(15,389
)
(44
)
—
—
(15,433
)
Net revenue
54,766
710
73,983
—
129,459
Cost of goods sold
29,632
281
64,263
—
94,176
Gross profit
$
25,134
$
429
$
9,720
$
—
$
35,283
Gross margin
46
%
60
%
13
%
27
%
Adjusted gross profit
$
25,134
$
429
$
9,720
$
—
$
35,283
Adjusted gross margin
46
%
60
%
13
%
27
%
Six months ended November 30, 2021
Cannabis
Beverage
Distribution
Wellness
Total
Gross revenue
$
163,362
$
31,027
$
136,055
$
28,729
$
359,173
Excise taxes
(34,138
)
(1,859
)
—
—
(35,997
)
Net revenue
129,224
29,168
136,055
28,729
323,176
Cost of goods sold
85,450
12,583
120,527
20,895
239,455
Gross profit
$
43,774
$
16,585
$
15,528
$
7,834
$
83,721
Gross margin
34
%
57
%
11
%
27
%
26
%
Adjusted gross profit
$
55,774
$
16,585
$
15,528
$
7,834
$
95,721
Adjusted gross margin
43
%
57
%
11
%
27
%
30
%
Six months ended November 30, 2020
Cannabis
Beverage
Distribution
Wellness
Total
Gross revenue
$
137,275
$
754
$
140,271
$
—
$
278,300
Excise taxes
(31,307
)
(44
)
—
—
(31,351
)
Net revenue
105,968
710
140,271
—
246,949
Cost of goods sold
55,407
281
121,033
—
176,721
Gross profit
$
50,561
$
429
$
19,238
$
—
$
70,228
Gross margin
48
%
60
%
14
%
28
%
Adjusted gross profit
$
50,561
$
429
$
19,238
$
—
$
70,228
Adjusted gross margin
48
%
60
%
14
%
28
%
Other Financial Information: Adjusted Earnings before Interest, Taxes, and Amortization
(In thousands of United States dollars)
For the three months ended November 30,
For the six months ended November 30,
Adjusted EBITDA reconciliation:
2021
2020
2021
2020
Net income (loss)
5,797
(89,249
)
(28,807
)
(110,993
)
Income taxes
(5,671
)
(14,192
)
(909
)
(20,017
)
Interest expense, net
9,940
4,832
20,110
10,568
Non-operating expense (income), net
(64,750
)
72,649
(113,610
)
86,008
Amortization
37,471
12,031
76,804
23,010
Stock-based compensation
8,253
5,489
17,670
8,339
Facility start-up and closure costs
1,700
—
7,900
—
Lease expense
900
373
1,600
630
Inventory write down
12,000
—
12,000
—
Transaction costs
8,120
18,206
33,699
20,664
Adjusted EBITDA
$
13,760
$
10,139
$
26,457
$
18,209
Other Financial Information: Free Cash Flow and Adjusted Free Cash Flow
Three months ended November 30,
Six months ended November 30,
(In thousands of United States dollars)
2021
2020
2021
2020
Net cash provided by (used in) operating activities
$
(17,121
)
$
2,438
$
(110,348
)
$
(53,662
)
Less: investments in capital and intangible assets, net
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.”
If you want to achieve job search success as soon as possible, structure your job search with a single thread that’s evident and consistent throughout your résumé, LinkedIn profile, cover letters and especially during interviews; clearly convey what difference you’ll make to the employer.
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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