Fiscal management – Hot Bag Sale UK http://hotbagsaleuk.com/ Thu, 24 Nov 2022 04:23:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://hotbagsaleuk.com/wp-content/uploads/2021/06/icon-55-150x150.png Fiscal management – Hot Bag Sale UK http://hotbagsaleuk.com/ 32 32 Page not found | The National Law Review https://hotbagsaleuk.com/page-not-found-the-national-law-review/ Thu, 24 Nov 2022 00:10:09 +0000 https://hotbagsaleuk.com/page-not-found-the-national-law-review/ Legal disclaimer You are responsible for reading, understanding and agreeing to the National Law Review (NLR) and National Law Forum LLC Terms of Use and Privacy Policy before using the National Law Website. Law Review. The National Law Review is a free, no-login database of legal and business articles. The content and links on www.NatLawReview.com […]]]>

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SEC enforcement recouped a record $6.4 billion in fiscal year 2022 https://hotbagsaleuk.com/sec-enforcement-recouped-a-record-6-4-billion-in-fiscal-year-2022/ Tue, 15 Nov 2022 20:15:50 +0000 https://hotbagsaleuk.com/sec-enforcement-recouped-a-record-6-4-billion-in-fiscal-year-2022/ The Securities and Exchange Commission recouped its highest-ever civil penalty dollar amount in fiscal 2022, in part due to the mammoth $1.2 billion fines against JP Morgan Securities, along with 16 other companies for failing preserve SMS communications on personal devices. Money ordered in SEC actions (which includes reimbursement and prejudgment interest in addition to […]]]>

The Securities and Exchange Commission recouped its highest-ever civil penalty dollar amount in fiscal 2022, in part due to the mammoth $1.2 billion fines against JP Morgan Securities, along with 16 other companies for failing preserve SMS communications on personal devices.

Money ordered in SEC actions (which includes reimbursement and prejudgment interest in addition to civil penalties) was $6.439 billion in fiscal 2022, an increase from $3.852 billion dollars from the previous fiscal year, according to the results of the application published on Tuesday. Civil penalties totaled $4.194 billion, while restitution fell 6% to $2.245 billion.

SEC Chairman Gary Gensler said he continues to be impressed with the commission’s Enforcement Division, while Enforcement Division Director Gurbir S Grewal said they tried to use “every tool in our toolbox” including penalties heavy enough to act as a deterrent.

“While we set a Commission record in the past fiscal year for a total amount ordered of $6.4 billion, including a record $4.2 billion in penalties, we do not expect to break those records and set new ones every year because we expect behaviors to change,” Grewal said of the report. “We expect compliance.”

SEC first fees paid with JP Morgan Securities in December 2021, arguing that between January 2018 and November 2020, its employees often communicated about business issues via personal devices, including using text messages, WhatsApp and personal emails. One of the recordings has been preserved. JP Morgan has agreed to pay $125 million to settle the charges.

End of September, SEC fined 16 other companies for “widespread and long-standing failures” in communications oversight that went to higher levels. The firms agreed to settle the charges and included many top names in financial services, including Barclays Capital, Bank of America Securities, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley and UBS. The the charges were considered by some to be a “punch in the bow” for the industry, alerting them that this would be part of all future reviews.

The SEC increased the total number of enforcement actions to 760 in fiscal 2022, a 9% jump from the prior year. Of the 760, 462 were new or “standalone” shares, up 6.5% from fiscal 2021; 129 lawsuits were filed against issuers “allegedly late in required filings”; and 169 were “follow-up” administrative actions, including debarment of registrants based on criminal or civil convictions.

Among the actions cited by the SEC was a $1 billion fine against Allianz Global Investors for allegedly concealing the downside risks of a complex options trading strategy from investors. The commission has also carried out actions in the ESG space, with Investment advisory subsidiary of BNY Mellon pay $1.5 million to settle charges that he misrepresented the ESG review of several managed mutual funds.

The co-founder of TradeZero America earlier this year, it also settled accusations that it briefly banned exchanges during the “meme actions” frenzy of early 2021, despite public claims to the contrary. Additionally, the SEC filed its first enforcement action related to higher interest regulation in June, charging Western International Securities and five of its representatives with violations stemming from recommendations to clients to buy risky ‘L’ bonds. .

Fiscal 2022 also marked the second highest year in terms of whistleblower awards, both in total dollars awarded and number of whistleblowers. In total, the SEC issued $229 million in 103 total awards and received a record number of tips alleging wrongdoing of more than 12,300.

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Denver mayor rejects beacon budget amendment | David Heitz https://hotbagsaleuk.com/denver-mayor-rejects-beacon-budget-amendment-david-heitz/ Sun, 13 Nov 2022 02:01:46 +0000 https://hotbagsaleuk.com/denver-mayor-rejects-beacon-budget-amendment-david-heitz/ Pixabay By David Heitz/NewsBreak Denver (Denver, Colorado) Denver Mayor Michael Hancock rejected a $1.1 million City Council budget amendment that would place a flashing beacon in each of the council’s 11 districts. In a letter to city council, the mayor said it would be “irresponsible” to approve the amendment and cause the city’s reserves to […]]]>

Pixabay

By David Heitz/NewsBreak Denver

(Denver, Colorado) Denver Mayor Michael Hancock rejected a $1.1 million City Council budget amendment that would place a flashing beacon in each of the council’s 11 districts.

In a letter to city council, the mayor said it would be “irresponsible” to approve the amendment and cause the city’s reserves to plunge below 15%. “I am disappointed that this amendment seeks to bring the fund balance below this threshold, in direct conflict with our policy,” the mayor wrote. “This fundamental fiscal policy has been a hallmark of our strong fiscal stewardship and has served to protect us against economic downturns and the effects of the pandemic. With an uncertain economic outlook for next year, including the possibility of a recession, it would be short-sighted and irresponsible to start the year with our reserves – by any amount – falling below this 15% level.

Council members maintain that the flashing beacons slow down traffic and are absolutely necessary. Pedestrian safety is a top concern among their constituents, council members say.

Council can overrule mayor’s refusal

The city council can overrule the mayor’s rejection, but if it does, the mayor has pledged to direct the finance department to keep department budgets within that 15% range anyway. Hancock said in his letter that there should already be enough money in the budget to place a flashing beacon in every district of the council. “(The Department of Transport and Infrastructure) is committed to prioritizing (rectangular flashing beacons) as the primary pedestrian safety measure in current proposed budgets for transport and mobility projects. This includes a commitment to install 10 to 12 additional rectangular flashing beacons throughout Denver in 2023 in coordination with other pedestrian safety improvements.

The mayor said in his letter that the Department of Transportation and Infrastructure recognizes City Council’s desire to add flashing beacons and “shares its recognition of the value that these traffic control devices add to the streets of our local neighborhoods”.

CdeBaca amendments to help homeless people fail

Council member Amanda Sawyer presented the beacon amendment, which the council unanimously approved.

“As you prepare to vote on the 2023 budget on Monday, I want to thank you for productive discussions and shared priorities that reflect the needs of our residents,” the mayor wrote in his letter. “I hope you will continue our shared commitment to strong fiscal management as we face uncertain economic conditions in the year ahead.”

Councilwoman Candi CdeBaca proposed 29 amendments to the budget, but her fellow councilors rejected them all. CdeBaca proposed the amendments after homeless people and their allies told council members they needed basic sanitation services like toilets, water and garbage collection. CdeBaca’s proposal would have cut funding for police patrols to pay for its budget amendments.

The council will vote on the budget on Monday.

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A way out of Kerala’s fiscal vulnerability https://hotbagsaleuk.com/a-way-out-of-keralas-fiscal-vulnerability/ Thu, 10 Nov 2022 18:46:00 +0000 https://hotbagsaleuk.com/a-way-out-of-keralas-fiscal-vulnerability/ Rising additional borrowing along with a growing level of outstanding debt, off-budget borrowing and growing collateral predict a bad situation, but there could be solutions Rising additional borrowing along with a growing level of outstanding debt, off-budget borrowing and growing collateral predict a bad situation, but there could be solutions Kerala’s tax problems have been […]]]>

Rising additional borrowing along with a growing level of outstanding debt, off-budget borrowing and growing collateral predict a bad situation, but there could be solutions

Rising additional borrowing along with a growing level of outstanding debt, off-budget borrowing and growing collateral predict a bad situation, but there could be solutions

Kerala’s tax problems have been in the news for several years now. The dramatic impacts of the two floods (2018 and 2019) and the COVID-19 pandemic have aggravated the situation. In this context, the obscure assertions and counter-positions on the political spectrum of Kerala regarding the management of the state budget demand objective examination. A recent study by the Reserve Bank of India (RBI Bulletin, June 2022) on the fiscal vulnerability of Indian states conducted against the backdrop of the Sri Lanka defaults crisis in May 2022 identified Kerala among the five most vulnerable states. indebted countries of India, the others being Punjab, Rajasthan, Bihar and West Bengal. This article attempts to shed some light on Kerala’s fiscal vulnerability and offers some suggestions for improvement.

Understanding tax stress

In a growing economy, debt is not a sin and only becomes a problem when it becomes unsustainable. A government is vulnerable when it struggles to effectively meet its fiscal obligations. According to the 2022-23 budget, Kerala’s public debt to GDP ratio is 37.2%, which is clearly high, especially compared to the average of 14.6% for the decade 1981-91. The fact that the Fourteenth Finance Committee set the upper limit at 25% highlights the vulnerability. Only Kerala, Jharkhand and West Bengal have passed the debt target stipulated by the Fifteenth Finance Committee (FC-15). The fact that the rate of return to be paid for special development loans issued by the state and auctioned by the RBI is set at a high level (8.3% in 2018-19 and around that now) maintains Kerala in a bad light. The increase in additional borrowing as well as the rising level of unpaid debts, off-budget borrowing and growing collateral portends a bad situation.

Kerala has already violated several tax norms. Over the past five years, Domar’s famous stability rule – that the inflation-adjusted interest rate must be lower than the growth rate of the GSDP – has been broken except for 2019-20 and 2020-2021. . The condition that the increase in the nominal GDP growth rate must be greater than the debt growth rate is also violated. Over the past 10 years, from 2013-14 to 2022-23, with the exception of two years, the rate of debt growth has exceeded GDP growth. The state’s growth momentum needs to be studied closely given its admittedly high per capita consumption, high savings (bank deposits in March 2021 were over ₹6.05 trillion, with a non-resident Indian component of ₹2.29 trillion) as well as its low investment trajectory.

The increase in the ratio of interest payments to income (IP/RR) from 16.86% in 2014-15 to 21.49% in 2020-21 and to an estimated 19.36% for 2022-23 does not point to a healthy situation. If we accept the FC-14 IP/RR cap of 10%, surely Kerala is on a sticky wicket. The mobilization of own tax revenues must be considerably improved to save the situation. In 2010-2011, Kerala’s own per capita tax revenue was a remarkable ₹6,521, while the average for all states was ₹3,278, almost 100% less. However, for 2020-2021, Kerala’s per capita tax is ₹12,929 with an all-state average of ₹9,162 with the difference falling to 41%. Clearly, Kerala’s fiscal effort has not improved compared to that of other states. Kerala’s own tax revenue for 2020-21 at ₹47,661 crore was lower by a whopping margin of ₹2,662 crore compared to 2019-20. The 2021-22 (RE) shows a shortfall of ₹13,465 crore against the budget estimate. The budgeted tax revenue for 2022-2023 of ₹74,098 crore is unlikely to be achieved. The state’s fiscal performance leaves much to be desired.

The fact that the budgeted non-tax revenue of ₹11,770 crore for 2022-23 is ₹495 crore lower than the actual amount for 2019-20 is worrying. The insinuating assertion by some that the state government is heavily dependent on lotteries is untenable. In the pre-COVID-19 period 2019-20, the income from lotteries was ₹9,973.67 crore but the related gross expenditure was ₹8,475.3 crore with a net income of only 1,498.3 crore ₹; the corresponding figure in the current budget is only a measly ₹77 crore. That the 133 public sector enterprises with an investment of ₹20,025 crore (as of March 31, 2018) could only contribute a sum of ₹110 crore in 2019-20, and even in 2022-23 (BE) only ₹257 crore to the own-source revenue pool, tells a dismal story.

Decline in capital formation

The quality of spending is a critical variable because it reflects prudent budget management and good governance. The budgetary norm of generating a revenue surplus is next to impossible for Kerala, with huge expenditures incurred comprising salaries, pensions and interest payments, which in 2017-18 reached 80.5% of government expenditure. total revenues and currently stand at 70.7%. A five-year review of salaries and pensions as well as an indexation clause to protect the real income of civil servants go hand in hand with practices such as the granting of a pension to the staff of ministers for a minimum service of two years ( which should no doubt be extended to all civil servants) etc. and can only comfortably exist in Alice’s Wonderland. It is therefore not surprising that the fiscal space for development spending in Kerala, at 51% (five-year average, 2017-22), is much lower than that of Madhya Pradesh (73.4%), Rajasthan (71.4%) and Bihar (71.3%). ) — details can be found in the RBI Bulletin, June 2022, p.119.

There has been a visible decline in capital formation in crucial sectors such as education, health, infrastructure, agriculture, etc. To be warned is to be warned. Although the given analysis suggests solutions, the results of persistent social failures and political miscarriages must be taken into account for any rational reconstruction. Rentier politics, endemic corruption, ecological overexploitation, pathological disregard for the rule of law, visible decline in the tradition of public action and public reasoning, decline in the quality of public services such as health, sanitation, solid waste management, higher education and roads (the ubiquitous potholes are outrageous), widespread drug abuse and alcoholism, rise in preventable deaths, and more. cannot be solved by public relations people, only by informed social choices.

Course correction for the State

To increase its own sources of revenue, the state needs to streamline its tax administration to reduce arrears and fraud and tap into its huge non-tax revenue potential. The property tax could have easily been doubled. Non-tax revenues can be increased by increasing user fees and charges as well as visibly improving quality. Without a noticeable counterpart in the services, users will naturally resist hikes. The dividend of public sector companies can be increased if there is effective rationalization of management. Unbundling land values ​​can generate good revenue. The Kerala State Road Transport Corporation (KSRTC) is a grindstone around the tax pass of Kerala. Monetization of KSRTC land values ​​and assets as well as management restructuring can be a solution. Allowing private universities with world-class standards can stop the exodus of bright students. Why Kerala, with a fabulous influx of funds since the mid-1970s, has failed to be a happy place for the enterprising private sector to create wealth for the state is a debatable question for which honest answers escape us. Meaningful pension reform, including raising the retirement and hiring ages, can bring about big changes. If the government of Kerala wants to get its finances in order, it must experiment with zero-based budgeting or at least performance budgeting with determination. Departments need to significantly improve their accountability.

In India’s federal fiscal system, with gaping mismatches between resources and responsibilities, all intergovernmental transfers must be prescriptive and formula-based. Central transfers are rights and certainly not largesse. That 35% of transfers are still outside the Finance Commission is contrary to the canons of cooperative federalism.

In sum, Nava Kerala cannot be built on a weak tax office, and rhetoric is not a resounding solution.

MA Oommen is an Honorary Fellow of the Center for Development Studies, Thiruvananthapuram and an Emeritus Fellow of the Gulati Institute of Finance and Taxation, Thiruvananthapuram

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OMNI-LITE INDUSTRIES ANNOUNCES THIRD QUARTER FISCAL 2022 RESULTS AND ANNOUNCES AN INVESTOR CONFERENCE CALL TO BE HELD ON NOVEMBER 9, 2022 AT 1:00 PM EST https://hotbagsaleuk.com/omni-lite-industries-announces-third-quarter-fiscal-2022-results-and-announces-an-investor-conference-call-to-be-held-on-november-9-2022-at-100-pm-est/ Tue, 08 Nov 2022 12:02:39 +0000 https://hotbagsaleuk.com/omni-lite-industries-announces-third-quarter-fiscal-2022-results-and-announces-an-investor-conference-call-to-be-held-on-november-9-2022-at-100-pm-est/ Revenue for the third quarter of fiscal year 2022 of $3.2 millioncompared to $1.6 million in the third quarter of fiscal 2021; 21% organic growth rate Cumulative turnover for the 2022 financial year of $8.0 millioncompared to $4.1 million in the period of the previous year; 24% organic growth rate The company was successfully executed […]]]>
  • Revenue for the third quarter of fiscal year 2022 of $3.2 millioncompared to $1.6 million in the third quarter of fiscal 2021; 21% organic growth rate
  • Cumulative turnover for the 2022 financial year of $8.0 millioncompared to $4.1 million in the period of the previous year; 24% organic growth rate
  • The company was successfully executed and returned to positive Adjusted EBITDA generation
  • Third quarter FY2022 reservations of $3.2 million
  • Order book at $3.7 millionan increase of 38% compared to December 31, 2021
  • Cash balance of $1.4 million and balance sheet without debt
  • Use since the beginning of the 2022 financial year of $435,000 in capital expenditure for improving the manufacturing process
  • Won 12 new programs, strengthen our market strength

LOS ANGELES, CALIFORNIA, November 08, 2022 (GLOBE NEWSWIRE) — Omni-Lite Industries Canada Inc. (the “Company” or “Omni-Lite”; TSXV: OML; OTCQX: OLNCF) today reported results for the third fiscal quarter ending September 30, 2022. Full financial results are available on sedar.com.

Results for the third quarter of fiscal 2022

Third-quarter fiscal 2022 revenue was approximately $3.2 millionan increase of 29% on a quarterly sequential basis and an increase of 95% compared to the third quarter of fiscal 2021. The increase in revenue is due to both organic growth and the contribution of Designed by Precision Castings Inc. (“DP Cast”) acquisition in December 2021. Excluding the acquisition of DP Cast, revenue increased 21% compared to the third quarter of fiscal 2021, mainly due to increased demand for commercial aerospace electronics and fasteners. Adjusted EBITDA (1) has been $4,177 compared to ($65,877) in the third quarter of 2021, and ($487,224) in the second quarter of 2022, respectively. The sequential year-over-year and quarterly increase in adjusted EBITDA (1) was the result of operational execution, with the conversion of bookings resulting in increased revenue, partially offset by the acquisition of DP Cast and additional operating lease charges associated with the sale-leaseback of the Cerritos ease. Free movement of capital (1) has been ($614,878) in the third fiscal quarter, compared to ($236,177) in the third quarter of fiscal 2021 and ($554,752) in the second quarter of fiscal 2022. The decrease in free cash flow in the third quarter of fiscal 2022 compared to the corresponding period of the prior fiscal year is due to an increase in accounts receivable resulting from the increase in production and revenue generation, which is expected to be received in the fourth quarter of fiscal 2022. In the nine months ending September 30, 2022the Company’s free cash flow was ($1,353,070)which attributes to the use of $434,615 capital expenditures for manufacturing process improvements as well as a one-time capital gains tax payment related to the 2021 sale of the Company’s business Cerritos installation of $560,000.

Bookings for the third quarter of fiscal 2022 were $3.2 millionand since the beginning of the year, reservations have been $9.6 million, which translates to an order-to-bill ratio of 1.2. Bookings for the quarter increased 28% from bookings in the first quarter of fiscal 2022 and remained in line with the performance of the second quarter of fiscal 2022. Omni-Lite ended the third quarter fiscal 2022 with a backlog of orders of $3.7 million. The Company expects approximately 80% of this backlog to be shipped by the remainder of the fourth quarter of fiscal 2022.

The Company’s liquidity position remains strong, with the Company ending the third quarter of fiscal 2022 with approximately $1.4 million in cash and no outstanding debt.

Management Comments

David Robin, CEO of Omni-Lite, said, “The sequential and year-over-year revenue increases in the third quarter are the result of growth in the newly acquired DP Cast business as well as demand for commercial aerospace and defense electronics products. New product launches in forging, electronics and foundry contributed significantly to orders and revenue in the quarter and indicate continued growth. We have made significant progress integrating business systems and implementing manufacturing automation initiatives at DP Cast, and expect to see improvements in profitability across the board. Omni-Lite over the next few quarters.

Financial summary
All digits in ($000) unless otherwise stated.

Please refer to the Third Quarter Fiscal 2022 MD&A for additional notes and definitions. The totals in the tables expressed above are rounded values ​​and may not be less.

Investor conference call

Omni-Lite will host an investor conference call on Wednesday, November 9, 2022starting at 1:00 p.m. Eastern Time to discuss the results for the third quarter of fiscal 2022 and the review of its business and operations. To participate in the conference call, dial (888) 437-3179 at UNITED STATES and Canada, or (862) 298-0702 for all other countries. Please call five to ten minutes before the scheduled start time. A replay of the conference call will be available 48 hours after the call and archived on the Company’s Investors page of the Company’s website at www.omni-lite.com for 12 months.

(1) Adjusted EBITDA is a non-IFRS financial measure defined as earnings before interest, taxes, depreciation, amortization, provision for stock-based compensation, gains (losses) on sale of assets and non-recurring items , if applicable. Free cash flow is a non-IFRS financial measure defined as operating cash flow less capital expenditures. Adjusted Free Cash Flow is a non-IFRS financial measure defined as Free Cash Flow excluding, where applicable, gains (losses) on the sale of assets and non-recurring items. They are non-IFRS financial measures as defined herein and should be read in conjunction with the IFRS financial measures and are not intended to be considered in isolation or as substitutes for or superior to the information financial statements prepared and presented in accordance with IFRS. Non-IFRS financial measures as used herein may not be comparable to similarly titled measures presented by other companies. We believe that the use of Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow together with IFRS financial measures enhances the understanding of our results of operations and may be useful to investors in comparing our operating performance to that of other companies and estimate our enterprise value. Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow are also useful tools for assessing the Company’s results of operations given the significant variation that may result from, for example, the timing of fixed assets and the amount of working capital in support of our customer programs and contracts. We also use Adjusted EBITDA, Free Cash Flow and Adjusted Free Cash Flow internally to assess the Company’s operating performance, allocate resources and capital and assess future growth opportunities.

About Omni-Lite Industries Canada Inc.

Omni-Lite Industries Canada Inc. is an innovative company that develops and manufactures mission-critical precision components used by Fortune 100 companies in the aerospace and defense industries.

For more information, please contact:

Mr. David RobinChief executive officer
Such. No. (562) 404-8510 or (800) 577-6664
Email: d.robbins@omni-lite.com
Website: www.omni-lite.com

Forward-looking statements

Except for statements of historical fact, this press release contains certain “forward-looking information” within the meaning of applicable securities laws. Forward-looking information is often characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information contained in this press release includes, but is not limited to, the expected future performance of the Company. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Accordingly, there can be no assurance that actual results achieved will be identical, in whole or in part, to those indicated in the forward-looking information. Forward-looking information is based on the opinions and estimates of management as of the date the statements are made and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results actuals differ materially from those anticipated in the forward-looking information. information search. Some of the risks and other factors that could cause actual results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada, United States and globally; industry conditions, government regulations, including environmental consents and approvals, if applicable; stock market volatility; competition for, among other things, capital, skilled personnel and supplies; changes in tax laws; and other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be considered exhaustive.

The forward-looking information contained in this press release is expressly qualified by this cautionary statement. We undertake no obligation to update forward-looking information to conform to actual results or to changes in our expectations, except as required by applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

main logo

Source: Omni-Lite Industries Canada, Inc.

2022 GlobeNewswire, Inc., source Press releases – Canada

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Atlassian Cuts Full-Year Guidance – Is This a Sell Signal? https://hotbagsaleuk.com/atlassian-cuts-full-year-guidance-is-this-a-sell-signal/ Sat, 05 Nov 2022 11:55:00 +0000 https://hotbagsaleuk.com/atlassian-cuts-full-year-guidance-is-this-a-sell-signal/ Shares of a labor management software company Atlassian (CREW -28.96%) fell about 30% on Friday, falling to its lowest level in three years. This came after the company released its financial results for the first quarter of its 2023 fiscal year. Contrary to the decidedly negative market reaction, the headlines have been good for Atlassian. […]]]>

Shares of a labor management software company Atlassian (CREW -28.96%) fell about 30% on Friday, falling to its lowest level in three years. This came after the company released its financial results for the first quarter of its 2023 fiscal year.

Contrary to the decidedly negative market reaction, the headlines have been good for Atlassian. Revenue of $807 million was in the upper range of forecasts and the company added more than 6,500 customers during the quarter.

However, management cut some of its full-year guidance due to issues brewing below the surface. For many investors, this was a clear sell signal for the stock. However, there is much more to the long-term story than that.

Why investors are skipping Atlassian shares

Atlassian has long enjoyed a premium valuation. Even down more than 70% from its all-time high, the stock still trades at a price-to-sales (P/S) ratio of 11, which many believe is still expensive.

This premium valuation was driven by two main factors: impressive revenue growth and strong investor confidence in the company. For perspective, its 31% year-over-year revenue growth last quarter was one of its worst performances as a public company. However, a growth of 31% is not to be overlooked; most companies would say to like grow so fast.

Here’s the shocking first-quarter development: Atlassian cut its full-year revenue guidance. The company is directing its customers to cloud subscription products. Three months ago, management said cloud revenue would grow 50% in fiscal 2023 and again in fiscal 2024. Now, management expects 40% growth to 45% in fiscal year 2023 with no update to fiscal year 2024 in the latest outlook.

By lowering its forecast, Atlassian’s management signaled slower growth ahead and shook investor confidence in the future. By touching these two factors, investors bail out the stock.

And Wall Street is also giving up on Atlassian. For instance, Piper Sandler Analyst James Fish previously called Atlassian stock “overweight.” But today, Fish downgraded its rating to neutral and lowered its price target by 48% to $148 per share, according to The Fly.

How Atlassian is dealing with its problem

To further clarify Atlassian’s problem, it sells software products to businesses, not consumers, and the business of those companies is slowing down. Management has indicated that companies are increasingly willing to stay on Atlassian’s free tier instead of upgrading to unlock paid features.

Additionally, Atlassian’s paying customers pay per seat – in other words, they pay based on the number of employees using the service. However, many tech companies aren’t growing their employee base at all right now, and some are even laying off workers. These trends affect businesses of all sizes — even Apple and Amazon announced hiring freezes, and Microsoft let some people go. Metaplatforms will apparently join the upcoming announcement of layoffs.

Even the world’s biggest tech companies aren’t immune to a downturn in the global economy. How are Atlassian’s 249,000+ customers affected by macroeconomic headwinds? When these customers aren’t increasing their number of employees, they obviously aren’t paying for more seats on Atlassian products.

In other words, Atlassian’s main problem is not the result of any failure on its part. On the contrary, his customers suffer and therefore spend less money.

Faced with a downturn, most companies choose to scale back their growth plans. However, Atlassian does just the opposite. He thinks he can reach $10 billion in annual revenue in the coming years, up from $3 billion in revenue over the past 12 months. And he sees the widespread economic downturn as his main opportunity to move forward.

Specifically, Atlassian believes it can dominate its market by hiring the best people. And while competitors are cutting their labor spend, Atlassian is hiring. Making that point on the recent earnings call, co-founder and co-CEO Scott Farquhar said: “Our experience is that we can come out the other side very strongly by selectively taking over staff that other people let go.”

Atlassian therefore fully intends to continue investing in its business throughout this downtrend. To be perfectly clear: this stock is not for all investors. For starters, the company’s investments will likely weigh on profit margins and have negligible short-term payoffs. Moreover, it risks accumulating too quickly if the economy deteriorates. Therefore, there could indeed be more downside ahead for Atlassian shares.

However, that doesn’t necessarily make Atlassian stock a sell. On the contrary, by playing the long game, management can position the company to take market share once economic conditions improve.

So if you believe in Atlassian’s products and market opportunities – and with the stock trading at its lowest P/S ratio since 2016 – it might be time to take another careful look at the action.

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a board member of The Motley Fool. Randi Zuckerberg, former director of market development and spokesperson for Facebook and sister of Meta Platforms CEO Mark Zuckerberg, is a board member of The Motley Fool. Jon Quast has positions at Amazon. The Motley Fool holds positions and recommends Amazon, Apple, Atlassian, Meta Platforms, Inc. and Microsoft. The Motley Fool recommends the following options: long calls $120 in March 2023 on Apple and short calls $130 in March 2023 on Apple. The Motley Fool has a disclosure policy.

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Biotricity to Report Second Quarter Fiscal 2023 Financial Results on Nov. 14 at 4:30 p.m. ET https://hotbagsaleuk.com/biotricity-to-report-second-quarter-fiscal-2023-financial-results-on-nov-14-at-430-p-m-et/ Tue, 01 Nov 2022 12:30:00 +0000 https://hotbagsaleuk.com/biotricity-to-report-second-quarter-fiscal-2023-financial-results-on-nov-14-at-430-p-m-et/ REDWOOD CITY, Calif. /ACCESSWIRE/November 1, 2022/ Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a medical diagnostics and consumer healthcare technology company, today announced that it will host a conference call on Monday, November 14 2022 at 4:30 p.m. ET to discuss its financial results for the second quarter of fiscal 2023 and provide an update […]]]>

REDWOOD CITY, Calif. /ACCESSWIRE/November 1, 2022/ Biotricity Inc. (NASDAQ:BTCY) (“Biotricity” or the “Company”), a medical diagnostics and consumer healthcare technology company, today announced that it will host a conference call on Monday, November 14 2022 at 4:30 p.m. ET to discuss its financial results for the second quarter of fiscal 2023 and provide an update on its activities.

Financial Results Conference Call
Additional details are available in the Investor Relations section of the Company’s website: https://www.biotricity.com/investors/

For those interested who are unable to participate in the conference call, a replay of the call will be available until November 28, 2022 and can be accessed by dialing +1-844-512-2921 (toll-free in the United States) or +1-412-317-6671 (International) and entering the replay PIN: 8592059.

About Biotricity:
Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Physicians and patients trust Biotricity’s unrivaled standard for preventive and personal care, including diagnostic and post-diagnostic solutions for chronic disease. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit www.biotricity.com.

contacts:
Investor Relations:
KCSA Strategic Communications
Valter Pinto or Jack Perkins
(212) 896-1254
investors@biotricity.com

THE SOURCE: Biotricity, Inc.

See the source version on accesswire.com:
https://www.accesswire.com/723230/Biotricity-to-Host-Fiscal-2023-Second-Quarter-Financial-Results-on-November-14th-at-430-PM-ET

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NEDA guidelines for joint ventures released by end of year https://hotbagsaleuk.com/neda-guidelines-for-joint-ventures-released-by-end-of-year/ Sat, 29 Oct 2022 16:00:00 +0000 https://hotbagsaleuk.com/neda-guidelines-for-joint-ventures-released-by-end-of-year/ Louella Desiderio – The Filipina star October 30, 2022 | 00:00 MANILA, Philippines – The National Economic and Development Authority (NEDA) plans to release amended guidelines for joint venture agreements between government and private entities in the fourth quarter as part of efforts to create a business-friendly investment climate. NEDA said Socio-Economic Planning Secretary Arsenio […]]]>
Louella Desiderio – The Filipina star

October 30, 2022 | 00:00

MANILA, Philippines – The National Economic and Development Authority (NEDA) plans to release amended guidelines for joint venture agreements between government and private entities in the fourth quarter as part of efforts to create a business-friendly investment climate.

NEDA said Socio-Economic Planning Secretary Arsenio Balisacan mentioned at the US-ASEAN Business Council meeting that the amended NEDA joint venture guidelines would be released before the end of the year. .

Balisacan said this will ensure greater competition in joint venture projects,

It will also address concerns about operator performance standards, particularly for critical infrastructure.

Recognizing the important role of the private sector in job creation and poverty reduction, NEDA said the government will continue its efforts to create a more business-friendly environment.

Balisacan said that among the groundbreaking reforms that would help encourage investment to be made in the country are the amendments to the Public Service Act (PSA), the Retail Trade Liberalization Act and the Foreign Investment Act.

He said the PSA amendment, in particular, opens the economy to greater competition in sectors such as railways, highways, airports, shipping and telecommunications.

“With its adoption, strength is given to industry players to become more competitive by lowering their prices, introducing innovations and improving the quality of their goods and services,” he said.

In addition to these reforms, he said the government has also finalized amendments to the Implementing Rules and Regulations (IRRs) of the Build-Operate-Transfer Act.

The amended TRI came into effect on October 12.

The changes to the TRI aim to address concerns about the financial viability and bankability of public-private partnership projects and potential delays that could affect the implementation process.

“With this reform, we hope to increase the confidence of investors who are devoting substantial resources to the development of high-quality, high-impact infrastructure projects – including those that will benefit the social sectors of health, education and agriculture,” Balisacan said.

“Amidst economic headwinds and geopolitical tensions, the Philippine government aims to address the binding constraints that impede rapid and sustained economic growth in order to create more and better jobs in growth-driving sectors such as manufacturing, construction, agriculture, tourism, IT-BPO (information technology-business process outsourcing) and high-tech and creative sectors,” he said.

He said that the adoption of the Medium Term Fiscal Framework for prudent fiscal management and the formulation of the Development Plan of the Philippines, which will serve as the overall plan for 2023 to 2028, would enable the government to address short term issues such as inflation and the scars of the pandemic, and achieve medium-term socio-economic goals.

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New CFO, CPTO for mPulse https://hotbagsaleuk.com/new-cfo-cpto-for-mpulse/ Mon, 24 Oct 2022 08:01:54 +0000 https://hotbagsaleuk.com/new-cfo-cpto-for-mpulse/ Digital health company mPulse Mobile continues its series of executive-level hires with the arrival of the chief financial officer Lara Steel and Director of Products and Technology Sanjeev Sawai. The company said the nominations would accelerate its operations and business goals, which revolve around its artificial intelligence product, named mPulse Mobile. “MPulse Mobile helps healthcare […]]]>

Digital health company mPulse Mobile continues its series of executive-level hires with the arrival of the chief financial officer Lara Steel and Director of Products and Technology Sanjeev Sawai.

The company said the nominations would accelerate its operations and business goals, which revolve around its artificial intelligence product, named mPulse Mobile.

“MPulse Mobile helps healthcare organizations continue to expand the use of technology to better engage digitally with their members, providers, suppliers and partners to improve healthcare outcomes,” Bob Farrell, mPulse’s chief executive said in a statement. “Sanjeev and Lara have unique knowledge and skills that augment the rich domain and technical expertise of our team.”

Stell, a CPA, has two decades of experience leading teams executing corporate finance, mergers and acquisitions. At mPulse, she will be responsible for all financial and tax management aspects of the company’s operations and will coordinate strategic planning, accounting, finance and administration efforts.

Stella recently served as Chief Financial Officer of Global Tranza provider of technology-driven transportation and supply chain management solutions that is currently associated with Global Expressan authorized UPS dealer.

“I have a strong commitment to understanding customers and driving long-term value across the business. I am thrilled to join mPulse at such a crucial time to help execute the company’s growth strategies and maximize customer value,” Stell said in a statement.

The addition of Sawai will see the strategy and product roadmap of veteran CEO mPulse as the company continues to expand its offerings. His arrival at mPulse follows his position as Executive Vice President of Products at a biotechnology software company HealthEdge.

Sawai has also held leadership positions in product development, engineering and technology at Altisource, Interactions Corp. and Automation Symtronics.

“As pioneers in digital engagement, mPulse Mobile has already accomplished so much, and there is still more to do as we help healthcare organizations improve the consumer experience with hyper-personalized engagement. within their diverse populations,” Sawai said in a statement.

“I am thrilled to lead the talented product and technology team to help extend the reach of mPulse solutions beyond the (over) 100 million consumers we serve today,” he added.

MPulse also hired another executive just over two months ago with the appointment of Bob Farrell as Managing Director, who also joined the Encino Company Board of Directors.

Like Stell, Farrell joined mPulse from GlobalTranz, where he was the company’s former president and CEO.

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Senate PAC pledges to improve tax system and pass FRA bill https://hotbagsaleuk.com/senate-pac-pledges-to-improve-tax-system-and-pass-fra-bill/ Sun, 16 Oct 2022 23:43:54 +0000 https://hotbagsaleuk.com/senate-pac-pledges-to-improve-tax-system-and-pass-fra-bill/ The The Senate Public Accounts Committee has expressed its commitment to an improved tax system that would control waste and corruption in the public sector. He also expressed his support for the swift passage of the Fiscal Accountability (Amendment) Bill 2007 to enshrine transparency and accountability in the country’s public financial management systems. The Committee […]]]>

The The Senate Public Accounts Committee has expressed its commitment to an improved tax system that would control waste and corruption in the public sector.

He also expressed his support for the swift passage of the Fiscal Accountability (Amendment) Bill 2007 to enshrine transparency and accountability in the country’s public financial management systems.

The Committee made these commitments when it received in audience a group of civil society organizations (CSOs) under the auspices of the Nigeria Growth Initiatives for Fiscal Transparency (GIFT) project led by the OrderPaper Advocacy Initiative visiting Abuja.

Committee Chairman, Matthew Urhoghide (PDP, Edo South), while commending members of the GIFT Nigeria project cluster for their efforts to promote common sense in the country’s public financial management systems, said the passage of the FRA bill would go a long way to reversing the trend. tendency to low revenue generation and opaque spending patterns.

He said it was unfortunate that Nigeria was not getting the right revenues in the treasury, noting, “That is why we talk about deficit. If the government agencies responsible for collecting the revenue actually paid the revenue due into the Treasury, we would have no deficit problem. If all the provisions of FRA, 2007 were complied with and the agencies supposed to collect revenue did so, we would have no problem. “Part of our duties is to provide transparency and accountability to ensure value for money when agencies spend public funds. We do this through the Office of the Auditor General of the Federation.

The GIFT Nigeria project is implemented with support from the United States Agency for International Development (USAID) under the Strengthening Civic Advocacy and Local Engagement (SCALE) project.

On the reason for the visit to the Senate PAC, the Head of Delegation, Mr. MacDonald Ekemezie of the Center for Transparency and Accountability (CTA), briefed the committee members on the work done so far in the GIFT Nigeria project , in particular the basic research on the remittance of public revenues.

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