Business Operation – India Business http://indiabusiness.info/ Thu, 12 May 2022 02:14:14 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://indiabusiness.info/wp-content/uploads/2021/06/icon-5-150x150.png Business Operation – India Business http://indiabusiness.info/ 32 32 ConocoPhillips points to operational error as cause of gas leak at its Alaskan field https://indiabusiness.info/conocophillips-points-to-operational-error-as-cause-of-gas-leak-at-its-alaskan-field/ Thu, 12 May 2022 01:08:00 +0000 https://indiabusiness.info/conocophillips-points-to-operational-error-as-cause-of-gas-leak-at-its-alaskan-field/ The Alpine Central Facility serves as the hub for the Alpine oil field, pictured Tuesday, February 9, 2016. (Loren Holmes/DNA) On Tuesday, ConocoPhillips described for the first time what went wrong to cause an unusual natural gas leak that began in March and continued for weeks at a drilling rig in the Alpine Field on […]]]>

On Tuesday, ConocoPhillips described for the first time what went wrong to cause an unusual natural gas leak that began in March and continued for weeks at a drilling rig in the Alpine Field on the North Slope. from Alaska.

The company said the leak, detected March 4 at the CD1 drilling rig, occurred during a drilling operation that put too much pressure on the well. This caused a shaft component to fail about 800 meters below the earth’s surface, according to a nine-page technical report.

“The pressure limits were exceeded” during the operation, the company said. Pressure has built up during operations to pump diesel fluid into the well to provide freeze protection in an area where permafrost, or frozen ground, can damage pipes.

The company also failed to detect and respond to mounting pressure for three days before the leak was detected, missing an opportunity that would have reduced the gas leak, according to the report.

“The pressure increases…were not acknowledged and/or addressed and therefore did not lead to investigation or corrective action during this time,” he said.

The gas leak caused the temporary withdrawal of 300 people, alarmed residents of the nearby village of Nuiqsut and halted oil production from the drilling site.

It has also led to an ongoing investigation by the Alaska Oil and Gas Conservation Commission and a probe by Democrats to the US House Natural Resources Committee.

Rebecca Boys, a spokeswoman for the company, said the incident was unique.

“We’ve never seen anything like this before,” she said.

The gas was released from a shallow underground area which the company did not expect to contain significant amounts of gas. The gas took different routes to emerge on the surface of the drilling platform at different places.

The company mitigated the release on March 8 by bringing the gas to the surface through the waste disposal shaft. On April 8, he said he had mastered the source of the release.

But ConocoPhillips continued to detect traces of gas on the drilling rig for several weeks as gas trapped under underground obstructions slowly rose to the surface, the company said.

ConocoPhillips said the part of the well that failed involved a component called a casing shoe about 2,300 feet below ground.

The shoe is a structure at the end of a section of pipe, surrounded by cement that helps stabilize the pipe in the rock, said Dan Seamount, longtime commissioner of the oil and gas commission.

Seamount said Wednesday the commission continues to investigate the incident and gather information.

“We haven’t come to a conclusion as to what they’re saying is correct or not,” Seamount said.

ConocoPhillips said in its report that it followed requirements to place protective cement around the pipe in certain pipe sections.

But he did not encase the pipe in cement in the shallow underground area where the gas came from.

The company said it was not required to do so because it did not expect this area to contain significant amounts of gas.

Lack of cement around the pipe in that area and other well design factors did not cause the gas leak, the company said in its eight-page response letter to House lawmakers.

But ConocoPhillips told lawmakers that one of the future corrective actions it will take to prevent a similar incident is to take a closer look at drilling hazards and underground areas that require “cement isolation.”

Other corrective actions include developing a standard operating procedure document for freeze protection operations, improving detection and company communication when pressures increase in the space at the exterior of the pipe and improved well planning before and during drilling operations.

“We don’t expect that to happen again,” Boys said.

Seamount, along with the Oil and Gas Commission, said there was a good chance the commission would hold a hearing as part of its investigation. He said the commission was working on its own report.

“We’re trying to get it out as soon and as accurately as possible,” he said.

ConocoPhillips said 7.2 million cubic feet of natural gas was released into the atmosphere between March 4 and March 8, when the company was able to begin delivering gas to the surface through the exhaust well. .

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The dispute between Greece and Turkey over the island of Imia-Kardak almost sparked a war https://indiabusiness.info/the-dispute-between-greece-and-turkey-over-the-island-of-imia-kardak-almost-sparked-a-war/ Sun, 08 May 2022 15:12:18 +0000 https://indiabusiness.info/the-dispute-between-greece-and-turkey-over-the-island-of-imia-kardak-almost-sparked-a-war/ In early 1996, two NATO allies nearly went to war over two small islands in the Aegean Sea. A cargo ship running aground on one of the islets has inflamed a long-running dispute between Greece and Turkey. The confrontation was resolved peacefully, but the threats of war were “not a bluff”, a US diplomat said. […]]]>
  • In early 1996, two NATO allies nearly went to war over two small islands in the Aegean Sea.
  • A cargo ship running aground on one of the islets has inflamed a long-running dispute between Greece and Turkey.
  • The confrontation was resolved peacefully, but the threats of war were “not a bluff”, a US diplomat said.

In January 1996, Greece and Turkey almost went to war over a territorial dispute in the eastern Aegean Sea.

The dispute began over Imia, a pair of uninhabited islets – “small” and “big” Imia – known in Turkey as Kardak. The islets are about 1,000 feet apart and have a combined area of ​​about 10 acres. They are part of Greece, but only a few kilometers from the Turkish peninsula of Bodrum.

The confrontation took place after a Turkish cargo ship ran aground on one of the islets. A dispute over the rescue request quickly escalated into an international incident, with Turkey rejecting Greece’s sovereignty over the islets.

Both countries have moved naval forces to Imia. Greece landed special operations forces there, and Turkey followed soon after. The opposing forces were only a few hundred yards apart. The showdown lasts several days as the two countries, both members of NATO, mobilize for war.

Domestic politics in both countries, as well as long-standing nationalist sentiment, were seen as driving factors at the time, but the crisis was very real and, in the end, American diplomacy and political pressure prevented a conflict to break out.

The Imia crisis

Imia islets in the Aegean Sea

The Imia/Kardak islets in the Aegean Sea in December 2009.

Nasa


After the cargo ship ran aground in December 1995, Turkish officials prepared to formally challenge Greece’s possession of the islets.

Residents of a nearby Greek island raised their national flag over one of Imia’s islets on January 25. On January 28, Turkish journalists arrived in Imia, removing the Greek flag and raising their own.

In the last days of January, Athens sent a Greek Navy SEAL squad to bring down the Turkish flag and stay on Imia to deter any Turkish action.

The seven frogmen landed on Little Imia and prepared, while a second Greek SEAL squad on a missile patrol boat was on standby as a quick reaction force. The Greek Imia frogmen asked their colleagues to land on Big Imia, but the Greek political leaders rejected their request.

The Turkish side was preparing its own military response. A Turkish helicopter flew over Little Imia and saw Greek Navy SEALs. The Turkish helicopter then flew over the other islet and saw that it was empty.

Initially, the Greek military leaders ordered the commandos to shoot down the Turkish helicopter if it returned because it was carrying out an operational mission on Greek territory. The order was rescinded after the intervention of Greek political leaders.

Meanwhile, a Turkish frigate deployed a Turkish Navy SEAL contingent to the empty Big Imia. A tense confrontation ensued between the Turks and Greeks on Little Imia. At one point, Greek leaders gave the go-ahead for Greek SEALs to land on the other island, but the order was retracted hours later.

Turkish Commandos Imia Kardak

Turkish commandos return after landing on the disputed Imia/Kardak islets following Greece’s withdrawal, January 31, 1996.

Reuters


On the night of January 31, a Hellenic Navy AB 212 helicopter scouted Big Imia to see if the Turkish commandos were still there. The weather conditions were horrendous, with rain and winds reaching severe storm levels and making flight nearly impossible.

The Greek helicopter crashed, killing the two pilots and the crew chief. An investigation found the helicopter crashed into the water at almost 100mph, but was inconclusive as to the cause. In the years since, there has been speculation that he was shot by Turkish commandos on Big Imia, including rumors that these Turkish SEALs were deliberately killed due to their involvement, but Turkish media reported in 2012 that the commandos were alive.

American diplomacy played a key role in preventing a war between the two NATO allies.

Richard Holbrooke, then US Assistant Secretary of State for European Affairs, was actively involved in the mediation efforts. At the time of the resolution, Holbrooke said the threats of war were “not a bluff”.

Throughout the crisis, Athens and Ankara have refused to communicate directly, instead relaying messages through Washington. Officials said at the time that the confrontation only aired after President Bill Clinton spoke to Greek and Turkish leaders.

The White House and State Department sought to appease both sides without appearing to take sides in the dispute, angering Athens, which felt the US stance undermined its sovereignty.

Following the crisis, the historically strained relations between Greece and Turkey fell to a low point and the situation in the Aegean Sea remained tense.

A decisive event

Turkey Greece coast guard Imia Kardak

Turkish and Greek coast guard boats patrol around the Imia/Kardak islets on the 21st anniversary of the 1996 crisis, January 30, 2017.

Ali Balli/Anadolu Agency/Getty Images


The United States has had close relations with Greece and Turkey for decades. SEALs from both countries complete the US Navy’s Basic Underwater Demolition/SEAL Training and SEAL Qualification Course and both send their commandos to other US Special Operations courses.

The Imia crisis was a watershed event for the Greek special operations community. The Greek Navy SEALs had been used in a defensive role, which conflicted with their training and focus on offensive action. The Greek commanders had sent them because the weather conditions required more competent personnel.

“The Imia crisis was a formative event for us,” a retired Greek Navy SEAL told Insider. “The whole community came together and reassessed what worked and what didn’t. We had to put our egos aside and accept the incident. It was the only way we could benefit from it.”

Greece Panos Kammenos Imia Kardak islet

Greek Defense Minister Panos Kammenos prepares to lay a wreath on the islets of Imia in memory of the Greek soldiers who were killed there during the 1996 crisis, on February 2, 2017.

STRINGER/AFP via Getty Images


After the Imia crisis, the Greek army created a new special operations unit, the Zeta Amphibious Raider squadron, specializing in the recovery of islands, islets and reefs, of which Greece has thousands .

“Now we are doing much better,” the former Greek SEAL, who requested anonymity for personal security reasons, said of the crisis. “The Greek special operations community has made progress over the past two decades and we are recognized as one of the best special operations forces in NATO.”

Recently, the Greek paratroopers’ special section – Ειδικό Τμήμα Αλεξιπτωτιστών or ΕΤΑ – received NATO’s highest readiness qualification, placing it in the ranks of British SAS or American SEALs.

In the end, American diplomacy managed to get both sides to withdraw and accept the “status quo ante” in which each claimed sovereignty over Imia. To this day, the two still claim the islets.

Stavros Atlamazoglou is a defense journalist specializing in special operations, a veteran of the Hellenic Army (national service with the 575th Marine Battalion and Army HQ) and a graduate of Johns Hopkins University.

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UV Filters in Personal Care Market 2021 Recent Developments, Segmented Data, and Commercial Operation Data Analysis by 2027 https://indiabusiness.info/uv-filters-in-personal-care-market-2021-recent-developments-segmented-data-and-commercial-operation-data-analysis-by-2027/ Sat, 07 May 2022 02:04:04 +0000 https://indiabusiness.info/uv-filters-in-personal-care-market-2021-recent-developments-segmented-data-and-commercial-operation-data-analysis-by-2027/ UV Filters in Personal Care Market: Insights by Type (Organic UV Filters and Inorganic UV Filters), by Application (Skincare, Cosmetics, and Others), and by Region – Sizing, Growth, Trend, Opportunity, and Forecast global industry (2020–2025) The UV Filters in Personal Care Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and […]]]>

UV Filters in Personal Care Market: Insights by Type (Organic UV Filters and Inorganic UV Filters), by Application (Skincare, Cosmetics, and Others), and by Region – Sizing, Growth, Trend, Opportunity, and Forecast global industry (2020–2025)

The UV Filters in Personal Care Market report covers an in-depth analysis of market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by key market players operating in the world. It involves an in-depth analysis of factors influencing the global market and market statistics indicating market share/growth analysis by region and segment. The report study will feature one of the most comprehensive analyzes in the market, capturing all aspects of UV Filters in the Personal Care industry.

Get Full Sample PDF Copy of Report: https://www.marketstatsville.com/request-sample/uv-filters-in-personal-care-market

Industry Overview of UV Filters in Personal Care Market:

The market size of UV Filters in Personal Care is expected to reach USD 965 Million by 2025, projecting a CAGR of 5.8% during the forecast period (2019-2025). In personal care, UV filters are typically used to limit or prevent damage to skin and hair from harmful UV rays. UV filters are expected to witness an increase in demand over the forecast period, owing to the increasing use of sunscreen lotions and cosmetic items. Climate change and ozone layer depletion are also responsible for the development of the UV filter market.

Factors affecting UV Filters in Personal Care Market over the forecast period:
  • Long-term exposure to UV rays certainly leads to aging, called photoaging. Hence, there is a huge increase in the demand for anti-aging products due to the increase in the geriatric population across the world. With the technological advancements in the beauty industry, there is a huge revolution in anti-aging products, which is driving the growth of UV filters in the personal care market.
  • The government has imposed strict rules and regulations on UV filters, especially enforced in the United States; therefore, various UV filters and chemicals not yet approved by the FDA.
  • Growing concerns regarding skin cancer and various skin-related diseases are believed to be fueling the UV filters of the personal care market. Considering its varied benefits, including protection against tanning, sunburn and other diseases, the demand for UV filters is constantly increasing in personal care products. Awareness of skin diseases, which stimulates demand for sunscreen.
  • Well-established cosmetics distribution channels, which help international and regional players facilitate the flow of ordered products to consumers, are further expected to drive the demand for personal care products, which provides growth for UV filters in the cosmetics market. personal care. .
Impact of COVID-19 on UV Filters in Personal Care Market:

Due to the COVID-19 outbreak, many industries have suffered from similar issues such as halt in production, lack of supply of raw materials due to imposition of lockdown in various countries, in particular from April to May 2020. This, in turn, decreased the demand for personal care products based on UV filters, supported by the decrease in exports and imports of personal care products, due to less exposure in the sun’s rays during confinement. Therefore, a considerable negative impact can be estimated on the UV Filters in Personal Care market in 2020.

Inquire Before Purchase @:https://www.marketstatsville.com/buy-now/uv-filters-in-personal-care-market?opt=2950

UV Filters in Personal Care Market: Report Scope

Report describes UV filters in personal care market research that have been segmented on the basis of type and application.

By Type, UV Filters in Personal Care Market has been segmented into-

  • Organic UV filters
  • Inorganic UV filters

By Application, UV Filters in Personal Care Market has been segmented into –

  • Skin care
  • Beauty products
  • Others (Hair care)
UV filters in the personal care market: Geographical perspectives

The UV filters in personal care market has been segmented into five geographical regions namely North America, Asia-Pacific, South America, Europe, Middle East & Africa. In 2019, North America held the largest global market share of UV filters in the personal care market, followed by Europe and Asia-Pacific. It is further estimated that North America will dominate the UV filters in the personal care market during the forecast period. Moreover, Asia-Pacific is expected to project the highest CAGR in the global market during the forecast period.

Request for Full Table of Contents and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/uv-filters-in-personal-care-market

Key Competitor UV Filters in Personal Care Market:

UV filters in the personal care market have a few market players operating across the globe. Major UV Filters of Personal Care Market players operating in the global market include-

  • Symrise AG
  • Ashland Global Holdings Inc.
  • Koninklijke DSM AG
  • Novacyl
  • BASF SE
  • Sensitive technologies
  • TRI-K Industries
  • Sigma 3V
  • Evonik Industries AG
  • Chemspec Chemicals Pvt. ltd.
  • Tagra Biotechnologies Ltd.
  • Merck KGaA

The UV Filters in Personal Care market report provides an in-depth analysis of macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of the industry/regional outlook with the presence of market players in the respective segment and region/country. The information concluded in the report includes the entries.

Report Description Request @https://www.marketstatsville.com/uv-filters-in-personal-care-market

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LIC listing to increase the transparency of its operations: Moody’s https://indiabusiness.info/lic-listing-to-increase-the-transparency-of-its-operations-moodys/ Thu, 05 May 2022 08:14:00 +0000 https://indiabusiness.info/lic-listing-to-increase-the-transparency-of-its-operations-moodys/ As a publicly traded company, LIC will face more demanding disclosure requirements, which will result in increased transparency about its operations and encourage it to prioritize profitable underwriting and risk management, said Moody’s Investor Service. It will in turn strengthen its ability to generate and grow capital internally. “We […]]]>

As a publicly traded company, LIC will face more demanding disclosure requirements, which will result in increased transparency about its operations and encourage it to prioritize profitable underwriting and risk management, said Moody’s Investor Service.

It will in turn strengthen its ability to generate and grow capital internally.



“We see the entry of external shareholders with experience in the insurance industry as another key benefit of the IPO. We believe that the presence of foreign players will bring particular advantages in the areas of capital adequacy, financial flexibility and governance standards, improving LIC’s credit profile,” Moody’s said.

Moreover, their influence could contribute to operational and distribution efficiency.

While LIC complies with the solvency requirements of the Insurance Regulatory and Development Authority of India (IRDAI), its capital adequacy is lower than that of its global life insurance peers, he said. changes in the entire life insurance industry. »

Indeed, as the dominant life insurer in India, LIC often sets the trend when it comes to pricing and terms of insurance.

Indian private insurers have already braced for the prospect of future profitable growth opportunities as premium growth continues alongside government reforms of public insurers.

“In fiscal 2020, four of the 24 life insurers raised capital, and we expect more such deals, as well as more M&A deals and IPOs. These will improve the capital adequacy and financial flexibility of the Indian insurance industry in the coming months.”

He also expects foreign insurers to continue to invest in India’s private insurers where the 49 percent foreign direct investment limit is well above the 20 percent allowed in the LICs.

Many global companies already operating in India through joint ventures could increase their stake in their local subsidiaries, he added.

–IANS

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Industrias Unidas, SA de CV Consolidated operating results for the financial year 2021 https://indiabusiness.info/industrias-unidas-sa-de-cv-consolidated-operating-results-for-the-financial-year-2021/ Sun, 01 May 2022 21:43:00 +0000 https://indiabusiness.info/industrias-unidas-sa-de-cv-consolidated-operating-results-for-the-financial-year-2021/ MEXICO–(BUSINESS WIRE)–Industrias Unidas, SA de CV (“IUSA” or the “Company”) has announced its audited results for the twelve months ended December 31, 2021. Figures are audited and have been prepared in accordance with Mexican Financial Reporting Standards (“MFRS”), which differ in certain respects from United States Generally Accepted Accounting Principles (“US GAAP”). Results for any […]]]>

MEXICO–(BUSINESS WIRE)–Industrias Unidas, SA de CV (“IUSA” or the “Company”) has announced its audited results for the twelve months ended December 31, 2021. Figures are audited and have been prepared in accordance with Mexican Financial Reporting Standards (“MFRS”), which differ in certain respects from United States Generally Accepted Accounting Principles (“US GAAP”). Results for any interim period are not necessarily indicative of results that may be expected for any given financial year. Unless otherwise specified, references herein to “pesos”, “pesos” or “Ps” are pesos, the lawful currency of Mexico and references to “US dollars”, “dollars”, “US$” or “$ are in US dollars, the legal tender of the United States of America. Unless otherwise specified, all peso amounts are presented here in pesos with purchasing power as of December 31, 2021, and in pesos with their historical value for other dates cited. The dollar translations f Provided herein are calculated solely for the convenience of the reader using an exchange rate of Ps. 20.51 per US dollar, the exchange rate published by Banco de Mexico, the country’s central bank, on December 31, 2021.

Twelve months ended December 31, 2021, compared to twelve months ended December 31, 2020.

The following table summarizes our operating results for the twelve months ended December 31, 2021 and 2020:

(figures in millions of pesos)
For the year ended December 31,

2020

2021

Revenue

19,720.4

28,604.8

Cost of sales

17,424.4

23,188.5

Gross profit

2,296.1

5,416.4

Selling and administrative expenses

1,578.0

1,912.3

Operating profit (loss)

718.0

3,504.1

Other Expenses – Net

(86.8

)

(84.0

)

Overall financing result

(831.2

)

(572.4

)

Taxes and statutory employee profit-sharing

75.0

817.2

Equity in income (loss) of associated corporations

13.5

11.0

Consolidated net profit (loss)

(261.4

)

2,041.5

D&A

435.5

369.5

EBITDA 1/

1,153.6

3,873.6

1/ EBITDA for any period is defined as consolidated net income (loss) excluding i) amortization, ii) total net comprehensive financial income (which includes net interest expense, foreign exchange gain or loss, gain or loss of currency position and other Funding costs), iii) other net charges, iv) income taxes and employee profit-sharing and v) equity in the result of associates. EBITDA should not be considered as another measure of net profit or operating profit, as determined on a consolidated basis using amounts derived from income statements prepared in accordance with IFRS, or as an indicator of operating performance or cash flow from operating activity such as a measure of liquidity. EBITDA is not a term recognized by MFRS or US GAAP and is not intended to be an alternative to net income as a measure of operating performance or cash flow from operating activities as a measure of liquidity.

Our consolidated net income for the twelve months ended December 31, 2021 amounted to 2,041.5 million pesos (99.5 million US dollars), compared to a consolidated net loss of 261.4 million pesos during the same period of 2020. This variation is mainly due to a significant increase in income (and therefore taxes) and a lower overall financial result, due to market conditions.

Revenue

Our net income for the twelve months of 2021 increased by 45.1% to reach 28,604.8 million pesos (1,394.8 million dollars) compared to 19,720.4 million pesos during the same period of 2020 This increase is mainly due to market conditions, relatively high copper prices compared to previous years, which directly affect our final selling price in our copper products segment and the 12.0% increase in the volume of sales.

Our costs and revenues track copper prices very closely since market practice is to pass commodity price changes on to the buyer.

Our sales are primarily to customers engaged in commercial, industrial and residential construction and related maintenance and renovation activities. We also sell to customers engaged in the production, transmission and distribution of electrical energy and to the gas, water and air conduction sector in the field of heating, ventilation, air conditioning and refrigeration (HVACR).

Our revenues come mainly from sales of copper-based products (tubes, wires, cables and alloys) and electrical products.

By country of production, approximately 55.1% of our revenues in the twelve months ended December 31, 2021 came from products manufactured in Mexico and the remaining 44.9% from products manufactured in the United States.

In terms of sales by region during the twelve months ended December 31, 2021, we derived approximately 53.3% of our revenue from sales to customers in the United States, 43.9% from customers in Mexico and 2.8 % of the rest of the world (“ROW”).

In terms of volume, consolidated sales of copper products during the twelve months ended December 31, 2021 increased by 12.0% compared to the same period in 2020:

(Metric Tons)
For the year ended December 31,
Volume sales of copper products 2/

2020

2021

UNITED STATES

51 206

57,718

Mexico

31,474

34,301

ROW

2,090

2,937

Total

84,769

94,956

2/ Includes wire and aluminum cable

Cost of sales

Our cost of sales during the twelve months ended December 31, 2021 increased by 33.1% to 23,188.5 million pesos ($1,130.7 million) from 17,424.4 million pesos during the same period of 2020. As a percentage of revenue, the cost of sales improved and was 81.1% and 88.4% respectively.

We continue to reduce our cost base through several initiatives, including plant planning, raw material handling and manufacturing overhead. In accordance with our accounting policies, we value inventory at the average purchase price. In the case of copper cathodes, an a posteriori adjustment is necessary due to the quotation period agreed with the suppliers (M+1). This initiative allows us to cover purchases for 30 days at no additional cost. The adjustment is recorded in cost of sales for the month in which it occurs.

Gross profit

Our gross profit in the twelve months ended December 31, 2021 increased twofold to Ps. 2,296.1 million from 11.6% in 2020.

Selling and administrative expenses

Our selling and administrative expenses in the twelve months ended December 31, 2021 increased by 21.2% to Ps.1,912.3 million from Ps.1,578.0 in the same period of 2020 As a percentage of total sales, this item was 6.0% and 8.7% in the corresponding periods.

Operating result

Our operating profit for the twelve months ended December 31, 2021 increased fourfold to Ps3,504.1 million (US$170.9 million) from an operating profit of 718, 0 Ps during the same period of 2020. As a percentage of sales, this element was 12.3% and 3.6% in the corresponding years.

EBITDA

In the twelve months ended December 31, 2021, our EBITDA increased three times, from Ps. 1,153.6 million for January to December 2021 and Ps. 435.5 million for the same period of 2020.

Overall financing result

The following table presents our overall financing result for the twelve months ended December 31, 2020 and 2021:

(figures in millions of pesos)
For the year ended December 31,

2020

2021

Interest charges

(663.7

)

(477.5

)

interest income

22.2

18.5

Foreign exchange gain (loss) – Net

(183.9

)

(96.2

)

Other financing costs

(5.8

)

(17.2

)

Overall financing result

(831.2

)

(572.4

)

Our overall financing result during the twelve months ended December 31, 2021 represented a cost of Ps 572.4 million, compared to a cost of Ps 831.2 million for the same period of 2020.

Taxes and statutory employee profit-sharing

The provision for current and deferred taxes and statutory employee profit sharing during the twelve months ended December 31, 2021 represented an expense of Ps 817.2 million, compared to a cost of Ps 75.0 million for the same period of 2020.

Consolidated net income

Our consolidated net profit for the twelve months ended December 31, 2021 amounted to 2,041.5 million pesos (99.5 million US dollars), compared to a consolidated net loss of 261.4 million pesos during the same period of 2020.

Cash and capital resources

Liquidity

As of December 31, 2021, we had cash and cash equivalents of Ps348.7 million (US$17.0 million). Our policy is to invest available cash in short-term instruments issued by Mexican and US banks and in securities issued by the governments of Mexico and the United States.

Our operating cash flow and operating margins are strongly influenced by world market prices for raw copper, as quoted by COMEX and the London Metal Exchange (“LME”). Copper prices are subject to significant market fluctuations; Average copper prices increased 51.6% in the twelve months ended December 31, 2021 to US$4.24 per pound from US$2.79 per pound in the same period of 2020.

We obtain short-term financing from various sources, including Mexican and international banks. Short-term financing consists partly of lines of credit denominated in pesos and dollars. As of December 31, 2021, our outstanding short-term debt, including the current portion of long-term debt, amounted to Ps591.7 million (US$28.8 million), all of which was denominated in dollars.

As of the same date, our consolidated long-term debt outstanding, excluding the current portion thereof, amounted to Ps5,001.9 million (US$243.9 million), entirely denominated in dollars.

Accounts receivable from third parties as of December 31, 2021 amounted to Ps 4,346.9 million ($211.9 million). The days remaining in the domestic market was 31 days as of December 31, 2021.

Debt securities

The following table summarizes our debt as of December 31, 2021:

Consolidated debt December 31, 2021
(In millions of pesos)
Debt of US subsidiaries

531.6

Mexican debt

5,062.0

Total

5,593.6

This total includes the Company’s restructured debt.

Capital expenditure

For the twelve months ended December 31, 2021, we invested Ps236.8 million (US$11.5 million) in capital expenditure projects, primarily related to production and maintenance expansion.

During the twelve months ended December 31, 2021, our capital expenditures were allocated by segment as follows: 31.1% to copper tubes, 13.5% to wires and cables, 13.2% to valves and controls, 3.2% to electrical products and the rest and 39.0% to other divisions. By geography, 70.7% of total capital expenditures were invested in our Mexican facilities and the remaining 29.3% in the United States

You should read this document in conjunction with the audited consolidated financial statements as at December 31, 2021, including the accompanying notes thereto.

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$495.3 million in additional funding for Operation Lone Star, Border Security Operations https://indiabusiness.info/495-3-million-in-additional-funding-for-operation-lone-star-border-security-operations/ Fri, 29 Apr 2022 21:10:58 +0000 https://indiabusiness.info/495-3-million-in-additional-funding-for-operation-lone-star-border-security-operations/ – Advertisement – Of these funds, $465.3 million will support the deployment of the Texas National Guard. PHOTO: Texas Military Department Texas Border Affairs AUSTIN, Texas – Governor Greg Abbott, Lt. Governor Dan Patrick, Speaker Dade Phelan, Senate Finance Committee Chair Joan Huffman and House Appropriations Committee Chair Dr. Greg Bonnen approved the transfer of […]]]>
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Of these funds, $465.3 million will support the deployment of the Texas National Guard.  PHOTO: Texas Military Department
Of these funds, $465.3 million will support the deployment of the Texas National Guard. PHOTO: Texas Military Department

Texas Border Affairs

AUSTIN, Texas – Governor Greg Abbott, Lt. Governor Dan Patrick, Speaker Dade Phelan, Senate Finance Committee Chair Joan Huffman and House Appropriations Committee Chair Dr. Greg Bonnen approved the transfer of 495.3 million to continue funding Operation Lone Star and critical border operations at other state agencies. Of these funds, $465.3 million will support the deployment of the Texas National Guard. This funding will address immediate border security needs while future funding needed to protect Texans continues to be assessed.

“Texas will not sit on the sidelines as President Biden continues to turn a blind eye to the crisis on our southern border,” Governor Abbott said. “The safety and security of Texans is our top priority, and we will continue to fight to keep our communities safe. This additional funding ensures that the Lone Star State is fully equipped to provide Texans with the border security strategy they demand and deserve.

“As the border crisis continues and the Biden administration considers repealing Title 42, millions of people are entering our country,” Lt. Governor Patrick said. “Their failure to secure the southern border means Texas has to use our tax dollars to step into the breach.”

“The Biden administration’s approach to our southern border is simply irresponsible,” President Phelan said. “As the humanitarian and security costs of this crisis continue to mount, Texas is once again being put in a position to do the work the federal government is refusing to do.”

“Over the past year, more than one million immigrants have illegally crossed our southern border,” said Senator Huffman, Chairman of the Senate Finance Committee. “Among those were over 14,000 criminal arrests and thousands of pounds of illegal drugs seized. Having spent my entire career fighting to maintain public safety, I believe this funding is necessary to continue the state’s efforts to support Operation Lone Star to combat criminal activity, human trafficking and gang violence.

“The current crisis on our southern border calls for unprecedented action by the Legislative Assembly,” said Dr. Bonnen, chairman of the House Appropriations Committee. “This funding will provide agencies participating in Operation Lone Star with the resources necessary to successfully continue the state’s commitment to combat the flow of illegal immigrants into Texas. I applaud President Phelan, Governor Abbott, and all of our agencies in their continued commitment to securing the Texas border.

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Read the joint endorsement letter from the governor and state leaders.

Governor Abbott took significant steps to secure the border in the wake of federal government inaction. These actions include:

  • Secured $4 Billion in Funding for Texas Border Security Efforts
  • Launch of Operation Lone Star and deployment of thousands of National Guard troops and soldiers from the Texas Department of Public Safety
  • Arrest and Jail Illegal Migrants Who Trespass or Commit Other State Crimes in Texas
  • Resource allocation including the acquisition of 1,700 unused steel panels to construct the border wall in Texas
  • Sign legislation to make it easier to prosecute human smugglers who bring people to Texas
  • Signing of 15 laws cracking down on human trafficking in Texas
  • Signing of a law strengthening the penalties for the manufacture and distribution of fentanyl
  • Issuance of a disaster declaration for the border crisis
  • Enact an executive order preventing non-governmental entities from transporting illegal immigrants
  • Take legal action to enforce the Stay in Mexico policy
  • Take aggressive action to secure the border as President Biden ends Title 42 deportations, including busing migrants to Washington, D.C.
  • Signing of Memoranda of Understanding between the State of Texas and the States of Chihuahua, Coahuila, Nuevo León and Tamaulipas to strengthen border security measures that will prevent illegal immigration from Mexico to Texas
– Advertisement –

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Business and Operations Support System Market Size, Scope and Outlook https://indiabusiness.info/business-and-operations-support-system-market-size-scope-and-outlook/ Wed, 27 Apr 2022 14:13:42 +0000 https://indiabusiness.info/business-and-operations-support-system-market-size-scope-and-outlook/ New Jersey, United States – The study is a professional and comprehensive assessment of the Business Operating and Support Systems Market with an emphasis on in-depth analysis of market data. The aim of the study is to provide a quick understanding of the business along with a comprehensive categorization of the Enterprise Operating and Support […]]]>

New Jersey, United States – The study is a professional and comprehensive assessment of the Business Operating and Support Systems Market with an emphasis on in-depth analysis of market data. The aim of the study is to provide a quick understanding of the business along with a comprehensive categorization of the Enterprise Operating and Support System market by type, activity, end-use, and region. The study provides specific market statistics for major manufacturers and distributors, as well as an analysis of the outlook for the industry in general. The study examines the global Operations and Business Support Systems market by considering supply and demand and identifies the variables that will influence the Operations and Business Support Systems market in each region over the course of the projection period. On the consumer side, market trends, limitations and opportunities as well as an assessment of consumer development are examined.

The study discusses the elements driving the global business and operations support systems market. Traders and investors can use this data to strategize to increase their market share, and newcomers can use it to locate opportunities and grow in the business. There are also some restrictions on expanding this market. The Business Operating and Support Systems market study also provides company biographies, SWOT analysis and business strategies for key players in the industry. Additionally, the research focuses on major industry players, providing details such as company descriptions, skills, current finances, and company advancements.

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Key Players Mentioned in the Operation and Business Support System Market Research Report:

Accenture, Tata Consultancy Services (TCS), Amdocs, Ericsson, IBM Corporation, Tech Mahindra, Hewlett Packard, Nokia Networks, Oracle Corporation, Huawei Technology

Market factors could use prospect information to attract informed prospects in underdeveloped countries. The analysis covers sales, revenue, annual growth and market share of the operational and commercial support system in the global market for the past and future years. Figures for the past year and subsequent years show the sales, revenue, growth rate and customer base of each industry. Operation And Business Support System Market Research has published a report that examines the major physical and chemical growth methodologies employed by companies in the Operation And Business Support System market. Product launches, product endorsements, and intellectual property strategies were among the most common tactics for sustained growth. Partnerships, collaborations and alliances were among the most important tactics for business expansion. The market participants of the operations and business support system have been able to increase their business due to these actions.

Business Operating and Support Systems Market Segmentation:

Business and Operations Support Systems Market, By Application

• Insight
• Manufacturing
• Retail
• Telecommunications companies
• Bank
• Financial services and insurance
• Government
• Others

Enterprise Operating and Support Systems Market, By End User

• Insight
• OSS Solution
• Customer service
• Service Guarantee
• Delivery service
• Network planning and design
• Execution of services
• Others
• BSS Solution
• Order management
• Product management
• Customer management
• Revenue management
• Others

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Scope of the Operation and Business Support System Market Report

ATTRIBUTES DETAILS
ESTIMATED YEAR 2022
YEAR OF REFERENCE 2021
FORECAST YEAR 2029
HISTORICAL YEAR 2020
UNITY Value (million USD/billion)
SECTORS COVERED Types, applications, end users, and more.
REPORT COVER Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
BY REGION North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
CUSTOMIZATION SCOPE Free report customization (equivalent to up to 4 analyst business days) with purchase. Added or changed country, region and segment scope.

It becomes easy to determine the pulse of the market with this detailed analysis of the Operation and Business Support System market. Key players can find all competitive data and market size of major regions like North America, Europe, Latin America, Asia-Pacific and Middle East. As part of the competitive analysis, certain strategies are profiled which are pursued by key players such as mergers, collaborations, acquisitions and new product launches. These strategies will greatly help industry players to strengthen their position in the market and grow their business.

Answers to key questions in the report:

1. Who are the Top Five Business and Operations Support Systems Market Players?

2. How will the enterprise operating and support systems market evolve over the next five years?

3. Which products and applications will capture the lion’s share of the operating systems and business support market?

4. What are the drivers and restraints of the Operations and Business Support System Market?

5. Which regional market will show the strongest growth?

6. What will be the CAGR and size of the Operations and Business Support System market throughout the forecast period?

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Verified Market Research® is a leading global research and advisory firm that for over 10 years has provided advanced analytical research solutions, personalized advice and in-depth data analysis to individuals and businesses seeking accurate research, reliable and up to date. technical data and advice. We provide insight into strategic and growth analytics, the data needed to achieve business goals, and help make critical revenue decisions.

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AARON’S COMPANY, INC. MANAGEMENT REPORT AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-Q) https://indiabusiness.info/aarons-company-inc-management-report-and-analysis-of-financial-position-and-operating-results-form-10-q/ Mon, 25 Apr 2022 21:31:18 +0000 https://indiabusiness.info/aarons-company-inc-management-report-and-analysis-of-financial-position-and-operating-results-form-10-q/ Special Note Regarding Forward-Looking Information: Except for historical information contained herein, the matters set forth in this Form 10-Q are forward-looking statements. These statements are based on management's current expectations and plans, which involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "believe," "expect," "expectation," […]]]>
Special Note Regarding Forward-Looking Information: Except for historical
information contained herein, the matters set forth in this Form 10-Q are
forward-looking statements. These statements are based on management's current
expectations and plans, which involve risks and uncertainties. Such
forward-looking statements generally can be identified by the use of
forward-looking terminology such as "believe," "expect," "expectation,"
"anticipate," "may," "could," "should", "intend," "belief," "estimate," "plan,"
"target," "project," "likely," "will," "forecast,", "future", "outlook," and
similar expressions. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the filing date of this
Quarterly Report and which involve risks and uncertainties that may cause actual
results to differ materially from those expressed in or implied by these
statements. These risks and uncertainties include factors such as (i) any
ongoing impact of the COVID-19 pandemic due to new variants or efficacy and rate
of vaccinations, as well as related measures taken by governmental or regulatory
authorities to combat the pandemic, including the impact of federal vaccine
mandates on our workforce and whether additional government stimulus payments or
supplemental unemployment benefits will be approved, and the nature, amount and
timing of any such payments or benefits; (ii) the possibility that the
operational, strategic and shareholder value creation opportunities expected
from the separation and spin-off of the Aaron's Business (as defined below) into
what is now The Aaron's Company, Inc. may not be achieved in a timely manner, or
at all; (iii) the failure of that separation to qualify for the expected tax
treatment; (iv) the risk that the Company may fail to realize the benefits
expected from the acquisition of BrandsMart, including projected synergies; (v)
risks related to the disruption of management time from ongoing business
operations due to the acquisition: (vi) failure to promptly and effectively
integrate the BrandsMart acquisition; (vii) the effect of the acquisition on our
ongoing results and businesses and on the ability of Aaron's and BrandsMart to
retain and hire key personnel or maintain relationships with suppliers; (viii)
changes in the enforcement and interpretation of existing laws and regulations
and the adoption of new laws and regulations that may unfavorably impact our
business; (ix) legal and regulatory proceedings and investigations, including
those related to consumer protection laws and regulations, customer privacy,
third party and employee fraud and information security; (x) the risks
associated with our strategy and strategic priorities not being successful,
including our e-commerce and real estate repositioning and optimization
initiatives or being more costly than anticipated; (xi) risks associated with
the challenges faced by our business, including the commoditization of consumer
electronics and our high fixed-cost operating model; (xii) increased competition
from traditional and virtual lease-to-own competitors, as well as from
traditional and online retailers and other competitors; (xiii) financial
challenges faced by our franchisees; (xiv) increases in lease merchandise
write-offs and the potential limited duration and impact of stimulus and other
government payments made by the federal and state governments to counteract the
economic impact of the COVID-19 pandemic; (xv) the availability and prices of
supply chain resources, including products and transportation; and (xvi) the
other risks and uncertainties discussed under "Risk Factors" in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the
"2021 Annual Report"). Except as required by law, the Company undertakes no
obligation to update these forward-looking statements to reflect subsequent
events or circumstances after the filing date of this Quarterly Report.

The following discussion should be read in conjunction with the condensed
consolidated financial statements as of and for the three months ended March 31,
2022 and 2021, including the notes to those statements, appearing elsewhere in
this report. We also suggest that management's discussion and analysis appearing
in this report be read in conjunction with the management's discussion and
analysis and the consolidated and combined financial statements included in our
2021 Annual Report.

Description of the derivative operation


On November 30, 2020 (the "separation and distribution date"), Aaron's Holdings
Company, Inc. completed the previously announced separation of the Aaron's
Business segment (the "Aaron's Business") from Progressive Leasing and Vive and
changed its name to PROG Holdings, Inc. (referred to herein as "PROG Holdings"
or "Former Parent"). The separation of the Aaron's Business was effected through
a distribution (the "separation", the "separation and distribution", or the
"spin-off transaction") of all outstanding shares of common stock of a newly
formed company called The Aaron's Company, Inc., a Georgia corporation
("Aaron's", "The Aaron's Company" or "the Company"), to the PROG Holdings
shareholders of record as of November 27, 2020. Upon the separation and
distribution, Aaron's, LLC became a wholly-owned subsidiary of The Aaron's
Company.

Unless the context otherwise requires or we specifically indicate otherwise,
references to "we," "us," "our," "the Company," and "Aaron's" refer to The
Aaron's Company, Inc., which holds, directly or indirectly, the Aaron's Business
prior to the separation and distribution date.

Further details of the spin-off transaction are discussed in Part I, Item 1 of the 2021 Annual Report.

                                       21
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Company overview


Aaron's is a leading, technology-enabled, omni-channel provider of lease-to-own
("LTO") and retail purchase solutions of appliances, electronics, furniture, and
other home goods. Since its founding in 1955, Aaron's has been committed to
serving the overlooked and underserved customer with a dedication to inclusion
and improving the communities in which it operates. Through our portfolio of
approximately 1,300 stores and our Aarons.com e-commerce platform, we provide
consumers with LTO and purchase solutions for the products they need and want,
with a focus on providing our customers with unparalleled customer service and
an attractive value proposition, including competitive monthly payments and
total cost of ownership, as compared to other LTO providers, high approval
rates, and lease plan flexibility. In addition, the Company's business includes
the operations of Woodhaven Furniture Industries ("Woodhaven"), which
manufactures and supplies the majority of the bedding and a significant portion
of the upholstered furniture leased and sold in Company-operated and franchised
stores.

BrandsMart USA Acquisition


On April 1, 2022, the Company completed the previously announced transaction to
acquire a 100% ownership of Interbond Corporation of America, doing business as
BrandsMart U.S.A. ("BrandsMart"). Founded in 1977, BrandsMart is one of the
leading appliance and consumer electronics retailers in the southeast United
States and one of the largest appliance retailers in the country with ten stores
in Florida and Georgia and a growing e-commerce presence on brandsmartusa.com.
The Company paid total consideration of approximately $230 million in cash under
the terms of the agreement and additional amounts for working capital
adjustments and transaction related fees, subject to certain closing
adjustments. The Company's financial results for the three months ended
March 31, 2022 and comparable prior periods do not include the results of
BrandsMart, which will be included in the condensed consolidated financial
statements during the second quarter of 2022.

Management believes that the acquisition will strengthen Aaron's ability to
deliver on its mission of enhancing people's lives by providing easy access to
high quality furniture, appliances, electronics, and other home goods through
affordable lease to own and retail purchase options. Management believes that
value-creation opportunities include leveraging Aaron's lease-to-own expertise
to provide BrandsMart's customers enhanced payment options and offering a wide
selection of BrandsMart product assortment to millions of Aaron's customers.

Recent store restructuring programs


As a result of our real estate repositioning strategy and other cost-reduction
initiatives, we initiated restructuring programs in 2019 and 2020 to optimize
our Company-operated store portfolio via our GenNext store concept, which
features larger showrooms and/or re-engineered store layouts, increased product
selection, technology-enabled shopping and checkout, and a refined operating
model. These restructuring programs have resulted in the closure, consolidation
or relocation of a total of 319 Company-operated store locations during 2019,
2020, 2021 and the first three months of 2022.

During the first quarter of 2022, the Company opened 19 new GenNext locations.
Combined with the 116 locations open at the beginning of the year, total GenNext
stores contributed 13.2% of total lease and retail revenues during the three
months ended March 31, 2022. As of March 31, 2022, we have identified
approximately 63 remaining stores for closure, consolidation, or relocation that
have not yet been closed and vacated, nearly all of which are expected to close
during 2022. We will continue to evaluate our Company-operated store portfolio
to determine how to best rationalize and reposition our store base to better
align with marketplace demand.

While not all specific locations have been identified under the real estate
repositioning and optimization restructuring program, the Company's current
strategic plan is to remodel, reposition and consolidate our Company-operated
store footprint over the next three to four years. We believe that such
strategic actions will allow the Company to continue to successfully serve our
markets while continuing to utilize our growing Aarons.com shopping and
servicing platform. Management expects that this strategy, along with our
increased use of technology, will enable us to reduce store count while
retaining a significant portion of our existing customer relationships and
attract new customers. To the extent that management executes on its long-term
strategic plan, additional restructuring charges will likely result from our
real estate repositioning and optimization initiatives, primarily related to
operating lease right-of-use asset and fixed asset impairments. However, the
extent of future restructuring charges is not estimable at this time, as
specific store locations to be closed and/or consolidated, beyond the stores
noted above, have not yet been identified by management.
                                       22
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Recent developments and operational measures taken by us in response to the COVID-19 pandemic


Our business continues to be impacted by the COVID-19 pandemic. While we have
reopened our store showrooms following temporary closures of our showrooms in
March 2020, there can be no assurance that those showrooms will not be closed in
future months, or have their operations limited. For example, we may be required
to close showrooms or limit operations in future months if there are new
variants of the virus, vaccine efficacy weakens or we experience localized
increases in infections or "additional waves" in the number of COVID-19 cases in
the areas where our stores are located and, in response, governmental
authorities issue orders requiring such closures or limitations on operations,
or we voluntarily close our showrooms or limit their operations to protect the
health and safety of our customers and team members. Furthermore, we have
continued to experience disruptions in our supply chain which have impacted
product availability in some of our stores and, in some situations, we are
procuring inventory from alternative sources at higher costs. These developments
could have an unfavorable impact on our generation of lease agreements.

As a result, the COVID-19 pandemic may continue to impact our business, results
of operations, financial condition, liquidity and/or cash flow in future
periods. The extent of any such impacts likely would depend on several factors,
including (a) the length and severity of any continuing impact of the pandemic,
which may be affected by the impact of federal vaccination mandates on our
workforce and the successful distribution and efficacy of COVID-19 vaccines to
our customers and team members, as well as any new variants of the virus,
localized outbreaks or additional waves of COVID-19 cases, among other factors;
(b) the impact of any such outbreaks on our customers, suppliers, and team
members; (c) the nature of any government orders issued in response to such
outbreaks, including whether we would be deemed essential, and thus, exempt from
all or some portion of such orders; (d) the extent of the impact of additional
government stimulus and/or enhanced unemployment benefits to our customers in
response to the negative economic impacts of the COVID-19 pandemic, as well as
the nature, timing and amount of any such stimulus payments or benefits; and (e)
supply chain disruptions in the markets in which we operate.

The following summarizes the significant developments and operational measures we have taken in response to the COVID-19 pandemic:


•We maintain a comprehensive Program & Policy that is updated regularly to adapt
to the ever changing COVID-19 landscape, which covers our prevention controls,
support for getting vaccinated, reporting and responding to cases, and
return-to-work criteria.

•We have established a COVID-19 Task Force, with executive oversight, that meets
regularly to ensure that our response to the fluid pandemic is timely and
effective to ensure the safety of our associates and customers to the best of
our ability.

• We are monitoring internal and external trends in COVID-19 cases to ensure our response efforts are adjusted according to regional and national needs across our footprint.


•In our Company-operated stores, fulfillment centers, service centers,
manufacturing, and Store Support Center operations, we are monitoring for and
adhering to applicable federal and state laws, Occupational Safety and Health
Administration regulations and Center for Disease Control ("CDC") and
state/local health authorities.

Coronavirus Legislative Relief


In response to the global impacts of COVID-19 on U.S. companies and citizens,
the government enacted the Coronavirus, Aid, Relief, and Economic Security Act
("CARES Act") on March 27, 2020, the Consolidated Appropriations Act on December
27, 2020, and the American Rescue Plan Act of 2021 ("American Rescue Plan") on
March 11, 2021. We believe a significant portion of our customers received
government stimulus payments and/or federally supplemented unemployment
payments, pursuant to these economic stimulus measures, which we believe enabled
them to continue making payments to us under their lease-to-own agreements,
despite the economically challenging times resulting from the COVID-19 pandemic.

The Company utilized tax relief options available to Company under the CARES
Act. As of March 31, 2022 the Company has a remaining liability of $10.6 million
related to 2020 payroll taxes eligible for deferral through December 31, 2022.
                                       23
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Strong points

The following summarizes the main financial highlights for the three months ended March 31, 2022:


•We reported revenues of $456.1 million in the first quarter of 2022 compared to
$481.1 million for the first quarter of 2021, a decrease of 5.2%. This decrease
is primarily due to a 4.3% decrease in same store revenues, which contributed to
a $15.5 million decrease in lease and retail revenues. The decrease in same
store revenues was primarily driven by the expected normalization in the lease
renewal rate and lower early purchase options exercised, driven by a government
stimulus-aided first quarter of 2021. This decrease was partially offset by a
larger same store lease portfolio size, which ended the fourth quarter of 2021
at $111.2 million, up 5.4% compared to the end of the fourth quarter of 2020,
and ended the first quarter of 2022 at $107.7 million, up 2.9% compared to the
first quarter of 2021. E-commerce revenues increased 3.9% compared to the prior
year quarter and were 15.4% and 14.3% of total lease revenues and fees during
the three months ended March 31, 2022 and 2021, respectively.

•During the first quarter of 2022, the Company opened 19 new GenNext locations.
Combined with the 116 locations open at the beginning of the year, total GenNext
stores contributed 13.2% of total lease and retail revenues during the three
months ended March 31, 2022.

•Earnings before income taxes were $28.9 million in the first quarter of 2022
compared to $48.6 million during the prior comparable period. Earnings before
income taxes during the first quarter of 2022 were negatively impacted by
BrandsMart acquisition transaction costs of $3.5 million, restructuring charges
of $3.3 million and separation-related costs of $0.5 million. Earnings before
income taxes for the first quarter of 2021 were negatively impacted by
separation-related costs of $4.4 million and restructuring charges of $3.4
million.

•Earnings before income taxes were also impacted by the provision for lease
merchandise write-offs as a percentage of lease revenues and fees, which
increased to 5.4% for the three months ended March 31, 2022 compared to 3.1% for
the comparable period in 2021. During the first quarter of 2022, the Company
continued to experience the normalization of customer payment activity that
started during the third and fourth quarters of 2021 following historically
strong customer payment activity experienced throughout 2020 and continuing into
the three months ended March 31, 2021, which we believe was partially driven by
government stimulus payments and supplemental federal unemployment benefits
received by a significant portion of our customers during 2020 and 2021.

•Net earnings for the first quarter of 2022 were $21.5 million compared to $36.3
million in the prior year period. Diluted earnings per share for the first
quarter of 2022 were $0.68 compared with diluted earnings per share of $1.04 in
the prior year period.

•The Company repurchased 261,924 shares of common stock for $5.7 million during
the three months ended March 31, 2022. The total shares outstanding as of
March 31, 2022 were 30,963,018, compared to 34,169,998 as of March 31, 2021.
Since March 31, 2021, we repurchased 3.6 million shares, which represents 10.5%
of March 31, 2021 stock outstanding.

Key indicators


Lease Portfolio Size. Our lease portfolio size represents the total balance of
collectible lease payments for the next month derived from our aggregate
outstanding customer lease agreements at a point in time. As of the end of any
month, the lease portfolio size is calculated as the lease portfolio size at the
beginning of the period plus collectible lease payments for the next month
derived from new lease agreements originated in the period less the reduction in
collectible lease payments for the next month as a result primarily of customer
agreements that reach full ownership, lease merchandise returns and write-offs,
and customer early purchase option exercises. Lease portfolio size provides
management insight into expected future collectible lease payments. The Company
ended the first quarter of 2022 with a lease portfolio size for all
Company-operated stores of $131.7 million, an increase of 2.3% compared to the
lease portfolio size as of March 31, 2021.

Lease Renewal Rate. Our lease renewal rate for any given period represents the
weighted average of the monthly lease renewal rates for each month in the
period. The monthly lease renewal rate for any month is calculated by dividing
(i) the recurring lease revenues related to leased merchandise for such month by
(ii) the lease portfolio size as of the beginning of such month. The lease
renewal rate provides management insight into the Company's success in retaining
current customers within our customer lease portfolio over a given period and
provides visibility into expected future customer lease payments and the related
lease revenue. The lease renewal rate for the first quarter of 2022 was 89.4%,
compared to 92.5% in the government stimulus-aided first quarter of 2021.
                                       24
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Same Store Revenues. We believe that changes in same store revenues are a key
performance indicator of the Company, as it provides management insight into our
ability to collect customer payments, including contractually due payments and
early purchase options exercised by our current customers. Additionally, this
indicator allows management to gain insight into the Company's success in
writing new leases into and retaining current customers within our customer
lease portfolio.

For the three months ended March 31, 2022, we calculated this amount by
comparing revenues for the three months ended March 31, 2022 to revenues for the
comparable period in 2021 for all stores open for the entire 15-month period
ended March 31, 2022, excluding stores that received lease agreements from other
acquired, closed or merged stores. Same store revenues decreased 4.3% during the
three months ended March 31, 2022 compared to the prior year comparable period.

Seasonality


Our revenue mix is moderately seasonal. The first quarter of each year generally
has higher lease renewal rates and corresponding lease revenues than any other
quarter. Our customers will also more frequently exercise the early purchase
option on their existing lease agreements or purchase merchandise during the
first quarter of the year. We believe that each is primarily due to the receipt
by our customers in the first quarter of federal and state income tax refunds.
In addition, lease portfolio size typically increases gradually in the fourth
quarter as a result of the holiday season. We expect these trends to continue in
future periods.

Due to the seasonality of our business and the extent of the impact of
additional government stimulus, and/or enhanced unemployment benefits to our
customers in response to the economic impacts of the COVID-19 pandemic, results
for any quarter or period are not necessarily indicative of the results that may
be achieved for any interim period or a full fiscal year.

Main elements of profit before income tax


In this management's discussion and analysis section, we review our condensed
consolidated results. The financial statements for the three months ended
March 31, 2022 and comparable prior year period are condensed consolidated
financial statements of the Company and its subsidiaries, each of which is
wholly-owned, and is based on the financial position and results of operations
of the Company.

For the three months ended March 31, 2022 and the comparable prior year periods,
some of the key revenue, cost and expense items that affected earnings before
income taxes were as follows:

Revenues. We separate our total revenues into three components: (a) lease and
retail revenues; (b) non-retail sales; and (c) franchise royalties and other
revenues. Lease and retail revenues primarily include all revenues derived from
lease agreements at our Company-operated stores and e-commerce platform, the
sale of both new and returned lease merchandise from our Company-operated stores
and fees from our Aaron's Club program. Lease and retail revenues are recorded
net of a provision for uncollectible accounts receivable related to lease
renewal payments from lease agreements with customers. Non-retail sales
primarily represent new merchandise sales to our franchisees and, to a lesser
extent, sales of Woodhaven manufactured products to third-party retailers.
Franchise royalties and other revenues primarily represent fees from the sale of
franchise rights and royalty payments from franchisees, as well as other related
income from our franchised stores. Franchise royalties and other revenues also
include revenues from leasing Company-owned real estate properties to unrelated
third parties, as well as other miscellaneous revenues.

Cost of Lease and Retail Revenues. Cost of lease and retail revenues is
primarily comprised of the depreciation expense associated with depreciating
merchandise held for lease and leased to customers by our Company-operated
stores and through our e-commerce platform. Cost of lease and retail revenues
also includes the depreciated cost of merchandise sold through our
Company-operated stores as well as the costs associated with the Aaron's Club
program.

Non-retail cost of sales. Non-retail cost of sales primarily represents the cost of goods sold to our franchisees and, to a lesser extent, the cost of Woodhaven’s manufactured goods sold to third-party retailers.

Personnel costs. Personnel costs represent the total compensation costs incurred for the services provided by members of the Company’s team.


Other Operating Expenses, Net. Other operating expenses, net includes occupancy
costs (including rent expense, store maintenance and depreciation expense
related to non-manufacturing facilities), shipping and handling, advertising and
marketing, intangible asset amortization expense, professional services expense,
bank and credit card related fees, and other miscellaneous expenses. Other
operating expenses, net also includes gains or losses on sales of
Company-operated stores and delivery vehicles, fair value adjustments on assets
held for sale and gains or losses on other transactions involving property,
plant and equipment (to the extent such gains or losses are not related to
assets that are a part of the Company's restructuring programs).

Provision for write-offs of rental goods. The provision for rental merchandise write-offs represents incurred expenses related to estimated rental merchandise write-offs.

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Restructuring Expenses, Net. Restructuring expenses, net primarily represent the
cost of real estate optimization efforts and cost reduction initiatives related
to the Company's store support center functions. Restructuring expenses, net are
comprised principally of closed store operating lease right-of-use asset
impairment and operating lease charges, fixed asset impairment charges, and
expenses related to workforce reductions.

Separation Costs. Separation costs represent employee-related expenses
associated with the spin-off transaction, including employee-related costs,
incremental stock-based compensation expense associated with the conversion and
modification of unvested and unexercised equity awards and other one-time
expenses incurred by the Company in order to begin operating as an independent,
standalone public entity.

Acquisition-related costs. Acquisition-related costs primarily represent third-party legal and consulting fees associated with the acquisition of BrandsMart in April 2022.


Interest Expense. Interest expense for the three months ended March 31, 2022
consists primarily of commitment fees on unused balances of the Previous Credit
Facility (as defined below), as well as the amortization of debt issuance costs.

Other Non-Operating (Expense) Income, Net. Other non-operating (expense) income,
net includes the impact of foreign currency remeasurement, as well as gains and
losses resulting from changes in the cash surrender value of Company-owned life
insurance related to the Company's deferred compensation plan. This activity
also includes earnings on cash and cash equivalent investments.
                                       26
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Results of operations – Quarters ended March 31, 2022 and 2021

                                                 Three Months Ended
                                                     March 31,                      Change
(In Thousands)                                  2022           2021             $             %
REVENUES:
Lease and Retail Revenues                    $ 421,925      $ 444,087      $ (22,162)       (5.0) %
Non-Retail Sales                                27,827         29,949         (2,122)       (7.1)
Franchise Royalties and Other Revenues           6,330          7,018       

(688) (9.8)

                                               456,082        481,054        (24,972)       (5.2)
COSTS OF REVENUES
Cost of Lease and Retail Revenues              145,779        151,495         (5,716)       (3.8)
Non-Retail Cost of Sales                        25,356         26,491         (1,135)       (4.3)
                                               171,135        177,986         (6,851)       (3.8)
GROSS PROFIT                                   284,947        303,068        (18,121)       (6.0)
Gross Profit %                                  62.5%          63.0%

OPERATING EXPENSES:
Personnel Costs                                121,110        124,863         (3,753)       (3.0)
Other Operating Expenses, Net                  104,359        108,366         (4,007)       (3.7)
Provision for Lease Merchandise Write-Offs      21,957         13,417          8,540        63.7
Restructuring Expenses, Net                      3,335          3,441           (106)       (3.1)
Separation Costs                                   540          4,390         (3,850)      (87.7)
Acquisition-Related Costs                        3,464              -          3,464            nmf
                                               254,765        254,477            288         0.1

OPERATING PROFIT                                30,182         48,591        (18,409)      (37.9)
Interest Expense                                  (350)          (344)            (6)       (1.7)
Other Non-Operating (Expense) Income, Net         (927)           402         (1,329)           nmf

EARNINGS BEFORE INCOME TAXES                    28,905         48,649        (19,744)      (40.6)

INCOME TAX EXPENSE                               7,373         12,326         (4,953)      (40.2)

NET EARNINGS                                 $  21,532      $  36,323      $ (14,791)      (40.7) %

nmf-Calculation is not significant

Revenue


The following table presents revenue by source for the three months ended March
31, 2022 and 2021:

                                            Three Months Ended
                                                March 31,                      Change
         (In Thousands)                    2022           2021             $             %
         Lease Revenues and Fees        $ 409,318      $ 427,641      $ (18,323)       (4.3) %
         Retail Sales                      12,607         16,446         (3,839)      (23.3)
         Non-Retail Sales                  27,827         29,949         (2,122)       (7.1)
         Franchise Royalties and Fees       6,118          6,710           (592)       (8.8)
         Other                                212            308            (96)      (31.2)
         Total Revenues                 $ 456,082      $ 481,054      $ (24,972)       (5.2) %


                                       27
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The decrease in lease revenues and fees and retail sales during the three months
ended March 31, 2022 was primarily due to a 4.3% decrease in same store
revenues, inclusive of both in-store and e-commerce originated lease revenues
and fees and retail sales, which represented $15.5 million of the decrease. The
decrease in same store revenues was driven primarily by expected normalization
in the lease renewal rate and lower exercise of early purchase options by our
customers. These factors were partially offset by the increased size of our same
store lease portfolio size in the quarter. During the first quarter of 2022, the
Company continued to experience the normalization of customer payment activity
that started during the third and fourth quarters of 2021 following historically
strong customer payment activity experienced throughout 2020 and continuing into
the three months ended March 31, 2021, which we believe was partially driven by
government stimulus payments and supplemental federal unemployment benefits
received by a significant portion of our customers during 2020 and 2021.

E-commerce revenues increased 3.9% compared to the prior year quarter and were
15.4% and 14.3% of total lease revenues and fees during the three months ended
March 31, 2022 and 2021, respectively.

The decrease in non-retail sales is primarily due to comparatively lower product
demand from franchisees stemming from higher customer demand during the
government stimulus-aided first quarter of 2021. Non-retail sales also decreased
by $1.0 million due to the reduction of 12 franchised stores during the 15-month
period ended March 31, 2022.

The decrease in royalties and franchise fees is mainly due to the reduction of 12 franchise stores during the 15-month period ended March 31, 2022.

Revenue cost and gross profit

Information on the components of rental cost and retail and non-retail sales revenue is as follows:

                                                      Three Months Ended
                                                           March 31,                                     Change
(In Thousands)                                      2022               2021                      $                   %
Depreciation of Lease Merchandise and Other
Lease Revenue Costs                             $ 136,664          $ 140,976                $  (4,312)                (3.1) %
Retail Cost of Sales                                9,115             10,519                   (1,404)               (13.3)
Non-Retail Cost of Sales                           25,356             26,491                   (1,135)                (4.3)
Total Costs of Revenues                         $ 171,135          $ 177,986                $  (6,851)                (3.8) %


Depreciation of lease merchandise and other lease revenue costs. Depreciation of
lease merchandise and other lease revenue costs decreased primarily due to the
decrease in lease revenues and fees as described above, a $7.3 million decrease
due to higher early purchase options exercised during the first quarter of 2021,
and a $1.2 million decrease due to store closures and consolidations. This was
partially offset by a $1.2 million increase as a result of a higher lease
portfolio size and a $2.7 million increase due to higher inventory purchase
costs.

Retail cost of sales. Retail cost of sales decreased during the three months
ended March 31, 2022 due to the decrease in retail sales driven by the factors
discussed above, partially offset by higher inventory purchase costs.

Non-retail cost of sales. The decrease in non-retail cost of sales during the
three months ended March 31, 2022 is primarily attributable to the decrease in
non-retail sales which was driven by the factors discussed above, partially
offset by higher inventory purchase costs.

Gross profit

Gross profit for rental income and royalties was $272.7 million and $286.7 million
in the three months ended March 31, 2022 and 2021, respectively, which represented a gross profit margin of 66.6% and 67.0% for the respective periods.


Gross profit for retail sales was $3.5 million and $5.9 million during the three
months ended March 31, 2022 and 2021, respectively, which represented a gross
profit margin of 27.7% and 36.0% for the respective periods. The decline in
gross profit percentage is primarily due to a normalization of product mix and
availability in the first quarter of 2022 as compared to the government
stimulus-aided first quarter of 2021, as well as higher inventory purchase costs
in 2022 as compared to 2021.

Gross profit for non-retail sales was $2.5 million and $3.5 million during the
three months ended March 31, 2022 and 2021, respectively, which represented a
gross profit percentage of 8.9% and 11.5% for the respective periods. The
decline in gross profit percentage was driven by higher inventory purchase costs
in 2022 compared to the prior year comparable period.

As a percentage of total revenues, gross profit declined to 62.5% during the
three months ended March 31, 2022 compared to 63.0% for the comparable period in
2021. The factors impacting the change in gross profit are discussed above.
                                       28
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Functionnary costs


Personnel Costs. Personnel Costs decreased by $3.8 million during the first
quarter of 2022 due primarily to lower performance-based incentive compensation,
partially offset by higher store-based wages and additional personnel to support
our key strategic initiatives.

Other operating expenses, net. Information on certain significant components of other operating expenses, net, are as follows:


                                                       Three Months Ended
                                                            March 31,                                Change
(In Thousands)                                       2022               2021                $                    %
Occupancy Costs                                  $  45,682          $  43,309          $   2,373                    5.5
Shipping and Handling                               15,253             13,265              1,988                   15.0
Advertising Costs                                   10,700             17,385             (6,685)                 (38.5)
Intangible Amortization                                764              1,684               (920)                 (54.6)
Professional Services                                3,488              3,035                453                   14.9
Bank and Credit Card Related Fees                    5,562              5,382                180                    3.3
Gains on Dispositions of Store-Related Assets,
net                                                 (4,450)            (1,223)            (3,227)                (263.9)
Other Miscellaneous Expenses, net                   27,360             25,529              1,831                    7.2
Other Operating Expenses, net                    $ 104,359          $ 108,366          $  (4,007)                  (3.7) %


As a percentage of total revenue, other operating expenses, net, increased to 22.9% for the first quarter of 2022 from 22.5% in the same period of 2021.


Occupancy costs increased during the three months ended March 31, 2022 primarily
due to higher rent and related occupancy costs as well as higher depreciation of
leasehold improvements associated with newer store locations under our
repositioning and optimization initiatives and higher utility expense compared
to last year. These increases were partially offset by lower occupancy costs due
to the planned net reduction of 22 Company-operated stores during the 15-month
period ended March 31, 2022.

Shipping and handling costs increased primarily due to higher fuel and
distribution costs driven by inflationary pressures, partially offset by a 13.6%
decrease in product deliveries during the three months ended March 31, 2022 as
compared to the same period in 2021.

Advertising costs decreased primarily due to an increase in vendor marketing
contributions eligible to be applied as a reduction to advertising costs and
lower advertising spend during the three months ended March 31, 2022 as compared
to the same period in 2021.

Gains on asset dispositions increased primarily due to a $3.8 million gain
related to a sale and leaseback transaction of three Company-owned store
properties during the three months ended March 31, 2022, partially offset by
lower gains related to the sale of Company-owned vehicles in the first quarter
of 2022 as compared to the same period in 2021.

Other miscellaneous expenses, net primarily represent the depreciation of
IT-related property, plant and equipment, software licensing expenses,
franchisee-related reserves, and other expenses. The primary increases in this
category during the three months ended March 31, 2022 were related to higher
software licensing expenses and higher travel expenses. The remaining expenses
within this category did not fluctuate significantly on an individual basis
versus the prior year.

Provision for Lease Merchandise Write-Offs. The provision for lease merchandise
write-offs as a percentage of lease revenues and fees increased to 5.4% for the
three months ended March 31, 2022 compared to 3.1% for the comparable period in
2021. During the first quarter of 2022, the Company continued to experience the
normalization of customer payment activity that started during the third and
fourth quarters of 2021 following historically low provision for lease
merchandise write-offs percentages beginning with the second quarter of 2020 and
continuing throughout the first half of 2021, which we believe was partially
driven by government stimulus payments and supplemental federal unemployment
benefits received by a significant portion of our customers. The Company's
provision for lease merchandise write-offs has benefited throughout 2021 and
2022 from improved decisioning technology, strong operational focus and payment
optimization .

Restructuring Expenses, Net. Restructuring activity for the three months ended
March 31, 2022 resulted in expenses of $3.3 million, which were primarily
comprised of $1.4 million of continuing variable occupancy costs incurred
related to previously closed stores, $1.4 million of operating lease
right-of-use asset and fixed asset impairment for Company-operated stores
identified for closure and severance of $0.4 million related to reductions in
store support center headcount. Restructuring expenses for the three months
ended March 31, 2021 were $3.4 million and were primarily comprised of $2.2
million of
                                       29
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operating lease right-of-use asset and fixed asset impairment for
company-operated stores identified for closure during 2021 and $1.1 million of
common area maintenance and other variable charges and taxes incurred related to
closed stores.

Separation costs. Separation costs for the three months ended March 31, 2022 and
2021 primarily represent incremental stock-based compensation expense associated
with the conversion and modification of unvested and unexercised equity awards,
employee-related expenses associated with the spin-off transaction and other
one-time expenses incurred by the Company in order to operate as an independent,
standalone public entity.

Acquisition-related costs. Acquisition-related costs primarily represent third-party legal and consulting fees associated with the acquisition of BrandsMart.


Operating Profit

Interest Expense. Interest Expense increased to $0.4 million for three months
ended March 31, 2022 from $0.3 million for the three months ended March 31,
2021. Interest expense for the three months ended March 31, 2022 consists
primarily of commitment fees on unused balances of the Previous Facility, as
well as the amortization of debt issuance costs.

Other non-operating (expense) income, net. Other non-operating (expense) income,
net includes (a) net gains and losses resulting from changes in the cash
surrender value of Company-owned life insurance related to the Company's
deferred compensation plan; (b) the impact of foreign currency remeasurement;
and (c) earnings on cash and cash equivalent investments. The changes in the
cash surrender value of Company-owned life insurance resulted in net losses of
$0.9 million and net gains of $0.4 million for the three months ended March 31,
2022 and 2021, respectively. Foreign currency remeasurement net gains and losses
resulting from changes in the value of the U.S. dollar against the Canadian
dollar and earnings on cash and cash equivalent investments were not significant
during the three months ended March 31, 2022 or 2021.

income tax expense


Income tax expense decreased to $7.4 million during the three months ended March
31, 2022 compared to $12.3 million for the same period in 2021 due to a $19.7
million decrease in earnings before income taxes, partially offset by an
increase in the effective tax rate to 25.5% in 2022 from 25.3% in 2021.

Overview of the financial situation

The main changes in the condensed consolidated balance sheet of December 31, 2021 for March 31, 2022 include:


•Cash and cash equivalents decreased $9.3 million to $13.5 million at March 31,
2022. For additional information, refer to the "Liquidity and Capital Resources"
section below.

•Operating lease right-of-use assets increased $10.0 million primarily due to
additional real estate lease agreements and amendments executed during the three
months ended March 31, 2022, partially offset by regularly scheduled
amortization of right-of-use assets and impairment charges recorded in
connection with restructuring actions.

•Debt decreased $10.0 million primarily due to the repayment of the $10.0
million in outstanding borrowings under the Previous Credit Facility during the
three months ended March 31, 2022. Refer to the "Liquidity and Capital
Resources" section below for further details regarding the Company's financing
arrangements.

• Increase in treasury shares $9.3 million mainly due to the repurchase by the Company of 261,924 common shares for $5.7 million in the three months ended March 31, 2022.

Cash and capital resources

General


Our primary uses of capital has historically consisted of (a) buying
merchandise; (b) personnel expenditures; (c) purchases of property, plant and
equipment, including leasehold improvements for our new store concept and
operating model; (d) expenditures related to corporate operating activities; (e)
income tax payments; and (f) expenditures for franchisee acquisitions.
Throughout 2021 and 2022, the Company has also periodically repurchased common
stock and paid quarterly cash dividends.

We currently expect to finance our primary capital requirements through cash
flows from operations, and as necessary, borrowings under our Revolving Facility
(as defined below). As of March 31, 2022, the Company had $13.5 million of cash
and $232.7 million of availability under its previous $250.0 million senior
unsecured revolving credit facility. On April 1, 2022, the Company entered into
a new unsecured credit facility (the "Credit Facility") which replaced its
previous credit facility and is further described in Note 6 to these condensed
consolidated financial statements. The Credit Facility provides for a $175
million term loan (the "Term Loan") and a $375 million revolving credit facility
(the "Revolving Facility"), which includes (i) a $35 million sublimit for the
issuance of letters of credit on customary terms, and (ii) a $35 million
sublimit for swing line loans on customary terms. The Company borrowed $175
million under the Term Loan and $116.7 million under the Revolving Facility to
finance the BrandsMart U.S.A. acquisition.
                                       30
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Cash flow from operating activities


Cash provided by operating activities was $29.1 million and $20.2 million during
the three months ended March 31, 2022 and 2021, respectively. The $8.9 million
increase in operating cash flows was primarily driven by lower lease merchandise
purchases and increases in working capital, partially offset by the
normalization of customer payment activity during the first quarter of 2022 as
compared to the government stimulus-aided first quarter of 2021. Other changes
in cash provided by operating activities are discussed above in our discussion
of results for the three months ended March 31, 2022.

Cash used in investing activities


Cash used in investing activities was $17.1 million and $23.4 million during the
three months ended March 31, 2022 and 2021, respectively. The $6.4 million
decrease in investing cash outflows was primarily due to $5.4 million higher
proceeds from the sale of property, plant and equipment and $1.9 million lower
cash outflows for purchases of property, plant and equipment during the three
months ended March 31, 2022 compared to the prior year period.

Cash used in financing activities


Cash used in financing activities was $21.3 million and $11.8 million during the
three months ended March 31, 2022 and 2021, respectively, The $9.5 million
increase in financing cash outflows was primarily due to the repayment of the
$10.0 million in outstanding borrowings under the Previous Credit Facility
during the three months ended March 31, 2022.

Share buybacks


During the first quarter, the Company repurchased 261,924 shares of Aaron's
common stock for a total purchase price of approximately $5.7 million. The total
shares outstanding as of March 31, 2022 were 30,963,018, compared to 34,169,998
as of March 31, 2021. On March 3, 2022, the Company's Board of Directors
increased the share repurchase authorization to $250.0 million from the original
$150.0 million plan and extended the maturity to December 31, 2024. The
remaining authorized share repurchase amount was $141.2 million as of March 31,
2022.

Dividends

In February 2022, the Board approved a quarterly dividend of $0.1125 per share,
which was paid to shareholders on April 5, 2022. Aggregate dividend payments for
the three months ended March 31, 2022 were $3.1 million. We expect to continue
paying this quarterly cash dividend, subject to further approval from our Board.
Although we expect to continue to pay a quarterly cash dividend, the timing,
declaration, amount and payment of future dividends to shareholders will fall
within the discretion of our Board. We cannot guarantee that we will pay a
dividend in the future or continue to pay any dividend.

Debt financing


As of March 31, 2022, the Company did not have any outstanding borrowings under
the Previous Credit Facility (as defined below). The total available credit
under our Previous Credit Facility as of March 31, 2022 was $232.7 million,
which was reduced by approximately $17.3 million for our outstanding letters of
credit.

On April 1, 2022, the Company entered into a new unsecured credit facility (the
"Credit Facility") which replaced its previous $250 million unsecured credit
facility dated as of November 9, 2020 (as amended, the "Previous Credit
Facility") which is further described in Note 7 to the consolidated and combined
financial statements of the 2021 Annual Report. The new Credit Facility provides
for a $175 million Term Loan and a $375 million Revolving Facility, which
includes (i) a $35 million sublimit for the issuance of letters of credit on
customary terms, and (ii) a $35 million sublimit for swing line loans on
customary terms. The Company borrowed $175 million under the Term Loan and $117
million under the Revolving Facility to finance the BrandsMart U.S.A.
acquisition.

Borrowings under the Revolving Facility and the Term Loan bear interest at a
rate per annum equal to, at the option of the Company, (i) the forward-looking
term rate based on the Secured Overnight Financing Rate ("SOFR") plus an
applicable margin ranging between 1.50% and 2.25%, based on the Company's Total
Net Debt to EBITDA Ratio (as defined in the Credit Facility agreement), or (ii)
the base rate plus an applicable margin, which is 1.00% lower than the
applicable margin for SOFR loans.

The loans and commitments under the Revolving Facility mature or terminate on
April 1, 2027. The Term Loan amortizes in quarterly installments, commencing on
December 31, 2022, in an aggregate annual amount equal to (i) 2.50% of the
original principal amount of the Term Loan during the first and second years
after the closing date, (ii) 5.00% of the original principal amount of the Term
Loan during the third, fourth and fifth years after the closing date, with the
remaining principal balance of the Term Loan to be due and payable in full on
April 1, 2027.

The credit facility contains customary financial covenants, including (a) a maximum total net debt to EBITDA ratio of 2.75 to 1.00 and (b) a minimum fixed charge coverage ratio of 1.75 at 1.00.

                                       31
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If we fail to comply with these covenants, we will be in default under these
agreements, and all borrowings outstanding could become due immediately. Under
the Previous Credit Facility and the Franchise Loan Facility (as defined below),
we may pay cash dividends in any year so long as, after giving pro forma effect
to the dividend payment, we maintain compliance with our financial covenants and
no event of default has occurred or would result from the payment. We are in
compliance with all of these covenants at March 31, 2022.

Commitments

Income taxes


During the three months ended March 31, 2022, we made net income tax payments of
$0.6 million. Within the next nine months, we anticipate making estimated cash
payments of $8.0 million for state income taxes and $0.7 million for Canadian
income taxes.

The Tax Cuts and Jobs Act of 2017, which was enacted in December 2017, provides
for 100% expense deduction of certain qualified depreciable assets, including
lease merchandise inventory, purchased by the Company after September 27, 2017
(but would be phased down starting in 2023). Because of our sales and lease
ownership model, in which the Company remains the owner of merchandise on lease,
we benefit more from bonus depreciation, relatively, than traditional furniture,
electronics and appliance retailers.

We estimate the deferred tax liability associated with bonus depreciation from
the Tax Cuts and Jobs Act of 2017 and the prior tax legislation is approximately
$147.0 million as of December 31, 2021, of which approximately 74% is expected
to reverse as a deferred income tax benefit in 2022 and most of the remainder
during 2023. These amounts exclude bonus depreciation the Company will receive
on qualifying expenditures after December 31, 2021.

Franchise Loan Guarantee


We have guaranteed the borrowings of certain independent franchisees under a
franchise loan agreement (the "Franchise Loan Facility") with banks that are
parties to our Revolving Facility. During the third quarter of 2021, the Company
reduced the total commitment under the Franchise Loan Facility from $25.0
million to $15.0 million. On November 10, 2021, the Company amended the
Franchise Loan Facility to extend the commitment termination date thereunder
from November 16, 2021 to November 15, 2022.

As further described in Note 6 to these condensed consolidated financial
statements, a new Franchise Loan Facility agreement was entered into by the
Company on April 1, 2022. This new agreement reduced the total commitment under
the Franchise Loan Facility, from $15.0 million to $12.5 million and extended
the commitment termination date to March 31, 2023. We are able to request an
additional 364-day extension of our Franchise Loan Facility, as long as we are
not in violation of any of the covenants under that facility or our Revolving
Facility, and no event of default exists under those agreements, until such time
as our Revolving Facility expires. We currently expect to include a franchise
loan facility as part of any extension or renewal of our Revolving Facility
thereafter. At March 31, 2022, the maximum amount that the Company would be
obligated to repay in the event franchisees defaulted was $7.5 million, which
would be due in full within 75 days of the event of default.

Since the inception of the franchise loan program in 1994, losses associated
with the program have been insignificant. However, such losses could be material
in a future period due to potential adverse trends in the liquidity and/or
financial performance of the Company's franchisees resulting in an event of
default or impending defaults by franchisees. The Company records a liability
related to estimated future losses from repaying the franchisees' outstanding
debt obligations upon any possible future events of default. This liability is
included in accounts payable and accrued expenses in the condensed consolidated
balance sheets and was $2.0 million and $2.2 million as of March 31, 2022 and
December 31, 2021, respectively. The liability for both periods included
qualitative consideration of potential losses, including uncertainties
surrounding the normalization of current and future business trends associated
with the COVID-19 pandemic, and the corresponding unknown effect on the
operations and liquidity of our franchisees.

Contractual obligations and commitments


As part of our ongoing operations, we enter into various arrangements that
obligate us to make future payments, including debt agreements, operating
leases, and other purchase obligations. The future cash commitments owed under
these arrangements generally fluctuate in the normal course of business as we,
for example, borrow on or pay down our revolving lines of credit, make scheduled
payments on leases or purchase obligations, and renegotiate arrangements or
enter into new arrangements. Other than the debt arrangements the Company
entered into on April 1, 2022 as described above, there were no material changes
outside the normal course of business in our material cash commitments and
contractual obligations from those reported in the 2021 Annual Report.
                                       32
--------------------------------------------------------------------------------

Critical accounting policies


Refer to Part II, Item 7, "Management's Discussion and Analysis of Financial
Condition and Results of Operations - Critical Accounting Policies" in the 2021
Annual Report.

Recent accounting pronouncements

Refer to Note 1 to the condensed consolidated financial statements for a discussion of recently issued accounting pronouncements, including pronouncements adopted in the current year.

© Edgar Online, source Previews

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HealthTeam Advantage Partners with nirvanaHealth to Implement First-Ever Integrated Payer and PBM Platform to Automate Entire Payer and PBM Operations https://indiabusiness.info/healthteam-advantage-partners-with-nirvanahealth-to-implement-first-ever-integrated-payer-and-pbm-platform-to-automate-entire-payer-and-pbm-operations/ Fri, 22 Apr 2022 13:32:00 +0000 https://indiabusiness.info/healthteam-advantage-partners-with-nirvanahealth-to-implement-first-ever-integrated-payer-and-pbm-platform-to-automate-entire-payer-and-pbm-operations/ SOUTHBOROUGH, Mass.–(BUSINESS WIRE)–nirvanaHealth (formerly RxAdvance) and HealthTeam Advantage (“HTA”) announce their partnership, with HTA integrating both nirvanaHealth’s comprehensive Medicare Advantage and PBM enterprise solution. These solutions run on Aria, nirvanaHealth’s integrated cloud-native robotic process automation (RPA) Payer & PBM platform. Based in Greensboro, North Carolina, HTA is a five-star rated Medicare plan that offers Medicare […]]]>

SOUTHBOROUGH, Mass.–(BUSINESS WIRE)–nirvanaHealth (formerly RxAdvance) and HealthTeam Advantage (“HTA”) announce their partnership, with HTA integrating both nirvanaHealth’s comprehensive Medicare Advantage and PBM enterprise solution. These solutions run on Aria, nirvanaHealth’s integrated cloud-native robotic process automation (RPA) Payer & PBM platform. Based in Greensboro, North Carolina, HTA is a five-star rated Medicare plan that offers Medicare Advantage plans to eligible Medicare beneficiaries and is expected to go live with nirvanaHealth for this year’s Annual Enrollment Period (AEP). fall. HTA will migrate to the Aria platform and will also use nirvanaHealth for PBM and Payer business services.

NirvanaHealth’s comprehensive Medicare Advantage and PBM enterprise solutions include its Aria platform, which runs on AWS and leverages RPA, machine learning (ML), and artificial intelligence (AI). Aria is the first integrated Payer & PBM platform. nirvanaHealth’s Aria platform will be the backbone of all Payer and PBM operations for HTA, helping to recognize significant savings and improve plan improvements for their members. Aria brings a 360° view of the patient to every care provider across the continuum of care, including point-of-sale and point-of-care. “We’ve never seen anything quite like Aria. With this revolutionary platform, we can recognize significant SG&A cost savings that will then enable more premium dollars to be used for our members’ overall healthcare needs. “, said Brendan Hodges, President and CEO of HTA. “We are excited to deliver improvements in the quality of care and an enjoyable experience for our members.”

Aria deploys a digital workforce to automate and manage all health plan and PBM operations, including sales, marketing, claims, administrative, financial, clinical, medical, usage functions , care management, quality assessment and contracting and risk management. compliance. Plans can then allocate their human capital to activities with higher tactile value, such as member health care experience, social determinants of health, welfare plans, and benefit management functions. care. “Even these necessary highly tactile operations are made smarter with artificial intelligence (AI) and machine learning (ML),” says Ravi Ika, CEO and Founder of nirvanaHealth.

nirvanaHealth’s Medicare Advantage solution includes Payer Business Services, which leverages Aria to simplify end-to-end Medicare Advantage operations for any health plan in a compliant manner. “Both MA and HTA plans can be managed at low SG&A costs when fully implemented. Aria eliminates the need to use multiple vendors and platforms, increasing operational efficiency,” adds Ika. Using the Aria platform, Medicare Advantage plans can creatively allocate and manage risk with partners, such as APNs and MSOs, and Aria can help improve quality scores by sharing actionable insights directly into healthcare provider workflows. This includes gaps in care, continuity of care, and fine-tuning of risk,” said John Sculley, president of nirvanaHealth and former CEO of Apple.

Likewise, nirvanaHealth’s comprehensive enterprise PBM solution includes comprehensive PBM services in addition to the capabilities of the Aria PBM platform. HTA will go live on the Aria platform with nirvanaHealth as a full-service PBM with a competitive 100% pass-through network and discount contracts. This solution reinvents the pharmacy benefit management ecosystem to reduce overall pharmacy costs, converts specialty drug management from purchasing and billing to value and outcome-based management, and integrates pharmaceutical care to eliminate avoidable medical costs. “HTA will be the first Payer in the country to integrate Payer and PBM,” concludes Ika. “We are thrilled to partner with HTA and demonstrate how one platform is all you need to run Payer and PBM.”

About nirvanaHealth

nirvanaHealth is an innovative provider of Payer and Pharmacy Benefits Management (PBM) platforms that leverages its robotic process automation (RPA) cloud platforms to manage integrated medical, pharmaceutical and behavioral services that reduce administrative costs, global medical and pharmaceutical products and improve overall quality. nirvanaHealth offers the industry’s first integrated one-stop cloud Payer and PBM platform. nirvanaHealth is the pioneer of healthcare automation by uniquely combining deep healthcare domain expertise with a proven track record of building platforms to deploy RPA using cloud architecture native in the Pay and PBM sectors.

About the HealthTeam benefit

Care N’ Care Insurance Company of North Carolina, Inc. (CNC-NC) dba HealthTeam Advantage (HTA) is a health insurance plan founded in 2016 in Greensboro, NC HTA offers Medicare Advantage plans to eligible Medicare beneficiaries in certain counties in North Carolina and is committed to the health and well-being of its members and communities. HTA offers medical and pharmaceutical, dental, vision and hearing services, as well as personalized customer service. Learn more at HealthTeamAdvantage.com

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Detergent maker Tide P&G may not be able to operate in Russia https://indiabusiness.info/detergent-maker-tide-pg-may-not-be-able-to-operate-in-russia/ Wed, 20 Apr 2022 21:35:00 +0000 https://indiabusiness.info/detergent-maker-tide-pg-may-not-be-able-to-operate-in-russia/ A green wall bearing the Procter & Gamble logo is pictured at the entrance to the company’s highly automated cleaning products factory in Tabler Station, West Virginia, U.S., May 28, 2021. REUTERS/Timothy Aeppel Join now for FREE unlimited access to Reuters.com Register NEW YORK, April 20 (Reuters) – Home goods maker Procter & Gamble Co […]]]>

A green wall bearing the Procter & Gamble logo is pictured at the entrance to the company’s highly automated cleaning products factory in Tabler Station, West Virginia, U.S., May 28, 2021. REUTERS/Timothy Aeppel

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NEW YORK, April 20 (Reuters) – Home goods maker Procter & Gamble Co (PG.N) said in a securities filing on Wednesday that it may not be able to continue operations in Russia in due to sanctions, restrictions on financial institutions, supply challenges and monetary controls.

P&G and many of its competitors reduced operations in Russia in March after Moscow invaded neighboring Ukraine. On Wednesday, P&G cited the impact of the war on its retail customers, suppliers and distributors as a determining factor in whether or not it will be able to stay in business in Russia.

P&G, which also makes Gillette razors, has around 2,500 employees in Russia.

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The company said there is “a high level of uncertainty about the course of the war, its duration and its eventual resolution.”

The company also said its two factories in Ukraine could be destroyed, leading the company to take a financial hit. There are approximately 500 P&G employees in Ukraine.

Before the war, P&G’s business in Russia and Ukraine accounted for 1.5% to 2% of its net sales and worldwide profit, executives said on a conference call with analysts on Wednesday. L3N2WI28E

P&G said last month it was ending all new capital investment in Russia and “significantly downsizing” its portfolio to focus on basic hygiene, health and personal care items.

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Reporting by Jessica DiNapoli in New York Editing by Marguerita Choy

Our standards: The Thomson Reuters Trust Principles.

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