Kellogg Company Reports Strong First Quarter 2021 Results, Raises Full-Year Outlook

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Kellogg Company Reports Strong First Quarter 2021 Results, Raises Full-Year Outlook

Kellogg Company has announced first quarter 2021 results and raised its full-year financial guidance.

First Quarter Highlights:

During the global COVID-19 pandemic and unprecedented operating environment, Kellogg continues to execute well against its priorities of protecting our employees’ health and safety, supplying food to the marketplace, and aiding our

  • Strong net sales growth was broad-based across regions and global categories despite lapping exceptional year-ago
  • Operating profit and earnings per share grew on top of year-ago exceptional growth as higher net sales and operating leverage resulted in balanced financial
  • On the strength of this performance, the Company increased its full-year financial

“Amidst continued difficult circumstances, our organization executed exceptionally well in the first quarter and delivered very good results, both financially and in-market,” said Steve Cahillane, Kellogg Company’s Chairman and Chief Executive Officer. “The quarter featured continued momentum in major brands and categories, accelerated growth in emerging markets, and effective management of cost pressures through productivity and revenue growth management.”

Mr. Cahillane added, “This strong start to the year enables us to raise our full-year financial outlook, and underscores confidence in our ability to sustain balanced financial delivery.”

Guidance and goals expressed in this press release are on a currency-neutral basis and adjusted to exclude restructuring charges, mark-to-market adjustments of pensions (service cost, the interest cost, expected return on plan assets, and other net periodic pension costs are not excluded), and various financial instruments, and other costs impacting comparability. Organic basis also excludes acquisitions, divestitures, and differences in shipping days.

Expected net sales, margins, operating profit, and earnings per share are provided on a non-GAAP basis only because certain information necessary to calculate such measures on a GAAP basis is unavailable, dependent on future events outside of our control, and cannot be predicted without unreasonable efforts by the Company. Please refer to the “Non-GAAP Financial Measures” section included later in this press release for a further discussion of our use of non-GAAP measures, including quantification of known expected adjustment items.

The company will use the term “low single-digit” to refer to percent changes of up to 3%, “mid-single-digit” to refer to percent changes between 4% and 6%, “high single-digit” to refer to percent changes between 7% up to 10%, and “double-digit” to refer to percent changes of 10% or more.

 Financial Summary: Quarter ended

(millions, except per share data) April 3, 2021 March 28, 2020 Change
Reported Net Sales $               3,584 $               3,412 5.1 %
Organic Net Sales * $               3,555 $               3,412 4.2 %
Reported Operating Profit $                   472 $                  459 2.7 %
Adjusted Operating Profit * $                   497 $                  439 13.3 %
Currency-Neutral Adjusted Operating Profit * $                   489 $                  439 11.5 %
Reported Diluted Earnings Per Share $                 1.07 $                 1.01 5.9 %
Adjusted Diluted Earnings Per Share * $                 1.11 $                 0.99 12.1 %
Currency-Neutral Adjusted Diluted Earnings Per Share * $                 1.07 $                 0.99 8.1 %
  • Non-GAAP financial See “Non-GAAP Financial Measures” section and “Reconciliation of Non-GAAP Amounts” tables within this release for important information regarding these measures.

First Quarter Consolidated Results

Kellogg’s first quarter 2021 GAAP (or “reported”) net sales increased 5% year on year, as elevated demand for packaged foods consumed at home and favorable currency translation more than offset continuing softness in away-from-home channels and on-the-go occasions. On an organic basis, which excludes the impact of currency, the Company’s net sales increased by 4%.

Reported operating profit in the first quarter increased by approximately 3% versus the year-ago quarter primarily due to net sales growth and resultant operating leverage, which more than offset unfavorable mark-to-market impacts. On an adjusted basis, operating profit grew by 13%, and on a currency-neutral adjusted basis, operating profit increased by 12%.

Reported earnings per share increased by approximately 6% from the prior-year quarter due to the higher reported operating profit despite a higher reported effective tax rate. On an adjusted basis, earnings per share increased 12%, and excluding currency translation, adjusted earnings per share increased by 8%.

Year-to-date net cash provided by operating activities was $235 million. After capital expenditures of

$173 million, cash flow, defined as net cash provided by operating activities less capital expenditure, was $62 million through the end of the first quarter, which is typically the Company’s lowest quarter for this metric.

First Quarter Business Performance

 Since the onset of the pandemic, Kellogg Company has prioritized keeping employees safe, supplying food to the marketplace, and aiding its communities. The Company has invested in overtime pay and in safety and sanitation supplies and protocols in manufacturing facilities, distribution centers, and across the sales organization, while continuing travel and meeting restrictions.  In order to meet elevated demand for its products, the Company has increased production and invested in its employees, warehousing labor, and transportation capacity. And, in support of the Company’s commitment to its communities through the pandemic, the Company and its charitable funds have donated significant amounts of cash and food since the beginning of the crisis.

During the first quarter, Kellogg Company continued to execute well in this uncertain environment.

Kellogg sales through retail channels remained strong, despite lapping last year’s pandemic-related surge, and was led by many of the Company’s largest brands and by particularly strong growth in e-commerce. Away-from-home channels continued to decline amidst the pandemic, though their decline moderated sequentially in the first quarter. Also notable was the Company’s sustained momentum in emerging markets, despite challenging conditions. In an environment of rising cost inflation, the Company has taken steps to preserve underlying profitability through productivity, mix, and revenue growth management.

Kellogg North America’s reported net sales in the first quarter increased by approximately 2%, aided modestly by favorable currency translation. On an organic basis, net sales increased by 1% driven by continued elevation of demand for packaged foods consumed at home and by favorable timing of shipments. Kellogg North America’s reported operating profit growth of 4% was driven by higher net sales and resultant operating leverage. On an adjusted and currency-neutral adjusted basis, operating profit increased by 4%.

Kellogg Europe’s reported net sales increased 10% driven by favorable currency translation and organic- basis growth of 3%. Pringles sustained its strong momentum across the Region, and while cereal sales lapped last year’s pandemic-related surge, they remained elevated relative to pre-pandemic levels. Kellogg Europe’s operating profit increased nearly 16%, benefiting from higher net sales and favorable currency translation. On an adjusted basis, operating profit increased by 14%, and on a currency-neutral adjusted basis, operating profit increased by 8%.

Kellogg Latin America‘s reported net sales increased 4% despite negative currency translation. On an organic basis, net sales increased 10%, as cereal demand across the region remained elevated while snacks’ growth accelerated, especially in Brazil where local production and a new distributor are continuing to benefit Pringles. Reported operating profit increased by 23% year on year, driven by higher net sales and decreased overhead, and was delivered in spite of adverse currency translation. On an adjusted basis, operating profit increased by 40%, and on a currency-neutral adjusted basis, operating profit increased by 44%.

Kellogg Asia Pacific, Middle East and Africa (“AMEA”) reported net sales increased by 14%, driven by growth momentum across the Region and across cereal, snacks, and noodles and other. On an organic basis, net sales increased by 15%. Kellogg AMEA’s reported operating profit increased 37% due to the higher net sales, favorable currency translation, and a lack of one-time charges. On an adjusted basis, operating profit increased by 31%, and on a currency-neutral adjusted basis, operating profit increased by 25%.

Kellogg Raises Full-Year Financial Guidance

Kellogg Company raised its full-year financial guidance on the strength of its first quarter results. Specifically, the Company’s revised guidance for the full year is:

  • Organic net sales growth is now expected to finish 2021 approximately flat year on year, up from previous guidance of a decline of approximately (1)%. This implies a 2-year compound annual growth rate of almost 3%.
  • Currency-neutral adjusted operating profit growth is now projected to decline approximately (1)% – (2)% year on year, an improvement from previous guidance of a decline of approximately (2)%. This equates to a 2-year compound annual growth rate of approximately 4% excluding since-divested businesses from the 2019
  • Currency-neutral adjusted earnings per share for the full year is now estimated to increase by approximately +1% – 2% year on year, an improvement from previous guidance +1%. This implies a 2-year compound annual growth rate of approximately 5% excluding since-divested businesses from the 2019 base.
  • Net cash provided by operating activities is now expected to finish 2021 at approximately $1.6 – $1.7 billion, above the previous guidance range of $1.6 billion, with capital expenditure of approximately $0.5 billion. As a result, cash flow is now expected to finish 2021 at $1.1 – $1.2 billion, an increase from the previous guidance of approximately $1.1

Excluded from this guidance are any significant supply chain or other prolonged market disruptions related to the pandemic or global economy.

Transcorp Hotels Embarks On Strategic Expansion, Targets N28bn Revenue

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Transcorp Hotels Embarks On Strategic Expansion, Targets N28bn Revenue

Transcorp Hotels Plc is targeting a revenue of N28 billion and occupancy of 70 per cent by 2025.

The company’s Managing Director/Chief Executive Officer, Mrs. Dupe Olusola, said this at the virtual “Facts behind the Figures,” organized by the Nigerian Exchange (NGX) on Wednesday in Lagos.

A breakdown of the company’s five-year plan shows revenue projections of N17 billion for 2021, N21 billion for 2022, N22 billion for 2023, and N26 billion for the 2024 financial year.

Speaking on the projections, Olusola said the company’s key strategic initiatives remained to be the leading hospitality brand in Africa starting from Nigeria.

She said the company had mapped out key strategic initiatives to boost growth and remain competitive in the industry in spite of the COVID-19 pandemic.

Transcorp Hotels Embarks On Strategic Expansion, Targets N28bn Revenue-Brand Spur Nigeria
The facade of Transcorp Hilton Abuja from the pool. Photo Source: Transcorp

Olusola listed the key strategic initiatives as sweating existing assets/operational excellence, expanding into new businesses and locations and increasing efficiency/innovation through investment in technology.

According to her, the company has introduced a digital platform tagged “Aura” to connect travelers to unique properties, restaurants and experiences across Africa starting from Nigeria.

She said the company was equipped with a sound financial plan and a clear target to stabilize its balance sheet.

“As a company, we will continue to build our team of exceptional people, customer-focused strategy, sustainable business model, and disciplined approach to financial management, to grow as a business as we continue to deliver value to all our stakeholders,” Olusola said.

She said the company remained resilient despite the adverse effect of the COVID-19 pandemic on all its business segments.

“Our primary goal was to survive as individuals and as a business, to adapt and to thrive in a new, changing and unprecedented environment.

“We focused on quickly adjusting to the ‘new normal’ and remained positive and proactive as we introduced and successfully implemented our strategies and initiatives for the season.

“We prioritized the implementation of strategies and protocols that were aimed at promoting the safety of our employees, guests, and stakeholders.

“A gradual but continuous recovery and rise in patronage and earnings is predicted.

“However, hotels can only achieve this through the development and implementation of agile strategies, adaptive to the current realities,” she added.

Also speaking, Mrs. Oluwatobiloba Ojediran, the company’s Chief Finance Officer, said the company projected 60 per cent occupancy for 2021 and 65 per cent for 2022.

Ojediran added that the company was targeting 65 per cent occupancy for 2023 and 70 per cent in 2024.

She said the company began 2021 in a strong position, maintaining its place as the first hospitality brand in the country, having learned valuable lessons through the turbulence of the previous year.

“The economic impact of the COVID-19 has further emphasized the need for us to stay focused and committed to the three strategic core values of the group – enterprise, excellence, and execution.

“These core values will continue to guide our decision-making across the group to ensure that we deliver superior and sustained value for our customers, shareholders, and employees,” Ojediran said.

Heirs Oil & Gas Announces CEO And Board Appointments

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Heirs Oil & Gas Announces CEO And Board Appointments

Heirs Oil & Gas the leading African integrated energy company has announced the appointment of Osayande Igiehon as Chief Executive Officer, effective May 4, 2021, together with a distinguished non-executive board, bringing together leading industry figures, with considerable global and regional experience.

Heirs Oil & Gas completed the acquisition of OML17 in January 2021, in one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion. The transaction represents a further implementation of the HH Group’s strategy of creating the leading integrated energy business in Africa. Through a series of strategic portfolio holdings, HH is executing this strategy. Most recently, affiliate company, Transcorp made a US$300 million acquisition of Afam Power, increasing the Group’s installed electricity generating capacity to 2,000MW.

Mr. Igiehon, who joins from the Royal Dutch Shell (Shell), where he was previously a Vice-President with the Group in the Hague, Netherlands. He brings over twenty-seven years of experience and expertise in the oil and gas sector with Shell, where he held a series of senior management positions. Mr. Igiehon previously served as Chairman and Chief Executive Officer of Shell Gabon, where he led the successful turnaround of the operational, safety, and financial performance.

Heirs Oil & Gas is also pleased to announce the appointment of the following distinguished private sector and senior industry leaders to the Board:

  • Tony O. Elumelu, CON is the Chairman of Heirs Holdings, the United Bank for Africa (UBA), Transnational Corporation of Nigeria (Transcorp), and Founder of the Tony Elumelu Foundation.
  • Sally Udoma who previously served as general counsel for Chevron Europe, Eurasia, and the Middle East Exploration and Production. Previously, she was general counsel for Sasol Chevron Consulting Limited and managing counsel at the London Legal Service Centre for Chevron Global Upstream and Gas. She has also served as general counsel and general manager for Chevron Nigeria Limited.
  • Anil Dua is a founding partner at Gateway Partners Limited, a private equity fund specialising in dynamic growth markets including Africa, the Middle East and Asia. Prior to this, Mr. Dua worked for over thirty-five years with Standard Chartered Bank in Asia, Africa, Europe and the US, where he held various roles including Regional CEO West Africa and Regional Head of Origination and Client Coverage, Africa.
  • Ahmadu Kida Musa who previously served as Deputy Managing Director of Total Exploration and Production Nigeria Limited, has over thirty-two years of experience in the Oil and Gas industry and brings considerable expertise in Nigerian oil and gas.
  • Stanley Lawson currently serves on the board of Transnational Corporation of Nigeria Plc. He is Managing Partner at Financial Advisory & Investment Consultants Ltd. Dr Lawson previously occupied the position of Group Executive Director-Finance & Accounts at Nigerian National Petroleum Corp.
  • Samuel Nwanze is the Chief Finance Officer at Heirs Oil and Gas. Prior to this, he was the Chief Investment Officer at Heirs Holdings responsible for the investment and capital management.

Commenting, Mr. Igiehon stated: “HHOG represents an extraordinary opportunity, to create Africa’s first true integrated energy company, with a mission to ensure that Africa’s natural resources are directed toward value creation in Africa, powered by sustainable, robust, and abundant African energy.

“I am excited to join the Heirs Oil and Gas leadership team and look forward to the opportunity to transform the energy sector, purposefully address Africa’s energy needs and improve the lives of people across Africa.”

The Chairman of the Board, Tony O. Elumelu, CON, stated: “I am delighted to welcome our new board members. We are building a role model institution for African businesses and our investment in human capital is a further strong demonstration of our intent.

“The regional and global expertise of our board members will serve to further drive value creation to our continent, as we execute our goal of becoming Africa’s largest, indigenous, integrated, energy company.”

OVH Energy Announces O-Gas Giveaway To Reward Customer Loyalty

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OVH Energy Announces O-Gas Giveaway To Reward Customer Loyalty

OVH Energy, the licensee of the Oando retail brand and Nigeria’s leading provider of trusted petroleum products and services, has announced its month-long giveaway to reward customers’ loyalty at select LPG Skid plants in various locations across Nigeria.

The O-Gas lucky dip giveaway is a customer give-back activation from the brand.

The activation, which is set to run from Monday, May 10, 2021, until Thursday, June 10, 2021, is open to all customers who refill up to a minimum of 3kg across select OVH Energy Skid plants. The 36 skid plants participating in the giveaway are located in Edo, Abuja, Jos, Ilorin, Ibadan, Lagos, Owerri, Port Harcourt, Kaduna, Benin, Onitsha, Enugu, Kano and Aba.

Speaking on the importance of rewarding customer loyalty, The Chief Executive Officer (CEO) of OVH Energy, Mr Huub Stokman, said “OVH Energy has grown as a company because of our loyal customers and this lucky dip promotion is one of the ways for us to appreciate them.

“As the sole licensee of the Oando retail brand in Nigeria, we are enriching the forecourt experience of our customers with standard and safety compliant LPG Skid plants and continue to ensure high-quality products and service delivery nationwide. We care about our customers, and as often as we can, we give back to them. We are looking forward to putting smiles on the faces of our customers and strengthening our relationship with them,” he said.

OVH Energy continues to be one of the dominant players in the Nigerian LPG market and is committed to deepening its domestic usage by playing a strategic role in enhancing the LPG value chain in Nigeria, investing in varied initiatives to improve access to LPG and support quality and healthy living by providing access to clean energy.

Soso Music, SMW Fashion Launch In Lagos

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Soso Music, SMW Fashion Launch In Lagos

Dubai-based businessman, Mr. Philip Ikezahu has announced the launch of his dual business entities in Nigeria- ‘Soso Music worldwide and SMW fashion line’.

Disclosing this together with his team at their Lekki office recently in Lagos, Mr. Ikezahu, noted that while Soso Music worldwide is focused on music recording, publishing, promotion, and artiste management, the clothing line targeted creating and setting of fashion trends across Africa with youths being its major audience.

Mr. Ikezahu who is also a jewelry merchant in Dubai added that the aim of synergizing both music and fashion is to creatively “create our own market in pop culture and harness it to its fullest. This is because there is a reason to invest in the fastest-growing sector of the economy in Africa.”

Soso Music, SMW Fashion Launch In Lagos-Brand Spur Nigeria
Soso Music, SMW Fashion Launch In Lagos-Brand Spur Nigeria

“If you look closely, with Nigeria championing Music and Fashion industry in Africa, you will discover that these two sectors are the biggest things to come out of Africa to the entire world. And this has been made possible evidently through our diversity of sound, culture and tradition and content.”

“As we speak, we have rolled out about twenty-five thousand pieces pilot fashion merchandise set to be distributed nationwide; and we expect them to gain huge acceptance from our audience because of the heavy craftsmanship and creativity we have put into the production.”

“We would like the general public to also know that we have created various products for different class strata and we have also set aside a good promotional and advertising budget to ensure that every youth in Nigeria is involved.”

Ikezahu further revealed that the record label arm of the establishment will be announcing the official signing of two recording and performing artistes who are currently ‘warming up to take the Nigerian music industry by storm.

He added that the fashion line on the other hand will in the future also expand into model scouting, management, organizing of fashion shows, and exporting talents across Africa.

Hyundai Motor Selects Culture Brands As Its African American Marketing Agency Of Record

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Hyundai Motor Selects Culture Brands As Its African American Marketing Agency Of Record

Hyundai Motor America has selected independent and minority- and female-owned Culture Brands as its African American marketing agency of record.

Culture Brands will provide strategic marketing solutions for reaching and engaging African American audiences more effectively and will begin work this month with the launch of the all-new 2022 Tucson.

Hyundai has entered a multi-year agreement with Culture Brands following a competitive request for proposal (RFP) process.

“At Hyundai, our vision is progress for humanity, and that includes making our marketing more inclusive and representative,” said Angela Zepeda, CMO, Hyundai Motor America. “We selected Culture Brands for its expertise in reaching multicultural communities in culturally relevant ways. We can’t wait to get started and be more strategic, targeted, and authentic in how we communicate with African American consumers.”

“At Culture Brands, we use our media platforms, consumer brands and partnerships to generate culturally relevant and affirming campaigns and content; we aren’t just marketers, we are culture shapers and shifters,” said Eunique Jones Gibson, CEO & Chief Creative Officer of Culture Brands.  “We are honored that Hyundai has chosen Culture Brands as its collaborative partner and look forward to working with them to create and execute campaigns that resonate with the African American audience.”

Culture Brands is known for developing innovative content that refutes stereotypes and champions audiences to celebrate unsung Black figures and unwritten history beyond 28 days a year. They currently house properties such as the award-winning platform Because Of Them We Can®, as well as CultureTags®, and Dream Village® which executed a multi-city tour with OWN and American Family Insurance in 2018.

Culture Brands will collaborate with Hyundai to develop African American marketing strategies, create new vehicle campaigns, provide experiential and social media strategy, and consult on media buying decisions. In addition to the Tucson campaign, Culture Brands will support future model and IONIQ sub-brand launches, as well as Hyundai Hope On Wheels activities in 2021.

Culture Brands

Culture Brands is an independent, minority, and female-owned agency that exists to authentically celebrate, reflect and represent African Americans in media. Founded in 2017, by 15-year advertising veteran Eunique Jones Gibson, we create culturally relevant and affirming campaigns and content that inspire African American audiences by ensuring they feel seen, heard, and valued.

At Culture Brands, we are constantly engaged in a two-way conversation with the African American community through our owned and operated media platforms and consumer brands such as the award-winning Because of Them We Can®, Because of Them We Can Box (Just For Kids), #CultureTags® and Dream Village®. Culture Brands is headquartered right outside of the nation’s capital in Hyattsville, MD.

www.culturebrands.co

 Hyundai Motor America

At Hyundai Motor America, we believe everyone deserves better. From the way we design and build our cars to the way we treat the people who drive them, making things better is at the heart of everything we do. Hyundai’s technology-rich product lineup of cars, SUVs and alternative-powered electric and fuel cell vehicles is backed by Hyundai Assurance—our promise to create a better experience for customers. Hyundai vehicles are sold and serviced through more than 820 dealerships nationwide and nearly half of those sold in the U.S. are built at Hyundai Motor Manufacturing Alabama. Hyundai Motor America is headquartered in Fountain Valley, California, and is a subsidiary of Hyundai Motor Company of Korea.

SurveyMonkey Q1 2021 Revenues Up 16% to $102.3 Million

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SurveyMonkey Q1 2021 Revenues Up 16% to $102.3 Million

SurveyMonkey a leader in agile software solutions for customer experience, market research, and survey feedback, today reported first-quarter results for the period ended March 31, 2021.

“Our first quarter can be summarized in one word: execution,” said Zander Lurie, chief executive officer of SurveyMonkey. “We are moving up-market through agile, AI-powered solutions that help customers like Cedars Sinai, Glassdoor, Kawasaki Motors, and The Very Group manage their stakeholders’ experiences. We exceeded the high-end of our Q1 revenue guidance range and accelerated our leading indicators for growth – RPO and deferred revenue – which increased 21% and 23% year-over-year, respectively. We are increasing our full-year 2021 revenue outlook, reflecting our confidence in our long-term growth strategy and our ability to execute.”

Q1 2021 Key Results

  • Total revenue was $102.3 million, an increase of 16% year-over-year.
  • Enterprise sales revenue was $31.2 million, an increase of 24% year-over-year. Enterprise sales revenue accounted for approximately 30% of total revenue, up from approximately 29% in Q1 2020. We ended the quarter with approximately 8,800 enterprise sales customers, up 29% from approximately 6,800 in Q1 2020.
  • Self-serve revenue was $71.1 million, an increase of 13% year-over-year.
  • Deferred revenue was $187.5 million, an increase of 23% year-over-year. Remaining performance obligations (RPO) were $204.9 million, an increase of 21% year-over-year.
  • Paying users totaled approximately 845,800, an increase of approximately 99,600, or 13% from approximately 746,200 in Q1 2020, and an increase of approximately 25,500 paying users from Q4 2020. Approximately 89% of our paying users were on annual plans, up from 85% a year ago.
  • Average revenue per user was $498, up approximately 3% from $483 in Q1 2020.
  • GAAP operating margin was negative 26.2% and non-GAAP operating margin was negative 0.6%.
  • GAAP net loss was $29.6 million and GAAP diluted net loss per share was $0.20. Non-GAAP net loss was $3.3 million and non-GAAP diluted net loss per share was $0.02.
  • Net cash provided by operating activities was $17.3 million and free cash flow was $15.1 million for 16.9% and 14.7% margin, respectively.
  • Cash and cash equivalents totaled $247.4 million and total debt was $213.1 million for net cash of $34.3 million as of March 31, 2021.

Q1 2021 Product Updates

  • Launched the latest features of GetFeedback, including AI-powered listening, visualization features, and sentiment analysis supported across ten languages. The latest release enables customers to collect feedback in even more places like ATMs and high-security websites. The new GetFeedback website also brings the solution into a more unified brand with SurveyMonkey.
  • Announced the availability of SurveyMonkey Brand Tracker and SurveyMonkey Industry Tracker, two new, agile market research solutions that enable brands and financial services firms to continuously monitor shifts in market perception and quickly react to fuel growth.
  • Expanded its Return-to-Work solutions for businesses, including automated insights, industry benchmarking, trend analysis, and quick setup guided by SurveyMonkey Genius™, which combines AI, machine learning and decades of industry expertise.
  • Launched a solution for healthcare organizations that utilizes SurveyMonkey Enterprise to capture critical experience and sentiment feedback from patients and employees who are on the front lines of the COVID-19 pandemic.

Q1 2021 Diversity, Equity, And Inclusion Updates

  • Launched a partnership with the Eva Longoria Foundation to provide Latina entrepreneurs free resources, including access to SurveyMonkey products and training modules to help their businesses succeed.
  • Launched a survey with AAPI Data to increase awareness of the ongoing hate crimes and hate incidents experienced by the Asian American and Pacific Islander community.
  • Launched a minority small business index with Operation HOPE to quantify the experiences and hopefulness of Black small business owners and aspiring entrepreneurs.

SurveyMonkey posted a shareholder letter with its first-quarter 2021 financial results and management commentary on its investor relations website at investor.surveymonkey.com.

Financial Outlook

For the second quarter and full year of 2021, SurveyMonkey currently expects the following:

Q2 2021 FY 2021
Revenue
Y-o-Y growth at mid-point		 $106 million – $108 million
18%		 $440 million – $447 million
18%
Non-GAAP operating margin 0.0% to 2.0% 2.0% to 4.0%
Free cash flow NA $47 million – $52 million

For the second quarter of 2021, the company expects basic weighted average shares outstanding to be approximately 146 million and diluted weighted average shares outstanding to be approximately 149 million. For the full year 2021, the company expects basic weighted average shares outstanding to be approximately 147 million and dilutive weighted average shares outstanding to be approximately 154 million. For a detailed explanation of the company’s non-GAAP measures, please refer to the appendix section of this press release.

Conference Call Information

SurveyMonkey senior management will host a conference call today to discuss the company’s Q1 2021 financial results. This call is scheduled to begin at 2:00 pm PT / 5:00 pm ET and can be accessed by dialing (833) 900-1542 or (236) 712-2281 (ID: 2993662). An archived webcast of the conference call will be accessible on SurveyMonkey’s Investor Relations page, investor.surveymonkey.com. A telephonic replay of the conference call will be available until Thursday, May 13, 2021, and can be accessed by dialing (800) 585-8367 or (416) 621-4642 and entering the passcode 2993662.

“LUGARD” is one of my best movies of all times – Gabriel Afolayan

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“LUGARD” is one of my best movies of all times – Gabriel Afolayan

Popular actor, Gabriel Afolayan has said the movie; Lugard is one of his best movies of all time.

Gabriel made this known in a press statement sent to the media today.

‘I like my role in Lugard. I can boldly say it is one of my best jobs ever. It was such a strong movie. The story is a story that pulls you to the very centre of your heart. It is about love, cultism and youths.

LUGARD

‘The performance is out of the world. The crew members are some of the best hands in the country and my co-actors are great as you already know most of them. I really like this film. It is a movie on serious performance, great quality and entertainment. The audience will really like this one’.

Official Trailer Of LUGARD The Movie

Lugard is a production of 3 Knights Film Production in conjunction with B5Films and Monomania Entertainment. Lugard will be in cinemas in Nigeria on the 27th of August, 2021.

LUGARD the movie tells the intriguing story of an intelligent New Entry University student who was initiated into cultism due to his intimidating brainpower. After his first assignment which led to the death of a rival confraternity leader, Lugard’s life is being hunted.

Lugard features top Nollywood stars such as Gabriel Afolayan, Kehinde Bankole, Adeniyi Johnson, Hafiz ‘Saka’ Oyetoro, Debo ‘Mr Macaroni’ Adebayo, Omowunmi Dada, Zack Orji, Norbert Young, Laduba Quadri Qidad, Kalu Ikeagwu, Tunji Adeyemo and the likes.

The heavily performance-driven movie was directed by one of Nigeria’s top directors, Tunde Olaoye and written by Laduba Quadri Qidad and Segun Akejeje.

Speaking on the movie, the executive producer, Hakeem Olageshin had this to say

“When I speak about Lugard the movie, it gives me so much joy to see the beautiful piece of art my team and I put together.

Cultism and Confraternity still remains a big issue in this part of the world as the original reason why they were created have been completely altered for violence and other humiliating selfish interest that exactly inspired this intriguing story. I would really love everyone to storm the cinemas on the 27th of August because LUGARD the movie is a must-see for everyone.”

Lugard the movie will be in all cinemas nationwide from the 27th of August 2021.

#lugardthemovie #007globalnigeriapr

Emeka Okonkwo, Union Bank CEO, Increases Stake in the Bank by N11.9Million

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Emeka Okonkwo, Union Bank CEO, Increases Stake in the Bank by N11.9Million

Union Bank of Nigeria Chief Executive Officer, Emeka Okonkwo recently increased his stake in the bank by acquiring 2,431,917 shares of the bank on Thursday, May 6, 2021.

Emeka Okonkwo was appointed Chief Executive Officer of Union Bank in April 2021. He joined Union Bank in 2013 as an Executive Director to lead the Corporate Banking and Treasury business.  

According to the disclosure statement signed by Sonuyiwa Sonubi, Company Secretary/General Counsel, Union Bank, the transaction took place at the Nigerian Exchange Group in Lagos, Nigeria.

The CEO purchased 2,431,917 shares at N4.90 a unit, thereby increasing his holdings in the financial institution by N11,916,393.30.

Possible Acquisition by financial institutions from Africa and the Middle East?

In another vein, Bloomberg made a disclosure that the Zenith Bank Plc and Access Bank Plc – are among the list of financial institutions from Africa and the Middle East that have indicated an interest in the acquisition of Union Bank Plc and other African assets of Atlas Mara Group, a Pan-African banking group.

Union Bank released its audited financial statements for the year ended 31st December 2020.

Selected financial highlights of the bank are as thus:

  • Profit before tax: up 2.8% to N25.4bn (N24.7bn in FY 2019).
  • Profit After-tax: up 1.2% to N24.7bn (N24.4bn in FY 2019).
  • Gross earnings: down 1.9% to N156.9bn (N159.9bn in FY 2019).
  • Net operating income after impairments: up 8.3% to N103.4bn (N95.5bn in FY 2019).
  • Net interest income before impairment: up 10.1% to N56.9bn (N51.7bn in FY 2019) due to reduced interest expenses.

WHO lists additional COVID-19 vaccine for emergency use

Esan Bolaji
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WHO lists additional COVID-19 vaccine for emergency use

WHO lists additional COVID-19 vaccine for emergency use and issues interim policy recommendations

7 May, 2021– WHO today listed the Sinopharm COVID-19 vaccine for emergency use, giving the green light for this vaccine to be rolled out globally. The Sinopharm vaccine is produced by Beijing Bio-Institute of Biological Products Co Ltd, subsidiary of China National Biotec Group (CNBG).

“The addition of this vaccine has the potential to rapidly accelerate COVID-19 vaccine access for countries seeking to protect health workers and populations at risk,” said Dr Mariângela Simão, WHO Assistant-Director General for Access to Health Products. “We urge the manufacturer to participate in the COVAX Facility and contribute to the goal of more equitable vaccine distribution.”

WHO’s Emergency Use Listing (EUL) is a prerequisite for COVAX Facility vaccine supply. It also allows countries to expedite their own regulatory approval to import and administer COVID-19 vaccines.

The EUL assesses the quality, safety and efficacy of COVID-19 vaccines, as well as risk management plans and programmatic suitability, such as cold chain requirements. The assessment is performed by the product evaluation group, composed by regulatory experts from around the world and a Technical Advisory Group (TAG), in charge of performing the risk-benefit assessment for an independent recommendation on whether a vaccine can be  listed for emergency use and, if so, under which conditions.

In the case of the Sinopharm vaccine, the WHO assessment included on-site inspections of the production facility.

The Sinopharm product is an inactivated vaccine called SARS-CoV-2 Vaccine (Vero Cell). Its easy storage requirements make it highly suitable for low-resource settings. It is the also first vaccine that will carry a vaccine vial monitor, a small sticker on the vaccine vials that change color as the vaccine is exposed to heat, letting health workers know whether the vaccine can be safely used.

WHO’s Strategic Advisory Group of Experts on Immunization (SAGE) has also completed its review of the vaccine. On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks. Vaccine efficacy for symptomatic and hospitalized disease was estimated to be 79%, all age groups combined.

Few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.  Nevertheless, WHO is not recommending an upper age limit for the vaccine because preliminary data and supportive immunogenicity data suggest the vaccine is likely to have a protective effect in older persons.

There is no theoretical reason to believe that the vaccine has a different safety profile in older and younger populations.  WHO therefore recommends that countries using the vaccine in older age groups conduct safety and effectiveness monitoring to make the recommendation more robust.

WHO emergency use listing

The emergency use listing (EUL) procedure assesses the suitability of novel health products during public health emergencies. The objective is to make medicines, vaccines and diagnostics available as rapidly as possible to address the emergency, while adhering to stringent criteria of safety, efficacy and quality. The assessment weighs the threat posed by the emergency as well as the benefit that would accrue from the use of the product against any potential risks.

The EUL pathway involves a rigorous assessment of late phase II and phase III clinical trial data as well as substantial additional data on safety, efficacy, quality and a risk management plan. These data are reviewed by independent experts and WHO teams who consider the current body of evidence on the vaccine under consideration, the plans for monitoring its use, and plans for further studies.

As part of the EUL process, the company producing the vaccine must commit to continue to generate data to enable full licensure and WHO prequalification of the vaccine. The WHO prequalification process will assess additional clinical data generated from vaccine trials and deployment on a rolling basis to ensure the vaccine meets the necessary standards of quality, safety and efficacy for broader availability.

WHO also listed the Pfizer/BioNTech vaccine for emergency use on 31 December 2020; two AstraZeneca/Oxford COVID-19 vaccines on 15 February 2021, produced by AstraZeneca-SKBio (Republic of Korea) and the Serum Institute of India; and COVID-19 vaccine Ad26.COV2.S developed by Janssen (Johnson & Johnson) on 12 March 2021.

Listings

WHO has also listed the Pfizer/BioNTech, Astrazeneca-SK Bio, Serum Institute of India, Janssen and Moderna vaccines for emergency use.

See EUL listings

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