Goodfood Market Corp. (“Goodfood” or “the
Company”) (TSX: FOOD), a leading online grocery company in Canada,
today announced record financial results for the fiscal year ended
August 31, 2021, and significant progress in building out its
grocery offering and rapid delivery capabilities beginning with the
launch of its first one-hour or less grocery delivery service in a
first Toronto market.
“Fiscal 2021 was marked by strong year-over-year
growth as we continued our investments and evolution into an
on-demand online grocery and meal-solutions provider. We have made
significant progress against our long-term objectives and are now
firmly positioned as an online, on-demand grocery and meal solution
source, providing deliveries within one hour or less in Toronto and
soon Montreal, and offering over 1,000 products through our
expanding distributed fulfillment network,” said Chief Executive
Officer Jonathan Ferrari. “Supported by our improved technology
backbone, the growing breadth of our selection and speed of
delivery, reaching more than 30% of the Canadian population via
same-day and one-hour or less delivery, position Goodfood in a
leadership role in the expected rapid digitalization of the online
grocery industry in Canada. This year’s record annual net sales and
gross profit have helped lay the foundation for the next phase of
our growth and evolution, despite the headwinds faced in the fourth
quarter, as easing COVID restrictions reduced consumer demand and
appeared to magnify expected Q4 seasonality. We are confident and
excited by the enhanced value proposition we offer Canadians and
our prospects to capture a significant portion of Canadians’
increasing demand for online grocery and meal solutions. Our
strategic investments in both people and infrastructure to
continually add grocery selection and reduce delivery times and
friction position us for the digital future of grocery and meal
solutions delivery in Canada.”
We generated record net sales of $379 million
for the full year, up 33% over Fiscal 2020. The increase was driven
by a growing active customer and subscriber (1) base, higher
average basket sizes as well as an increasing order frequency,
coupled with lower incentives and credits as a percentage of net
sales. Fourth quarter net sales of $79 million decreased 5%
year-over-year as the impact of re-opening and the return of
seasonality stemming from the removal of COVID-19 restrictions and
the increased vaccination rate impacted this quarter’s top line. We
expect these headwinds to stabilize as the year progresses and the
return to normalcy continues, with our newly launched one-hour
on-demand delivery providing the key platform for growth.
Turning to our operating performance, “We are
pleased with our performance this year given the growing
operational investments made to build-out our on-demand network,
expand our product offering and continuously reduce delivery times
for our subscribers, despite the volume de-leverage faced in the
fourth quarter. Once again, our team demonstrated outstanding
execution capabilities as our gross profit grew 34% year-over-year
and gross margin expanded 0.3 percentage points, generating record
gross profit of $116.1 million,” added Neil Cuggy, President and
Chief Operating Officer. “In the fourth quarter, gross profit was
$18 million for a margin of 22.9%, a decrease of 9.9 percentage
points versus the prior year, as the decrease in net sales combined
with our continued investments in people to position ourselves to
be the leader in on-demand online grocery and meal solutions in key
Canadian markets, along with the absorption of labour inflation and
other supply chain costs, including food, led to the margin
decline.”
Selling, general and administrative expenses as
a percentage of net sales increased from 29.8% in 2020 to 36.0% in
2021. The year-over-year increase is primarily due to higher wages
and salaries resulting from the expansion of the management team,
including mainly our technology, operations management and
marketing groups, and related administrative functions needed to
build out the physical and digital on-demand fulfillment
infrastructure, including the growing product offering required to
support the Company’s growth plan. In addition, a higher marketing
spend was incurred in 2021, as the prior year spend was positively
impacted by COVID-19 restrictions. Also of note, we changed our
accounting policy related to configuration and customization in a
cloud computing arrangement to align with the April 2021
International Financial Reporting Interpretations Committee agenda
decision, resulting in a $1.6 million and $1.4 million increase in
2021 and 2020 SG&A offset by an adjustment to intangible
assets. Taken together with our gross profit and ramp up costs
associated with our on-demand fulfilment network, this led to
Adjusted EBITDA (1) margin of negative 4.0% versus a positive
margin of 1.2% in Fiscal 2020.
In the fourth quarter, selling, general and
administrative expenses increased to 47.2% of net sales compared
27.5% last year, primarily due to higher wages and salaries to
support investments in the Company’s aforementioned on-demand
fulfillment infrastructure as well as higher marketing spend
compared to the same period in 2020. This translated to an Adjusted
EBITDA (1) margin of negative 22.4% compared to positive 5.8% last
year.
Looking forward, 2022 will be the year in which
our multi-year effort of preparing for the launch of on-demand
grocery and meal-solution offering, supported by an optimized
digital store platform is realized. Over the past two years, our
cost structure has included a growing and material amount of
operating expenses related to this initiative, and when coupled
with a subscriber-centric ready-to-cook revenue base that has not
yet benefited from the additional revenue stream an on-demand meal
solution and grocery offering can generate, our net loss and
Adjusted EBITDA (1) have been materially negatively impacted. In
2022, we expect investments to continue and to open on-demand
micro-fulfillment centers that can support significant incremental
net sales. This will begin with the recent completion of
construction at our Vancouver facility, followed by the
recently-announced launch of one-hour or less meal-solution and
grocery deliveries out of our new Toronto facility, to be followed
in short-order by a similar facility in Montreal, in addition to
our automated local fulfilment centre in Ottawa which will begin
delivering orders early in the new calendar year, as well as
additional facilities in key urban areas throughout the year. In
addition, we expect an improved cost structure through realized
efficiencies, further aligning it with our on-demand one-hour
grocery initiative, and we expect progressive improvement in
profitability throughout the year.
“With the grocery industry increasingly shifting
online, we have invested capital and margin at an accelerating pace
to enhance our operations across the country, and remain focused on
building the optimal footprint of centralized production facilities
and local fulfilment centres to enable faster delivery times and
greater product choice to Canadians everywhere and are excited by
the opportunity ahead of us,'' concluded Mr. Ferrari.
RESULTS OF OPERATIONS – FISCAL 2021 AND FISCAL
2020
The following table sets forth the components of
the Company’s consolidated statement of loss and comprehensive
loss:
(In thousands of Canadian dollars, except per
share and percentage information)
For the years ended August 31, |
2021 |
|
2020 |
|
|
($) |
|
(%) |
|
Net sales |
$ |
379,234 |
|
$ |
285,372 |
|
$ |
93,862 |
|
33% |
|
Cost of goods sold |
263,140 |
|
198,953 |
|
64,187 |
|
32% |
|
Gross profit |
$ |
116,094 |
|
$ |
86,419 |
|
$ |
29,675 |
|
34% |
|
Gross margin |
30.6% |
|
30.3% |
|
|
N/A |
|
0.3 p.p. |
|
Selling, general and administrative expenses |
$ |
136,396 |
|
$ |
84,987 |
|
$ |
51,409 |
|
60% |
|
Depreciation and amortization |
|
8,820 |
|
5,197 |
|
3,623 |
|
70% |
|
Net finance costs |
2,170 |
|
2,380 |
|
(210) |
|
(9)% |
|
Loss before income taxes |
|
(31,292) |
|
|
(6,145) |
|
|
(25,147) |
|
N/A |
|
Deferred income tax expense (recovery) |
|
500 |
|
|
(804) |
|
|
1,304 |
|
N/A |
|
Net loss, being comprehensive loss |
$ |
(31,792) |
|
$ |
(5,341) |
|
$ |
(26,451) |
|
N/A |
|
Basic and diluted loss per share |
$ |
(0.45) |
|
$ |
(0.09) |
|
$ |
(0.36) |
|
N/A |
|
VARIANCE ANALYSIS FOR FISCAL 2021
COMPARED TO FISCAL 2020
- The Company's
continued focus on its strategy to become Canada's leading online
grocer by increasing its product offering and flexibility for
customers through same day delivery impacted positively the average
basket size and order frequency which, combined with a larger
subscriber (1) base, resulted in increased net sales. The decrease
in incentives and credits as a percentage of net sales from 15.9%
to 10.9% also contributed to the increase in net sales.
- The increase in
gross profit and gross margin resulted primarily from an increase
in net sales as well as a decrease in incentives and credits as a
percentage of net sales, larger basket sizes and lower fulfillment
costs per order partially offset by an increase in production costs
due to a higher production labour cost. The decrease in fulfillment
costs consists mainly of a decrease in shipping costs from an
increased density among the delivery zones as well as the expansion
of our internal last-mile delivery capabilities.
- The increase in
selling, general and administrative expenses is primarily due to
higher wages and salaries resulting from the expansion of the
management team and related administrative functions needed to
build out the physical and digital on-demand fulfillment
infrastructure, including the growing product offering required to
support the Company's growth plan as well as higher marketing spend
resulting from lower marketing spend in Fiscal 2020 due to COVID-19
positively impacting our net sales. Selling, general and
administrative expenses as a percentage of net sales increased from
29.8% to 36.0%.
- The increase in
depreciation and amortization expense is mainly due to the
recognition of right-of-use assets from new facility lease
agreements and lease modification agreements as well as related to
fixed assets additions mainly attributable to the redesign of
facilities layouts as well as technology and automation
implementation as the Company continues to grow and expand its
operations across Canada.
- The deferred
income tax expense relates to the conversion of convertible
debentures into common shares.
- The increase in
net loss is explained principally by the increase in wages and
salaries as well as the marketing spend, partially offset by the
increase in net sales and gross margin.
RESULTS OF OPERATIONS – THREE-MONTH PERIODS ENDED AUGUST
31, 2021 AND 2020
The following table sets forth the components of
the Company’s consolidated statement of loss (income) and
comprehensive (loss) income:
(In thousands of Canadian dollars, except per
share and percentage information)
For the three-month periods ended August 31, |
2021 |
|
2020 |
|
|
($) |
|
(%) |
|
Net sales |
$ |
79,358 |
|
$ |
83,691 |
|
$ |
(4,333) |
|
(5)% |
|
Cost of goods sold |
61,205 |
|
56,217 |
|
4,988 |
|
9% |
|
Gross profit |
$ |
18,153 |
|
$ |
27,474 |
|
$ |
(9,321) |
|
(34)% |
|
Gross margin |
22.9% |
|
32.8% |
|
|
N/A |
|
(9.9) p.p. |
|
Selling, general and administrative expenses |
$ |
37,479 |
|
$ |
23,053 |
|
$ |
14,426 |
|
63% |
|
Depreciation and amortization |
|
2,176 |
|
1,759 |
|
417 |
|
24% |
|
Net finance costs |
524 |
|
911 |
|
(387) |
|
(42)% |
|
Net (loss) income before income taxes |
|
(22,026) |
|
|
1,751 |
|
|
(23,777) |
|
N/A |
|
Deferred income tax expense |
|
97 |
|
|
526 |
|
|
(429) |
|
(82)% |
|
Net (loss) income, being comprehensive (loss) income |
$ |
(22,123) |
|
$ |
1,225 |
|
$ |
(23,348) |
|
N/A |
|
Basic and diluted (loss) earnings per share |
$ |
(0.30) |
|
$ |
0.02 |
|
$ |
(0.32) |
|
N/A |
|
VARIANCE ANALYSIS FOR THE THREE-MONTH
PERIOD ENDED AUGUST 31, 2021 COMPARED TO THE THREE-MONTH PERIOD
ENDED AUGUST 31, 2020
- Accelerated
removal of lock-down restrictions and the increased vaccine
coverage during the fourth quarter of fiscal 2021 combined with
muted seasonality impact due to the pandemic in the fourth quarter
of 2020 reduced consumer demand resulting in net sales decreasing
compared to the same period last year partially offset by a
decrease in incentives and credits as a percentage of net sales
from 12.1% to 7.4%.
- The decrease in
gross profit and gross margin primarily resulted from a decrease in
net sales leading to operating de-leverage, including product, food
and overhead costs. Higher production costs primarily resulted from
an increase in production and fulfillment labour due to
inflationary increases in wages and increases in supervisory and
other non-direct labour. The increase in food costs was in part
driven by the expansion of our private label grocery offering. The
higher overhead costs were mainly due to our continued investment
in people to support the Company's growth plan.
- The increase in
selling, general and administrative expenses is primarily due to
higher wages and salaries resulting from the expansion of the
management team, including mainly our technology, operations
management and marketing groups, and related administrative
functions needed to build out the physical and digital on-demand
fulfillment infrastructure, including the growing product offering
required to support the Company's growth plan. The increase can
also be explained by higher marketing spend resulting from a
temporary reduction of marketing spend last year due to the
increased demand during the pandemic. Selling, general and
administrative expenses as a percentage of net sales increased from
27.5% to 47.2%.
- The increase in
depreciation and amortization expense is mainly due to the
recognition of right-of-use assets from new or amended facility
lease agreements and related additions of leasehold improvements as
the Company continues to grow and expand its operations across
Canada.
- The decrease in
net finance costs is mainly due to the reduction in the outstanding
debt for the convertible debentures compared to same period last
year due to conversion of debentures in FY2021.
- The deferred
income tax expense is lower in the fourth quarter of 2021 due to a
lower amount of convertible debentures converted into common
shares.
- The net loss in
the fourth quarter of 2021 compared to net income in the comparable
period of 2020 is due to lower net sales and gross profit as well
as higher wages and salaries and marketing spend.
EBITDA (1), ADJUSTED
EBITDA (1) AND ADJUSTED EBITDA
MARGIN (1)
The reconciliation of net (loss) income to
EBITDA (1), adjusted EBITDA (1) and adjusted EBITDA margin (1) is
as follows:
(In thousands of Canadian dollars, except
percentage information)
|
For the three-month periods ended August 31, |
|
For the years ended August
31, |
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
Net (loss) income |
$ |
(22,123 ) |
|
$ |
1,225 |
|
$ |
(31,792 ) |
|
$ |
(5,341) |
|
Net finance costs |
|
524 |
|
|
911 |
|
|
2,170 |
|
|
2,380 |
|
Depreciation and amortization |
|
2,176 |
|
|
1,759 |
|
|
8,820 |
|
|
5,197 |
|
Deferred income tax expense (recovery) |
|
97 |
|
|
526 |
|
|
500 |
|
|
(804) |
|
EBITDA (1) |
$ |
(19,326 ) |
|
$ |
4,421 |
|
$ |
(20,302 ) |
|
$ |
1,432 |
|
Share-based payments expense |
|
1,587 |
|
|
418 |
|
|
4,857 |
|
|
1,874 |
|
Reorganization costs |
|
– |
|
|
– |
|
|
139 |
|
|
– |
|
Adjusted EBITDA (1) |
$ |
(17,739 ) |
|
$ |
4,839 |
|
$ |
(15,306) |
|
$ |
3,306 |
|
Net sales |
$ |
79,358 |
|
$ |
83,691 |
|
$ |
379,234 |
|
$ |
285,372 |
|
Adjusted EBITDA margin (1) (%) |
|
(22.4 )% |
|
|
5.8% |
|
|
(4.0)% |
|
|
1.2% |
|
For the three-month period ended August 31,
2021, adjusted EBITDA (1) margin decreased by 28.2 percentage
points compared to the corresponding period in 2020 mainly due to
lower revenue base resulting from relaxation of lock-down
restrictions and the increased vaccine coverage in the fourth
quarter of 2021 combined with muted seasonality trend due to the
pandemic in the fourth quarter of 2020. In addition, lower adjusted
EBITDA margin (1) can be explained by higher wages and salaries as
well as marketing spend as a percentage of net sales resulting from
the expansion of the management team, including mainly our
technology, operations management and marketing groups, and related
administrative functions needed to build out the physical and
digital on-demand fulfillment infrastructure, including the growing
product offering required to support the Company’s growth plan.
For the year ended August 31, 2021, adjusted
EBITDA margin (1) decreased by 5.2 percentage points compared to
last year primarily due higher wages and salaries and marketing
spend resulting from the expansion of the management team and
related administrative functions needed to build out the physical
and digital on-demand fulfillment infrastructure, including the
growing product offering required to support the Company’s growth
plan. The decline was partially offset by the higher gross margin
driven by a larger revenue base, a decrease in incentives and
credits as a percentage of net sales as well as a decrease in
shipping cost per order.
TRENDS AND SEASONALITY
The Company’s net sales and expenses are
impacted by seasonality. During the holiday and summer seasons, the
Company anticipates net sales to be lower as a higher proportion of
customers elect to skip their delivery. The Company generally
anticipates the growth rate of active subscribers (1) and the
number of active customers (1) to be lower during these periods.
While this is typically the case, the COVID-19 pandemic as well as
the impact of the vaccine rollout and changing government
restrictions have had, and may continue to have, an impact on this
trend. Seasonality in the fourth quarter of Fiscal 2020 was muted
due to the pandemic. In Fiscal 2021, in light of the COVID-19
vaccine rollout as well as relaxation of lock-down restrictions in
the summer, seasonality trends returned in the fourth quarter of
Fiscal 2021. During periods with warmer weather, the Company
anticipates packaging costs to be higher due to the additional
packaging required to maintain food freshness and quality. The
Company also anticipates food costs to be positively affected due
to improved availability during periods with warmer weather.
FINANCIAL OUTLOOK
The online grocery industry is among the fastest
growing industries. In particular, across the globe, we have
observed that fast delivery of groceries provides a unique value
proposition to customers that drives online grocery penetration. As
a result, Goodfood believes that there are significant
opportunities to rapidly grow its active customer (1) base and
basket size by continuing to expand its national platform through
capacity expansion with additional facilities and investment in
automation to improve the speed of servicing customers and become
and on-demand grocery and meal-solution provider, increasing its
product offering and investing in targeted marketing campaigns.
Goodfood's strategy in part involves delaying
short-term profitability through the investment of capital in
people, processes, marketing driving online grocery penetration,
and technology with the goal of generating long-term shareholder
value creation through ultimately leveraging its cost structure to
achieve long-term margin and profitability goals. Growing
Goodfood's market share, scale, on-demand delivery capabilities and
product offering will allow the Company to deliver greater value to
its customers while attaining attractive returns on invested
capital. As the Company continues to grow, it is confident that it
will achieve economies of scale and additional efficiencies which
will lead to improvements in profitability while maintaining an
unrivalled customer experience.
The COVID-19 pandemic has had an impact on
Goodfood’s overall business and operations and it expects that
Fiscal 2022 will continue to be affected by the COVID-19 pandemic.
As an essential service in Canada, Goodfood has been operating
throughout the pandemic and implemented increased safety protocols
at its locations to ensure the safety of its employees. The Company
experienced an acceleration of growth in demand. Pressure on supply
chains, inventory levels and increased operational costs or
disruptions and labour shortages could increase depending on the
duration and severity of the pandemic as well as any changes to
Goodfood’s industry regulatory framework. Goodfood may experience a
slow down in demand due to relaxation of lock-down restrictions and
the increased vaccine coverage. The magnitude, duration, and
severity of the COVID-19 pandemic as well as the impact of the
vaccine rollout are difficult to predict and could affect the
significant estimates and judgements used in the preparation of the
Company’s annual consolidated financial statements.
As a result of the COVID-19 pandemic, the number
of employees working remotely has increased significantly, which
has also increased demands on information technology resources and
systems and increased the risk of phishing and other cybersecurity
attacks.
Objectives are based upon assumptions and are
subject to risks and uncertainties, many of which are beyond our
control. These risks and uncertainties could cause actual results
to differ materially from objectives. See the ‘‘Forward-Looking
Statements’’ and ‘‘Business Risk” sections of the MD&A.
CONFERENCE CALL
Goodfood will hold a conference call to discuss
these results on November 17, 2021, at 8:00AM Eastern Time.
Interested parties can join the call by dialing 1 (438) 803-0547
(Montreal or overseas) or 1 (888) 440-2169 (elsewhere in North
America). To access the webcast and view the presentation, click on
this link:
https://www.makegoodfood.ca/en/investisseurs/evenements
Parties unable to call in at this time may
access a recording by calling 1 (800) 770-2030. This recording will
be available on November 17, 2021, as of 11:00 AM Eastern Time
until 11:59 PM Eastern Time on November 24, 2021.
A full version of the Company’s Management’s
Discussion and Analysis (MD&A) and Consolidated Financial
Statements for the years ended August 31, 2021, and August 31, 2020
will be posted on http://www.sedar.com later today.
NON-IFRS FINANCIAL MEASURES
Certain financial and non-financial measures
included in this news release do not have a standardized meaning
under IFRS and therefore may not be comparable to similar measures
presented by other companies. The Company includes these measures
because it believes they provide to certain investors a meaningful
way of assessing financial performance. For a more complete
description of these measures and a reconciliation of Goodfood's
non-IFRS financial measures to financial results, please see
Goodfood's Management's Discussion and Analysis for the year ended
August 31, 2021.
Goodfood's definition of the non-IFRS measures
are as follows:
- EBITDA is defined as net income
(loss) before net finance costs, depreciation and amortization and
income taxes.
- Adjusted EBITDA is defined as
EBITDA excluding share-based payments and restructuring costs.
- Adjusted EBITDA margin is defined
as the percentage of adjusted EBITDA to net sales.
ACTIVE CUSTOMER AND SUBSCRIBERS
An active subscriber is an account that is
scheduled to receive a delivery, has elected to skip delivery in
the subsequent weekly delivery cycle or that is registered to
Goodfood WOW. Active subscribers exclude cancelled accounts. For
greater certainty, an active subscriber is only accounted for once,
although different products might have been ordered in a given
weekly delivery cycle. While the active subscribers metric is not
an IFRS or non-IFRS financial measure, and, therefore, does not
appear in, and cannot be reconciled to a specific line item in the
Company’s consolidated financial statements, we believe that the
active subscribers metric is a useful metric for investors because
it is indicative of potential future net sales. The Company reports
the number of active subscribers at the beginning and end of the
period, rounded to the nearest thousand.
An active customer is a customer that has placed
an order within the last three months. For greater certainty, an
active customer is only accounted for once, although different
products and multiple orders might have been purchased within a
quarter. While the active customer metric is not an IFRS or
non-IFRS financial measure, and, therefore, does not appear in, and
cannot be reconciled to a specific line item in the Company’s
consolidated financial statements, we believe that the active
customer metric is a useful metric for investors because it is
indicative of potential future net sales. The Company reports the
number of active customer at the beginning and end of the period,
rounded to the nearest thousand.
ABOUT GOODFOOD
Goodfood (TSX:FOOD) is a leading online grocery
company in Canada, delivering fresh meal solutions and grocery
items that make it easy for customers from across Canada to enjoy
delicious meals at home every day. Goodfood’s vision is to be in
every kitchen every day by enabling customers to complete their
grocery shopping and meal planning in minutes. Goodfood clients
have access to a unique selection of online products as well as
exclusive pricing made possible by its world class
direct-to-consumer infrastructure and technology that eliminate
food waste and costly retail overhead. The Company’s main
production facility and administrative offices are based in
Montreal, Québec, with additional production facilities located in
the provinces of Quebec, Ontario, Alberta, and British
Columbia.
For further information:
Investors and Media |
|
Jonathan Roiter Chief Financial
Officer(855) 515-5191IR@makegoodfood.ca |
Roslane Aouameur Senior Director,
Financial Planning and Investor Relations(855)
515-5191IR@makegoodfood.ca |
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking
information” within the meaning of applicable Canadian securities
legislation. Such forward-looking information includes, but is not
limited to, information with respect to our objectives and the
strategies to achieve these objectives, as well as information with
respect to our beliefs, plans, expectations, anticipations,
estimates and intentions. This forward-looking information is
identified by the use of terms and phrases such as “may”, “would”,
“should”, “could”, “expect”, “intend”, “estimate”, “anticipate”,
“plan”, “foresee”, “believe”, and “continue”, as well as the
negative of these terms and similar terminology, including
references to assumptions, although not all forward-looking
information contains these terms and phrases. Forward-looking
information is provided for the purposes of assisting the reader in
understanding the Company and its business, operations, prospects,
and risks at a point in time in the context of historical trends,
current condition, and possible future developments and therefore
the reader is cautioned that such information may not be
appropriate for other purposes.
Forward-looking information is based upon a
number of assumptions and is subject to a number of risks and
uncertainties, many of which are beyond our control, which could
cause actual results to differ materially from those that are
disclosed in, or implied by, such forward-looking information.
These risks and uncertainties include, but are not limited to, the
following risk factors which are discussed in greater detail under
“Risk Factors” in the Company’s Annual Information Form for the
year ended August 31, 2021 available on SEDAR at www.sedar.com:
limited operating history, negative operating cash flow, food
industry, COVID-19 pandemic as well as the impact of the vaccine
rollout, quality control and health concerns, regulatory
compliance, regulation of the industry, public safety issues,
product recalls, damage to Goodfood’s reputation, transportation
disruptions, storage and delivery of perishable foods, product
liability, unionization activities, consolidation trends, ownership
and protection of intellectual property, evolving industry,
reliance on management, failure to attract or retain key employees
which may impact the Company’s ability to effectively operate and
meet its financial goals, factors which may prevent realization of
growth targets, inability to effectively react to changing consumer
trends, competition, availability and quality of raw materials,
environmental and employee health and safety regulations, the
inability of the Company’s IT infrastructure to support the
requirements of the Company’s business, online security breaches,
disruptions and denial of service attacks, reliance on data
centers, open source license compliance, future capital
requirements, operating risk and insurance coverage, management of
growth, limited number of products, conflicts of interest,
litigation, catastrophic events, risks associated with payments
from customers and third parties, being accused of infringing
intellectual property rights of others and, climate change and
environmental risks. This is not an exhaustive list of risks that
may affect the Company’s forward-looking statements. Other risks
not presently known to the Company or that the Company believes are
not significant could also cause actual results to differ
materially from those expressed in its forward-looking statements.
Although the forward-looking information contained herein is based
upon what we believe are reasonable assumptions, readers are
cautioned against placing undue reliance on this information since
actual results may vary from the forward-looking information.
Certain assumptions were made in preparing the forward-looking
information concerning the availability of capital resources,
business performance, market conditions, and customer demand. In
addition, information and expectations set forth herein are subject
to and could change materially in relation to developments
regarding the duration and severity of the COVID-19 pandemic as
well as the impact of the vaccine rollout and its impact on product
demand, labour mobility, supply chain continuity and other elements
beyond our control. Consequently, all of the forward-looking
information contained herein is qualified by the foregoing
cautionary statements, and there can be no guarantee that the
results or developments that we anticipate will be realized or,
even if substantially realized, that they will have the expected
consequences or effects on our business, financial condition, or
results of operation. Unless otherwise noted or the context
otherwise indicates, the forward-looking information contained
herein is provided as of the date hereof, and we do not undertake
to update or amend such forward-looking information whether as a
result of new information, future events or otherwise, except as
may be required by applicable law.
(1) See the non-IFRS financial measures, active customers and
subscribers sections at the end of this press release.
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