Goodfood Market Corp. (“Goodfood” or “the
Company”) (TSX: FOOD), a leading Canadian online grocery company,
delivering fresh meal solutions and grocery items, today announced
financial results for the first quarter of Fiscal 2022, ended
December 4, 2021.
“We are pleased with the progress the Goodfood
team has made against both the improvement of our near-term
operational performance and the execution of our on-demand grocery
and meal-solutions rapid delivery growth driver. Comparing our
first quarter 2022 financial performance to the fourth quarter 2021
in which we saw for the most part COVID-19 restrictions lifted, net
sales of $78 million were stable with close to a million orders
delivered in the quarter and positive momentum in order rates and
Active Customers (1) versus the summer lows,” said Jonathan
Ferrari, Chief Executive Officer of Goodfood. “The quarter saw the
beginning of an expected progressive improvement to our Adjusted
EBITDA margin (1) compared to fourth quarter of 2021, driven by 110
basis points gross margin improvement against the backdrop of
inflationary pressures, as well as an SG&A cost containment
effort that led to an 8% reduction in our SG&A spend versus the
fourth quarter of 2021. Lastly, we are also pleased with the
progress made on our reorganization initiative that once completed
will generate $11-$13 million of annualized savings compared to the
fourth quarter of 2021.”
“With $105 million of cash on hand and
additional revolver availability, we have strong balance sheet
flexibility to continue executing and implementing our long-term
growth driver. During the quarter, we have made exciting progress
on our 30-minute grocery and meal solution delivery strategy and
initial on-demand results of our Toronto and Montreal facilities
are exceeding expectations. With a net promoter score of over 80,
growing customers’ baskets consistently above the $65-mark, monthly
cohort order retention rates above 110% and order frequencies
exceeding 2.5 times per month, we are seeing our on-demand metrics
outperforming many global quick commerce companies. Based on the
momentum of these results, we are glad to announce the launch of a
third local micro-fulfillment centre, expanding our Toronto
coverage to Oakville and Mississauga, with the expectations of
three additional on-demand facility launches by the end of March,
strategically positioning us to expand this ground-breaking service
to a majority of Canadians in the coming years.” added Mr.
Ferrari.
FINANCIAL HIGHLIGHTS
RESULTS OF OPERATIONS – FIRST QUARTER OF FISCAL 2022 AND
2021
The following table sets forth the components of
the Company’s consolidated statement of loss and comprehensive
loss:
(In
thousands of Canadian dollars, except per share and percentage
information) |
For the 13-weeks periods
ended |
December 4, 2021 |
|
November 30, 2020 |
|
($) |
|
(%) |
Net sales |
$ |
77,821 |
|
$ |
91,427 |
|
$ |
(13,606 |
) |
(15)% |
Cost of goods sold |
|
59,173 |
|
61,854 |
|
(2,681 |
) |
(4)% |
Gross profit |
$ |
18,648 |
|
$ |
29,573 |
|
$ |
(10,925 |
) |
(37)% |
Gross margin |
|
24.0% |
|
32.3% |
|
|
N/A |
|
(8.3) p.p. |
Selling, general and administrative
expenses |
|
34,575 |
|
|
29,735 |
|
|
4,840 |
|
16% |
Reorganization costs |
|
1,812 |
|
– |
|
1,812 |
|
N/A |
Depreciation and amortization |
|
2,940 |
|
2,033 |
|
907 |
|
45% |
Net finance costs |
|
904 |
|
675 |
|
229 |
|
34% |
Net loss before income taxes |
$ |
(21,583 |
) |
$ |
(2,870 |
) |
$ |
(18,713 |
) |
N/A |
Deferred income tax expense |
|
27 |
|
|
213 |
|
|
(186 |
) |
(87)% |
Net loss, being comprehensive
loss |
$ |
(21,610 |
) |
$ |
(3,083 |
) |
$ |
(18,527 |
) |
N/A |
Basic and diluted loss per share |
$ |
(0.29 |
) |
$ |
(0.05 |
) |
$ |
(0.24 |
) |
N/A |
VARIANCE ANALYSIS FOR THE FIRST QUARTER
OF 2022 COMPARED TO FIRST QUARTER 2021
- The continued
removal of lock-down restrictions and the increased vaccine
coverage during the first quarter of fiscal 2022 reduced consumer
demand resulting in net sales decreasing compared to the same
period last year. In addition, due to the non-recurrence of the
prior year’s COVID-19 restrictions coupled with a lower sales base,
there was an increase in incentives and credits used as a
percentage of sales from 10.8% to 15.2%.
- The decrease in
gross profit and gross margin primarily resulted from a decrease in
net sales leading to operating de-leverage, including food,
production costs and shipping costs. The increase in food costs was
primarily driven by the expansion of our private label grocery
offering. 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. Lastly, higher shipping costs resulted mainly
from reduced density due to operating de-leverage.
- 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 was
partially offset by lower professional fees mainly due to ERP
implementation in Fiscal 2021. Selling, general and administrative
expenses as a percentage of net sales increased from 32.5% to
44.4%.
- Reorganization
costs were incurred in the first quarter of Fiscal 2022 mainly
consisting of severance costs related to organizational
realignments being progressively implemented in light of the
completion and implementation of systems and improved processes
coupled with aligning our workforce towards our future catalyst for
growth on-demand groceries and meal solutions.
- The increase in
depreciation and amortization expense is mainly due to the
recognition of right-of-use assets from new facility lease
agreements and related additions of leasehold improvements as the
Company continues to grow and expand its product offering of
grocery products and the ramp-up of new facilities across
Canada.
- The increase in
net finance costs is mainly due to the Company’s on-demand strategy
leading to a ramp-up of new facilities across Canada from
continuous expansion of its footprint and its network of
centralized manufacturing with localized micro fulfillment
resulting in an increase interest expense on lease obligations
partially offset by the reduction in the outstanding debt for the
convertible debentures compared to same period last year due to
continuous conversion of debentures.
- The deferred
income tax expense is lower due to a lower amount of convertible
debentures converted into common shares.
- The increase net
loss in the first quarter of 2022 compared to the same quarter last
year is mainly due to lower net sales and gross profit as well as
higher wages and salaries.
EBITDA (1) , ADJUSTED
EBITDA (1) AND ADJUSTED EBITDA
MARGIN (1)
The reconciliation of net loss to EBITDA (1),
adjusted EBITDA (1) and adjusted EBITDA margin (1) is as
follows:
(In
thousands of Canadian dollars, except percentage information) |
For the 13-weeks ended |
|
|
December 4, 2021 |
|
November 30, 2020 |
|
Net loss |
$ |
(21,610 |
) |
$ |
(3,083 |
) |
Net finance costs |
|
904 |
|
|
675 |
|
Depreciation and amortization |
|
2,940 |
|
|
2,033 |
|
Deferred income tax expense |
|
27 |
|
|
213 |
|
EBITDA (1) |
$ |
(17,739 |
) |
$ |
(162 |
) |
Share-based payments expense |
|
1,353 |
|
|
997 |
|
Reorganization costs |
|
1,812 |
|
|
– |
|
Adjusted EBITDA (1) |
$ |
(14,574 |
) |
$ |
835 |
|
Net sales |
$ |
77,821 |
|
$ |
91,427 |
|
Adjusted EBITDA margin (%) (1) |
|
(18.7 )% |
|
|
0.9% |
|
For the first quarter of 2022, adjusted EBITDA
margin (1) decreased by 19.6 percentage points compared to the
corresponding period in 2021 mainly due to a lower sales base
resulting from the continued relaxation of lock-down restrictions
and the increased vaccine coverage in the first quarter of 2022. 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.
CAPITAL MANAGEMENT
The Company’s objective in managing its capital
structure is to ensure sufficient liquidity to finance its
operations and growth and to deliver competitive returns on
invested capital. To fund its activities, the Company has relied on
public and private placements of equity securities, convertible
debentures and short-term or long-term debt, which are included in
the Company’s definition of capital. The Company manages its excess
cash to ensure that it has sufficient reserves to fund its
operations and capital structure. The Company currently has cash
and cash equivalents of $104.8 million in addition to availability
under its revolving credit facility.
COVID-19 IMPACT AND
MEASURES
The World Health Organization declared COVID-19
a global pandemic on March 11, 2020, and the outbreak has had an
impact on Goodfood’s overall business and operations. As the
Company is deemed an essential service in Canada, Goodfood has
continued to operate without interruption.
Starting in the second half of Fiscal 2020,
Goodfood experienced several positive impacts on its financial
results related to the COVID-19 pandemic such as increased
subscriber growth, number of orders and average order values, which
positively impacted net sales and continued throughout Fiscal 2021,
with subsequent waves of the COVID-19 pandemic across Canada. With
relaxation of lock-down restrictions and the increased vaccine
coverage during the fourth quarter of 2021 which continued during
the first quarter of 2022, Goodfood experienced a decrease in the
number of Active Subscribers (1). COVID-19 variants, including the
recent outbreak of the Omicron variant, could have a material
impact on the Company’s operations including its impact on short
term demand, industry regulatory framework, labour shortages,
possible supply chain disruptions, as well as higher operating
costs.
At the onset of the pandemic, precautionary
measures were implemented at all of the Company’s locations across
Canada in addition to its already rigorous food safety standards.
These measures included, but were not limited to:
- Enhanced hygiene procedures, including additional cleaning at
all of its locations, mandatory hand washing prior to entry (for
both visitors and employees), and accessibility to hand sanitizer
stations;
- Social distancing measures put in place for the health and
safety of employees, mandatory non-contact temperature checks
before entering the facility, installation of physical safety
barriers, requirement for all frontline employees to wear personal
protection equipment, such as face masks and face shields, and the
hiring of a team to ensure the health screening for employees and
reinforce social distancing measures inside and outside of all
locations
The Company continues to follow precautionary
measures at its locations in addition to its already rigorous food
safety standards to safeguard the health and safety of its
employees as well as ensuring the quality of its products to its
customers.
FINANCIAL OUTLOOK
Online grocery is a fast-growing segment of the
overall $140-billion-plus Canadian grocery industry, with digital
grocery delivery penetration currently estimated to be in the
single digits. We expect on-demand quick commerce delivery to act
as a further catalyst of growth, potentially resulting in online
grocery penetration reaching similar levels to other consumer good
product categories, which at 20% penetration, would result in a
directly addressable market for online, on-demand grocery shopping
of approximately $30 billion.
Over the past two years, the Company has
aggressively increased its offering from approximately 50 products
to over 1,000 products today which have built a cult-like following
among customers. In addition, the Company has increased its
delivery speed moving from a four-day delivery cycle to a
same-day/next-day offering, and now to extremely fast on-demand
delivery in as little as 30 minutes in Toronto and Montreal. The
results of this strategy have led to a more engaged Goodfood
customer, with improved retention and more frequent order rates.
Building on this, Goodfood intends to continue to create
significant long-term shareholder value by:
- Continuing to grow its weekly orders and Active Customer (1)
base supported by rapid on-demand delivery and an expanding grocery
and meal solutions product portfolio
- Expanding the geographic coverage and increasing the density of
its "in as little as 30-minute on-demand grocery and meal
solutions" fulfilment network
- Improving progressively its Net Loss and Adjusted EBITDA (1) as
a percentage of Net Sales, benefiting from the operating leverage
Net Sales growth provides as well as through improved efficiencies
and processes
Each quarter, Goodfood’s Active Customer (1)
base of 254,000 Canadians place nearly a million
weekly-subscription and on-demand orders, serviced through a hub
and spoke national network of distribution centres and
manufacturing facilities feeding micro-fulfilment centres (“MFC")
that are strategically located close to our customers’ homes. The
Company intends to grow its Active Customer (1) base and weekly
orders by increasing the coverage of its on-demand 30-minute
delivery to go along with an expanding product portfolio that now
includes national brands, hyper-local brands, alcohol and health
and beauty products, and a digital store with continuously
improving user-interface and capabilities.
In November 2021, Goodfood launched its
ground-breaking 30-minute on-demand grocery and meal solution
service in Toronto and Montreal, sustaining rapidly growing new
on-demand customers and an annualized $21 million sales run-rate
before incentives and credits within 8 weeks of launch. Supported
by an attractive Net Promoter Score, an indication of customer
satisfaction that is approximately 2x higher than traditional brick
and mortar grocery, industry leading average order values and
monthly order frequency, monthly cohort on-demand order retention
rates of above 110%, and the attractive at scale unit-economics
these MFCs can provide, the Company plans on opening additional
facilities to expand both the coverage and density within Toronto
and Montreal, as well as Canada’s other leading cities. As we look
towards 2023, we expect the 8-plus MFCs we plan on adding to our
network during Fiscal 2022 to be the driver of the return of
year-over-year growth. With adequate organizational capabilities,
we intend to launch approximately 15-plus facilities per year
beginning in Fiscal 2023. With these expected launches, our
asset-light growth strategy will aim to have over $1 billion of
on-demand grocery and meal solution capacity added by the end of
Fiscal 2025 for as little as $40 million of capex for the local
MFCs. Estimated required capex is based on capex investments for
MFCs previously launched.
Goodfood's growth strategy involves delaying
short-term profitability through the investment of capital in
operating expenses related to building out its on-demand fulfilment
capability, its grocery and meal-solutions offering as well as the
technology and marketing required to support these growth
initiatives. While Goodfood expects these investments to continue,
compared to the fourth quarter of Fiscal 2021, we expect a
continued progressive improvement in our cost structure, as we
generate efficiencies through the implementation of technology
systems and improved processes, improved purchasing power,
fulfilment and delivery costs, and realized operating leverage
across our network. In addition, during the first quarter, we
undertook a review of our cost structure which led to identifying
and beginning to implement cost saving initiatives mainly in our
selling, general and administrative expenses. We expect these
initiatives to result in annualized cost savings of approximately
$11 to $13 million compared to our cost structure of the fourth
quarter of Fiscal 2021.
Looking further out, as the Company continues to
grow market share and scale, it is confident that it will achieve
economies of scale and additional efficiencies which will lead to
attractive profitability levels and returns on invested
capital.
Our overall strategy as well as the metrics
discussed in this section of the Press Release can be found in our
latest investor presentation. The investor presentation can be
found under the “Investor Presentation” section of our investor
relations website here:
https://www.makegoodfood.ca/en/investisseurs/evenements.
Lastly, the COVID-19 pandemic has had an impact
on Goodfood’s overall business and operations. The Company
experienced an acceleration of growth in demand as well as on-going
pressure on its cost structure. The first quarter of 2022 began
with significant relaxation of COVID-19 restrictions versus the
prior year, which negatively impacted weekly subscriber order
volume. COVID-19 variants, including the recent outbreak of the
Omicron variant, could have a material impact on the Company’s
operations including demand, possible supply chain disruptions,
higher operating costs, as well as labour shortages.
The foregoing discussion is based on assumptions
that we are able to launch on-demand facilities in accordance with
our strategic plan, that such facilities would be open and
operational in accordance with planned timing and that they would
have the impact on our operations, Net Sales and financial results
expected by management based on current circumstances. Actual
results could differ materially and risks related to the launch of
such facilities and their impact include availability of locations,
our ability to source locations for the facilities, the cost of
leasing space and costs of materials and labour to build out the
facilities as well as availability and ability to source capital to
fund the build-out and launch of planned facilities. The impact of
new facilities and their contribution to our operational and
financial results is also subject to the risk factors related to
our business in general identified or referred to in the
‘‘Forward-Looking Statements’’ and ‘‘Business Risk” sections of the
MD&A.
TRENDS AND SEASONALITY
The Company’s net sales and expenses are
impacted by seasonality. During the holiday season and the summer
season, 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 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
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 and lasted well into the first
quarter of 2022 due to the unseasonably warm weather throughout
most of the quarter. 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.
CONFERENCE CALL
Goodfood will hold a conference call to discuss
these results on January 18, 2022, 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 and entering the
conference ID 1927890. This recording will be available on January
18, 2022 as of 11:00 AM Eastern Time until 11:59 PM Eastern Time on
January 25, 2022.
A full version of the Company’s Management’s
Discussion and Analysis (MD&A) and Consolidated Financial
Statements for the first quarters ended December 4, 2021 and
November 30, 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 first
quarter ended December 4, 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 revenues.
- Total cash, net of debt measures
how much total cash the Company has after taking into account its
total debt. Total cash include cash and cash equivalent. Total debt
includes the current and long-term portions of the debt as well as
the liability component of the convertible debentures.
- Total cash, net of debt to total
capitalization is calculated as total cash, net of debt over total
capitalization. Total capitalization is measured as total debt plus
shareholder’s equity.
ACTIVE 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.
ACTIVE CUSTOMERS
An active customer is a customer that has placed
an order within the last three months. Active customers include
customers who have placed an order (1) received as part of our
weekly meal subscription plan, a subscription active customer; and
(2) received on a next-day, same-day or less basis, an on-demand
active customer. 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
customers 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 customers metric is a useful
metric for investors because it is indicative of potential future
net sales. The Company reports the number of active customers 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 and to receive their
order in as little as 30 minutes. Goodfood customers have access to
a unique selection of online products as well as exclusive pricing
made possible by its direct-to-consumer infrastructures 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 Québec, Ontario, Alberta,
and British Columbia.
Except where otherwise indicated, all amounts in
this press release are expressed in Canadian dollars.
For further information: Investors and Media |
|
|
|
Jonathan RoiterChief Financial
Officer(855) 515-5191IR@makegoodfood.ca |
Roslane Aouameur Vice
President, Corporate Development(855)
515-5191IR@makegoodfood.ca |
FORWARD-LOOKING INFORMATION
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,
assumptions, estimates and intentions, including, without
limitation, statements in the “Financial Outlook” section of the
MD&A related to the build-out and launch of on demand
fulfillment centres or infrastructure and the impact of on-demand
grocery and meal solution offerings supported by an optimized
digital platform and the realization and impact of the foregoing.
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
centres, 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 and Active Customer and
subscriber sections at the end of this press release.
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