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LEXINGTON, Mass., Nov. 12, 2020 /PRNewswire/ — Pulmatrix, Inc. (NASDAQ: PULM), a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology, today reports its Q3 2020 financial results and provides a business update.

“Our efforts this quarter have enabled Pulmatrix to emerge with a focused clinical strategy that leverages our iSPERSE™ formulated candidates to address both respiratory and non-respiratory indications,” said Ted Raad, Chief Executive Officer of Pulmatrix. “We look forward to 2021 as we plan to progress all of our programs. PUR1800 is planned to begin a clinical trial in early 2021, moving us closer to a potential licensing agreement with J&J for development and commercialization in lung cancer. We are also pleased to advance our first non-respiratory program in acute migraine and believe our inhaled iSPERSE™ formulation may be uniquely suited to address the significant unmet need in the growing migraine market. In addition, after a planned Type-C meeting with the FDA in early 2021, we plan to finalize the protocol for a more impactful Pulmazole Phase 2b study in asthma patients with allergic bronchopulmonary aspergillosis that will include a longer study duration and potential Phase 3 enabling efficacy endpoints.”

Key Highlights and Development Updates

• Announced in October the commercial launch of FEND with our partner Sensory Cloud. FEND is an OTC nasal hygiene product that is comprised of proprietary Pulmatrix NasoCalm formulations (PUR003 and PUR006) of sodium chloride and calcium chloride salts licensed from Pulmatrix. It is designed to provide, among other potential benefits, an ability to suppress the exhalation of droplets of airway lining fluid, which can transmit airborne infection. Commercial launch provided immediate, broad availability of FEND, with Pulmatrix to receive escalating royalties from worldwide revenues on product sales.
• Pulmatrix anticipates initiating its Phase 1b study evaluating PUR1800, its iSPERSE enabled narrow spectrum kinase inhibitor (NSKI), in patients with stable COPD in the first half of 2021. This safety and biomarker study, designed to bridge the lactose formulation to the iSPERSE™ formulation, is expected to be a randomized, double-blind, 3-way crossover study with safety and tolerability endpoints, as well as additional endpoints for pulmonary function, pharmacokinetics, pharmacodynamics and target engagement.
• Pulmatrix is advancing PUR3100, its inhaled candidate for acute migraine and is on-track to identify its lead formulation for non-clinical PK studies by the end of 2020. The Company intends to complete a 14-day GLP toxicology study in 2021, and based on clinical and regulatory precedents, intends to initiate Phase 1 and Phase 1b studies in the first quarter of 2022, targeting a registration enabling Phase 3 study in 2023.
• Pulmatrix and Cipla intend to initiate a Phase 2b study designed with a longer treatment duration and key phase 3 enabling efficacy endpoints when the potential risk to both patient safety and to patient enrollment, presented by the ongoing COVID-19 pandemic, is reduced to an acceptable level for patients with this serious respiratory condition.

Corporate Updates

• Appointed Todd Bazemore, a biopharmaceutical executive with significant experience in respiratory diseases, rare diseases, business development, and capital markets, to its Board of Directors, effective October 1, 2020.
• Strengthened balance sheet with a warrant exercise transaction raising gross proceeds of $13.6 million in July which will support ongoing preclinical and clinical programs for Pulmazole, PUR1800, other pipeline assets and general working capital needs.

Third Fiscal Quarter Financial Summary

As of September 30, 2020, Pulmatrix had $34.5 million in cash compared to $23.4 million as of December 31, 2019.

Pulmatrix generated $4.4 million of revenue in the third quarter of 2020, compared to $1.4 million in the third quarter of 2019. The revenue for the second quarter of 2020 was the result of the collaboration and licensing agreements with Cipla and JJEI, respectively.

Research and development expenses for the third quarter of 2020 and 2019 were $3.9 million and $3.3 million, respectively. Included in the third quarter 2020 costs were pre-clinical toxicology and Chemistry, Manufacturing and Controls costs for the PUR1800 program and clinical study costs incurred for the Phase 2 Pulmazole study.

General and administrative expenses for the third quarter of 2020 and 2019 were $1.8 million. Included in the third quarter 2020 costs were general operating expenses such as employment, lab and office lease, legal, patent and audit fees.

Net loss was $10.6 million for the third quarter of 2020 and $3.6 million for the third quarter of 2019.  The net loss for the third quarter 2020 was primarily due to warrant inducement expense of $9.3 million and manufacturing costs for the upcoming PUR1800 Phase 1b clinical study and the recently terminated Pulmazole Phase 2 study. The net loss for the third quarter of 2019 was due to spend on the Pulmazole Phase 2 study.

About Pulmatrix 

Pulmatrix is a clinical stage biopharmaceutical company developing innovative inhaled therapies to address serious pulmonary and non-pulmonary disease using its patented iSPERSE™ technology. The Company’s proprietary product pipeline is initially focused on advancing treatments for serious lung diseases, including Pulmazole, an inhaled anti-fungal for patients with allergic bronchopulmonary aspergillosis (“ABPA”), and PUR1800, a narrow spectrum kinase inhibitor in lung cancer. Pulmatrix’s product candidates are based on iSPERSE™, its proprietary engineered dry powder delivery platform, which seeks to improve therapeutic delivery to the lungs by maximizing local concentrations and reducing systemic side effects to improve patient outcomes.

FORWARD-LOOKING STATEMENTS

Certain statements in this press release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements of historical fact, and may be identified by words such as “anticipates,” “assumes,” “believes,” “can,” “could,” “estimates,” “expects,” “forecasts,” “guides,” “intends,” “is confident that”, “may,” “plans,” “seeks,” “projects,” “targets,” and “would,” and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to,  the impact of the novel coronavirus (COVID-19) on the Company’s ongoing and planned clinical trials; the geographic, social and economic impact of COVID-19 on the Company’s ability to conduct its business and raise capital in the future when needed; delays in planned clinical trials; the ability to establish that potential products are efficacious or safe in preclinical or clinical trials; the ability to establish or maintain collaborations on the development of therapeutic candidates; the ability to obtain appropriate or necessary governmental approvals to market potential products; the ability to obtain future funding for developmental products and working capital and to obtain such funding on commercially reasonable terms; the Company’s ability to manufacture product candidates on a commercial scale or in collaborations with third parties; changes in the size and nature of competitors; the ability to retain key executives and scientists; and the ability to secure and enforce legal rights related to the Company’s products, including patent protection. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is set forth in the Company’s filings with the SEC, including its annual report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2020 as may be supplemented or amended by the Company’s Quarterly Reports on Form 10-Q. The Company disclaims any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact 

Timothy McCarthy, CFA
212.915.2564
[email protected]

 

 

 

 

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SOURCE Pulmatrix, Inc.

HONG KONG, Nov. 12, 2020 /PRNewswire/ — Samsonite International S.A. (“Samsonite” or “the Company”, together with its consolidated subsidiaries, “the Group”; SEHK stock code: 1910), the world’s largest travel luggage company, today published its unaudited consolidated financial results for the three and nine month periods ended September 30, 2020.

Overview
Commenting on the results, Mr. Kyle Gendreau, Chief Executive Officer, said, “Samsonite’s performance continued to see sequential improvement during the third quarter of 2020 as markets around the world gradually emerged from lockdown. Our net sales in September 2020 decreased by 60.4%¹ year-on-year, compared to declines of 63.3%¹ in August and 69.8%¹ in July. This encouraging trend continues into the fourth quarter, with the year-on-year decline in the Group’s net sales improving to approximately 58%¹ during October 2020.”

For the three months ended September 30, 2020, the Group’s net sales improved to US$326.6 million from US$201.1 million in the second quarter. The year-on-year decline in net sales moderated to 64.7%¹ during the third quarter of 2020 compared to 77.9%¹ in the second quarter of 2020, with all regions recording improved net sales.

Mr. Gendreau remarked, “Management has continued to focus on driving cost reduction and cash conservation, including significant reductions in marketing and non-marketing SG&A expenses, a virtual freeze on capital expenditures, and disciplined management of product purchases and working capital. In total, we identified close to US$40 million of additional in-year fixed cost savings during the third quarter of 2020, and we now expect to achieve cash savings of over US$600 million in 2020, up from the approximately US$580 million expected at the end of the first half of 2020. These initiatives, along with our gradually improving sales performance, resulted in the Group’s Adjusted EBITDA² improving from US$(127.8) million for the second quarter of 2020 to US$(50.7) million during the third quarter of 2020, with Asia returning to positive Adjusted EBITDA during the third quarter. Our total cash burn³ decreased to US$(67.7) million for the three months ended September 30, 2020 compared to US$(166.7) million for the second quarter of 2020.”

“Given the ongoing uncertainty around the course of the COVID-19 pandemic, we expect Samsonite’s performance to remain under pressure into early 2021. As such, we remain focused on identifying and implementing further cost reduction and cash conservation initiatives. Samsonite continued to maintain a substantial liquidity position of US$1.5 billion⁴ as of September 30, 2020, and we are confident of our ability to navigate the ongoing challenges from the COVID-19 pandemic. We are monitoring the situation closely, and we will continue to prioritize the health and safety of our employees and their families, as well as our customers and business partners.”

Mr. Gendreau continued, “With increased consumer interest in sanitation and disinfection, we have launched new products that incorporate anti-bacterial technology to enhance protection on product surfaces, and our innovation teams are actively working with vendors on exciting new anti-viral technologies that we hope to be able to incorporate into our products in the future.”

Mr. Gendreau concluded, “We remain focused on executing our long-term strategy to extend our market leadership and drive growth by leveraging Samsonite’s century-plus heritage of innovation and developing new products that meet consumer needs. Following the successful launch of the Proxis™ hard-shell suitcase collection, we are unveiling another exciting new product, Samsonite’s new Konnect-I backpack featuring Jacquard™ by Google that enables control of the wearer’s smartphone with a simple hand gesture on the backpack’s interactive strap. We believe that our continued commitment to innovation, along with steady execution of Samsonite’s ‘Our Responsible Journey’ sustainability strategy, will strengthen the Group’s long-term growth prospects.”

Table 1: Key Financial Highlights for the Three Months Ended September 30, 2020

nm – Not meaningful.

Table 2: Key Financial Highlights for the Nine Months Ended September 30, 2020

nm – Not meaningful.

The Group’s performance for the three months ended September 30, 2020 is discussed in greater detail below.

For the Three Months Ended September 30, 2020

Net Sales
The COVID-19 pandemic and various government measures, including travel restrictions and mandatory lockdowns, resulted in a near-complete halt in travel and tourism as well as the temporary closure of most of the Group’s wholesale and retail points-of-sale during the second quarter of 2020. This resulted in a sharp decline in the Group’s net sales across all regions, brands and distribution channels. After declining by 80.9%¹ in April and 79.1%¹ in May, the Group’s net sales trend began to recover in June, decreasing by 74.1%¹ year-on-year, and has continued to improve each month, with July, August and September recording  year-on-year declines of 69.8%¹,  63.3%¹ and 60.4%¹, respectively. This encouraging trend continues into the fourth quarter of 2020, with the year-on-year decline in the Group’s net sales further improving to approximately 58%¹ during October, though the pace of improvement has slowed due to a recent resurgence in COVID-19 cases in a number of markets in North America and Europe.

For the three months ended September 30, 2020, the Group’s net sales improved to US$326.6 million from US$201.1 million in the second quarter of 2020. The year-on-year decline in net sales moderated to 64.7%¹ during the third quarter of 2020 compared to 77.9%¹ in the second quarter of 2020, with all regions recording improved net sales performance.

Net Sales Performance by Region




North America


For the three months ended September 30, 2020, the Group’s net sales in North America improved to US$120.8 million (a year-on-year decrease of 64.3%¹), compared to net sales of US$91.6 million (a year-on-year decrease of 74.0%¹) recorded during the second quarter of 2020.

The Group’s net sales in the U.S. and Canada recorded year-on-year decreases of 64.0% and 70.9%¹ during the three months ended September 30, 2020, compared to year-on-year decreases of 73.3% and 88.7%¹ during the second quarter of 2020, respectively.

Asia


For the three months ended September 30, 2020, the Group’s net sales in Asia improved to US$122.9 million (a year-on-year decrease of 63.4%¹) compared to net sales of US$79.9 million (a year-on-year decrease of 75.6%¹) recorded during the second quarter of 2020.

All of the Group’s major markets in the region continued to experience year-on-year net sales declines during the three months ended September 30, 2020, though most have noticeably improved from the lows recorded in the second quarter of 2020: India (-82.6%¹ versus -92.0%¹ in 2Q 2020), China (-47.2%¹ versus -60.7%¹ in 2Q 2020), Japan (-55.0%¹ versus -70.6%¹ in 2Q 2020), South Korea (-64.2%¹ versus -66.5%¹ in 2Q 2020) and Hong Kong[11]           (-65.4%¹ versus -86.1%¹ in 2Q 2020).

The net sales trend in Asia has continued to improve in October 2020, with net sales decreasing by approximately 49%¹ year-on-year. China continued to lead the recovery, with net sales down by approximately 18%¹ year-on-year, while other key Asian markets also showed sustained improvement during October 2020: Japan (approximately -44%¹); India (approximately -53%¹), South Korea (approximately -56%¹) and Hong Kong (approximately -55%¹).

Europe


For the three months ended September 30, 2020, the Group’s net sales in Europe improved to US$74.2 million (a year-on-year decrease of 65.7%¹) compared to net sales of US$27.4 million (a year-on-year decrease of 85.7%¹) recorded during the second quarter of 2020.

Although all of the Group’s major markets in Europe continued to record year-on-year net sales declines during the three months ended September 30, 2020, most have noticeably improved from the lows in the second quarter of 2020: the United Kingdom[12] (-88.0%¹ versus -97.7%¹ in 2Q 2020), Germany (-66.5%¹ versus -84.7%¹ in 2Q 2020), Italy (-58.2%¹ versus -81.7%¹ in 2Q 2020), Spain (-75.8%¹ versus -91.6%¹ in 2Q 2020), France (-60.6%¹ versus -92.1%¹ in 2Q 2020), and Russia (-50.3%¹ versus -87.6%¹ in 2Q 2020).

Latin America


For the three months ended September 30, 2020, the Group’s net sales in Latin America improved to US$8.5 million (a year-on-year decrease of 74.2%¹) compared to net sales of US$1.7 million (a year-on-year decrease of 94.3%¹) recorded during the second quarter of 2020. The net sales trend in Latin America has continued to improve in October, which saw net sales decreasing by approximately 57%¹ year-on-year. 

The Group’s net sales in Mexico and Chile recorded year-on-year decreases of 80.4%¹ and 73.0%¹ during the three months ended September 30, 2020, compared to year-on-year decreases of 95.1%¹ and 93.7%¹ during the second quarter of 2020, respectively.

Table 3: Net Sales by Region

Net Sales


 Performance by Brand


and Product Category

The brands within the Group’s portfolio that are less travel focused, such as Gregory and Speck, have continued to perform better during the third quarter of 2020. In addition, net sales performance of the Group’s core travel brands also improved noticeably from the lows in the second quarter of 2020: Samsonite (-67.6%¹ versus -79.4%¹ in 2Q 2020),  Tumi (-62.1%¹ versus -80.6%¹ in 2Q 2020) and American Tourister (-72.5%¹ versus -81.8%¹ in 2Q 2020).

Overall, the travel product category recorded a year-on-year net sales decline of 74.6%¹ compared to a 50.4%¹ net sales decline for the non-travel product category¹⁴ for the three months ended September 30, 2020.  Nevertheless, both product categories have seen net sales noticeably improve compared to the second quarter of 2020, which saw travel and non-travel net sales down by 83.9%¹ and 68.3%¹ year-on-year, respectively. 

Table 4: Net Sales by Brand

Table 5: Net Sales by Product Category

Performance by Distribution Channel

The Group’s direct-to-consumer (“DTC”) e-commerce channel continued to perform better relative to its other channels, with third quarter 2020 net sales decreasing by 51.3%¹ to US$43.8 million (representing 13.4% of net sales) from US$89.6 million (representing 9.7% of net sales) for the same period in 2019.

During the three months ended September 30, 2020, net sales in the DTC retail channel decreased by 69.0%¹ year-on-year largely due to a 70.9% year-on-year decrease in constant currency same store retail net sales¹⁶ because of temporary and permanent store closures resulting from the COVID-19 pandemic. For the three months ended September 30, 2020, the Group recorded constant currency same store net sales decreases of 83.6%, 56.6%, 64.1% and 73.9% in North America, Asia, Europe and Latin America, respectively. During the third quarter of 2020, the Group permanently closed 75 company-operated stores. This was partially offset by the addition of 29 stores, primarily in Asia (including the agreed takeover of 20 stores in India from a third party distributor as previously announced, along with two new stores each in China and Japan), plus a number of previously committed store openings that were delayed by the COVID-19 pandemic. This resulted in a net reduction of 46 company-operated stores during the third quarter of 2020, compared to 7 net new stores opened during the same period in 2019. The total number of company-operated retail stores was 1,199 as of September 30, 2020, compared to 1,294 as of December 31, 2019 and 1,285 as of September 30, 2019.

Overall, net sales in the DTC channel, which includes company-operated retail stores and DTC e-commerce, decreased by 64.4%¹ to US$121.9 million (representing 37.3% of net sales) for the three months ended September 30, 2020 from US$341.7 million (representing 37.1% of net sales) for the third quarter of 2019.

Net sales in the wholesale channel decreased by 65.0%¹ to US$204.4 million (representing 62.6% of net sales) during the third quarter of 2020 from US$579.1 million (representing 62.8% of net sales) for the same period in 2019. Wholesale net sales to e-retailers, which decreased by 51.0%¹ year-on-year during the third quarter of 2020, continued to perform better than traditional wholesale customers.

Table 6: Net Sales by Distribution Channel

Gross Profit
The Group’s gross profit and gross profit margin improved to US$146.5 million and 44.9% for the three months ended September 30, 2020, compared to US$67.3 million and 33.5% during the second quarter of 2020.

On a year-on-year basis, the Group’s third quarter 2020 gross profit, as reported, decreased by US$367.0 million, or 71.5%, from US$513.5 million for the same period in 2019, while the Group’s third quarter 2020 gross profit margin, as reported, decreased to 44.9% from 55.7% for the same period in the previous year. The decrease was due to the negative impacts from the COVID-19 pandemic, including the decrease in net sales year-on-year, increased inventory reserves, the impact of fixed sourcing and manufacturing expenses on a lower net sales base, the inclusion of restructuring charges and non-cash impairment charges related to the sourcing and production of the Group’s products of US$3.7 million and US$1.3 million, respectively, as well as a shift in sales mix. Excluding the impact of increased inventory reserves, the impact of fixed sourcing and manufacturing expenses on a lower net sales base, restructuring charges and non-cash impairment charges, the Group’s gross profit margin, as adjusted, for the three months ended September 30, 2020 and 2019 would have been 54.9% and 58.0%, respectively. 

Operating Profit (Loss)
The Group implemented and continues to identify and act on cost reduction initiatives across all regions and all areas of its business, including significant cuts in marketing, temporary and permanent headcount reductions, salary reductions and furloughs, temporary and permanent store closures, as well as cuts in discretionary expense items, to mitigate the impact of the COVID-19 pandemic and right-size the business for the future. For the three months ended September 30, 2020, the Group reduced its marketing spending by US$34.8 million, or 76.6%, to US$10.6 million and its non-marketing SG&A expenses¹⁷ by US$149.5 million, or 41.6%, to US$209.9 million compared to same period in 2019.

The Group reported an operating loss of US$80.5 million for the three months ended September 30, 2020, compared to operating profit of US$104.9 million for the same period in the previous year. For the three months ended September 30, 2020, the Group incurred an operating loss of US$65.8 million when excluding the non-cash 3Q 2020 Impairment Charges⁵ and 3Q 2020 Restructuring Charges⁵, compared to an operating profit of US$108.3 million for the same period in the previous year when excluding the 3Q 2019 Impairment Charges⁵ and the costs to implement profit improvement initiatives⁵.

Net Finance Costs and Income Tax Expense (Benefit)
Net finance costs increased by US$3.9 million, or 14.9%, to US$30.2 million for the three months ended September 30, 2020 from US$26.3 million for the same period in 2019, primarily due to an increase in interest expense on loans and borrowings of US$13.0 million, partially offset by a decrease in redeemable non-controlling interest put option expenses of US$6.1 million and a decrease in net foreign exchange losses of US$2.2 million year-on-year.

The Group recorded income tax expense of US$6.8 million for the three months ended September 30, 2020 compared to income tax expense of US$21.2 million for the same period in 2019.

Profit (Loss) Attributable to Equity Holders
For the three months ended September 30, 2020, the Group recorded an adjusted loss attributable to the equity holders of US$98.7 million when excluding the non-cash 3Q 2020 Impairment Charges⁵ and the 3Q 2020 Restructuring Charges⁵, both of which are net of the related tax impact, compared to an adjusted profit attributable to the equity holders of US$56.1 million for the same period in the previous year when excluding the non-cash 3Q 2019 Impairment Charges⁵ and the costs to implement profit improvement initiatives⁵, both of which are net of the related tax impact. The Group reported a loss attributable to the equity holders of US$110.7 million for the three months ended September 30, 2020, compared to profit attributable to the equity holders of US$53.0 million for the same period in the previous year.

Adjusted EBITDA and Adjusted Net Income (Loss) 
The year-on-year decline in net sales from the COVID-19 pandemic had a significant impact on the Group’s profitability. Management took swift and decisive actions to cut costs, including permanent headcount reductions and store closures, as well as temporary actions consisting primarily of furloughs, temporary headcount reductions, eliminated bonuses, salary reductions, temporary rent reductions and other cutbacks, such as travel and entertainment and professional services. These actions are expected to result in cost savings in excess of US$300 million in 2020, and to have a positive annualized Adjusted EBITDA impact approaching US$200 million during 2021. The benefits from these initiatives, along with the gradually improving sales performance, resulted in the Group’s Adjusted EBITDA improving to US$(50.7) million during the third quarter of 2020 from US$(127.8) million for the second quarter of 2020. On a year-on-year basis, the Group’s Adjusted EBITDA decreased by US$184.7 million during the three months ended September 30, 2020 from US$133.9 million for the same period in 2019.

The Group recorded an Adjusted Net Loss of US$98.7 million for the three months ended September 30, 2020, a noticeable improvement compared to the Adjusted Net Loss of US$134.5 million recorded in the second quarter of 2020. In comparison, the Group recorded an Adjusted Net Income of US$62.0 million for the three months ended September 30, 2019. The Group continues to take meaningful actions to implement cost savings initiatives in an effort to improve profitability.

Balance Sheet and Cash Flows
The Group also implemented comprehensive measures to conserve cash, including a virtual freeze on capital expenditures, stringent management of product purchases and working capital, and the temporary suspension of the annual cash distribution to shareholders. The Group continued to focus on managing its working capital, particularly inventory, during the third quarter of 2020, resulting in a further reduction in the Group’s inventories to US$527.3 million as of September 30, 2020, compared to US$575.5 million at the end of the first half of 2020 and US$587.3 million at the end of 2019. Net working capital as of September 30, 2020, at US$460.3 million, was US$30.1 million lower that at the end of the first half of 2020, and US$22.4 million lower than at year-end 2019.

The Group spent US$1.3 million¹⁸ on capital expenditures (including software purchases) during the third quarter of 2020, US$13.8 million less compared to US$15.1 million¹⁸ during the same period in the previous year, and a further reduction from the US$2.3 million spent during the second quarter of 2020. The Group has put a virtual freeze on all non-essential capital projects to significantly reduce capital expenditures for the remainder of 2020.

The Group used US$0.8 million of cash in operating activities during the three months ended September 30, 2020 compared to US$115.9 million of cash used in operating activities during the second quarter of 2020 and US$119.0 million of cash generated from operating activities for the three months ended September 30, 2019.

As of September 30, 2020, the Group had cash and cash equivalents of US$1,510.9 million and outstanding financial debt of US$3,227.3 million (excluding deferred financing costs of US$42.3 million), putting the Group in a net debt position of US$1,716.4 million compared to US$1,305.3 million as of December 31, 2019. Including US$28.3 million of revolver availability, the Group had liquidity of US$1,539.2 million as of September 30, 2020, well in excess of the US$500 million minimum liquidity required under the amended financial covenants of the Company’s credit agreement¹⁹.

2020 Third Quarter Results – Earnings Call for Analysts and Investors:  
Date: Thursday, November 12, 2020
Time: 09:00 New York / 14:00 London / 22:00 Hong Kong
Webcast Link: http://webcast.live.wisdomir.com/samsonite_20q3/index_en.php
Dial-in Details: http://www4.samsonite.com/_investordocs/20201102111654_E_Samsonite_3Q2020%20Results%20Date%20&%20Conference%20Call%20(2020-11-02).pdf

About Samsonite
Samsonite International S.A. (“Samsonite” or the “Company”, together with its consolidated subsidiaries, “the Group”), is the world’s best-known and largest lifestyle bag and travel luggage company, with a heritage dating back 110 years. The Group is principally engaged in the design, manufacture, sourcing and distribution of luggage, business and computer bags, outdoor and casual bags, travel accessories and slim protective cases for personal electronic devices throughout the world, primarily under the Samsonite^®, Tumi^®, American Tourister^®, Speck^®, Gregory^®, High Sierra^®, Kamiliant^®, eBags^®, Xtrem^®, Lipault^® and Hartmann^® brand names as well as other owned and licensed brand names. The Company’s ordinary shares are listed on the Main Board of The Stock Exchange of Hong Kong Limited (“SEHK”).

 

Non-IFRS Measures


The Company has presented certain non-IFRS measures in this press release because each of these measures provides additional information that management believes is useful in gaining a more complete understanding of the Group’s operational performance and of the trends impacting its business to securities analysts, investors and other interested parties. These non-IFRS financial measures, as calculated herein, may not be comparable to similarly named measures used by other companies, and should not be considered comparable to IFRS measures. Refer to the relevant announcement/report published by the Company for the corresponding period for reconciliations of the Group’s non-IFRS financial information. Non-IFRS measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, an analysis of the Group’s financial results as reported under IFRS.

Forward-Looking Statements


This press release contains forward-looking statements. Forward-looking statements reflect the Group’s current views with respect to future events and performance. These statements may discuss, among other things, the Group’s net sales, operating profit (loss), Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA margin, cash flow, liquidity and capital resources, impairments, growth, strategies, plans, achievements, distributions, organizational structure, future store openings or closings, market opportunities and general market and industry conditions. The Group generally identifies forward-looking statements by words such as “expect”, “seek”, “believe”, “plan”, “intend”, “estimate”, “project”, “anticipate”, “may”, “will”, “would” and “could” or similar words or statements. Forward-looking statements are based on beliefs and assumptions made by management using currently available information. These statements are only predictions and are not guarantees of future performance, actions or events. Forward-looking statements are subject to risks and uncertainties. These risks, uncertainties and other factors also include the potential effects of the COVID-19 pandemic on the Company’s future financial and operational results, which could vary significantly depending on the duration and severity of the COVID-19 pandemic worldwide and the pace and extent of recovery following the COVID-19 pandemic.

If one or more of these risks or uncertainties materialize, or if management’s underlying beliefs and assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Among the factors that could cause actual results to differ materially are: the effect of worldwide economic conditions; the length and severity of the COVID-19 pandemic; lower levels of consumer spending resulting from COVID-19; a general economic downturn or generally reduced consumer spending, including as a result of COVID-19; the pace and extent of recovery following COVID-19; significant changes in consumer spending patterns or preferences; interruptions or delays in the supply of key components; the performance of our products within the prevailing retail environment; financial difficulties encountered by customers and related bankruptcy and collection issues; and risks related to the success of our restructuring programs. Given the inherent uncertainty about the future impacts of COVID-19, it is not possible for the Company to reliably predict the extent to which its business, results of operations, financial condition or liquidity will ultimately be impacted. (A further discussion about the impact of the COVID-19 pandemic in 2020 is disclosed in the Management Discussion and Analysis – Impact of COVID-19 section
of the Company’s third quarter 2020 financial and business review)
. 

Forward-looking statements speak only as of the date on which they are made. The Company’s shareholders, potential investors and other interested parties should not place undue reliance on these forward-looking statements. Subject to the requirements of applicable laws, rules and regulations, the Group does not have any and undertakes no obligation to update or otherwise revise the forward-looking statements in this
press release
, whether as a result of new information, future events or developments or otherwise. In this
press release
, statements of or references to the Group’s intentions are made as of the date of this
press release
. Any such intentions may change in light of future developments. All forward-looking statements contained in this
press release
 are qualified by reference to the cautionary statements set out above.

Rounding


Certain amounts presented in this
press release
 have been rounded up or down. There may therefore be discrepancies between the actual totals of the individual amounts in the tables and the totals shown, between the amounts in the tables and the amounts given in the corresponding analyses in the text of this
press release
 and between amounts in this
press release
 and other publicly available documents. All subtotals, totals, percentages and other key figures were calculated using the underlying data in whole US Dollars.

¹ Results stated on a constant currency basis, a non-International Financial Reporting Standards (“IFRS”) measure, are calculated by applying the average exchange rate of the comparable period in the previous year to current period local currency results.
² Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), a non-IFRS measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges. The Group believes these measures provide additional information that is useful in gaining a more complete understanding of its operational performance and of the underlying trends of its business.
³ Total cash burn is calculated as the total increase (decrease) in cash and cash equivalents per the consolidated statements of cash flows less total cash flow attributable to (i) total loans and borrowings and (ii) deferred financing costs.
⁴ As of September 30, 2020, the Group had total liquidity of US$1,539.2 million, comprising cash and cash equivalents of US$1,510.9 million and US$28.3 million available to be borrowed on the Group’s amended revolving credit facility.
⁵ Results for the three months ended September 30, 2020 included US$5.6 million of total non-cash impairment charges (including US$1.3 million of non-cash impairment charges in cost of sales) recorded during the third quarter of 2020 primarily related to lease right-of-use assets at certain retail locations (the “3Q 2020 Impairment Charges”). Results also included total restructuring charges of US$9.0 million (including US$3.7 million of restructuring charges in cost of sales) recorded during the three months ended September 30, 2020 (the “3Q 2020 Restructuring Charges”). Results for the three months ended September 30, 2019 included US$2.5 million of total non-cash impairment charges recorded during the third quarter of 2019 related to lease right-of-use assets and property, plant and equipment at certain retail locations (the “3Q 2019 Impairment Charges”), as well as costs related to profit improvement initiatives totaling US$0.8 million.
⁶ Operating profit (loss) excluding total non-cash impairment charges, total restructuring charges and costs related to profit improvement initiatives is a non-IFRS measure and as calculated herein may not be comparable to similarly named measures used by other companies, and should not be considered comparable to operating profit (loss) for the period in the Group’s consolidated income statements.
⁷ Adjusted Net Income (Loss), a non-IFRS measure, eliminates the effect of a number of costs, charges and credits and certain other non-cash charges, along with their respective tax effects, that impact the Group’s reported profit (loss) for the period, which the Group believes helps to give securities analysts, investors and other interested parties a better understanding of the Group’s underlying financial performance.
⁸ Adjusted EBITDA margin, a non-IFRS measure, is calculated by dividing Adjusted EBITDA by net sales.
⁹ Adjusted basic and diluted earnings (loss) per share, both non-IFRS measures, are calculated by dividing Adjusted Net Income (Loss) by the weighted average number of shares used in the basic and diluted earnings (loss) per share calculations, respectively.
¹⁰ Results for the nine months ended September 30, 2020 included US$882.7 million of total non-cash impairment charges recorded during the first nine months of 2020  (including US$1.3 million of non-cash impairment charges in cost of sales), comprised of US$732.0 million related to goodwill and tradename intangible assets and US$150.7 million primarily related to lease right-of-use assets and property, plant and equipment at certain retail locations. Results also included total restructuring charges of US$37.8 million (including US$3.7 million of restructuring charges in cost of sales), recorded during the nine months ended September 30, 2020. Results for the nine months ended September 30, 2019 included US$32.2 million of total non-cash impairment charges recorded during the first nine months of 2019 related to lease right-of-use assets and property, plant and equipment at certain retail locations, as well as costs related to profit improvement initiatives totaling US$10.6 million.
¹¹ Net sales reported for Hong Kong include net sales made domestically, net sales made in Macau as well as net sales to distributors in certain other Asian markets where the Group does not have a direct presence.
¹² Net sales reported for the United Kingdom include net sales made in Ireland.
¹³ The geographic location of the Group’s net sales generally reflects the country/territory from which its products were sold and does not necessarily indicate the country/territory in which its end consumers were actually located.
¹⁴ The non-travel category includes business, casual, accessories and other products.
¹⁵ Other includes certain other brands owned by the Group, such as Kamiliant, eBags, Xtrem, Lipault, Hartmann, Saxoline and Secret, as well as third party brands sold through the Rolling Luggage and Chic Accent retail stores.
¹⁶ The Group’s same store analysis includes existing company-operated retail stores that have been open for at least 12 months before the end of the relevant financial period.
¹⁷ Non-marketing SG&A expenses comprise distribution expenses and general and administrative expenses.
¹⁸ The Group spent US$0.4 million and US$0.9 million on capital expenditures and software purchases, respectively, during the three months ended September 30, 2020. In comparison, the Group spent US$11.0 million and US$4.1 million on capital expenditures and software purchases, respectively, during the third quarter of 2019.
¹⁹ On March 16, 2020, the Company and certain of its direct and indirect wholly-owned subsidiaries entered into an amendment to the Group’s credit agreement, which provided for an amended US$800.0 million senior secured term loan A facility and an amended revolving credit facility that was increased by US$200.0 million to US$850.0 million. On March 20, 2020, the Company borrowed US$810.3 million under its amended revolving credit facility to enhance the Company’s cash position.

On April 29, 2020, the Group entered into an amendment to its credit agreement which suspends the requirement to comply with its net leverage ratio and interest coverage ratio covenants from the beginning of the second quarter of 2020 through the end of the second quarter of 2021 and provides more flexibility in the calculation of such covenants beginning with the third quarter of 2021 through the end of the first quarter of 2022.

On May 7, 2020, the Group closed on an additional term loan B facility with an aggregate principal amount of US$600.0 million.

 

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SOURCE Samsonite

Conference call to be conducted on November 19, 2020 at 11:00 am ET

QUEBEC CITY, Nov. 12, 2020 /CNW Telbec/ – OpSens Inc. (“OpSens” or the “Company”) (TSX: OPS) (OTCQX: OPSSF), a medical device cardiology-focused company commercializing a  second generation fiber optic pressure guidewire to diagnose and treat coronary disease, has scheduled a year-end update conference call on Thursday, November 19, 2020, at 11:00 am ET.

Interested parties can access the conference call by dialing (877) 270-2148 or (412) 902-6510 or can listen via a live Internet webcast, which is available in the Investors section of the Company’s website or at https://www.webcaster4.com/Webcast/Page/2512/38573.

A teleconference replay of the call will be available for three days at (877) 344-7529 or at (412) 317-0088, confirmation #10149692. A webcast replay will be available in the Investors section of the Company’s website or via https://www.webcaster4.com/Webcast/Page/2512/38573.

About OpSens Inc. (www.OpSens.com or www.OpSensmedical.com)

OpSens focuses mainly on coronary physiology products in interventional cardiology. OpSens offers an advanced optical-based pressure guidewire that aims at improving the clinical outcome of patients with coronary artery disease. Its flagship product, the OptoWire, is a second-generation fiber optic pressure guidewire designed to provide the lowest drift in the industry and excellent lesions access. The OptoWire has been used in the diagnosis and treatment of over 100,000 patients in more than 30 countries. It is approved for sale in the United States, European Union, Japan, and Canada.

OpSens is also involved in industrial activities in developing, manufacturing, and installing innovative fiber optic sensing solutions for critical applications.

SOURCE OPSENS Inc.

WINDSOR, Conn., Nov. 12, 2020 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of software and software-enabled services for the financial services and healthcare industries, today announced that Rahul Kanwar, President and Chief Operating Officer, will present at Citi’s 2020 Virtual Financial Technology Conference on Monday, November 16^th, 2020 at 10:30 am ET.

Webcast will be made available on SS&C Technologies’ investor relations website at http://investor.ssctech.com.

About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world’s largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology.

Additional information about SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
Follow SS&C on Twitter, Linkedin and Facebook.

 

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SOURCE SS&C

QUEBEC CITY, Nov. 12, 2020 /PRNewswire/ – EXFO Inc. (NASDAQ: EXFO) (TSX: EXF), the communications industry’s test, monitoring and analytics experts, announced today that CEO Philippe Morin will present at the TD Securities Technology Virtual Conference on November 16, 2020, 3:00 p.m. Eastern time.

Mr. Morin will take part in a virtual fireside chat with TD Securities analyst Dan Chan. A video webcast of the presentation will be available live at www.EXFO.com, under the Investors section. It will also be archived for a limited period.

IR Calendar

• TD Securities Technology Virtual Conference, Nov. 16, 2020, 3:00 p.m. Eastern time, (Video webcast: www.EXFO.com/investors)

About EXFO
EXFO (NASDAQ: EXFO) (TSX: EXF) develops smarter test, monitoring and analytics solutions for fixed and mobile network operators, webscale companies and equipment manufacturers in the global communications industry. Our customers count on us to deliver superior network performance, service reliability and subscriber insights. They count on our unique blend of equipment, software and services to accelerate digital transformations related to fiber, 4G/LTE and 5G deployments. They count on our expertise with automation, real-time troubleshooting and big data analytics, which are critical to their business performance. We’ve spent over 30 years earning this trust, and today 1,900 EXFO employees in over 25 countries work side by side with our customers in the lab, field, data center and beyond.

EXFO-F

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SOURCE EXFO Inc.

LOS ANGELES, Nov. 12, 2020 /PRNewswire/ — LiveXLive Media (NASDAQ: LIVX) (“LiveXLive”), a global platform for livestream and on-demand audio, video and podcast content in music, comedy, and pop culture, and owner of PodcastOne, announced today the launch of its inaugural awards show — The Lockdown Awards — airing on December 11, 2020, will feature artists such as Ally Brooke, Avenue Beat, Icona Pop and Sofi Tukker and Wiz Khalifa.

The Lockdown Awards, a first-of-its-kind special event awards program, will honor the best of content created during the time of the pandemic which enhanced greatly the live streaming and at home entertainment boom. The Lockdown Awards will be produced and distributed in-house by LiveXLive and will include performances, special celebrity appearances, and VIP digital meet and greets with nominees and winners.

LiveXLive’s Lockdown Awards will include the ladies that brought you the anthem of the lockdown ‘F2020’, Avenue Beat, a never before seen live performance of Icona Pop and Sofi Tukker’s new single ‘Spa’, and musical appearances by Wiz Khalifa and Ally Brooke.

“The creation of The Lockdown Awards is truly in the spirit of creativity and the community built between artists and fans. From new songs to collaborations and more, the event demonstrates the potency of live music as the fabric of our lives and supports the opportunity to embrace a platform that has proven meaningful for fans and artists. Streaming is here to stay, and at LiveXLive, we are honored to celebrate the exceptional output in this immensely creative and expanding space,” stated Garrett English, Chief Creative Officer of LiveXLive.

LiveXLive has become a go-to platform for live streaming events that combine music with pop culture of podcasting, sports, arts, fashion, culinary, comedy and wellness. From emerging to established artists, LiveXLive has streamed over 1,500 artists since  including a variety of artists and celebrities in 2020 alone: Kygo, Jimmy Buffett, OneRepublic, Zac Brown Band, Michael Franti, Nahko, Trevor Hall, FINK, Big Gigantic, Hot Chelle Rae, Lauren Jauregui, Billy Joel, Bon Jovi, Chris Rock, Idina Menzel and Jennifer Lopez.

About LiveXLive Media, Inc.

Headquartered in Los Angeles, California, LiveXLive Media, Inc. (NASDAQ: LIVX) (the “Company”) (pronounced Live “by” Live) is a global platform for live stream and on-demand audio, video and podcast content in music, comedy, and pop culture. LiveXLive, which has streamed over 1400 artists since January 2020, has become a go-to partner for the world’s top artists and celebrity voices as well as music festivals concerts, including Rock in Rio, EDC Las Vegas, and many others. In April 2020, LiveXLive produced its first 48-hour music festival called “Music Lives” with tremendous success as it earned over 50 million views and over 5 billion views for #musiclives on TikTok on 100+ performances. LiveXLive’s library of global events, video-audio podcasts and original shows are also available on Amazon, Apple TV, Roku and Samsung TVs in addition to its own app, destination site and social channels. The Company’s wholly-owned subsidiary, PodcastOne, generates more than 2.1 billion downloads annually across more than 300 podcasts. For more information, visit www.livexlive.com and follow us on Facebook, Instagram, TikTok, Twitter at @livexlive, and YouTube.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “may,” “might,” “will,” “will likely result,” “would,” “should,” “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “continue,” “target” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including: the Company’s reliance on one key customer for a substantial percentage of its revenue; the Company’s ability to consummate any proposed financing or acquisition and the timing of the closing of such proposed transactions, including the risks that a condition to closing would not be satisfied within the expected timeframe or at all or that the closing of any proposed transaction will not occur; the Company’s ability to continue as a going concern; the Company’s ability to attract, maintain and increase the number of its users and paid subscribers; the Company identifying, acquiring, securing and developing content; the Company’s ability to maintain compliance with certain financial and other covenants; the Company successfully implementing its growth strategy, including relating to its technology platforms and applications; management’s relationships with industry stakeholders; the effects of the global Covid-19 pandemic; changes in economic conditions; competition; risks and uncertainties applicable to the businesses of the Company’s subsidiaries; and other risks, uncertainties and factors including, but not limited to, those described in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2020, filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 26, 2020, Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, filed with the SEC on August 14, 2020, and in the Company’s other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements, except as may be required by law. The Company intends that all forward-looking statements be subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

Press Contact:

The Rose Group
[email protected]
[email protected]

LiveXLive IR Contact:

310.529.2500
[email protected]

 

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SOURCE LiveXLive Media, Inc.

SEATTLE, Nov. 12, 2020 /PRNewswire/ — (NASDAQ: RDFN) — Twenty-six percent of Americans said their local government’s response to the coronavirus pandemic has made them want to move away from where they currently live or change where they want to move to, according to a new survey from Redfin (www.redfin.com), the technology-powered real estate brokerage. Twenty-one percent of respondents to the October survey said their local governments’ pandemic response has made them like where they live more.

“2020 has made Americans realize just how much power their local governments have over their way of life,” said Redfin chief economist Daryl Fairweather. “If residents of a certain area feel their local rules are too lax or too strict, they may want to move somewhere where the local leadership is more in line with their personal beliefs. And the rise in remote work means some people can move to a different city or state without changing jobs, removing what’s usually a major barrier to relocation. Americans moving to areas more aligned with their political views could make certain counties and states more liberal or more conservative.”

Forty-two percent of respondents would be hesitant to move to an area where most people have political views different from their own, up from 32% in June. And 24% would want to move to a different state if the Supreme Court were to increase states’ rights with respect to health care, gun laws, etc.

Broken down by political affiliation, 32% of Trump voters said their local government’s response to the coronavirus pandemic has made them want to move away from where they currently live or change where they want to move to. That’s compared with 23% of Biden voters.

School shutdowns are also impacting where people want to live. Nineteen percent of survey respondents said school shutdowns have made them want to move away from where they currently live or change where they want to move to. Seventeen percent of respondents say school shutdowns have made them like where they live more.

Most Americans don’t want to move to a big city

Fifty-three percent of Americans are uncomfortable with the idea of moving to a big city, up from 39% before the pandemic, according to the same survey. On the flip side, 25% of respondents are comfortable with the idea of moving to a big city, down from 36% pre-pandemic.

“I’ve seen a lot of folks moving to Albuquerque and its surrounding areas from big coastal cities since the start of the pandemic because they no longer want to live in crowded, dense places,” said Albuquerque Redfin agent Jimmy Martinez. “People who are relocating—mostly remote workers—are looking for big houses with a lot of outdoor space, relatively low cost of living, a laid-back vibe and outdoor recreation. The suburbs are particularly popular because buyers can find a larger lot to create their own private oasis. Housing prices are climbing to record highs, supply is incredibly low and most homes up for sale are receiving multiple offers.”

To read the full report, including graphs and methodology, please visit: https://www.redfin.com/news/local-pandemic-response-americans-move.

About Redfin

Redfin (www.redfin.com) is a technology-powered residential real estate company, redefining real estate in the consumer’s favor in a commission-driven industry. We do this by integrating every step of the home buying and selling process and pairing our own agents with our own technology, creating a service that is faster, better and costs less. We offer brokerage, iBuying, mortgage, and title services, and we also run the country’s #1 real estate brokerage search site, offering a host of online tools to consumers, including the Redfin Estimate. We represent people buying and selling homes in over 90 markets in the United States and Canada. Since our launch in 2006, we have saved our customers over $800 million and we’ve helped them buy or sell more than 235,000 homes worth more than $115 billion.

For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email [email protected]. To view Redfin’s press center, click here.

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SOURCE Redfin

CHICAGO, Nov. 12, 2020 /PRNewswire/ — Aon plc (NYSE: AON), a leading global professional services firm providing a broad range of risk, retirement and health solutions, is expanding its pioneering corporate Apprenticeship program with an investment of $30 million over the next five years. The firm will lead the formation of new local Apprentice Networks in six new cities across the United States, building upon the proven approach of programs in the Chicago area and London that have helped bridge the gap between education and employment.

Aon will initiate the Apprenticeship program expansion with a starting class of more than 100 apprentices next year in the metropolitan areas of Chicago, Houston, Minneapolis, New York, Philadelphia, San Francisco and Washington, D.C. Since Aon launched the Chicago Apprentice Network in 2017 with Accenture (NYSE: ACN) and Zurich Insurance Group with a class of 25 apprentices, the Network has grown to more than 40 employers working with 740 apprentices. With this expansion, Aon will lead the development of a nationwide network of employers to create 10,000 apprenticeships across the United States by 2030.

“The apprenticeship program has brought so many talented colleagues to our firm and we know it has tremendous potential to create new opportunities and professional networks for both apprentices and participating employers across the United States,” said Greg Case, Chief Executive Officer of Aon. “This is an innovative way for employers to attract and retain diverse talent, prepare future leaders and contribute to building a more future-focused, resilient workforce.”

“Illinois has the most talented and dedicated workforce in the nation – but we need tens of thousands of new skilled workers to continue to meet the growing demand for talented employees. My administration is making apprenticeships accessible to students and transitioning workers statewide to help Illinoisans get training for jobs that offer greater long-term opportunity, all while businesses expand their workforce,” said Illinois Governor JB Pritzker. “The Chicago Apprentice Network is providing life-changing opportunities for the city’s youth and the Illinois Apprenticeship Program, which my administration recently invested an additional $4.7 million in, is on track to support an additional 17,000 participants by the end of this year.”

“As the proud co-author of the multi-billion-dollar, bipartisan ‘Strengthening CTE for the 21st Century Act’ that funds workforce training and youth pre-apprenticeship programs across the country, I have seen the direct impact of Aon’s apprenticeship programs in strengthening our workforce and growing our economy,” said Congressman Raja Krishnamoorthi (IL-8). “I look forward to continuing to work with Aon, as well as with all leaders in the Chicago Apprentice Network and like-minded organizations, to provide more pathways to high-paying, in-demand jobs in our community.”

Aon, together with Accenture, JP Morgan Chase, The Hartford and Zurich Insurance, will spearhead the expansion of the Chicago Apprentice Network to other cities. This will include collaboration with educational partners and nonprofits to create the Network’s infrastructure, similar to the approach with City Colleges of Chicago (CCC), College of Lake County and One Million Degrees for the Chicago Apprentice Network.

“Advancing our partnership with the Chicago Apprentice Network is a big next step toward closing the training gaps that affect every industry and providing more people with equal opportunity to build thriving careers,” said Julie Sweet, CEO of Accenture, which has hired more than 120 apprentices in Chicago since 2016. “By bringing professional apprenticeships to additional cities across America, we will help thousands more underserved people become job-ready for the roles of today and tomorrow. These pathways to employment and a more inclusive workforce are a powerful example of how we can truly make a difference for our businesses, our communities and the people in our communities.”

Aon’s Apprenticeship program provides opportunities for diverse professionals to develop vital skills in the workplace while earning as they learn. Apprentices are offered permanent positions with competitive salaries, benefits and financial support for the cost of education. Aon provides apprenticeships across the firm’s solution lines and corporate functions, including areas such as human resources and information technology.

“Apprenticeships are a win-win for career seekers and companies that value diverse perspectives,” said Kathleen Savio, CEO of Zurich North America, which expanded its apprenticeship program from the company’s Chicago-area headquarters to New York this year, while helping to launch Insurance Apprenticeship USA (IAUSA), an insurance industry-focused initiative. “Expanding apprenticeship programs is an investment in a future-ready workforce.”

The Apprenticeship program has helped Aon build a talent pipeline of highly skilled and diverse professionals. As part of Aon’s global commitments to further embed inclusion and diversity into the firm’s culture, expanding the Apprenticeship program will help build a more resilient workforce and drive better outcomes for our clients and greater impact in our communities.

“The Chicago Apprentice Network has played an essential role in deepening City Colleges’ relationship with the business community and accelerating our capacity to connect CCC students to transformational careers,” said Juan Salgado, Chancellor, City Colleges of Chicago. “As Accenture and Aon expand their apprenticeship commitments to other cities, we look forward to supporting our community college colleagues in building models that showcase the incredible talents of community college students.”

Aon launched its apprenticeship program in 2012 in the UK and in 2017 in the United States, training more than 290 apprentices globally. More information about Aon’s Apprenticeship program is available here. For more information about the Chicago Apprentice Network, click here.

About Aon

Aon plc (NYSE: AON) is a leading global professional services firm providing a broad range of risk, retirement and health solutions. Our 50,000 colleagues in 120 countries empower results for clients by using proprietary data and analytics to deliver insights that reduce volatility and improve performance.

Follow Aon on Twitter and LinkedIn 
Stay up to date by visiting the Aon Newsroom and hear from Aon’s expert advisors in The One Brief.
Sign up for News Alerts here

Media Contact

[email protected]

Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024

 

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SOURCE Aon plc