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Brunswick Corporation Schedules 2023 Third Quarter Earnings Conference Call

METTAWA, Ill., Oct. 05, 2023 (GLOBE NEWSWIRE) — Brunswick Corporation (NYSE: BC) will release its third quarter 2023 financial results on Thursday, October 26, 2023 before the market opens by way of an advisory release, notifying the public that the complete and full-text results will be available on the Company’s website at https://ir.brunswick.com.  The results will also be available on the SEC’s website with the Form 8-K filing of the release at http://goo.gl/wJQN1. 

The Company will hold a conference call at 10 a.m. CDT/ 11 a.m. EDT, Thursday, October 26, 2023, hosted by David M. Foulkes, chief executive officer, Ryan M. Gwillim, executive vice president and chief financial officer and Neha Clark, senior vice president, enterprise finance.  A copy of the presentation to be used on this call will be available when the results are released as noted above.

Security analysts and investors wishing to participate via telephone should call 877-900-9524 (No Password Needed).  Callers outside of North America should call 412-902-0029 (No Password Needed) to be connected.  These numbers can be accessed 15 minutes before the call begins, as well as during the call. 

To listen via the Internet, go to www.brunswick.com/investors. Please go to the website at least 15 minutes before the call to register, download and install any needed audio software. 

A replay of the conference call will be available through 1pm CST Thursday November 2, 2023, by calling 877-660-6853 or 201-612-7415 (Access ID: 13741706).  The replay also will be available at  www.brunswick.com/investors.

About Brunswick Corporation:

Brunswick Corporation (NYSE: BC) is the global leader in marine recreation, delivering innovation that transforms experiences on the water and beyond.  Our unique, technology-driven solutions are informed and inspired by deep consumer insights and powered by our belief that “Next Never Rests™”. Brunswick is dedicated to industry leadership, to being the best and most trusted partner to our many customers, and to building synergies and ecosystems that enable us to challenge convention and define the future. Brunswick is home to more than 60 industry-leading brands. In the category of Marine Propulsion, these brands include, Mercury Marine, Mercury Racing and MerCruiser. Brunswick’s comprehensive collection of parts, accessories, distribution, and technology brands includes Mercury Parts & Accessories, Flite, Land ‘N’ Sea, Lowrance, Simrad, B&G, Mastervolt, RELiON, Attwood and Whale. Our boat brands are some of the best known in the world, including Boston Whaler, Lund, Sea Ray, Bayliner, Harris Pontoons, Princecraft and Quicksilver. Our service, digital and shared-access businesses include Freedom Boat Club, Boateka and a range of financing, insurance, and extended warranty businesses. While focused primarily on the marine industry, Brunswick also successfully leverages its portfolio of advanced technologies to deliver an exceptional suite of solutions in mobile and industrial applications.  Headquartered in Mettawa, IL, Brunswick has more than 18,000 employees operating in 27 countries. In 2022, Brunswick was named by Forbes as a World’s Best Employer and as one of America’s Most Responsible Companies by Newsweek, both for the third consecutive year. For more information, visit www.Brunswick.com.

Forward-Looking Statements

Certain statements in this news release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” “anticipate,” “project,” “position,” “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this news release. These risks include, but are not limited to: the effect of adverse general economic conditions, including the amount of disposable income consumers have available for discretionary spending; fiscal and monetary policy concerns; adverse capital market conditions; changes in currency exchange rates; higher energy and fuel costs; competitive pricing pressures; interest-rate risk related to our debt; the coronavirus (COVID-19) pandemic and the emergence of variant strains; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties, including as a result of pressures due to the pandemic; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; managing our manufacturing footprint; adverse weather conditions, climate change events and other catastrophic event risks; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; our ability to develop new and innovative products and services at a competitive price; our ability to meet demand in a rapidly changing environment; loss of key customers; absorbing fixed costs in production; risks associated with joint ventures that do not operate solely for our benefit; our ability to integrate acquisitions, including Navico, and the risk for associated disruption to our business; the risk that unexpected costs will be incurred in connection with the Navico transaction or the possibility that the expected synergies and value creation from the transaction will not be realized or will not be realized within the expected time period; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to identify, complete, and integrate targeted acquisitions; the risk that strategic divestitures will not provide business benefits; maintaining effective distribution; risks related to dealers and customers being able to access adequate financing; requirements for us to repurchase inventory; inventory reductions by dealers, retailers, or independent boat builders; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which could affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; changes to U.S. trade policy and tariffs; any impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal, environmental, and other regulatory compliance, including increased costs, fines, and reputational risks; changes in income tax legislation or enforcement; managing our share repurchases; and risks associated with certain divisive shareholder activist actions.

Additional risk factors are included in the Company’s Annual Report on Form 10-K for 2021 and in
subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and Brunswick does not undertake any obligation to update them to reflect
events or circumstances after the date of this news release.



Lee
Gordon —
Vice President – Corporate Communications, Public Relations & Public Affairs
M: (904) 860-8848 | O: (847) 735-4003

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CEOs Lack Confidence in Their Organizations’ Ability to Protect Against Cyberattacks Despite Seeing Cybersecurity as Vital to Growth, Accenture Report Finds

CEOs Lack Confidence in Their Organizations’ Ability to Protect Against Cyberattacks Despite Seeing Cybersecurity as Vital to Growth, Accenture Report Finds

Report identifies five actions CEOs need to take to achieve cyber resilience

NEW YORK–(BUSINESS WIRE)–
Three-quarters (74%) of CEOs are concerned about their organizations’ ability to avert or minimize damage to the business from a cyberattack—despite the fact that 96% of CEOs said that cybersecurity is critical to organizational growth and stability, according to a new report from Accenture (NYSE: ACN).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231005092076/en/

Three-quarters (74%) of CEOs are concerned about their organizations’ ability to avert or minimize damage to the business from a cyberattack—despite the fact that 96% of CEOs said that cybersecurity is critical to organizational growth and stability, according to a new report from Accenture. (Graphic: Business Wire)

Three-quarters (74%) of CEOs are concerned about their organizations’ ability to avert or minimize damage to the business from a cyberattack—despite the fact that 96% of CEOs said that cybersecurity is critical to organizational growth and stability, according to a new report from Accenture. (Graphic: Business Wire)

The report, titled “The Cyber-Resilient CEO,” is based on a survey of 1,000 CEOs from large organizations globally. Accenture’s research points to the reactive way in which CEOs treat cybersecurity, which results in greater risk of attacks and higher costs to respond to and remediate them. It notes that 60% of CEOs said their organizations don’t incorporate cybersecurity into business strategies, services or products from the outset, and more than four in 10 (44%) of the CEOs believe that cybersecurity requires episodic intervention rather than ongoing attention.

Adding to this reactive stance is the incorrect assumption by more than half (54%) of CEOs that the cost of implementing cybersecurity is higher than the cost of suffering a cyberattack despite history showing otherwise. For instance, the report notes that a global shipping and logistics company breach resulted in a 20% drop in business volume, with losses hitting US$300 million.

In addition, despite 90% of CEOs saying they consider cybersecurity a differentiating factor for their products or services to help them build trust among customers, only 15% have dedicated board meetings for discussing cybersecurity issues. This disconnect might be explained by the fact that the vast majority (91%) of CEOs said cybersecurity is a technical function that is the responsibility of the CIO or chief information security officer.

The report also suggests that generative AI holds the potential to introduce a greater level of advanced security threats introducing new challenges that even best-practice cyber defenses may not fully address. Nearly two-thirds (64%) of CEOs surveyed said that cybercriminals could use generative AI to create sophisticated and hard-to-detect cyberattacks, such as phishing scams, social engineering attacks and automated hacks.

“The acceleration of generative AI makes it even more essential for organizations to take measures to ensure the security of their data and digital assets,” said Paolo Dal Cin, global lead of Accenture Security. “Unfortunately, it is often only after they experience a material cyber incident that they elevate cybersecurity to a board-level and C-suite priority and expand expectations beyond technology functions to better protect their organizations. Integrating cybersecurity risk into an enterprise risk management framework is the key to ensuring better security, regulatory compliance, business protection and customer trust.”

The research identifies a small group of CEOs who excel at cyber resilience. This group—which Accenture calls “cyber-resilient CEOs” and accounts for 5% of respondents—uses a wider lens to assess cybersecurity across all aspects of their organizations. The companies of these leaders detect, contain and remediate cyber threats faster than other organizations. As a result, their breach costs are considerably lower and financial performance significantly better than the rest, achieving 16% higher incremental revenue growth, 21% more cost-reduction improvements, and 19% healthier balance-sheet improvements, on average.

On the flip side are “cyber laggards”—accounting for nearly half (46%) of the CEOs—who don’t consistently or rigorously take any of the actions that cyber-resilient CEOs do and are typically stuck in a reactionary mode.

Five actions that cyber-resilient CEOs are far more likely than cyber laggards to take proactively are:

  • Embedding cyber resilience in the business strategy from the start. Cyber-resilient CEOs are nearly twice as likely to manage cyber performance in the same way they manage financial performance (60% vs. 33%).
  • Establishing shared cybersecurity accountability across the organization. Cyber-resilient CEOs are far more likely adopt shared accountability across the C-suite, inspiring executives to champion cybersecurity as a competitive differentiator that accelerates innovation safely (68% vs. 37%) and work closely with their CISOs to assess and manage the risks of generative AI, ensuring that the technology is used safely and effectively (54% vs. 33%).
  • Securing the digital core at the heart of the organization. Cyber-resilient CEOs are more than twice as likely to say they plan to boost their cybersecurity budget as the adoption and implementation of digital and emerging technologies intensifies (76% vs. 35%).
  • Extending cyber resilience beyond organizational boundaries and silos. Cyber-resilient CEOs are 40% more likely to implement specific policies and controls for third parties and even more likely to promote an enterprise-wide risk assessment approach that cuts across business units and functions (64% vs. 41%).
  • Embracing ongoing cyber resilience to stay ahead of the curve. Cyber-resilient CEOs are far more likely to commit to continually establishing industry-leading cybersecurity measures that take into account the changing risk landscape and align with C-suite priorities in order to protect the business and detect and respond effectively to cyberattacks (60% vs. 34%).

“The constantly evolving and never-ending threat landscape is creating a wide gap between CEOs’ increasing awareness of the business impact of cyberattacks and their lack of confidence to mitigate them,” said Valerie Abend, global cybersecurity strategy lead at Accenture Security. “This should be a wake-up call for all those in the C-suite. To close the cyber-resiliency gap, cybersecurity should be viewed as an organization-wide priority—with the right processes for reporting; the involvement of employees at all levels; and greater commitment from and accountability across the C-suite and the board.”

You can explore The Cyber-Resilient CEO report in Accenture Foresight, Accenture’s new thought leadership app, which provides a personalized feed of all our latest reports, case studies, blogs, interactive data charts, podcasts and more. Download the app at http://www.accenture.com/foresight.

Methodology

Accenture Research surveyed 1,000 CEOs from large organizations (revenues > US$1 billion) across 19 industries and 15 countries in North America, South America, Europe, Asia-Pacific and the Middle East. The goal was to determine their organization’s level of cyber resilience and approach to cybersecurity business practices. The survey was conducted online in June 2023. For more information on the methodology, including the development of the cyber-resilient CEO action index, read the full report here.

About Accenture

Accenture is a leading global professional services company that helps the world’s leading businesses, governments and other organizations build their digital core, optimize their operations, accelerate revenue growth and enhance citizen services—creating tangible value at speed and scale. We are a talent and innovation led company with 733,000 people serving clients in more than 120 countries. Technology is at the core of change today, and we are one of the world’s leaders in helping drive that change, with strong ecosystem relationships. We combine our strength in technology with unmatched industry experience, functional expertise and global delivery capability. We are uniquely able to deliver tangible outcomes because of our broad range of services, solutions and assets across Strategy & Consulting, Technology, Operations, Industry X and Accenture Song. These capabilities, together with our culture of shared success and commitment to creating 360° value, enable us to help our clients succeed and build trusted, lasting relationships. We measure our success by the 360° value we create for our clients, each other, our shareholders, partners and communities. Visit us at www.accenture.com.

Accenture Security is a leading provider of end-to-end cybersecurity services, including strategy, protection, resilience and industry-specific cyber services. We bring security innovation, coupled with global scale and a worldwide delivery capability through our network of Cyber Fusion Centers. Helped by our team of highly skilled professionals, we enable clients to innovate safely, build cyber resilience and grow with confidence. Visit us at accenture.com/security.

Copyright © 2023 Accenture. All rights reserved. Accenture and its logo are registered trademarks of Accenture.

Alison Geib

Accenture

+1 703-947-4404

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Data Management Security Technology Other Technology Software Networks Internet

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Three-quarters (74%) of CEOs are concerned about their organizations’ ability to avert or minimize damage to the business from a cyberattack—despite the fact that 96% of CEOs said that cybersecurity is critical to organizational growth and stability, according to a new report from Accenture. (Graphic: Business Wire)
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Beeline Uzbekistan invests in developing local IT talent with Beeline Academy


Beeline Academy launched to help train youth with emphasis on data protection, cybersecurity, and AI  

Amsterdam, 5 October 2023: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, today announces that its Beeline Uzbekistan, its digital operator in Uzbekistan, opened the Beeline Academy in Tashkent to help train IT, AI, cybersecurity and data protection experts.

The Beeline Academy was opened in cooperation with the Tashkent International University of Education or TIUE, a private university which trains highly qualified specialists with higher education in the field of information technology, education and business management. Together, Beeline Academy and TIUE also plan to train teachers to provide IT education throughout the country.

The goal of Beeline Academy is to promote IT professions and attract Uzbek youth into industries directly involved in the digitalization of the country’s economy, with particular emphasis on training cybersecurity specialists, ensuring reliable protection of data of private and public organizations from potential threats, as well as AI specialists.

Andrzej Malinowski, CEO of Beeline Uzbekistan addressed the students on the opening day: “The launch of Beeline Academy is a key step for us as a digital operator, ensuring high-quality education of Uzbekistan’s young talent. It will help not only with the skills development but also with the emergence of a culture and atmosphere conducive to greater creativity in the digital space. We are delighted to contribute to building the talent pipeline of the Digital Uzbekistan, for Beeline and for the country in general.”

Kaan Terzioglu, CEO of VEON Group, also participated in the event and welcomed the students: “When talking about VEON’s ambitions in Uzbekistan, we had one main goal from the very beginning: making Uzbekistan an IT center in the region. Developing talents in the area of technology – particularly cybersecurity and AI – will help achieve this goal. We are delighted to contribute to the digitalization of the country, not only with our products and services, but also with the investments we make in the human and talent potential of the country.”

The Beeline Academy will improve students’ access to the latest practical training programs along with lessons within the university curriculum in the field of IT. The Academy students will benefit not only from modern classroom equipment, but only from a newly created interactive video studio with improved distance learning capabilities, media content creation, virtual video lessons, webinars and video conferencing.

About VEON

VEON is a digital operator that provides converged connectivity and digital services to nearly 160 million customers.  Operating across six countries that are home to more than 7% of the world’s population, VEON is transforming lives through technology-driven services that empower individuals and drive economic growth.  Headquartered in Amsterdam, VEON is listed on NASDAQ and Euronext. For more information visit: https://www.veon.com.

Disclaimer 

This release contains “forward-looking statements,” as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements relating to, among other things, VEON’s strategy and human resources development plans. Forward-looking statements are inherently subject to risks and uncertainties, many of which VEON cannot predict with accuracy and some of which VEON might not even anticipate. The forward-looking statements contained in this release speak only as of the date of this release. VEON does not undertake to publicly update, except as required by U.S. federal securities laws, any forward-looking statement to reflect events or circumstances after such dates or to reflect the occurrence of unanticipated events.

Contact Information

VEON 
Hande Asik
Group Director of Communication 
[email protected]

TUVA Partners
Julian Tanner
[email protected]

Attachment



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Séguéla drives Fortuna to record gold equivalent production of 128,671 ounces in the third quarter 2023

VANCOUVER, British Columbia, Oct. 05, 2023 (GLOBE NEWSWIRE) — Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) reports record gold and gold equivalent production for the third quarter of 2023 from its five operating mines in West Africa and Latin America. Gold and silver production for the quarter was 94,821 ounces and 1.7 million ounces, respectively, or 128,671 gold equivalent ounces1, including lead and zinc by-products. Gold and silver production for the nine months totaled 219,260 ounces and 4.5 million ounces, respectively, or 316,235 gold equivalent ounces1, including lead and zinc by-products. Fortuna is well positioned to achieve annual production guidance.

Q3 2023 highlights

  • Record gold equivalent production of 128,671 ounces1; a 38 percent increase compared to Q2 2023 (93,454 Au Eq)2 and a 26 percent increase compared to Q3 2022 (101,840 Au Eq)3
  • Record gold production of 94,821 ounces; an increase of 47 percent compared to Q2 2023 (64,348 oz Au)2 and 43 percent compared to Q3 2022 (66,344 oz Au)
  • Increase in gold production was driven mainly by Séguéla’s first full quarter of production and steady operating performance across all mines
  • Yaramoko’s annual gold production guidance revised upwards to 110 to 120 thousand ounces, an increase of approximately 14 percent
  • Silver production of 1,680,751 ounces
  • Strong safety performance across the business with Total Recordable Injury Frequency Rate (TRIFR) of 0.86 compared to 2.36 in Q3 2022
   
  Gold Production

(oz) 		Silver Production

(oz)
Q3

2023 		  Q3

2022 		  9 months
2023 		  Guidance
2023 (koz) 		  Q3

2023 		  Q3

2022 		  9 months

2023 		  Guidance

2023 (Moz) 		 
Lindero, Argentina 20,933   30,032   71,647   96 – 106   –   –   –   –  
Yaramoko, Burkina Faso 34,036   27,130   89,476   110 – 1205   –   –   –   –  
Séguéla, Côte d’Ivoire 31,498   –   35,520   60 – 75   –   –   –   –  
San Jose, Mexico 8,205   9,091   22,213   34 – 37   1,372,530   1,545,410   3,633,107   5.3 – 5.8  
Caylloma, Peru 149   91   404   –   308,221   292,096   896,583   1.0 – 1.1  
Total 94,821   66,344   219,260   282 – 320   1,680,751   1,837,506   4,529,690   6.3 – 6.9  


In the third quarter, record gold production was mainly driven by Séguéla contributing 31,498 ounces during its first full quarter of production, and Yaramoko contributing 34,036 ounces. Yaramoko’s strong production was a result of higher average gold grades, leading to an upward revision in the mine’s production guidance for 2023. Lindero, San Jose, and Caylloma also showed steady performance in the quarter, positioning Fortuna to achieve its annual production guidance range of between 282 to 320 thousand ounces of gold, and between 6.3 to 6.9 million ounces of silver, or between 412 and 463 thousand gold equivalent ounces, including lead and zinc by-products4 (refer to Fortuna news release dated January 17, 2023).

Notes:

  1. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,924/oz Au, $23.70/oz Ag, $2,136/t Pb and $2,428/t Zn or Au:Ag = 1:81.19, Au:Pb = 1:0.90, Au:Zn = 0.79
  2. Refer to Fortuna news release dated July 12, 2023, “Fortuna reports production of 93,454 gold equivalent ounces for the second quarter of 2023”
  3. Refer to Fortuna news release dated October 6, 2022, “Fortuna reports production of 101,840 gold equivalent ounces for the third quarter of 2022”
  4. Au Eq includes gold, silver, lead and zinc and is calculated using the following metal prices: $1,700/oz Au, $21/oz Ag, $2,000/t Pb and $3,200/t Zn or Au:Ag = 1:81.00, Au:Pb = 1:0.85, Au:Zn = 1:0.53
  5. Reflects the Yaramoko Mine’s updated production guidance for 2023
  6. Figures may not add due to rounding

West Africa Region

Séguéla Mine, Côte d’Ivoire: Solid first full production quarter; exceeding nameplate capacity

  Q3  

2023


 		  Q2  

2023


 		 
Tonnes milled 310,387   109,605  
Average tpd milled 3,695   1,611  
Gold grade (g/t) 3.83   1.56  
Gold recovery (%) 93.4   89.6  
Gold production1 (oz) 31,498   4,023  
Note:        
1. Production includes doré only    
         

From Séguéla’s first gold pour on May 24th to the successful completion of the processing plant performance test in August, the operation is now exceeding nameplate capacity (refer to Fortuna news releases dated May 25, 2023 and September 7, 2023). Séguéla is well positioned to achieve the mid-point of its gold production guidance of 60 to 75 thousand ounces for the second half of 2023 (refer to Fortuna news release dated January 17, 2023).

Mining

In the third quarter of 2023, mine production totaled 502,326 tonnes of ore, averaging 3.48 g/t Au, and containing an estimated 56,136 ounces of gold from the Antenna Pit. Movement of waste during the quarter totaled 1,156,540 tonnes, for a strip ratio of 2.3:1.

The first stage of grade control drilling was completed at the Ancien deposit during the third quarter, with results currently being processed. Construction of the access road continued as planned, with stripping and initial mining of oxide material scheduled to begin in the fourth quarter.

At the Koula deposit, initial grade control drilling started and should be completed early in the fourth quarter.

Mine reconciliation to reserve model

Reconciliation of tonnes, grade, and gold ounces mined for the third quarter show a positive correlation when compared to the long-term reserve model with 6 percent lower ore tonnes mined but at 29 percent higher grades resulting in 22 percent more gold ounces extracted than predicted in the model. Management considers the result to be encouraging based on the available data density used for estimating the reserve model and the operations’ careful management when defining ore-waste boundaries. Variations between the model and production will continue to be closely monitored as mining progresses further into fresh rock and additional geological data is collected.

Processing

At the processing plant, 310,387 tonnes of ore were treated at an average grade of 3.83 g/t Au producing 31,498 ounces of gold.

Throughput at the processing plant was gradually increased throughout the quarter, achieving 174 t/hr in September, 13 percent higher than nameplate capacity. In the fourth quarter, Séguéla expects to benefit from this consistent higher throughput. The operation will continue optimization activities with the aim of further increasing mill throughput capacity.

Third quarter production breakdown:

Month


 		Processed Ore

(t) 		Throughput

(dry t/hr) 		Gold Grade

(g/t) 		Recovery

(%) 		Gold Poured

(oz)
July 68,919 133.6 2.95 93.4 6,008
August 119,311 172.3 3.98 91.1 11,685
September 122,157 174.0 4.18 95.5 13,805
Total


 		  31,498



Yaramoko Mine, Burkina Faso: revised guidance upward to 110 to 120 thousand ounces; approximately 14 percent higher

  Q3 

2023 		  Q3 

2022 		 
Tonnes milled 137,281   137,202  
Average tpd milled 1,492   1,491  
Gold grade (g/t) 7.72   6.21  
Gold recovery (%) 98.5   97.4  
Gold production (oz) 34,036   27,130  
Note:        
1. Production includes doré only    
         

In the third quarter of 2023, Yaramoko produced 34,036 ounces of gold at an average head grade of 7.72 g/t Au, a 25 and 24 percent increase, respectively, compared to the same period in 2022. Increased production resulted from higher average grades and greater widths of mineralization encountered in development headings, which contributed 42 percent of total mill feed.

As a result of the aforementioned higher grades in development and production zones within the mine plan, the Company has revised Yaramoko’s annual gold production guidance upwards to 110 to 120 thousand ounces from the original guidance of 92 to 102 thousand ounces, an increase of approximately 14 percent. Gold production for the first nine months of 2023 totaled 89,476 ounces.

Drilling focused on infill grade control and exploring for extensions beyond the mineralized resource envelope in the deeper eastern portion of Zone 55. During the fourth quarter, drilling will continue on the western portion of Zone 55, testing for up and down-dip continuity of the recently discovered extensions to the resource boundary.

Latin America Region

Lindero
Mine, Argentina: gold production on-track to meet annual guidance; leach pad expansion project underway

  Q3 

2023 		  Q3 

2022 		 
Ore placed on pad (t) 1,467,578   1,365,726  
Gold grade (g/t) 0.62   0.83  
Gold production (oz)1 20,933   30,032  
Note:        
1. Q3 2023 production includes doré, gold in carbon, and gold in copper concentrate; Q3 2022 includes doré only
 

During the third quarter of 2023, ore mined was 1.9 million tonnes, with a stripping ratio of 1.1:1. The stripping ratio in the third quarter is 59 percent lower than the second quarter and is expected to continue declining through to the end of the year. A total of 1.5 million tonnes of ore were placed on the leach pad at an average gold grade of 0.62 g/t, containing an estimated 29,068 ounces.

Lindero’s gold production in the quarter was 20,933 ounces, 30 percent lower when compared to the third quarter in 2022, explained by the lower head grade of ore placed on the leach pad, in accordance with the mining sequence and the Mineral Reserves.

Higher stripping of waste in the first nine months of the year will allow improved access to higher grade material scheduled in the mine plan for the fourth quarter. As a result, Lindero anticipates placing approximately 1.6 million tonnes of ore on the leach pad at a higher average grade of 0.67 g/t Au.

Gold production for the first nine months of 2023 totaled 71,647 ounces.

As of September 30, 2023, the leach pad expansion project (Project) is approximately 13 percent complete. The procurement construction and management (PCM) service has been awarded to Knight Piésold, the accommodation camp expansion and PCM offices for the Project have been finalized, and PCM personnel are already onsite. Mobilization of the contractor’s personnel and equipment has commenced. The first shipments of geomembrane and geosynthetic clay liner are in transit, and the Project remains on schedule for completion during the second half of 2024.

San Jose Mine, Mexico: Yessi vein, high grade silver-gold discovery

  Q3 

2023 		  Q3 

2022 		 
Tonnes milled 247,542   267,198  
Average tpd milled 2,845   3,071  
Silver grade (g/t) 189   196  
Silver recovery (%) 91.31   91.92  
Silver production (oz) 1,372,530   1,545,410  
Gold grade (g/t) 1.14   1.16  
Gold recovery (%) 90.71   90.97  
Gold production (oz) 8,205   9,091  
 

The San Jose Mine produced 1,372,530 ounces of silver at an average head grade of 189 g/t Ag and 8,205 ounces of gold at an average head grade of 1.14 g/t Au. Gold production is expected to fall slightly below the annual guidance range of 34 to 37 thousand ounces, resulting from lost production days in the second quarter due to the illegal union blockade, and gold head grade reconciliation to reserves in the low end of range.

The San Jose Mine remains positioned to deliver annual silver production within the guidance range of between 5.3 to 5.8 million ounces. Silver and gold production for the first nine months totaled 3,633,107 ounces, and 22,213 ounces, respectively.

The decrease in silver and gold production for the third quarter of 2023, when compared to the third quarter of 2022, is explained by the declining grade profile of Mineral Reserves in the mine plan. The processing plant milled 247,542 tonnes at an average of 2,845 tonnes per day during the third quarter, in line with the plan for the period.

Infill drilling at the San Jose Mine during the quarter led to the discovery of the Yessi vein, a blind structure, located 200 horizontal meters from existing underground infrastructure. The discovery hole SJOM-1387 intersected 1,299 g/t Ag Eq over 9.9 meters, and drill hole SJOM-1391 intersected 621 g/t Ag Eq over 5 meters (refer to Fortuna news release dated September 5, 2023). Additional drilling is currently underway from both surface and underground to define the extent and geometry of this discovery. Mineralization remains open along strike to the north and south, and at depth.

Caylloma Mine, Peru: steady performer; on track to achieve upper end of guidance

  Q3 

2023 		  Q3 

2022 		 
Tonnes milled 140,077   139,143  
Average tpd milled 1,556   1,546  
Silver grade (g/t) 83   79  
Silver recovery (%) 82.05   82.25  
Silver production (oz) 308,221   292,096  
Lead grade (%) 3.66   3.33  
Lead recovery (%) 91.53   88.97  
Lead production (lbs) 10,337,475   9,085,250  
Zinc grade (%) 5.07   4.37  
Zinc recovery (%) 89.67   88.63  
Zinc production (lbs) 14,036,832   11,885,121  
Note:        
1. Metallurgical recovery for silver is calculated based on silver content in lead concentrate
     

In the third quarter, the Caylloma Mine produced 308,221 ounces of silver, a 6 percent increase from the same period in 2022, at an average head grade of 83 g/t Ag and is well positioned to achieve the upper end of annual guidance. Silver production for the first nine months totaled 896,582 ounces.

Zinc and lead production was 14.0 and 10.3 million pounds, which represents an 18 and 14 percent increase in production from the same period in 2022. Increased production is the result of positive grade reconciliation to the reserve model in levels 16 and 18 of the Animas vein. Zinc and lead average head grades were 5.07 % and 3.66 %, 16 and 10 percent higher, respectively, against the comparable period of 2022. Increased recoveries for zinc and lead were driven by the higher grades. Zinc and lead production for the first nine months totaled 41.1 and 30.1 million pounds, respectively.

Qualified Person

Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist registered with Engineers and Geoscientists British Columbia (Registration Number 36328) and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information contained in this news release and has verified the underlying data.

About Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc. is a Canadian precious metals mining company with five operating mines in Argentina, Burkina Faso, Côte d’Ivoire, Mexico, and Peru. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared value over the long-term for our stakeholders through efficient production, environmental protection, and social responsibility. For more information, please visit our website.

ON BEHALF OF THE BOARD

Jorge A. Ganoza

President, CEO, and Director
Fortuna Silver Mines Inc.

Investor Relations:

Carlos Baca | [email protected] | www.fortunasilver.com | Twitter | LinkedIn | YouTube

Forward-looking Statements

This news release contains forward-looking statements which constitute “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward-looking Statements”). All statements included herein, other than statements of historical fact, are Forward-looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward-looking Statements. The Forward-looking Statements in this news release may include, without limitation, statements about the Company’s plans for its mines and mineral properties; changes in general economic conditions and financial markets; the impact of inflationary pressures on the Company’s business and operations;
statements regarding the likelihood of the Company achieving 2023 annual production guidance, that guidance for the Yaramoko Mine has been revised upward to

110 to 120 thousand ounces, that the Séguéla Mine is well positioned to achieve mid-point of gold production guidance, that gold production at the Lindero Mine is on-track to meet annual guidance, that annual gold production at the San Jose Mine is expected to be 8 percent below the annual guidance range and is positioned to deliver annual silver production within guidance range, and that the Caylloma Mine is well positioned to achieve the upper end of annual guidance; timing for mining at the Ancien deposit and the commencement of stripping and initial mining of oxide material; expected timing for completion of initial grade control drilling at the Koula deposit; statements that the Séguéla Mine expects to benefit from consistent higher throughput compared to the third quarter; expectations for drilling on the western portion of Zone 55 during the fourth quarter; expectations regarding a decline of the stripping ratio at the Lindero Mine through the end of the year; statements regarding the quantity of ore expected to be placed on the leach pad at the Lindero Mine at a higher average grade and the expected timing for completion of the leach pad expansion project;
the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; the future financial or operating performance of the Company; the Company’s ability to comply with contractual and permitting or other regulatory requirements; approvals and other matters. Often, but not always, these Forward-looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “anticipated”, “estimated” “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward-looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward-looking Statements. Such uncertainties and factors include, among others, operational risks associated with mining and mineral processing; uncertainty relating to Mineral Resource and Mineral Reserve estimates; uncertainty relating to capital and operating costs, production schedules and economic returns; uncertainties related to new mining operations such as the Séguéla Mine; risks relating to the Company’s ability to replace its Mineral Reserves; risks associated with mineral exploration and project development; uncertainty relating to the repatriation of funds as a result of currency controls; environmental matters including obtaining or renewing environmental permits and potential liability claims; uncertainty relating to nature and climate conditions; risks associated with political instability and changes to the regulations governing the Company’s business operations; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in countries in which the Company does or may carry on business; risks associated with war, hostilities or other conflicts, such as the Ukrainian – Russian conflict, and the impact it may have on global economic activity; risks relating to the termination of the Company’s mining concessions in certain circumstances; developing and maintaining relationships with local communities and stakeholders; risks associated with losing control of public perception as a result of social media and other web-based applications; potential opposition to the Company’s exploration, development and operational activities; risks related to the Company’s ability to obtain adequate financing for planned exploration and development activities; property title matters; risks relating to the integration of businesses and assets acquired by the Company; impairments; risks associated with climate change legislation; reliance on key personnel; adequacy of insurance coverage; operational safety and security risks; legal proceedings and potential legal proceedings; the ability of the Company to successfully contest and revoke the resolution issued by SEMARNAT which annuls the extension of the environmental impact authorization for the San Jose Mine; uncertainties relating to general economic conditions; risks relating to a global pandemic, which could impact the Company’s business, operations, financial condition and share price; competition; fluctuations in metal prices; risks associated with entering into commodity forward and option contracts for base metals production; fluctuations in currency exchange rates and interest rates; tax audits and reassessments; risks related to hedging; uncertainty relating to concentrate treatment charges and transportation costs; sufficiency of monies allotted by the Company for land reclamation; risks associated with dependence upon information technology systems, which are subject to disruption, damage, failure and risks with implementation and integration; risks associated with climate change legislation; labour relations issues; as well as those factors discussed under “Risk Factors” in the Company’s Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward-looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward-looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to the accuracy of the Company’s current Mineral Resource and Mineral Reserve estimates; that the Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company, its properties or its production estimates (which assume accuracy of projected head grade, mining rates, recovery timing, and recovery rate estimates and may be impacted by unscheduled maintenance, labour and contractor availability and other operating or technical difficulties); the duration and effect of global and local inflation;

geo-political uncertainties on the Company’s production, workforce, business, operations and financial condition; the expected trends in mineral prices, inflation and currency exchange rates; that the Company will be successful in challenging the annulment of the extension to the San Jose environmental impact authorization; that all required approvals and permits will be obtained for the Company’s business and operations on acceptable terms; that there will be no significant disruptions affecting the Company’s operations and such other assumptions as set out herein. Forward-looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward-looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that these Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward-looking Statements.

Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources

Reserve and resource estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all Mineral Reserve and Mineral Resource estimates contained in the technical disclosure have been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral Resources and Reserves.

Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange Commission, and Mineral Reserve and Mineral Resource information included in this news release may not be comparable to similar information disclosed by U.S. companies.



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Mastercard Names Former Head of UK’s Government Communications Headquarters (GCHQ) as Senior Advisor

Mastercard Names Former Head of UK’s Government Communications Headquarters (GCHQ) as Senior Advisor

Sir Jeremy Fleming Brings Expertise in Cyber, Intelligence and Security

PURCHASE, N.Y.–(BUSINESS WIRE)–
Mastercard today named Sir Jeremy Fleming as senior advisor. He will contribute to the company’s strategy in cyber, intelligence and security, while also adding to public policy initiatives.

With more innovation and a more digital world, there’s a need for the highest standards of security. The private and public sectors need to continue to invest in technology and solutions to protect against risk and deliver trust.

“Over the past five years, we’ve invested $7 billion into cybersecurity capabilities, building on our efforts to help shape and evolve industry standards related to these foundational protections. We look forward to working with Jeremy as we push into new technologies and solutions that enhance safe, secure and frictionless interactions for our customers and partners,” said Ajay Bhalla, president, Cyber & Intelligence, Mastercard.

Fleming previously led GCHQ, the UK’s intelligence, cyber and security agency where he oversaw the organization’s response to various terror and cyber-attacks. He was also responsible for the establishment of the National Cyber Security Centre, which brings together government, industry and partners to address cyber threats and inform the public. This follows his long career in the UK’s Security Service (MI5).

“Our experience innovating in payments and building a global network tells us that we must continue to take steps to safeguard the digital economy today and for the long-term. Jeremy will be a valuable partner as we continue to secure the financial system,” said Tim Murphy, chief administrative officer, Mastercard.

Fleming was made a Companion of the Order of Bath in 2016 and Knight Commander of the Order of St Michael and St George in 2021 for services to national security. He holds a degree in Economic and Social History from the University of Bristol and is a Fellow of the Institute of Chartered Accountants and of the Institute of Engineering and Technology.

About Mastercard

Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

Seth Eisen, 914-249-3153

[email protected]

KEYWORDS: Europe United States United Kingdom North America New York

INDUSTRY KEYWORDS: Professional Services Security Technology Finance Networks Banking

MEDIA:

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Latest Dynatrace Platform Innovations Available to Customers on Microsoft Azure

Latest Dynatrace Platform Innovations Available to Customers on Microsoft Azure

Empower teams across organizations to collaborate, create, and share AI-driven analytics, apps, and automations for any business, development, security, or operations use case

WALTHAM, Mass.–(BUSINESS WIRE)–Dynatrace (NYSE: DT), the leader in unified observability and security, today announced the availability of its latest core innovations for customers running the Dynatrace® platform on Microsoft Azure. These innovations include the following:

  • Dynatrace Grail™ data lakehouse unifies the massive volume and variety of observability, security, and business data from cloud-native, hybrid, and multicloud environments while retaining the data’s context to deliver instant, cost-efficient, and precise analytics.
  • Dynatrace® AutomationEngine features a no- and low-code toolset and leverages Davis® AI to empower teams to create and extend customized, intelligent, and secure workflow automation across their cloud ecosystem.
  • Dynatrace® AppEngine features a no- and low-code toolset and leverages Davis AI to empower teams to easily create and share custom, intelligent, and secure apps that leverage the insights from the data generated by their clouds.
  • The new Dynatrace user experience, including powerful dashboarding capabilities and interactive Dynatrace Notebooks, drives tighter cross-team collaboration and enables more people within an organization to make data-backed decisions.

“Dynatrace has significantly enhanced our capacity to derive insights and action from observability, security, and business data,” said Joe Cohen, VP of Platform Infrastructure at Self Esteem Brands. “Adding AppEngine and AutomationEngine will enable us to tailor the platform to address our company’s unique needs and extend powerful analytics and automation to more teams. This will allow more people to make data-backed decisions, reduce manual processes, and achieve better business results.”

“Dynatrace provides improved visibility into the code running the OneStream platform on Microsoft Azure, enabling our engineering teams to constantly improve the user experiences our customers have grown to trust,” said Ryan Berry, SVP of Architecture at OneStream. “The capabilities unlocked by capturing, surfacing, aggregating, and reporting on both application and infrastructure telemetry, combined with Dynatrace’s AI-based, per-customer learning and alerting, help us provide our customers with a more consistent and durable experience. We are excited about the introduction of new Dynatrace technologies, including Grail, that will enable us to increase our operational efficiency further.”

This announcement builds on the expanded multi-year consumption commitment and go-to-market partnership between Dynatrace and Microsoft, which the two companies established to meet the growing demand for the Dynatrace platform on Azure and help accelerate joint customers’ cloud migration and optimization initiatives.

“Thriving in the digital era requires a unified approach to observability, security, and business data analytics,” said Steve Tack, SVP of Product Management at Dynatrace. “Bringing our latest platform technologies to Microsoft Azure enables more customers and teams within organizations to harness our industry-leading AI, analytics, and automation capabilities to modernize cloud operations, expedite releases of high-quality and secure software, and ensure flawless digital experiences for their users.”

“Observability and application security have become essential for organizations as they embrace cloud-native development and migrate more workloads to Microsoft Azure,” said Alvaro Celis, VP of Solutions Areas for ISV Sales at Microsoft. “Dynatrace’s platform delivers precise AI-powered answers and intelligent automation that organizations can use to streamline their cloud operations to innovate faster and more securely.”

The enhanced Dynatrace platform, featuring Grail, AutomationEngine, AppEngine, and the new user experience, will be accessible as a limited availability release for customers running on Microsoft Azure by the end of the calendar year 2023 and generally available for these customers in the first quarter of the calendar year 2024.

About Dynatrace

Dynatrace (NYSE: DT) exists to make the world’s software work perfectly. Our unified platform combines broad and deep observability and continuous runtime application security with the most advanced AIOps to provide answers and intelligent automation from data at an enormous scale. This enables innovators to modernize and automate cloud operations, deliver software faster and more securely, and ensure flawless digital experiences. That’s why the world’s largest organizations trust the Dynatrace® platform to accelerate digital transformation.

Curious to see how you can simplify your cloud and maximize the impact of your digital teams? Let us show you. Sign up for a free 15-day Dynatrace trial.

Cautionary Language Concerning Forward-Looking Statements

This press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future expectations related to the company’s ESG strategy and programs. These forward-looking statements include all statements that are not historical facts and statements identified by words such as “will,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to us and on assumptions we have made. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control, including risks set forth under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed on August 2, 2023 and our other SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events, or otherwise.

Investor:

Noelle Faris

VP, Investor Relations

[email protected]

Media Relations:

Jerome Stewart

VP, Communications

[email protected]

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Software Internet Artificial Intelligence Data Management Technology Apps/Applications Other Technology Security

MEDIA:

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Kyowa Kirin to Acquire Orchard Therapeutics

-Orchard Therapeutics is a global gene therapy leader with experience successfully developing and commercializing medicines for rare diseases-

-Acquisition enriches Kyowa Kirin’s portfolio, enables the development of numerous promising candidates with a clinically differentiated platform, and helps resource the ongoing and future launches of Libmeldy

®

(atidarsagene autotemcel)-

-Acquisition price of $16.00 per ADS in cash plus an additional contingent value right of $1.00 per ADS, representing a total maximum equity value of approximately $477.6 million-

-Kyowa Kirin to host investor conference call on Oct 5 at 18:30 p.m. JST-

TOKYO and LONDON and BOSTON, Oct. 05, 2023 (GLOBE NEWSWIRE) — Kyowa Kirin Co., Ltd. (Kyowa Kirin, TSE: 4151), a Japan-based global specialty pharmaceutical company (J-GSP) creating innovative medical solutions utilizing the latest biotechnology, and Orchard Therapeutics plc (Orchard Therapeutics, Nasdaq: ORTX), a global gene therapy leader, today announced the companies have entered into a definitive agreement under which Kyowa Kirin will acquire Orchard Therapeutics for $16.00 per American Depositary Share (ADS) in cash (approximately $387.4 million, or ¥57.3 billion), under which Orchard shareholders will hold an additional contingent value right (CVR) of $1.00 per ADS. An additional $1.00 CVR will be paid for a total of $17.00 per ADS, or approximately $477.6 million (¥70.7 billion) if the conditions are met.

Kyowa Kirin has established a 2030 Vision to consistently create and deliver medicines with life-changing value that ultimately makes people smile, as a J-GSP. At the core of this strategy is a commitment to life, and a desire to match transformative science to areas of great unmet need. Kyowa Kirin believes the potential of cell and gene therapies to help patients aligns well with its Vision, patient commitment, and emerging expertise in commercializing rare disease medicines worldwide.

The gene therapy approach pioneered by Orchard Therapeutics harnesses the unique power of a patient’s own genetically modified hematopoietic stem cells (HSCs) to potentially correct the underlying cause of a genetic disease using a single administration. Upon closing, the acquisition would provide Kyowa Kirin with a global leadership position in the burgeoning field of genetic medicine, including a portfolio spanning commercial, clinical, and pre-clinical HSC gene therapies designed to address serious diseases where the burden is immense for patients, families and society and current treatment options are limited or do not exist.

Orchard Therapeutics’ portfolio comprises Libmeldy® (atidarsagene autotemcel), also known as OTL-200, intended for eligible patients with early-onset metachromatic leukodystrophy (MLD), a rare and life-threatening inherited disease of the body’s metabolic system. In the most severe form of MLD, babies develop normally but in late infancy start to rapidly lose the ability to walk, talk and interact with the world around them. Libmeldy is approved by the European Commission (EC) and UK Medicines and Healthcare products Regulatory Agency (MHRA) for the treatment of “late infantile” and “early juvenile” MLD patients. It is currently an investigational drug under Priority Review by the Food and Drug Administration (FDA) with a Prescription Drug User Fee Act (PDUFA) goal date of March 18, 2024.

Using the same HSC gene therapy technology platform, Orchard Therapeutics is progressing two clinical-stage programs known as OTL-203 and OTL-201 for the treatment of another group of severe pediatric neurometabolic disorders, mucopolysaccharidosis type I Hurler’s syndrome (MPS-IH) and mucopolysaccharidosis type IIIA (MPS-IIIA), also known as Sanfilippo syndrome, respectively.

This acquisition will allow Kyowa Kirin to maximize the value of Libmeldy® and efficiently accelerate the development of Orchard Therapeutics’ next-in-line MPS programs, as well as its other early research programs, including a severe, genetic form of Crohn’s disease and frontotemporal dementia (FTD). Furthermore, the combination of Orchard Therapeutics’ innovative HSC gene therapy platform technology and Kyowa Kirin’s capabilities, resources and infrastructure will enable the continued development of numerous promising biopharmaceutical candidates with the potential to deliver life-changing value in medical care, including in therapeutic areas and indications where Kyowa Kirin has deep experience, such as oncology and autoimmune diseases.

“We are excited to announce that we have signed the Transaction Agreement to acquire Orchard Therapeutics, one of the leading providers of HSC gene therapy,” said Takeyoshi Yamashita, Ph.D., Director of the Board, chief medical officer, senior managing executive officer of Kyowa Kirin. “With this transaction, we anticipate being able to use a new modality that can have a profound impact on patients’ lives. Orchard Therapeutics is a company with a steady track record in this field and has already launched its HSC gene therapy in Europe and filed for review in the U.S. Our hope is to combine the strengths of Kyowa Kirin and Orchard Therapeutics with mutual respect to realize the successful creation and delivery of life-changing value for patients living with rare and life-threatening inherited diseases.”

“This is an exciting opportunity designed to accelerate the realization of our shared vision of ending the devastation caused by severe genetic diseases and deliver life-changing value in medical care,” said Bobby Gaspar, co-founder and chief executive officer of Orchard Therapeutics. “We remain as true to our mission as ever, and joining Kyowa Kirin’s global network ensures we are well-resourced to progress anticipated commercialization of OTL-200 in the U.S., if approved, continue investing in initiatives aimed at accelerating Libmeldy growth in Europe, capitalize on opportunities for global expansion, as well as advance our next-in-line neurometabolic programs in MPS disorders and earlier-stage research programs. We look forward to collaborating with our new colleagues at Kyowa Kirin to fully unlock the curative potential of HSC gene therapy for the benefit of patients and society.”

Kyowa Kirin will hold a conference for investors on October 5 at 18:30 p.m. JST.

Outline of the transaction

Under the terms of the agreement, Kyowa Kirin will initiate a scheme of arrangement to acquire all Orchard Therapeutics’ ADSs at a price of $16.00 per ADS in cash (or aggregated value of approximately $387.4 million, or approximately ¥57.3 billion) at closing, which represents a premium of 144% to Orchard Therapeutics’ volume-weighted average price per ADS over the previous 30 days ended October 4.

In connection with the transaction, a non-transferable CVR will be distributed to Orchard Therapeutics shareholders. Holders of the CVR will be entitled to receive a cash payment of $1.00 per ADS related to the approval of OTL-200 for the treatment of MLD in the U.S. as defined in the CVR Agreement.

Warrants outstanding as of the date of the Transaction Agreement will continue to be satisfied in accordance with their terms.

The transaction has been unanimously approved by both company’s Board of Directors and is expected to close in the first quarter of 2024 subject to Orchard Therapeutics’ shareholder approval, receipt of applicable regulatory approvals and other customary closing conditions.

Following the completion of the acquisition, Orchard Therapeutics will become a wholly-owned subsidiary of Kyowa Kirin.

Kyowa Kirin is represented by Goldman Sachs Japan Co., Ltd. as financial advisor and Morrison & Foerster LLP. as legal advisor. Orchard Therapeutics is represented by Guggenheim Securities, LLC as financial advisor, Goodwin Procter LLP as U.S. legal advisor, and Slaughter & May Ltd. as UK legal advisor.

Overview of Orchard Therapeutics

(1)   Name Orchard Therapeutics plc
(2)   Location 245 Hammersmith Road, 3rd Floor London W6 8PW United
Kingdom
(3)   Job title and name of
representative		 Chief Executive Officer
Bobby Gaspar
(4)   Description of business Development and commercialization of hematopoietic stem
cell gene therapy
(5)   Share capital $29,456 thousand (as of June 30, 2023)
(6)   Date of establishment 2015
(7)   Major shareholders
and ownership ratios		 RA Capital Management, LP (25.7%)
Deep Track Capital LP (9.0%)
Zentree Investment Management Pte Ltd (8.3%)
(as of June 30, 2023)
(8)   Relationship between
Kyowa Kirin and
Orchard		 Capital relationship None
Personnel relationship None
Business relationship None
Related Party Status None



About Kyowa Kirin

Kyowa Kirin strives to create and deliver novel medicines with life-changing value. As a Japan-based Global Specialty Pharmaceutical Company with a heritage of 70+ years, we apply cutting-edge science including an expertise in antibody research and engineering, to address the needs of patients and society across multiple therapeutic areas including Nephrology, Oncology, Immunology/Allergy and Neurology. Across our four regions – Japan, Asia Pacific, North America and EMEA/International – we focus on our purpose, to make people smile, and are united by our shared values of commitment to life, teamwork/Wa, innovation, and integrity. You can learn more about the business of Kyowa Kirin at: https://www.kyowakirin.com.

About Orchard Therapeutics

At Orchard Therapeutics, our vision is to end the devastation caused by genetic and other severe diseases. We aim to do this by discovering, developing and commercializing new treatments that tap into the curative potential of hematopoietic stem cell (HSC) gene therapy. In this approach, a patient’s own blood stem cells are genetically modified outside of the body and then reinserted, with the goal of correcting the underlying cause of disease in a single treatment.

In 2018, the company acquired GSK’s rare disease gene therapy portfolio, which originated from a pioneering collaboration between GSK and the San Raffaele Telethon Institute for Gene Therapy in Milan, Italy. Today, Orchard is advancing a pipeline spanning pre-clinical, clinical and commercial stage HSC gene therapies designed to address serious diseases where the burden is immense for patients, families and society and current treatment options are limited or do not exist.

Orchard has its global headquarters in London and U.S. headquarters in Boston. For more information, please visit www.orchard-tx.com, and follow us on X (Twitter) and LinkedIn.

About Libmeldy / OTL-200

Libmeldy® (atidarsagene autotemcel), also known as OTL-200, has been approved by the European Commission for the treatment of metachromatic leukodystrophy (MLD) in patients characterized by biallelic mutations in the ARSA gene leading to a reduction of the ARSA enzymatic activity in children with i) late infantile or early juvenile forms, without clinical manifestations of the disease, or ii) the early juvenile form, with early clinical manifestations of the disease, who still have the ability to walk independently and before the onset of cognitive decline. Libmeldy is the first therapy approved for eligible patients with early-onset MLD.

The most common adverse reaction attributed to treatment with Libmeldy was the occurrence of anti-ARSA antibodies. In addition to the risks associated with the gene therapy, treatment with Libmeldy is preceded by other medical interventions, namely bone marrow harvest or peripheral blood mobilization and apheresis, followed by myeloablative conditioning, which carry their own risks. During the clinical studies of Libmeldy, the safety profiles of these interventions were consistent with their known safety and tolerability.

For more information about Libmeldy, please see the Summary of Product Characteristics (SmPC) available on the EMA website.

Libmeldy is approved in the European Union, UK, Iceland, Liechtenstein and Norway. OTL-200 is an investigational therapy in the U.S.

Libmeldy was developed in partnership with the San Raffaele-Telethon Institute for Gene Therapy (SR-Tiget) in Milan, Italy.

Additional Information and Where to Find It

In connection with the proposed transaction between Kyowa Kirin Co., Ltd. (“Kyowa Kirin”) and Orchard Therapeutics plc (“Orchard”), Orchard intends to file with the Securities and Exchange Commission (the “SEC”) a Proxy Statement, the definitive version of which (if and when available) will be mailed to Orchard security holders. Orchard may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which Orchard may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (WHICH WILL INCLUDE AN EXPLANATORY STATEMENT IN RESPECT OF THE SCHEME OF ARRANGEMENT OF ORCHARD, IN ACCORDANCE WITH THE REQUIREMENTS OF THE U.K. COMPANIES ACT 2006) AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain a free copy of the Proxy Statement and other relevant documents containing important information about Kyowa Kirin, Orchard and the proposed transaction (if and when they become available) once such documents are filed with the SEC at the SEC’s website at www.sec.gov. Copies of the documents filed with the SEC by Orchard will be available free of charge on Orchard’s website at ir.orchard-tx.com or by contacting Orchard’s Investor Relations Department at [email protected].

Participants in the Solicitation

Orchard and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information regarding Orchard’s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in Orchard’s proxy statement for its 2023 annual general meeting of shareholders, which was filed with the SEC on April 27, 2023, and subsequent statements of beneficial ownership on file with the SEC. Orchard shareholders may obtain additional information regarding the direct and indirect interests of the participants in the solicitation of proxies in connection with the proposed transaction, including the interests of Orchard directors and executive officers in the transaction, which may be different than those of Orchard shareholders generally, by reading the Proxy Statement if and when it is filed with the SEC and any other relevant documents that are filed or will be filed with the SEC relating to the transaction. You may obtain free copies of these documents using the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. These forward-looking statements are based on Orchard’s current expectations, estimates and projections about the expected date of closing of the proposed transaction and the potential benefits thereof, its business and industry, management’s beliefs and certain assumptions made by Orchard and Kyowa Kirin, all of which are subject to change. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” “explore,” “evaluate,” “predict,” “project,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. All forward-looking statements by their nature address matters that involve risks and uncertainties, many of which are beyond Orchard’s or Kyowa Kirin’s control, and are not guarantees of future results, such as statements about the consummation of the proposed transaction and the anticipated benefits thereof. These and other forward-looking statements, are not guarantees of future results and are inherently subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements and caution must be exercised in relying on forward-looking statements. Important risk factors and uncertainties that may cause such a difference include, but are not limited to, risks and uncertainties surrounding: (i) the completion of the proposed transaction on anticipated terms and timing, including in connection with obtaining shareholder and regulatory approvals, the sanction of the High Court of Justice of England and Wales, satisfaction of other closing conditions to consummate the acquisition, anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of Orchard’s business and other conditions to the completion of the transaction; (ii) the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive transaction agreement relating to the proposed transaction; (iii) Orchard’s ability to implement its business model and strategic plans for its product, product candidates and pipeline, and challenges inherent in developing, commercializing, manufacturing, launching, marketing and selling existing and new products; (iv) significant transaction costs associated with the proposed transaction; (v) potential litigation relating to the proposed transaction; (vi) the risk that disruptions from the proposed transaction will harm Orchard’s business, including current plans, operations and collaborations, and including as a result of diverting the attention of Orchard’s and Kyowa Kirin’s management from ongoing business operations; (vii) the ability of Orchard to retain and hire key personnel; (viii) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the proposed transaction; (ix) legislative, regulatory and economic developments affecting Orchard’s business; (x) general economic and market developments and conditions; (xi) the evolving legal, regulatory and tax regimes under which Orchard operates; (xii) potential business uncertainty, including changes to existing business relationships, during the pendency of the transaction that could affect Orchard’s financial performance; (xiii) restrictions during the pendency of the proposed transaction that may impact Orchard’s ability to pursue certain business opportunities or strategic transactions; (xiv) the risk that Orchard may be unable to obtain governmental and regulatory approvals required for the proposed transaction, or that required governmental and regulatory approvals may delay the consummation of the proposed transaction or result in the imposition of conditions that could reduce the anticipated benefits from the proposed transaction or cause the parties to abandon the proposed transaction; (xv) unpredictability and severity of catastrophic events, including, but not limited to, global pandemic, acts of terrorism or outbreak of war or hostilities, as well as Orchard’s response to any of the aforementioned factors; (xvi) potential delays or failures related to research, clinical trials and/or development of Orchard’s programs or product candidates, which are based on novel gene therapy and (xvii) the risks related to non-achievement of the CVR milestone and that holders of the CVRs will not receive payments in respect of the CVRs. Additional factors that may affect the future results of Orchard are set forth in Orchard’s filings with the SEC, including Orchard’s most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC, which are available on the SEC’s website at www.sec.gov. See in particular Item 1A of Orchard’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023, under the headings “Risk Factors.” The risks and uncertainties described above and in the SEC filings cited above are not exclusive and further information concerning Orchard and its business, including factors that potentially could materially affect Orchard’s business, financial conditions or operating results, may emerge from time to time. Moreover, other risks and uncertainties of which Orchard is not currently aware may also affect Orchard’s forward-looking statements and may cause actual results and the timing of events to differ materially from those anticipated. Readers are urged to consider these factors carefully in evaluating these forward-looking statements, and not to place undue reliance on any forward-looking statements, which speak only as of the date hereof and reflect the views stated therein with respect to future events as at such dates, even if they are subsequently made available by Orchard on its website or otherwise. Readers should also carefully review the risk factors described in other documents that Orchard files from time to time with the SEC. Except as required by law, Orchard assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future.

No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.



CONTACTS:

For Kyowa Kirin
Hiroki Nakamura: Global/Japan
Corporate Communications Department
[email protected]

Lisa Popyk: North America
Corporate Communications – Kyowa Kirin North America
[email protected]

Stacey Minton: EMEA
SVP, Corporate Affairs – Kyowa Kirin International
[email protected]

For Orchard Therapeutics
Benjamin Navon
+1 857-248-9454
[email protected]

Posted on

New Intuit QuickBooks Small Business Index Annual Report: Canadian Small Business Credit Card Spending up 18% Amidst Inflation and Funding Challenges

New Intuit QuickBooks Small Business Index Annual Report: Canadian Small Business Credit Card Spending up 18% Amidst Inflation and Funding Challenges

First Annual Report provides insights and analysis of the current state of small business in Canada, the US, and the UK

TORONTO–(BUSINESS WIRE)–Intuit (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released the 2023 Intuit QuickBooks Small Business Index Annual Report. Developed in collaboration with leading global economist Professor Ufuk Akcigit and his co-authors, the report reveals how macroeconomic pressures like inflation and higher interest rates are affecting small businesses’ ability to create jobs and get the funding they need to grow.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231005106131/en/

Average monthly credit card expenditure (in US dollars) by small business in the US, Canada, and the UK. (Graphic: Business Wire)

Average monthly credit card expenditure (in US dollars) by small business in the US, Canada, and the UK. (Graphic: Business Wire)

THE STATE OF SMALL BUSINESS

The report finds that in 2023, while overall employment levels have trended upward in Canada, the US, and UK, small business employment has been less resilient. Using anonymized data from more than 3.4 million Intuit QuickBooks customers and surveys of more than 5,000 small businesses in Canada, the US and the UK, the report looks at how small businesses are responding to these challenges, and examines the relationships between small business growth, access to capital, and use of digital technology. Key findings include:

  • With elevated inflation and high-interest rates, small businesses have increasingly depended on their credit cards, with the current spending being 20% higher, on average, than they were before the pandemic. At the same time, their monthly credit card payments, which include interest charges, are up by 26% on average.

  • These pressures are affecting jobs: small business employment rates declined in seven of the first eight months of 2023 in Canada, and in the first five months of 2023 in the US. Similarly, in the UK, small business job vacancy growth rates declined in all of the first eight months of 2023.

  • The rise of the solopreneur (non-employer businesses) shows entrepreneurship is stronger than ever; however, in Canada and the US, fewer new businesses are creating jobs, a concerning trend because in the US, more than a third of all jobs are with small businesses while in Canada and the UK it’s more than two in five.

  • Access to funding is essential for small business growth, but roughly half of small businesses in Canada, the US and the UK are self-funded by the owner. New businesses and businesses owned by women or members of underrepresented racial groups often face greater funding challenges.

  • Despite inflation declining over the past year, small businesses in Canada, the US and the UK say rising costs are still the number one challenge they face.

FRESH INSIGHTS ON CANADIAN SMALL BUSINESSES

  • Small business employment and hiring: In January 2023, Canadian small businesses with 1-19 employees employed 5.2 million people, rebounding to a similar level in August 2023 after several months of declines, before declining again in September (source: Intuit QuickBooks Small Business Index).
  • Small businesses contribute to the economy: In Canada, 99% of all Canadian businesses are small businesses; 47% of all Canadian workers are employed by small businesses.
  • Rise of the solopreneur (non-employer businesses): In 2015, self-employment made up just under 68% of all Canadian businesses. By 2022, this had risen to more than 69%. This rise is significant because it is part of a longer-term trend, similar to the US, where fewer new businesses are creating jobs. The report connects this to the rise of gig work and digital technology.
  • Small business finances: Monthly small business credit card expenditure is currently 18% higher, on average, than before the pandemic, equivalent to $2,700 CAD per business while monthly repayments against credit card account balances are up by 22% on average, again equivalent to $2,700 CAD per business.
  • Small business access to funding: While 51% of Canadian small business owners surveyed have used their own savings to fund their business, only 27% report ever getting funding from a commercial lender. New small businesses (0-5 years old) are more than twice as likely to say “getting funding” is their number one challenge compared to older small businesses (21+ years).
  • Adoption of digital tools and technology: Higher use of digital tools and technology (such as software, apps, social media, and e-commerce) correlates with higher growth among small businesses surveyed. Among Canadian small businesses using digital tools to manage 8 or more different areas of their business, 63% report revenue growth and 22% report workforce growth but, among those only managing up to 2 areas with digital tools, this drops to 31% and 5%, respectively.

Leading global economist and Arnold C. Harberger Professor of Economics at the University of Chicago, Ufuk Akcigit said: “We know that small businesses play a significant role in empowering the Canadian economy, in fact, they provide almost half (47%) of jobs in the Canadian economy. In spite of their importance, their size and the challenges accessing capital makes them particularly vulnerable to economic shifts because of inflation and rising interest rates. Despite these challenges, there are reasons for optimism. Using insights from our research, we have developed recommendations that small businesses can take to help ensure their resilience and growth, including staying on top of their cash flow, making smart banking decisions and leveraging the power of digital technology. All of these actions can help small businesses in the face of economic challenges, and the future health of our economy depends on their success today.”

Sasan Goodarzi, CEO of Intuit said: “Becoming an entrepreneur is a bold decision. Given the significant impact new and growing small businesses have on job creation, innovation, and the economy, policymakers and industry leaders should be equally bold in creating an environment where small businesses can grow and thrive. We remain focused on working across the industry to create new and innovative ways to serve our customers and help solve their most pressing challenges.”

Based on the research and insights from the report, Intuit has developed a set of recommendations for policymakers, accountants advising their small business clients, and entrepreneurs starting and running small businesses. These concrete, actionable recommendations can help policymakers foster an environment conducive to small business growth and resilience; accountants provide guidance to their clients in responding to the challenges and trends identified in the report; and small business owners set their businesses up for success.

For more insights, check out the Intuit QuickBooks Small Business Index Annual Report here. To stay up to date on the latest monthly Index releases, visit the Intuit QuickBooks Small Business Index interactive hub.

ABOUT THE REPORT

RIGOROUS METHODOLOGY

The report’s findings are based on a new analysis by Ufuk Akcigit, Raman Singh Chhina, Seyit M. Cilasun, Javier Miranda, Eren Ocakverdi, and Nicolas Serrano-Velarde of four data sources, in partnership with Intuit QuickBooks data analysts:

  1. Intuit QuickBooks Small Business Index: recent employment and hiring trends among small businesses in the US, Canada, and the UK. Methodology details available here.
  2. Intuit QuickBooks customer data: anonymised, aggregated and reweighted/adjusted to reflect the wider population of small businesses in the US, Canada, and UK, not Intuit’s business, to provide new insight into small business access to credit, credit card expenditure, and payments against credit card balances during the recent inflationary period. Sample: 3.4 million small businesses; 2,795,000 in US; 305,000 in Canada; 313,000 in UK.
  3. Intuit QuickBooks Small Business Insights: regular online surveys of small businesses with up to 100 employees, commissioned by Intuit QuickBooks in the US, Canada, and UK every three to four months. Total sample size for April 2023 wave of surveys: 5,175 (comprising 2,805 small businesses in the US; 1,210 small businesses in Canada; and 1,160 small businesses in the UK).
  4. Official statistics and other external sources, including publicly available data from: the U.S. Census Bureau; Federal Financial Institutions Examination Council, Bank Holding Company (US); National Federation of Independent Businesses (US); Statistics Canada; Office for National Statistics (UK), Department for Business, Energy & Industrial Strategy (UK);

New insights from the analysis of this data comprise four major topic areas in the Intuit QuickBooks Small Business Index Annual Report:

  1. Long-term small business employment trends and the critical role small businesses play in the US, Canadian, and UK economies, including: job creation, the rise in self-employment, and the COVID-19 pandemic’s contribution to new business growth. Source: official statistics.
  2. Recent trends in small business employment since the COVID-19 pandemic, in four phases: initial downturn due to the spread of the virus; recovery period as small businesses adapted and new businesses were created; second downturn coinciding with higher inflation and interest rates; and, lately, early signs of a second rebound, particularly in the US. Source: Intuit QuickBooks Small Business Index.
  3. Small business access to funding: why small businesses need funding, where they get it, how they use it, and which businesses face the greatest challenges obtaining it — with a close examination of the impact of inflation on small business finances, using anonymised data from QuickBooks customers in the US, Canada, and UK. Source: Intuit QuickBooks customer data and Intuit QuickBooks Small Business Insights survey (see sample details above).
  4. The state of small business in the US, Canada, and UK today: combining a new analysis of official statistics with survey data from more than 5,000 small businesses, including 2,325 QuickBooks customers. Source: Intuit QuickBooks Small Business Insights survey (see sample details above).

The full methodology is provided in the appendix of the Intuit QuickBooks Small Business Index Annual Report.

ABOUT PROFESSOR UFUK AKCIGIT

Ufuk Akcigit is the Arnold C. Harberger Professor of Economics at the University of Chicago. He is an elected Research Associate at the National Bureau of Economic Research, Center for Economic Policy Research, and the Center for Economic Studies, and a Distinguished Research Fellow at Koc University. He has received a BA in economics at Koc University, 2003, and Ph.D. in economics at Massachusetts Institute of Technology in 2009.

As a macroeconomist, Akcigit’s research centers on economic growth, technological creativity, innovation, entrepreneurship, productivity, and firm dynamics. His research has been repeatedly published in the top economics journals, cited by numerous policy reports, and the popular media. The contributions of Akcigit’s research has been recognised by the National Science Foundation with the CAREER Grant (NSF’s most prestigious awards in support of early-career faculty), Kaufmann Foundation’s Junior Faculty Grant, and Kiel Institute Excellence Award, among many other institutions. In 2019, Akcigit was named the winner of the Max Plank-Humboldt Research Award (endowed with 1.5 million euros and aimed at scientists with outstanding future potential). In 2021, Akcigit was awarded the prestigious Guggenheim Fellowship and was named a Fellow of the Econometric Society. In 2022, he received the Sakip Sabanci International Research Award and Kiel Institute’s Global Economy Prize.

ABOUT INTUIT

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.ca and find us on social for the latest information about Intuit and our products and services.

Emily Stephan, Intuit QuickBooks Canada

[email protected]

Nora Hickey, Edelman Canada

[email protected]

KEYWORDS: North America Canada

INDUSTRY KEYWORDS: Software Accounting Internet Professional Services Business Fintech Data Management Technology Small Business Other Professional Services Finance Other Technology

MEDIA:

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Average monthly credit card expenditure (in US dollars) by small business in the US, Canada, and the UK. (Graphic: Business Wire)
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New Intuit QuickBooks Small Business Index Annual Report: US Small Business Credit Card Spending Increases 20% Post Pandemic Amid Inflation and Funding Challenges

New Intuit QuickBooks Small Business Index Annual Report: US Small Business Credit Card Spending Increases 20% Post Pandemic Amid Inflation and Funding Challenges

Inaugural report provides insights & analysis of the current state of small business in the US, Canada, and UK

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released the 2023 Intuit QuickBooks Small Business Index Annual Report. Developed in collaboration with leading global economist Professor Ufuk Akcigit and his co-authors, the report reveals how macroeconomic pressures like inflation and higher interest rates are affecting small businesses’ ability to create jobs and get the funding they need to grow.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231005219424/en/

2023 Intuit QuickBooks Small Business Index Annual Report (Graphic: Business Wire)

2023 Intuit QuickBooks Small Business Index Annual Report (Graphic: Business Wire)

THE STATE OF SMALL BUSINESS

The report finds that in 2023, while overall employment levels have trended upward in the US, Canada, and UK, small business employment has been less resilient. Using anonymized data from more than 3.4 million Intuit QuickBooks customers and surveys of more than 5,000 small businesses in the US, Canada, and the UK, the report looks at how small businesses are responding to these challenges, and examines the relationships between small business growth, access to capital, and use of digital technology. Key findings include:

  • With elevated inflation and high-interest rates, small businesses have increasingly depended on their credit cards, with the current spending being 20% higher, on average, than they were before the pandemic. At the same time, their monthly credit card payments, which include interest charges, are up by 26% on average.

  • These pressures are affecting jobs: small business employment rates declined in the first five months of 2023 in the US and in seven of the first eight months of 2023 in Canada. Similarly, in the UK, small business job vacancy growth rates declined in all of the first eight months of 2023.

  • The rise of the solopreneur (non-employer businesses) shows entrepreneurship is stronger than ever; however, in the US and Canada fewer new businesses are creating jobs, a concerning trend because in the US, more than a third of all jobs are with small businesses while in Canada and the UK it’s more than two in five.

  • Access to funding is essential for small business growth, but roughly half of small businesses in the US, Canada, and the UK are self-funded by the owner. New businesses and businesses owned by women or members of underrepresented racial groups often face greater funding challenges.

  • Despite inflation declining over the past year, small businesses in the US, Canada, and the UK say rising costs are still the number-one challenge they face.

FRESH INSIGHTS ON US SMALL BUSINESSES

  • Small business employment/hiring: In January 2023, US small businesses with one to nine employees employed 12.8 million people, but this dropped to 12.7 million by March 2023. Since that low point, employment has rebounded to 13.1 million as of September 2023 (source: Intuit QuickBooks Small Business Index).
  • Small business contributions to the economy: 98% of all US businesses are small businesses; 36% of all US workers are employed by small businesses; new businesses create jobs 1.6 times faster than the national average.
  • Rise of the solopreneur (non-employer businesses): In 2005, there were 2.1 million applications for new businesses in the US; in 2020, there were 4.3 million applications. Over the same period, the number of new businesses with employees fell from 10% in 2005 to roughly 8% in 2020, which could potentially weaken the pipeline for future job creation.
  • Small business finances: Monthly small business credit card spending is currently 20% higher, on average, than before the pandemic, equivalent to $3,000 per business. At the same time, monthly repayments against credit card account balances are 29% higher, equivalent to $4,000 per business.
  • Small business access to funding: While 58% of small business owners surveyed have used their own savings to fund their business, only 22% report ever getting funding from a commercial lender. Small businesses owned by underrepresented racial groups are twice as likely to say “getting funding” is their number one challenge. New small businesses (0-5 years old) are 7 times more likely to say “getting funding” is their number one challenge compared to older small businesses (21+ years).
  • Higher use of digital tools and technology: Among small businesses using digital tools (such as software, apps, social media, and e-commerce) to manage 8 or more different areas of their business, 55% report revenue growth and 20% report workforce growth while, among those only managing up to two areas with digital tools, this drops to 31% and 7%, respectively.

Leading global economist and Arnold C. Harberger Professor of Economics at the University of Chicago, Ufuk Akcigit said: “The paramount concern for small business owners is the prevailing high inflationary environment. Adding to the challenge, interest rates have reached unprecedented heights. These adverse conditions have compelled business owners to tap into their savings and rely heavily on credit cards, where monthly credit card spending has surged by an average of 20% compared to pre-pandemic levels. When coupled with the increased interest payments on these debts, this translates to thousands of dollars in additional costs each month. Consequently, these shifts are exerting a detrimental effect on small business job creation.”

Intuit CEO Sasan Goodarzi said: “Becoming an entrepreneur is a bold decision. Given the significant impact new and growing small businesses have on job creation, innovation, and the economy, policymakers and industry leaders should be equally bold in creating an environment where small businesses can grow and thrive. We remain focused on working across the industry to create new and innovative ways to serve our customers and help solve their most pressing challenges.”

Based on the research and insights from the report, Intuit has developed a set of recommendations for policymakers, accountants advising their small business clients, and entrepreneurs starting and running small businesses. These concrete, actionable recommendations can help policymakers foster an environment conducive to small business growth and resilience; accountants provide guidance to their clients in responding to the challenges and trends identified in the report; and small business owners set their businesses up for success.

For more insights, check out the Intuit QuickBooks Small Business Index Annual Report here. To stay up to date on the latest monthly Index releases, visit the Intuit QuickBooks Small Business Index interactive hub.

ABOUT THE REPORT

RIGOROUS METHODOLOGY

The report’s findings are based on a new analysis by Ufuk Akcigit, Raman Singh Chhina, Seyit M. Cilasun, Javier Miranda, Eren Ocakverdi, and Nicolas Serrano-Velarde of four data sources, in partnership with Intuit QuickBooks data analysts:

  1. Intuit QuickBooks Small Business Index: recent employment and hiring trends among small businesses in the US, Canada, and the UK. Methodology details available here.
  2. Intuit QuickBooks customer data: anonymised, aggregated and reweighted/adjusted to reflect the wider population of small businesses in the US, Canada, and UK, not Intuit’s business, to provide new insight into small business access to credit, credit card expenditure, and payments against credit card balances during the recent inflationary period. Sample: 3.4 million small businesses; 2,795,000 in US; 305,000 in Canada; 313,000 in UK.
  3. Intuit QuickBooks Small Business Insights: regular online surveys of small businesses with up to 100 employees, commissioned by Intuit QuickBooks in the US, Canada, and UK every three to four months. Total sample size for April 2023 wave of surveys: 5,175 (comprising 2,805 small businesses in the US; 1,210 small businesses in Canada; and 1,160 small businesses in the UK).
  4. Official statistics and other external sources, including publicly available data from: the U.S. Census Bureau; Federal Financial Institutions Examination Council, Bank Holding Company (US); National Federation of Independent Businesses (US); Statistics Canada; Office for National Statistics (UK), Department for Business, Energy & Industrial Strategy (UK);

New insights from the analysis of this data comprise four major topic areas in the Intuit QuickBooks Small Business Index Annual Report:

  1. Long-term small business employment trends and the critical role small businesses play in the US, Canadian, and UK economies, including: job creation, the rise in self-employment, and the COVID-19 pandemic’s contribution to new business growth. Source: official statistics.
  2. Recent trends in small business employment since the COVID-19 pandemic, in four phases: initial downturn due to the spread of the virus; recovery period as small businesses adapted and new businesses were created; second downturn coinciding with higher inflation and interest rates; and, lately, early signs of a second rebound, particularly in the US. Source: Intuit QuickBooks Small Business Index.
  3. Small business access to funding: why small businesses need funding, where they get it, how they use it, and which businesses face the greatest challenges obtaining it — with a close examination of the impact of inflation on small business finances, using anonymised data from QuickBooks customers in the US, Canada, and UK. Source: Intuit QuickBooks customer data and Intuit QuickBooks Small Business Insights survey (see sample details above).
  4. The state of small business in the US, Canada, and UK today: combining a new analysis of official statistics with survey data from more than 5,000 small businesses, including 2,325 QuickBooks customers. Source: Intuit QuickBooks Small Business Insights survey (see sample details above).

The full methodology is provided in the appendix of the Intuit QuickBooks Small Business Index Annual Report.

ABOUT PROFESSOR UFUK AKCIGIT

Ufuk Akcigit is the Arnold C. Harberger Professor of Economics at the University of Chicago. He is an elected Research Associate at the National Bureau of Economic Research, Center for Economic Policy Research, and the Center for Economic Studies, and a Distinguished Research Fellow at Koc University. He has received a BA in economics at Koc University, 2003, and Ph.D. in economics at Massachusetts Institute of Technology in 2009.

As a macroeconomist, Akcigit’s research centers on economic growth, technological creativity, innovation, entrepreneurship, productivity, and firm dynamics. His research has been repeatedly published in the top economics journals, cited by numerous policy reports, and the popular media. The contributions of Akcigit’s research has been recognised by the National Science Foundation with the CAREER Grant (NSF’s most prestigious awards in support of early-career faculty), Kaufmann Foundation’s Junior Faculty Grant, and Kiel Institute Excellence Award, among many other institutions. In 2019, Akcigit was named the winner of the Max Plank-Humboldt Research Award (endowed with 1.5 million euros and aimed at scientists with outstanding future potential). In 2021, Akcigit was awarded the prestigious Guggenheim Fellowship and was named a Fellow of the Econometric Society. In 2022, he received the Sakip Sabanci International Research Award and Kiel Institute’s Global Economy Prize.

ABOUT INTUIT

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Media:

Intuit QuickBooks

Dan Mahoney

[email protected]

Jen Garcia

Access Communications

[email protected]

KEYWORDS: California North America United States United Kingdom Europe Canada

INDUSTRY KEYWORDS: Technology Human Resources Finance Fintech Banking Professional Services Software Small Business Data Analytics Other Professional Services

MEDIA:

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2023 Intuit QuickBooks Small Business Index Annual Report (Graphic: Business Wire)
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New Intuit QuickBooks Small Business Index Annual Report: UK Small Business Credit Card Spending up by 22% Since the Pandemic Amidst Funding Challenges

New Intuit QuickBooks Small Business Index Annual Report: UK Small Business Credit Card Spending up by 22% Since the Pandemic Amidst Funding Challenges

Inaugural report provides insights and analysis of the current state of small business in the UK, the US and Canada

LONDON–(BUSINESS WIRE)–Intuit (NASDAQ: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, has released the 2023 Intuit QuickBooks Small Business Index Annual Report. Developed in collaboration with leading global economist Professor Ufuk Akcigit and his co-authors, the report reveals how macroeconomic pressures like inflation and higher interest rates are affecting small businesses’ ability to create jobs and get the funding they need to grow.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231005420644/en/

Intuit QuickBooks Small Business Index Annual Report 2023

Intuit QuickBooks Small Business Index Annual Report 2023

THE STATE OF SMALL BUSINESS

The report finds that in 2023, while overall employment levels have trended upward in the UK, the US, and Canada, small business employment has been less resilient. Using anonymised data from more than 3.4 million Intuit QuickBooks customers and surveys of more than 5,000 small businesses in the UK, the US and Canada, the report explains how small businesses are responding to these challenges, and examines the relationships between small business growth, access to capital, and use of digital technology. Key findings include:

  • With elevated inflation and high-interest rates, small businesses have increasingly depended on their credit cards, with the current spending being 20% higher, on average, than they were before the pandemic. At the same time, their monthly credit card payments, which include interest charges, are up by 26% on average.

  • These pressures are affecting jobs: in the UK, small business job vacancy growth rates declined in all of the first eight months of 2023. Similarly, small business employment rates declined in the first five months of 2023 in the US and in seven of the first eight months of 2023 in Canada.

  • The rise of the solopreneur (non-employer businesses) shows entrepreneurship is stronger than ever; however, in the US and Canada fewer new businesses are creating jobs, a concerning trend because in the US, more than a third of all jobs are with small businesses while in Canada and the UK it’s more than two in five.

  • Access to funding is essential for small business growth, but roughly half of small businesses in the UK, US, and Canada, are self-funded by the owner. New businesses and businesses owned by women or members of underrepresented racial groups often face greater funding challenges.

  • Despite inflation declining over the past year, small businesses in the UK, US, and Canada say rising costs are still the #1 challenge they face.

FRESH INSIGHTS ON UK SMALL BUSINESSES

The report also examines the pivotal role of small businesses within the UK economy, evaluating their economic performance, owner characteristics, financing practices, digital transformation efforts, and the diverse array of challenges they encounter. It reveals:

  • Small businesses contribute strongly to the economy: In the UK, nearly 99% of all businesses are small businesses – providing nearly 44% of all jobs (rising 2% between 2011 and 2022). More than 82% of UK firms have less than 10 employees and collectively employ nearly 19% of the country’s workforce – in addition to solopreneurs (non-employer businesses) that also contribute a significant proportion of the UK workforce.
  • The rise of the solopreneur (non-employer businesses): The share of non-employee businesses in the UK has increased from 68% in the early 2000s to 74% today. The rise of the gig economy and use of automation tools – which let solopreneurs single-handedly run their operations – could also be facilitating this increase. The UK also has the highest percentage of business owners over 65 – making up 9% of the total group.
  • Self-funding amidst UK small business’ challenges in accessing credit: Nearly half (48%) of small business owners have used personal savings at some point to fund their business. Small businesses in the UK are least likely to have sought funding (with 59% not seeking any) in the past 12 months compared to 48% in the US and 54% in Canada.
  • Cost and availability of funding worsens: About a third (32%) of UK small businesses agree that, over the past 12 months, the cost and availability of financing has deteriorated, rising to 39% amongst the youngest firms aged 0-5 years who are in the crucial early stages.
  • Credit card spending on the rise: At the same time, monthly credit card expenditure has increased 22% since the pandemic – again higher than in the US (20%) and Canada (18%), equivalent to £2,400 per business. Due to the current high-interest rate environment, monthly credit card payments against account balances have risen 25% since pre-pandemic, equivalent to almost £2,000 per business.
  • Going digital to improve resilience: The report indicates a clear correlation between higher use of software, apps, and other digital technologies and better business performance. In the UK –much like the US – a substantial 54% of enterprises that are high users of digital tools (using 8 or more) report positive revenue growth. The report reveals the top three digital tools used by UK small businesses as: social media (51%), business website (50%) and accounting/financial software (45%).

Leading global economist, and Arnold C. Harberger Professor of Economics at the University of Chicago, Ufuk Akcigit said: “The Intuit QuickBooks Small Business Index Annual Report gives unique visibility into the health of small businesses and the issues they are facing today. Inflation rates have been soaring in the UK since 2021, and reached a peak in October 2022. Even now, consumer prices have risen 6.3% in the past 12 months. Against this backdrop, the Annual Report indicates small businesses have been funding their business through their own savings or credit cards – which are incurring extra costs due to higher interest rates. Our goal is for policymakers, industry leaders, and aspiring entrepreneurs to draw valuable conclusions from this in-depth analysis to create policies and foster an environment conducive to the success as well as the resilience of small businesses within these specific sectors and regions. Part of this includes a greater diversity of funding options so small businesses don’t have to struggle with extra costs in today’s high interest environment.”

Sasan Goodarzi, CEO of Intuit said: “Becoming an entrepreneur is a bold decision. Given the significant impact new and growing small businesses have on job creation, innovation, and the economy, policymakers and industry leaders should be equally bold in creating an environment where small businesses can grow and thrive. We remain focused on working across the industry to create new and innovative ways to serve our customers and help solve their most pressing challenges.”

Based on the research and insights from the report, Intuit has developed a set of recommendations for policymakers, accountants advising their small business clients, and entrepreneurs starting and running small businesses. These concrete, actionable recommendations can help policymakers foster an environment conducive to small business growth and resilience; accounting professionals provide guidance to their clients in responding to the challenges and trends identified in the report; and small business owners set their businesses up for success.

For more insights, check out the Intuit QuickBooks Small Business Index Annual Report here. To stay up to date on the latest monthly Index releases, visit the Intuit QuickBooks Small Business Index interactive hub.

ABOUT THE REPORT

RIGOROUS METHODOLOGY

The report’s findings are based on a new analysis by Ufuk Akcigit, Raman Singh Chhina, Seyit M. Cilasun, Javier Miranda, Eren Ocakverdi, and Nicolas Serrano-Velarde of four data sources, in partnership with Intuit QuickBooks data analysts:

  1. Intuit QuickBooks Small Business Index: recent employment and hiring trends among small businesses in the US, Canada, and the UK. Methodology details available here.
  2. Intuit QuickBooks customer data: anonymised, aggregated and reweighted/adjusted to reflect the wider population of small businesses in the US, Canada, and UK, not Intuit’s business, to provide new insight into small business access to credit, credit card expenditure, and payments against credit card balances during the recent inflationary period. Sample: 3.4 million small businesses; 2,795,000 in US; 305,000 in Canada; 313,000 in UK.
  3. Intuit QuickBooks Small Business Insights: regular online surveys of small businesses with up to 100 employees, commissioned by Intuit QuickBooks in the US, Canada, and UK every three to four months. Total sample size for April 2023 wave of surveys: 5,175 (comprising 2,805 small businesses in the US; 1,210 small businesses in Canada; and 1,160 small businesses in the UK).
  4. Official statistics and other external sources, including publicly available data from: the U.S. Census Bureau; Federal Financial Institutions Examination Council, Bank Holding Company (US); National Federation of Independent Businesses (US); Statistics Canada; Office for National Statistics (UK), Department for Business, Energy & Industrial Strategy (UK);

New insights from the analysis of this data comprise four major topic areas in the Intuit QuickBooks Small Business Index Annual Report:

  1. Long-term small business employment trends and the critical role small businesses play in the US, Canadian, and UK economies, including: job creation, the rise in self-employment, and the COVID-19 pandemic’s contribution to new business growth. Source: official statistics.
  2. Recent trends in small business employment since the COVID-19 pandemic, in four phases: initial downturn due to the spread of the virus; recovery period as small businesses adapted and new businesses were created; second downturn coinciding with higher inflation and interest rates; and, lately, early signs of a second rebound, particularly in the US. Source: Intuit QuickBooks Small Business Index.
  3. Small business access to funding: why small businesses need funding, where they get it, how they use it, and which businesses face the greatest challenges obtaining it — with a close examination of the impact of inflation on small business finances, using anonymised data from QuickBooks customers in the US, Canada, and UK. Source: Intuit QuickBooks customer data and Intuit QuickBooks Small Business Insights survey (see sample details above).
  4. The state of small business in the US, Canada, and UK today: combining a new analysis of official statistics with survey data from more than 5,000 small businesses, including 2,325 QuickBooks customers. Source: Intuit QuickBooks Small Business Insights survey (see sample details above).

The full methodology is provided in the appendix of the Intuit QuickBooks Small Business Index Annual Report.

ABOUT PROFESSOR UFUK AKCIGIT

Ufuk Akcigit is the Arnold C. Harberger Professor of Economics at the University of Chicago. He is an elected Research Associate at the National Bureau of Economic Research, Center for Economic Policy Research, and the Center for Economic Studies, and a Distinguished Research Fellow at Koc University. He has received a BA in economics at Koc University, 2003, and Ph.D. in economics at Massachusetts Institute of Technology in 2009.

As a macroeconomist, Akcigit’s research centers on economic growth, technological creativity, innovation, entrepreneurship, productivity, and firm dynamics. His research has been repeatedly published in the top economics journals, cited by numerous policy reports, and the popular media. The contributions of Akcigit’s research has been recognised by the National Science Foundation with the CAREER Grant (NSF’s most prestigious awards in support of early-career faculty), Kaufmann Foundation’s Junior Faculty Grant, and Kiel Institute Excellence Award, among many other institutions. In 2019, Akcigit was named the winner of the Max Plank-Humboldt Research Award (endowed with 1.5 million euros and aimed at scientists with outstanding future potential). In 2021, Akcigit was awarded the prestigious Guggenheim Fellowship and was named a Fellow of the Econometric Society. In 2022, he received the Sakip Sabanci International Research Award and Kiel Institute’s Global Economy Prize.

ABOUT INTUIT

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With 100 million customers worldwide using TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

Dan Alder-Lundmark, Intuit QuickBooks UK

[email protected]

Julia Sammons, Ogilvy UK

[email protected]

KEYWORDS: North America United States United Kingdom Europe Canada

INDUSTRY KEYWORDS: Software Data Analytics Finance Small Business Accounting Professional Services Technology Fintech

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Intuit QuickBooks Small Business Index Annual Report 2023