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Killexams : Oracle Essentials history - BingNews Search results Killexams : Oracle Essentials history - BingNews Killexams : Search Oracle Courses No result found, try new keyword!Welcome to the course Oracle Autonomous Database Administration. This course helps DBAs to deploy and administer Autonomous databases, and prepares them for the Oracle Autonomous Database Cloud ... Wed, 15 Dec 2021 00:40:00 -0600 text/html Killexams : Oracle Joins The Club For Downsizing Employees: Report


How Much Should I Have in My 401(k) at 50?

Most Americans have less in their retirement accounts than they'd like, and much less than the rules say they should have. So, obviously, if that describes you then you're not alone. Now, most financial advisors recommend that you have between five … Continue memorizing → The post How Much Should I Have in My 401(k) at 50? appeared first on SmartAsset Blog.

Mon, 01 Aug 2022 22:38:00 -0500 en-US text/html
Killexams : Mind, Body, Spirit Books 2022: Tarot Meets the Times

Mind-body-spirit publishers are shuffling the deck on tarot cards, bringing forward diverse authors and myriad perspectives ranging from contemplative Christian cards with Bible verses to card guides from LGBTQ authors. Many are branching out from Pamela Colman Smith’s ornate, Eurocentric artwork in the venerable Rider-Waite-Smith tarot 78-card deck, which has been the basis for generations of divination decks since it was first published in 1909.

Weiser Books is tracking both trends. In September, it’s launching The Weiser Tarot, a new edition of the classic Rider-Waite-Smith deck featuring updates by Weiser editors. The original guide to memorizing the cards will now offer tips and resources for beginners, tarot history, and additional information for people interested in Jewish mysticism and astrology. And Colman Smith’s line art is repainted with a “rich, vibrant palette,” says Weiser associate publisher Peter Turner. He calls it “a landmark event in the tarot world,” which is being timed with Weiser’s 65th anniversary.

The press is also publishing Finding the Fool: A Tarot Journey to Radical Transformation (Mar. 2023), a book with contemporary explanations about each card written by Meg Jones Wall, whom Turner describes as a “self-taught queer tarot reader.” Unlike in most books on tarot, Wall does not include images of cards; rather, Turner says, she is “asking the reader to trust their unique natural sense of intuition, wisdom, and magic. Her writing focuses on keeping tarot intuitive and accessible, using gender neutral language, and welcoming readers of all identities into the community. One of the core challenges for today’s tarot readers is that the traditional images used to convey the archetypal figures in the tarot are clearly patriarchal and binary in sexual orientation. And often the most popular tarot decks don’t include people of color.”

Turner quotes Wall, who says, “The tarot isn’t about following rules or adhering to a strict set of narrow meanings; it isn’t only for a certain kind of person.”

Magic for every body and belief

Running Press is releasing three titles that reflect the idea of tarot for all. One is not a deck but rather a graphic biography of Colman Smith, written and illustrated by artist Cat Willett. The Queen of Wands (Sept.) sheds light on Colman Smith’s experiences, including being mistreated due to her biracial appearance, being paid very little, and, like many women creatives in her time, not being credited or designated any royalties for her work on the famous deck. “Many of the same injustices that contribute to the hardship of marginalized groups today also inhibited Pamela,” Willett says. “The beauty of Pamela’s work is that it made tarot more accessible, and I think that the nature of tarot is to be reimagined over and over again.”

Running Press executive editor Shannon Fabricant is also highlighting two other books aimed at widening the tarot audience. The first is Black Tarot: An Ancestral Awakening Deck and Guidebook (Dec.), by Nyasha Williams, who describes herself online as a social justice griot working to “decolonize” spiritual practices, with illustrations by Kimishka Naidoo. Fabricant calls it “the deck you’ve been missing, complete with 78 tarot cards featuring all Black representations of classic tarot figures and iconography.” The press is also releasing The Trickster’s Journey: A Tarot Deck and Guidebook (Apr. 2023), by painter Jia Sung, which reimagines the tarot “through the lens of Eastern mysticism, folklore, and spirituality,” says Fabricant.

The Sacred Web Tarot (HarperOne, Sept.), a cards and guide set written by yoga teacher and artist Jannie Bui Brown and illustrated by her son, James W. Brown IV, offers a “transformational and timely approach that moves beyond traditional, gendered imagery, card names, and interpretations, focusing on personal and communal growth,” according to the publisher.

And at St. Martin’s Press, executive editor Keith Kahla says the forthcoming deck and accompanying guide One World Tarot (Oct.) was created “to encompass many centuries and cultures, embrace our global diversity, and apply to all genders.” The guide is by Australian author Lena Rodriguez, host of Tarot Down Under on YouTube, and tarot reader Seanna Rose, with writer June Rifkin and illustrator Alexandra Filipek.

Fair Winds editor Keyla Pizarro-Hernandez observes that it’s commonplace in media and mind-body-spirit publishing “to see the same type of group being represented—usually thin, white, blonde, cis—and not all of us relate to that particular community and don’t see ourselves reflected in their stories or circumstances.” The press is publishing The Pulp Girls Tarot Deck (Oct.), by sisters Cailie and Brianna Mitchell; they are artists known for illustrations in the style of old-fashioned fiction magazines called pulps. Their images, the editor says, “reflect a more realistic view of the various groups of women that exist in the world—women of color, women with different body types, and women from the LGBTQ community.”

One worldview rarely included in tarot deck lists, however, is Christian theology. Now, St. Martin’s Essentials is stepping in with The Contemplative Tarot: A Christian Guide to the Cards (Sept.), by Brittany Muller, who writes a monthly newsletter, Blessed Vigil, on Catholic saints and the liturgical seasons. The cards include Bible verses, meditation prompts for personal prayer, and “daily reminders of spiritual truths,” according to the publisher.

Oracle decks, free from the archetypes used in tarot, offer imagery from the heavens, the Earth, and the deck creator’s imagination. The decks, too, reflect mind-body-spirit publishers’ concern with representing and reaching diverse audiences whose interests include searching for love, security, and wealth, as well as protecting the environment.

For example, Sacred Nature Oracle Deck (Beyond Words, Nov.), by photographer Holly Wilmeth, shows men, women, and children of many racial and ethnic backgrounds, each “communing with a different plant,” says Beyond Words marketing director Brennah Hermo. The guide describes the healing power of the plants and herbs depicted. And The Cantigee Oracle: An Ecological Spiritual Guide and Creative Prompt Deck (North Atlantic, Nov.), by yoga and meditation teacher Rae Diamond, with watercolors by Laura Zuspan, includes a guide to use the cards to “address climate change with presence and care,” according to the publisher.

Upcoming oracle and tarot titles include the following:

The All-Seeing Heart Oracle Deck (Watkins, Sept.), by tattoo artist Saira Hunjan, is inspired by Hunjan’s heritage and frequent travels to India. Publisher Fiona Robertson says the images of “protective beings or talismans” set in heart temples can be used for “healing and transformation.”

The Amazonian Angel Oracle: Working with Angels, Devas, and Plant Spirits (Inner Traditions, Aug.), by shaman Howard G. Charing, features images of spirits in backdrops of Amazonian jungle plants and animals, celestial bodies, ancient temples, and more, according to the publisher.

Anime Tarot (Simon Element, out now), by writer and editor Natasha Yglesias, recasts the archetypes and symbols of tarot in modern Japanese anime characters.

Cozy Witch Tarot Deck and Guidebook (Andrews McMeel, Apr. 2023), by poet and witch Amanda Lovelace, interprets the traditional Rider-Waite-Smith deck with the simple country lifestyle viewpoint often called cottagecore. The artwork by Janaina Mediros represents racial and ethnic diversity, and all ages, abilities, and body types, says executive editor Patricia Rice.

Magic Days: Your Journey Through the Astrology, Numerology, and Tarot of Every Day of the Year (Penguin Life, Oct.), by astrologer Nadine Jane, includes daily mantras, rituals, and journaling prompts aimed at promoting self-care and empowerment.

The Tarot Spellbook: 78 Witchy Ways to Use Your Tarot Deck for Magick and Manifestation (Fair Winds, Sept.) is a traditional Rider-Waite-Smith deck with a guide by witch Sam Magdaleno. She focuses on spells, journal prompts, and rituals inspired by the cards to deal with love, money, wellness, career, and more in daily life, according to the publisher.

The Trick or Treat Tarot (Llewellyn, Sept.), by prolific tarot reader and author Barbara Moore with fantasy artist Jonathan Hunt, is fit for Halloween or any-time users want to face the future fearlessly, the publisher says.

The Wild Unknown Pocket Animal Spirit Deck (HarperOne, Oct.), by author and artist Kim Krans, examines the wisdom of creatures both real and imagined, according to the publisher.

Cathy Lynn Grossman is a veteran religion and ethics writer living in Washington, D.C.

Return to main feature.

A version of this article appeared in the 08/01/2022 issue of Publishers Weekly under the headline: Tarot Meets the Times

Fri, 29 Jul 2022 11:28:00 -0500 en text/html
Killexams : Global Payments, Inc. (EVOP) CEO Jeffrey Sloan on Q2 2022 Results - Earnings Call Transcript

Global Payments, Inc. (NASDAQ:EVOP) Q2 2022 Earnings Conference Call August 3, 2022 8:00 AM ET

Company Participants

Winnie Smith - SVP, IR

Jeffrey Sloan - CEO & Director

Cameron Bready - President & COO

Joshua Whipple - CFO

Conference Call Participants

Darrin Peller - Wolfe Research

Bryan Keane - Deutsche Bank

David Koning - Robert W. Baird & Co.

Robert Napoli - William Blair & Company

Ramsey El-Assal - Barclays Bank

James Friedman - Susquehanna Financial Group


Ladies and gentlemen, thank you for standing by, and welcome to the Global Payments Second Quarter 2022 Earnings Conference Call. [Operator Instructions]. As a reminder, today's conference will be recorded.

At this time, I would like to turn the conference over to your host, Senior Vice President, Investor Relations, Winnie Smith. Please go ahead.

Winnie Smith

Good morning, and welcome to Global Payments' Second Quarter 2022 Conference Call. Our earnings release and the slides that accompany this call can be found on the Investor Relations area of our website at

Before we begin, I'd like to remind you that some of the comments made by management during today's conference call contain forward-looking statements about, among other matters, expected operating and financial results and statements about the proposed transaction between Global Payments and EVO Payments. These statements are subject to risks, uncertainties and other factors, including the impact of COVID-19 and economic conditions on our future operations that could cause actual results to differ materially from expectations. Certain risk factors inherent in our business are set forth in filings with the SEC, including our most accurate 10-K and subsequent filings. We caution you not to place undue reliance on these statements. Forward-looking statements during this call speak only as the date of this call, and we undertake no obligation to update them.

We will be also referring to several non-GAAP financial measures which we believe are more reflective of our ongoing performance. For a full reconciliation of the non-GAAP financial measures discussed in this call to the most comparable GAAP measure in accordance with SEC regulations, please see our press release furnished as an exhibit to our Form 8-K filed this morning and our supplemental materials available on the Investor Relations section of our website.

Joining me on the call are Jeff Sloan, CEO; Cameron Bready, President and COO; and Josh Whipple, Senior Executive Vice President and CFO.

Now I'll turn the call over to Jeff.

Jeffrey Sloan

Thanks, Winnie. We welcome Josh Whipple, our new CFO, to the call today. Josh has been a senior leader in our company for 7.5 years, guiding us through some of the most significant milestones in our history. He's a trusted partner who has played a key role in building the leading technology-enabled, software-driven payments business worldwide that Global Payments is today.

We also thank Paul Todd for his terrific partnership and the critical role he has played in the successful merger of TSYS and Global Payments over the past 3 years, and his 27 years at TSYS. We wish Paul all the best in retirement.

We delivered second quarter adjusted results that were the best in our history across our key financial metrics despite the self-evident incremental headwinds. Both our merchant and issuer segments exceeded our expectations on a currency-neutral basis post the divestiture of our Russian business. Importantly, our issuer business generated 400 basis points of sequential revenue improvement on a comparable basis, exactly as we said it would, and our pipeline remains at record levels. And we achieved these results while executing multiple transactions to better align our businesses with our strategy, adding a key new partnership, extending our lead and deepening our competitive moat.

First, we're delighted to announce that we've entered into a definitive agreement to acquire EVO Payments, significantly increasing our target addressable markets, enhancing our leadership in integrated payments worldwide; expanding our presence in new geographies; further scaling in existing faster-growth markets; and augmenting our business-to-business, B2B, software and payment solutions. Specifically, EVO provides us with a new presence in attractive geographies such as Poland, Germany, Chile and Greece; and enhances our scale in existing markets, including Mexico, Spain and the U.K., and of course, the U.S. and Canada.

For B2B, EVO brings us key technology partners and integrations, including with many of the largest enterprise ERP solutions. And it adds leading accounts receivable software capabilities to complement our B2B and accounts payable offerings, which we significantly augmented with our successful acquisition of MineralTree last fall.

At our investor conference last September, we announced B2B as the fourth and existing pillar of our strategy, meaningfully expanding our target addressable markets to include a segment that remains substantially underpenetrated, providing tremendous opportunities for future growth. As we said then, we have the technology and distribution assets we need to compete effectively in B2B post our TSYS merger and already positioned as one of the largest B2B companies globally at scale. This includes technology centered on virtual card solutions, a vast commercial card footprint, massive distribution partnerships with the world's leading financial institutions, data and analytics, market-leading payroll technologies and access globally to noncard-based rails.

Our acquisition of MineralTree, last October provided us with a leading cloud SaaS accounts payable business which grew 30% in the second quarter and is now operating at EBITDA breakeven ahead of plan. We've been on the lookout for an accounts receivable business corollary to complete our B2B go-to-market offerings. We believe that EVO now provides that missing link.

Cameron will provide more details on the tremendous value creation opportunity in combining EVO with Global Payments, but let me start by expressing how delighted I am to welcome EVO team members to Global Payments. The transaction is expected to close no later than the first quarter of 2023, subject to regulatory and of course EVO shareholder approvals.

Second, we are thrilled to announce Silver Lake, the global leader in technology investing, has committed a $1.5 billion strategic investment in Global Payments in the form of convertible unsecured senior notes. As an expression of their confidence in our long-term leadership role in digital payments and sustainability of our growth, this amount is by far the largest commitment in Silver Lake's long, distinguished history.

Silver Lake has an outstanding track record of successful investments in technology-driven companies, and we are humbled by their confidence in us as the winner in the digital payments ecosystem over the cycle. This new partnership serves as further proof of the distinctiveness of our model, wisdom of our strategy and position as a leading driver and beneficiary of innovation and payments. A senior partner from Silver Lake will join the Global Payments Board of Directors. We are very proud of the company that we keep.

Third, we reached a definitive agreement to sell Netspend's consumer portfolio to Searchlight Capital and Rev Worldwide from $1 billion to further align our businesses with our strategy while simultaneously enhancing our organic growth and margin characteristics. As we said at the time we announced the strategic review in February, Netspend's direct-to-consumer portfolio is an attractive set of solutions with a favorable profile, but there is limited overlap between its customer base and our traditional corporate clients.

As expected, we will retain Netspend's B2B assets which delivered strong mid-teens normalized growth in the second quarter and will be included in our Issuer Solutions segment beginning with our third quarter. We're very proud of all that our valued team members in Netspend have accomplished as part of Global Payments, and we have every confidence this business is well positioned for the future under new ownership. We expect this transaction to close by the end of the first quarter of 2023, subject to regulatory approvals.

The completion of these important transactions provides us with heightened confidence in the raised cycle guidance for revenue, margin and earnings that we provided at our investor conference last September. Post the acquisition of EVO and Netspend sale, Merchant Solutions will then represent approximately 75% of our adjusted net revenue; with Issuer Solutions, including Netspend's B2B assets, comprising roughly 25%. The future is indeed bright.


Cameron Bready

Thanks, Jeff, and good morning, everyone. Our acquisition of EVO aligns perfectly with our overarching strategy, reinforcing our position as the preeminent payments technology company with extensive scale and unmatched global reach. EVO furthers our technology-enabled distribution strategy in integrated payments while significantly enhancing our B2B software and payment solutions. The transaction also expands our exposure to additional faster-growth geographies overseas and provides greater scale in North America and markets in Europe in which we already operate. As a combined company, we are uniquely positioned to deliver an unmatched suite of distinctive software and payment solutions to our combined customer base of more than 4.5 million merchant locations and over 1,500 financial institutions globally.

Today, EVO has over 1,500 technology partners and integrations globally that complement our over 6,000 ISV partners across 70-plus vertical markets. We see significant opportunity to bring further value to EVO's relationships by leveraging our extensive distribution platforms and product portfolio as well as our unique partner integration capabilities.

EVO also provides additional avenues for us to distribute our commerce enablement solutions and vertical market software offerings, including our leading point-of-sale software targeted at the restaurant and retail vertical markets. For example, we are already bringing our Vital POS solutions to key international markets where we overlap with EVO, including the U.K., Spain and Central Europe, later this year.

Additionally, we will be able to capitalize on the distinctive capabilities of our unified commerce platform to provide EVO's enterprise customers with multinational e-commerce and omnichannel solutions, seamlessly blending their physical and virtual requirements across markets and geographies. With our physical presence in over 40 countries globally and ability to transact in over 170 virtually, we are uniquely positioned to significantly expand EVO's value proposition to its existing multinational customers. EVO's accounts receivable automation software and B2B payment solutions augment our existing accounts payable automation and other B2B capabilities, further rounding out our full suite of B2B offerings.

Importantly, EVO brings us extensive proprietary integrations to some of the most widely used ERP environments in the market through its PayFabric platform, including SAP, Microsoft, Oracle, Acumatica and Sage. These integrations are critical to delivering the frictionless automation necessary to Boost process efficiency and costs for buyers and suppliers.

Together with EVO, we have an unparalleled array of products and solutions that address the business spend management needs of buyers, suppliers and employers, better positioning us to gain share in the B2B market with a vast TAM in excess of $125 trillion annually.

Finally, EVO expands our presence in new and attractive geographies with strong secular growth trends, including Poland, Greece and Chile; and increases our scale in a number of our existing markets, including the U.S., Mexico, the U.K., Ireland, Spain and the Czech Republic, many of which also have strong underlying growth fundamentals.

In total, EVO has a presence in 12 countries globally and leverages distribution relationships with 15 financial institutions, creating additional opportunities for us to cross-sell our leading cloud-based Issuer Solutions which can be delivered around the world through our collaboration with AWS.

Since our merger with TSYS, we have demonstrated that there are significant opportunities to deliver differentiated solutions and drive transaction optimization by marrying issuing and acquiring capabilities, particularly in Europe, EVO's largest region. The partnerships we have achieved with Caixa Bank and Virgin Money are marquee examples.

Putting it all together, the acquisition of EVO is highly complementary to our strategy and significantly increases scale in our business globally. As I've discussed already, we see meaningful opportunities to enhance revenue through this partnership, further catalyzing the growth prospects in our Merchant Solutions business worldwide.

Further, we also expect substantial cost synergies primarily from aligning our business operations and go-to-market strategies, streamlining technology infrastructure, eliminating duplicative corporate and operational support structures and realizing scale efficiencies. Combined, we expect to generate run rate EBITDA synergies of at least $125 million within 2 years post closing of the transaction.

As Jeff noted, the acquisition of EVO presents a significant value creation opportunity while further advancing our strategy to deliver differentiated technology and payment solutions to customers across the most attractive markets worldwide. We look forward to welcoming EVO and its team members to Global Payments.

With that, I will turn the call over to Josh.

Joshua Whipple

Thanks, Cameron. We are pleased with our strong financial performance in the second quarter, which exceeded our expectations despite ongoing macro concerns, the exit of our Russian business and incremental headwinds from adverse foreign currency exchange rates. Specifically, we delivered adjusted net revenue of $2.06 billion, an increase of 6% from the prior year and 8% growth on a constant currency basis.

Excluding the Netspend consumer assets, which will now be held as available for sale, adjusted net revenue grew 11% on a constant currency basis. Adjusted operating income increased 14% on a constant currency basis and 17% excluding Netspend consumer assets.

Adjusted operating margin for the quarter was 43.8%, a 200 basis point improvement from the second quarter of 2021 or approximately 250 basis points excluding the impact of acquisitions. Excluding the Netspend consumer assets, adjusted operating margin was 45.3%. The net result was adjusted earnings per share of $2.36, an increase of 16% from the prior year or 19% on a constant currency basis.

Taking a closer look at our performance by segment. Merchant Solutions achieved adjusted net revenue of $1.43 billion for the second quarter, an 11% improvement from the prior year or 14% on a constant currency basis, ahead of our expectations despite our exit from our Russian business in the quarter. Notably, we delivered an adjusted operating margin of 50.2% in this segment, an increase of 170 basis points year-on-year.

Our combined U.S. payments and payroll and integrated business delivered another strong quarter, led by our integrated channel, which again reported mid-teens growth. We also continue to see strong momentum in our POS software solutions, which grew roughly 40% this quarter; and our HCM and payroll business, which grew 20%.

Our worldwide e-commerce and omnichannel business delivered constant currency growth in the mid-teens this quarter, well ahead of the trends reported by the networks, as our unified commerce platform continues to resonate with customers. To that end, we are excited that we have now expanded our acquiring relationship with Google across UCP to North America following the success of our launch in Asia Pacific late last year. This quarter, we also signed new omnichannel partnerships with multinational retailer, ALDO; and global hospitality company, Delaware North.

As for our vertical market solution, we were pleased that the overall portfolio delivered 20% revenue growth compared to the prior year and bookings trends remained strong across the portfolio. We continue to see strong performance in AdvancedMD and TouchNet, the latter of which produced record new sales for the first half of 2022. Further, Xenial continued to realize strong bookings momentum, including increased demand for our kiosk and mobile offerings from food service management customers and new wins with the Winnipeg Jets Canadian Life Center and Ole Miss University in the events and stadium vertical.

We also saw local currency growth accelerate across our international businesses this quarter with particularly strong results in the U.K., Spain and Central Europe. I'm excited to announce that we recently signed our merchant referral relationship with Virgin Money, achieving a significant milestone in our strategic alliance combining issuing and acquiring capabilities.

Our Issuer Solutions business delivered $459 million in adjusted net revenue, a 6% improvement on a constant currency basis from the second quarter of 2021, consistent with our expectations and long-term growth target for this segment. Issuer adjusted operating margin of 43.5% increased 60 basis points, excluding the impact of MineralTree. On a reported basis, it was down 40 basis points from the prior year.

Our transaction and account on file revenue growth grew low double digits, accelerating from the mid-single-digit growth achieved in the first quarter. Notably, commercial card volumes increased nearly 35% with growth improving throughout the period. We also converted the gap portfolio of approximately 13 million accounts, which was purchased by our long-standing partner, Barclays, late last year.

During the quarter, we signed long-term contract extensions with multiple clients, including Carrefour in Brazil following its acquisition of the Grupo BIG portfolio in the region. And more recently, we signed a long-term agreement with another market-leading retailer in South America, , to enter the Chilean market. This will provide further opportunities for our business with today's announcement of our acquisition of EVO.

From a cash flow standpoint, we delivered $432 million of adjusted free cash flow for the quarter, and we continue to target converting roughly 100% of adjusted earnings to adjusted free cash flow for the full year. We invested $168 million in capital expenditures during the quarter and expect roughly $600 million in capital expenditures for 2022, consistent with our prior outlook. On the capital allocation front, we repurchased just over 4.5 million of our shares this quarter for approximately $600 million. Our balance sheet remains extremely healthy, and we ended the period with roughly $2.5 billion of liquidity and leverage of 2.9x on a net debt basis.

As Jeff and Cameron discussed in detail, we have entered a definitive agreement to acquire EVO Payments for $34 per share in cash, representing an enterprise value of approximately $4 billion. Silver Lake will invest $1.5 billion in Global Payments in the form of privately placed convertible senior notes, which will serve as a source of funding together with our committed bridge facility from our banks. The convertible note will have a cash coupon of 1%, a 7-year term and a conversion price of $140.66. In addition, as is customary with convertible instruments, we expect to execute a call spread overlay to significantly raise the effective conversion premium. We are very excited to have Silver Lake as a new partner, and their investment underscores their long-term commitment and their strong belief in the opportunity ahead for Global Payments.

Additionally, we entered into a definitive agreement to sell Netspend's consumer assets to Searchlight Capital and Rev Worldwide for $1 billion. We also expect the Netspend transaction to close by the end of the first quarter of 2023.

Following both of these transactions, we expect our net leverage to be approximately 3.9x at close. We expect our leverage by the end of calendar year 2023 to be back to current levels, highlighting the substantial free cash flow generation we discussed at our investor conference last September. We expect to maintain our current investment-grade ratings.

Turning to the outlook of 2022. We remain encouraged by the underlying trends we are seeing in the business, and our outlook for the year remains unchanged, excluding impacts from FX and M&A.

On a constant currency basis, we expect full year adjusted net revenue before dispositions to be in a range of $8.48 billion to $8.55 billion, reflecting growth of 10% to 11% over 2021. This is consistent with our prior outlook from our May call. Adjusted earnings per share on a constant currency basis are expected to be in a range of $9.53 to $9.75, reflecting growth of 17% to 20% over 2021. This is also consistent with our prior outlook. Also, we are raising our expectations for adjusted operating margin expansion to up to 150 basis points, an increase from the prior outlook of up to 125 basis points.

On a reported basis, we now expect foreign currency to be in excess of an incremental 100 basis point headwind for the remainder of 2022, bringing the total impact to 200 to 250 basis points for the year.

Additionally, we are now reclassifying Netspend's consumer assets as held for sale in light of our decision to sell the business, and therefore removing it from our outlook for the remainder of the year. Also, effective July 1, we have moved Netspend's core B2B assets to our issuer segment as we look to continue to bolster our leading B2B businesses.

In combination with incremental adverse FX headwinds, the reclassification of Netspend's consumer assets to held for sale and the exit of our Russian business, we now expect to report adjusted net revenue in a range of $7.9 billion to $8 billion for calendar 2022. We continue to expect to report adjusted EPS in the range of $9.45 to $9.67 for 2022, which includes an anticipated roughly $0.11 impact from incremental adverse foreign currency exchange rates since May.

We are maintaining the same guidance range relative to our original 2022 outlook as we are absorbing additional currency headwinds and the exit from Russia, albeit, we expect to be toward the lower end for those reasons. This adjusted EPS outlook assumes ongoing pandemic recovery and a stable macroeconomy throughout the remainder of the year.

As our slide presentation today indicates, we expect the acquisition of EVO and the sale of Netspend's consumer assets to help deliver on the goals that we set forth at our September 2021 Investor Conference. We raised our cycle guidance then to double-digit top line growth and high teens to 20% adjusted earnings per share growth.

Upon the closing of these 2 transactions, our merchant business will represent 75% of our company; and Issuer Solutions, inclusive of the Netspend B2B assets, will represent 25%. This intentional mix shift will provide us with enhanced confidence in achieving our raised financial targets over the cycle.

At full run rate synergies from the EVO acquisition, we expect the combined result of the purchase of EVO and the disposition of Netspend's consumer assets to be roughly neutral to adjusted earnings per share. In effect, we have swapped Netspend's consumer assets for EVO, which is consistent with our strategy and core customer focus. And we've done so while concurrently bolstering the growth prospects of our issuer business by retaining Netspend's attractive B2B businesses.

And with that, I'll turn the call back over to Jeff.

Jeffrey Sloan

Thanks, Josh. We effectively previewed the new Global Payments at our investor conference this past September. In those 3-plus hours and 70-plus pages, the 4 key pillars of our go-forward strategy were set forth in detail: Software, owned and partnered; omnichannel dominance; exposure to faster growth markets; and B2B at scale. I think it's clear now with today's announcements why we were desparate then to raise our cycle guidance.

We will have 2 primary businesses going forward, each of which is growing at attractive rates with enhanced margin characteristics. Organic and of course inorganic opportunities in each abound with further runway for ample growth. Upon the closings of these transactions, we expect to derive 3/4 of our adjusted net revenue from merchant and 1/4 from issuer and B2B. We have multiple levers in each segment to continue to gain share over the cycle, a simpler model, more geared toward our corporate customers with enhanced growth, and margin prospects.

In what better way to evidence that confidence in our strategy and the durability of our growth prospects than to have the honor Silver Lake as part of these plans? As we highlighted repeatedly last September, Global Payments is well positioned to maintain and enhance its disruptive path as a partner of choice across our markets. SLP, the most respected global technology investor agrees.


Winnie Smith

Thanks, Jeff. [Operator Instructions]. Thank you. Operator, we will now go to questions.

Question-and-Answer Session


[Operator Instructions]. Your first question comes from the line of Darrin Peller.

Darrin Peller

Congratulations on all these.

Jeffrey Sloan

Thanks, Darrin.

Darrin Peller

Look, I want to start off -- I just want to start strategically. When we think about the combination of the businesses now going forward, and really, much cleaner without the -- without that Netspend side of the business. You historically had been a very software-led strategy, where you would grow with software acquisitions or partnerships. I know EVO has a great track record internationally with different geographies doing JVs. So can you just touch on what you think the focus of the business is going to be going forward now? I mean, is it a little of both? Or do you see more emphasis being on one versus the other in terms of international reach and JVs and really dovetailing on that expertise.

Jeffrey Sloan

Well, Darrin, it's Jeff. I'll start, and I'll ask Cameron to comment, too.

So I would say our outlook on M&A and our pipeline really hasn't changed. We look at, as you said, vertical markets software companies. But we've always looked for new geographies and deeper penetration to existing attractive markets concurrently. So as we said in our prepared remarks, doing that and managing our balance sheet effectively are not mutually exclusive.

The other nice thing about kind of where we are is that we delever fast enough. So if you close early in '23, you're actually back at the same leverage ratio by December '23, that we are sitting here in August of '22. So we have a ton of financial firepower. I'd also add that we'd be buying back stock between now and then, too. So we have plenty of capability and flexibility to affect our strategies.

But no, it doesn't really change our priorities. We'll continue to look at software companies. We'll continue to look at new geographies. We'll continue to look at further penetration of existing geographies. It just so happens that EVO fits the bill on many of the things that I just outlined.

Cameron, do you want to add anything?

Cameron Bready

Yes, Darrin, it's Cameron. I'll just add a few things. One, if you think about EVO through the lens of our strategy, I'd say first and foremost, roughly 40% of the business today is technology-enabled. So very much aligned with our view around driving growth in our business through enablement of technology around the globe, with software as the leader in that overarching strategy, is the first point I would make.

The second is a key element of our strategy is having exposure to faster-growth markets around the world that helped to drive top line rates of growth that are superior but also gives us an opportunity to bring new technologies to those markets to drive, again, even better rates of growth in markets with strong secular growth trend. And clearly, EVO fits the bill from that perspective as well.

And then I would say, third, it does bring us software, particularly in the B2B space, AR automation software and B2B payments capabilities that nicely augment what we already have and allow us to continue to build out a technology-enabled distribution strategy around B2B payments. So it aligns very nicely with the B2C technology-enabled strategy we've been building for many years.

So I think EVO in totality really complements many aspects of our strategy today and aligns very nicely with the business we've been trying to build over the last decade.

Darrin Peller

That's really helpful. Guys, just as my follow-up, I just want to hone in on the B2B strategy now. This obviously does deliver you a lot more assets and connectivity with ERP systems for the B2B. So if you could just characterize what you see as the real differentiating way you're going to go to market from a B2B standpoint, and really, what that can contribute to the business medium to longer term, that would be great.

Jeffrey Sloan

Yes. Darrin, it's Jeff. It's a great question. I'll start and I'll ask Cameron to comment again, too.

So first, let me complement Jim and EVO for building just an absolutely rock-solid and terrific business overall, but specifically in light of your question on B2B business. So we are extremely impressed during our diligence with the team and the culture of EVO, but for these purposes in particular, the B2B assets. So if you back up, Darrin, to MineralTree which we closed last October, we were looking for an accounts receivable software business to complement the MineralTree accounts payable business, which, as I mentioned in my prepared remarks, is running ahead of schedule on breakeven, I think with 30% is what I said, year-over-year in the quarter just ended June. So we couldn't be more pleased with that.

If you think about where we're positioned post-TSYS, now post-MineralTree, post-EVO, so when it ultimately closes, we think we have among the most complete at scale worldwide B2B businesses of anybody out there. But I mean, probably something like $0.667 billion of revenue coming from B2B, and we're doing it profitably with commercial card, virtual card issuance, where TSYS does $50 million of those a year, and I think $30 billion of volume Paycard. And the other thing we said today is we were successful in not just divesting Netspend's consumer assets, but also in retaining Netspend's B2B assets. So Paycard, EWA are parts of those. And those, as I said, effective July 1, we'll have now moved over to issuer -- to the issuer segment.

So I think Jim and EVO really bring us the missing link, as I said, which is we have our own receivables businesses, but we don't have the native integrations in ERP that Jim has so smartly built over the last period of time. And in combination with MineralTree and everything else we have, I really think positions us distinctively.

Cameron Bready

Yes. Darrin, it's Cameron. Maybe just a couple of other tactical points. And I can't really emphasize enough the value proposition associated with the proprietary ERP integrations and how that will accelerate our B2B strategy. We're very successful at selling B2B acceptance today without those integrations. With those integrations and the accompanying AR software, I think our go-to-market strategy around B2B payment acceptance is meaningfully accelerated, and we're very excited about that.

Secondly, and this goes back to a couple of my comments back at the investor conference, when we're able to integrate full AP automation with money in, money out solutions, to Jeff point earlier, we have a comprehensive, complete sort of B2B payment offering we can bring largely to the mid-market and going up to the enterprise market that I don't think anyone else in the industry can really touch. So I think it really does highly complement what it is we're trying to do as a go-to-market strategy from B2B, with the integrations, again, being a key emphasis of the value proposition that EVO brings to Global Payments.


Your next question comes from the line of Bryan Keane.

Bryan Keane

I guess my question is just why now? Obviously, EVO and GPN have been very familiar with each other. Both you guys are in the Atlanta headquarters; and obviously, Jim was a former executive at GPN. So just thinking about the timing of this deal and how it came about. Did GPN approach EVO?

Jeffrey Sloan

Yes, Bryan, it's Jeff. I'll start. So what I would say is obviously a lot more to come from Jim when they file their proxy, so I don't want to jump ahead of that. But I would just say on my side, look, I've been trying. It took me this long to actually get it over the finish line.

As I said in the context of the TSYS merger, Bryan, a number of years ago, I tried that one for 20 years, spanning 2 different careers. So maybe I'm just kind of a laggard at what I do and it takes me a long time to get things over the finish line. But certainly it's not for a lack of effort. Maybe it's for lack of accomplishment.

But listen, we've known, as you've said, the management team and Jim in particular over at EVO. They've obviously been a customer of ours for a long time, have been at Global with myself 12.5 years, and obviously, been a customer that whole duration and still are. So couldn't have a better partner really than those guys and couldn't have a better leadership team than the one Jim has assembled. Then we obviously, as Cameron said, love what he's done with his strategy on the tech-enabled side, and especially, as we just mentioned in response to Darrin's question, the B2B side.

So we've been trying this. It's nice that the stars aligned from Jim's point of view and EVO's point of view and mine and Global's. I would say, as we thought about it, we think that now is a great time to do this, and I'll tell you why.

First, we think that our expectations for what this business is going to do reflect the current macroeconomic and FX environment. That's reflected in the terms that we announced today. At $34 a share, we're paying roughly 10x calendar '23 EBITDA with the synergies fully loaded into it. Prior deals that we've done and other people have done in the marketplace are at 11 and 12x, just by way of comparison.

And look, as a strategic buyer for Jim and for us, a strategic transaction, our synergies don't vary by the macroeconomic climate. We're going to have those synergies kind of in any environment.

So I'm really glad at the end of the day that's something that certainly I at Global have been pursuing for many years, that we were able to bring it to fruition. I would just tell you that the 2 teams have always gelled all together. We've been partners for a very long period of time. We couldn't be more delighted with our ability to announce this today.

Cameron Bready

And Bryan, it's Cameron. I'll just add one other point to that, which is, look, we're about to reach the third anniversary of our merger with TSYS. So the timing is right for us as well. We're ready to take this on as an integration matter. Our teams are excited about the opportunity, particularly what it does to our European business.

Essentially, we'll have roughly $1 billion European business now going forward and obviously the scale and additional capabilities it brings to us in markets like the U.S., Mexico, U.K., where we also have large businesses today. I think the team is delighted to have the opportunity.

So the timing works for us well as an execution matter.

Bryan Keane

No, it's an exciting combination. Let me just ask one quick follow-up on the results. On Merchant Solutions, I noticed point-of-sale software growth up 40% year-over-year. Can you talk a little bit about the competitive landscape there? And if you guys are gaining share there? Because sometimes, I don't know if that business gets highlighted enough, that you guys seem to be doing quite well in the point-of-sale software.

Cameron Bready

Yes, Bryan, it's Cameron. I'll maybe start and ask Jeff to chime in, if he'd like to add anything else.

I think we have very competitive market-leading offerings in the POS software space. We're really delighted with the progress we've made in that business. That 40% growth rate in the quarter is probably off of 50% to 60% last year. So we continue to scale that business nicely with our full suite of kind of retail and restaurant POS capabilities that stem from, again, all the way down to the very small end of the market, up to the higher end of the mid-market, even into the enterprise space, with the capabilities that we have.

We also launched this quarter what we call our retail and restaurants essentials Package, which we're really excited about. Because it basically brings some of the vertical fluency that exists in the upper end of the market that we have with our retail and restaurant product today, down to the lower end of the market. So they get the benefits of verticalization, but a simpler solution that they can grow and scale with over time into our core retail and restaurant offering. And I think that's going to drive even additional tailwinds in our POS business going forward.

So look, we think we're very well positioned in the competitive landscape. Obviously, it's a landscape that has a lot of intense competitors and quality products that we have to business on ourselves against. But I think our distribution capabilities, the scale we have in the business, the feature functionality we're able to bring to retail and restaurant customers, coupled with the service offerings that we have, I think, really positions us well to continue to grow nicely in that space. And it will be a tailwind for the overall business going forward.

And the last thing I would say is somewhat unique about us is our ability to bring those capabilities to markets outside of the U.S. I talked about that in my prepared remarks, but we're bringing a lot of our POS software solutions into Canada, the U.K., Central Europe, Spain. And we'll look to do that further in EVO markets as well, driving further distinction and differentiation in those international markets, again, creating more tailwinds for growth in our overall POS opportunities.


Your next question comes from the line of Dave Koning.

David Koning

Congrats. And maybe a couple...

Jeffrey Sloan

Thanks, Dave.

David Koning

Yes, you're welcome. So I guess a couple of numbers questions. First of all, is the $125 million of synergies, does that all fall to the EBIT line? And maybe talk to what revenue and expense synergies kind of are in there.

Cameron Bready

Yes, Dave, it's Cameron. I'll start there and I'll ask Josh to jump in as well with any other comments he'd like to add. So I would say, first and foremost, yes. We talked about the EBITDA synergies being $125 million, that will flow through to EBIT. There's no sort of cute games being played around D&A. Those are all EBIT savings as well as EBITDA savings for the business.

Look, there's a lot of opportunities on the revenue side. I talked about this extensively in the script. I think overlaying our vast distribution capabilities with EVO's business is very attractive. The ability to bring our commerce enablement solution, vertical market software, POS capabilities into EVO's existing base of customers, I think, is very attractive. Cross-selling UCP to EVO's enterprise customers for multinational acquiring, I think, is an attractive opportunity. And of course, EVO's B2B solutions and what that does to our own B2B strategy and go-to-market positioning is incredibly attractive as a revenue growth matter.

And then of course, there's a significant amount of overlap in our businesses. So when we look at an opportunity like EVO, there is obviously synergy opportunities and aligning go-to-market strategies in harmonizing our sales and distribution platforms. Clearly, technology will be a significant source of synergy benefits as we put the 2 businesses together. The operating environments, the customer service environments, the ability to leverage our captive offshore in the Philippines and some of what we've been able to do from a servicing perspective to gain scale, I think all of that drives a significant amount of synergy opportunity in the deal. I would say that it levels are -- at or more attractive even than we've seen in the Heartland transaction and the TSYS transaction historically.

So we feel very good about the number and have a lot of confidence in our ability to deliver it over the 2-year time horizon we outlined in the call earlier today, and are anxious to get started.

David Koning

And then just a second one on numbers. It looked to us like both revenue and EPS guidance were raised a bit. And I think that seems like it still has to include the Netspend numbers in it. I know you said discontinued ops, but does the guidance still include Netspend for the rest of this year?

Joshua Whipple

Yes. So what I would say, look, on a constant currency basis, our guide hasn't changed. Our expected growth is still 10% to 11%, which is consistent with our prior outlook. We expect full year adjusted net revenue before dispositions to be $8.48 billion to $8.55 billion, which I commented on in my prepared remarks. After removing the Russia merchant business as well as the second half figures for B and C consumer, we estimate that constant currency revenue would be approximately $8.08 billion to $8.15 billion. And then further, if we adjust to include 200 to 250 basis points of FX headwind for the year, we expect reported revenue to be in the range of $7.9 billion to $8 billion for calendar year 2022, which I mentioned in my prepared remarks, that you can see in our Schedule 10 of our press release.

Jeffrey Sloan

Yes. Dave, it's Jeff. I would just add, our reported earnings that we expect to report, we essentially kept the original range, to be honest. Although we stressed we probably would be toward the lower end in light of the things that Josh mentioned.

But the way to think about it, Dave, I think, is I think you're right from an earnings point of view because we're getting to the original range that we guided to in February, Dave. And we're absorbing just another $0.11 just from May to today, and it was probably another $0.05 or $0.10 or whatever the math was in the first quarter, Dave.

So I would say the way I look at it on earnings in particular, is what you said, which is we're taking actions, which is why, Dave, the margin is up. So we've raised for the second quarter in a row, our margin expectations. So Josh laid out the revenue formulation. But certainly from a reported earnings formulation, Dave, we're essentially absorbing all the FX, we're absorbing Russia, and yet we're still in the same range from February. I can tell you, as a management team, Dave, I view that as raising it. But you can have your own conclusion.

David Koning

Yes, sounds great.


Your next question comes from the line of Ramsey El-Assal.

Ramsey El-Assal

I had a question on the merchant segment. Margins outperformed our model quite a bit, and yields did as well. Maybe you could take both of those things and sequence and talk about the drivers of margin expansion in the quarter, the sustainability of those drivers as well as what we should expect for yields as we move through the back half of the year.

Cameron Bready

Ramsey, it's Cameron. I'll start and ask Jeff or Josh to jump in with any other additional commentary. So I would say a couple of things on the margin front. Obviously, I think it reflects continued very strong execution of the business. I'm really proud of our teams around the globe. We've been able to continue to drive, I think, higher levels of incremental margin in the business, which has created an overall tailwind, I think, for margin expansion.

I think the second thing we've seen is recovery in markets that have slightly lower margin profiles. That have been a nice tailwind to margin expansion as well. Asia Pacific is a good example of that. It grew double digits on a constant currency basis again this quarter. Obviously, the Asia Pacific region continues to struggle with COVID, but we do see some tailwinds to growth there, which I think creates some overall tailwinds to growth in margin overall.

And I would say, lastly, to your question around yields, I think it continues to be a bit of a mix conversation. As our vertical market businesses continue to recover, you'll see that the yield has drifted up a little bit. That's what we forecasted previously. And I think we commented on the fact that we would anticipate that having -- as we work through 2022.

So I think if you look at the business today, excluding Russia, we grew top line. On constant currency basis, about 15%, volume grew about 15%. So that delta between revenue growth and volume was really negligible, showing kind of a better yield environment. Some of that due to overall mix in the business, some of it due to vertical markets recovering or continuing to recover to some degree as well.

Ramsey El-Assal

Got it. Super helpful. And a follow-up for me. Can you comment on what you're seeing sort of most recently in your kind of quarter-to-date volumes? And just also deliver us your thoughts on the potential for recessionary impact on numbers? Are you seeing any signs of consumer spending weakening in what you're seeing in your own book? Or what is your view there?

Cameron Bready

Sure, Ramsey, I'll start. Again, it's Cameron. I think July continues to trend in line with our expectations. Relatively consistent, I would say, with what we've seen in June and May sort of time frames.

I think the consumer continues to be in a relatively healthy place. Like you, and I'm sure everyone else on the phone, we watch that very, very closely. But we continue to see, I'd say, good volume trends in the business, very stable, very consistent with what we'd expect. No real sign, sitting here today, of any material weakness kind of on the consumer front.

I think we're still in this period. Obviously, there's a lot of activity during the summer months. I think there's been a lot of pent-up demand for consumers to get out and about and engage more in experiences and maybe less so in goods. And we'll see how that trends kind of through the balance of the year, given the overall macro environment we're operating in. But I think we continue to be relatively, I'd say, comfortable with how we see volumes progressing through July relative to our expectations.

Jeffrey Sloan

Yes. Ramsey, it's Jeff. I'd say the same thing is true on the issuing side. We continue to see really strong volumes in issuing in July. We see really good commercial card. I think we actually disclosed in the slide, 35% commercial card growth in the second quarter. And look, for those of us -- and I would say those trends and expectations are very similar to what you heard out of Visa, Mastercard, Fiserv last week. So really pleased with where we are.

I've been on the road the last kind of couple of months in the U.S., in Canada, in the U.K. twice by the way, and in Continental Europe. And let's be honest, the airports, the restaurants, the hotels, the streets are packed. So you don't need me to tell you that things are in a healthy place.


Your next question comes from the line of Robert Napoli.

Robert Napoli

Congratulations on the acquisition of EVO. You've got a good asset, and back together with Jim there, Jeff. Good to see.

Just on MineralTree, I guess maybe a follow-up on the B2B business. You called out 30% growth on MineralTree and now that you have the AR assets as well. First of all, is that 30% organic? And what are you seeing -- or have you been able to cross-sell MineralTree into your commercial card customer base?

Jeffrey Sloan

Yes, Bob, it's Jeff. I'll start. It's a great question. So yes, the 30% in MineralTree is comparable year-over-year. So that's an organic revenue comparison. As I mentioned in my prepared remarks, it's also now at EBITDA breakeven, which we've been able to grow the revenue substantially while significantly improving the profitability.

So no surprise to you, on your second question, that one of our targets is a revenue synergy matter. When we did MineralTree, it was to cross-sell that into what's now post-EVO, 1,500 FIs. But for EVO, it's like 1,300 or whatever, 1,350, whatever the math is today. The pipeline is very deep there. We're very pleased about how the business is executing. We actually brought someone in at the end of June, to whom MineralTree now reports, who's running all of our issuer B2B functionality. He's terrific and is off to a great start.

I'd also say there's a ton of overlap, not just in the FI base but in the merchant base with Cameron's businesses. So no surprise, Bob, that we've been cross-selling into things like the enterprise QSR space. You would imagine that Burger King and those types of folks actually procure on. You would think about AdvancedMD, for example, in health care. You think about TouchNet in the higher ed and university. Those are all really good targets for cross-selling. So we're very excited about the revenue opportunities in that business.

Cameron, you want to add anything?

Cameron Bready

No, I think that covered it well. The only other comment I would add is, just like we see meaningful opportunities in some of our own software businesses, we see a lot of opportunities with our partners as well, sort of working to integrate MineralTree into their existing software suite of solutions across the 6,000 ISV partners that we work with today.

So meaningful cross-sell opportunities. I think when we can marry that with AR software as well, that's going to open up even more doors for us and provide more opportunities to drive faster rates of growth across the entire B2B channel.

Robert Napoli

And then the follow-up just on the operating margin expansion, much better than your guidance, than what we had expected in an inflationary environment where it should be tougher to do that. What -- I know you just called out, Jeff, great execution. But can we maybe get a little more color on how you've been able to expand margins in this environment?

Jeffrey Sloan

Yes, Bob, it's a great question. So I would say, in our business, most things are derivatives of revenue growth. So if you look at what we report and what Josh said this morning, if you're growing like-for-like revenue, where I think ex Netspend, is something like 11% constant currency revenue growth, ex Netspend, a lot of that is going to fall to the bottom line because our business is all about how we generate incremental rates of revenue growth. So it's not surprising to me that we outperformed, we've got double-digit kind of core revenue growth.

The second thing I would say, and Cameron touched on this a minute ago, is our vertical market software businesses. So for a lot of the pandemic, we were kind of coming into a recovery in those businesses. As we alluded to in our November 1st call last year, and obviously our February call, Bob, of this year, those have now returned to comparative growth. So there are tailwind in the merchant segment that Cameron just mentioned, not a headwind. Not surprisingly, Bob, software businesses come in at a high margin.

So our ability to really capitalize on the rates of rebound, I think it was something like 20% or thereabout growth in the second quarter for our vertical market software business in aggregate. Well, you talk about rule of kind of 40 in software, we're probably rule of 50, and in some cases, rule of 60. So not surprising, a lot of that stuff is going to drop to the bottom line.

Cameron Bready

Yes, Bob. And it's Cameron. The only thing I would add to that is that we've always been highly, highly focused on profitable growth in our business. We don't deliver our solutions away for nothing. We believe in the value proposition that we deliver to our customers. More and more, we're leading with technology, obviously, which drives higher margins in the business and better outcomes. And I think there's really no better representation of that between the alignment in volume growth we see in the business and top line revenue growth. Obviously, we continue to focus very heavily on driving profitable growth in the business, and margin expansion is one of the core elements that we're highlighting as a management team.


Your next question comes from the line of Jamie Friedman.

James Friedman

Congratulations on the numbers and the transactions. I wanted to ask you...

Jeffrey Sloan

Thanks, Jamie.

James Friedman

Yes, makes a lot of sense. I wanted to ask about Netspend's B2B exposure. Jeff, you mentioned in your prepared remarks about Paycard. But can you remind us what that does and roughly the size of it, if you have it?

Jeffrey Sloan

Yes, of course, Jamie. So we actually -- I think Paul said this at the time we announced in February, our strategic review. But it's about $100 million, $110 million of revenue. In fact, in the schedules we produced today, I'm going to say it's Schedule 2, we actually gave supplemental kind of pro formas as to what it would look like. And you also see that throughout. So you actually see what issuer with Paycard and B2B from Netspend in it looks like, and you see what we're selling without it in there.

So -- but I'll just quote you from memory, having looked at those schedules quite a bit, is it's something like $100 million, $110 million Jamie, of yearly revenue in that business. It's mostly Paycard, but there's also earn wage access and some banking as a service businesses in that business, too.

And I think as I said in the prepared remarks, it grew mid-teens on a normalized basis in the second quarter. The reason I say normalized is you had some like stimulus effects kind of last year, Jamie. So you have a little bit of, in the second quarter, there were still stimulus coming from the federal government.

But mid-teens is what it's grown at. And it's a natural corollary to the assets that we have in issuer B2B, which is to say, virtual card, commercial card, the assets we have in Cameron's business in merchant, in Heartland with payroll. So it's a very nice corollary to those businesses.

James Friedman

Got it. And then my second one was about issuer. Nice acceleration here. Just wondering what -- and what's contemplated for the rest of the year in issuer, if you could get us oriented with that.

Jeffrey Sloan

Yes. It's Jeff. I'll start, and then I'll turn it over to Josh. So as I said in my prepared remarks, Jamie, right on track with what we expected. Ex-MineralTree, it was 4% constant currency growth, which is what we're tracking. Obviously, with MineralTree, we printed 6%. So super happy about where it came out.

We think we're on a really good track there. As I said last quarter, we have a record pipeline, accounts on file and transactions and commercial all accelerated in the second quarter. And based on what we said about volumes and everything else, I think you're going to see that in the third quarter, too, relative to the second quarter.

Josh, want to deliver a little more color on the rest of the year?

Joshua Whipple

Yes. Sure, Jamie. So I think if you think -- if you go back to the first quarter, ex-MineralTree, we saw margins expand 50 basis points. And then for the second quarter, we also saw margins expand 60 basis points ex MineralTree. And for the back half of the year, we're expecting to see further margin expansion, strong operating leverage, expense management. So we see that accelerating.

And then I think it goes back to Jeff's comment around operating leverage. We've seen a nice -- very strong trend from the first quarter to the second quarter from a revenue perspective, and we expect that to go ahead and continue into the third and fourth quarter, which will also contribute to margin.

Jeffrey Sloan

And Jamie, I would just say in terms of outlook for that business, and I think Josh is exactly right about what we're managing to, most of my trips, especially overseas and outside the U.S. into Canada, into Europe, we're with FIs on the issuing side, Jamie, and also obviously, with some of the fintechs on the AWS side. Look, I would say our strategy there is exactly right, that cloud sells, AWS sells.

We were worried when we first started this, to say, hey, look, what's the path for regulated institutions to move to the cloud? That might have been true 3 years ago when we first started this. I can tell you that's not true now. So now we have a record pipeline. But kind of the shadow pipeline, which is my view as to what the receptivity and where we, are has really never been better. So we're in a fortunate position to have an abundance of opportunities. We obviously need to wrestle those to the ground and bring those to fruition. But I think the future for that business, particularly the B2B assets in it, is really bright.

Well, thanks, Jamie. On behalf of Global Payments, thank you for joining us this morning.


This concludes today's conference call. You may now disconnect.

Sat, 06 Aug 2022 13:43:00 -0500 en text/html
Killexams : Obituaries Newsletter

LOS ANGELES (AP) — Hall of Fame broadcaster Vin Scully, whose dulcet tones provided the soundtrack of summer while entertaining and informing Dodgers fans in Brooklyn and Los Angeles for 67 years, died Tuesday night. He was 94.

Scully died at his home in the Hidden Hills neighborhood of Los Angeles, the team announced after being informed by family members. No cause of death was provided.

“He was the best there ever was,” pitcher Clayton Kershaw said after the Dodgers' game in San Francisco. “Just such a special man. I’m grateful and thankful I got to know him as well as I did.”

As the longest tenured broadcaster with a single team in pro sports history, Scully saw it all and called it all. He began in the 1950s era of Pee Wee Reese and Jackie Robinson, on to the 1960s with Don Drysdale and Sandy Koufax, into the 1970s with Steve Garvey and Don Sutton, and through the 1980s with Orel Hershiser and Fernando Valenzuela. In the 1990s, it was Mike Piazza and Hideo Nomo, followed by Kershaw, Manny Ramirez and Yasiel Puig in the 21st century.

“You gave me my Wild Horse name. You gave me love. You hugged me like a father,” tweeted Puig, the talented Cuban-born outfielder who burned brightly upon his Dodgers debut in 2013. “I will never forget you, my heart is broken.”

The Dodgers changed players, managers, executives, owners — and even coasts — but Scully and his soothing, insightful style remained a constant for the fans.

He opened broadcasts with the familiar greeting, “Hi, everybody, and a very pleasant good evening to you wherever you may be.”

Ever gracious both in person and on the air, Scully considered himself merely a conduit between the game and the fans.

“His voice played a memorable role in some of the greatest moments in the history of our sport," Major League Baseball Commissioner Rob Manfred said. "I am proud that Vin was synonymous with baseball because he embodied the very best of our national pastime.”

After the Dodgers' 9-5 win, the Giants posted a Scully tribute on the videoboard.

"There’s not a better storyteller and I think everyone considers him family,” Dodgers manager Dave Roberts said. “He was in our living rooms for many generations. He lived a fantastic life, a legacy that will live on forever.”

Although he was paid by the Dodgers, Scully was unafraid to criticize a bad play or a manager’s decision, or praise an opponent while spinning stories against a backdrop of routine plays and noteworthy achievements. He always said he wanted to see things with his eyes, not his heart.

“We have lost an icon," team president and CEO Stan Kasten said. "His voice will always be heard and etched in all of our minds forever.”

Vincent Edward Scully was born Nov. 29, 1927, in the Bronx. He was the son of a silk salesman who died of pneumonia when Scully was 7. His mother moved the family to Brooklyn, where the red-haired, blue-eyed Scully grew up playing stickball in the streets.

As a child, Scully would grab a pillow, put it under the family’s four-legged radio and lay his head directly under the speaker to hear whatever college football game was on the air. With a snack of saltine crackers and a glass of milk nearby, the boy was transfixed by the crowd’s roar that raised goosebumps. He thought he’d like to call the action himself.

Scully, who played outfield for two years on the Fordham University baseball team, began his career by working baseball, football and basketball games for the university’s radio station.

At age 22, he was hired by a CBS radio affiliate in Washington, D.C.

He soon joined Hall of Famer Red Barber and Connie Desmond in the Brooklyn Dodgers’ radio and television booths. In 1953, at age 25, Scully became the youngest person to broadcast a World Series game, a mark that still stands.

He moved west with the Dodgers in 1958. Scully called three perfect games — Don Larsen in the 1956 World Series, Sandy Koufax in 1965 and Dennis Martinez in 1991 — and 18 no-hitters.

He also was on the air when Don Drysdale set his scoreless innings streak of 58 2/3 innings in 1968 and again when Hershiser broke the record with 59 consecutive scoreless innings 20 years later.

When Hank Aaron hit his 715th home run to break Babe Ruth’s record in 1974, it was against the Dodgers and, of course, Scully called it.

“A Black man is getting a standing ovation in the Deep South for breaking a record of an all-time baseball idol,” Scully told listeners. “What a marvelous moment for baseball.”

Scully credited the birth of the transistor radio as “the greatest single break” of his career. Fans had trouble recognizing the lesser players during the Dodgers’ first four years in the vast Los Angeles Memorial Coliseum.

“They were 70 or so odd rows away from the action,” he said in 2016. “They brought the radio to find out about all the other players and to see what they were trying to see down on the field.”

That habit carried over when the team moved to Dodger Stadium in 1962. Fans held radios to their ears, and those not present listened from home or the car, allowing Scully to connect generations of families with his words.

He often said it was best to describe a big play quickly and then be quiet so fans could listen to the pandemonium. After Koufax’s perfect game in 1965, Scully went silent for 38 seconds before talking again. He was similarly silent for a time after Kirk Gibson’s pinch-hit home run to win Game 1 of the 1988 World Series.

He was inducted into the Baseball Hall of Fame in 1982, received a star on the Hollywood Walk of Fame that year and had the stadium’s press box named for him in 2001. The street leading to Dodger Stadium’s main gate was named in his honor in 2016.

That same year he received the Presidential Medal of Freedom from President Barack Obama.

“God has been so good to me to allow me to do what I’m doing,” Scully, a devout Catholic who attended Mass on Sundays before heading to the ballpark, said before retiring. “A childhood dream that came to pass and then giving me 67 years to enjoy every minute of it. That’s a pretty large thanksgiving day for me.”

In addition to being the voice of the Dodgers, Scully called play-by-play for NFL games and PGA Tour events as well as calling 25 World Series and 12 All-Star Games. He was NBC’s lead baseball announcer from 1983-89.

While being one of the most widely heard broadcasters in the nation, Scully was an intensely private man. Once the baseball season ended, he would disappear. He rarely did personal appearances or sports talk shows. He preferred spending time with his family.

In 1972, his first wife, Joan, died of an accidental overdose of medicine. He was left with three young children. Two years later, he met the woman who would become his second wife, Sandra, a secretary for the NFL’s Los Angeles Rams. She had two young children from a previous marriage, and they combined their families into what Scully once called “my own Brady Bunch.”

He said he realized time was the most precious thing in the world and that he wanted to use his time to spend with his loved ones. In the early 1960s, Scully quit smoking with the help of his family. In the shirt pocket where he kept a pack of cigarettes, Scully stuck a family photo. Whenever he felt like he needed a smoke, he pulled out the photo to remind him why he quit. Eight months later, Scully never smoked again.

After retiring in 2016, Scully made just a handful of appearances at Dodger Stadium and his sweet voice was heard narrating an occasional video played during games. Mostly, he was content to stay close to home.

“I just want to be remembered as a good man, an honest man, and one who lived up to his own beliefs,” he said in 2016.

In 2020, Scully auctioned off years of his personal memorabilia, which raised over $2 million. A portion of it was donated to UCLA for ALS research.

He was preceded in death by his second wife, Sandra. She died of complications of ALS at age 76 in 2021. The couple, who were married 47 years, had daughter Catherine together.

Scully’s other children are Kelly, Erin, Todd and Kevin. A son, Michael, died in a helicopter crash in 1994.

Former Associated Press staffer Stan Miller contributed biographical information to this report.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

Tue, 02 Aug 2022 15:46:00 -0500 en text/html
Killexams : Decentralized Oracle Empiric Network Launches With $7M Funding Round

Empiric Network, a new decentralized blockchain oracle on StarkNet, has raised $7 million in a funding round led by Variant. The funding will largely go toward hiring, Empiric co-founder Karl Oskar Schulz told CoinDesk in an interview.

Other participants in the round included data partners Alameda, CMT, Flow Traders, Gemini and Jane Street plus ecosystem partners StarkWare and Polygon co-founder Sandeep Nailwal, among others.

StarkNet, a zero knowledge (ZK) rollup product addressing scalability issues for the Ethereum blockchain, was created by StarkWare, which reached an $8 billion valuation following a $100 million funding round in May. Empiric Network, co-founded by Schulz and Jonas Nelle, was developed in a strategic partnership with StarkWare.

Decentralized oracle

A blockchain oracle connects smart contracts with the outside world to retrieve or send out information. Traditional oracles are centralized, meaning off-chain nodes go out and find data from multiple undisclosed sources and aggregate that data off of the blockchain. The result of the data, such as a cryptocurrency price or the readout of a sensor, is the only publicly visible item.

The lack of transparent data has raised concerns about centralized oracles, however. For example, errors with two data sources last September led to the Pyth Network oracle incorrectly reporting that bitcoin had crashed to $5,402.

“[Centralized oracles] you can kind of see, like Bank of America lending and borrowing. It works. You can trust it,” said Schulz. “But it’s not like Aave and Compound where the entire contract is on-chain. You can audit it.”

Empiric Network wanted to go to the underlying sources of decentralized data: cryptocurrency exchanges and large market makers. The startup signed partnerships with some of the biggest names in the industry – many of them investors in the current funding round – to bring their proprietary data on-chain.

StarkNet advantage

The centralized oracle structure was more practical from a technological standpoint, avoiding the high gas, or transaction, fees and slow throughput of the main blockchain. StarkWare’s creation of StarkNet provided lower fees, improved transaction speeds and the ability to perform on-chain computations.

On-chain computations open the path to move decentralized finance (DeFi) metrics beyond price feeds and toward the types of data valued in traditional finance, such as risk, volatility and yield metrics.

“Let’s deliver DeFi the data it needs to really mature and become better. And that’s computational data,” said Schulz.

Read More: StarkWare Confirms Long-Rumored StarkNet Token

Fri, 15 Jul 2022 06:22:00 -0500 en-US text/html
Killexams : BigCommerce Holdings, Inc. (BIGC) CEO Brent Bellm on Q2 2022 Results - Earnings Call Transcript

BigCommerce Holdings, Inc. (NASDAQ:BIGC) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET

Company Participants

Daniel Lentz - Head of IR

Brent Bellm - President, CEO & Chairman

Robert Alvarez - CFO

Conference Call Participants

Gabriela Borges - Goldman Sachs

Clarke Jeffries - Piper Sandler

Daniel Reagan - Canaccord Genuity

Koji Ikeda - Bank of America

Samad Samana - Jefferies

Matt Pfau - William Blair.

Brian Peterson - Raymond James


Ladies and gentlemen, thank you for standing by, and welcome to BigCommerce Second Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. Please be advised that today’s conference is being recorded.

I'd now like to turn the conference over to your first speaker today, Daniel Lentz, Head of Investor Relations. You may begin Sir.

Daniel Lentz

Good afternoon, and welcome to BigCommerce's second quarter 2022 earnings call. We will be discussing the results announced in our press release issued after today's market close. With me are BigCommerce's President, CEO and Chairman, Brent Bellm; and CFO, Robert Alvarez.

Today's call will contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning financial and business trends, our expected future business and financial performance and financial condition and our guidance for the third quarter of 2022 and the full year 2022.

These statements can be identified by words such as expect, anticipate, intend, plan, believe, seek, will or similar words. These statements reflect our views as of today only and should not be relied upon as representing our views at any subsequent date, and we do not undertake any duty to update these statements.

Forward-looking statements, by their nature, address matters that are subject to risks and uncertainties that could cause actual results to differ materially from expectations. For a discussion of the material risks and other important factors that could affect our actual results, please refer to the risks and other disclosures contained in our filings with the Securities and Exchange Commission.

During the call, we will also discuss certain non-GAAP financial measures, which are not prepared in accordance with Generally Accepted Accounting Principles. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures as well as how we define these metrics and other metrics is included in our earnings press release, which has been furnished to the SEC and is also available on our website at

With that, let me turn the call over to Brent.

Brent Bellm

Thanks, Daniel, and thanks, everyone, for joining us. On today's call RA and I will review our second quarter results and discuss our priorities and approach to managing through the current conditions of market turbulence. RA will also provide detail concerning our view on the back half of the year in his discussion on updated guidance.

First and foremost, I'm pleased to share the second quarter was one of the best in our history, a result that encourages us given the macroeconomic climate. Our team continues to deliver on our mission to be the leading open SaaS eCommerce provider, empowering B2C and B2B merchants around the globe. Let's discuss the details.

In Q2, total revenue grew to $68.2 million up 39% year-over-year. This was our 10th consecutive quarter of posting 30% or higher revenue growth, which was bolstered by strong results from the Feedonomics acquisition in Q3 of 2021.

Our non-GAAP operating loss was $13.7 million, which was also ahead of our guidance last quarter. We concluded Q2 with an annual revenue run rate or ARR of $296 million up 41% from last year that represents a sequential growth in ARR of $15.5 million. This increase was driven by our continued success in the enterprise segment. Enterprise account ARR was $206.6 million up 68% year-over-year. That marks our 15th consecutive quarter of 40% or higher enterprise ARR growth.

Q2 delivered the largest sequential growth in ARR in our history, excluding the quarter of the Feedonomics acquisition. It was better even than during the height of the pandemic when we saw strong transaction driven tailwinds to partner revenue, subscription upgrades and enterprise plan order adjustment. As I said, our strongest growth is coming from the enterprise segment, which now represents 70% of our total company ARR compared to 52% just before our IPO only two years ago.

I am often asked about my views on our current progress and where I feel this business can be in three to five years. I am also asked how we need to operate in a challenging climate to deliver sustainably high revenue growth while hitting our commitments to investors about spending and profitability.

What I want to emphasize from the start is this. Our underlying business momentum is strong. We are winning bigger, more complex merchants every quarter. We are delivering a product roadmap we believe is best in class and industry analysts and merchants are recognizing our emerging enterprise leadership. I have never been more confident about the prospects of this business than I am now.

Over the last few years, you have heard me talk often about our upmarket journey from serving SMB to mid-market and enterprise merchants. I've given updates on our steps to develop new products and add APIs and GraphQL capabilities as part of our differentiated open SaaS approach.

With the launch of our multi-store front functionality to all enterprise merchants in the second quarter, we now offer the key functionality and flexibility that the world's most sophisticated merchants need to be successful. We have crossed a transformational line in our journey as a company to become the world's most modern enterprise eCommerce platform.

We at BigCommerce are not the only one saying this. Forrester, a leading global market research company named us a strong performer and placed us closest to the leader designation of our relevant competitive set. For B2B eCommerce, Forrester rated us the third highest in terms of the strength of our current B2B offering. Meanwhile, [indiscernible] in Europe named us the top enterprise B2C platform. And we won 2022 Australian Solution Provider of the Year from retail global's vendors and partnership.

Just last week, we received high honors as a top solution in paradigms B2B combine for both mid-market and enterprise receiving 22 out of a possible 24 total medals. We earned six more medals in last year, and that marks the third consecutive year we improved our B2B ranking with Paradigm.

On the three continents that comprise our top markets, the experts are ranking us at the top of their platform evaluations. Now that we are officially launched in Mexico and South America, we look forward to competing in those markets as well.

While there is no doubt macroeconomic challenges are facing our industry and global markets more broadly, we believe we are still at the front end of a long term upward curve. IDCs most accurate forecast, estimated $8 billion in worldwide digital commerce application revenue this year. That has projected to decline to $12 billion in 2025 and the good news for us is that spending for on-premise applications is projected to decline whereas spending on SaaS solutions like ours is projected to grow at 20.8% CAGR. New enterprise store acquisition drives our growth, and we continue to see strong demand.

With our accurate acquisitions of long-time technology partners, Bundle B2B and B2B Ninja, BigCommerce has expanded its native B2B eCommerce functionality to provide a dynamic platform for all B2B merchants that is easier to use, faster than legacy B2B solutions and more flexible and powerful than other SaaS platforms at a time when B2B eCommerce is growing faster than B2C.

In Q2, our international expansion efforts made further progress. Adding to our operations in the, our international expansion efforts made further progress adding to our operations in the largest Western European economies. We launched our formal presence in the Nordic countries of Denmark, Sweden and Norway, and further expanded into the dock region with the addition of Austria. We built on our accurate launch in Mexico with expansion to Peru, our first country in South America.

In the coming months we'll launch in additional Latin American countries. We're supporting new languages, adding new geographies and integrating new payment methods for local markets. We're in the early innings of global expansion and our growth rates in EMEA, APAC, and non-US Americas deliver us confidence that expansion will pay off in the near and long term.

We continue to add new enterprise merchants to our platform in the second quarter. Mountain Equipment Company, Canada's largest provider of outdoor gear, launched its headless integration using BigCommerce checkout support storefronts in English and French. Well Pharmacy, one of the UK's largest pharmacies is now selling over the counter and prescription medications on its BigCommerce store, leveraging our open SaaS and headless capabilities.

Australian Motorcycle Helmet brand foresight helmets is leveraging headless to create its beautifully designed storefront. Lifetime Brands, a leading global designer, developer and marketer of a wide range of household products from KitchenAid, Farberware and other brands, launched a new store using B2B addition.

Tile Warehouse, a subsidiary of major UK tile brand Topps Tiles, launched a pop-up storefront to sell clearance tiles directly to consumers, leveraging a fulfillment partner to pull through real-time inventories and providing custom URLs for product categories and attributes. Finally Zumnorde, the popular German shoe retailer, turned to BigCommerce to internationalize and relaunch its web shop on a modern platform that doesn’t require constant upkeep and that can be customized to provide an incredible customer experience.

I'd now like to share some thoughts about the current operating environment, which is challenging for us as it is for others. Although the majority of our subscription-based business is not directly dependent on the GMV trends of our merchant stores, we are impacted in other ways by downturns in eCommerce spend that can be caused by the economy, return to shopping and physical stores and/or other adverse economic changes. Specifically, reduced growth rates in our merchant sales impact our partner and services revenue, balance of subscription upgrades and downgrades, order-based enterprise fees and trendline for customer retention and bad debt.

We try our best to make decisions to balance the achievement of our near-term financial goals with the maximization of our long-term business and shareholder potential. We believe we need to lead with humility, grounding decisions and our understanding of customer and partner needs and our mission to make open SaaS the best solution for the next era of e-commerce. Along the way, we have had to respond to unforeseen challenges and occasionally make new bets on opportunities that earn our conviction.

Halfway into this challenging year, we've managed to achieve our goals so far. Thanks to our management team's collaboration and adjustment we continue to believe that we will achieve the top line and bottom line guidance we set at the beginning of the year, despite the impact current market conditions have on select components of our P&L.

We understand that the market is focused on potential risk areas created by current economic headwinds. Nearly all e-commerce companies have been talking about these risks to their businesses. We too face these risks, but on balance, I believe the strengths of our business model are demonstrated well in this market. And I'd like to dive deeper into why that is.

First 70% of our revenue mix comes from enterprise merchants, which are predominantly established successful businesses from a wide range of categories, geographies, and B2C and B2B use cases. Similarly, but separately, 70% of our revenue comes from recurring subscription revenue, which provides a stable, predictable top line.

The combination of durability from enterprise customers and predictability from subscriptions makes us less vulnerable to short term economic swings then would be a consumption or GMV-based revenue model. Second, the components of our subscription plans that do adjust with GMV tiers or order counts are calculated using a trailing 12 month look back. This has a moderating effect against short term and seasonal fluctuations in consumer spending. Sharp movements upward take time to be fully realized in our pricing and revenue, which we saw during the pandemic, noting that a revenue did not increase as fast as total e-commerce GV did.

On the flip side, sharp short term movements downward are also dampened by our trailing 12 month convention. For us, the most immediate direct impact to our revenue from our customer's GMV fluctuations occurs in partner and service revenue, the biggest component being rev share from our payments partners. We are doing our best to account for eCommerce spending risk in our outlook and RA will speak to that in detail shortly.

Third, nearly all of our direct sales occur in US dollars today. Foreign exchange risk is limited to partner share like in payments that are earned in non-US GMV, essentials plan subscription upgrades prompted by GMV earned in foreign currencies and are non-US operating expenses. These FX sensitivities impact a small percentage of our total revenue and expense base today. We do not believe a strong US dollar is a material risk to us at this time.

Finally, our product is considered mission critical buyer merchants success in eCommerce is imperative to all businesses strategically and financially, especially post COVID. accurate CIO surveys indicate continued robust spending and software, and we offer a material total cost of ownership advantage over legacy enterprise software competitors. As merchant budgets tighten our platform should remain attractive and mission critical for most of our customers.

Shifting gears now to our board of directors, as we announced earlier this week, we've added two fantastic new directors to our board. Sally Gilligan, Chief Growth Transformation Officer of the Gap and Satish Malhotra, Chief Executive Officer of the Container Store. Our goal was to enhance our board with the experience and perspectives of retail veterans. Sally and Satish respectively represent the technical and CEO retail buyer personas to whom we sell while also bringing deep functional expertise to our board governance. We're excited about all they will contribute.

Meanwhile, I want to sincerely thank Steve Murray and Jack McDonald for their years of service on our board. Steve was a partner at the venture firms who led our series C and D rounds and served as our lead independent director. Jack is iPod and ran two successful public software companies and served as a valued mentor to me through our process. They were instrumental in our growth to public company status and were grateful for their leadership and service to BigCommerce.

As I wrap up, I would like to reiterate my belief that our team and business performed very well. This past quarter, we delivered strong results in a challenging operating environment. Investments made across our strategic priorities, continue to deliver customer and business value. We're increasingly viewed as a true leader in the e-commerce industry, and I'm especially grateful for everything our employees and partners have done to earn that during times of dramatic change.

With that, I'll turn it over to RA.

Robert Alvarez

Thanks Brent. And thank you everyone for joining us today. During my prepared remarks. I'll walk through details on our Q2 results. In that discussion, I'll also speak to how some of our metrics are derived so that investors could more easily understand the underlying trends in revenue and bookings. In addition, I'll provide details on how current conditions are impacting the business. Efforts we are taking to optimize our spending. And finally I'll provide greater detail on our guidance on back half revenue and profit assumptions.

We always strive for transparency when discussing our results and outlook. So we want to take extra steps to provide clarity in this current macroeconomic environment. In Q2, total revenue was $68.2 million up 39% year-over-year. Subscription revenue grew 51% year-over-year to $51.3 million, driven by our mix shift to enterprise accounts. Supported by strong results from our Feedonomics acquisition, we have now posted 10 consecutive quarters of 30% or higher total revenue growth and 15 consecutive quarters of 40% or higher enterprise ARR growth.

Partner in Services Revenue or PSR was up 12% year-over-year to $16.9 million. Though platform transaction volumes have largely been in line with the conservative expectations we set at the beginning of the year, we saw slightly lower than expected volumes in GMV in Q2. Overall, we have been encouraged by the durability that we are seeing in transaction volumes thus far in the year, but given the economic climate, we are taking conservative approach to our PSR outlook in the back half of the year. And I'll discuss this in more detail later in the guidance section of my remarks.

Revenue in the Americas was up 41% in the quarter while EMEA revenue grew 42% and APAC revenue was up 18%. Our international progress is strong as we entered five new markets in July, and I'm proud of the traction our teams are delivering overseas. I'll now review our non-GAAP KPIs.

Our ARR agreed to $296 million of 41% year-over-year, driven by continued strength in our enterprise customer base. That represents a sequential growth in total ARR of $15.5 million, which is the highest growth in our company history, excluding the quarter of our acquisition of Feedonomics. In particular, I would draw your attention to the composition of that big sequential growth in ARR.

As a reminder, we calculate ARR at the end of each month, as the sum of two things. First, it includes our end of period, monthly recurring revenue multiplied by 12 to prospectively annualize subscription revenue. We often refer to this as our subscription ARR. Second, we then add the trailing 12 months of PSR. The sum of subscription ARR, and the trailing 12 months of PSR is our total ARR.

When looking for leading indicator trends in net bookings, investors often look to either changes in deferred revenue or remaining performance obligations or RPOs. These metrics are not good indicators of BigCommerce's booking trends because most of our merchants today are billed month-to-month and we also see large multi-year partnership agreements in deferred revenue or RPO that can make period to period comparisons challenging.

Instead, one of the best ways to see the underlying trend in our net bookings is by looking at the quarter-over-quarter sequential change in subscription ARR. That difference is a reasonable indicator of our change in net bookings in the latest quarter. In Q2 subscription ARR increased by $13.7 million, which was 29% higher than our previous record increase in Q4 of 2021 and also higher than any quarter during the height of the COVID 19 pandemic.

What this means is that we posted our highest sequential growth in ARR in our history and that growth was driven by gross new subscription bookings growth in enterprise and omnichannel, even as we are seeing less tailwind to PSR and pricing adjustments due to current macroeconomic conditions. Those conditions are largely outside of our control. But what we have tried to control is winning new deals, launching merchants on time and providing the best level of service for our merchants, which is how we manage to exceed our gross new targets and set an ARR record even the midst of this type of economic uncertainty.

At the end of Q2, we reported 5,418 enterprise accounts, up 1,503 accounts or 38% year-over-year, including Feedonomics. ARPA or average revenue per account for enterprise accounts was $38,133 up 22% year-over-year. Now that our enterprise accounts represent 70% of our total ARR, we will continue to share details and accounts with greater than $2,000 in annual contract value or ACV in our quarterly filings through the end of the year, but we will not review them in our earnings calls.

I'll now shift to the expense portion of the income statement. As a reminder, unless otherwise stated, all references to our expenses, operating results and per share amounts are on a non-GAAP basis. Q2 gross margin was 77% up 131 basis points from the previous quarter. Meanwhile, we reported gross profit of $52.3 million up 33% over the prior year. In Q2, sales and marketing expenses totaled $31.2 million up 56% year-over-year. This spending represents 46% of revenue up 481 basis points compared to last year. This increase was driven by additional head count, particularly due to investments in international expansion and enterprise.

Research and development expenses were $19.4 million or 28% of revenue, up 144 basis points from a year ago, driven by additional hiring to support our investments in our key strategic initiatives. Finally, general and administrative expenses were $15.5 million or 23% of revenue up from 21% of revenue a year ago. We expect to see growing operating leverage from G&A as we moderate hiring and other expenses in the coming quarters.

In Q2, we reported a non-GAAP operating loss of $13.7 million, a negative 20.1% operating margin. This compares with negative $4.2 million or a negative 8.6% operating margin in Q2 2021. Adjusted EBITDA was negative $13.2 million a negative 19.3% adjusted EBITDA margin compared to negative 7.1% in Q2 of 2021. Non-GAAP net loss for Q2 was negative $14.1 million or negative $0.19 per share compared to negative $4.2 million or negative $0.06 per share last year.

We ended Q2 with $360 million in cash, cash equivalents, restricted cash and marketable securities. Year-to-date, operating cash flow was negative $35.9 million declining from negative $17.4 million a year ago. We reported free cash flow of negative $39.3 million or a negative 29% free cash flow margin. This compares to negative $19.1 million and a negative 20% free cash flow margin in Q2 2021.

As we discussed in our accurate Investor Day, we are committed to reaching breakeven by mid-2024 and continue our path to Rule of 40. Again, 70% of our revenue mix comes from enterprise merchants and separately 70% of our revenue also comes from consistent recurring subscription revenue. More than 60% of our total cost sits in staffing, which allows us to moderate spending where necessary by controlling our pace of hiring and thereby generate improvements to operating leverage behind our durable recurring revenue stream. This is a strong growing enterprise business and we are confident we can grow profitably behind our strong merchant base and healthy unit economics.

I'd now like to review some measures that we are taking to optimize and prioritize spending. First, we are prioritizing high ROI investments in the enterprise segment and focusing on the key strategic initiatives, we believe will increase our leadership position over time.

Over the past four years, we have seen an average LTV DAC ratio of eight to one for our enterprise business compared to two to one for our non-enterprise business. We have shifted dollars from non-enterprise marketing activities to prioritize enterprise. And we also rolled back Fremont promotions on non-enterprise plans during Q2 as well.

Consequently, we are seeing fewer new small business signups, but we are seeing improved cohort health and retention, higher revenue and improved profitability. Second, we have materially slowed down our pace of hiring. We exceeded our hiring expectations over the last nine months, even in the midst of a competitive hiring landscape. And we have brought on key roles needed for our investment plans in omnichannel international expansion, B2B headless, and largest enterprise.

We are confident we can continue our momentum and capitalize on the benefits of the significant investments we have made in our employees. Even as we moderate our pace of hiring, we estimate that this will generate an exit rate savings of six to 8 million heading into next year. I am confident that this and many other cost savings initiatives currently underway will keep us on pace to meet the timeline to profitability that I affirm previously over the course of the last six months, I've also received many questions about how inflation is affecting our business.

And I'd say we are seeing its effect most directly in labor costs. Thus far, we are taking necessary steps to offset this through tight budgeting, geographically, diverse hiring, and other cost savings initiatives. We are also managing pricing closely to ensure that we are seeing the full benefit of the value we provide our merchants. We will continue to take actions as necessary to manage and offset cost pressure in the coming quarters to deliver break even by mid 2024.

In conclusion, let's shift to our guidance and outlook for next quarter in the full year 2022 for the third quarter, we expect total revenue in the range of $68.3 million to $71.2 million implying year-over-year CAR over year organic growth rate of 15% to 20% with Feedonomics now in the 2021 base for Q3. Our non-GAAP operating loss is expected to be $14.4 million to $16.4 million for the full year 2022.

We expect total revenue between 277 million to $282.9 million translating to a year over year growth rate of approximately 26% to 29%. We expect a non-GAAP operating loss between $48.9 million and $52.9 million. This reflects a little less than a 1% change to full year revenue at the midpoint to risk adjuster remainder of the year compared to our prior quarter guidance. Despite this, we are holding consistent to our prior quarter guidance on non-GAAP operating loss for the year and tightening our range based on the cost containment efforts we've already taken.

Now I'll provide more context with respect to our current thinking for the back half of the year. First, let me address our assumptions around transaction volumes and their impact on PSR and subscription pricing adjustments. Thus far, transaction volumes have been largely in line with the conservative expectations on which we based our plans at the beginning of the year.

However, additional consumer spending headwinds in the back half could impair year over year growth in transaction volumes and GMB. We anticipate that this could have a potential negative impact of three to 4 million to revenue, primarily in revenue share. We capture in PSR, but also subscription revenue due to potentially fewer pricing upgrades and more downgrades and churn, which we have now factored.

In second, we expect the level of competition to remain high to the back half of the year. And we could see some additional headwinds to new merchant growth should sales cycles lengthen that said, we also see significant total cost of ownership and product advantages against legacy enterprise competition.

That could actually be a tailwind in a tight merchant spending environment. We are prioritizing these enterprise merchants and we expect to see a smaller, absolute number of new merchant ads in the back half due to the removal of our non-enterprise free month promotions. However, we expect to maintain healthy and growing ARR driven by a strong enterprise bookings mix and higher APA consistent with our Q2 mix of new merchant wins.

Third, we will continue to invest against our strategic priorities while we will continue to make the crucial investments needed to fuel long term durable revenue growth. We are also taking steps to pay, spending closely with revenue growth, to deliver our profit commitments. Our profit guidance has included the anticipated impact of those efforts throughout the back half. And we expect those efforts to begin showing additional momentum and improving operating loss results.

As we exit the year. Finally, I'd one skin like to thank all of our incredible employees, merchants and partners. We are delivering strong results, even in the midst of a challenging operating environment. I'm so proud of the work and dedication of this team and the level of commitment and character that continues to shine bright each and every quarter.

With that, Brett and I are happy to take any of your questions. Operator?

Question-and-Answer Session


[Operator instructions] First question comes from Gabriela Borges, Goldman Sachs. Please go ahead.

Gabriela Borges

Good afternoon. Thanks for taking the question. For Brent to start, I'm curious if you're seeing any change in the cadence of free platforming cycles and willingness for customers to invest in technology, putting aside the paw a services business, and really focusing on the subscription solutions business.

So two questions in that; one is any change in willingness to invest in the cadence platforming cycles and two, are you seeing any change over the last quarter in the number of RFPs you're being invited to, or your win rates because of the new technology upgrades you've announced in multi hub and multi inventory.

Brent Bellm

Hi Gabriela, the trends we're seeing in Q2 are consistent with the last couple of quarters, meaning a healthy continued demand in mid-market and enterprise for new and replatform decisions. This is in accurate quarters of course, down from the first year of the pandemic, when there was a mad rush by companies caught flatfooted or late to adopt, but in terms of replatforming cycles, we continue to see that demand be healthy.

For small business, the demand is not what it was anywhere close to the peak of the pandemic, but for mid-market and enterprise it's strong. We are noticing ourselves getting into additional and healthy RFP opportunities as a result of the strong tech analyst ratings we've been getting of late, including Forester for both B2B and B2C from Paradigm for B2B i.e. Merck in Europe for B2C. Those are seemingly getting us into additional incremental consideration cycles and it's too early to say what those win rates will be because the RFPs tend to take some time to work their way through to a decision, but we're optimistic that our win rates could be assisted by this as well. Thanks for the question.

Gabriela Borges

That makes sense. Thank you. The follow up is for RA, would love to hear a little bit about the impact that pricing adjustments or upgrades have historically had on your business over the past two to three years. And how do we think about the potential magnitude for downside to the extent you see downgrades in your ability to manage through that?

Brent Bellm

Yeah. Hey Gabriela, a lot of cases some of the upgrades like the upgrades we did in Q1 for pro plans was really just to get the merchants on the right plans. Yeah, there could be some increase in upgrades, but really is to get them the service entitlements and level of service that we feel those merchants need. So they can grow into really large enterprise merchants.

I would say in hindsight, over the last two to three years, our upgrades as we move from an SMB platform to enterprise platform in large part has hasn't been material in terms of our overall revenue. It's being basically putting merchants on the right plans. And so going forward, I think our enterprise pricing is pretty well fine-tuned at this point.

Our go to market is pretty fine-tuned at this point. Upgrades for us last year, obviously was impacted by the in increased transaction levels with COVID this year now we're moderating that a bit especially in the back half, but hope, hope that answers your question.

Gabriela Borges

Appreciate the color.


Thank you. Our next question will be from Clarke Jeffries, Piper Sandler. Please go ahead.

Clarke Jeffries

Hello. Thank you for taking the question. First is maybe you could help us walk through the deal composition the quarter and maybe the occurrence of larger deals. A couple of new metrics this quarter, trying to understand what drove that big sequential growth in subscription ARR and what seems like maybe one of the lighter quarters in terms of raw net ads on the enterprise account number.

Brent Bellm

Yeah, I'll start Brent, but Q2 represented a great quarter in terms our ability to win large deals on both big commerce and Feedonomics both sides closed deals north of a $1 million of ACV, which is super encouraging 12 months into the Feedonomics from the Feedonomics acquisition, I'll tell you, we just couldn't be more impressed by the team and the product, the use cases of Feedonomics back 12 months ago, versus what we're seeing today are greatly different.

I think Feedonomics with BigCommerce we're able together to expand the total addressable market opportunities. When we think about just Q2, some of the notable wins for Q2 and in Feedonomics was new enterprise merchants, leveraging them for marketplace channel management, including listings on Amazon, Walmart, Target Plus, we had a very large win with a leading same-day delivery fulfillment partner in the US and in Latin America, them syncing real time local product information for millions of products.

Also a large win with a global affiliate and advertising platform, transforming data at scale for millions of products. So I share that with you because I want to deliver everybody a sense that these use cases go well beyond just commerce. I think what we've learned with Feedonomics plus BigCommerce, there's a lot of opportunities in terms of aggregation, syndication, data transformation at scale for merchants, but also for our agencies, our channel partners, our technology -- and technology companies.

So when you look at that sequential increase, a third of that increase was Feedonomics subscription and two thirds of that was BigCommerce. So both sides had a really great quarter and two several really large deals.

Clarke Jeffries

Excellent, helpful color. Sounds like Feedonomics is really executing. Second follow-up is just tightening the range on the profitability guidance, but roughly holding the midpoint. Sounds like there was some commentary about a flowing of hiring $6 million to $8 million. I'm just wondering if there were any investments that are actually going up and offsetting the slowing and hiring to get to you to sort of keep that in line of operating income guidance.

Brent Bellm

No, thankfully I think we, we really got ahead of it, Clark. I mean, we went into the year knowing that it was an investment year for big commerce. We feel great about our execution in terms of staffing up our key strategic initiatives, but we also went in the year knowing that next year we needed to show leverage, because we've always had a goal to get to break even by mid 2024.

So I feel great about how we staffed up. We executed really well when we look at the five strategic initiatives that we covered at our analyst day. I think we've we we've executed extremely well across all five. And so if I take a step back and think about our progress, as Brent mentioned we believe we are the most modern e-commerce platform in the market today in our goal is that we want to be a clear leader in the enterprise category over the five years over the next five years.

And these are these investments that we're making are how we're going to get there. So, make no mistake we're investing for the future, but with the changing macro environment, we're also taking a hard look at the entire business. We're making sure that our spend is focused on the highest ROI areas. And then we're also looking at optimizing our cost structures to make sure that our unit economics Boost over time.

And our profitability also improves, but we went into the year knowing that we were going to drive leverage, starting to drive leverage in the back half. So I feel pretty, really, really good on our ability to kind of get ahead of it. And we don't feel like we got ahead of our skis, so really proud of the team.


Thank you. Next question from Terry Tillman of Truist. Please go ahead.


Hey guys, this is actually Connor [ph] on for Terry. Thanks for taking my question. First one for me just on international expansion. So congrats on growing your presence in Europe to Nordic [ph] I know international expansion is one of your key investment areas this year. Could you maybe just remind us what you look for in terms of ROI entering new geography and have these regions been mostly consistent with the US in terms of enterprise merchant demands? Or is there maybe a little bit more slow down there? Yeah, go ahead. Brent,

Brent Bellm

Why don't you take the ROI part of it RA and I'll answer the second part.

Robert Alvarez

Yeah. Connor, we covered this on the analyst day, but you know, we're basically we know that we're going to invest in the first year. We look for a, a payback anywhere from 18 to 24 months. Sometimes when we make heavy heavy investments, it could be up to 30, but on average, you know, we're kind of make, want to make sure that these expansion costs, we get paid back in kind of 18-24 months and the markets that we enter into we, we test and learn a lot before we make these investments.

We know they're strong product market fit. We've identified agency partners, tech partners, to make sure that our product can be ready in those markets. And so much like the markets that we've seen such great success in, we try to replicate that model. And I could say that that holds true for the markets that we entered into in Q2.

Brent Bellm

Yeah. And in terms of performance in market to market, none of them should be benchmarked against native English speaking countries like the us, which by the way, was our second market, not our first Australia was our first way back when or the UK. I mean the UK just was a rocket ship, but even when we formally entered the UK, we already had more than 3000 stores there.

We just didn't have a marketing website or employees. It's very new to enter foreign language countries, Italy, France, Spain, Germany. What we're seeing Netherlands, what we're seeing in general is that our markets are in line with our, sort of first year, second year performance, but there's variability from country to country that can have a lot to do with the early traction or lack thereof that we get with local agency partners and just how strong they are and how heavy they go in with us.

An example of a market that's off to spectacular success is Italy. And if every new launch country where like Italy, then we'd be way ahead of all of our targets. But in general, we're on track and that's true in Europe. It's on, it's true in Mexico as well. Thanks for the question.


Thank you. Next question comes from Daniel Reagan, Canaccord Genuity. Please go ahead.

Daniel Reagan

…forecast for the business, just given the macro backdrop, which verticals or cohort types were you seeing the most risk in, and then also as volumes come under pressure, how should we be seeing about risk of downgrades? Any color there would be great.

Brent Bellm

I got most of the question. I don't think, I got the beginning, but, I think I got the gist of it. So, what we've seen in our aggregate GMV volume, in the first 18 months to 24 months of COVID, we saw a sizeable step up in our aggregate GMB. We have not seen a deterioration of that. We've seen growth rates that have come down a little bit. But in terms of aggregate GV volume, pretty much across every major category we've seen growth and we continue to see growth.

There's some categories growing faster than others, but overall they're all growing off of a much larger base than they were, you know, 12 or 18 months ago. When we think about the back half, we AC, obviously have to factor in GMV assumptions for same store sales.

We also have to factor in the launch of new accounts and I'm really excited about the back half because we're actually launching one of our largest accounts ever in, in hi in our history. And it's going to once fully launched, it'll be north of a billion dollars on our platform. So when we think about and look at the GMV by category, we're seeing growth across most categories.

We're also factoring in the launch of new accounts with much higher GMV. And just like in Q2, as we sign larger and larger merchants, we're going to be able to add that GMV on top of the aggregate GMV. That's been stepped up over the last, 12 to 24 months. So as I think about the back half of the year, you know, we're looking at same store sales assumptions discounting that slightly, and then adding the impact of, you know, large accounts that you know, we're really excited to launch.

Daniel Reagan

Got you. Super helpful.

Robert Alvarez

1 thing I'll also add there as our mix is now 70% enterprise these are businesses, often national brands. These are companies with a wide product catalog that have kind of the durability, I think that will allow, their GMV to continue to increase on big commerce.

So as that mix continues to shift even further and further to enterprise as, and then you add on top of that large enterprise, accounts that are a million dollar in ACV and accounts that have a $1 billion running through the platform. That's definitely going to help us, I think navigate any fluctuations in same store sales or near term economic uncertainty.

Daniel Reagan

Got you. Super helpful. And just as a follow up and circling back to the replatform cycle, as we think about the Magento displacement opportunity with sun-setting of M1, can you just talk a little bit about how your approach acquiring these customers has evolved now that you have probably a little bit better way of the land? And then secondly, what levers can you pull to accelerate? Any agency efforts here? Thank you.

Brent Bellm

Yeah, with time, we keep trying to get better both at the core demand generation tactics that we're already good at, which I will highlight as well as add new tricks that have higher ROI. So the things that we already are well experienced at digital marketing outbound and inbound sales development rep sort of lead cultivation account targeting, and especially one of the things I think we're best in the industry at is working with our agency partners.

We're very good at co-selling with agencies building joint value proposition with agencies, but one of the big opportunities we have is to expand our agency network, both within established markets and new markets. And particularly at the high end, if you go to the very high end of large enterprise, you know, historically we were competing in mid-market in the lower end of large enterprise and the types of agencies that were doing the multi-million dollar installs and implementations, weren't working with us, they were working with in years past the Oracle ATGs and IBM WebSphere of the world, even though those aren't sold anymore or at Magento enterprise, maybe Salesforce SAP, and now that many of the tech analysts are actually rating us ahead of those platforms.

And far ahead of our more SMB centric platforms, we're entering the consideration set. And in fact, the priority set of, of many of these top agencies. And so we're trying to compete for the full spectrum of opportunities. And some of these sales can be very big and needle moving for us if and when we win them, there are also a bunch of other technology partner tricks and you know, working with our existing merchant base to expand our opportunity, set that our new tricks for us, we're trying to work on. And you know, and finally we want to increase our presence at events eCommerce events, industry events.

We want the word to get out that we are the world's most modern enterprise eCommerce platform and be in the consideration set for every relevant decision that big companies and small companies are making

Robert Alvarez

The only that's great. Brent, the only thing I would add to that point is we launched an omnichannel certified agency partner program. That's getting a lot of great interest in traction and essentially that allows our agency partners to help merchants on their omnichannel initiatives regardless of what platform they're using. So regardless if they're on Magento or anything on other platform they're able to work with, Feedonomics it's a great example of how big commerce and Feedonomics are working together.

They call Feedonomics leveraging our ecosystem of amazing partners, our partners, being able to leverage their technology to transform millions of skews of data and syndicate that to a lot of feeds at a scale that they just couldn't do on their existing platform.

So I think feed Andos and our omnichannel initiatives in this partner program could be a really good way to incentivize merchants to start working with Feedonomics and then, hopefully migrate over to big commerce sooner rather than later.


Thank you. The next question will be from Josh Beck with KeyBanc. Please go ahead.


Hey guys, this is Mattie on for Josh. Thanks for taking my question. My first question for you is what are going to be the key factors bridging what today's 15% to 20% organic growth outlook is here to your long term model expectations. Thanks.

Brent Bellm

Yeah, so I'm happy to take that. I I'll just point to enterprise. So even with Feedonomics in our base period in Q3 we still feel like we could grow our enterprise ARR potentially over 40%. Enterprise and Feedonomics, as we've mentioned before, we expect both segments to grow at a pretty high clip at a very comparable clip.

Knowing we've got some lapping effects this year it still gives us a ton of confidence that with the large mix of our revenue tied to subscription that large mix tied to enterprise the deals that we're winning today and that we have great pipeline to win in the second half we still stand pretty confident that, over the next five years, this is a business that, will deliver a 25% to 30% CAGR.


Awesome. And for my follow up, I'm curious if you guys could deliver an update on how B2B Ninja and B2B Bundle acquisitions are tracking and then just overall B2B momentum. Thanks.

Brent Bellm

Yeah, they're tracking consistent with their trend line pre acquisition, which is a very healthy trend line. And we shared some of those B2B growth rates in our analyst day in Q1. I should say in in May, the most important thing to note is with bundle B2B. There's a fair amount of work that we do to now bring that product native into the platform and Boost the architecting and the compatibility of it with all themes with multi-store front additional geographies.

So there's refactoring of the product that they have to make it more usable with the best capabilities, both and both functionality and openness at big commerce. And we are fixated on that in the short term, continuing to sell it very successfully. And then, maybe after a year after acquisition, we'll start turning our attention to the addition of additional functionality in this.

We're just very pleased though, with where we are at B2B in general. For paradigm that it's mid-market and B2B combines to recognize us as an award winner in 22, out of 24 categories, that shows that the product is quite well rounded and mature as it is, and it's only going to get better.


Thank you. Next question will be from Koji Ikeda of Bank of America. Please go ahead.

Koji Ikeda

Yeah. Hey. Hey, thanks guys. Thanks for taking the questions. Just a couple from me. I wanted to ask the first question on the guidance and RA appreciate all of the color on the call regarding the guidance and the way to think about it. I guess my question is really about PSR regs, really thinking about how we should be thinking about this segment's growth in the second half. I clearly understand the factors that were driving the guidance there, but real short question is, could PSR revenue growth be flat or even down in the second half?

Robert Alvarez

No, we don't think so. Koji. When I think about the second half you know, we do start with our same store sales assumptions. And then we add on the impact of, you know, the large accounts that we launch and the impact to PSR. We do expect that impact in the kind of part of Q3, most of Q4.

So Q4, I suspect PSR kind of in the mid to high teens based on that remember we also have a mix of non GMV related revenue items in PSR. But when I think about Q4, I can see that kind of in the mid to high chains. When I think about Q3, we do have to lap a deal, couple of partnership deals that we signed Q2 of last year that could put Q3 in the single digits, but overall for the back half.

No, I don't, I don't see that being negative. If anything, I see it slightly down in Q3 just for the lapping effect of those deals from last year and then outpacing based on the large merchant launches in Q4.

Koji Ikeda

Okay. Got it. Thanks RA. And then just, one follow up there. So thinking about the subscription side of that, that equation, the little bit of a slower growth rate there just that's the subscription component for potential downgrades, affected by the GMB with the commentary that you said earlier in the call, is that the right way, right way to kind of think about the growth algorithm here.

Brent Bellm

You got it. Yeah because the GMB assumptions affect PSR obviously, but definitely touches on assumptions around upgrades, downgrades and potential churn. The good news is, you know, with our large mix of enterprise, our retention metrics still look really good. But again, when you're kind of scenario planning and what if planning around that it does touch on churn a little bit, but since our mix is so heavily weighted to large enterprise merchants, we feel pretty good about that, but it does affect upgrades and downgrades.

Koji Ikeda

Got it. Thanks guys. Thanks for taking the questions.


Thank you. Our next question will be from Parker Lane with Stifel. Please go ahead.

Unidentified Analyst

Hey, it's Max on for Parker, just staying right there on the potential churn, thinking about this strong enterprise traction and kind of the way you're shifting away from some S and B free trials and stuff. What do you think the churn will be for those smaller customers or is, is it just a matter of new small customers not coming on? And is there an idea of what you think the overall percentage of enterprise should be in the long run?

Brent Bellm

Yeah, it wasn't so long ago that we were saying that enterprise could be 70% and we're here already. I think in our analyst day I mentioned that I think there is a clear path to 80 potentially 90% of our revenue could be enterprise on the small business side. I don't want anyone to think that we're not still winning small business merchants or not seeing revenue from small business merchants, that promotion what we found when we dug into it was, a lot of signups, but really low conversion after the promo period. So in terms of effective kind of P&L management, didn't make a lot of sense to have that hanging out there where you have gross new signups that don't convert to revenue.

What we're seeing now is we're getting signups and they're converting and they're paying and the revenue from the signups that we're getting now for small businesses are, is actually much greater than the revenue we were getting when the promos were in place.

So I think with the promos we attracted probably small businesses that, you know weren't real businesses or weren't serious about e-commerce what we're seeing now is small businesses that, you know, are serious, have real businesses and you know, are growing on our platform. So I think overall I would characterize it as a win in terms of attracting small business merchants that, you know, do drive revenue.

And we expect that that two to one LTB to C will get better. Now that we're doing a better job of identifying those merchants, signing up those merchants and not spending too much money on acquiring merchants that won't convert.

Unidentified Analyst

Got it. That makes a lot of sense. And then thinking back to the strength you mentioned in Feedonomics and how well it's performing, are you still intending on investing around $5 million to $6 million that you mentioned during the analyst day, or is that potentially going to be lower as you look to cut some costs or is it potentially going to be higher given the success?

Brent Bellm

It wouldn't be higher. Feedonomics is now part of our omnichannel strategy. I mean, they just came off a quarter where they signed the three largest deals in their history. So that no reason for us not to continue to invest in Feedonomics and in our omnichannel initiatives, omnichannel in a lot of ways, if you think about a potential tightening spending environment we believe BigCommerce provides an excellent ROI total cost of ownership advantage for merchants around eCommerce.

We also believe Feedonomics is super attractive for merchants who want to increase in their return on ad spend increase in conversion. And so both of our Feedonomics business and big commerce business, I think that there is some really, really strong advantages to what we offer for merchants. If they're taking a hard look at mission critical investments that they need to make,

Unidentified Analyst

I appreciate the color. Thanks.


Thank you. Our next question will be from Samad Samana of Jefferies. Please go ahead.

Samad Samana

Hi. Great. Thanks for squeezing me. Hi, RA. Hi, Brent. Maybe just first question just with your existing larger merchants, you know, they're usually planning for multiple years, even if things are maybe a little bit slower in the, in the short term

So I guess, Brent, I'm curious when you think about multi-store, are you seeing customers still adopted and at least still launching new stores with the eye that is a transitory change in behavior, and that e-commerce is still going gain share over time, or just, how are you seeing the behavior of existing customers, even as they're thinking beyond let's call it the next couple of quarters and as they're -- as they're building their business for long term?

Brent Bellm

After the pandemic, every business views online and eCommerce as strategically essential to their future, what's so powerful about multi-store is it lets businesses add brands and or customer segments like B2B and or geographies in a far easier and more seamless way than they ever could before because they can do it all within one account and leveraging a common set of tools and backend integrations.

When we first went into general availability at the end of Q1, it was available only to new stores and therefore our existing customers were sort of salivating for when it would be ready for them. And then last quarter we launched it now for existing enterprise stores and we're seeing very healthy demand for this among them.

It's too early to say, like at what point, what percentage of our customers will have multiple stores using multi-store front? You could, many of them already had multiple stores that were redundant or, or sort of independent accounts, but now having single account multiple storefronts, we don't know what long term maturity will be in terms of penetration and number per, but I think it will be quite large because most of our mid-market enterprise customers are big.

They are complex, they do have multiple brands, geographies and or segments to sell into. And, and so we think we're early days of a long term adoption trend there.

Samad Samana

Great, appreciate that. Thank you.


Thank you. The next question comes from Emil [ph] of Barclays. Please go ahead.

Unidentified Analyst

Hey thanks. Well for me to, for squeezing me and more bigger picture question if you think about the things going on in the industry and we just saw the big news at Shopify. How do you think it from an industry perspective now? Are we still on the kind of the hangover to some degree from the pandemic and the big boom in eCommerce and we kind of everyone kind of scaled up too quickly and now kind of suffering from that or are we kind of be way beyond that and this is now more Preparing for what's going to happen to the economy? Like, could you just kind of see how you frame it in your mind?

Brent Bellm

Thank you. Yeah. And, I've received this question probably more than any other question over the last couple of years and my answer's pretty consistent. If you look at the data and just take the us the best official slash public data source is the us census, which comes out with its quarterly eCommerce estimates for B2C in 2020, the year of the pandemic B2C grew 32% in the us if trendline growth rate had been 13% to 15%.

All right. Let's just say that average is 14%. Well, 32% isn't even one and a half years of accelerated growth. Then when you got to 2221, so, alright, you've accelerated by about a year and a half in terms of eCommerce adoption and the height of the pandemic. Q1 continued to have growth rates north of 40% because they were overlapping some months pre pandemic.

But then by the end of the year, you dropped down to 10% growth rates in the last couple of quarters of last year and the year average 14%, which was smack dab, normal pre pandemic. So you're already back to pre-pandemic levels. You've only booked about a year and a half worth of acceleration. And you're now growing at a rate lower than you were pre pandemic as you lapse the highs, Q1 was 6.6%. Q2 is not yet reported.

My point is that the net of all of this is that B2C has accelerated by about a year through these two plus years of pandemic. It's our expectation by the end of this year, that the laughing of the peaks from a year ago and the return to store will be done, will hopefully be back to normal growth rates in that, you know, call it 12 to 15% range at the end of this year, but it was never a five to 10 year acceleration.

And we didn't run our business as if it were we're eager to see those growth rates return. I think the, the biggest thing happening right now is just the softness in the economy. And anybody would say, well, if we were 10% growth-ish in Q3, Q4 of last year, but 6.6% in Q1 of this year, there's reason to believe that the softness in the economy is responsible for several of those points of GMV reduction.

And at some point the economy comes back, growth comes back, we cycle through all of this in the long run the expectation at a macro level, at a global level, it's going to continue to be one to two points of total share gain per year of online, relative to offline and that's likely to persist for many years to come. So again, you won't find in economic history, many bigger, larger transformations over time, it's happening at a quite steady rate. It was almost a metronomic 13% to 15% growth rate a year pre-pandemic. And if we can get back to those growth rates everybody will look at this as a very attractive, predictable long term macro trend.

Unidentified Analyst

Okay. Yeah, it makes total sense. Thank you. And then Robert, like one quick, last question for me, like, as we go into macro downturn and like, obviously you talked about like some of the enterprise contracts that might not hit the volumes, et cetera. Can you and, and hence then kind of get, get stepped down, et cetera.

Can you remind us, like how tightly are these contracts negotiated? Was there a lot of buffer in there or are they kind of close to where they are, they kind of relatively realistically negotiated in? He there's a, you know, there's quite a few step downs. Like how should we think about that?

Brent Bellm

Thank you. Yeah. I would characterize it as we try to build in kind of a good estimate as we negotiate them in the of what they expect, what we expect in the first 12 months in terms of number of orders.

Remember our enterprise contracts are based, are order based. Now if they're, if volumes are elevated, they could get there faster. And again, we're using kind of a trailing 12 month view to kind of moderate or, or, or temper down any kind swings in the near term. In terms of like the next tier of orders, it's really based off the first tier that we negotiate.

So some of our contracts are, low average order value high, average order value. So you really have to do it. It's merchant specific, and it's really working with the merchants in terms of what they're expecting to sell and what their history of sales have been.


Thank you. Next question will be from Matt Pfau of William Blair. Please go ahead.

Matt Pfau

Thanks Brent for fitting me in guys appreciate it. Wanted to just follow up RA and your comments around competition. Was there any changes in competition that drove those comments and then if there are any changes, are they specific to any of your segments? Thanks.

Robert Alvarez

Yeah, I don't think the usual suspects are still the same. I think what we're finding with the omnichannel, you know, partner program that we've launched is we're finding ways to allow merchants and our partners to leverage our omnichannel capabilities, that's platform agnostic. So you don't even have to be on big commerce to take advantage of that. And I think it's for us, what we're seeing is there's a high demand.

If you're a, if you're on an old legacy e-commerce platform if you're on a platform that doesn't have the capabilities to optimize feeds and drive great transaction flow through all the different channels you're very frustrated because you need to grow your business and you want to look for ways to do that. And Feedonomics is I think a clear leader in their ability to help merchants with that.

And so our ability to work with them, our ability to open up our ecosystem, have our partners sell Feedonomics into their base of merchants is I think for us just a really pleasant surprise. It's not something that we thought we would have an opportunity to do 12 months ago, but we have a strong opportunity to do that today.


Thank you. Next question will come from Keith Weiss - Morgan Stanley. Please go ahead.

Unidentified Analyst

Hi, this is actually Ryan [ph] for Keith Weiss. Thanks for taking my question. Maybe just first you've talked before about that cross-selling feed doo's into your install base provides an average lift of 20 to 40%. And then at the time of the acquisition you had maybe 1000 customers overlapping how has this trended since and where could this go over time now? You've got a better view in the business.

Brent Bellm

Yeah, we still feel really good about those stats. I would say that the teams have really leaned in are, couldn't be more proud of our big commerce team leaning in with Feedonomics I'll tell you, you know, 12 months after the acquisition, it's pretty rare that the teams are intact, are excited, are motivated. The culture at Feedonomics is real, super strong. The excitement within big commerce to self EDOs is incredibly high and merchants, our enterprise merchants are, are, are really interested.

So we're seeing good pipeline, we're seeing good adoption but we had to build the cross sell motions. So operationally, we had to get that motion in place, the system in place. And, once we did that, I feel like we're seeing some, really good demand signals to stand behind those stats that you mentioned.

Robert Alvarez

I'd add to that. I'd add that the other big opportunity is when we release selfer versions of Feedonomics, which are targeted at small and mid-market merchants, but frankly, even a larger merchant could start taking advantage of a subset of Feedonomics capabilities at reasonable initial cost. Once we have that version out. So when we have self-serve for Feedonomics.

we'll target a few initial channels to be announced, probably advertising channels that are most popular and most widely used, and that could drive the count of adoption up very substantially once it's released.

Unidentified Analyst

Oh, thank you. And maybe on that kind of same line of thought, have you kind of evaluated what the average uplift is for cross selling multi-store front omnichannel B2B in those other areas you talked about that could drive growth of 10% of revenue over time?

Brent Bellm

I don't think we have a number off the top of our heads to share or even if we've thought about it exactly that way but…

Robert Alvarez

No, nothing, no, no specifics to share there on that front. What we are seeing is continued strong pipeline in B2B. We often see merchants that come to big commerce for B2B and they realize how strong our B2C offering is, and they can run everything on one platform.

So, we still see a large number of opportunities that, that fit that use case. I thought we've talked a lot about omnichannel headless typically is a new deal, new sale, new opportunity when we respond to RFPs or when merchants really want a headless solution. But I'd say overall across kind of all those initiatives, we're, we're really seeing, you know, strong demand and signals that, that deliver us a confidence that those are areas we'll, we'll need to continue to invest in.

Unidentified Analyst

Thank you. Helpful. Appreciate your time.


Thank you. Next question will be coming from Brian Peterson, Raymond James. Please go ahead.

Brian Peterson

Hi, thanks for taking the question. This is John on for Brian. Just a follow up on the international expansion question asked earlier, given you've officially expanded into call it 11 plus nations over the last year, as we think about 2023 and beyond. How should we think about the pace of international expansion and the investments there?

And then just as a quick follow up, maybe clarify a bit of the comments from earlier on longer sales cycles thus far, are you seeing any length fitting in sales cycles? And if so, are they tied to any specific geos? Thank you.

Brent Bellm

In 2023, I think the balance of our emphasis and investment will be growth in the markets that we have already expanded into building out personnel potentially in language customer support in, in select countries and building our marketing and sales effectiveness in those countries.

We have a weight model that we call test and learn, which can involve putting up a marketing website that doesn't involve the same investment in actual people and infrastructure in market. And I think we will ramp more of that up relative to big full country launches in 2023.

So the rate of announcing countries will determine as we finalize our plan, but I'm looking at geographies like Asia and Africa, where we don't have many flags planted and still see a lot of long term opportunity there. All right. You want to take the second question?

Robert Alvarez

Yeah. In terms of our sales cycles, we look at it with our mid-market team and our enterprise team. We're not seeing a lengthening of cycles. Some of the deals that we are now working on are just much larger deals. So the nature of those deals likely take a little longer, but when we kind of take a step back and think about alright, if we are going to have to face that headwind, could there be a little bit longer sales cycles potentially.

But, if that happens, if those sales cycles lengthen for those reasons, then there's also reasons where our TCO advantage is really going to shine. So I think what we're hearing and what we're seeing from our agency partners and the merchants that we're working with that, that TCO advantage is, is really, really powerful in a tight spinning environment.

Like I know at BigCommerce, we're looking at our, our spend on software and the mission critical software. And if you can provide me software that is 30, 50% cheaper and is better and more flexible and more modern than, you got my attention. So I think who knows what, how it's going to play out, but I think any lengthening of sales cycles could be balanced out with, maybe even higher pipeline.

Brian Peterson

Perfect. Thank you very much.


The next question will be from Ken Wong of Oppenheimer. Please go ahead.


Hi, this is Nancy [ph] on for Ken. Thanks for squeezing me in here at the end. Just one quick test question from me. You highlighted it Analyst Day that had list sales through 34% last year and accounted for about 9% of new sales MRR in the year. Can you deliver us a little color on how headless is trending in 2022 and our new sales for headless still growing around three times faster than other use cases?

Robert Alvarez

That was a one-time disclosure. I'm not sure we'll update it on a quarterly basis, but I can absolutely confirm that headless demand stays very strong at BigCommerce and it's at all sizes. It's both at the low end of the market. Maybe customers are creating a front end on WordPress to the high end of the market where they're using leading CMSs like content stack content, full bloom reach, or sort of custom frameworks in react. And next.

It's really fantastic. The user experiences that businesses are creating. And it's our belief that this approach to composable or headless is viewed as sort of the leading edge and the most modern approach for companies that are capable of pulling it off. And certainly the tech analysts are saying the same thing. So, demand is strong and I'll leave it to RA when we next provide formal data updates on that. Thanks for the question.


That concludes our question-and-answer session. I would now like to turn to call back over to Mr. Brent Bellm, President, CEO and Chairman for closing remarks.

Brent Bellm

Great, thanks everybody who listened in. I want to conclude with three quick takeaways worth emphasizing. The first is Q2 again was our largest and best ever quarter of subscription ARR growth and we did that in a market environment that's not the most favorable. I think that's a great indication of just how strong our core business momentum is.

We also now have posted two quarters where we're so far this year where we've beat on the top line and bottom line guidance while holding firm to our full year guidance to the street. This is in a context where many other eCommerce players have disappointed or seen their own trend lines fall behind. And so we're really confidence in the underlying strength of our business and the things we have done to adapt to it, to stay true to our full year guidance because we certainly see headwinds in parts of our P&L as we outlined in the prepared remarks.

And then the third thing is we're really excited about the increasing recognition we're getting from tech analysts and experts that BigCommerce is today, the world's most modern enterprise eCommerce platform. We're hoping that increasingly leads to ever more consideration and adoption in the quarters ahead. So thanks again everybody for joining in. we thought it was a good quarter and we look forward to talking to you again in three months.


Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Thu, 04 Aug 2022 14:58:00 -0500 en text/html
Killexams : Why Amazon is acquiring Roomba

Amazon’s (AMZN) Alexa-powered empire is about to get a lot larger. The e-commerce and smart home giant announced Friday that it is purchasing Roomba maker iRobot (IRBT) for $1.7 billion. The move means that Amazon’s collection of connected devices will soon include everything from intelligent vacuums to air purifiers.

It also comes at a time when Amazon is working to move its Alexa-enabled devices from stationary objects like smart speakers to mobile machines that can follow you throughout your home and respond to your commands at a moment’s notice.

It’s clear that Amazon is heavily invested in the future of smart home and, though the robotic vacuum space is competitive, with this deal, Amazon has acquired and bolstered its expertise, Raymond James analyst Brian Gesuale wrote in an August 5 note.

“There are major players in the robotic vacuum space like LG, Samsung, Shark, and a host of others creating a competitive marketplace that has seen pricing and margins compress over the last few years with no end in sight,” he wrote.

“The broader smart home ecosystem has an even broader set of competitors. Amazon is small in the robot market with its recently launched Astro product, so in the near term it’s more about vertically integrating the channel as it develops a longer-term plan for the smart home and the data attached.”

But it’s not just about building smarter devices. Amazon’s acquisition is all part of its broader strategy of trying to ensure that its Prime service is always at the top of consumers’ minds, and by selling more physical products that connect to the platform, it can do just that.

Bringing in Prime members

Amazon’s ultimate goal for its e-commerce business is to get everyone onto its Prime platform. The service, which costs $14.99 per month or $139 a year, gives subscribers access to everything from next-day delivery and Prime Video to Prime Music and Twitch.

Of course, people who subscribe to Prime are also more apt to purchase their goods through Amazon, which is a double boon for the company. After all, Amazon gets your monthly or yearly fee, then gets a cut of products you purchase.

Amazon is acquiring iRobot for $1.7 billion. (AP Photo/Eugene Hoshiko)

Amazon’s own products like its Echo speakers are set up to incentivize you to sign up for Prime too. After all, it’s easy to quickly tell Alexa to purchase something for you or play a song via Prime Music if you’re a Prime subscriber.

IRobot is also bringing more than just the Roomba vacuum. The company also sells its Braava Jet smart mop and handheld vacuum. The company was previously working on a smart lawnmower, but axed the idea.

Still, iRobot’s existing portfolio gives Amazon yet another avenue to persuade customers into signing up for Prime.

Building better bots

IRobot’s products, however, will also help Amazon build out its own collection of in-home robots. Currently, Amazon offers its own robot called Astro. A kind of Alexa on wheels, the tiny robot is currently only available for purchase via invitation and costs $999. If and when Astro becomes available to the entire public, it will cost $1,499.

Amazon senior vice president for devices and services, Dave Limp introduces Amazon Astro in 2021. (Photo by Jamie McCarthy/Getty Images)

Astro’s main functions include being able to follow you around to let you listen to podcasts and music, bring small items to people in your home via a small rear-mounted container, let you manually use it to check in on your home when you’re away, and act as a security sentinel by patrolling your home at night.

So far, though, Astro appears to be a half-baked bot with an unsure direction. Reviews from CNET, The Wall Street Journal, and TechCrunch, all point to the fact that Astro isn’t all that great at the many things it’s supposed to do. Reviewers point to everything from the bot having a hard time determining a home’s layout to simply getting in the way.

There’s also the problem that Astro doesn’t do stairs. It can’t go up them or down them. So it’s stuck to one floor in your home.

Astro isn’t Amazon’s only in-home bot. The company’s Ring business has its own flying security drone called the Always Home Cam that can take off when a security alert is triggered or be controlled remotely as a flying camera. Also available by invitation only, the Always Home Cam costs $249.

While iRobot’s devices are more focused around individual tasks such as vacuuming and mopping, the company’s technology could prove especially helpful for Amazon as it builds out its robotics capabilities for the home.

The iRobot acquisition will also be key in Amazon’s data-gathering efforts. Roombas create maps of your house, so the device knows where it’s been, where it's going, and how clean those rooms are, said Ian Greenblatt, who leads J.D. Power's Technology, Media, and Telecommunications Intelligence practice.

“It’s yet another sensor platform, not unlike Ring or Alexa or even your retail-purchasing history,” said Greenblatt. “You should keep in mind that all of this together creates a pretty three-dimensional image of a person. With Roomba, it’s now moving around your house.”

It’s also worth pointing out that iRobot’s devices are already Alexa-capable, meaning you can tell your vacuum to go clean an area using Alexa, and it will take off and get to work. So it stands to reason that iRobots own experts are already rather familiar with Amazon’s technology.

Ultimately, the fact that the Roomba is mobile is a big-deal – though Amazon has many in-home bots, this acquisition will help Amazon bring about “the next generation of in-home robot companions, among other opportunities,” said Greenblatt.

Got a tip? Email Daniel Howley at Follow him on Twitter at @DanielHowley.

Allie Garfinkle is a senior tech reporter at Yahoo Finance. Find her on Twitter @agarfinks.

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Sat, 06 Aug 2022 00:54:00 -0500 en-US text/html
Killexams : Don't Miss Your Chance to Attend BIOMEDevice Silicon Valley Online

BIOMEDevice Silicon Valley has wrapped up its two-day exhibition and educational event held in person December 8-9 and is now hosting an online experience for four weeks. The Smart Event platform provides online conference sessions and allows pre-registered attendees to continue conversations with industry-leading exhibitors.

More than 1000 C-suite executives, R&D engineers, and industry professionals attended the in-person event, including professionals from Galen Robotics, Google, Google Health, Intel, Intuitive Surgical, Johnson & Johnson, Medtronic, Neptune Medical, Oracle, Penumbra, Philips, Siemens Healthineers, Sonora, and Stryker.

"The level of purchasing power in attendance at BIOMEDevice this year underscores the critical role trade shows play in the health and continued advancement of the medtech sector," said Adrienne Zepeda, Group Event Director, BIOMEDevice Silicon Valley. "Even amidst one of the most trying years in accurate history, we are proud to share that this year's event delivered the highest quality attendee makeup to date, with 11% of attendees holding an R&D engineer title and a whopping 25% holding an executive-level title. While attendance was down comparably to previous years, the industry's most sought-after companies sent their decision-makers with the intent to ink deals."   

Zepeda continued: "What sets this event apart is its new Smart Event structure that serves as a virtual wrap-around to the live event, providing buyers and suppliers an additional four weeks to hold follow-up conversations with potential new business partners discovered onsite."

The expo hall hosted nearly 200 exhibitors, all of which are accessible on the event's digital platform during the Smart Event, including Accumold, Cirtec Medical, Heraeus Medical Components, Medbio, Nelson Labs, Oliver Healthcare Packaging, Qosina, Sager Electronics, Velentium, and Zeus Industrial Products.

The world-class education presented at the annual event and made available on the Smart Event platform supports the maturation of advanced technologies that play an increasingly central role in treating and managing disease. The digital therapeutics market, for example, is expected to grow from $6 to $9 billion by 2025, equating to an impressive compound annual growth rate of 23.4%. "Many applications within the medtech field are experiencing explosive growth, thus elevating the need for peer-to-peer education to collectively bring new solutions to market and fast-track widespread adoption," remarked Zepeda.

Influential tech leader and keynote panelist Patrick Bangert, VP of AI at Samsung SDSA, commented: “BIOMEDevice Silicon Valley was an excellent conference and trade show at which I met several new future collaborators and some old friends. Our panel discussion had a great audience who asked insightful questions. I’ll be back!”

Joining Patrick were speakers from AliveCor, DesignAbly, Dyad Engineering, Exo, Nēsos, Oracle Corporation, Stanford University, among other notable companies. All education hosted at the event’s Center Stage is accessible via the event's Smart Event platform – select sessions include:

Pre-registered attendees have the opportunity to continue conversations with industry-leading exhibitors and tune into education of interest – and start earning points and compete for prizes. The more sessions you tune into and exhibitors you meet with, the more points you rack up, thus increasing your odds at winning a coveted prize: a high-tech gadget or cash. Visit the event's Smart Event platform to uncover more ways to earn points.

BIOMEDevice Silicon Valley is organized by Informa Markets – Engineering, the publisher of MD+DI. The 2022 edition is slated for November 29 and 30 at the Santa Clara Convention Center, Save The Date here:

Follow BIOMEDevice Silicon Valley on social #BIOMEDevicesSmartEvent

Mon, 27 Jun 2022 12:01:00 -0500 en text/html
Killexams : From Strollers to High Chairs, These Are the Best Prime Day Baby Deals

Photo credit: Amazon

"Hearst Magazines and Yahoo may earn commission or revenue on some items through the links below."

It's that time of year—Amazon Prime Day 2022 is here.

Prime Day is the perfect time for new and expecting parents to start stocking up on baby essentials ahead of their little one's arrival. As any current or expecting parent knows, baby gear can get very expensive. So, snagging a stroller for a major steal is more than worth it when you're talking about saving actual hundreds of dollars possibly.

When Is Amazon Prime Day 2022?

If you're looking to get a great price on car seats, baby bags, and even bottles, then you'll want to start shopping now to get the best deals.

Lucky for you, we're keeping a close eye on Prime Day deals, and we're rounding up the best baby deals here. We've rounded up some of the hottest Prime Day baby deals below, but continue to check back here as new deals go live. We're talking over 40% off on Owlet products, 30% off Baby Jogger strollers, and more. Amazon will release a variety of deals that last from hours to days, so act fast if you see a Lightning Deal or Deal of the Day—those can expire quickly.

And if you're shopping for something else, check out our other guides to Prime Day 2022:

Amazon has released Prime Exclusive Deals this year that are only available for Prime members, so prices may be lower on some items than currently displayed.

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Wed, 13 Jul 2022 04:47:00 -0500 en-US text/html
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