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Killexams : SUN Management Questions Answers - BingNews https://killexams.com/pass4sure/exam-detail/310-100 Search results Killexams : SUN Management Questions Answers - BingNews https://killexams.com/pass4sure/exam-detail/310-100 https://killexams.com/exam_list/SUN Killexams : Karren Brady’s career advice on time management as an entrepreneur

Sonal Keay, 43, is the CEO and founder of pillowcase and skincare brand This Is Silk. She lives in the Cotswolds with her network engineer husband Steve, 49, and their two young daughters.

I wake up at…

6.45am. I need two coffees to start the day, then I wake the girls and we’re on the school run by 7.30am. Back home, I take a walk with Steve and Biscuit, our border terrier, or I lift weights, which is like having a bath for the mind.

A normal day involves…

I check in with my two management staff – I don’t mind where or when they work, as long as the job is done. For me, gratitude means bonuses and flexibility, so it’s always a “yes” to attending school sports days! When I launched the business in 2018, after 15 years as a criminal barrister, there was time for planning, but growth brings meetings.

These days, I’m always on Zoom calls and face-to-face with ad agencies, suppliers and my accountant. I’m seeking investment and working with the Department of Trade and Industry.

I’m obsessed with product testing, so spend 90% of my time discussing formulations, skincare ingredients and timelines with my Sussex-based scientists.

The best part of my job is…

When people who haven’t experienced silk before tell me they’re genuinely amazed by what it does for their skin and hair. 

And the hardest…

Marketing. I was a barrister, but I’m an introvert and I’d rather fall under a rock than speak about myself! I’ve got a rare skin condition called chronic actinic dermatitis, so I’m allergic to sunlight, which I manage by wearing factor 50 at all times and having blacked-out windows at home and in my car.

When I was diagnosed at 16, I found sleeping on silk pillowcases helped, which is why I launched my business.

At first, I was embarrassed about being Indian and allergic to the sun, but I’m learning the power of saying to customers and retailers: “This is me”. 

I wind down by…

I stop working at 3.30pm to be with the girls until their bedtime, but then work in the evening.

Working from home so much means I’m a fan of day trips and weekends away. Getting into nature for a nice walk is wonderful for the soul.

Sat, 30 Jul 2022 11:14:00 -0500 en-ie text/html https://www.thesun.ie/fabulous/9181791/karren-bradys-career-advice-time-managing/
Killexams : Sun Communities, Inc. (SUI) CEO Gary Shiffman on Q2 2022 Results - Earnings Call Transcript

Sun Communities, Inc. (NYSE:SUI) Q2 2022 Earnings Conference Call July 26, 2022 11:00 AM ET

Company Participants

Gary Shiffman - Chairman & CEO

John McLaren - President & COO

Karen Dearing - CFO

Fernando Castro-Caratini - SVP, Finance & Capital Markets

Conference Call Participants

Keegan Carl - Berenberg

Wes Golladay - Robert W. Baird

Nicholas Joseph - Citi

Brad Heffern - RBC Capital Markets

Michael Goldsmith - UBS

Samir Khanal - Evercore

Joshua Dennerlein - Bank of America

John Pawlowski - Green Street Advisors

Anthony Powell - Barclays

John Kim - BMO Capital Markets

Anthony Hau - Truist

Nick Joseph - Citi

Operator

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Sun Communities Second Quarter 2022 Earnings Conference Call.

At this time, management would like me to inform you that certain statements made during this call, which are not historical facts, may be deemed forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved.

Factors and risks that cause genuine results to differ materially from expectations are detailed in yesterday's press release and from time-to-time in the company's periodic filings with the SEC. The company undertakes no obligation to advise or update any forward-looking statements to reflect events or circumstances after the date of this release.

Having said that, I would like to introduce management with us today. Gary Shiffman, Chairman and Chief Executive Officer; John McLaren, President and Chief Operating Officer; and Fernando Castro-Caratini, Chief Financial Officer. After their remarks, there will be an opportunity to ask questions. [Operator Instructions] As a reminder, this call is being recorded.

I'll now turn the call over to Gary Shiffman, Chairman and Chief Executive Officer. Mr. Shiffman, you may begin.

Gary Shiffman

Good morning, and thank you for joining us as we discuss our second quarter 2022 results and provide an update on our full year guidance. We are pleased to share that our portfolio has continued to deliver strong performance, as we feel the ongoing demand for attainable housing and affordable outdoor vacationing options.

Highly recurring and dependable revenues across our portfolio are evident in the strong results we have consistently delivered throughout all economic cycles. The combination of these drivers led to Sun achieving core FFO of $2.02 per diluted share in the second quarter. On a constant currency basis, core FFO per diluted share was $2.04, which represents a 13% increase from the prior year. We continue to experience high demand for our Manufactured Housing communities and RV resorts.

In the second quarter, we grew our revenue producing sites by 950, representing record quarterly growth. Over 85% of this increase came from converting transient RV customers at annual leases. We are pleased that when transient RV guests discover the experience and value proposition of an RV vacation at a Sun outdoors resort, they choose to make it a longer-term vacationing option. The first half of 2022, we have converted over 1,400 transient guests to annual leases, which is about three quarters of the record number of conversions achieved during all of 2021.

Our proactive approach to converting transient guests longer-term annual residents has been a consistent strategy that as we build Sun's portfolios through selectively acquiring best-in-class resorts, has resulted in even greater revenue stickiness and higher NOI per site. Our same-property Manufactured Housing and RV portfolio demonstrates continued solid gains.

In the second quarter Manufactured Housing and RV same property NOI grew 3.6% over 2021, driven by a 4.8% revenue increase offset by a 7.3% expense increase. Within our Marina segment, same property NOI grew 7.1% for the quarter, driven by a 6.1% increase in revenues from slip storage income, offset by a 3.4% increase in expenses.

Looking forward to the next several quarters, the current operating environment of high inflation and economic uncertainty presents challenges for all businesses. After nearly 40 years in the business, I personally have seen and experienced the cycle tested nature of the demand for attainable housing and affordable vacationing, which when combined with our best-in-class assets, produces steady cash flow growth and reliable bottom line performance.

We have a decade's long track record of growing our business and cash flows with operating, acquiring and expanding Manufactured Housing communities, dating back to 1975 and RV communities dating back to 1996. Specific to RV, I would highlight that we have three competitive advantages and continuing to garner transient RV revenues. Namely, our proprietary reservation technology including Campspot, the quality and locations of our resorts and an unmatched team that provide a best in the industry customer experience.

Among our Manufactured Housing and RV properties, also important to note that in over 90% of our Manufactured Housing portfolio, we were able to increase annual rents by CPI or greater. As a result, we can pass through rent increases annually to mitigate the impact of inflation.

In the Marina portfolio, we expect our locations to perform well during uncertain economic times, given the higher average household incomes of our members to continuous and growing need for both storage and the compelling fundamentals and the demand side for marinas is an existing base of approximately 12 million registered, both within the U.S., supply of only 900,000 to 1 million wet slips. Additionally, the overall supply of marinas continues to decline, as developers acquire and repurpose them into waterfront, residential and other commercial uses.

As of June 30, our Safe Harbor Marinas, represent a network of 130 marinas that provide the highest quality, essential wet slip and dry storage facilities, members required. In turn, this generates recurring revenue as the average Safe Harbor Marina member stays for approximately seven years to eight years. The common fundamentals among Manufactured Housing, RV and marinas are the scarcity locations, demand that far outpaces supply and the absolute barriers to entry. This leads to resiliency of our revenues across our portfolio as evidenced by our strong performance to date.

We also achieved strong external growth during the second quarter and through the date of this call, we closed on $1.8 billion of assets, consisting of four Manufactured Housing communities, three marinas and 52 holiday parks, including the 40 property Park Holiday's portfolio in the UK. The remainder of the year, Sun's focus will be on integrating these assets into our portfolio and recognizing the accretive value of these acquisitions of being highly selective in pursuing additional opportunities.

Our development platform continues to be a compelling growth driver and a unique differentiator for Sun. During the second quarter, we acquired two newly developed Manufactured Housing properties in Arizona and Texas. Combined, they include nearly 450 fully developed sites ready for occupancy with an additional 600 expansion sites to be completed in the future. These developments deliver Sun the added attainable housing presence in highly attractive locations. High quality Manufactured Home in a Sun community is a very desirable way for people to achieve their dream of owning a home.

Turning to our UK portfolio, the opportunities are very similar to the Sun Manufactured Housing business, including stickiness of revenues, attractive growth through expansions and developments and similar supply and demand dynamics. The combination of the Park Holidays and the Park Leisure portfolios, we have a highly desirable footprint with 75% of our target customers within a 90-mile drive, one of our communities. The Park Holiday's portfolio has an expansion pipeline of over 1,500 sites, in addition to approximately 700 newly developed and completed sites. Over the past 15 years, the Park Holidays team has shown their ability to create value for their stakeholders.

Last and certainly not least, we released our latest ESG report during the quarter that highlights the significant progress we made in 2021. We increased our performance data and began laying the foundation for establishing improvement targets for key ESG measures. We are especially pleased and in its recently released ESG report, NAREIT recognized back-to-school program, which offers free tutoring for dependents of Sun team members.

Sun is very well positioned to continue to create value through organic growth, expansions, new developments and select acquisitions. We are grateful for the entire team's ongoing dedications throughout integrations and look forward to building upon the deep operating experiences and strength of the team members to continue delivering attractive risk-adjusted returns for our stakeholders.

I will now turn the call over to John and Fernando to speak to our results in detail. John?

John McLaren

Thank you, Gary. Our second quarter and year-to-date performance in 2022 reflects the consistently strong operational results and contributions throughout the entire portfolio. Our same-property MH and RV NOI increased 3.6% for the quarter, driven by a 4.8% increase in revenues and offset by a 7.3% increase in property operating expenses.

Our MH communities performed well with a 4.4% increase in revenue compared to the second quarter of 2021. Our annual RV revenue increased 12.1% driven by the high volume of transient annual conversions, which contributed revenue uplift on site in the range of 40% to 60% in the first year.

For the three months ended June 30, same-property transient RV revenue increased 60 basis points even as we had 1,500 fewer sites due to our success of conversions to annuals. Weighted average rental rate increase was 4.5% for the quarter and occupancy increased by 170 basis points.

Marina same-property NOI increased by 7.1% for the second quarter and 5% for the six months ended June 30, 2022. Our boat slip storage annual revenue increased 7.1% for the quarter compared to the same time last year, reflecting the positive supply and demand dynamics that Gary spoke to you earlier.

We acquired two Manufactured Housing developments this quarter. Spanish Trails, an age-restricted community located in Casa Grande, Arizona and Pine Acre Trails an all-age community in Conroe, Texas. These two newly developed locations provide Sun with an immediate opportunity to supply our quality, value-oriented solutions to municipalities in need of attainable housing.

Within the quarter, Sun sold over 975 new and pre-owned homes in our communities. The average new home selling price increased 7.2% for the three months ended June 30 to $164,000 with the margin approaching 20%. Additionally, in our brokered home sales, we are pleased to report a 37% increase in sales prices year-over-year demonstrating the enduring value of living in a Sun Communities.

Our MH and RV total portfolio occupancy reached 97.2% as of June 30. Year-to-date, we have received approximately 29,000 applications to live in a Sun Community as demand for our communities remains robust. As Sun continues to execute on development expansion deliveries during and subsequent to quarter end, we purchased three land parcels for $10.7 million located in Colorado, Utah, and Nevada. These three entitled land parcels will provide Sun with future opportunities for greenfield development and expansion of over 650 sites in areas of high demand and needed supply.

On our last call, we discussed commencing construction on five Manufactured Housing project located in Colorado, Florida, Texas and California. Construction is advancing as anticipated and we expect to have two communities open their first phases by the end of this year.

Forward bookings for the total RV portfolio owned and operated by Sun are slightly ahead of last year's record pace, although, they have moderated compared to our prior expectations. Continued growth is supported by an additional base of new customers who experienced an RV vacation for the first time last year.

Similar to our strong performance over the Memorial Day weekend, during 4th of July holiday, same-property transient revenue increased by 9.4% compared to 2021 and was driven by a 17.3% increase in average daily rates. We are pleased with our continued performance and are grateful for our team members who continue to go the extra mile each day.

I will now turn the call over to Fernando to discuss our financial results in more detail. Fernando?

Fernando Castro-Caratini

Thank you, John. For the second quarter, Sun reported core FFO per diluted share on a constant currency basis of $2.04, which is 13% above the prior year and exceeded the high end of our quarterly guidance range by $0.03. The outperformance was driven by better than forecasted results from the total Marina portfolio and home sales contribution given increased sales price and margin for the quarter. These positive variances at the property level offset higher real estate taxes, interest expense and lower than expected transient RV revenues.

As of June 30, Sun had $6.9 billion of debt outstanding, equating to a net debt to trailing 12-month recurring EBITDA ratio of 6.3 times. Our total debt carries a weighted average interest rate of 3.4% and has a weighted average maturity of 7.9 years. Excluding our bank revolving credit and term loan facilities, the remaining $5.2 billion of debt has a weighted average interest rate of 3.5% and weighted average maturity of 9.6 years.

During and subsequent to quarter end, we settled forward agreements on approximately 6.2 million shares that netted $1.1 billion of proceeds, used to pay down borrowings on our credit facility. We had previously disclosed approximately 5.2 million shares settled in connection with the Park Holidays acquisition in early April. The remaining 1 million shares were settled to fund additional acquisition activity. Additionally, earlier this month, we swapped GBP400 million of our funded GBP875 million term loan from variable rate to a fixed interest rate of 3.67% through 2025.

Pro forma for the $1.8 billion of acquisitions and capital markets activity completed during and subsequent to the quarter, our net debt to EBITDA leverage ratio is inside our stated target range of 5.5 times. We have also reduced our variable rate debt exposure to 16% today as part of our active capital management strategy. Due to the addition of our manufactured housing portfolio in the UK, we will now provide an guide to core FFO on a constant currency basis.

Like other REITs with non-U.S. dollar currency exposure, our constant currency adjustments eliminate the non-cash fluctuations and reporting that are due to foreign currency exchange rate movements relative to the U.S. dollar, thereby enabling investors to compare fundamental performance across time periods. We continue to see strong year-over-year growth across the platform after a great 2021 for Sun.

As summarized in the press release issued yesterday, we are increasing the low end of full year guidance for constant currency FFO per share by $0.02 to a revised range of $7.22 to $7.32 per share. The $7.27 midpoint of our new range is $0.01 higher than last quarter and represents 11.7% growth over 2021 results. We are establishing third quarter 2022 constant currency core FFO per share guidance in the range of $2.56 to $2.61.

At the same-property level, we are moderating our growth expectations slightly for Manufactured Housing and RV by 50 basis points to 6.4% at the midpoint of a 6% to 6.8% range. The modestly lower growth accounts for higher real estate tax assessments in Texas, one of our larger MH markets and current transient RV revenue expectations for the remainder of the year. Third quarter same-property MH and RV NOI growth is expected to be 6.8% at the midpoint of guidance.

For Marina same-property, we are slightly adjusting the NOI growth range for the year by 30 basis points to 6.4% at the midpoint of 6% to 6.8% range. Third quarter same-property Marina NOI growth is expected to be 8.3% at the midpoint of guidance. As a reminder, our guidance includes acquisitions and capital markets activity through July 25, but does not include the impact of prospective acquisitions or capital markets activities, which may be included in research analyst estimates.

This concludes our prepared remarks. We will now open the call for questions. Operator?

Question-and-Answer Session

Operator

Thank you. We will now being our question-and-answer session. [Operator Instructions] Our first question comes from the line of Keegan Carl with Berenberg. Please proceed with your questions.

Keegan Carl

Hey, guys. Thanks for taking the question. Maybe first here on transient RV in the quarter, I know prior you disclosed the forward bookings were up 4% for same-property, are you guys seeing any trends that you see there, shorter length there is visibility into the booking window and then how do you think about guidance on this particular segment for the rest of the year?

John McLaren

Hi, Keegan. it's John. Good morning. Yeah. Our booking window for summertime stays in our RV resorts generally is between 15 (ph) to 60 days, is when we see the majority of our bookings and sort of -- it ticked up from day 60 to their stay to the 15th day, which is sort of the peak, when people come in and haven't seen a tremendous -- when a chart that out in comparison in terms of like, when bookings fall in haven't seen a whole lot difference between that in prior years.

Fernando Castro-Caratini

And then Keegan to complement the second part of your question, as far as our expectations for the full year on RV transient revenue growth, we had previously stated a range of 12% at the midpoint, those expectations for the full year now are at about 6.4% with a third quarter growth on the transient side of about 4%.

Keegan Carl

Got it. Very helpful there. And then maybe just one more on Marina. I know I got its guidance as well, just maybe a little bit more color here, obviously, there is a 30 basis point cut, is it more expenses or demand deteriorations, any more color there would be helpful?

Gary Shiffman

Hi, Keegan. It's Gary. I think that what we're seeing is just a great performance overall demand and rate continues to be exactly as we underwrote it. Guidance is slightly adjusted for some longer stays that resulted from more of the restricted COVID travel by the big boats. So as things opened up a little bit, the boats, as they normally do travel, started traveling a little bit more. So the modest adjustment that's in there is our standpoint as a result of that.

Keegan Carl

Great. Thanks for the time guys.

Operator

Our next question comes from the line of Wes Golladay with Robert W. Baird. Please proceed with your question.

Wesley Golladay

Hey. Good morning, everyone. Want to go back to the pace for the third quarter for RV. I think you said it's going to be 4% in the third quarter, I just wanted to see what you're seeing on the ground. Are you seeing fewer visits, shorter stays or you're just converting too much -- too many sites to annual?

John McLaren

Yeah, Wes. Good morning. It's John. I think the way I'd answer that is that 2021 represents a year in our view where we enjoyed growth that was beyond anything we'd seen historically. And as we shared before recorded, record new guests sort of set the stage. To answer your question, the fact is, we're still enjoying those tailwinds and our overall RV performance thus far in 2022. Just few points of reference, since, the start of 2021, we've converted over 10% of our transient sites and annual leases, which again as I said in my remarks, there was a 40% to 60% revenue pickup in the year that they convert.

Of that Mr. Gary shared in the first half of 2022, we saw continued growth converting over 1,400 sites, which is over 75% ahead of our record-setting first year -- full year of thousand 2021 conversion results. So even with a 10% reduction transient set for the last 18 months, we still grew transient in RV revenue overall in the second quarter and outlook by Fernando said 4% in the third quarter having really great Memorial Day and 4th July holidays, as well as the expectation that we would grow approximately 6% -- I think Fernando said 6.4%.

I think the key there for the full year -- I think the key there, that number is actually slightly elevated against typical transient growth numbers that we have realized annually pre-COVID, but now with more conversion success and also in the face of 9% inflation, that we have today. So I think the transient is performing extremely well, it remains steady. And I think we continue to as we shared before build growth on a new base of customers we established last year.

Wesley Golladay

Got it. And I want to go back to that comment about 12 million boaters and supply of 1 million slips. Do you have insight in the pent-up demand to become a member for -- the Safe Harbor platform and is there any markets that really stand out where there is a really big backlog?

Gary Shiffman

I think all Markets stand out, the fact of the matter is that occupancy remains very, very high, because demand as I said is far greater than the wet slips that are available today. But if you want to follow up on anything specific related to anything, please reach out to Fernando, Stephanie, CRO (ph) of the company we can get you specific details with regard to individual demand and occupancy.

For most marinas during the high season, we have more demand than we can actually supply and they are at full occupancy and for those on the tour, there is examples of where occupancy is even above 100% where full time marina members move out and we can temporarily rent their sites with their permission. Again, well occupancy and any adjustment to guidance just really related to a little bit of the easing of COVID travel on the larger boats.

Wesley Golladay

Great. Thanks everyone.

Operator

Our next question comes from the line of Michael Bilerman with Citi. Please proceed with your question.

Nicholas Joseph

Thanks. It's Nick Joseph here with Michael. Maybe starting on Park Holidays. I recognize it's only been a handful of months, but you provided guidance for the third quarter and then this six months for the back half of this year, and I recognize that also includes some of the acquisitions, subsequent to the initial company acquisition. So I was wondering how the -- at least the initial properties acquired have performed relative to underwriting thus far?

Gary Shiffman

Yeah. I'll start out and anyone can jump in. But we are certainly equal to or slightly exceeding. All of our underwriting performance remains very, very robust in the UK. The addition of the Park Leisure portfolio as I mentioned in our comments gives us an incredible footprint with really targeted resident within a 90-mile drive evolve coastal and inland properties. So the expectation is -- as we look out over the next 12 months will continue to integrate all of the acquisitions into work holidays operating system and we would expect continued growth to equal or exceed our underwriting. So very, very positive, what we're seeing there.

John McLaren

Nick, this is John. I'll just add on to that with the Park Leisure acquisition, those 11 properties really fits the sweet spot and the fact that those sites in those properties are 92% owner occupied. That was 400 expansion sites in front of it as well, so it's a really solid acquisition that we're excited about.

Nicholas Joseph

Thanks. And then I guess just more broadly on the acquisition pipeline, how is it looking today and are you seeing any changes to cap rates across the different asset classes that you invest in?

Gary Shiffman

So, Nick, it's Gary. We continue to see opportunities across all three platforms. We do remain very disciplined with regard to our view on capital allocation. Generally, MH and RV remain in the 4 to 5 cap rate range with the highest quality Manufactured Housing still seeing transactions in the 3 cap rate range. Marinas remain in the 6 to 8 range for the quality that Safe Harbor and Sun are looking for.

On the UK side yields for everything we've done tax adjusted, they've been in the low to mid-7s. We haven't seen a lot of change as far as our outlook goes. We would expect the challenging financial markets and conditions out there could yield some very special opportunities and we'd like to think that we'd be in a position and prepared to take advantage of those opportunities as they move forward. So we'll continue to watch, but very disciplined look as to how we're thinking about external acquisitions at this time.

Nicholas Joseph

Thanks. Are any of those opportunities presenting themselves now or is that more of maybe potential future expectations?

Gary Shiffman

I think it's more of a future expectation, there are couple of platforms in Australia that I never would have thought would have come to market that are coming to market right now with some of the bankers. And we are not involved in those processes at this time, but it's interesting to note that they came to market before I ever thought they would have.

Nicholas Joseph

Thank you.

Operator

Our next question comes from the line of Brad Heffern with RBC Capital Markets. Please proceed with your questions.

Brad Heffern

Yeah. Thanks. Looking at the Park Holiday's NOI split this quarter, about 65% of it was from home sales. Can you reconcile how that compares to the 37% of gross profit that you quoted with the deal? And maybe just walk through how the split changes quarter-by-quarter with seasonality?

John McLaren

Brad, the expectation at the touring season -- the heavy touring season for the Park Holiday's portfolio is during the third quarter and so there is an increased percentage of NOI contribution from real property during the third quarter. We can step through those percentages on a follow-up call. I don't have those figures in front of me.

Brad Heffern

Okay. Got it. And then on the currency exposure, is there a plan to hedge that in some way or maybe pursue a pound offering in order to neutralize some of that?

Fernando Castro-Caratini

That's a great question. We -- to remind everyone, we are fully naturally hedged in the UK, where we paid for the transaction with borrowings on our multi-currency credit facility that includes Sterling. So any cash flow that is generated by the UK operations pays down any debt that's outstanding. We are not moving dollars back and forth to the U.S. So there is no realized gain or loss from translation. In time, if we would plan to be moving capital from the UK back into the U.S., we would look to put in cash flow hedges at that moment.

Operator

Our next question comes from the line of Michael Goldsmith with UBS. Please proceed with your question.

Michael Goldsmith

Good morning. Thanks a lot for taking my question. My first question is on the impact of inflation per site growth in 2022 with elevated historically, but not necessarily at the level of inflation. When you said 2023 rent inflation levels will likely be higher than last year. There has been inflationary times in the past, can you help us think about how much you're able to pass along during elevated inflationary times? And just related to that, there has also been elevated expenses and your revenue isn't growing as fast of your expenses this year, so as we look forward, do you think that revenue can grow faster than expenses?

Gary Shiffman

Well, thanks Michael for pointing out that I'm the oldest person in the room. So when we look at history, I'm going to end up here. Let's start with the latter or move to the former. I think we've shared with the market that about 40% to 50% of our rental increases in Manufactured Housing had to be noticed 90 days in advance of January 1, mostly in the Florida properties. But when we looked in August and September at our budgeting as we're doing right now, at that time, we didn't have that crystal ball to ever imagine inflation coming to this 9.1%. It was most recently reported in.

So we sat rental increases, I think roughly 4.2% for the year in MH and we have to live with those until the next rental increases are put in, which were beginning to budget right now. And to the beginning of your question in my long history of 40 plus years in Manufactured Housing and through recessionary periods and certainly through the GFC, we are able to pass through all inflationary expenses in the form of annual rental increases in our current portfolio, CPI or greater in 90% of our Manufactured Housing communities.

So we feel very comfortable that with the insight of where inflation is going in the benefits that we'll have over the next 60 days to watch it, we will be able to adjust our rental increases to match our expenses related to our cost. So this coming year 2023, we should see equal to or greater increase, okay, on our average rentals.

Michael Goldsmith

That's really helpful. Thanks a lot Gary. And then on the course of G&A, the increases you've built the foundation to support the number of business lines. At this point, do you feel that you have the necessary infrastructure in place to support the growth of your three, four segments going forward? So said in other way, should SG&A growth moderate in the years ahead?

Gary Shiffman

Yeah. It's a great question and it really ties into the rate question that we just spoke about. When we look at 2023, we recognize and hope our stakeholders do as well that we've established a tremendous platform. It will allow us to grow and create value in all the ways that we continue to share with the market the internal opportunities of growth and external. When we couple that with both historical performance and our ability to pass on inflationary costs in the form of rent, along with the G&A that really has grown substantially over the last three or four years, we would expect to be able to leverage that G&A. And as we look out forward, really our goal and budgeting is to be flat year-over-year G&A. So that coupled with the rental rate increases, the pass through inflation allow us to be very comfortable of how we're thinking lot of results going into 2023. So, scalability of G&A, I think is really at the forefront of what the company can deliver going forward.

Michael Goldsmith

Thank you for that. Good luck in the second half.

Operator

Our next question comes from the line of Samir Khanal with Evercore. Please proceed with your question.

Samir Khanal

Hi. Good morning, everybody. Hey, Gary, just in that last point about G&A, you said sort of flat -- keeping that flat next year, you're talking sort of on an absolute level or you're saying kind of in the G&A as a percent of revenue?

Gary Shiffman

We're going to get as close as we can on an absolute basis, but I was talking about percent of revenue. But we're really targeting, as I said, leveraging everything, we've invested. You bring the Marina platform into public reporting position and same is true with the work being done on the UK. And as we also continue to reduce the transient sites from transient to annual at the pace we're going right now, we would expect there would be some G&A savings there as well.

Samir Khanal

Okay. Got it. And then Fernando, I guess this is more of a modeling question, but -- and you talked about conversions as well for transient to annual, and then that really picked up in the quarter. I guess how should we think about that pace of conversion sort of into back half of this year and into next year at this point?

Fernando Castro-Caratini

As we look at our current inventory of about 28,600, 28,700 sites of transient RV sites, we would say that is a good 25% of those sites that are candidates for conversion over time. We have seen elevated conversions over the course of 2021 and certainly 2022, where we're already at 75% of last year's record figures and could expect ending 2022 with a higher conversion amount, but we still have a good runway for a number of years. And as we continue to expand our communities that does provide additional inventory for conversion over time

Samir Khanal

Okay. Got it. That's it from me. Thanks guys.

Gary Shiffman

Thanks.

Operator

Our next question comes from the line of Joshua Dennerlein with Bank of America. Please proceed with your questions.

Joshua Dennerlein

Yeah. Hi everyone. I had a -- I just -- I saw you had a comment in Page 10 of your press release, where you mentioned you reclassified certain revenues and expenses on the Marina side. Just curious on kind of more color and what exactly was changing there?

Fernando Castro-Caratini

Sure, Josh. Thank you for the question. We've primarily reclassified certain expenses mainly utilities, payroll and credit card fees to most closely aligned with the revenue drivers for those expenses. This reclassification did not have any impact unexpected growth.

Joshua Dennerlein

Okay. So it's overall, were they just not in that same-store number before, is that...

Fernando Castro-Caratini

There was a reclassification between real property, real property revenues and expenses and service, retail, dining and entertainment revenues and expenses.

Joshua Dennerlein

Okay. Maybe I'll follow up offline because I had one other question. So one of the -- one of the hot topics, I've been fielding from investors is that, you've added two new business segments Marinas and Park Holidays and there's not really that much publicly available data to see how they performed in recession. Can you maybe walk us through how you're thinking about the cyclicality of these business lines?

Gary Shiffman

I think for those of you on the investor tour recently in the UK. When we think about the UK Park Holidays business, it aligns right up with our Manufactured Housing business in particular our snowbirds. They are second homes, vacation homes for a qualified buyer that must own a single-family residential home. We have the 15-year period that current management -- a lot of current management has worked in building the portfolio and they've seen a very, very solid growth over the 15-year period of time including the GFC, where they also grew right through that period of time.

So we're thinking it pretty much in terms of how we would think of our Manufactured Housing portfolio, which we talked about being very resilient in tough economic times as a affordable housing and affordable vacationing. So the best comparative data we have is the performance over the last 15 years, their portfolio as compared to how MH has performed really for the last 30 plus years as a public company and 10 as a private company that I've been involved in it.

So to date, we're continuing to see that perform right to budget or as I said, slightly ahead of it. Additionally, with regard to marinas, we don't have same-property set to look at. We have the performance that we're starting to develop in the KPIs that we are going continue sharing with everybody. But our fundamental belief is that, it is a business that matches up to funds platform just because of the demand far outstripping supply factors that boats have been getting larger and larger. So it's not an option anymore like it used to be to trailer them into your backyard or your garage or something like that, especially with homeowners associations not permitting long-term stays.

And I think I mentioned in my remarks, that we actually do have a diminishing amount of marinas across the U.S. as we do see the real estate development take place on a very priced waterfront areas. So we would expect that marinas will continue to perform very, very resilient in this market. Boat owners love their boats and boating and there is a shortage of places to put them on the water. So we're expecting a resilient performance moving forward.

Operator

Our next question comes from the line of John Pawlowski with Green Street. Please proceed with your question.

John Pawlowski

Hey. Thanks for the time. Fernando, a question on the cost structure of the MH business. So you did MHs are up about 8.5%, they were up 8% last year. If a high inflation environment continues, is high single-digit expense growth for the MH portfolio a reasonable betting line?

Fernando Castro-Caratini

Well, thank you for the question, John, I would say there are a number of items that would moderate the expected growth over the course of the second half of the year. The main contributor to that would be an easier comp in the second half of 2022 for payroll as we've shared with the market. And during July of 2021, we had increased the Sun minimum wage for all team members at the property level, and that led to much higher expense growth over the course of the last 12 months. That comp now rolls off and it's a more moderated growth in that step function increase.

The moderating that would be as shared in my remarks, we did receive real estate tax assessment in Texas that was higher than our expectations. As normal course of business, we can test that assessment and then to the extent that we are successful, we then reduce that tax hit. But would expect that expense growth for the MH portfolio to be lower than what you've seen over the course of the first half of the year.

John Pawlowski

Okay. And then a question on marina revenue between transient and non-transient. So I know transient is small, two-line items going into different directions in the quarter, excluding transient up 7.5% transient revenue is down 9.5%. So can you just understand, kind of the building behavior and the customer behavior around the docks [Technical Difficulty] and why transient is declining, while other revenues are still increasing by a pretty big clip?

John McLaren

I think, John, I would suggest some of that is the movement that's taking place with a bigger boats that have been occupying a lot of sites through COVID, as they haven't moved around and some of that is just being picked up as they move up by the transient. So you're seeing that because there is not a lot of percentage of sites -- slips available for transient, when the season started. And so it's a little bit of movement, we were able to slip in a little bit more transient growth.

Fernando Castro-Caratini

And John, you mentioned, right, it's a, a very small number. It was -- you're talking about $4 million in the -- over the course of the quarter. So, the comparative growth number is larger, but we're talking about a small dollar amount.

John Pawlowski

Understood. Gary are you seeing any extensive activity flow through the marinas right now? Outside of that movement in the large ships from COVID issues?

Gary Shiffman

We are not, John. I know that visiting some of the marinas recently, everybody is out there enjoying their boats, but it has obviously been putting up with a lot of hot weather. And we do not see any trends that would be different than the ordinary with regard to rental of slips. There is more demand than we can actually pick and the long-term membership.

John Pawlowski

All right. Thanks for the time.

Operator

Our next question comes from the line of Anthony Powell with Barclays. Please proceed with your question.

Anthony Powell

Hi. Good morning. Question on the Gurney's deal, you did in July in Montauk. It's a pretty sizable deal. Just wanted to differ a bit, if that does include the resort portion? And if you would consider maybe selling that to a hospitality owners, if that makes sense and maybe some more details around that will be great?

Gary Shiffman

Sure. Safe Harbor had been working with a seller for many, many years on a relationship basis trying to acquire this Island Marina, which came with the resort, the marina. And so location is just an irreplaceable asset located in Montauk, which is really a high demand area for the over 10,000 existing regional Safe Harbor members to utilize. So it was acquired with the hotel same seller, so both were what was sold to Safe Harbor. And obviously the membership has already begun taking advantage of both the resort and the slips that are there.

They're really pleased with Sun's strength and a history of buying on an accretive basis and recognizing the long-term value creation opportunity achieved by growing yield and cap rates on an annual basis, which we'll do in the marina. And the resort is being operated by a third party, which is actually the sellers of Gurney Resort Management company. And we will definitely be looking at our options for opportunities with regard to that resort as we move forward.

Anthony Powell

Thanks. And then maybe one more on, I guess, the Texas Pine Acre Trails MH deal, that's -- I haven't seen a ton of MH deals in U.S. in a while. So you've seen a few here this quarter. Curious how that was underwritten given the development site you have there and how the interest was for that deal compared to some of the age-restricted deals you've done elsewhere?

Fernando Castro-Caratini

I can speak to the interest and sort of how it came about. So I think I've shared before, we've spent the last six years really building the pipeline of sites. No pun intended, the road in front of us in terms of MH development. Today, we have about 30,000 sites in various stages of entitlement that are in our pipeline and as Gary said a number of times, I think that's a unique advantage that we have. As a part of that in the markets that we look at, we talk to a lot of people as we -- it takes a lot to get them into the pipeline and we came across these resellers who were already starting to -- they're already entitled to site and started developing that site and so we took over midway through.

And when we look at it fits the profile -- the investment profile of all of our development that we do, which we would expect that this is going to kick off a high single-digit IRR and in an area that has -- I will say a little bit elevated lease-up associated like we see in Texas. So it was obviously a very attractive development acquisition that we're excited about, especially the fact that we've got 400 plus sites that we could fill up rapid succession.

Anthony Powell

All right. Thank you.

Operator

Our next question comes from the line of John Kim with BMO Capital Markets. Please proceed with your question.

John Kim

Thank you. I had a question on your [Technical Difficulty] get into the second half of the year of a little bit over $81 million NOI. Where will that trend lead to on an EBITDA basis?

John McLaren

John, we provided guidance during the -- right after the first quarter of G&A for the Park Holidays platform at a midpoint of about $27 million for the -- from April to December on a -- on a non-constant currency basis, that figure would be expected to be a little bit less, call it $1 million or $2 less than $27 million.

John Kim

Okay. I just wanted to know if there was any additional G&A through exact acquisitions or other deductions from NOI to EBITDA?

Fernando Castro-Caratini

In there small, yeah. Small figure.

John Kim

My second question is post quarter, you raised equity on a forward basis at a little bit over $172 per share. I was wondering, how you were able to accomplish that given the share price wasn't at those levels?

Fernando Castro-Caratini

Sorry, I didn't hear the end of it John, about kind of question [Multiple Speakers]

John Kim

Your share price didn’t -- you've raised above your share price effectively.

Fernando Castro-Caratini

Yeah. I think that was just the timing of what was available in the market and we were just match funding to some of the acquisition activity that was going out there.

John Kim

Okay. Thank you.

Operator

Our next question comes from the line of Anthony Hau with Truist. Please proceed with your question.

Anthony Hau

Hey, guys. Thanks for taking my question. Fernando, going back to the UK guidance, last quarter, the guidance only included Park Holiday and an implied roughly around $125 million of NOI, if you back out G&A from EBITDA. The current guidance includes Park Leisure as well and implies $125 million of NOI after adjusting for FX. It seems to me that you guys have a lower guidance even on a constant currency basis, am I missing something here?

Fernando Castro-Caratini

Anthony, you're not. As you saw, we provided an update this morning, where we updated our expectations for this remaining six months of the year inclusive of Park Leisure and other acquisitions in the UK. That contribution at a midpoint would be -- for the next six months would be bringing in about $102.5 million to which you would add the $40.5 million that we've already realized over the course of the second quarter of the year, bringing NOI contribution to around $140 million.

Anthony Hau

Got you. And the exact heat wave in UK make any impact to the Holiday Parks at all?

John McLaren

No, it didn't. This is John. I talk to those guys every day.

Operator

That concludes our question-and-answer session. I'd like to hand the call back to management for closing remarks.

Gary Shiffman

Thank you everybody and we look forward to speaking again on next quarter's results and feel free to follow up with any of your questions. Thank you.

Operator

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time and have a wonderful day.

Tue, 26 Jul 2022 10:53:00 -0500 en text/html https://seekingalpha.com/article/4526082-sun-communities-inc-sui-ceo-gary-shiffman-on-q2-2022-results-earnings-call-transcript
Killexams : Sun Life Financial Inc. (SLF) CEO Kevin Strain on Q2 2022 Results - Earnings Call Transcript

Sun Life Financial Inc. (NYSE:SLF) Q2 2022 Earnings Conference Call August 4, 2022 10:00 AM ET

Company Participants

Yaniv Bitton - Vice President, Head of Investor Relations & Capital Markets

Kevin Strain - President and Chief Executive Officer

Daniel Fishbein - President, U.S.

Manjit Singh - Chief Financial Officer

Ingrid Johnson - President, Sun Life Asia

Kevin Morrissey - SVP, Chief Actuary

Stephen Peacher - President, SLC Management

Jacques Goulet - President, Sun Life Canada

Michael Roberge - President MFS Investment Management

Conference Call Participants

Meny Grauman - Scotiabank

Tom MacKinnon - BMO

Doug Young - Desjardins Capital Markets

Gabriel Dechaine - National Bank Financial

Mario Mendonca - TD Securities

David Motemaden - Evercore ISI

Paul Holden - CIBC

Nigel D'Souza - Veritas Investment Research

Yaniv Bitton

Welcome to Sun Life's Earnings Call for the Second Quarter of 2022. My name is Yaniv Bitton, and I will be the host for the call today. Our earnings release and the slides for today's call are available on the Investor Relations section of our website at sunlife.com. We will begin today's call with opening remarks from Kevin Strain, President and Chief Executive Officer. Following Kevin, Dan Fishbein, President of Sun Life U.S., will provide an update on the DentaQuest acquisition. Manjit Singh, Executive Vice President and Chief Financial Officer, will then present the financial results for the quarter.

After the prepared remarks, we will move to the question-and-answer portion of the call. Other members of management will also be available to answer your questions this morning.

Turning to slide two. I draw your attention to the cautionary language regarding the use of forward-looking statements and non-IFRS financial measures, which form part of today's remarks. As noted in the slides, forward-looking statements may be rendered inaccurate by subsequent events.

And with that, I'll now turn things over to Kevin.

Kevin Strain

Thanks, Yaniv, and good morning, everyone. Before getting to the quarter, I want to discuss the agreement we announced earlier this morning to sell our close block of business in the U.K. to Phoenix Group for approximately $385 million. The economics of the transaction relate to our U.K. Life and Pension business, which has been running as a closed block since 2001. Phoenix is the U.K.'s largest long-term savings and retirement provider. They have the scale and expertise to run closed life and pension businesses, and we're confident they will deliver exceptional client service.

As part of the transaction, we will enter into a long-term strategic partnership with Phoenix to become a preferred asset management provider. MFS and SLC management will continue to manage approximately $9 billion in the U.K. general account on behalf of Phoenix. They will also become material partners to Phoenix, supporting their goal to invest approximately $25 billion in North American public and private fixed income as well as alternative investments over the next five years. Phoenix had over GBP310 billion in assets under administration as at December 31, 2021, with a strong track record of growth. In the last five years alone, their AUA has increased over 300% through both organic and inorganic growth. It's an exciting opportunity for us that’s aligned to our strategy to focus on less capital-intensive businesses in markets with natural tailwinds. The transaction also supports growth in our asset management businesses.

On close, Sun Life will release capital held for the life and pension business. We estimate a LICAT benefit of 1% to 2% associated with the capital release. However, the final amount will be determined on close. Sun Life will continue to maintain our economic interest in the U.K. payout annuities business. This block of business has an attractive risk/reward profile with strong ROE and cash flows and has been optimally structured from a Sun Life capital perspective. We expect that this business will generate approximately $30 million of annual underlying net income after the transaction closes in the first half of 2023.

I want to take this opportunity to thank our team in the U.K. for their passion and dedication to Sun Life an important part of our decision-making process included finding a company where our U.K. employees could continue to grow and develop their careers, and we believe we have done so with Phoenix.

Turning to slide five. We provide an overview of our second quarter financial highlights. Our diversified business mix continues to demonstrate resilience and strength. Reported net income of $785 million was down 13% year-over-year, predominantly driven by market impacts. Underlying net income of $892 million was up modestly. Manjit will discuss the quarterly financials in more detail. Overall, we saw good growth across the business despite challenging conditions. Canada had a strong quarter as disability results improved. The U.S. was also strong as COVID mortality impacts moderated, and we added approximately $10 million in earnings in the U.S. for DentaQuest. This happened after the close on June 1. These positives offset lower fee income at MFS, driven by equity markets and a relatively in-line quarter in Asia as COVID-related restrictions continue to impact the Hong Kong business. Capital also remained solid in the quarter with 128% LICAT for SLF and 124% for SLA.

Slide six highlights several strategic initiatives from the quarter that support our client impact strategy. This quarter, we expanded our commitment to sustainability as SLC management's fixed income business signed up to the Net Zero Asset Managers initiative, joining previous commitments made by other SLC affiliates including BentallGreenOak, BGO and Infrared. In Malaysia, we launched the first Sharia-compliant investment-linked Takaful ESG fund. The fund provides an affordable and accessible avenue for clients to embed ESG factors in their investments.

As part of distribution excellence, we renewed our bancassurance partnership in the Philippines with RCBC, one of the country's leading commercial banks. The partnership was renewed for an additional 10 years and will continue to provide RCBC clients with access to financial protection products. We also saw another quarter of strong momentum at SLC management with capital raising of $5.7 billion in the quarter. We're seeing good traction across all asset classes offered through our diverse alternative investment platform, including BGO, where investors are pivoting to debt secured by real estate to provide protection against current economic conditions.

And our position as a trusted brand was recognized this past quarter by Corporate Knights Magazine, which once again included Sun Life on its list of the best 50 corporate citizens in Canada. We have appeared on the annual ranking for 17 years and the 2022 edition ranks us 21st overall, driven in part by strong scores on executive general diversity, board racial diversity and sustainability linked to executive pay.

Slide seven provides highlights on our digital leadership. By focusing on digital priorities and continuing to develop our operating model, we are making great progress in our digital journey. In Canada, our digital coach, Ella, continues to help clients make better decisions, driving year-to-date increases in both wealth deposits and insurance coverage, which were up 14% and 64%, respectively, from prior year.

We're also making excellent progress in the U.S. with 76% of claims submitted digitally in the quarter. And in Asia, we saw a significant increase in digital submissions of new business applications, up 13% over the prior year. I'm also excited to welcome Chris Wei to Sun Life as our Executive Vice President and Chief Client and Innovation Officer, reporting to me. Chris joins our executive team in this new global cross-enterprise role, leading Sun Life's commitment to client experience excellence. Chris will be responsible for identifying and cultivating innovative solutions focused on achieving our purpose, including establishing measurable targets while maximizing our impact to foster a sustainable society and healthier planet. He will lead our sustainability, global marketing and corporate communications functions. Chris brings more than 25 years of global leadership experience in insurance and wealth management, and we're excited to have his depth of knowledge and experience on our team.

With that, I'll hand the call over to Dan to discuss the close of DentaQuest. We are excited to have DentaQuest join the Sun Life's family.

Daniel Fishbein

Thanks, Kevin. I'm pleased to provide an update today on DentaQuest since closing the acquisition on June 1. With the addition of DentaQuest, Sun Life is now the second largest dental benefits provider in the U.S. by membership, and we now serve more than 50 million Americans across all of our benefits products. Combined, we expect to generate more than $7 billion in total annual U.S. benefits revenues as one of the largest providers of specialty benefits in the U.S.

Over the past decade, we have transformed the U.S. business from a mostly retail individual life and annuities business to a high-performing market-leading benefits business. The DentaQuest acquisition continues this evolution, changing the footprint of our business in the U.S. into a larger, more health care-focused organization now with more than 70% of our benefits revenue coming from health care. These changes have transitioned Sun Life U.S. from a capital-intensive to a capital-light business with strong cash flow generation, from businesses with long-term risk profiles to mostly short-term risk and fee-based businesses, from slow-growth markets to higher growth markets and from ROEs in the single digits to a return on tangible equity in the high teens.

The DentaQuest acquisition adds a large and growing business that aligns strongly with our risk and return profile and advances our business strategy to be a leader in health and benefits. Together, we will do even more to provide great oral health care to all and to help people live healthier lives. We welcomed 2,400 DentaQuest employees to the Sun Life family on June 1. The leadership team for the dental business is in place, consisting of a blend of DentaQuest and Sun Life leaders and is focused on growth strategies, revenue synergies and optimizing performance. We're approaching integration with great care, and our goal is to realize the full potential of the transaction for all our stakeholders, including providing enhanced offerings for clients delivering on our accretion and cost savings targets for shareholders, creating new opportunities for our employees and delivering a positive integration experience for all. We have a strong track record of successfully integrating group benefits businesses while minimizing disruption for our clients. Many of the leaders who manage the Assurant integration are involved in the DentaQuest integration.

We are focused on integration activities that will support our run rate cost savings target of $60 million by 2024. We're off to a strong start with a fully integrated leadership team, engaged employees and a detailed plan for the remaining steps. This quarter, we began reporting separately on the performance of our Dental business, which includes DentaQuest, both the government and commercial segments and the existing Sun Life U.S. Dental and Vision business. The second quarter includes one month of results for DentaQuest and three months of the legacy Sun Life Dental and Vision results.

I'm excited about the future at Sun Life U.S. We now have four strong businesses with market-leading positions in dental and stop-loss and a top 10 employee benefits business. Although exact results have been somewhat masked by COVID impacts, once this subsides, we remain confident in achieving our medium-term targets for the U.S., including 10% or more earnings growth for our benefits businesses.

At this time, I'd like to turn the call over to Manjit.

Manjit Singh

Thank you, Dan, and good morning, everyone. Slide 11 provides an overview of our second quarter results. The results reflect the strength of our business fundamentals and the benefits of our diversified business mix amidst a challenging operating environment.

Reported net income in the quarter was $785 million, down 13%, primarily driven by lower equity markets. Underlying net income of $892 million and underlying earnings per share of $1.52 were up 1% from the prior year. Good insurance sales, moderating COVID impacts, strong credit results, one month of earnings from the DentaQuest acquisition and disciplined expense management helped to offset lower asset management results. Underlying return on equity was 14.9% in the quarter. Book value per share was up 6% over the prior year. And excluding the impacts in other comprehensive income, book value per share was up 10%. We continue to maintain a solid capital position with LICAT ratios of 128% at SLF and 124% at SLA. The decline in the SLF ratio from last quarter primarily reflects the closing of the DentaQuest acquisition and market impacts in the quarter.

Now let's turn to our business group performance starting on slide 13 with MFS. MFS reported net income of $228 million, up 19% from the prior year, reflecting fair value changes and outstanding share-based payment awards. Underlying net income was down 17%, driven by lower average net assets, in line with year-over-year declines in global equity markets. MFS generated a pretax net operating margin of 36%.Operating margin declined by 3 percentage points from the prior quarter due to lower average net assets, partially offset by lower variable compensation. AUM was down 13% from Q1 to $553 billion largely reflecting lower equity markets and $5.5 billion of net outflows. Net outflows in the quarter were driven by U.S. retail, reflecting significant industry-wide retail redemptions. In fact, Q2 reflected the highest level of U.S. retail industry redemptions in over 30 years. That said, MFS saw lower relative retail redemptions as a proportion of AUM compared to the industry. Institutional inflows were $1.5 billion in the quarter.

Turning to slide 14. SLC Management delivered another solid quarter with reported net income of $5 million and underlying net income of $23 million. Underlying net income reflected strong growth in fee-related earnings, partially offset by real estate investment mark-to-market losses. Fee-related earnings were up 13% from the prior year, reflecting strong capital raising activity and the deployment of capital into fee-earning AUM over the past 12 months. The fee-related earnings margin of 23% was down modestly due to continued investments in business growth. Strong capital raising of $5.7 billion in the quarter reflects the diversification of our investments platform, with positive momentum across all investment strategies. Total AUM includes $21 billion that is not yet earning fees. Once invested, these assets can generate annualized fee revenue of more than $175 million.

On slide 15, Canada's reported net income of $160 million was down from the prior year, mainly due to market-related impacts. Underlying net income of $344 million was up 19% from the prior year, underpinned by good business growth and favorable mortality, morbidity and credit experience. This quarter's results also include higher large case group benefit sales in Sun Life Health and solid growth in third-party insurance sales. While sales were supported by higher large case mandates in Group Retirement and Defined Benefit Solutions, partially offset by lower industry-wide retail mutual fund sales.

Turning to slide 16. U.S. reported income of $167 million was up 31% from the prior year, reflecting real estate gains. Underlying net income of $121 million was up from $93 million in the prior quarter, reflecting one month of earnings from DentaQuest and more normalized group life mortality. Group life mortality significantly improved in Q2, in line with improvements in the overall population. We also saw some moderation in the favorable stop-loss morbidity experience in the quarter, but inpatient utilization remains below pre-COVID levels. Our U.S. business continues to demonstrate strong core fundamentals with solid growth in premiums and fee income, good client persistency and benefits from investments in Pinnacle Care and DentaQuest.

Slide 17 outlines Asia's results for the quarter. Reported net income was $131 million, down 8% from the prior year in constant currency. Underlying net income of $148 million was down modestly on a constant currency basis. Second quarter results were impacted by lower sales in Hong Kong, driven by pandemic-related restrictions and lower equity market-related fee income. This is mostly offset by higher new business gains in our international high net worth business and while international sales were lower than the prior year, profitability of sales is up as we focus on selective origination in the high net worth market.

Outside of Hong Kong and International, insurance sales grew double digits in the rest of our markets as they emerge from pandemic restrictions. Asia wealth sales were lower than prior year, reflecting declines in global equity markets. Overall, we're pleased with our results this quarter. Sun Life's attractive mix of diversified businesses once again allowed us to deliver good performance in a challenging operating environment. The fundamentals of our business remain strong. And we are continuing to invest to drive future growth. And the investments we have made in exact action transactions, including an SLC Management, DentaQuest and Bancassurance in Asia are performing well and contributing to results.

With that, I'll turn the call back to Yaniv for Q&A.

Yaniv Bitton

Thank you, Manjit, to help ensure that all of our participants have an opportunity to ask questions this morning. I would ask you to limit yourselves to one or two questions and then re-queue with any additional questions. I will now ask the Operator to pull the participants.

Question-and-Answer Session

Operator

Thank you. We will now begin the question-and-answer session [Operator Instructions] The first question comes from Meny Grauman, Scotiabank. Please go ahead

Meny Grauman

Hi, good morning. Question about Asia. It looks like COVID -- North America is putting COVID behind, and we saw the improvement in the U.S., but in Asia, it looks like COVID-related restrictions continue to be a factor and this quarter, we saw it in Hong Kong. I'm wondering what the outlook looks like or what you're seeing so far in Q3, but then even beyond that, do you expect any material change in COVID-related restrictions? Or is this going to be a persistent issue over the foreseeable future?

Ingrid Johnson

Thank you very much for the question. It’s Ingrid Johnson from Asia. I've actually just spent almost four weeks touring Asia and went to almost all of our markets other than India and China. And it's exactly right. The rest of Asia is actually opening up really nicely, whereas Hong Kong is still facing some of the restrictive measures as it sees net zero COVID policy. However, under the new Chief Executive that is being evaluated, that's very uncertain. And you're correct, we do see that implication flow through into our sales and principally also with the borders closed and the virtually zero MCV sales versus in 2016, it was at a tight $9 billion, and there was a high weighting of our competitors on that being able to write that business. So we are seeing increased competition domestically in Hong Kong. Two quarters of contraction of GDP. There's no doubt that this needs to change. We're not sure when, but we're preparing and making sure we build a really great business that's positioned to take advantage as the restrictions ease.

Meny Grauman

If the zero policy -- zero COVID policy continues, are there any changes you can make to that business? So anything you're contemplating to adjust to that ongoing reality?

Ingrid Johnson

Importantly, we've also faced the market volatility that's been felt globally. So we're number two in terms of our NPS flows, we still have a very strong position overall with third position. So we're very strong in the wealth business and that we will continue. And the business is very well positioned also with [indiscernible] insurer that has got good momentum. So we feel that we're well positioned with Sun Life with our global positioning that we want to strengthen our offerings in Hong Kong. So we're cautiously optimistic, and we do believe that Hong Kong will emerge at some point, and we will be well positioned to take advantage of that. And we actually remain committed to our medium-term objective of 15%.

Meny Grauman

Got it. Appreciate that.

Operator

The next question comes from Tom MacKinnon, BMO. Please go ahead.

Tom MacKinnon

Yeah. Thank very much and good morning. With respect to DentaQuest, is it possible that you might be able to share with us the underlying earnings that DentaQuest contributed in the one month that you had it in the second quarter. And I have a follow-up.

Daniel Fishbein

Sure, Tom. This is Dan Fishbein. In U.S. dollars, the underlying earnings for DentaQuest in the one month was $10 million.

Tom MacKinnon

Okay. That's great. Thanks. And then the follow-up is with respect to corporate. Just wondering how that might trend. It was an underlying earnings loss of $35 million, significantly higher year-over-year. I assume that's from increased debt. Just wondering how that might trend going forward until you sell the -- until the close of the U.K. block? And then when the close of the U.K. block happens, I think the -- you would lose another $40 million in annual earnings, and would that be in that corporate block as well? So just a little bit of color there. Thanks.

Manjit Singh

Good morning, Tom, it's Manjit. Yes, the corporate earnings, as you know, included a number of factors, so they do move around a little bit quarter-to-quarter. This quarter, we did benefit from favorable expense experience, largely in the corporate segment. So that's what's reflected in this quarter's results. And then to your point, going forward, once the CoC transaction closes, we would -- you would see a decline in that number for the business that we sold. And we mentioned in our slides, that would be about the $40 million you outlined -- and that's -- the $40 million is on an annual basis.

Tom MacKinnon

That's right. And I think you had mentioned before that after dividends and investment in the business that you generate excess capital of about $1 billion annually, does that change at all with this divestiture?

Manjit Singh

No, I don't think that changes materially with the divestiture. As we said, the $40 million is a relatively small number. And as you know, as part of the transaction, we are freeing up capital and obviously, we'll use that capital to generate additional earnings.

Kevin Strain

And Tom, it's Kevin. Of course, we've also entered a strategic management partnership with Phoenix, and we expect that we will get a good chunk of the $25 billion they're planning to deploy over the next five years into the North American sort of asset management space, and that will provide an income stream that will make up some of the lost revenue. So deploying the capital we get back and also the asset management agreement are in combination, I think, a good support to the earnings.

Tom MacKinnon

Okay. And how much do you expect to get on that $25 billion in terms of --

Kevin Strain

It's going to emerge over the next five years. And you might even say it would emerge sort of pieces over the five years. You can look -- Steve talked about in his slides what we expect from the alternatives. This will be a mixture of public fixed income to alternative asset management. So it's hard to say exactly what the time line will be. There's a process and a fiduciary responsibility they have for bringing them on. But you will see that earnings emerge, and we expect that will make up a good chunk of what we've lost. And in fact, the other piece is you have to remember, this is a closed block. For the life and pension business that we sold, we expect that, that was going to decline quite significantly over the next five to seven years, whereas the paid annuity business that we're keeping, we expect to be fairly stable from an earnings perspective and cash flow perspective.

Tom MacKinnon

Okay. Thanks for that.

Operator

The next question comes from Scott Chan with Canaccord Genuity. Please go ahead.

Scott Chan

Good morning. My question is actually a follow-up to Tom on DentaQuest. I know it's one month, but Dan, is there any seasonal impact on that business or like a $120 million annual run rate is kind of what we're looking for?

Daniel Fishbein

Yes. Good morning. I would caution that one month is not necessarily a trend. And so multiplying one month by 12 is always a little tricky. What I can say is we're still confident in the accretion projections that we made when we announced the transaction, and certainly, the results in June would support that. We did see a little higher margins in June than perhaps we expected and a little lower revenues, but the higher margins were more than made up for the small variance in revenues. But overall, I think the comment we would make is at least this first month gives us confidence in our prior projections.

Scott Chan

And if I take that first month and just annualize it and just do a quick math, it seems your earnings power substantially is lower than when you announced the deal and could be some risk to that EPS accretion targets? Or is that not the case?

Daniel Fishbein

No, that's not the case. The accretion target we announced would actually translate to a number a little bit lower than the June number.

Scott Chan

Okay. Got it. Thank you.

Operator

The next question comes from Doug Young with Desjardins Capital Markets. Please go ahead.

Doug Young

Hi. Good morning. Dan, on the U.S. group insurance business, underlying earnings were down year-over-year, and I know there's puts and takes in here, but ultimately, I'm just hoping you can flesh out some of those puts and takes when we look at that. And I know the LTM margin was 4.7%. I know you're targeting 7% plus. I know potential Envision business has been stripped out. So it's not really comparable. I'm just wondering, is there a new target for the margin for that U.S. group insurance business you can share with us?

Daniel Fishbein

Okay. So a few questions there. The first one on the group earnings or the group benefits earnings compared to the same quarter of last year. Your observation is, obviously, correct. And the biggest driver there is that in the second quarter of last year we had really outsized stop-loss results. And we continue to have very strong stop-loss results this quarter, just not as outsized as they were in that quarter last year. We also compared to the prior quarter last year, we had a very strong quarter in long-term disability, and it was certainly less strong in this quarter. So those are the primary drivers there.

In terms of the margin, remember that we report a rolling 12 months or rolling four quarters metric. So partly what you're seeing here is looking back several quarters. The current quarter was actually quite strong, although, again, compared to a very strong quarter last year. So we actually swapped out a very strong quarter for not quite as a very strong quarter this year. But that's a four quarter metric that will, obviously, Excellerate over time.

In terms of the margin target, we -- dental was, obviously, a very, very small part of that in the past. It would be a very big part of that now if we included DentaQuest, and margin we've concluded is not really the best way to think about the dental business, especially in comparison or in combination with the other group businesses. Dental businesses competitively have relatively low margins, and that's because they have very high ROEs because they require much less capital than other group businesses. So we're going to report dental separately and likely use other metrics for that. But for the remaining group business, our margin target remains the same as it has been, which is 7% or more.

Doug Young

And just a follow-up. When you think about getting from 4.7% back up to 7%, is it more on the group life benefit life and Health business? Or is it on the stop loss? Like where do you see -- is stop loss still above that 7% coming down and the group life and health moving up? Or has there been a change in that shift?

Daniel Fishbein

No. Stop-loss is still above and group is still below. While COVID incidence certainly has improved dramatically, there still are COVID impacts in the business. You see some of that -- a little of that in long-term disability. Certainly, there's -- especially over the past four quarters, there's still quite a bit in mortality there. But we would see -- stop-loss may even drift down a little bit as some of the favorability from delays in care gradually moderate. But on the other hand, we would expect group life and group disability to go back up as the COVID impacts fade away.

Doug Young

Okay. And just second, Kevin, on the sale of the U.K. I guess the question was why we retain the annuity business. I think you covered a little bit about that. But is this also a play on you want to keep longevity to offset the build-out of the life insurance business? And when you think about deploying capital, can you remind us what are you focused on? And from an acquisition perspective, what are you focused on?

Kevin Strain

Yes. Thanks, Doug. So it is a bit about we like the risk profile of the business, but we've optimized that business for our book. And under IFRS-17, you actually see a slight growing pattern over the next 10 years to that earnings. And the earnings almost come back 100% or maybe even more than 100% in cash flow, and it's got a very good ROE. So we like the risk profile. We like the structure of it. And it helps all of our thre medium-term objectives.

Of course, when we're thinking more broadly about M&A, that's what we're looking at. We're looking at adding -- does the acquisition or disposition add to our strategy? Does it fit in with our strategy on an acquisition? Is it adding either capabilities? Or is it adding scale? Is it helping our three medium-term objectives? So is it accretive? Is it helping our earnings growth? Is it supporting the ROE objective that we've put out? And are we getting cash flow out of it? And then importantly, can we execute on the transaction?

So we've deployed capital against all of those over the past little while. You've heard Dan now talk about DentaQuest, but you've seen the benefits of adding the SLC businesses and the bancassurance in Asia. So it's really about those things. Are we adding to our strategy? Are we meeting our medium-term objectives and can we execute on the integration?

Doug Young

Thank you.

Operator

The next question comes from Gabriel Dechaine, National Bank Financial. Please go ahead.

Gabriel Dechaine

Just a follow-up on U.K. What's the underlying earnings of the retained business? Just it's hard to --

Kevin Strain

It would be approximately the $30 million that I talked about Gabe during the -- during my opening remarks.

Gabriel Dechaine

$30 million, but it's also a potential trends on the mortality side or look at the other way, continue, you still have much more material reserve releases in the future. Is that not correct?

Manjit Singh

I'll maybe ask Kevin to speak to the reserve releases, but it's -- and the $30 million is under an IFRS-17 basis.

Kevin Morrissey

Hi, Gabe, it's Kevin Morrissey. Yes, our experience has been quite good over the long term on this block of business. It's one of the reasons why we retained it. We have very sophisticated methods of managing the investment risk and there's very little kind of net residual risk there, and we like kind of the profile, as Kevin mentioned, of the business and the cash flows coming out of that. So yes, there is certainly some potential upside on that business as well.

Gabriel Dechaine

While I got you, Kevin, one of your -- well, the big U.S. life insurers booked a big reserve charge for lapse risk in the mill last guarantee business line that they're -- I don't think selling anymore. You've got it on your runoff block. Is there -- are you confident in those reserve levels? I believe you would have been more proactive over the years on identifying or reserving for those loss trends?

Kevin Morrissey

Yes. That's right, Gabriel. As you know, we've been very desparate to focus on that experience and make updates and the assumption reviews annually to make sure that we're -- got that right up to the most exact experience. So last year, we did strengthen. We've been monitoring that since then. Happy to report that since that changed last year, the spirits has been fully in line with that last update. So certainly looking good over the last several quarters, and we don't anticipate any further changes to the lapse assumption on that block.

Gabriel Dechaine

Perfect. And last quick one on SLC, the $20 billion that's not yet been deployed and the revenue potential attach to that. What's the -- forgive me if this has been asked already, but the time line you expect to deploy the capital -- or yes, the investment capital?

Stephen Peacher

Yes. Gabriel, it's Steve Peacher. Thanks for the question. Yes, that $20 billion -- $21 billion reflects the nature of the alternative investment business. So across our real estate alternative credit and infrastructure businesses, we raised closed-end funds and the capital gets committed by institutions and it gets -- and we draw on it as it gets deployed. In some cases, we earn fees just on the commitments. But in many cases, in most cases, we don't earn fees until it's deployed. In general, those commitments you'd have a three-year investment window in the product. So some of those commitments would be toward the end of the investment period, some would be money we just raised. So I would expect on average that money to get raised over the next year, 1.5 years. .

Now I would say that at the same time, because in some cases, these funds are the sixth in a series or the seventh of the series, you also have funds that are at the end of their life and that are in disposition mode. And so you're always raising new funds, you're investing, some are rolling off. But I would say, to your question, that $20 billion should get invested on average over the next year, 1.5 years.

Gabriel Dechaine

Okay. Thank you. And enjoy the rest of your summer.

Operator

The next question comes from Mario Mendonca with TD Securities. Please go ahead.

Mario Mendonca

Good morning, everyone. Can I just ask a little about experience, policyholder experience, like the more underlying experience? There's a pretty big shift from Q1 to Q2. And what I'm trying to get a better appreciation for is the extent to which that move from, say, negative mortality of 90 and morbidity of 18 and also on other lines, how that moved from a charge in Q1 to a meaningful gain in Q2? And the way I want to approach this is, if you can help me think through what portion of that is just truly actually just different results? And how much of it really just reflects different underlying expectations in Q2 relative to Q1. I think you appreciate where I'm going with this. How much of its genuine and how much of it is really a change, but the expectations were different for Q2?

Kevin Strain

I might actually step in here, it's Kevin. I think Dan should talk about the U.S. mortality experience because that was a significant part of the change. And then we should have Jacques talk about the disability experience in Canada, because that was also a big piece. And Dan, you might want to touch on disability as well. And then if we still have some open items to wrap up, Mario, I think either Manjit or Kevin or I can come back at the end.

Daniel Fishbein

Sure. This is Dan. Yes, there was a very big change, as you can see in mortality, particularly in the group life business during the first quarter. We actually -- just a quick comment on the in-force management business, the legacy individual life business. We had a couple of large claims there. So that actually went a little bit the other way, at least compared to the quarter -- the prior quarter and the prior year as well as sequentially, but that's just the nature of the volatility in that business. But the really big change was a great lessening in the COVID mortality from Q1 to Q2. Our COVID mortality experience actually declined by 90% from the first quarter to the second quarter. So that's the biggest driver from the U.S. that you're seeing there. It was not a change in expectations. That blends in very slowly between first quarter and second quarter, there would be very little change there. It was actually a very big change in the mortality experience.

Kevin Strain

Jacques?

Jacques Goulet

Thanks, Dan. Mario, this is Jacques. The material change in Canada is in morbidity, that is driven mostly by group disability experience in Sun Life Health. I've talked about this before, but there are a few key components there. One is the incidence or the volume of cases we get. And the other one is how long or short the durations are before people go back to work. We have positive experience in both incidents and duration. Keep in mind also, Mario, that starting in 2019, we started putting price increases through the block, and that's also impacting. So at this stage, it's hard to say because we have one data point of Q2 being a good experienced quarter. I would be cautious to declare this a new trend. There's a lot of things that influence incidents, for example. So a strong area of focus as we've had in the number of quarters now, as you know, and we're continuing that. We're watching it closely, but that's the main driver in Canada.

Kevin Strain

It's Kevin again. I would say that both of these items have been headwinds for us in the comparative quarters that you're talking about, Mario, and so you can see that in a way is us taking management actions in the case of Jacques and then a big change in the COVID death rates in the case of the U.S. business that you're seeing. And we talked about COVID mortality, in particular, a lot in Q4 and Q1. And those were disproportionate negative impacts, and we're sort of getting to a place where the COVID deaths now are, I think, roughly in the 300 to 400 a day in the U.S., and they had been running at close to 3,000 a day. And I think Jacques answered the morbidity question.

Mario Mendonca

Yes. I think I understand now that genuine changes and management actions were the driver, not any big change in expectations. Perhaps a final sort of line of questioning in this respect. The expense side turned real positive this quarter, the 44%. Was that a management action or a change that resulted in that gain? I would imagine that's less about expenses as well -- or sorry, less about expectations as well.

Manjit Singh

Yes. Hi, Mario. It's Manjit. Yes, I think there's a couple of elements in there. The one element is around management actions. As you know, we've always had a very desparate focus on expense discipline. We're keeping that focus. All of our businesses are focused on driving productivity inside of their businesses. And that's resulting in sort of slightly lower expenses than we thought. And the second element is, obviously, given the moves that we've seen in the markets, some of our share-based compensation expense plans, there's downward impact of that. So it's a combination of those two things.

Mario Mendonca

Okay. And then maybe just one final thing. If we could go to the contract service margin, I think the company is guiding -- just I'm doing this by memory, I think it was $4.5 billion or -- is that right? Is it $4.5 billion or $5 billion in contract service margin?

Manjit Singh

The $4.5 billion was the adjustment to our shareholders' equity on 1/1/22.

Mario Mendonca

I'm sorry. And did you say that most of that related to establishing the contract service margin? Would I be correct in saying the contract service margins should be you're guiding us to maybe 4.5%? Or am I not -- am I memorizing too much into that?

Manjit Singh

Yes. I think there's two elements to the contract service margin. One is the adjustment to the equity, which I spoke about in our call on May 31, we said about two-thirds of the shareholders' equity adjustment we gave you would be a part of the contract service margin. There's also another element which result -- which is related to the change in how we present the liabilities, and that information we haven't provided yet.

Mario Mendonca

Okay. So the contract service margin could in fact be less than $4.5 billion. Is that true?

Manjit Singh

Well, we haven't sort of said that, but I would say it's going to be more than the $4.5 billion. .

Mario Mendonca

Okay. Got it. Thank you.

Operator

The next question comes from David Motemaden with Evercore ISI. Please go ahead.

David Motemaden

Hi. Thanks. Good morning. I had a question just on the U.K. business, on the bit that was retained. Could you just describe, I guess, why you are retaining that? Is that something you could consider, exploring something similar with a transaction on in the past? Or is there something about it that made it that Phoenix didn't [Technical Difficulty] maybe just some color on why you didn't sell the [Technical Difficulty] business as opposed to retaining the annuity business would be helpful.

Kevin Strain

David, this business has been optimized to our business and our sort of capital structure. If you -- as Kevin said, we like the risk profile, it fits well in. And as I said earlier, we like the earnings and cash flow and ROE that are coming off of it. So it was one overall that as we were doing the transaction, we decided we'd rather keep than sell. The -- it didn't impact us getting an effective asset management agreement, and we also got, we believe, a very good price from Phoenix on the parts we sold. So we were actually quite pleased to be able to keep this and that was us driving it more than Phoenix.

Manjit Singh

Yes. And the other thing I would add, if we look at the returns on this business, given Kevin's comments about how we structured, it is 20% plus. So we're very happy with the returns we're getting on that business.

David Motemaden

Okay. Great. And then maybe just taking a step back, and I think in the past, it didn't sound like you guys were in a rush or had really focused on trying to do something more strategic in the U.S. on that in-force management business. Has that changed? Does this transaction that you did with Phoenix on the U.K. was that more of a one-off to get the asset management agreement? Or is this something a broader initiative that you guys are starting to think about in terms of just getting maybe potentially offloading or doing something more strategic with the in-force management business?

Kevin Strain

David, it's Kevin again. If you looked at the life and pension business that we sold, again, that bought closed in 2001, and we were expecting income to start to decline and cash flow to decline. And at some point, you start to lack scale. In the IFM business in the U.S., we like the earnings profile. We like the ROE coming out, and we like the cash flow coming out of that business. It also supports our asset management business, right? So it gives us asset management to provide to SLC. And so we think that's a positive.

So at this point in time, I would say that the IFM business is a bit like the payout business in the U.S. We like the profile of it. We like the earnings and the cash flow coming out and the ROE. And so that's how we're thinking about that. If you watch, there's a number of asset management companies that are buying these closed blocks for the cash flow. And so that's strategic for us to provide that cash flow back to SLC as well. .

David Motemaden

Got it. Okay. That make sense. Thank you.

Operator

The next question comes from Paul Holden with CIBC. Please go ahead.

Paul Holden

Hi. Good morning. I want to go back to the U.S. group business because there's just been a lot of moving pieces over the last year, 1.5 years. And you mentioned targeting sort of a 10% organic growth rate in that business. Is there anything today that would suggest to us that the growth rate could be higher than 10%, just given the extent to which you're growing stop loss, the price increases you've been pushing through? Or maybe there's factors that would suggest don't get too excited, maybe it's going to be a little bit less than 10% in the near term? Maybe you can talk through some of those dynamics for us.

Daniel Fishbein

Sure. Well, I'm always excited about the future so -- and an optimist. So you may have noticed that even without the addition of DentaQuest and Pinnacle Care, the premium and fee revenue of the U.S. rose by 10% in the past year. So we're clearly generating significant organic growth, and that should translate into earnings growth as well. DentaQuest has been a growth engine over its history. It's had times of very rapid growth. A little bit of a caution there. It's something new for us all. Their business is very lumpy. Contracts are very large, smaller in number, but very, very large. So there will be times with DentaQuest where they show dramatic growth from just adding two to three big contracts, and then there may be pauses in between some of those contracts. But we think there's a lot of potential in the DentaQuest business on multiple fronts to continue to win new government contracts in Medicaid, to expand significantly in Medicare advantage, which is really a relatively new area for them, and to put their capabilities and our legacy capabilities together to make a first-class commercial dental business as well.

So that business can grow at a very good pace. Stop loss also, as you've seen for several years, has been growing at a very good pace. We're the industry leader there. And as we come out of COVID, we have lots of optimism for what we can do in the group business. As you've probably noticed, after several years of that business being relatively flat, the past 1.5 years, it has really started to grow organically. So we're confident in the 10% number. And certainly, I always think there's upside.

Paul Holden

Okay. That's a great. Thank you. And I think things have been pretty quiet for Mike Roberge. I'll ask a question on MFS. So we saw positive institutional flows this quarter. I wonder if that's just the rebalancing impact. You've talked about that in the past, usually it worked the opposite way with higher equity markets. So wondering if it's just institutional clients taking or really, I guess, rebalancing portfolio adding more equity or if there was something more to it?

Michael Roberge

Good morning. This is Mike. I think the institutional flows do tend to be somewhat lumpy, and there were just a number of wins that funded in the quarter. Some of that would have been rebalancing. But I think it was just activity at the client level where we lined up well with those particular opportunities, and they happen to fund in that particular quarter. So that's really what drove. That's sort of the color behind the institutional flows.

Paul Holden

Okay. And then just quick follow-up. I mean, is there any sense you can deliver us given the current pipeline today and where things might land in the future?

Michael Roberge

Yes. I mean we don't comment on what pipeline looks like and what we think the future looks like. All I would say is we expect institutional flows quarter-to-quarter to be relatively lumpy based on what clients are doing and the size of the mandates that they're putting out. So I'm not comfortable giving a forecast.

Paul Holden

Okay. Had to try. Okay. Thank you.

Michael Roberge

Thanks. Appreciate it.

Operator

Next question comes from Nigel D'Souza with Veritas Investment Research. Please go ahead.

Nigel D'Souza

Thank you. Good morning. I wanted to follow up on experience and specifically on the expense side. As mentioned earlier, the delta year-over-year on expenses is pretty significant. And I'm wondering if you could flesh out the impact there on variable versus fixed costs. You mentioned share-based comp is that what’s driving the majority of it. On the fixed side, could you touch on the outlook in an inflationary environment. Do you expect to keep costs below your assumptions? Or should we expect over the medium term, an unfavorable revision to your expense outlook or less favorable expense experience as inflation weighs on your results?

Manjit Singh

Good morning, Nigel, it's Manjit. So in terms of the composition of the expense experience in the quarter, I would say about two-thirds of that was related to variable compensation that I spoke about earlier. I mean in terms of inflation, obviously, we're feeling some of the general impacts that you're seeing in the overall market, but not at the sort of the headline levels that you sort of see in the media 9% or 10%. It's more in pockets in certain areas like technology and data specialists, we're seeing more pressure on that side. But as I spoke about earlier, we also are having opportunities to drive expenses lower by productivity initiatives. We've done that for many years, and we're continuing to focus on that. So overall, we feel we can manage our expenses -- continue to manage our expenses ahead of our revenue growth.

Nigel D'Souza

Okay. That's helpful. And if I could finish off with the impact of investment activity component of your experience this quarter. I mean, that continues to be favorable. Just trying to get a sense of how does that correlate with interest rate volatility or spread volatility? Should we expect a favorable experience to continue until spreads and interest rates stabilize? Or what's the right way to think about that line item?

Manjit Singh

Kevin, do you want to take that, Kevin Morrissey?

Kevin Morrissey

Sure. Nigel, it's Kevin Morrissey. The investment activity, as you know, is very strong again this quarter. You had gains of about $36 million. There's a number of different factors that impact that in addition to the flows and the market environment, I'd say that we positioned our portfolio to have a certain amount of reserve to take advantage of favorable market conditions, and you're seeing some of that coming through in the quarter. It also has to do with kind of the deals that we're doing and the flows of those vis-a-vis the size of our business in each quarter depending on how much we're backing against new business and how much we're back in an in-force. So I'd say that our outlook continues to be favorable relative to our $10 million to $20 million per quarter guidance.

Nigel D'Souza

Okay. Appreciate that color. Thank you.

Operator

We have no further questions at this time, and I will turn things over to Mr. Bitton for closing remarks.

Yaniv Bitton

I would like to thank all of our participants today. Should you wish to listen to the rebroadcast, it will be available on our website later this afternoon. I will now turn the call over to Kevin Strain for closing remarks.

Kevin Strain

Thanks, Yaniv. We remain focused on our purpose and our strategy, our diversified mix of business, strong risk management, balance sheet strength and capital position are helping us managing through what's clearly challenging times. You can see steps across each pillar and across all elements of our strategy that continue to move the business forward. The close of DentaQuest, our strategic partnership with Phoenix, reviewing our distribution relationships with -- renewing our distribution relationships with RCBC and gaining traction on sustainability and digital leadership were all steps we took in the quarter to continue delivering for our clients, our employees and our shareholders.

I want to thank everybody for joining the call and wish you all a great rest of the summer.

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Killexams : SunLit Interview: For Dave Jilk and Brad Feld, philosophy mirrors business

Dave Jilk is a former serial entrepreneur and startup CEO in information technology. He is author of several peer-reviewed papers on artificial intelligence as well as two books of poems, “Distilled Moments” (2020) and “Rejuvenilia” (2018). Dave earned his bachelor of science degree in computer science from the Massachusetts Institute of Technology, and currently lives near Boulder, Colorado. When not writing he is likely to be on a mountain somewhere.
Brad Feld, co-founder of Foundry Group and Techstars, has been an early stage investor and entrepreneur since 1987. Brad is a writer and speaker on the syllabus of venture capital investing and entrepreneurship. He holds degrees in management science from the Massachusetts Institute of Technology. He also enjoys collecting art and long-distance running, and has completed 25 marathons as part of his mission to finish a marathon in each of the 50 U.S. states.


SunLit: Tell us this book’s backstory. What inspired you to write it? Where did the story/theme originate?

Jilk and Feld: A crucial part of the backstory is the way-back-story. The two of us were college friends, then business partners, then colleagues in a variety of efforts, and have remained friends throughout the past forty years. Having worked together for a long time, each of us understands the other’s business thinking and work process quite well.

Dave reads a lot of philosophy, and around 2010 had just started memorizing some Nietzsche. He began to notice an occasional quip or line that rang a bell, seeming to describe entrepreneurs. At one point, we were both up at Brad’s mountain house memorizing by the fire, and Dave read one of these lines out loud to Brad, asking whether it resonated. He interrupted his reading, thought about it for a second, and agreed. That was the genesis of what became this book.

UNDERWRITTEN BY

Each week, The Colorado Sun and Colorado Humanities & Center For The Book feature an excerpt from a Colorado book and an interview with the author. Explore the SunLit archives at coloradosun.com/sunlit.

After Dave semi-retired (among other reasons, to do more writing) in 2013, we discussed the idea of bringing together some thoughts about entrepreneurship with Nietzsche’s ideas into book form. Brad was always looking for new directions from which to help entrepreneurs, and Dave was looking for a venue in which to encapsulate some of the things he had learned in his career. So we got started, picking off a chapter at a time.

The format evolved as we worked on it. Brad suggested gathering entrepreneur stories to complement the essays, and after we completed a few we saw that these really added value.  We read a lot of Nietzsche, perhaps with a bit of a “quote-picking” agenda. “Test readers” helped us realize that we needed to provide modern versions of the quotes. And we had both read Ryan Holiday’s “The Daily Stoic”; we decided that a similar structure with a weekly pace would be good for the level of depth we were aiming at.

Place this excerpt in context. How does it fit into the book as a whole? Why did you select it?

We selected the chapter “Style” because it illustrates some of our goals with the book particularly well. Most notably, in his narrative Tim Enwall shows his own thought process as he considers the Nietzsche quote and our essay, and how those conflict with his own view of things. By the end, he has not so much changed his mind as deepened his thinking about issues around the connection between brand image and company culture.

In the Introduction we encourage all readers to deliver this level of thought to each quote and essay that they approach – not to just read-and-implement, but to chew on it for a week or so, and ideally to discuss it with others in the organization. There are some great how-to books on entrepreneurship; ours does not try to be one of those. Instead it aims to help entrepreneurs think more deeply about themselves and their business.

Another important aspect illustrated by this chapter is the surprising interpretation that connects Nietzsche’s thinking to today’s world of entrepreneurship. In the quote, he was talking about genuine artistic style in a national context. But it derives from his insights into human nature, not just the particular situation. We find that these unusual applications can help a reader – and us – think about organizational and leadership issues in a completely different way. We’re not making any strong claims about what Nietzsche intended – if our book is philosophy at all, it is very much applied philosophy in an entrepreneurial problem domain.

Structurally, the excerpt is one of the 52 “weekly” chapters. Most of them are structured similarly, though not all of them include an entrepreneur narrative. The chapters are organized into five major sections around a theme – this one is part of “Culture.” The other sections are “Strategy,” “Leadership,” “Tactics,” and, wait for it… “Free Spirits.” The book also contains an insightful foreword by Reid Hoffman, who really took the time to understand what we were trying to accomplish, and a couple of appendices about Nietzsche for readers who are interested in learning more about him and his legacy.

Tell us about creating this book. What influences and/or experiences informed the project before you actually sat down to write the book? 

When we were in business together in the late 1980s and early 1990s, we would periodically read a book together and then discuss it; as our business grew we’d include the entire team in these exercises. Some of these were business books, but others were not. For example, one was “Jonathan Livingston Seagull,” by Richard Bach.

We gained two really important lessons from doing this: first, gaining even a single good idea that could be applied in the business made the effort worthwhile. Second, the process of thinking through and discussing ideas about business, in the context of our own business situation, was not merely practical but also inspiring. This was particularly noticeable when we were struggling: the realization that startups are hard, that we were not the only ones fighting various issues, that what entrepreneurs do is good and important, and so forth, all gave us new energy to carry on and improve.

So when we set out to write the book, we wanted to make sure that our readers were both inspired and pushed to think harder. The particular ideas we touch on are all relevant areas to every entrepreneur. Whether the perspective captured by Nietzsche’s quote, or by our essay, or by the entrepreneur narrative is actually directly useful is almost beside the point. We’d actually be happier if a reader decides that what we say is completely wrong for her business, and does the opposite with great success. That means we helped her think, which is our real goal.

Here we offer a portfolio of 52 different syllabus to think about. We feel good about the likelihood that for every reader, at least one of the chapters will produce a valuable takeaway.

Once you began writing, did the story take you in any unexpected directions? If so, how would you describe dealing with a narrative that seems to have a mind of its own?

Almost every chapter was like this to some degree. The point of the book is to think, so as part of writing a chapter we would sit with the quote numerous times and reflect on it. Frequently we came up with new angles that weren’t part of the initial impetus for selecting it. That was really fun. The entrepreneur narratives were sometimes even further afield. A few of them barely connect with our essay at all. But taken as a whole, each chapter represents a thinking process, a set of reflections on a course area. Thinking is not always linear; the best thinking, especially when you are stuck, is not merely “non-linear” or “outside the box” – it’s not even a geometric shape. 

For a more specific example, toward the end of the writing process we realized that we were using the words “passion” and “obsession” somewhat interchangeably, in part because Nietzsche uses the word “passion” regularly. But Brad has written and spoken a good deal about this: As an investor, he is looking for obsessed entrepreneurs, not passionate ones.

And then we had an epiphany – in our chapter entitled “Obsession,” the Nietzsche quote shows him trying to describe the concept of obsession, but using the word “passion.” A little more research showed that the notion of obsession was not in common use until later. In a sense, Nietzsche had made the same discovery and observation that Brad had, but 140 or so years earlier and without the terminology to say it: The two are not the same, and passion has some serious shortcomings.

Has the book raised questions or provoked strong opinions among your readers? How did you address them?

Early on, we noticed that some people had strong feelings about Nietzsche: some positive because they had read and enjoyed him in college or otherwise, and others very negative because of a certain “reputation” Nietzsche has. The latter issues go all the way back to his proto-fascist, anti-Semitic sister Elizabeth, who was his final guardian after his mental collapse and controlled his literary estate after his death.

But these issues continue to this day, in part because Nietzsche made a lot of strong statements that could be interpreted any number of ways, including ironically. His words have long been used to justify a variety of positions ranging from Marxism to the alt-right, and misinformation abounds.

We decided we needed to address this in the book, first to ensure that our efforts were not associated with any of those agendas, and also to review, for readers unfamiliar with Nietzsche, why he is probably nothing like what they’ve heard about him, whatever that might be. Thus we include in an appendix a moderately scholarly effort to explain why this has happened, and why the reader should not be too concerned about it.

There were two things we had to admit, though. We, too, had used Nietzsche’s words in ways he had not intended. We decided that was acceptable since we are very transparent about it in the introduction and throughout the book. We also admitted that one thing people have heard about Nietzsche is verifiably true: He can be difficult to read. This we addressed by limiting ourselves to fairly straightforward quotes and also by adapting them to 21st-century English.

We identified one other obstacle to drawing our audience of entrepreneurs to the book. The link between entrepreneurship and philosophy is not obvious – one endeavor is very action-oriented, the other more pensive. Anyone who has read late 20th-century philosophy might find it pedantic (if they are memorizing analytic philosophy) or impenetrable (if it is continental philosophy).

We discuss this issue in the Introduction, but Reid Hoffman’s foreword is where the connection really comes alive. You can read it in the Amazon free demo or on Reid’s website. Once entrepreneurs dig into the book, they find that elements of Nietzsche do speak to them, just as they did to us when we first read it. This allows them to go deep quickly.

Beyond enjoying and getting value out of our book, we hope that this will encourage them to find other philosophers they find helpful, whether it be Stoics like Marcus Aurelius, ancient Greeks like Epicurus, an existentialist like Simone de Beauvoir, or a modern virtue ethicist like Martha Nussbaum.

Walk us through your writing process: Where and how do you write?

Most interesting is how we write together. We have incompatible schedules, not only on a daily basis but on an annual cycle. Brad writes quickly and then edits; Dave labors over a paragraph until he is happy with it. We have metaphysical conflict regarding comma usage. Google Docs made it all work. We used both suggesting mode and commenting to interact on the chapters until we were both comfortable with the content as well as the language. We also used it to integrate text from entrepreneurs and chapters that had been done on the side. At the end, we used Grammarly to reduce passive voice and other linguistic crutches.

It’s worth noting that with the schedule issues and other distractions, it took five years from beginning to end to get the book done. OK, so maybe it wasn’t just Google Docs; perhaps it’s that we’ve been friends and colleagues for almost 40 years, and know how to work and persist together.

If a reader of your book wanted to explore Nietzsche directly, what would you recommend?

It depends on how much fortitude you feel. If you are feeling confident, pick up “Human, All-Too-Human.” This is the first of three books written in an aphoristic style – sections range in length from a single sentence to a few pages. It covers a wide swath of Nietzsche’s philosophy, and much of it is very readable.

If you don’t understand a section, or find it uninteresting, just skip it. These books are not really cumulative: You can jump around or even read them backward (as with our book… coincidence?). That book is great bathroom or waiting-room reading. But take your time with it. Beneath what might appear to be outrageous or snarky comments is a lot of depth.

If you prefer to ease into it, pick up a exact secondary source like Eric Steinhart’s “On Nietzsche.” This is a solid overview. Not everyone would agree with his interpretations, but that’s true of any definitive interpretation of Nietzsche. exact books like “I Am Dynamite” (Sue Prideaux) and “Hiking with Nietzsche” (John Kaag) also deliver some insight into the philosophy while being mostly biographical.

If you are feeling unconquerable and want to “leap into their jaws,” try “The Genealogy of Morals” or “Beyond Good and Evil.” These are among his later works and tell a more complete story about their subject area. They probably represent the most culturally influential elements of Nietzsche’s philosophy, treating ethics as arising out of cultural evolution rather than from God or from irrefutable axioms.

Unless you were a literature major with very good grades in college, we’d recommend against starting with “Thus Spoke Zarathustra,” even though it’s possibly his most famous book. The layers of allusion and irony, and the absence of much plot, make this a very difficult book.

Are you going to follow this up with another book based on another philosopher, or on some other source of quotations?

A number of people have asked this. The answer is probably not. If you read the book, you will get the hang of it – memorizing a colorful line from any source can inspire some deep thought and insights. Though we hold forth on entrepreneurship in this book, we’re not looking to do more of that, and it was not the underlying goal even here.

We’re also not looking to create a brand around Nietzsche. Though we have nothing against monetization, Nietzschean motivations like gratitude and working on this together as the “reward of all rewards” are more what drove us.

For his next book, Dave is working on a science-fiction epic, but sharing any details here would be spoilers.

We believe vital information needs to be seen by the people impacted, whether it’s a public health crisis, investigative reporting or keeping lawmakers accountable. This reporting depends on support from readers like you.

Sat, 06 Aug 2022 20:05:00 -0500 en text/html https://coloradosun.com/2022/08/07/sunlit-dave-jilk-brad-feld-the-entrepreneurs-weekly-nietzsche/
Killexams : ELHS Class of 1967 planning 55th year reunion in October

DEAR SUN SPOTS:  The Edward Little Class of 1967 has set up our 55th year reunion for Oct. 8. It will be held at the Hilton Garden Inn from 4 to 9 p.m. with dinner and dancing.

We are attempting to reach all classmates by mail, Facebook, and classmates.com. If there are classmates who need reunion details or would like an invitation mailed to them, they may contact us at [email protected] Thank you for this wonderful service you provide. — Cathy, Auburn

ANSWER: I’m happy to help! Organizing a class reunion is no easy task so if you are in this class and want to assist Cathy or know how to contact other class members, let her know.

I am always willing to run lists of classmates that reunion organizers are searching for. It amazes me how members of the Twin City communities and surrounding schools keep track of one another. Many times, Sun Spotters have sent information along the pipeline to find the answers to just about everything! You’re all terrific!

DEAR SUN SPOTS: This is the final chapter of the Restoration and Preservation Project on the two building replicas in Turner. One was the Turner Centre Creamery and the other was the Toll Bridge spanning the Androscoggin River in North Turner.

Del Sennett built these for the 1986 Bicentennial in Turner. They were placed on town property for years but were in disrepair due to the weather over that time. It was our goal to have them restored then placed in an open shed and out of the elements. This has now been accomplished thanks to Leavitt Area High School Principal Eben Shaw and shop class instructor John Lipofsky, along with the high school senior shop class that did all the restoration work. It was a yearlong project for these students and a great learning experience.

We would also like to thank town officials for their continued support and to all those who donated in some way so this project could come to fruition. The signs have been placed on the buildings stating facts about them and their significance to the town. Our goal was to have this project completed in time for the July 4 festivities on the Turner Town Green. It is our hope that people will come to see this display and enjoy learning about the history of these two buildings for years to come. — Sharon, Turner

ANSWER: I’m impressed that the high school shop class got involved and I’m looking forward to seeing the replicas and learning more about them. Congratulations to everyone involved for a job well done!

DEAR SUN SPOTS: You are always so helpful. I went to North Temple School in Lewiston, (now McMahon School) in the late 1960s and early 1970s. There was a lady who taught art classes about twice a week. Would anyone remember her name? — No name, Lewiston

ANSWER: If no one responds to this request, try calling the school at 795-4140 to see if they have that information in their files.

This column is for you, our readers. It is for your questions and comments. There are only two rules: You must write to the column and sign your name. We won’t use it if you ask us not to. Please include your phone number. Letters will not be returned or answered by mail, and telephone calls will not be accepted. Your letters will appear as quickly as space allows. Address them to Sun Spots, P.O. Box 4400, Lewiston, ME 04243-4400. Inquiries can also be emailed to [email protected].


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Killexams : Lake County officials answer questions about uses for $135M in American Rescue Plan Act funds

Lake County officials hosted the second of three forums about how the county can allocate some of its American Rescue Plan Act (ARPA) funding on Tuesday night.

For about an hour, Lake County Board Chair Sandy Hart, assistant county administrator Matt Meyers and other county officials answered questions and received input about how the county should allocate some of the roughly $135 million it received in federal funds.

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Topics discussed in the virtual Zoom forum ranged from affordable housing to helping employers find qualified job candidates, and from transportation and infrastructure projects to relieving residents’ child care burdens.

Hart, who called the federal funds “historic opportunity” for county investments, encouraged all residents to share their thoughts and to reach out to county officials if they wanted to learn more.

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“The County Board has worked really hard, along with our outstanding staff, to allocate portions of this funding to address immediate needs from the pandemic, such as food distribution and housing,” Hart said. “However, we realize we do not have all the answers, and we really want to hear from you to find out what additional needs exist, and to ask for your help in prioritizing those needs and your ideas on how we can help people.”

The county is also asking residents to participate in a survey about four ARPA spending categories: public health, household assistance, economic and business investments, and infrastructure and facility investments.

County spokesperson Tammy Chatman told the News-Sun there have been more than 1,000 survey responses so far.

Director of workforce development Jennifer Serino fielded one question about how the county is planning to aid local employers struggling to find qualified job candidates, noting that some of the ARPA funds are expected to be put to use in helping potential employees develop required skills.

“We will be implementing and expanding a work-based learning program for small businesses to help individuals learn on the job as they’re earning a salary, and then help connect them to the right long-term employment that has a family-sustaining wage tied to it,” she said.

Serino said the Job Center of Lake County works with more than a dozen partners, including the College of Lake County, community and state agencies, “in making sure that the skills individuals are gaining through training programs meet the demands of employers.”

Several questions focusing on housing and homelessness flowed in for community development administrator Brenda O’Connell. She noted that while the county has not seen a “significant increase in the overall numbers of people experiencing homelessness,” there are more people in shelters now than prior to the start of the pandemic.

O’Connell cited the eviction moratorium, which expired in October, as initially contributing to a lack of available housing units. Now that the housing market “has become a little bit more fluid,” she said, Lake County has seen more people transition from homelessness to housing.

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“But shelter isn’t a solution to homelessness, housing really is,” O’Connell said. “So we need to also continue to look at how do we expand housing affordability through building more units and creating subsidies that allow people to have that bridge to independence so that they can live in market-rate housing.”

In response to a question about bicycle or pedestrian projects that could be aided by ARPA, Meyers said transportation projects were not included as an eligible use of funds. He added that the infrastructure and facility investments are part of the county’s priorities, however, including improvements to Lake County’s wastewater treatment plants, drinking water quality improvements and stormwater management projects.

“There’s some eligibility for broadband (internet connection) creation, but transportation was left out,” Meyers said. “I think that was based somewhat on the other infrastructure bills that had passed federally, and some of the transportation funding that will be pushed out to states and counties in future years. So pedestrian or bicycle path projects are not covered.”

A couple of commenters chimed in to express thanks to the county for its COVID-19 response, and some more comments about reducing tax burdens and providing assistance for those who have special needs came in during the forum.

Meyers said that the county cannot use ARPA funds for direct payment of property taxes or to offset property taxes.

After someone asked about whether the funding could be used to reimburse or help homeowners associations purchase “public safety items” such as video cameras to “help secure neighborhoods from thefts and break-ins,” he said he would look into it further.

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“That’s an interesting comment,” Meyers said. “We will certainly take that as input”

Hart explained that Lake County State’s Attorney Eric Rinehart and Sheriff John Idleburg had planned to participate in the forum, but that was before the July 4 Highland Park shooting. She said they have “certainly been very busy in responding” to the incident as investigations continue.

The virtual session followed up a July 11 meeting in North Chicago in which county personnel fielded questions from members of the public. A third meeting will be held at the Round Lake Beach Civic Center from 5-7 p.m. on Aug. 10.

Hart closed out the session by emphasizing the county’s focus on implementing sustainable projects that can endure into the long-term future.

“It is so critically important that we’re going to undertake those projects and initiatives that are going to positively impact the quality of life for the people of Lake County, and create an environment where businesses can thrive, for decades to come,” Hart said.

“It doesn’t make sense for us to invest in a program, that when we’re done investing in it is just going to fall away,” she continued. “So, we really want to have something that’s going to be sustainable and that’s going to make real change throughout Lake County.”

Wed, 20 Jul 2022 09:40:00 -0500 en-US text/html https://www.chicagotribune.com/suburbs/lake-county-news-sun/ct-lns-county-meeting-american-rescue-act-public-input-st-0722-20220720-4b5yg5ds7jc67pqh4biunfjjx4-story.html
Killexams : Musk Dodges Twitter Questions in Hot Sun Valley Speech No result found, try new keyword!(Bloomberg) -- The collapse of Elon Musk’s Twitter Inc. deal made the billionaire’s appearance at Allen & Co.’s Sun Valley Conference ... Oil He declined to answer questions on the deal ... Sat, 09 Jul 2022 08:07:00 -0500 en-us text/html https://www.msn.com/en-us/news/technology/musk-dodges-twitter-questions-in-hot-sun-valley-speech/ar-AAZnJhx Killexams : Argos reaching for answers after unsettling loss to previously winless Redblacks No result found, try new keyword!The Argos remain atop the East with a 3-3 record, but their footing is tenuous. With three games against Hamilton looming this month, including a visit by the Ticats to BMO Field this Saturday night, ... Mon, 01 Aug 2022 09:40:24 -0500 en-ca text/html https://www.msn.com/en-ca/sports/nfl/argos-reaching-for-answers-after-unsettling-loss-to-previously-winless-redblacks/ar-AA10bTOa
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