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Killexams : SUN Management availability - BingNews Search results Killexams : SUN Management availability - BingNews Killexams : Sun Life Reports Second Quarter 2022 Results

The MarketWatch News Department was not involved in the creation of this content.

TORONTO, Aug. 3, 2022 (Canada NewsWire via COMTEX) -- Sun Life Financial Inc. (TSX: SLF) (NYSE: SLF) announced its results for the second quarter ended June 30, 2022.

"Sun Life's second quarter results reflect the strength and resilience of our diversified business mix in the face of market volatility and a challenging external environment," said Kevin Strain, President and CEO of Sun Life.

"We're helping our Clients achieve lifetime financial security and live healthier lives through several strategic initiatives. In the U.S., we completed our acquisition of DentaQuest, a values-driven industry leader. In Canada and Malaysia, we announced new Shariah-based products that provide our Clients with more choice when it comes to their wealth-solution needs. We also renewed our bancassurance partnership with RCBC in the Philippines for an additional 10 years. And capital raising of $5.7 billion at SLC Management during the quarter reflects strong demand for our alternative investment capabilities."

                                                                                Quarterly results              Year-to-date

     Profitability                                       Q2'22                     Q2'21         2022     2021

                             Reported net income -Common shareholders ($
                              millions)                                                 785           900    1,643        1,837

     Underlying net income ($ millions)(1)                      892           883    1,735        1,733

     Reported EPS ($)(2)                                       1.34          1.53     2.80         3.12

     Underlying EPS ($)(1)(2)                                  1.52          1.50     2.97         2.95

     Reported return on equity ("ROE")(1)                    13.1 %       16.3 %  13.7 %      16.5 %

     Underlying ROE(1)                                       14.9 %       16.0 %  14.5 %      15.5 %

     Growth                                               Q2'22                    Q2'21         2022     2021

     Insurance sales ($ millions)(1)                            736           710    1,535        1,440

                             Wealth sales and asset management gross flows ($
                              millions)(1)                                           57,376        55,013  115,263      120,975

                             Value of new business ("VNB") ($ millions)(1)              271           284      529          562

                             Assets under management ("AUM") ($ billions)(1)(3)       1,261         1,361

     Financial Strength                                  Q2'22                     Q2'21

     LICAT ratios (at period end)(4)

     Sun Life Financial Inc.                                  128 %        147 %

     Sun Life Assurance(5)                                    124 %        125 %

                             Financial leverage ratio (at period end)(1)             25.7 %       24.7 %


                (1)   Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this document and in our MD&A for the period ended June 30,
                             2022 ("Q2'22 MD&A").

     All earnings per share ("EPS") measures refer to fully diluted EPS, unless otherwise stated.

                (3)   AUM is comprised of General Funds and Segregated Funds on our Statements of Financial Position, and other third-party assets managed by the Company ("other AUM"). For
                             more details, see the Non-IFRS Financial Measures section in this document and in our Q2'22 MD&A.

                (4)   For further information on the Life Insurance Capital Adequacy Test ("LICAT"), see section E - Financial Strength in our Q2'22 MD&A. Our LICAT ratios are calculated in
                             accordance with OSFI-mandated guideline, Life Insurance Capital Adequacy Test.

     Sun Life Assurance Company of Canada ("Sun Life Assurance") is SLF Inc.'s principal operating life insurance subsidiary.

Financial and Operational Highlights - Quarterly Comparison (Q2 2022 vs. Q2 2021)

Our strategy is focused on key business segments, where we aim to be a leader in the markets in which we operate.

     ($ millions, unless otherwise noted)

                                                       Reported net income
                                                             (loss) -                       Underlying                              Insurance                                 Wealth sales and asset
                                           Common shareholders                                    net income                              sales(1)                    management gross
                                                                                                       (loss)(1)                                                                  flows(1)

                                            Q2'22              Q2'21       change   Q2'22           Q2'21        change     Q2'22              Q2'21     change                  Q2'22              Q2'21        change

     Canada                                  160                 404        (60) %     344              290           19 %       218                196         11 %                  4,438               3,825          16 %

     U.S.                                    213                 157          36 %     154              165          (7) %       213                191         12 %

      Asset Management                        296                 221          34 %     270              311         (13) %                                                         49,640              47,164           5 %

     Asia                                    131                 143         (8) %     148              152          (3) %       305                323        (6) %                  3,298               4,024        (18) %

     Corporate                              (15)               (25)       nm(2)     (24)            (35)        nm(2)

     Total                                   785                 900        (13) %     892              883            1 %       736                710          4 %                 57,376              55,013           4 %

     (1) Represents a non-IFRS financial measure. See the Non-IFRS Financial Measures section in this document and in the Q2'22 MD&A.

     (2) Not meaningful.

Reported net income of $785 million decreased $115 million or 13% from prior year, reflecting unfavourable market-related impacts and DentaQuest acquisition costs, partially offset by fair value changes on MFS' share-based payment awards((1)) and a gain on the sale-leaseback of our Wellesley office in the U.S. Underlying net income of $892 million((2)) was up slightly, driven by business growth, new business gains, contribution from the DentaQuest acquisition, and lower incentive compensation expenses. This was largely offset by Asset Management results reflecting a decline in global equity markets driving lower average net assets ("ANA"), lower available-for-sale ("AFS") gains and morbidity experience in the U.S.

Canada: A leader in insurance and asset management

Canada reported net income of $160 million decreased $244 million or 60% from prior year, reflecting lower equity markets and rising interest rates, partially offset by an increase in underlying net income of $54 million. Underlying net income of $344 million increased 19%, driven by business growth, higher new business gains and experience-related items. Experience in the quarter included favourable credit, investment gains and morbidity. Sun Life Health morbidity reflected improved disability experience in the quarter, driven by lower claims volumes and shorter claims durations.

Canada insurance sales were $218 million, up 11% year-over-year, driven by large case group benefits sales in Sun Life Health. Canada wealth sales were $4 billion, up 16%, driven by defined contribution((3)) and defined benefit solutions sales in Group Retirement Services ("GRS"), partially offset by lower individual wealth sales.

We continue to innovate and provide Clients with wealth solutions that are tailored to their personal needs. This quarter, SLGI Asset Management announced the launch of the Sun Life Crescent Specialty Credit Private Pool fund, providing Clients access to an alternative yield source. Group Retirement Services also launched its first Shariah-based pool fund((4)), which gives Canadian plan members an option that reflects Islamic principles while providing diversified access to equity markets.

U.S.: A leader in health and benefits

U.S. reported net income of $213 million increased $56 million or 36% from prior year, driven by a gain on the sale-leaseback of our Wellesley office and favourable market-related impacts, partially offset by DentaQuest acquisition costs. Underlying net income of $154 million decreased $11 million or 7%, reflecting experience-related items and lower AFS gains, partially offset by business growth including contribution from the DentaQuest acquisition. Experience in the quarter included favourable medical stop-loss margins, investment gains and favourable credit, partially offset by long-term disability claims. Mortality experience in Group Benefits improved driven by lower COVID-19-related claims.

Foreign exchange translation led to an increase of $8 million and $6 million in reported net income and underlying net income, respectively.

U.S. insurance sales were $213 million, up 12% year-over-year, driven by higher dental((5)) and medical stop-loss sales.

On June 1, we completed our acquisition of DentaQuest, the second-largest dental benefits provider in the U.S((6)). The transaction advances our strategy of being a leader in health and benefits in the U.S. With this acquisition, Sun Life U.S now serves more than 50 million Americans, and is expected to generate more than US$7 billion in total annual benefits revenues((7)).

This quarter, we released our 10(th) annual medical stop-loss research report on high-cost medical claims. As the largest independent stop-loss provider in the U.S., we leveraged our extensive data, analytics, and health expertise to highlight current medical trends. The findings in the report help employers make better health plan decisions for their employees, leading to improved outcomes.


     MFS Investment Management ("MFS").

                (2)   Refer to section C - Profitability in the Q2'22 MD&A for more information about experience-related items and the Non-IFRS Financial Measures section in this document
                                     for a reconciliation between reported net income and underlying net income.

     Defined contribution sales include retained business sales.

     BlackRock MSCI ACWI Islamic Equity Index Fund.

     For more details, see section F - Performance by Business Segment in the Q2'22 MD&A.

     By membership.

     For more details, see the Forward-looking Statements section in this document and in the Q2'22 MD&A.

Asset Management: A global leader in both public and alternative asset classes through MFS and SLC Management

Asset Management reported net income of $296 million increased $75 million or 34% from prior year, driven by fair value changes on MFS' share-based payment awards. Underlying net income of $270 million decreased $41 million or 13%, due to lower results in MFS reflecting a decline in global equity markets driving lower ANA.

Foreign exchange translation led to an increase of $10 million in reported net income and $9 million in underlying net income.

Asset Management ended Q2'22 with $905 billion in AUM, consisting of $712 billion (US$553 billion) in MFS and $194 billion in SLC Management. Total Asset Management net inflows of $0.3 billion in Q2'22 reflected SLC Management net inflows of approximately $7.3 billion, largely offset by MFS net outflows of approximately $7.0 billion (US$5.5 billion).

In the second quarter of 2022, 98%, 71% and 49% of MFS' U.S. retail mutual fund assets ranked in the top half of their Morningstar categories based on ten-, five- and three-year performance, respectively. The MFS pre-tax net operating profit margin((1)) was 36% for Q2'22, compared to 39% in the prior year, driven by the decline in ANA. The SLC Management fee-related earnings margin((1)(2)) was 23%, down from 25%.

Our Asset Management businesses built on their commitment to integrating climate strategies as we continue our sustainability journey. In July 2022, MFS set an interim target to align 90% of in-scope assets((3)) with the Net Zero Asset Managers initiative((4)). During the second quarter, BentallGreenOak ("BGO") was also awarded the 2022 ENERGY STAR Partner of the Year - Sustained Excellence Award by the U.S. Environmental Protection Agency and the U.S. Department of Energy ("DOE") for the 12th consecutive year, and received Gold Recognition in the 2022 Green Lease Leaders program organized by the Institute for Market Transformation and the DOE's Better Buildings Alliance.

Asia: A regional leader focused on fast-growing markets

Asia reported net income of $131 million decreased $12 million or 8% from prior year. Underlying net income of $148 million decreased $4 million or 3% from prior year, reflecting policyholder behaviour experience primarily in Vietnam, and new business strain in Hong Kong as COVID-19 restrictions drove lower sales, partially offset by new business gains in International.

Foreign exchange translation led to a decline of $1 million in reported net income and underlying net income.

Asia insurance sales were $305 million, down 6% year-over-year, reflecting lower sales in International and Hong Kong, partially offset by sales growth in all other markets. Asia wealth sales were $3 billion, down 18%, reflecting lower sales in India and Hong Kong, partially offset by higher sales in the Philippines.

We continue to leverage Sun Life's global asset management capabilities and execute on our growth strategy through strategic partnerships. In India, Aditya Birla Sun Life AMC Limited ("ABSLAMC") partnered with BGO, a subsidiary of SLC Management, to form a real estate-focused investment vehicle. This collaboration brings together two leading investment managers with extensive track records in both the domestic and international markets, to create new investment opportunities for Clients.

In the Philippines, our joint venture, Sun Life Grepa Financial, renewed its bancassurance partnership with Rizal Commercial Banking Corporation ("RCBC"), one of the country's leading commercial banks. The 10-year renewal, through to 2033, allows more Filipinos to access financial protection products, leveraging the strength of RCBC's extensive sales network of over 430 branches and almost 2 million customers.


Corporate reported net loss of $15 million improved $10 million from prior year. Underlying net loss of $24 million improved by $11 million, driven by lower expenses, partially offset by losses on seed investments and AFS assets.

IFRS 17 Insurance Contracts ("IFRS 17") and IFRS 9 Financial Instruments ("IFRS 9") to be Adopted in 2023

For periods beginning on or after January 1, 2023, we will be adopting IFRS 17, which replaces IFRS 4 Insurance Contracts. IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of insurance contracts. Effective January 1, 2023, we will also be adopting IFRS 9, which replaces IAS 39 Financial Instruments: Recognition and Measurement.

The adoption of IFRS 17 and IFRS 9 has no material implication on our business strategies, however, upon transition at January 1, 2022, the changes in measurement of insurance contract liabilities and timing of recognition of earnings would have resulted in the following impacts:

    --  A net transfer of approximately $4.5 billion from shareholders'
        equity, primarily driven by the establishment of the
        contractual service margin ("CSM") on the balance sheet, among
        other items.
    --  As we restate the comparative year on an IFRS 17 basis, we
        expect a mid-single digit decrease in our 2022 underlying net

The CSM balance will qualify as Tier 1 available capital. On July 21, 2022, OSFI finalized the LICAT guidelines to reflect the IFRS 17 adoption, effective January 1, 2023. We expect our LICAT ratio to Excellerate on adoption and we also expect capital generation and capital volatility to be relatively unchanged under the new regime.


                (1)   Represents a non-IFRS financial measure. For more details, see the Non-IFRS Financial Measures section in this
                                     document and in the Q2'22 MD&A.

     Based on a trailing 12-month basis.

     Approximately 92% of MFS' AUM balance as at June 30, 2022.

                (4)   An international group of asset managers committed to supporting the goal of achieving net zero carbon emissions by
                                     2050 or sooner.

Our medium-term financial objectives following the adoption of IFRS 17 and 9 will be:

    --  Underlying EPS growth: 8-10%
    --  Underlying ROE: 18%+ (an increase from 16%+ prior to
    --  Underlying Dividend payout ratio: 40-50%

We continue to assess the impact that the adoption of IFRS 17 and IFRS 9 will have on our Consolidated Financial Statements and estimates of the financial impacts are subject to change as we continue to assess the implications of adopting both standards. For additional details, refer to Note 2 in the Interim Consolidated Financial Statements.

Earnings Conference CallThe Company's Q2'22 financial results will be reviewed at a conference call on Thursday, August 4, 2022, at 10:00 a.m. ET. To listen to the call via live audio webcast and to view the presentation slides, as well as related information, please visit and click on the link to Quarterly reports under Investors - Financial results & reports 10 minutes prior to the start of the call. Individuals participating in the call in a listen-only mode are encouraged to connect via our webcast. Following the call, the webcast and presentation will be archived and made available on the Company's website,, until the Q2 2023 period end. The conference call can also be accessed by phone by dialing 412-902-4130 (International) or 1-833-634-2605 (toll-free within North America) and referencing the Sun Life Q2 earnings call. A replay of the conference call will be available from Thursday, August 4, 2022 at 1:00 p.m. ET until 1:00 p.m. ET on Thursday, August 18, 2022 by calling 412-317-0088 or 1-877-344-7529 (toll-free within North America) using access code: 2586651.

                Media Relations Contact:

                Investor Relations Contact:

       Krista Wilson
     Yaniv Bitton

       Director, Corporate Communications       Vice-President, Head of Investor Relations and
                                                  Capital Markets

       Tel: 226-751-2391
     Tel: 416-979-6496




                Non-IFRS Financial Measures

        We report certain financial information using non-IFRS financial measures, as we believe that these measures provide information that is useful to investors in understanding our performance and facilitate a comparison of our quarterly and full year results from period to period. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other
         companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed in isolation from or as alternatives to measures of financial performance determined in accordance with IFRS. Additional information concerning non-IFRS financial measures and, if applicable, reconciliations to the closest IFRS measures are available
         in Q2 2022 MD&A under the heading M - Non-IFRS Financial Measures, in our annual MD&A under the heading L - Non-IFRS Financial Measures and the Supplementary Financial Information packages that are available on under Investors - Financial results and reports.


                1. Underlying Net Income and Underlying EPS

       Underlying net income (loss) and financial measures based on underlying net income (loss), including underlying EPS or underlying loss per share, and underlying ROE, are non-IFRS financial measures. Underlying net income (loss) removes from reported net income (loss) the impacts of the following items in our results under IFRS and when removed assist in explaining our results from period to period:

        (a)               market-related impacts that differ from our best estimate assumptions, which include: (i) impacts of returns in equity markets, net of hedging, for which our best
                           estimate assumptions are approximately 2% per quarter. This also includes the impact of the basis risk inherent in our hedging program, which is the difference
                           between the return on underlying funds of products that provide benefit guarantees and the return on the derivative assets used to hedge those benefit guarantees;
                           (ii) the impacts of changes in interest rates in the reporting period and on the value of derivative instruments used in our hedging programs including changes in
                           credit and swap spreads, and any changes to the assumed fixed income reinvestment rates in determining the actuarial liabilities; and (iii) the impacts of changes in
                           the fair value of investment properties in the reporting period;

        (b)               assumption changes and management actions, which include: (i) the impacts of revisions to the methods and assumptions used in determining our liabilities for insurance
                           contracts and investment contracts; and (ii) the impacts on insurance contracts and investment contracts of actions taken by management in the current reporting
                           period, referred to as management actions which include, for example, changes in the prices of in-force products, new or revised reinsurance on in-force business,
                           and material changes to investment policies for assets supporting our liabilities; and

              other adjustments:

                            i)              fair value adjustments on MFS' share-based payment awards that are settled with MFS' own shares and accounted for as liabilities and measured at fair value each
                                             reporting period until they are vested, exercised and repurchased - this adjustment enhances the comparability of MFS' results with publicly traded asset
                                             managers in the United States;

                           ii)              acquisition, integration and restructuring costs -this adjustment enhances comparability of our results from period to period, by removing the impacts of costs,
                                             including the unwinding of the discount for certain liabilities related to acquisitions, that are not ongoing in nature and are incurred with the intent to
                                             generate benefits in future periods;

                          iii)              certain hedges in Canada that do not qualify for hedge accounting -this adjustment enhances the comparability of our results from period to period, as it reduces
                                             volatility to the extent it will be offset over the duration of the hedges; and

              other items that are unusual or exceptional in nature.

       All factors discussed in this document that impact our underlying net income are also applicable to reported net income. All EPS measures in this document refer to fully diluted EPS, unless otherwise stated. As noted below, underlying EPS excludes the dilutive impacts of convertible instruments.

       The following table sets out the post-tax amounts that were excluded from our underlying net income (loss) and underlying EPS and provides a reconciliation to our reported net income (loss) and EPS based on IFRS.

                Reconciliations of Select Net Income Measures      Quarterly
                                                                        results                Year-to-date

     ($ millions, unless otherwise noted)                           Q2'22       Q2'21    2022        2021

     Reported net income - Common shareholders                        785          900    1,643       1,837

     Market-related impacts

     Equity market impacts

     Impacts from equity market changes                             (169)          95    (193)        162

     Basis risk impacts                                                10            4       32           9

     Equity market impacts                                          (159)          99    (161)        171

     Interest rate impacts(1)

     Impacts of interest rate changes                                (93)        (50)   (150)        111

     Impacts of credit spread movements                                20         (10)      60        (18)

     Impacts of swap spread movements                                   5           24      (8)         12

     Interest rate impacts                                           (68)        (36)    (98)        105

     Impacts of changes in the fair value of investment properties     75           28      145          24

     Less: Market-related impacts                                   (152)          91    (114)        300

     Less: Assumption changes and management actions                                2        1         (2)

     Other adjustments

     Fair value adjustments on MFS' share-based payment awards         44         (52)      41        (96)

     Acquisition, integration and restructuring(2)(3)                (74)        (13)    (95)       (87)

     Other(4)(5)                                                       75         (11)      75        (11)

     Less: Total of other adjustments                                  45         (76)      21       (194)

     Underlying net income                                            892          883    1,735       1,733

     Reported EPS (diluted) ($)                                      1.34         1.53     2.80        3.12

     Less: Market-related impacts ($)                              (0.26)        0.16   (0.20)       0.50

     Assumption changes and management actions ($)

     Fair value adjustments on MFS' share-based payment awards ($)   0.08       (0.09)    0.07      (0.16)

     Acquisition, integration and restructuring ($)                (0.13)      (0.02)  (0.16)     (0.15)

     Other ($)                                                       0.13       (0.02)    0.13      (0.02)

     Impact of convertible securities on diluted EPS ($)                               (0.01)

     Underlying EPS (diluted) ($)                                    1.52         1.50     2.97        2.95

     (1)   Our exposure to interest rates varies by product type, line of business, and geography. Given the long-term nature of our business, we have a higher degree of
                sensitivity in respect of interest rates at long durations.

     (2)   Amounts relate to acquisition costs for our SLC affiliates, BentallGreenOak, InfraRed Capital Partners and Crescent Capital Group LP, which include the unwinding of the
                discount for Other financial liabilities of $16 million in Q2'22 and $32 million for the first six months of 2022 (Q2'21 -$13 million; the first six months of 2021 -
                $27 million).

     The restructuring charge of $57 million in Q1'21 related to our strategy for our workspace and redefining the role of the office.

     Relates to a Q2'22 gain on the sale-leaseback of our Wellesley office in the U.S.

     (5)   Amounts relate to the UK Finance Act that was signed into law on June 10, 2021, increasing the corporate tax rate from 19% to 25%, which will take effect for future tax
                periods beginning April 1, 2023. As a result, reported net income decreased by $11 million in Q2'21.

     The following table shows the pre-tax amount of underlying net income adjustments:

                                                                   Quarterly results        Year-to-date

     ($ millions, unless otherwise noted)                        Q2'22              Q2'21            2022     2021

     Reported net income - Common shareholders (after-tax)         785                 900            1,643    1,837

     Underlying net income adjustments (pre-tax):

     Less:  Market-related impacts                               (109)                 85               84      465

     Assumption changes and management actions                                          2                1      (4)

     Other adjustments(1)                                           57                (64)              31    (208)

     Total underlying net income adjustments (pre-tax)            (52)                 23              116      253

     Less: Taxes related to underlying net income adjustments(1)  (55)                (6)           (208)   (149)

     Underlying net income (after-tax)                             892                 883            1,735    1,733

     (1) Effective January 1, 2022, there was a change in presentation for the fair value adjustments on MFS' share-based payment awards. We have updated prior periods to
              reflect this change in presentation. The post-tax basis presentation was not affected.

              Taxes related to underlying net income adjustments may vary from the expected effective tax rate range reflecting the mix of business based on the Company's international operations.

                2. Additional Non-IFRS Financial Measures
    Management also uses the following non-IFRS financial measures:

                            Assets under management. AUM is a non-IFRS financial measure that indicates the size of our company's asset management, wealth, and insurance assets. There is no standardized financial measure under IFRS. In addition to the most directly comparable IFRS measures, which are the balance of General funds and Segregated funds on our Statements of Financial Position, AUM also includes Other AUM.

               Other AUM is composed of retail, institutional and other-third party assets, as well as general fund and segregated fund assets managed by our joint ventures. In Canada, other AUM includes Client assets in retail mutual fund products of Sun Life Global Investments. In Asia, other AUM includes Client assets in Hong Kong managed fund products, International wealth products, Philippines mutual and managed fund
                products, Aditya Birla Sun Life AMC Limited equity and fixed income mutual fund products, Sun Life Everbright Asset Management products and our joint ventures' general fund and segregated fund assets based on our proportionate equity interest. In Asset Management, other AUM includes Client assets for retail and institutional Clients, as well as capital raising, such as uncalled commitments and fund leverage in
                SLC Management. There is no directly comparable IFRS financial measure.

               Effective January 1, 2022, certain components of Other AUM were renamed to "Retail" and "Institutional and managed funds" to align with market naming conventions. Previously, these components were referred to as Mutual funds and Managed funds, respectively, in our interim and annual MD&A. While labeling changes have modified certain terminology, the composition of these components has not been affected.

                                      Quarterly results

     ($ millions)                      Q2'22              Q2'21

     General fund assets             195,382             195,689

     Segregated funds                120,098             133,249

     Other AUM                       945,554           1,031,753

     Total assets under management 1,261,034           1,360,691

                Assumption changes and management actions. In this document the impacts of ACMA on shareholders' net income (after-tax) is included in reported net income and is excluded from underlying net income, as described in section C - Profitability in the Q2'22 MD&A.

      Note 6.A of the Interim Consolidated Financial Statements for the period ended June 30, 2022 shows the pre-tax impacts of method and assumption changes on shareholders' and participating policyholders' insurance contract liabilities net of reinsurance assets, excluding changes in other policy liabilities and assets. The view in this document of ACMA is the impacts on shareholders' reported net income (after-
       tax). The Consolidated Financial Statements view is a component of the change in total company liabilities.

     The following table provides a reconciliation of the differences between the two measures.

                                                                                                    results            Year-to-date

     ($ millions)                                                                               Q2'22      Q2'21 2022        2021

     Impacts of method and assumption changes on insurance contract liabilities (pre-tax)                   (26)    5        (34)

     Less: Participating policyholders(1)                                                                   (26)    4        (30)

     Impacts of method and assumption changes excluding participating policyholders (pre-tax)                       1         (4)

     Less: Tax                                                                                                               (2)

     Impacts of method and assumption changes excluding participating policyholders (after-tax)                     1         (2)

     Add: Management actions (after-tax)(2)                                                                    2

     Other (after-tax)(3)

     Assumption changes and management actions (after-tax)(4)(5)                                               2     1         (2)

     Adjustment to remove the pre-tax impacts of method and assumption changes on amounts attributed to participating policyholders.

                (2)   Adjustment to include the after-tax impacts of management actions on insurance contract liabilities and investment contract liabilities which include, for example,
                                                                                                                                                                                                                                                                                                                                                                                           changes in the prices of in-force products, new or revised reinsurance on in-force business, and material changes to investment policies for assets supporting our
                                                                                                                                                                                                                                                                                                                                                                                           liabilities. The pre-tax impact of management actions to Method and assumption changes on insurance contract liabilities was $nil in Q2'22 and $nil for the first six
                                                                                                                                                                                                                                                                                                                                                                                           months of 2022 (Q2'21 - an increase of $2 million; the first six months of 2021 - $nil).

                (3)   Adjustments to include the after-tax impacts of method and assumption changes on investment contracts and other policy liabilities, and the pre-tax impact to Method
                                                                                                                                                                                                                                                                                                                                                                                           and assumption changes on insurance contract liabilities was $nil in Q2'22 and $nil for the first six months of 2022 (Q2'21 - $nil; the first six months of 2021 -

                (4)   Includes the tax impacts of ACMA on insurance contract liabilities and investment contract liabilities, reflecting the tax rates in the jurisdictions in which we do

     ACMA is included in reported net income and is excluded in calculating underlying net income, as described in section C - Profitability in the Q2'22 MD&A.

     Cash and other liquid assets. This measure is comprised of cash, cash equivalents, short-term investments, and publicly traded securities, net of loans related to acquisitions that are held at SLF Inc. (the ultimate parent company), and its wholly owned holding companies. This measure represents available funds for capital re-deployment to support business growth.

     ($ millions)                                                                                     As at June 30, As at December 31,
                                                                                                        2022            2021

     Cash, cash equivalents & short-term securities                                                              580               2,383

     Debt securities(1)                                                                                        1,428               1,421

     Equity securities(2)                                                                                         98                 861

     Sub-total(3)                                                                                              2,106               4,665

     Less: Loans related to acquisitions (held at SLF Inc. and its wholly owned holding companies)(4)        (1,109)

     Cash and other liquid assets (held at SLF Inc. and its wholly owned holding companies)(5)                   997               4,665

     Includes publicly traded bonds.

     Includes ETF Investments.

     (3)                                                                                       Q4'21 amounts included $2.0 billion of proceeds from the subordinated debt offerings completed in November 2021, of which $1.5 billion did not qualify as LICAT capital
                                                                                                    at issuance as it was subjected to contractual terms requiring us to redeem the underlying securities in full, if the closing of the DentaQuest acquisition did not
                                                                                                    occur. We completed our acquisition of DentaQuest on June 1, 2022.

     Loans related to acquisitions have been included as an adjustment to Cash and other liquid assets, as they reflect funding for the DentaQuest acquisition.

     Represents available funds for capital re-deployment.

     3. Reconciliations of Select Non-IFRS Financial Measures

     Reported Net Income to Underlying Net Income Reconciliation - Pre-tax by Business Group


     ($ millions)                                     Canada U.S.             Asset       Asia    Corporate     Total


     Reported net income (loss) - Common shareholders    160   213                296         131          (15)       785

     Less:  Market-related impacts (pre-tax)(1)        (143)   43                          (12)            3      (109)

     ACMA (pre-tax)

     Other adjustments (pre-tax)(1)(2)                   (1)   32                 32         (6)                     57

     Tax expense (benefit) on above items(2)            (40) (16)               (6)          1             6       (55)

     Underlying net income (loss)                        344   154                270         148          (24)       892


     Reported net income (loss) - Common shareholders    404   157                221         143          (25)       900

     Less:  Market-related impacts (pre-tax)(1)          106   (7)                         (11)          (3)        85

     ACMA (pre-tax)                                                                          2                       2

     Other adjustments (pre-tax)(1)(2)                        (2)              (70)                       8       (64)

     Tax expense (benefit) on above items(2)               8     1               (20)                       5        (6)

     Underlying net income (loss)                        290   165                311         152          (35)       883

     For a breakdown of this adjustment made to arrive at a non-IFRS financial measure, see the heading Underlying Net Income and Underlying EPS.

     (2)   Effective January 1, 2022, there was a change in presentation for the fair value adjustments on MFS' share-based payment awards. We have updated prior periods to
                reflect this change in presentation. The post-tax basis presentation was not affected.

Forward-looking StatementsFrom time to time, the Company makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this document include statements (i) relating to our strategies; (ii) relating to our growth initiatives and other business objectives; (iii) relating to our targets and commitments (including with respect to net zero emissions); (iv) relating to the plans we have implemented in response to the COVID-19 pandemic and related economic conditions and their impact on the Company, (v) that are predictive in nature or that depend upon or refer to future events or conditions, and (vi) that include words such as "achieve", "aim", "ambition", "anticipate", "aspiration", "assumption", "believe", "could", "estimate", "expect", "goal", "initiatives", "intend", "may", "objective", "outlook", "plan", "project", "seek", "should", "strategy", "strive", "target", "will", and similar expressions. Forward-looking statements include the information concerning our possible or assumed future results of operations. These statements represent our current expectations, estimates, and projections regarding future events and are not historical facts, and remain subject to change, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its uncertain impact on our business.

Forward-looking statements are not a certain of future performance and involve risks and uncertainties that are difficult to predict. Future results and shareholder value may differ materially from those expressed in these forward-looking statements due to, among other factors, the impact of the COVID-19 pandemic and related economic conditions on our operations, liquidity, financial conditions or results and the matters set out in the Q2'22 MD&A under the headings C - Profitability - 5 - Income taxes, E - Financial Strength and H - Risk Management and in SLF Inc.'s 2021 AIF under the heading Risk Factors, and the factors detailed in SLF Inc.'s other filings with Canadian and U.S. securities regulators, which are available for review at and, respectively.

Important risk factors that could cause our assumptions and estimates, and expectations and projections to be inaccurate and our genuine results or events to differ materially from those expressed in or implied by the forward-looking statements contained in this document, are set out below. The realization of our forward-looking statements, essentially depends on our business performance which, in turn, is subject to many risks, which have been further heightened with the current COVID-19 pandemic given the uncertainty of its duration and impact. Factors that could cause genuine results to differ materially from expectations include, but are not limited to: market risks - related to the performance of equity markets; changes or volatility in interest rates or credit spreads or swap spreads; real estate investments; and fluctuations in foreign currency exchange rates; insurance risks - related to policyholder behaviour; mortality experience, morbidity experience and longevity; product design and pricing; the impact of higher-than-expected future expenses; and the availability, cost and effectiveness of reinsurance; credit risks - related to issuers of securities held in our investment portfolio, debtors, structured securities, reinsurers, counterparties, other financial institutions and other entities; business and strategic risks - related to global economic and political conditions; the design and implementation of business strategies; changes in distribution channels or Client behaviour including risks relating to market conduct by intermediaries and agents; the impact of competition; the performance of our investments and investment portfolios managed for Clients such as segregated and mutual funds; shifts in investing trends and Client preference towards products that differ from our investment products and strategies; changes in the legal or regulatory environment, including capital requirements and tax laws; the environment, environmental laws and regulations; operational risks - related to breaches or failure of information system security and privacy, including cyber-attacks; our ability to attract and retain employees; legal, regulatory compliance and market conduct, including the impact of regulatory inquiries and investigations; the execution and integration of mergers, acquisitions, strategic investments and divestitures; our information technology infrastructure; a failure of information systems and Internet-enabled technology; dependence on third-party relationships, including outsourcing arrangements; business continuity; model errors; information management; liquidity risks - the possibility that we will not be able to fund all cash outflow commitments as they fall due; and other risks - COVID-19 matters, including the severity, duration and spread of COVID-19; its impact on the global economy, and its impact on Sun Life's business, financial condition and or results; risks associated with IFRS 17 Insurance Contracts and IFRS 9 Financial Instruments; our international operations, including our joint ventures; market conditions that affect our capital position or ability to raise capital; downgrades in financial strength or credit ratings; and tax matters, including estimates and judgements used in calculating taxes.

The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

About Sun LifeSun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2022, Sun Life had total assets under management of $1.26 trillion. For more information, please visit

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

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SOURCE Sun Life Financial Inc.

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SOURCE: Sun Life Financial Inc.


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Wed, 03 Aug 2022 09:01:00 -0500 en-US text/html

Sun Life also establishes long-term strategic partnership with UK's largest long-term savings and retirement business

TORONTO and LONDON, Aug. 4, 2022 /PRNewswire/ - Sun Life Financial Inc. SLF SLF announced today it has entered into an agreement to sell SLF of Canada UK Limited ("Sun Life UK") to Phoenix Group Holdings plc ("Phoenix Group") PHNX. Headquartered in London, Phoenix Group is the UK's largest long-term savings and retirement business with more than 13 million customers and £310 billion of assets under administration.

Sun Life UK manages life and pension policies and annuity blocks for UK Clients. The company is closed to new sales and has been operating as a run-off business in the life and pension policies segment since 2001.

Sun Life will sell Sun Life UK to Phoenix Group for a closing price of £248 million (approximately C$385 million) and will retain its economic interest in UK's payout annuities business. This transaction will also provide further growth opportunities for Sun Life's asset management businesses. 

As part of the sale, Sun Life will form a long-term partnership to become a strategic asset management partner to Phoenix Group. Sun Life's asset management companies, MFS and SLC Management, will continue to manage approximately C$9 billion of Sun Life UK's general account upon the close of the sale.

Phoenix Group has set a goal to invest approximately US$25 billion in North American public and private fixed income and alternative investments over the next five years. MFS and SLC Management will be material partners to Phoenix Group in achieving this goal.

"We're excited to partner with Phoenix Group. A great deal of consideration was taken to find the right buyer and partner for our UK business. Phoenix Group is a purpose-led company with similar values to Sun Life and a strong focus on delivering outcomes for their customers. We're also pleased about our asset management partnership, which will bring the strength of MFS and SLC Management to Phoenix Group customers," said Kevin Strain, President and CEO of Sun Life. "Thank you to our UK team for all of their efforts in delivering solid results year-after-year in our life, pension and annuities businesses. We believe Phoenix Group will be a great organization for our UK employees and Clients."

"This acquisition is highly attractive for Phoenix Group.  As the UK's largest long-term savings and retirement business with a strong track record of UK closed book integrations, we look forward to offering a safe home for Sun Life UK Clients over the long term and enabling them to benefit from our broad range of Standard Life products in our Open division," said Andy Briggs, Phoenix Group, CEO. "I would like to take this opportunity to welcome the colleagues who will join us from Sun Life UK. We are also pleased to enter into a new, long-term strategic asset management partnership with MFS and SLC Management, Sun Life's Asset Management businesses. This partnership will complement our existing relationships and further enhance our liquid and illiquid credit capabilities in North America by building on their strong presence in the region."

Since 2016, Phoenix Group has successfully completed four acquisitions totaling approximately £7.5 billion. This has supported increasing their assets under administration by more than 300% over the past five years through organic and inorganic growth.

Strain added, "The sale of the Sun Life UK business is consistent with our strategy to grow fee-based and capital light businesses. It also frees up capital to continue on our journey of creating long-term value for our shareholders. This transaction also aligns with our objective to continue building our Sun Life asset management pillar by creating an attractive long-term partnership with the UK's leading long-term savings and retirement business."

This transaction is expected to close during the first half of 2023, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.

Fenchurch Advisory Partners acted as a financial advisor to Sun Life for this transaction and Freshfields Bruckhaus Deringer LLP served as legal counsel.

Slides related to this announcement are available at

About Sun Life

Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional Clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of June 30, 2022, Sun Life had total assets under management of C$1.26 trillion. For more information, please visit

Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.

About Phoenix Group

Phoenix Group is the UK's largest long-term savings and retirement business. With £0.3 trillion of assets under administration, we offer our c.13 million customers a broad range of products across our market-leading pensions, savings and life insurance brands which include Standard Life and Sun Life. We support people throughout their savings cycle, and our vision is to help even more people on their journey to and through retirement, providing the right support at the right time. 

A member of the FTSE 100, we're a sustainably growing business united by a common purpose – to help people secure a life of possibilities. This drives everything we do and means taking responsible and sustainable investment decisions and using our presence and voice to drive forward change for the better for our customers, our colleagues, and our wider community.

We have been recognised as a leading employer for many years. We are accredited as a Living Wage Employer and as a Carer Positive Exemplary Employer for offering the best support to colleagues who are carers.

Linkedin:  PhoenixGroup-UK  Twitter: @PhoenixGroupUK

Forward-looking Statements

From time to time, Sun Life makes written or oral forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements contained in this release include, without limitation, statements (i) relating to our strategies, (ii) relating to our anticipated divestiture of Sun Life UK, (iii) relating to our growth initiatives and other business objectives, (iv) relating to the expected timing of the closing of the transaction, (v) relating to the expected impact of the transaction on our business and financial results, (vi) that are predictive in nature or that depend upon or refer to future events or conditions, and (vii) that include words such as "intends", "expect", "will", and similar expressions.

These statements represent our current expectations, estimates, and projections regarding future events and are not historical facts, and remain subject to change, particularly in light of the ongoing and developing COVID-19 pandemic and its impact on the global economy and its uncertain impact on our business. Forward-looking statements are not a certain of future performance and involve risks and uncertainties that are difficult to predict. The forward-looking statements in this news release do not reflect the potential impact of any non-recurring or other special items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date of this news release. If any non-recurring or other special item or any transaction should occur, the financial impact could be complex and the effect on our operations or results would depend on the facts particular to such item and we cannot describe the expected impact in a meaningful way or in the same way we could present known risks affecting our business.

Forward-looking statements are presented for the purpose of assisting investors and others in understanding our expected financial position and results of operations as at the date of this news release, as well as our objectives for the transaction, strategic priorities and business outlook following the transaction, and in obtaining a better understanding of our anticipated operating environment following the transaction. Readers are cautioned that such forward-looking statements may not be appropriate for other purposes and undue reliance should not be placed on these forward-looking statements.

The following risk factors are related to our intention to divest Sun Life UK that could have a material adverse effect on our forward-looking statements: (i) the ability of the parties to complete the transaction; (ii) failure of the parties to obtain necessary consents and approvals or to otherwise satisfy the conditions to the completion of the transaction in a timely manner, or at all; (iii) our ability to realize the financial and strategic benefits of the transaction; and (iv) the impact of the announcement of the transaction and the dedication of our resources to completing the transaction. These risks all could have an impact on our business relationships (including with future and prospective employees, Clients, distributors and partners) and could have a material adverse effect on our current and future operations, financial conditions and prospects. Other important risk factors that could cause our genuine results to differ materially from those expressed in or implied by the forward-looking statements in this presentation are set out in our MD&A for the period ended June 30, 2022 and in SLF Inc.'s other annual and interim regulatory filings filed with Canadian securities regulators or furnished to U.S. securities regulators, which are available for review at and, respectively.

The Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, except as required by law.

Sun Life Media Relations Contact:

Sun Life Investor Relations Contact:

Rajani Kamath

Yaniv Bitton

Associate Vice-President

Vice-President, Head of Investor

Corporate Communications

Relations & Capital Markets

T: 647-515-7514

T: 416-979-6496 

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SOURCE Sun Life Financial Inc.

© 2022 Benzinga does not provide investment advice. All rights reserved.

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Wed, 03 Aug 2022 18:14:00 -0500 text/html
Killexams : National park booking app leaves users feeling lost in the woods

Aline Prado knew she wanted to visit Glacier National Park during her summer vacation this year. The elementary-school teacher had a monthlong road trip planned with her 8-year-old daughter and three other relatives that would start in their hometown, Houston, and meander through nine national parks and monuments in Wyoming, Montana and Colorado.

Having heard that Glacier was particularly popular, Prado tried to book campsites a year before the trip on, the online platform that manages overnight accommodations, day-use access and more for the country’s 4,200 federally managed sites, including national parks, memorials, historic districts and recreational areas.


“There were never any reservations available, and I was always told to check back again. But when? How is everything booked already?” Prado said, describing her failed attempts. “I felt like I was online, nonstop. I’m not a tech savvy person, and it was just overwhelming.”

Prado isn’t alone in her exasperation with the system., a must-pass gauntlet for travelers hoping to explore destinations and attractions administered by the National Park Service, the U.S. Forest Service, the Bureau of Land Management and other agencies, has in latest years received criticism from travelers and travel industry leaders alike — particularly as park attendance has surged during the pandemic. Major frustrations with the platform include little to no availability for campsites and vehicle permits, fees for canceling reservations and confusing booking windows that manage to make both spontaneity and planning ahead difficult.


In mid-July, citing concerns that the current system could “threaten to stall the recovery of international inbound travel,” nearly 400 hotels, regional tourism boards, tour operators and other industry organizations in the United States sent a letter to the National Park Service director, Chuck Sams, and U.S. Department of the Interior Secretary Deb Haaland calling for change. Their primary complaint: “Short booking windows and inconsistent procedures are not workable for international travelers and international tour operators.”

“Right now, there’s a 30- to 60-day window to get into some of the most sought-after parks,” said Tori Emerson Barnes, the executive vice president of public affairs and policy for the U.S. Travel Association, a trade group that promotes domestic travel and that sent the letter. “That’s not really an appropriate timeline for international visitors, who are booking travel 10 to 12 months in advance.”

In a statement, Jenny Anzelmo-Sarles, a spokesperson for the park service, said that the agency appreciates the feedback “as we adjust and Excellerate these management tools, and as we evaluate ways to ensure consistent and clear expectations for visitors planning park trips.”

Longer booking windows aren’t a major issue for all travelers, some — even international visitors — prefer last-minute access. But frustration and confusion with the system’s inconsistencies abound. Each park may post different requirements to visit: Glacier, for example, doesn’t require a reservation to enter the park, but does to traverse a major park attraction, the Going-to-the-Sun-Road Corridor, between 6 a.m. and 4 p.m. (But if you can’t secure a vehicle pass for that specific pathway, you can book an attraction on the way to gain access.)

Meanwhile, Yosemite National Park in California requires a reservation — for a campsite, a hotel in the park or a backcountry pass — to enter the park at all during peak hours, even if you’re simply hoping to drive through. Access to particularly popular attractions in various parks, including Angel’s Landing in Zion National Park, requires entering a lottery anywhere from a year to a day before.

The public finds the system “very confusing,” said Linda Devlin, executive director of the Allegheny National Forest Visitors Bureau, one of the co-signers of the U.S. Travel letter. “If they want to rent a cabin at Red Bridge on the Allegheny National Forest, they have to go through multiple pages to first find the Allegheny National Forest, then the right campground, then the cabins. It is not a user-friendly system.”

Versions of a reservation system have existed online for decades, as parks have attempted to prevent traffic and overcrowding. In 2018, the consulting company Booz Allen Hamilton took over management of the online booking, spurring hope for improvements, including real-time updates and a more usable interface. The new version of was a step up from the previous model, but was ill-prepared over the past two years to handle the major uptick of pandemic-driven users. It didn’t help alleviate the confusion caused by changing requirements from the parks as they attempted to cope with pandemic restrictions and record-breaking crowds.


In addition to a high-speed internet connection, accessing and booking on needs a level of computer literacy that not all travelers may have (speaking of tech, issues of campsite-snatching bots and third-party sites have plagued for years).

In December, months into her search for campsites, Prado was able to book one campsite for three nights in Glacier, a far shorter period than she was hoping to spend in the park. As for the rest, she decided she would have to play it by ear.

She was comfortable enough with the uncertainty, and the outdoors, to be spontaneous — she attributes much of this flexibility to being able to dedicate a month to the trip, a benefit of being a teacher with a summer vacation. She was also able to figure out workarounds to reservations by snagging last-minute campsites at some of the parks she visited, including Glacier (where a number were available, despite appearing to be fully booked on, as well as camping in national forests and spending the night in Walmart parking lots.


“Being comfortable with being uncomfortable was the only way I was able to do this trip,” she said.

For novice campers, this can be an intimidating prospect, one that some experienced travelers say further highlights issues around equity in outdoor spaces. Sonya and Necota Staples, a married couple from Atlanta, started car-camping around the United States in 2016 and often frequent national parks. They created an outdoor travel adventure company, Staples InTents, dedicated to helping demystify the outdoors, particularly for communities of color, with videos, blog posts and in-person gatherings.

“If you are new to the world of outdoor life, it can be an intimidating and overwhelming process,” said Sonya Staples. “We don’t want that to deter people from our community from experiencing some of the greatest national treasures.”

Being unable to get past the website is, undoubtedly, a huge deterrent. While Sonya and Necota Staples aren’t in complete agreement about how the reservation system should change — Necota Staples is all for making access for international travelers more seamless, while Sonya Staples would prefer to focus on local communities that aren’t planning trips a year in advance — both agree that clear messaging around how to best access the national parks is a must, along with clearer information on those camping workarounds.

“The site can be overwhelming and nonintuitive for the new user,” Sonya Staples said. “The information is there but it’s not easily accessible or useful for decision making. If you don’t know specifically what you’re looking for, you can easily become frustrated or get lost on the site.”



Start your day with the top stories in South Florida.

Want to visit federal land this summer? Here are some tips to navigating, the online reservation system.

Create a account well ahead of time. When campsites, passes and permits are released, you must have an account to secure them. Don’t get caught scrambling to enter your information at the last minute.

Plan ahead and research, research, research. If you have your heart set on visiting a specific national park, start on the dedicated page for the park itself; you’ll usually find information about the required reservations. Rules may change, too, depending on weather, natural disasters and pandemic policies. Social media accounts can be a great source for trip planning and reservation tips — not only the parks’ Instagram accounts but also Facebook Groups for fans of the agencies and individual parks.

Familiarize yourself with the lottery system. has a lottery system for some of the most popular attractions on federal land. While imperfect, the lottery is generally considered an improvement in terms of equitable access. Read up to learn how and when to enter, and coordinate with your travel companions to Excellerate your chances.

Consider visiting lesser-known parks and destinations. Some sites, like Yellowstone and Great Smoky Mountains national parks, receive millions of visitors annually, and it can be hard to secure highly coveted campsites and passes no matter how skilled you are online. But there is no shortage of stunning alternatives, where reservations are easier to come by and often have more first-come, first-served options.

Don’t forget about the workarounds. Just because you can’t secure a reservation doesn’t mean the trip can’t happen. Necota Staples of Staples InTents shared these suggestions: “There are often campsites that fall under the Bureau of Land Management that can be used at a first-come, first-serve basis or for a minimal fee. Other workarounds include private campgrounds, like KOA, which often have locations near national parks, or Hipcamps, which are privately owned properties that rent space for camping.” And should you have a van, trailer or RV, many Walmart parking lots welcome overnight guests.


This article originally appeared in The New York Times.

Mon, 01 Aug 2022 01:53:00 -0500 en-US text/html
Killexams : Best value sunscreens and cheap ways to stay safe for struggling families in the sunshine

The exceptionally hot and sunny weather of late has made wearing sunscreen especially important, to protect our bodies from the harmful rays which can cause sunburn and increase our risks of skin cancer - but it's also expensive, and in the middle of a cost of living crisis, when every penny counts, it's left families with a tough choice.

Some of the best known brands of sunscreen you'll find in supermarkets and pharmacies can cost as much as £10 per 100ml, although there are many cheaper and just as good alternatives.

For families with very tight budgets, however, wanting to enjoy the sunshine, even the cheaper brands can still punch a hole in a household budget, especially during the school holidays and periods of good weather, when they can get through bottles of the stuff topping up after dips in the sea and extended periods in the sun's rays.

Read more: The awful mess left behind at one of Wales's most beautiful locations

One venue in Swansea has realised what a strain it can be, and won praise for providing members of the public with free sunscreen. The Secret Beach Bar and Kitchen in Mumbles Road, Swansea, has installed a factor 50 sunscreen dispenser outside the entrance to the bar, which backs onto Swansea beach. You can keep up to date with the latest Swansea news by signing up to the local newsletter here.

Management at the bar confirmed they had also installed similar dispensers at two other venues they run in the city - Castellamare, an Italian restaurant overlooking Bracelet Bay near Mumbles, and The Green Room Bar and Kitchen next to the new Swansea Arena. They said they were offering the sunscreen to protect people against increasing cases of skin cancer in the UK.

The bar said: “Due to this current heatwave, we have decided to help protect our community as much as possible. Skin cancer is the most common form of cancer in the UK and rates continue to rise. At least 100,000 new cases are now diagnosed each year, and the disease kills over 2,500 people each year in the UK. Our SPF 50 dispenser can be found outside our entrance on the right hand side of The Secret Beach Bar and Kitchen. It is free for anyone to use. We want to help keep you safe this summer.”

The Secret Beach Bar and Kitchen in Mumbles backs onto the beach

The move has been very warmly received on social media, with one poster saying: “This is one of the best community contributions I’ve heard of. My husband is a postie, and they’re not even provided with suntan lotion”. Another said: "What an absolutely fantastic thing to do”, while another wrote: "Brilliant - more places need to do this, especially for the young and the elderly”.

Wales and the UK as a whole has just endured record breaking temperatures which saw previous highs surpassed. Temperatures soared above 37°C in Wales on Monday, while in England it was even hotter as 40.2C was measured at Heathrow Airport. With that in mind, one Welsh MP has called for VAT to be scrapped on sunscreen products in order to make them more affordable and accessible to all.

Rhondda MP Chris Bryant, who himself had skin cancer in 2019, raised important points in the House of Commons earlier this week, relating to the availability of sunscreen. He said: “Exposure to the sun can lead to skin cancer. Skin cancer, especially melanoma, can kill and the number of incidences in the UK has grown quite significantly over the last 15 to 20 years.

“First of all can we get rid of VAT on good quality sunscreen so that it’s cheaper and more available to more people? And can we make sure that anybody who works in our emergency services, including all the police and the police officers working here outside the building, have free sunscreen?”

Cutting VAT on sunscreen would be a decision for the UK Treasury to make, but it was suggested that it could provide a solution moving forward.

So, how much do you actually have to spend currently on sunscreen. The cost of different products varies wildly, depending on the brand and type of protection offered. A quick search on the Boots website reveals that you can buy sun cream for £2.50 but also for £39.

The cheapest and best sunscreen products you can buy

According to a latest article by Which?, these are some of the best value products around right now:

Asda Protect Moisturising Sun Lotion SPF30 - £2.80

This 200ml suncream is ‘easily absorbed and contains vitamin E to help protect against skin cell damage’, according to Asda’s website. It also ‘leaves skin hydrated, supple and soft’ and is said to offer ‘24-hour moisturise’ and ‘protects against premature skin ageing’.

Morrisons Sun Spray SPF30 - £3.50

Morrisons says this dermatologically tested and approved 200ml suncream is good ‘for skin which is not acclimatised to the sun’. It is SPF30 so should provide high protection against UV sunburn. The supermarket also says it is ‘a water resistant, non-greasy and fast-absorbing spray.’

Calypso Press & Protect Sun Lotion SPF30 - £6.49 from Amazon

Bodycare Online says this 200ml sun lotion ‘offers UVA/UVB protection and helps prevent premature ageing. It is a light, non-greasy and water resistant formula with gentle moisturisers that replenish the natural oils lost by exposure to the sun, wind and water.’

Avon Sun Body Cream SPF30 - £5

Avon says this 150ml suncream is a ‘moisturising, water-resistant formula to help protect skin against sunburn. Fragrance and oil-free to leave skin soft, supple and non-greasy’. It does warn that the product ‘may stain clothing.

Solero Moisturising Lotion SPF30 - £5, reduced from £7, at Lloyds Pharmacy

Lloyds Pharmacy says this dermatologically tested 200ml lotion offers ‘ triple defence protection with UVA, UVB & IR-A rays and is water resistant’. It is said to help ‘prevent premature skin ageing and sun-induced wrinkles when used regularly and moisturises to keep skin hydrated, soft and supple.’

Solait Moisturising Sun Lotion SPF30 - £5.49 from Superdrug

Which? recommended the Solait sun spray but we could only find the sun lotion available on the Superdrug website. Superdrug says this 200ml lotion is ‘specially formulated with a combination of broad spectrum sunscreens to help against UVA (Ageing) and UVB (burning) rays. It is said to be ‘enriched with antioxidant Vitamin E and Aquarich’ and is a ‘24-hour hydrating formula’ which also helps to ‘shield the skin against free radicals and keeps it feeling soft and supple during sun exposure.’

Piz Buin Allergy Sun Sensitive Skin Lotion SPF30 - £6 from Sainsbury’s

Sainsbury’s says this 200ml lotion offers ‘intense moisturisation, fast absorption and non-sticky’ with ‘triple resistance - contains advanced UVA/UVB filters. Helps to protect skin against aggressor elements like chlorine, sea and salt water, sweat and water resistant.’

Buying the correct sunscreen and applying it often enough is vitally important to protect skin during periods of intense sunshine. Bruce Green, a chartered chemist and founder of SOS Serum Skincare, told The Mirror that “most individuals use too little sunscreen”.

He said: “Use enough cream to cover thoroughly all exposed areas: face, nose and ears, hands, arms, and legs. Don’t forget the backs of yours and other necks. As a guide, adults should aim to apply around two teaspoons of sunscreen if you’re covering your head, arms and neck, and two tablespoons if you are covering your entire body whilst wearing a swimsuit. Re-apply sunscreen every two hours or so and after swimming or sport.

“Most individuals use too little sunscreen. If you must sunbathe, think about a double application of sun cream. Apply the first layer 15-30 minutes before the beach and then apply another layer when you hit the sun. It’s like getting a protective coat of armour. Whilst double-duty products may make steps shorter and seem more efficient, you cannot always rely on your daily moisturisers or make-up products such as a foundation to deliver you adequate protection. Remember, no matter how good or effective your sun protection purchase is, it will only be as good as its application and re-application.”

This is what the NHS advises:

The NHS website is packed with advice regarding staying safe in the sun. It reminds you that you can burn even when it's cloudy, but should strike a balance between protecting yourself from the sun and getting enough vitamin D from sunlight.

You should spend time in the shade when the sun is strongest. In the UK, this is between 11am and 3pm from March to October, and cover up with suitable clothing and sunglasses when you are in the sunshine, using sunscreen on exposed skin. It says you should look for products with a sun protection factor (SPF) of at least 30 to protect against UVB and at least 4-star UVA protection. UVA protection can also be indicated by the letters "UVA" in a circle, which indicates that it meets the EU standard.

Sunscreen can lose its effectiveness so you should also check the expiry date. Many products may only be effective for two to three years after the purchase date.

Do not spend any longer in the sun than you would without sunscreen.

What are the SPF and star rating?

The sun protection factor, or SPF, is a measure of the amount of ultraviolet B radiation (UVB) protection. SPFs are rated on a scale of 2 to 50+ based on the level of protection they offer, with 50+ offering the strongest form of UVB protection. The star rating measures the amount of ultraviolet A radiation (UVA) protection. You should see a star rating of up to 5 stars on UK sunscreens. The higher the star rating, the better.

How much should I apply?

As a guide, adults should aim to apply around:

2 teaspoons of sunscreen if you're just covering your head, arms and neck

2 tablespoons if you're covering your entire body while wearing a swimming costume

If sunscreen is applied too thinly, the amount of protection it gives is reduced.

If you plan to be out in the sun long enough to risk burning, sunscreen needs to be applied twice: 30 minutes before going out, and just before going out. Sunscreen should be applied to all exposed skin, including the face, neck and ears, and head if you have thinning or no hair, but a wide-brimmed hat is better.

Sunscreen needs to be reapplied liberally and frequently, and according to the manufacturer's instructions. This includes applying it straight after you have been in water, even if it's "water resistant", and after towel drying, sweating or when it may have rubbed off. It's also recommended to reapply sunscreen every two hours, as the sun can dry it off your skin.

How to cut down on sunscreen use - and save yourself money

Wear clothes and sunglasses that provide sun protection, such as:

A wide-brimmed hat that shades the face, neck and ears;

A long-sleeved top;

Trousers or long skirts in close-weave fabrics that do not allow sunlight through, and;

Sunglasses with wraparound lenses or wide arms with the CE Mark and British Standard Mark 12312-1:2013 E.

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Wed, 20 Jul 2022 02:07:00 -0500 en text/html
Killexams : What is Soil Erosion? How Can Nuclear Techniques Help to Identify and Mitigate It?

Although soil erosion is a natural process and it occurs on all continents, human activities have greatly accelerated it. In general, soil erosion is more common on steep, sloping land. It is often caused by natural factors, including strong wind or heavy rains; however, unsustainable human activity, such as deforestation or improper land management, can accelerate this process by two to three orders of magnitude.

Soil erosion makes land vulnerable to the loss of fertile topsoil and this, together with the losses of associated nutrients and chemicals, is a threat to agricultural production, food security and the environment, mainly water resources. Soil is the source of as much as 95 percent of our food, so its health and availability impact the quality and quantity of food production. Approximately a quarter of the world's population directly depends on food produced on degraded land, and every year the rate of degradation is increasing, leading to the annual loss of millions of hectares of land worldwide.

Eroded soil also affects water quality and aquatic life, since soil can be transported by runoff to water courses, such as rivers and lakes, clogging water reservoirs and causing the nutrients washed from the fields to accumulate in water and lead to algae outbreaks. This jeopardizes water quality and harms the habitats of aquatic life. In addition, even in larger reservoirs, such as oceans and seas, sediments may accumulate in large enough quantities to increase turbidity and reduce visibility in nearby waters, further threatening the sustainability of aquatic ecosystems and often leading to die-offs among the flora.

Other consequences of soil erosion include degradation of ecosystem functions, amplified risks of landslides and floods, significant losses in biodiversity, damage to urban infrastructure and, in severe cases, displacement of human populations.

Mon, 25 Jul 2022 07:28:00 -0500 en text/html
Killexams : This Week in Worker Conquests

Man, it’s a hot one. I would even go so far as to say that it feels like we’re seven inches from the midday sun! As you can tell, we’ve got a Hot Labor Summer on our hands, and this week’s roundup is sizzlin’. Let’s get into it.

Starbucks makes unreasonable demands: Apparently not yet tired of taking L’s, Starbucks has started demanding its “partners” make themselves available for 150% of their requested hours every week. But, as the Starbucks Workers United account points out, this curiously does not apply to workers at unionized stores. Huh!

Labor content drop: Looking for some high-quality labor content? I’ve got some good strains for you here. Into a stimulating audio-video experience? Check out this HuffPost panel with union leaders from Amazon, Starbucks, REI, and Apple. Or perhaps this Twitter Broadcast (yeah, I don’t know either) that Uncle Bernie did with heavy-hitters like My President Chris Smalls of the Amazon Labor Union, Sara Nelson of the AFA-CWA, and Sean O’Brien of the Teamsters on Wednesday.

Looking for something a little more mellow? I’ve got a couple smooth audio-only options here for ya, with a new podcast from In These Times called Working People and an episode of the Citations Needed podcast, which covers labor depictions in Hollywood over the years. Fire one up! Put it in the air!

USPS plans to cut 50,000 jobs: Speaking of “firing one up,” remember when the head of the USPS, Louis DeJoy, was being investigated for allegedly making illegal campaign contributions? Or when he removed voting machines before the 2020 presidential election? Well, DeJoy, who still somehow retains his position,  is at it again. He’s planning to cut 50,000 USPS jobs in an effort to balance the agency’s budget, which does not matter. Someone tell zombie Biden he forgot to axe this guy on Day 1. He should “fire” Louis DeJoy “into the fucking sun.”

Local alleged wage thieves pay back over $121,000: Time for some reaping and some good ol’ namin’ and shamin’. The Department of Labor disbarred Welton Orchards and Storage LLC in East Wenatchee from participation in a federal agriculture program and fined them $64,120 after finding multiple “egregious” violations, including threats to send their workers back to Mexico. Closer to town, the Seattle Office of Labor Standards fined Vishal Sehijpal $57,209 in a settlement to cover the money he allegedly withheld from eight workers at two local 7-Eleven stores. In Kennewick, a Superior Court Judge sentenced Rodney Eugene Dietrich to 30 days’ house arrest after he pled guilty to a felony charge of refusing to pay workers’ comp insurance.

Card Kingdom welcomes union: But it’s not all boos for bosses around here. This week, I’m directing one (1) “good job” to Card Kingdom, who released a statement vowing to recognize their unionized employees, who joined up with UFCW 3000. They said they “look forward to negotiating a contract with the union.”

Amazon Labor Union keeps growing: In Nashville, workers at the biggest Amazon warehouse in the country are organizing with Amazon Labor Union—another sign ALU is going national, as this is the third warehouse outside of New York to organize with ALU. Like what they’re doing and looking for a new gig? ALU is hiring both part-time and full-time organizers (which accounts for the big pay range) as well as data coordinators.

Teamsters protest deadly UPS working conditions: The Teamsters made some news of their own this week. Teamsters Local 804 in New York held a rally after a UPS driver in Pasadena, CA, died of heat exhaustion. And on top of that, last week, four of their drivers had to be rushed to the emergency room. President Vincent Perrone said, “These buildings are infernos inside. The only things that are air-conditioned are the management’s offices and where they keep their electronics.” A banger quote for sure, poignant and vivid, but the star of the rally was this incredible inflatable monstrosity:

The stench of desperation: In the face of this growing labor movement, the other side is getting antsy. How antsy, you say? Well, Texas Congressman Henry Cueller introduced a bill to make gig workers (so, all of us?) exempt from minimum wage laws; a Chik-Fil-A in Henderson, NC, offered to pay “volunteer” workers in chicken; an Alabama Hyundai plant is being investigated for allegedly employing underage workers for years; and Senator Lindsey Graham introduced a bill that would raise the mandatory retirement age for pilots to 67. The hurdles! Leave the kids alone and let the old pilots play backgammon or whatever.

The famous “what else” section: A Trader Joe’s store in Hadley, MA, became the first TJ’s to vote in favor of a union. Also, Oregon went nuts on the labor front this week, as we saw NLRB petitions from the Oregon Shakespeare Festival Association, pharmacy technicians at four different Oregon Safeway stores, and simulator operators at a Boeing plant in Klamath Falls.

“Drop It Like It’s Hot” by Snoop Dogg feat. Pharrell, 2004: Drop us tips, drop us compliments, and drop some dang comments! The hotter the better!

IYKYK: I gave you all the clues! From the critically acclaimed 1999 hit album, Supernatural, here comes the earworm, “Smooth.” Legendary axe man Carlos Santana dropped the song with Matchbox Twenty’s Rob Thomas. It topped charts for three whole months, easing our collective Y2K anxiety and carrying us into the new millennium with a certified bop. It’s uncut pleasure straight from the source when you hear Carlos resist the urge to absolutely shred Abraxas-style throughout the whole song until he decides, alright, Rob, that’s it, I just gotta cut loose here. And when he does? Folks, life is good. That’s it for me. Stay hydrated.

Fri, 01 Jul 2022 09:56:00 -0500 en text/html

VANCOUVER, BC, July 27, 2022 /CNW/ - Modern Plant Based Foods Inc., (CSE: MEAT) ("Modern Plant Based Foods") or (the "Company"), an award-winning plant-based food company is pleased to announce its brand partnership between Snacks from the Sun ("SFTS"), a vegan, gluten-free, snack food company and Sungiven Foods, a global leader in food wholesale and a top-quality large Asian conglomerate supermarket chain which has more than 200 stores and over 3,000 employees worldwide. The partnership will consist of a co-branded line of Snacks from the Sun products, which will specifically target Sungiven Foods' valued wholesale and retail clientele. SFTS will manage all aspects of the supply chain and production of the products, with Sungiven managing the distribution to their locations and sales.

Modern Plant Based Foods Inc. Logo (CNW Group/Modern Plant Based Foods Inc.)

Having launched in the North American market after having tremendous success in China, the company has launched over 200 locations in a short period of time. Sungiven Foods is focused on "more natural, less processed, and fewer additives" products, while advocating for local, organic, and healthy foods. Sungiven Foods offers a full range of healthy foods, with thousands of globally sourced, and affordable private-label products — including fresh fruits from around the world, and organic vegetables from Canada and Central America. The company's expansion is based on its ability to leverage its global supply chain resources to further grow wholesale channels and global import and export business, while actively developing the e-commerce platform. Sungiven has various white label brands, which they prioritize through their global wholesale channels.

SFTS has also expanded production capabilities to ensure volumes and quotas can be fulfilled, moving forward with its own global expansion objectives. "We are proud to announce our partnership with Sungiven Foods, securing another stable, reliable customer for the Snacks from the Sun brand. This outlet allows us to reach a new range of consumers in the Asian markets, and to further expand the reach of the brand globally," states Cassidy McCord, Director of Modern Plant Based Foods.

The co-branded items will consist of SFTS Original Sea Salt and Sour Cream & Chive flavoured popped chips in a 6oz bag. The packaging design has been tailored to best fit the Sungiven clientele, as the stores focus many of their marketing efforts and promotions towards their in-house brands. The partnership will consist of will launch in Canadian locations and then will be targeted to be exported to China to supply to the remainder of the Sungiven supermarkets.

About Modern Plant-Based Foods
Modern Plant Based Foods is a Canadian food company based in Vancouver, British Columbia that offers a portfolio of plant-based products including meat and dairy-free alternatives, soups, and vegan snacks. Our products are available at select restaurants and retailers across Canada including our own Modern Wellness Bar located in Vancouver. We take a holistic approach to plant-based living and understand the importance of providing nutritious and sustainable alternatives to consumers without sacrificing taste. We want people to feel good about the food they eat which is why we are deliberate in choosing ingredients free of soy, gluten, nuts, and GMOs. Our mission is to change the way food is produced and consumed for the benefit of people, animals, and the environment by using natural plant-based ingredients.

Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" and "forward-looking information" under applicable Canadian securities legislation that are not historical facts. Forward- looking statements involve risks, uncertainties, and other factors that could cause genuine results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the Company and the Company's business and prospects; the Company's objectives, goals or future plans; the Company's sales growth, planned expansion, awareness of the Company's brands, future sales and revenue growth, and the business, operations, management and capitalization of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause genuine results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; local and global market and economic uncertainties arising in respect of the COVID-19 pandemic; litigation, availability of key product ingredients, legislative, environmental and other judicial, regulatory, political and competitive developments; the ability to effectively expand manufacturing and production capacity; the ability to obtain retail partners to distribute Company products, the success of market initiatives and the ability to grow brand awareness; the ability to attract, maintain and expand relationships with key strategic restaurant and food service partners; our ability to predict consumer taste preferences; delay or failure to receive regulatory approvals; the sufficiency of our cash to meet liquidity needs; those additional risks set out in the Company's public documents filed on SEDAR at; and other matters discussed in this news release. Accordingly, the forward-looking statements discussed in this release may not occur and could differ materially as a result of these known and unknown risk factors and uncertainties affecting the Company. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

SOURCE Modern Plant Based Foods Inc.


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Wed, 27 Jul 2022 08:02:00 -0500 en-US text/html
Killexams : Wireless Smart Utility Network (Wi-SUN) technology Market Size, 2022 Key Drivers and Challenges, Opportunities and Forecast Insights by 2030

The global Wi-SUN technology market value was $1,456.54 million in 2020. The global Wi-SUN technology market is forecast to grow at a compound annual growth rate (CAGR) of 21.4% during the forecast period from 2021-2027.

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The Wireless Smart Utility Network (Wi-SUN) technology enables seamless connectivity among smart-grid devices using a wireless communication standard. IoT networks of this kind enable applications such as Advanced Metering Infrastructure (AMI) for home energy monitoring, the automation of distribution systems, and other large-scale outdoor networks, including FAN (Field Area Network) and HAN (Home Area Network).

One of the advantages of this technology is that it uses extremely little power compared to other wireless communication options, like WLANs.

Also, Wi-SUN provides certification for the Enhanced Home Area Network (HAN) communications profile, which supports communication between Home Energy Management Systems and any HAN device and is interoperable and scalable.

Factors Affecting the Market

A number of factors are driving the market for Wi-SUN, including the increase in smart and connected devices and the development of smart cities and smart infrastructure. The market’s growth has also had its roots in demand for improved customer experiences across multiple industry verticals.

Government initiatives and growing awareness of the benefits of Wi-SUN technology are fueling the demand for products and services that incorporate the technology.

An influx of cyber security issues and a lack of funding and investment for smart city projects could stymie market growth.

The availability of technological advancements in hardware products is forecast to boost the market’s growth over the forecast period.

A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. Census Bureau reports the recovering of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Wireless Smart Utility Network (Wi-SUN) technology Market.

Covid-19 Impact on the Market

Pre-COVID-19 estimates of the forecast period are higher than the current estimates. The Covid-19 outbreak had a limited impact on the market growth of Wi-SUN technology, as the acceptance of Wi-SUN technology solutions increased when unexpected conditions arose. As lifestyles change and economic disruptions affect businesses, smart cities are gaining traction; therefore, the Covid-19 pandemic has increased Wi-SUN technology demand. According to BT Wholesale and Ventures (BT Group), connect city initiatives will cost $135 billion globally by 2021. In addition, the government’s initiatives towards the implementation of smart grids, renewables, and meter technologies will increase demand for Wi-SUN technology. Hawaii officials are studying solar energy, wind energy, and grid-scale storage methods to reach zero emissions by 2045.

Regional Perspective of the Market

North America dominates the Wi-SUN technology market due to its increasing prevalence in the region. The growth of the Wi-SUN market in North America is also due to a variety of factors including, the growth of organizations, the presence of multiple leading device manufacturers, network service providers, and an increase in the area of application of Wi-SUN. A growing urbanization rate in Asia-Pacific coupled with new technology developments in the industry of device manufacturers and network service providers will drive the market’s growth during the forecast period.

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According to Statista, as of 2021 data, the United States held over ~36% of the global market share for information and communication technology (ICT). With a market share of 16%, the EU ranked second, followed by 12%, China ranked third. In addition, according to forecasts, the ICT market will reach more than US$ 6 trillion in 2021 and almost US$ 7 trillion by 2023. In today’s society, continuous growth is another reminder of how ubiquitous and crucial technology has become. Over the next few years, traditional tech spending will be driven mainly by big data and analytics, mobile, social, and cloud computing.

This report analyzes the global primary production, consumption, and fastest-growing countries in the Information and Communications Technology(ICT) market. Also included in the report are prominent and prominent players in the global Information and Communications Technology Market (ICT).

Key Competitors

The several leading prominent players profiled in the global Wi-SUN technology market are:

Texas Instruments Incorporated

Toshiba Corporation

Cisco Systems Inc.


Analog Devices, Inc.

Renesas Electronics Corporation

Rohm Semiconductor

Trilliant Holdings Inc

Landis + Gyr

Murata Manufacturing Co. Ltd.

Other Prominent Players

Aim of the Report

The global Wi-SUN technology market segmentation focuses on Application, Component, and Region.

Segmentation based on Application

Smart Meters

Smart Street Lights

Smart Building


Segmentation based on Component




Wireless Modules






Training and implementation

System Integration


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Segmentation based on Region

North America

The U.S.




Western Europe

The UK





Rest of Western Europe

Eastern Europe



Rest of Eastern Europe

Asia Pacific




Australia & New Zealand


Rest of Asia Pacific

Middle East & Africa (MEA)


Saudi Arabia

South Africa

Rest of MEA

South America



Rest of South America

What is the goal of the report?
? The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

Access full Report Description, TOC, Table of Figure, Chart, etc.-

About Report Ocean:

We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today’s competitive environment. Report Ocean is a ‘one-stop solution’ for individuals, organizations, and industries that are looking for innovative market research reports.

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Sun, 17 Jul 2022 21:14:00 -0500 Newsmantraa en-US text/html
Killexams : Edgewell Personal Care Company (EPC) CEO Rod Little on Q3 2022 Results - Earnings Call Transcript

Edgewell Personal Care Company (NYSE:EPC) Q3 2022 Results Conference Call August 4, 2022 8:00 AM ET

Company Participants

Rod Little - President, Chief Executive Officer & Director

Chris Gough - Vice President, Investor Relations, Corporate Development & Treasury

Dan Sullivan - Chief Financial Officer

Conference Call Participants

Olivia Tong - Raymond James

Jason English - Goldman Sachs

Bill Chappell - Trust Securities

Nik Modi - RBC Capital Markets

Kevin Grundy - Jefferies

Chris Carey - Wells Fargo Securities


Good day, and welcome to the Edgewell Personal Care Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would like now to turn the conference over to Chris Gough, Vice President, Investor Relations. Please go ahead.

Chris Gough

Good morning, everyone, and thank you for joining us this morning for Edgewell's Third Quarter Fiscal Year 2022 Earnings Call. With me this morning are Rod Little, our President and Chief Executive Officer; and Dan Sullivan, our Chief Financial Officer. Rod will kick off the call and then hand it over to Dan to discuss our results and full year '22 outlook before we transition to Q&A. This call is being recorded and will be available for replay via our website,

During the call, we may make statements about our expectations for future plans and performance. This might include future sales, earnings, advertising and promotional spending, product launches, savings and costs related to restructurings, changes to our working capital metrics, currency fluctuations, commodity costs, category value, future plans for return of capital to shareholders and more. Any such statements are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, which reflect our current views with respect to future events, plans or prospects.

These statements are based on assumptions and are subject to various risks and uncertainties, including those described under the caption Risk Factors in our annual report on Form 10-K for the year ended September 30, 2021, as may be amended in our quarterly reports on Form 10-Q, which is on file with the SEC. These risks may cause our genuine results to be materially different from those expressed or implied by our forward-looking statements. We do not assume any obligation to update or revise any of these forward-looking statements to reflect new events or circumstances, except as required by law.

During this call, we will refer to certain non-GAAP financial measures. These non-GAAP measures are not prepared in accordance with generally accepted accounting principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures is shown in our press release issued earlier today, which is available at the Investor Relations section of our website. Management believes these non-GAAP measures provide investors with valuable information on the underlying trends of our business.

With that, I'd like to turn the call over to Rod.

Rod Little

Thank you, Chris. Good morning, everyone, and thank you for joining us. We grew organic net sales 9% this quarter, delivering our fifth consecutive quarter of organic net sales growth, driven by solid consumer demand for our products. Importantly, our growth was broad-based with North America increasing 9% and international markets increasing 8.4%. Growth was also well balanced coming from all segments of the business and fueled by strong volume growth. The 9% growth in the quarter was above our expectations as we benefited from a strong and earlier start to the peak Sun Care season in the U.S. and from both heightened demand and improved supply in our Feminine Care business.

Our omnichannel strategy continues to deliver strong results as we saw growth in both brick-and-mortar as well as e-commerce channels. E-commerce growth in North America was 31%. Consumption growth for our brands in the United States was over 7%, reflecting increased volumes and price as we grew market share in aggregate. The Sun category in the U.S. remained strong and our share gains accelerated. In fact, Banana Boat is now the number one Sun Care brand in the United States in the latest 52-week period, reflecting all of the critical factors required to win in this category. Consumer-focused innovation underpinned by great product formulation capabilities, strong distribution, both in aisle and out and a supply chain that ensures availability on shelf.

Billie contributed approximately 370 basis points to top line growth, driven by continued strong execution in Walmart, where the brand has maintained its nearly 19 point share of the women's shave category. While organic growth this quarter was strong, currency headwinds increased significantly in the quarter, negatively impacting reported sales by $22 million in the quarter, which is nearly $9 million or 150 basis points worse than our previous expectations. With the strength on the top line, we overcame incremental foreign exchange headwinds and delivered $0.86 of adjusted earnings per share and $97.1 million in adjusted EBITDA, both above our expectations.

While the external environment remains challenging and volatile, we believe our results this quarter reflect the continued execution of our strategy and the underlying structural improvement in our business. And while we benefited from a stronger-than-expected start to the peak sun season, consumer demand products across all of our key categories in the United States remains strong, driven by the impact of new distribution, a more stable supply chain and incremental price actions.

While COVID-related closures continue to impact Asia in certain parts of Europe, we were encouraged to see improved category and volume growth in several other key international markets, particularly in Latin America, largely driven by an increase in travel. Dan will take you through this specific shortly, but we also saw improved performance across our supply chain with increased production output and service levels across Fem Care and Wet Shave as expected. Inflationary pressures in aggregate were relatively unchanged to our previous expectations. Although choppiness remains in certain commodity baskets and labor levels remain tight, though manageable.

However, with the dramatic strengthening of the dollar during the quarter, currency is now expected to be an increasing headwind to top and bottom line results in the fourth quarter. Despite these ongoing macro market challenges, we continue to make a lot of progress in the transformation of Edgewell to achieve our objective of sustained top and bottom line growth. This progress is a result of our continued focus on fundamentals and good execution and is evidenced in four specific areas: first, our ability to deliver meaningful consumer-centric innovation; second, our improved presence on shelf; third, stronger capabilities across the organization and most notably in brand building, direct-to-consumer and digital execution; and finally, we remain committed to our efforts to drive cost out of the business and structurally simplify our operating model.

As we discussed last quarter, our brands are healthier than they have been at any time in latest years. We are executing well in retail, led by our leading Sun portfolio of brands, aided by our latest acquisitions and underpinned by the best distribution outcomes we've seen since our split from Energizer in 2015. We believe all of this puts us in a great position to deliver on our outlook of 4% organic net sales growth for the fiscal year, which would be our second successive 4% growth year and builds confidence that we can deliver on our growth ambitions for the future.

And now I'd like to ask Dan to take you through our third quarter results and also provide details on our outlook for the full fiscal year.

Dan Sullivan

Thank you, Rod, and good morning, everyone. In the quarter, we delivered strong top line and earnings results in the face of persistent cost inflation and increasing FX headwinds. As Rod discussed, we saw strong underlying demand for our brands and accelerated organic sales growth, underpinned by improved shelf presence, great retail execution and incremental pricing. We again had category-leading performance in U.S. Sun Care, where we saw some phasing of sales into the third quarter as many retailers responded to favorable weather and stronger demand with earlier-than-expected replenishment ordering.

Our Wet Shave performance was noteworthy, with both organic growth and share gains well above latest trends. And in Fem Care, our success in getting product back on shelf, timed with stronger-than-expected demand in Tampons drove double-digit organic sales growth in the quarter. Finally, improved digital execution was again a catalyst for growth as our e-commerce business in North America grew over 30% with global e-commerce sales now representing approximately 13% of total revenue. Amazon consumption gains were also strong, led by Fem Care and seen across all core categories.

Importantly, we made meaningful progress in stabilizing our supply chain and improving on-shelf availability, especially across Fem Care and Women's Shave. Labor levels and commodity availability improved, allowing us to accelerate production scheduling and product flow and materially Excellerate service levels. We also continue to effectively navigate the challenging and uncertain inflationary environment where initial signs of easing and transportation-related costs were mitigated by continued volatility across many aspects of the commodity basket, including sun chemicals and pulp. However, our productivity muscles are well developed, providing material offsets to inflation-related pressures in both COGS and G&A.

Additionally, we remained opportunistic and focused in our approach to pricing, realizing the incremental benefits from our most latest price execution last quarter across much of our U.S. Shave and Grooming portfolios. In the quarter, inflationary headwinds, productivity savings and price offsets were in line with our expectations. The U.S. dollar also strengthened considerably in the quarter, most notably against the yen and the euro. And while we execute currency hedges to help mitigate the impact to the P&L, this created a headwind in the third quarter, and we anticipate a further drag in Q4.

Now I'll turn to the detailed results for the quarter. As mentioned, organic net sales increased 9%, while cycling about 13% organic growth last year, driven by both volume and price gains and inclusive of about 150 basis points of combined headwinds from negative mix and higher trade spend. Most of the realized price increases were attributable to Fem Care, Wet Shave and Grooming and drove over 2% of the organic growth. North American organic net sales increased just over 9%, driven by strong performance in Sun Care, Fem Care and Women's Shave. International organic net sales increased just over 8%, driven by strong growth in Wet Shave and Sun Care.

Looking deeper into our segments, Wet Shave organic net sales increased 6%, with growth seen across all categories. Notably, our Women's Systems business delivered organic sales growth for the eighth consecutive quarter, increasing about 10% while cycling 12% growth last year. Growth was strong across both North American and international markets and was led by intuition and private label. Women's private label grew 44% in the quarter despite cycling 31% growth last year, reflective of accelerated growth with DTC partners, new distribution and modest price increases. Our Men's Systems business grew 5% in the quarter with accelerated sequential growth in both North America and international.

For the fifth consecutive quarter, U.S. razors and blades category consumption increased, growing just over 3%. The category growth in the quarter was widespread and seen across Men's and Women's Systems and disposables. Billing performance at Walmart remained strong, with the brand still holding a nearly 19% share of the category and becoming the number two brand in the set. With the new in-store display activity now fully activated, we expect that momentum will continue ahead of our retail expansion in fiscal '23. For the 13-week period, our shave market share decreased 50 basis points, while branded share increased 30 basis points, driven primarily by share gains of 260 basis points in women's branded shave.

Sun and Skin Care organic net sales increased about 13%, driven by strong global Sun Care results and solid Men's Grooming performance. Sun Care organic net sales in North America increased nearly 14% despite cycling almost 50% growth last year, driven by continued strong execution on shelf and aided by a slight shift in sales to 3Q in response to strong early season consumption. International Sun Care sales increased over 19% as increased travel and leisure activity drove some demand recovery.

In the U.S., the Sun Care category declined nearly 1% for the quarter, and our brands meaningfully outperformed the category, led by Banana Boat, which delivered consumption growth of 11% and gained 200 basis points of market share. Our strong execution and prominent on-shelf and off-aisle positioning drove 150 basis points of share gains at Walmart, and we saw sequentially improved results across both the drug and grocery channels, where we also realized heightened share gains. Over the last 52 weeks at Walmart, our Sun Care portfolio has grown consumption 19% and realized 260 basis points of share gains. And Banana Boat now stands as the number one brand in the category in the U.S.

Men's Grooming organic net sales increased almost 8% despite cycling 17% growth last year. Cremo results remained strong with 18% growth, fueled by a healthy combination of new products, distribution gains and pricing actions. Wet Ones organic sales increased about 8% in the quarter, while category consumption declined 29% as the category further resets from the COVID-driven demand spikes in the prior year. Wet Ones consumption was flat, leading to share gains of almost 19 points and a share position of over 63% of the category.

As the category continues to consolidate on shelf, reflective of a more normalized demand environment, we believe that the brand's well-earned equity and trust with consumers will continue to be a catalyst for durable growth. However, in response to the moderating near-term demand and continued progressions on shelf, we are rightsizing our offering and eliminating certain noncore SKUs that were added at the peak of COVID-driven consumer demand. In the quarter, we recorded a pretax charge to cost of goods sold of $22.5 million associated with the write-off of inventory and a related production contract termination charge.

Fem Care organic net sales increased about 11%, largely driven by heightened category demand and improved product availability on shelf. Strong growth in the Playtex Sport and Carefree brands was offset by slight declines in Stayfree. Our portfolio saw nearly 12% consumption growth and share was flat in the quarter and for the last 52-week period.

Now moving down the P&L. Gross margin rate on an adjusted basis decreased 500 basis points compared to the prior year. In the quarter, inflationary pressures of about 600 basis points were partially mitigated by 270 basis points of price and productivity offsets. Additionally, there were about 170 basis points of headwinds, driven equally from negative channel and segment mix and higher trade spend. In the quarter, we reallocated planned above-the-line media into incremental feature and display activation, driving greater returns on our investment and supporting our sun season retail execution.

A&P expense was 13% of net sales, with over 86% of the working dollars geared to digital execution. A&P spend in the quarter was slightly below original expectations, reflective of the shift to trade activation in the U.S. and the pullback in investment in certain international markets, where COVID recovery remains unsettled and therefore, return on investment inefficient.

Adjusted SG&A decreased 40 basis points versus last year as gains from sales leverage, operational efficiency programs and favorable currency translation more than offset the impact of Billie expenses, including amortization and higher year-over-year compensation expense. Adjusted operating income was $70.3 million compared to $80.6 million last year, reflecting the impact of inflationary pressures on gross margin. GAAP diluted net earnings per share were $0.57 compared to $0.74 in the third quarter of fiscal '21. And adjusted earnings per share were $0.86 compared to $0.89 in the prior year period. Adjusted EBITDA was $97.1 million compared to $101.2 million in the prior year.

Net cash from operating activities for the nine months ended June 30 was $72.4 million compared to $155.9 million over the same period last year. Working capital builds to Excellerate service levels in the current year have resulted in the increased working capital outflow versus a year ago. We ended the quarter with $182 million in cash on hand, access to the $298 million undrawn portion of our credit facility and a net debt leverage ratio of about 3.5x. In the quarter, our share repurchases totaled nearly $35 million, bringing our year-to-date repurchases to just over $110 million. In addition, we continued our quarterly dividend payout and declared another cash dividend of $0.15 for the third quarter.

Now turning to our outlook for fiscal '22. Despite operating in perhaps the most challenging macro environment on record, we have increased confidence in our ability to deliver half two performance that is in line with our prior expectations despite incremental currency headwinds. We believe the supply disruptions that impacted the business in 2Q are largely behind us. The inflationary environment, while still volatile, did not worsen over the course of the quarter, and we've successfully executed incremental pricing in the U.S. across Wet Shave and Grooming, as previously discussed. So for the fiscal year, we continue to anticipate approximately 4% organic net sales growth. As mentioned earlier, Q4 growth will be impacted by the unexpected Sun and Fem Care pull forward into Q3.

Reported net sales are still anticipated to increase by mid-single digits, including 340 basis points net tailwinds from the Billie business and 310 basis points headwinds from currency. As we look to gross margin, we now anticipate approximately 390 basis points of year-over-year decline, an increase of 40 basis points over our previous outlook. The incremental year-over-year decline reflects the estimated negative effect of unfavorable FX and increase negative channel and category mix. The impact of inflationary headwinds, productivity savings and price realization are expected to be largely in line with our previous outlook.

We now expect A&P spending to be about 11% of net sales for the year. Adjusted operating profit margin is now expected to contract approximately 270 basis points year-over-year. Adjusted EBITDA is now expected to be in the range of $335 million to $340 million. Adjusted EPS is now expected to be in the range of $2.50 to $2.60 and includes the benefit from shares repurchased through June 30. And finally, free cash flow conversion is still expected to be above 100% of GAAP net earnings. For more information related to our fiscal '22 outlook, I would refer you to the press release that we issued earlier this morning.

And with that, I'd like to turn the call back over to the operator to begin the Q&A session.

Question-and-Answer Session


[Operator Instructions] The first question comes with Olivia Tong with Raymond James.

Olivia Tong

I wanted a little bit more detail in terms of your expectations on price. It looks like price was a good contributor this quarter. I think in the past, you had been sort of a mid- to high single-digit range. And it sounds like you've got some pretty decent momentum there with respect to that. So just if you could talk a little bit about that and your expectations not only for this year, but whether there are any incremental plans to combat some of the cost headwinds that you're seeing?

Dan Sullivan

Yes. Olivia, it's Dan. Yes, so price certainly contributing in the quarter. If you look at the 9% organic growth, about two -- a little over two points of that came from price, the rest through volume. What we have executed so far is what we had alluded to in our last call, which was essentially men's and women's branded Shave have gone up in price sort of the mid- to high single digits. Most of our grooming category went up in price as well, high single digits. So I think we alluded to that last call, that has all been priced through now on shelf. We also have communicated the price increases in Fem Care, mid- to high single digits, and we have communicated price increases in Sun Care here in the U.S., again, in that mid- to high single-digit range. Fem Care will work through on shelf probably in early to mid-October and Sun Care will be more like November. So that's kind of what we have. And again, the last two Fem Care, Sun Care, would be incremental as we think about 2023.

Olivia Tong

Talking a little bit about the Banana Boat recall and you mentioned that you had some pull forward in sales. So just if you could talk a little bit about that, what is impacting, what your expectations are? And then just generally speaking about Sun Care from here.

Rod Little

Yes. Let me just deliver a couple of thoughts around Sun Care overall. First of all, we're the number one player in Sun Care. We now have the number one brand in the past 52 weeks basis here in the U.S. with Banana Boat growing 200 basis points of share this year on multiyears of good strong performance in the category. We like the category. We think it sets up well for the future. As you look at how we play in the category, one thing we will always do is do the right thing by consumers and take a conservative view on anything that gets in the zone of health and safety. And ultimately, as you overlay all of that as the leader in the category and take a view towards health and safety from time to time, you'll come upon cases where you'll recall some product.

In this case, I don't anticipate it to have any impact on the business, either in the quarter coming up or in the year ahead. This is one SKU. It's three lot codes. It represents less than 0.1% of the volume in the business. And effectively, there's nothing to recall because it's older product from a third-party manufacturer from these three batch codes. And so we don't have -- we don't put benzene in our products. We're very, very serious about health and safety. We follow all FDA guidelines. We collaborate with the Personal Care Products Council on ingredient formulations. And so I think it's an unfortunate headline always, but we're doing the right thing here and it won't have a business impact.


The next question comes with Jason English with Goldman Sachs.

Jason English

A couple of quick questions. Let's build off the last one real quick. 2% price realization in context of the magnitude that you had already put in our Men's and Women's in grooming. It seems a bit muted. Is it just timing? So should we expect this to build to that mid- to high single-digit level that you're talking about across most of your portfolio? Or is the shift to spend out of A&P and into trade going to continue to dampen it.

Dan Sullivan

Jason, it's Dan. Yes, look, the price went in over the course of the quarter. So I certainly think timing and realization play a slightly different piece in Q3 than what you'll see going forward. So I think that's a fair comment. I'm not going to project what the tailwind will be in organic for next year. I mean, we've got, as I mentioned, more price coming in Fem and in Sun Care. We'll also cycle off pricing, right? In Wet Ones now, we've sort of lapped the pricing that we took a year ago. And we've realized the level of pricing across Wet Shave in international markets as we had expected, that was in for most of the year. So again, we'll say more about the role of pricing for '23 in our next call. But we feel very comfortable that we've been really thoughtful, really responsive in categories where we follow price lead and also in areas where we're the leader in the category, we've taken a lead on price. So I think overall, we feel really good about the pricing that we have taken around the conversations we've had with retail and the environment that we're in.

Rod Little

Jason, I would just add two thoughts to that. We do have some pricing to come in some international markets in Wet Shave. And so the comments we've made around Wet Shave pricing has been primarily the U.S. And there's a couple of big markets where we'll make some moves up there as well to come in the future that will help. And then the point you made around the A&P trade, how do we think about that in Sun Care. We did intentionally shift spending out of A&P into trade spend around our display activity in Sun Care this year. It was a very intentional move around return on investment. It's part of what's given us the 200 basis points of share gain this year. As we cycle out of that into the future, again, I think you'll see that be more balanced as we think about the sets for next year. But Dan --

Dan Sullivan

Yes. And Jason, the only thing I would add to that is if you look at our A&P spend this year, we spent at about 13% rate of sale in Q2. We spent at about 13% again in Q3. So we're not at all here in a position where we're taking money out of the brands. We actually like the levels that we're spending at. But we're also going to be really thoughtful and disciplined around what return we can get. And so in the quarter, you saw that not only in Rob's point around reallocating into better retail execution on Sun. But we pulled money out of international, namely China and Japan, where the market just remains choppy, and we just didn't think we'd get the return we needed.

Jason English

Makes sense. It's good to see the market share momentum. One small question on Billie. You guys have lowered the full year sales contribution from a 400 basis point growth contribution to 340 basis point. It implies around a 15% call down on overall sales you expect to come from that brand. Can you deliver us some color around what caused the reduction?

Dan Sullivan

Yes, certainly. Look, I think the main thing that caused this in our mind is just kind of going back to where we were in January, February when we try to estimate this business. And at that time, we had owned the brand for only a few months. We hadn't begun the integration with the team there, and we hadn't yet obviously seen any demonstrated results in Walmart. So it's a nice way of saying we're obviously forecasting against a lot of uncertainty. Now as we've worked through it, I wouldn't read the reduction in impact as anything less bullish on the brands. You heard Rob's comments around success at Walmart, which we're super excited about reaching a 19 share DTC business still performing well. And at the end of the day, this is a brand that's going to contribute $90 million or so to the top line in a year one start. So again, I would chalk it up more to just trying to estimate the impact back in February with a tremendous amount of uncertainties and no real result of performance because we really like where the brand is.

Rod Little

And Jason, I just want to add a couple of points on Billie. The team has retained in place doing their thing. There's no weakness structurally in terms of the Billie team that's built that brand as they come into Edgewell. We've retained the team, they're motivated. They're doing great work. Walmart is super happy with the execution. Walmart's gained share. We've maintained the share and in fact, had increasing momentum here in more latest periods. So I think we feel good about that. And then all the expansion potential that we had envisioned at the time of the acquisition around broader retail footprint distribution, that will happen. Every retailer wants the brand. And we also have the category expansion away from a primarily Wet Shave business today into more of a fulsome women's body brand. So all that potential is there, and it's not cycles away, it's near term.


The next question comes with Bill Chappell with Trust Securities.

Bill Bates

Just circling back to Sun Care. I think you would -- obviously, you had very strong results and market share gains. But with the category being down 1%, probably if you took it, your performance out to be down more mid-single digits. Is that all weather? And I guess the question is, could you have done better? Or were you kind of running at full capacity to kind of meet the demand in the quarter?

Rod Little

We're running full capacity, Bill, we have been. I think we talked in prior quarter calls, about being prepared for what we anticipated would be a big season around material supply around how we run staffing levels in our manufacturing plant. Again, we're the only manufacturer here in the States that is primarily in-house manufacturing. So we have control of that more so than some of our competitors. And that's benefited us in this season. CS being up 15% in the quarter when the category is down 1%. Part of that is weather, part of it is also this great execution by the team and availability and fast cycling production and inventory builds to meet demand that's there. And so it's great execution by the team. There was also a phenomenon we saw in the quarter, again, theoretically, all competitors should see it the same where the peak season came a little earlier this year as compared to last year, and reorders have profiled earlier, which benefits us specifically in Q3 at the expense of Q4. It's just a different profile than we had in the prior period.

Bill Bates

And then looking at Wet Shave, and then I guess, in particular, razors, I mean, you have kind of all the price points that consumers would trade down to from kind of premium -- I mean, and mid-tier to disposable to private label. I guess the question is on the current consumer, are you seeing any benefit from trade down? Do you expect there to be a benefit as we -- or do we need kind of a deep, long recession for a meaningful kind of drop in these categories?

Rod Little

I think it's more of the latter, Bill. In short, we have not seen any meaningful trade down in Wet Shave to this point. As you point out, we have a really nice portfolio across all of the price points with 25% of our portfolio, playing in that private label space. So if we do get into a deep recession or the consumer becomes more challenged over the coming quarters, we actually think the portfolio sets up well for that. At a time when our base branded business is as strong as it's been in years. We had men's up 5%, women's up 10% in the quarter, up 6% in all of Wet Shave, right? I think our ability to do that a few years ago, I don't think we would have thought we could have done that. So we like the portfolio across all of the tiers. And again, I think regardless of where the consumer goes, we're well positioned.


The next question comes with Nik Modi with RBC Capital Markets.

Nik Modi

Actually, I have two questions. Just guys, maybe you can just deliver us some context on how you're thinking about the economy. I mean, so many polarizing points, data points out there. So I just wanted to kind of understand what you're assuming as it relates to the rest of the year? And then the second question is to you, Rod, is really, the last couple of years, I know you've spent a lot of time you and the management team on reestablishing and reconnecting with retailers. Clearly, the business is starting to perform. So I just want to understand kind of what's different now in terms of your discussions, the opportunities, the willingness to take new products, et cetera? Just would love to kind of get a fatter union on today versus a couple of years ago?

Rod Little

Yes. On the state of the economy, your guess is as good as ours, I think. What -- the mindset we've been in is control what we can control. And so we very disciplined on cost, be very focused on things that are going to create and build long-term value. We do generate a lot of cash flow. We do feel like we have a structurally healthy business with categories that even if the economy goes into a deep recession or we have some contraction or a difficult consumer environment, the fact is our portfolio is everyday use products and primarily a value or a mid-tier pricing orientation. And if the economy goes south, we feel like the consumer in our categories will be there and our portfolio will match up well against that. I do personally expect some headwinds to increase, whether that shows up in reducing basket size or some trade down as we were talking to Bill's question. I think we do expect some of that to happen. It's logical, both here and in Europe would be the markets that I think we would see that. So that would be the comments around the economy.

From a retailer perspective, I think the simple way to think about where we were a couple of years ago with retailers is we were very transactional with retailers. We filled a role in the category, and it was a very transactional conversation as opposed to today, where I think retailers view us as a partner and view us as people that can help them predict where the category is going, shape the category for the future, what shows up on shelf at retail to create growth and value not only for ourselves, but for the retailers and all the people that participate in the category as a whole. And it takes time to earn that credibility and trust. We've got a better team that calls on retailers. We've got better capabilities that bring data to retailers. The simple thing we do. We help them arrange taxonomy on their own websites, around e-retail. We have people that are really good at that. We bring that to bear. That's nothing about a transactional price point or margin discussion. We've gotten the margin, right, sure. And so when you put all that together, what ends up happening is you have better participation in long lead discussions and you have better line of sight to the future. And it also doesn't hurt that you have brands that consumers like more and want to buy more of like Cremo, like Billie, like Banana Boat now being the leader in the category. So our portfolio is better, too, and that helps.


The next question comes with Kevin Grundy with Jefferies.

Kevin Grundy

So we've covered a lot of clean up on the guidance. I guess, Dan, I think we've covered this, the implied slowdown in your organic sales growth to low digits in the fourth quarter, strictly timing related sound relatively positive on the categories at this point, plasticity, brand strength? Is this all just shipment type in the quarter that is leading to the deceleration in the upcoming quarter?

Dan Sullivan

Short answer is yes. As we thought about half two, right, we profiled about a 5% organic, and we thought Q3 would be a bit better than Q4. We saw that accelerate in Q3, Rod pointed it out just around both timing of Sun Care shipments, which is always difficult to predict when are we going to get the replenishment orders. But then also, we saw a bit of accelerated demand in Fem Care in Tampons, largely around the somewhat media constructed out of stock availability issues. So that moved into Q3. That's the short answer.

I think the other thing we have to keep in mind is we're cycling a Sun Care season last year that had a really strong Q4, consumption-wise, almost 20% consumption growth in the quarter. So that was also in our mind as we built our forecast. Having said that, we're quite encouraged one month into the quarter, in the sense that our sales profile is largely what we thought it would be. And if you look at consumption growth in those two categories, Fem and Sun Care both had strong July. So encouraging for us. But again, I think phasing into three out of four is the easiest way to think about it.

Kevin Grundy

Rod, a quick one for you. Just on the Sun Care business, which is historically business, which has struggled you guys considered exiting. I think there was -- it didn't work out, I guess, no strategic interest or it makes sense to keep it. But the results are a little bit better. The market share looks a little bit better. Maybe just comment on updated views there, some changes that you've made. And then I'll pass.

Rod Little

Yes. Just one correction to the assumption in the question, Kevin, we could have sold the business. We had interest in the business. We could have transacted. One of the things we looked at in the process, it was a strategic alternatives assessment. It wasn't a process to sell the business. And as part of the assessment, we look deeply at our ability to run the business differently, run it better and create value, and we determined we could create more value by keeping it and transacting at a price, frankly, that people would have understood and been fine with externally. It wasn't the right call for the business. So that -- I just want to make sure that that's clear as we thought about -- think about history and how we get here.

But you go from mid- to high single-digit declining business over time to now what we think is a business that we can sustainably grow in the future by first getting the team right. We've got a great team on that business. It's a team that's better at the individual level, position by physician. It's a team that has focus. We -- as you know, we took it to a business unit structure internally, separated off from the balance of the business to deliver it priority and focus. Part of the learning in that -- that exercise was -- it actually applied to the rest of the business and let our thinking to move to business unit structure across the balance of the business.

So the team is right, the focus and structure is right. And the team has done an amazing job in rearchitecting the marketing and the consumers' connectivity to the brand to deliver the brands meaning in purpose. Playtex Sport is the first brand in the portfolio that's had the focus and attention. It's been the fastest-growing Tampon brand in this segment. It's led to consistent sustained share growth in the Tampon segment without the number two player in Tampons versus number three historically. And so we've got the flywheel going now with great marketing and brand building, a strong team that's focused. And I think, again, we think very positively about the future of that category for us.


The next and final question comes with Chris Carey with Wells Fargo Securities.

Chris Carey

So just one quick follow-up, Dan, on the comment around July. I think you implied it's tracking ahead of your implied organic sales guidance for the quarter, but that's just in the context of the overall tough comps and pull forward do you think on a total quarter basis, you're more comfortable with where you're setting the outlook. So I just wanted to confirm that specific comment regarding July and just related, do you expect your Sun and Skin Care business to decline on an organic sales basis in Q4 as you reverse some of the pull forward? Then I just have a quick follow-up.

Dan Sullivan

Yes. Sure, Chris. What I was getting at with the July comment was twofold. Internally, our organic sales in line with our own expectation, not above in line with. And then I was commenting on consumption on those two categories where we did see the sales pull forward into Q3, Q4 -- Q3 from Q4. Sun Care consumption up 5%, solid result, Fem Care consumption up 7%, 7.5% solid results. So it was more just context around strength of consumption and organics in line with what we had pegged.

In terms of your second question on organic growth implied in Q4, it's mixed. I would say we would expect Sun Care organics to be negative, again, largely based on cycling 60% growth in Q4 last year. We would expect Fem Care organics actually to still be positive growth in Q4.

Chris Carey

And then you had alluded to some comments on pricing and productivity. I think you had said that your expectations for the contribution of gross margins haven't changed. I wonder if you could maybe dimensionalize the impact you're expecting from pricing and productivity. And really, what I'm trying to do here is get a sense of your underlying run rates as you head into fiscal '23 as inflation potentially eases. And then just given we're at the end of the call, if I could sneak in one more. Just there was some commentary or press reports in the quarter that Amazon is going to be shuttering some private label categories. Is there any way you can just frame your exposure and any potential risks do you see there as well?

Dan Sullivan

Sure. Yes. So on the margin profile, I'm glad you picked up the point. I think what we were trying to say is the structural elements of gross margin, which is all about the inflationary headwinds, the productivity savings and then the price realization, that's lining up largely as we thought it would when we spoke back in May. Inflationary headwinds are in the plus or minus 600 basis points, and then you're getting 175 basis points to 200 basis points of productivity savings and price realization that's just over 100 basis points and scaling based on the comments we made around timing of when price went in.

I think that's a really important point, though, is that one quarter later, in a really challenging and volatile environment, we feel really good about structural margin. I think the new news that I do want to call out, you didn't mention it, but I think it's relevant is FX, and that does put an added headwind on the business. In the fourth quarter alone, we see that as probably about 70 basis points of margin headwind that we hadn't contemplated previously. So hopefully, that helps you with the comments and the margin profile.

On Amazon, yes, look, we've seen the articles, obviously. We've seen the response from the Amazon team as well. All I can tell you is our teams are -- have had really good discussions with their counterparts at Amazon. If you look at the category itself, the category is growing double digits. The Soma brand is number five in the set over the last 52 weeks and has really interesting economics for both us and them. So we don't see this as a category that they would look to destock on or just trim the portfolio given those numbers.


[Operator Instructions] It appears we've got no further questions, and this concludes our question-and-answer session. I would like to turn the conference back over to Rod Little for any closing remarks.

Rod Little

Yes. Thank you. I guess just to close this out, we're happy with the performance we had in the quarter. I think there's been a lot of hard work that the team has put into making that happen. And the structural improvement that we're seeing in the business at a time where we know things are choppy around us. So I think we're increasingly confident in the future and what we have line of sight to. So thank you for that. We'll work to continue to deliver consistent, reliable results and we'll talk in three months.


This concludes our conference for today. Thank you for attending today's presentation. You may now disconnect. Have a good one.

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