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12 Health Care Stocks Moving In Tuesday's Pre-Market SessionTHEY may be loves of my life but I’ll never forgive the grandkids for giving me Christmas shopping anxiety. Hitherto I was blessed with a late dash-and-grab approach to buying presents, leaving purchases to the last minute. Every shop assistant’s dream is the Christmas Eve late afternoon desperate bloke fresh from the pub. Occasionally, that was me and no Tiny Tim of mine ever woke on the 25th to an empty stocking. It’s a myth Oliver Cromwell banned Christmas but curbing carnal and sensual delights was a Puritan goal, replacing drunkenness and debauchery with fasting and prayer. Unremarkably, this proved unpopular with the great unwashed during an otherwise regrettably short-lived Republic of 1649-60. And who could blame common folk brightening miserable winters – thicker gruel and snogging toothless neighbours under mistletoe a more uplifting celebration than hunger and boredom. Yet in the unlikely event I was to be Cromwell’s belated successor as Lord Protector, top of my decrees would have been banning decorations, festive pub menus, playing Slade’s Merry Xmas Everybody, John Lewis saccharine adverts and, particularly, shopping until the start of December. Until this year, I started seeing and acquiring gifts for Little L and Canny C from September. Santa Granda’s first inkling of change was popping into an old-school Whitley Bay hardware store and walking out with a present for Little L. I won’t spoil his surprise by disclosing what was bought but the pressies will thrill him and altered my approach, probably forever. Christmas really is about kids and grandkids, and the thought of Little L and Canny C smiling as they excitedly unwrap their gifts left under the tree is heartwarming. No way is some bearded, tubby, red-suited stranger sneaking down a chimney stealing credit for the fruits of my changed life.BOSTON--(BUSINESS WIRE)--Dec 10, 2024-- Skillsoft Corp. (NYSE: SKIL) (“Skillsoft” or the “Company”), a leading platform for transformative learning experiences, today announced its financial results for the third quarter of fiscal 2025 ended October 31, 2024. Fiscal 2025 Third Quarter Select Metrics and Financials from Continuing Operations (1)(2) “Our fiscal third quarter financial results demonstrate our first step in executing our transformation strategy,” said Ron Hovsepian, Skillsoft’s Executive Chair and Chief Executive Officer. “The operationalization of our strategy is showing the first signs of business and financial improvement for our shareholders and customers.” Fiscal 2025 Third Quarter Business Highlights “I am pleased with our financial results for the quarter, which are highlighted by strong revenue execution, improved profitability, and positive free cash flow,” said Rich Walker, Skillsoft’s Chief Financial Officer. “Our third quarter performance, coupled with momentum from our transformation execution, gives us confidence to raise and tighten our FY25 revenue guidance range, while reaffirming our adjusted EBITDA outlook.” Full-Year Fiscal 2025 Financial Outlook (2) The following table reflects Skillsoft’s updated financial outlook for the fiscal year ending January 31, 2025, based on current market conditions, expectations, and assumptions: GAAP Revenue $520 million – $530 million Adjusted EBITDA $105 million – $110 million (1) Growth calculated relative to the comparable prior year period unless otherwise noted. (2) See “Non-GAAP Financial Measures and Key Performance Metrics” below for the definitions of our key operational and non-GAAP metrics and how they are calculated and more information regarding the fact that the Company is unable to reconcile forward-looking non-GAAP measures without unreasonable efforts. We have provided at the back of this release reconciliations of our historical non-GAAP financial measures to the comparable GAAP measures. Webcast and Conference Call Information Skillsoft will host a conference call and webcast today at 5:00 p.m. Eastern Time to discuss its financial results. To access the call, dial (877) 413‐9278 from the United States and Canada or (215) 268‐9914 from international locations. The live event can be accessed from the Investor Relations section of Skillsoft’s website at investor.skillsoft.com . A replay will be available for six months. About Skillsoft Skillsoft delivers transformative learning experiences that propel organizations and people to grow together. The Company partners with enterprise organizations and serves a global community of learners to prepare today’s employees for tomorrow’s economy. With Skillsoft, customers gain access to blended, multimodal learning experiences that do more than build skills, they grow a more capable, adaptive, and engaged workforce. Through a portfolio of high-quality content, an AI-enabled platform that is personalized and connected to customer needs, and a broad ecosystem of partners, Skillsoft drives continuous growth and performance for employees and their organizations by overcoming critical skills gaps, unlocking human potential, and transforming the workforce. Learn more at www.skillsoft.com . Non-GAAP Financial Measures and Key Performance Metrics The Company has organized its business into two segments (or Business Units): Talent Development Solutions (formerly referred to as Content & Platform) and Global Knowledge (formerly referred to as Instructor-Led Training). We track the non-GAAP financial measures and key performance metrics that we believe are key financial measures of our success. Non-GAAP measures and key performance metrics are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures and key performance metrics when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of U.S. GAAP financial disclosures. For example, a company with higher U.S. GAAP net income may not be as appealing to investors if its net income is more heavily comprised of gains on asset sales. Likewise, excluding the effects of interest income and expense moderates the impact of a company’s capital structure on its performance. However, non-GAAP measures and key performance metrics have limitations as analytical tools. Because not all companies use identical calculations, our presentation of non-GAAP financial measures and key performance metrics may not be comparable to other similarly titled measures of other companies. They are not presentations made in accordance with U.S. GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with U.S. GAAP or operating cash flows determined in accordance with U.S. GAAP. As a result, these performance measures should not be considered in isolation from, or as a substitute analysis for, results of operations as determined in accordance with U.S. GAAP. We have provided at the back of this press release reconciliations of our historical non-GAAP financial measures to the comparable GAAP measures. We do not reconcile our forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure is available to us without unreasonable efforts. For the same reasons, we are unable to address the probable significance of the unavailable information. We provide non-GAAP financial measures that we believe will be achieved, however we cannot accurately predict all of the components of the non-GAAP calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures. We disclose the below non-GAAP financial measures and key performance metrics in this press release because we believe these non-GAAP financial measures and key performance metrics provide meaningful supplemental information. Dollar retention rate ( “ DRR ” ) - For existing customers at the beginning of a given period, DRR represents subscription renewals, upgrades, churn, and downgrades in such period divided by the beginning total renewable base for such customers for such period. Renewals reflect customers who renew their subscription, inclusive of auto-renewals for multi-year contracts, while churn reflects customers who choose to not renew their subscription. Upgrades include orders from customers that purchase additional licenses or content (e.g., a new Leadership and Business module), while downgrades reflect customers electing to decrease the number of licenses or reduce the size of their content package. Upgrades and downgrades also reflect changes in pricing. We use our DRR to measure the long-term value of customer contracts as well as our ability to retain and expand the revenue generated from our existing customers. Adjusted net income (loss) - Adjusted net income (loss) is defined as GAAP net income (loss) excluding non-cash items, discrete and event-specific costs that do not represent normal, recurring, cash operating expenses necessary for our business operations, and certain accounting income and/or expenses that management believes are necessary to enhance the comparability and are useful in assessing our operating performance, include the following (including the related tax effects): Adjusted EBITDA - Adjusted EBITDA is defined as adjusted net income (loss) excluding interest expense or income, benefit from or provision for income taxes, depreciation and amortization expense. Adjusted operating expenses – Adjusted operating expenses are defined as GAAP costs of revenues, content and software development, selling and marketing, and general and administrative expenses, excluding depreciation expense, long-term incentive compensation expense, system migration costs, transformation costs, and other non-cash charges, as applicable. Adjusted gross margin – Adjusted gross margin is defined as GAAP revenue less GAAP cost of revenues, excluding long-term incentive compensation expense and depreciation expense, divided by GAAP revenue for the same period. Adjusted contribution margin – Adjusted contribution margin is defined as GAAP revenue less adjusted operating expenses, divided by GAAP revenue for the same period. Free cash flow – Free cash flow is defined as GAAP net cash provided by (used in) operating activities less purchases of property and equipment and internally developed software. Adjusted free cash flow (levered) – Adjusted free cash flow (levered) is defined as free cash flow plus the cash impact for adjusted EBITDA excluded charges. Free cash flow conversion – Free cash flow conversion is defined as free cash flow divided by adjusted EBITDA for the same period. Net leverage – Net leverage is defined as current maturities of long-term debt, plus borrowings under accounts receivable facility, plus long-term debt, less cash and equivalents and restricted cash, divided by adjusted EBITDA for the preceding twelve-month period. Reclassifications Certain amounts reported in prior years have been reclassified to conform to the presentation in the current year. These reclassifications had no effect on total assets, total liabilities, total stockholders' equity, or net income (loss) for the prior year. Cautionary Notes Regarding Forward Looking Statements This document includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as our outlook (including revenue, non-GAAP EBITDA, and free cash flow), our product development and planning, our sales pipeline, future capital expenditures, share repurchases, financial results, the impact of regulatory changes, existing and evolving business strategies and acquisitions and dispositions, demand for our services, competitive strengths, the benefits of new initiatives, growth of our business and operations, and our ability to successfully implement our plans, strategies, objectives, expectations and intentions are forward-looking statements. Also, when we use words such as “may”, “will”, “would”, “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “forecast”, “seek”, “outlook”, “target”, “goal”, “probably”, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of Skillsoft’s management and are subject to significant risks and uncertainties. All forward-looking disclosure is speculative by its nature, and we caution you against unduly relying on these forward-looking statements. Factors that could cause or contribute to such differences include those described under “Part I - Item 1A. Risk Factors” in our Form 10‐K for the fiscal year ended January 31, 2024. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in our other periodic filings with the Securities and Exchange Commission. The forward-looking statements contained in this document represent our estimates only as of the date of this filing and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements, or otherwise. Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved. Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. Additionally, statements as to market share, industry data and our market position are based on the most current data available to us and our estimates regarding market position or other industry data included in this document or otherwise discussed by us involve risks and uncertainties and are subject to change based on various factors, including as set forth above. SKILLSOFT CORP. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except number of shares and per share amounts) October 31, 2024 January 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 97,921 $ 136,308 Restricted cash 3,881 10,215 Accounts receivable, net of allowance for credit losses of approximately $558 and $562 as of October 31, 2024 and January 31, 2024, respectively 102,498 185,638 Prepaid expenses and other current assets 55,834 53,170 Total current assets 260,134 385,331 Property and equipment, net 3,543 6,639 Goodwill 317,071 317,071 Intangible assets, net 456,692 539,293 Right of use assets 5,054 8,044 Other assets 11,037 17,256 Total assets $ 1,053,531 $ 1,273,634 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Current maturities of long-term debt $ 6,404 $ 6,404 Borrowings under accounts receivable facility 10,009 44,980 Accounts payable 21,159 14,512 Accrued compensation 28,325 31,774 Accrued expenses and other current liabilities 22,370 29,939 Lease liabilities 2,088 3,049 Deferred revenue 203,646 282,570 Total current liabilities 294,001 413,228 Long-term debt 574,312 577,487 Deferred tax liabilities 44,099 52,148 Long-term lease liabilities 6,839 9,251 Deferred revenue - non-current 1,823 2,402 Other long-term liabilities 11,977 13,531 Total long-term liabilities 639,050 654,819 Commitments and contingencies Shareholders’ equity: Shareholders’ common stock - Class A common shares, $0.0001 par value: 18,750,000 shares authorized and 8,576,683 shares issued and 8,276,906 shares outstanding at October 31, 2024, and 8,380,436 shares issued and 8,080,659 shares outstanding at January 31, 2024 1 1 Additional paid-in capital 1,559,547 1,551,005 Accumulated equity (deficit) (1,412,279 ) (1,321,478 ) Treasury stock, at cost - 299,777 shares as of October 31, 2024 and January 31, 2024 (10,891 ) (10,891 ) Accumulated other comprehensive income (loss) (15,898 ) (13,050 ) Total shareholders’ equity 120,480 205,587 Total liabilities and shareholders’ equity $ 1,053,531 $ 1,273,634 SKILLSOFT CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues: Total revenues $ 137,225 $ 138,956 $ 397,241 $ 415,697 Operating expenses: Costs of revenues 34,312 36,407 101,254 114,698 Content and software development 14,937 16,126 45,436 51,024 Selling and marketing 39,615 43,983 122,591 130,321 General and administrative 21,686 22,308 66,390 72,689 Amortization of intangible assets 31,826 38,620 95,197 116,086 Acquisition and integration related costs 931 510 3,349 2,838 Restructuring 3,095 873 15,361 8,592 Total operating expenses 146,402 158,827 449,578 496,248 Operating income (loss) (9,177 ) (19,871 ) (52,337 ) (80,551 ) Other income (expense), net (538 ) 19 1,261 (1,290 ) Fair value adjustment of warrants — 1,105 — 4,750 Fair value adjustment of interest rate swaps (822 ) 3,981 418 11,186 Interest income 924 1,060 2,897 2,576 Interest expense (15,845 ) (16,492 ) (48,538 ) (48,683 ) Income (loss) before provision for (benefit from) income taxes (25,458 ) (30,198 ) (96,299 ) (112,012 ) Provision for (benefit from) income taxes (1,859 ) (2,462 ) (5,498 ) (8,735 ) Income (loss) from continuing operations (23,599 ) (27,736 ) (90,801 ) (103,277 ) Gain (loss) on sale of business — — — (682 ) Net income (loss) $ (23,599 ) $ (27,736 ) $ (90,801 ) $ (103,959 ) Net income (loss) per share: Basic and diluted - continuing operations $ (2.86 ) $ (3.45 ) $ (11.11 ) $ (12.84 ) Basic and diluted - discontinued operations — — — (0.08 ) Basic and diluted $ (2.86 ) $ (3.45 ) $ (11.11 ) $ (12.92 ) Weighted average common shares outstanding: Basic and diluted 8,239,564 8,047,497 8,170,344 8,043,712 SKILLSOFT CORP. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) Nine Months Ended October 31, 2024 October 31, 2023 Cash flows from operating activities: Net income (loss) $ (90,801 ) $ (103,959 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Amortization of intangible assets 95,197 116,086 Stock-based compensation 9,985 22,917 Depreciation 2,404 2,629 Non-cash interest expense 1,628 1,546 Non-cash property, equipment, software and lease impairment charges 2,495 4,265 Provision for credit loss expense (recovery) (4 ) 205 (Gain) loss on sale of business — 682 Provision for (benefit from) deferred income taxes – non-cash (8,080 ) (10,270 ) Fair value adjustment of warrants — (4,750 ) Fair value adjustment of interest rate swaps (418 ) (11,186 ) Change in assets and liabilities: Accounts receivable 82,877 70,645 Prepaid expenses and other assets, including long-term 4,258 2,726 Right-of-use assets 1,632 2,184 Accounts payable 6,693 (3,283 ) Accrued expenses and other liabilities, including long-term (12,819 ) (20,820 ) Lease liabilities (3,387 ) (3,048 ) Deferred revenues (79,446 ) (75,250 ) Net cash provided by (used in) operating activities 12,214 (8,681 ) Cash flows from investing activities: Purchase of property and equipment (820 ) (3,753 ) Proceeds from sale of property and equipment 10 — Internally developed software - capitalized costs (13,018 ) (8,055 ) Sale of SumTotal, net of cash transferred — (5,137 ) Net cash provided by (used in) investing activities (13,828 ) (16,945 ) Cash flows from financing activities: Shares repurchased for tax withholding upon vesting of restricted stock-based awards (1,052 ) (1,441 ) Payments to acquire treasury stock — (8,046 ) Proceeds from (payments on) accounts receivable facility (34,971 ) 793 Principal payments on term loans (4,803 ) (4,803 ) Net cash provided by (used in) financing activities (40,826 ) (13,497 ) Effect of exchange rate changes on cash and cash equivalents (2,281 ) (1,674 ) Net increase (decrease) in cash, cash equivalents and restricted cash (44,721 ) (40,797 ) Cash, cash equivalents and restricted cash, beginning of period 146,523 177,556 Cash, cash equivalents and restricted cash, end of period $ 101,802 $ 136,759 Supplemental disclosure of cash flow information: Cash and cash equivalents $ 97,921 $ 129,806 Restricted cash 3,881 6,953 Cash, cash equivalents and restricted cash, end of period $ 101,802 $ 136,759 SKILLSOFT CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (in thousands, unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Revenues Talent Development Solutions $ 102,998 $ 101,132 $ 302,725 $ 302,893 Global Knowledge 34,227 37,824 94,516 112,804 Total revenues, as reported $ 137,225 $ 138,956 $ 397,241 $ 415,697 Net income (loss), as reported $ (23,599 ) $ (27,736 ) $ (90,801 ) $ (103,959 ) Acquisition and integration related costs 931 510 3,349 2,838 Restructuring 3,095 873 15,361 8,592 Transformation costs 164 1,053 1,351 2,503 System migration costs — 510 118 1,580 Long-term incentive compensation expenses 4,099 7,962 10,438 22,917 Executive exit costs — — 3,326 — Fair value adjustment of warrants — (1,105 ) — (4,750 ) Fair value adjustment of interest rate swaps 822 (3,981 ) (418 ) (11,186 ) Foreign currency impact 524 (181 ) (1,297 ) 1,513 Gain (loss) on sale of business — — — 682 Tax impact of adjustments (1,057 ) (602 ) (3,349 ) (2,921 ) Adjusted net income (loss) from continuing operations (15,021 ) (22,697 ) (61,922 ) (82,191 ) Interest expense, net 14,921 15,432 45,641 46,107 Expense (benefit from) income taxes, excluding tax impacts above (802 ) (1,860 ) (2,149 ) (5,814 ) Depreciation 1,000 266 2,404 2,629 Amortization of intangible assets 31,826 38,620 95,197 116,086 Adjusted EBITDA from continuing operations $ 31,924 $ 29,761 $ 79,171 $ 76,817 Weighted average common shares outstanding: Basic and diluted 8,239,564 8,047,497 8,170,344 8,043,712 Basic and diluted per share information: Net income (loss), as reported $ (2.86 ) $ (3.45 ) $ (11.11 ) (12.92 ) Adjusted net income (loss) from continuing operations $ (1.82 ) $ (2.82 ) $ (7.58 ) $ (10.22 ) Adjusted net income (loss) margin % (10.9 )% (16.4 )% (15.6 )% (19.7 )% Interest expense, net 10.9 % 11.1 % 11.5 % 11.1 % Expense (benefit from) income taxes, excluding tax impacts above (0.6 )% (1.3 )% (0.5 )% (1.4 )% Depreciation 0.7 % 0.2 % 0.6 % 0.6 % Amortization of intangible assets 23.2 % 27.8 % 23.9 % 27.9 % Adjusted EBITDA margin % 23.3 % 21.4 % 19.9 % 18.5 % Adjusted gross margin 75.2 % 73.9 % 74.7 % 72.6 % Adjusted contribution margin 23.3 % 21.4 % 20.0 % 18.5 % SKILLSOFT CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES - continued (in thousands, unaudited) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Operating expenses: GAAP costs of revenues $ 34,312 $ 36,407 $ 101,254 $ 114,698 Depreciation (91 ) (80 ) (315 ) (413 ) Long-term incentive compensation expenses (201 ) (128 ) (499 ) (463 ) Adjusted costs of revenues 34,020 36,199 100,440 113,822 GAAP content and software development 14,937 16,126 45,436 51,024 Depreciation (74 ) 22 (218 ) (169 ) Long-term incentive compensation expenses (857 ) (1,575 ) (3,061 ) (5,350 ) System migration — (510 ) (118 ) (1,580 ) Adjusted content and software development 14,006 14,063 42,039 43,925 GAAP selling and marketing 39,615 43,983 122,591 130,321 Depreciation (161 ) (160 ) (531 ) (839 ) Long-term incentive compensation expenses (1,595 ) (1,421 ) (3,648 ) (2,435 ) Transformation — (9 ) (213 ) (251 ) Adjusted selling and marketing 37,859 42,393 118,199 126,796 GAAP general and administrative 21,686 22,308 66,390 72,689 Depreciation (674 ) (48 ) (1,340 ) (1,208 ) Long-term incentive compensation expenses (1,446 ) (4,838 ) (3,230 ) (14,669 ) Transformation (179 ) (882 ) (1,192 ) (2,475 ) Executive exit costs — — (3,326 ) — Adjusted general and administrative 19,387 16,540 57,302 54,337 Total GAAP operating expenses 110,550 118,824 335,671 368,732 Depreciation (1,000 ) (266 ) (2,404 ) (2,629 ) Long-term incentive compensation expenses (4,099 ) (7,962 ) (10,438 ) (22,917 ) System migration — (510 ) (118 ) (1,580 ) Transformation (1) (179 ) (891 ) (1,405 ) (2,726 ) Executive exit costs — — (3,326 ) — Adjusted total operating expenses $ 105,272 $ 109,195 $ 317,980 $ 338,880 (1) This line item does not agree to the amounts reflected on preceding table due to certain transformation expenses not being reflected in GAAP operating expenses. SKILLSOFT CORP. FREE CASH FLOW RECONCILIATION (in thousands) Three Months Ended October 31, Nine Months Ended October 31, 2024 2023 2024 2023 Free cash flow reconciliation Net cash provided by (used in) operating activities $ 8,717 $ (10,666 ) $ 12,214 $ (8,681 ) Purchase of property and equipment, net (411 ) (347 ) (810 ) (3,753 ) Internally developed software - capitalized costs (4,222 ) (2,104 ) (13,018 ) (8,055 ) Total free cash flow 4,084 (13,117 ) (1,614 ) (20,489 ) Cash impact for adjusted EBITDA excluded charges 10,089 2,306 17,187 10,098 Adjusted free cash flow (levered) $ 14,173 $ (10,811 ) $ 15,573 $ (10,391 ) View source version on businesswire.com : https://www.businesswire.com/news/home/20241210536898/en/ CONTACT: Investors: Ross Collins or Stephen Poe SKIL@alpha-ir.comMedia : Cameron Martin cameron.martin@skillsoft.com KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: TECHNOLOGY SECURITY OTHER TECHNOLOGY SOFTWARE INTERNET CONTINUING TRAINING DATA MANAGEMENT EDUCATION SOURCE: Skillsoft Corp. Copyright Business Wire 2024. PUB: 12/10/2024 04:05 PM/DISC: 12/10/2024 04:04 PM http://www.businesswire.com/news/home/20241210536898/en
Special prosecutor Jack Smith two criminal cases against US President-elect Donald Trump on Monday, including his and in his , which had been dismissed in July. According to Smith’s court filing, the Department of Justice (DOJ) determined it would be unconstitutional to prosecute Trump because of his impending inauguration. Smith stated the DOJ’s Office of Legal Counsel (OLC) had concluded twice before, in 1973 and 2000, that “charging and prosecuting a sitting President would impermissibly threaten the constitutional separation of powers because it would harm the President’s ability to fulfill his constitutional role.” The special prosecutor moved to dismiss the case and appeal without prejudice. The US Supreme Court in July that presidents are immune from prosecution for “official acts” committed in office after Trump challenged his federal election interference charges. The court’s logic aligned with the OLC’s opinions which Smith mentioned. It held that the threat of prosecution after a president leaves office may interfere with the separation of powers enshrined in the US Constitution. Trump to Smith’s actions by posting on Truth Social: These cases, like all of the other cases I have been forced to go through, are empty and lawless, and should never have been brought. ... It was a political hijacking, and a low point in the History of our Country that such a thing could have happened, and yet, I persevered, against all odds, and WON. MAKE AMERICA GREAT AGAIN! Smith had paused the and the earlier this month as Trump’s November 5 electoral victory threw the viability of the cases into doubt. The judge in Trump’s New York classified documents case also the president-elect’s sentencing on Friday. The status of Trump’s Georgia election interference case was also cast into doubt after a state appeals court a hearing on the matter. Trump was in June 2023 for allegedly bringing classified documents to his Florida home at Mar-a-Lago after leaving office and refusing to return them. Smith unveiled against Trump in August 2023 over alleged efforts to derail the of the 2020 US Presidential election. The appeal to reinstate the charges against Trump’s two classified documents co-defendants is still set to go forward. US Congress considers impeaching President Andrew Johnson On November 25, 1867, a US Congressional commission began looking into the possible impeachment of President Andrew Johnson.Learn more about the from contemporary articles in , and pay a virtual visit to the in Greeneville, Tennessee. International Day for the Elimination of Violence against Women November 25 is the .Tua Tagovailoa sharp again as Dolphins dominate PatriotsIsrael launches new airstrikes on Lebanon as leaders draw closer to a ceasefire with Hezbollah
Sports For Life wants to change India’s youth sports culture and bring forth potential talent who may excel in different sports stream The startup has initially identified six core sports streams based on their popularity, high participation levels and sound commercial viability in the Indian context Sports For Life’s business model revolves around a roll-up strategy for sports academies, similar to how Cult.fit consolidated unorganised gyms into a single, branded platform India will bid for the 2030 Summer Youth Olympics and aspires to host the 2036 main event, announced youth affairs and sports minister Mansukh Mandaviya a couple of months ago. But in spite of a rising focus on games, sports and fitness, the country’s sports ecosystem struggles to produce global medallists. Although we have seen improvements in urban areas, rural and semi-urban regions remain vastly underserved. The outcome could be alarming. According to a 2023 survey by PUMA India and analytics firm Nielsen Sports, Indian kids spent 86 minutes per week on sports and fitness-related activities against WHO’s recommendation of 420 minutes or more. It was even less than the Indian adults who spent 101 minutes in these activities per week, the survey said. Globally, the scenario is quite different. In the US, the EU, Australia and similar countries, well-established funnels guide sports development from the age of three to the professional level. But India’s transformation to a true sporting nation through disruptive changes in youth sports is still a far cry. Of course, random sports academies have popped up. However, a well-structured and tech-driven pan-India initiative in the private sector is not happening at scale. Set up by former DealShare cofounder Sourjyendu Medda and former Cartesian employee Armaan Tandon, Sports For Life (SFL) wants to change India’s youth sports culture and bring forth potential talent who may excel in different sports streams. The mission is to nurture young people’s passion for various sports and create a roll-up model for private sports academies to ensure long-term viability. For context, a roll-up strategy is about acquiring smaller entities within a specific sector and turning them into a consolidated business to reduce operational costs and maximise revenue. SFL is Medda’s second entrepreneurial venture, the fruit of a long-standing connection with Tandon. The two had been acquainted for years, frequently sharing their views on various subjects, and recognised their shared vision for youth sports development. After stepping away from the day-to-day operations at DealShare (where he still retains a 7% stake), Medda began exploring new opportunities and eventually joined forces with Tandon. Sports For Life has initially identified six core sports streams based on their popularity, high participation levels and sound commercial viability in the Indian context. These include cricket, soccer, badminton, lawn tennis, table tennis and basketball. The startup may also add swimming and martial arts to its portfolio to attract a broader audience. Although headquartered in Bengaluru, SFL has strategically chosen Mumbai as its launch city, with plans to expand to Bengaluru and Delhi NCR in the next phase. It has already acquired a stake in a soccer academy and is finalising documents to part-own a lawn tennis coaching centre. Discussions are also under way regarding investments in a cricket and a basketball academy. The 10-month-old sportstech startup recently raised $1.5 Mn from a clutch of investors, including Blume Ventures, Roots Ventures and Kunal Shah’s QED Innovations Lab. It also received backing from Tandon Group chairman Manohar Lal Tandon’s family office and others. According to Medda, while professional sports leagues like the Indian Premier League (IPL) and the India Super League (ISL) have attracted the country’s largest conglomerates such as the Reliance and the Jindal groups, the youth sports segment remains unorganised and lacks adequate funding. The funnel creation for the formative years, between three to four years and 16–18, is where the real gap lies. “Take the fitness industry as an example. About eight years ago, gyms were largely unorganised. Today, we see something very similar in youth sports. There are a lot of small, unorganised academies doing good work, but there isn’t a single branded player operating at the national level. No one is offering top-tier facilities, services and technology even to the upwardly mobile urban takers who love sports and are ready to pay for a premium experience,” said Medda. “Parents today are looking for the right coaching and related expertise for their kids. The market for youth sports training and associated services is huge. In the US, it’s a $30 Bn market per annum. As for India, it currently stands at $1 Bn and is growing exponentially. I believe this market will grow to anywhere between $3–5 Bn in the next five years,” he added. India is home to around 30K sports academies for children and youth. At the top of the rung are 100–150 academies run by world-famous sports personalities such as Prakash Padukone, Pullela Gopichand and Dibyendu Barua. These academies cater to professional sportspersons performing at the district, state, or national level. However, this creamy layer only contributes 5–10% of the existing market. The long tail of this segment is the other end of the spectrum, around 25–27K smaller setups, each run by one or two coaches and training 10–50 young people. Sports For Life does not target either of these segments and only explores the mid-tier, a group of 2–3K well-established centres operating nationwide. Run by 15-30 coaches, usually former state or national players passionate about sports training but not celebrities, these academies have been well-recognised brands in their micro-catchments for the past five to 10 years. They operate two to three centres in a city and typically train 300–500 at any given time in the sports they specialise in. These mid-tier academies also generate an annual turnover of INR 2–4 Cr, contributing up to 50% of the current market. “The academy owners are often well-educated and ambitious. They understand the importance of technology and scaling but lack the resources to build it themselves,” said Medda. “So, here is SFL’s opportunity to provide advanced technology, branding and the infrastructure these academies need to expand and scale their operations on one unified platform.” As the startup provides multisport training within a city, users need not hunt for different academies for different streams. In today’s market, no single brand offers access to high-quality coaching across multiple sports in the same catchment area. Sports For Life helps cope with this issue by collaborating with leading academies in each sport and offering users a unified option for all training needs. Another key challenge the startup addresses is the lack of a digital ecosystem in existing academies. Most operate solely in physical spaces and feature no digital scheduling, communication, or feedback system. In contrast, the SFL app provides a comprehensive digital platform streamlining parent-coach interactions, class scheduling, performance tracking and financial transactions. It has also introduced value-added services from nutritionists, physiotherapists, mental health specialists and others to ensure well-rounded training sessions. Modern sports science supports an interdisciplinary approach, making these services essential for sports success. However, individual academies cannot always provide these due to budget constraints. SFL makes these accessible through its integrated platform and brings global expertise to curriculum development by collaborating with overseas sports clubs. Besides regular coaching, SFL arranges high-quality, tech-enabled tournaments, setting new standards for competition. These events will attract top teams, ensuring a high level of participation and incorporating live streaming, performance scorecards and highlight reels powered by AI. Sports For Life’s business model revolves around a roll-up strategy for sports academies, similar to how Cult.fit consolidated unorganised gyms into a single, branded platform. Cult.fit brought existing gyms under one umbrella, offering standardised experiences, a standard technology platform and a unified curriculum. SFL seeks to replicate this success in the youth sports training segment by consolidating mid-tier academies that are already delivering high-quality sports training. Simply put, the startup follows a strategic investment model, initially acquiring minority stakes in sports academies and gradually moving to controlling stakes within one to two years. This business strategy enables SFL to transform all partnering academies into fully integrated SFL Academies. For its portfolio academies, Sports For Life provides growth capital to help them achieve scale and stay in the black. Most organisations struggle to expand beyond two or three centres that have opened over the years. However, SFL’s investment enables them to open multiple centres within a brief period, facilitating citywide and statewide growth, claimed Medda. “The academies under SFL’s portfolio are inherently profitable, boasting 50% or more gross margins. To achieve EBITDA-level profitability, they need to scale their revenues by 1.5–2x, a milestone we plan to achieve within the first year of operational collaboration with academy founders. Beyond that, we aim to grow each academy by 7–10x its current scale in five years,” he added. Meanwhile, the startup has a multifold revenue stream in place. It earns a part of the coaching and value-added service fees from its portfolio academies and generates revenue from its digital management platform and merchandise sales. Additionally, it earns participation and hospitality fees from the tournaments it arranges. SFL designs these tournaments as high-quality and tech-enabled popular sports meets, which can attract top-tier teams and lucrative corporate sponsors as these culminate into state- and national-level events. The startup also partners with educational institutions and corporations to offer sports training and recreational activities, earning fees from these affiliations. In addition, it collaborates with housing societies and live-stream programmes for a fee. Sports For Life has ambitious plans and is keen to meet success halfway to ensure quick culmination and growth. Although the founders would not comment on this, the startup’s strategy to explore mid-tier academies underscores tapping into talent without delay and gaining financial leverage at the earliest. Understandably, sports coaching at the grassroots level will be out of bounds for a single private sector organisation. To make the best of the available facilities, SFL plans to acquire at least one high-quality academy for each sport in Mumbai, providing young users easy access to trusted and well-managed academies in their city. It will expand its operations to the top 30 Indian cities in the next five years, democratising access to excellent coaching/sports training. The growing market for sports training will be an added fillip to SFL and its ilk, leading to a substantial opportunity for sports academy roll-up in India. Although the India market projections for the next decade are not immediately available, globally, the sports training market is estimated to reach $50.7 Bn by 2035, from $27.8 Bn in 2023. Plus, there will be further scope for growth. A significant portion of India’s sports fan base is Gen Z, who engage in soccer and hockey or traditional games like kabaddi and kho-kho. This shift in fandom also underscores a large, untapped market for new and emerging sports leagues. It means more discipline, increasing coaching opportunities and better monetisation across multiple sports streams. Whether Sports For Life can rise to the occasion and utilise an evolving market remains to be seen. [Edited by Sanghamitra Mandal]
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