BinSentry Raises $50 Million to Modernize Animal Feed Supply Chains with AI-Powered Sensor Technology
Lead Edge Capital backs BinSentry's cutting-edge sensor technology and software platform as the global agriculture industry moves toward automation and precision-driven solutions
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Investment comes as BinSentry expands global footprint and agriculture industry seeks smarter, more cost-effective ways to streamline feed operations and improve profitability
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KITCHENER, Ontario & AUSTIN, Texas — BinSentry, a technology company helping major agriculture enterprises optimize feed supply chains through AI-powered sensors and real-time monitoring, today announced a $50 million Series C funding round led by Lead Edge Capital. This investment will support the acceleration of BinSentry's global expansion, following a year of extraordinary performance and growth.
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BinSentry combines AI-powered sensors and proprietary software to bring real-time visibility and automation to the animal feed supply chain. Its solar-powered, self-cleaning sensors monitor on-farm feed levels with 99% accuracy, eliminating the need for manual inventory checks and preventing costly feed outages. Paired with a mobile dashboard, the technology allows feed mills and large agricultural businesses to better forecast demand, reduce waste, and improve profitability. BinSentry supports some of the leading animal agriculture companies in North America and Brazil, including Cargill, Wayne-Sanderson Farms, and Hanor.
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'We've been closely monitoring parts of the agriculture supply chain that have historically been underserved by software in anticipation of large agricultural companies needing better tools for cost savings, forecasting, and operational efficiency,' said Aaron Darr, Principal at Lead Edge Capital. 'BinSentry is exactly the kind of company we look for: a proven business with real customer traction using AI, real-time data, and automation to solve critical problems. As the agtech sector matures, companies like BinSentry with strong fundamentals and clear ROI are best positioned to lead the next wave of innovation.'
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BinSentry's technology turns data into actionable insights that enhance process control, reduce transportation costs and lower feed conversion ratios for increased profitability. By improving visibility across the supply chain with BinSentry's technology, large agriculture companies can address challenges such as feed waste, feed outages, inaccurate data, and misaligned budgets. Earlier this year Cargill and BinSentry formalized a partnership to make Cargill the exclusive distributor in Brazil of BinSentry's animal feed inventory management platform. The company is growing 100% YoY with a 0% customer churn rate and currently monitors over 40,000 bins across North America and Brazil.
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'At BinSentry, our mission is to bring innovation, precision and visibility to one of agriculture's most overlooked but critical challenges: feed logistics,' said Ben Allen, CEO of BinSentry. 'Our best-in-class sensors ensure large agricultural companies, feed mills, and their customers get the right feed at the right time, every time. With the support of our investors, we're continuing to expand globally and offering our customers flexible options like a lifetime product warranty and no upfront costs. We're proud to partner with Lead Edge Capital as we continue helping some of the largest agricultural companies in the world operate more efficiently, safely, and profitably.'
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Paul Bell, a seasoned operator and former executive committee member at Dell, will join BinSentry's Board of Directors. With decades of experience leading global operations and supporting growth-stage technology companies, Paul brings deep expertise in scaling businesses and navigating enterprise partnerships.
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Biotech and precision agriculture investment segments have led agriculture tech investment funding in 2025, drawing the most capital due to ongoing demand for innovation in automation, data-driven solutions, and crop improvement. Market research indicates the global agtech sector is expected to grow from approximately $15 billion-$17 billion in 2021 to $28 billion-$33 billion by 2026, reflecting a 10%-12% CAGR over five years.
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About BinSentry
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BinSentry is focused on providing solutions for the agriculture supply chain that help increase efficiency, reduce costs, and enhance profitability. As a leader in the use of artificial intelligence, BinSentry offers technology solutions that pair best-in-class optical sensors with user-friendly software to provide our customers with enhanced forecasting and decision-making capabilities. With our technology, feed mills and protein producers are enhancing feed ordering efficiency, raising healthier animals, improving employee safety, reducing their environmental footprint and – most significantly – uncovering new savings. Today, BinSentry is monitoring more than 40,000 bins in real time across North America. When it comes to the future of agricultural supply chain management, BinSentry is leading the way.
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About Lead Edge Capital
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Lead Edge Capital is a $5 billion growth equity firm investing in software, internet, and tech-enabled businesses globally. The firm has invested in a number of major software and internet companies around the world, including Alibaba Group, Arrive Logistics, Asana, Azul Systems, Bazaarvoice, Benchling, Clearscore, Duo Security, Grafana, GrowthZone, Holistiplan, LeanStaffing, LiveView Technologies, Pacemate, Safesend, Signal Sciences, Tempo, Toast, Wise, and YouSign. One of the main drivers of Lead Edge's success is its unique investor base, a network of 700+ executives, entrepreneurs, and dealmakers who have built and run some of the world's most successful companies. In addition to providing flexible capital, Lead Edge leverages this global advisory group to connect portfolio companies with the customers, partners, talent, and advisors needed to accelerate growth. Lead Edge Capital was founded in 2011 and has offices in New York City, London and Santa Barbara.
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Globe and Mail
2 minutes ago
- Globe and Mail
NiCE Reports 12% Year-Over-Year Cloud Revenue Growth for the Second Quarter 2025 and Raises Full-Year 2025 EPS Guidance
NiCE (NASDAQ: NICE) today announced results for the second quarter ended June 30, 2025, as compared to the corresponding periods of the previous year. Second Quarter 2025 Financial Highlights GAAP Non-GAAP Total revenue was $726.7 million and increased 9% Total revenue was $726.7 million and increased 9% Cloud revenue was $540.8 million and increased 12% Cloud revenue was $540.8 million and increased 12% Operating income was $160.6 million and increased 25% Operating income was $219.7 million and increased 9% Operating margin was 22.1% compared to 19.4% last year Operating margin was 30.2% compared to 30.4% last year Diluted EPS was $2.96 and increased 69% Diluted EPS was $3.01 and increased 14% 'We're pleased to report another strong quarter, with total revenue reaching $727 million—surpassing the high end of our guidance range—and earnings per share of $3.01 at the top of the expected range,' said Scott Russell, CEO of NiCE. This performance was driven by continued strength in our cloud business, which grew 12% year-over-year. A key catalyst behind this momentum is the accelerating demand for AI and self-service solutions, with annual recurring revenue in this part of our business rising an impressive 42% compared to the same period last year. Mr. Russell continued, 'AI is at the core of our strategy, and we are at the forefront of the AI-first transformation in the customer experience market. And this is just the beginning. Our momentum is set to accelerate further with the upcoming integration of Cognigy's industry-leading CX-AI conversational and agentic capabilities upon closing of the transaction, enabling us to deliver truly human-like, AI-first customer experiences on CXone Mpower. Our continued leadership in AI innovation is powered by our solid financial foundation, strong profitability, and robust balance sheet, as well as a growing number of strategic partnerships secured over the past six months." GAAP Financial Highlights for the Second Quarter Ended June 30: Revenues: Second quarter 2025 total revenues increased 9% year over year to $726.7 million compared to $664.4 million for the second quarter of 2024. Gross Profit: Second quarter 2025 gross profit was $485.1 million compared to $439.6 million for the second quarter of 2024. Second quarter 2025 gross margin was 66.8% compared to 66.2% for the second quarter of 2024. Operating Income: Second quarter 2025 operating income increased 25% to $160.6 million compared to $128.8 million for the second quarter of 2024. Second quarter 2025 operating margin was 22.1% compared to 19.4% for the second quarter of 2024. Net Income: Second quarter 2025 net income increased 62% to $187.4 million compared to $115.8 million for the second quarter of 2024. Second quarter 2025 net income margin was 25.8% compared to 17.4% for the second quarter of 2024. Fully Diluted Earnings Per Share: Second quarter 2025 fully diluted earnings per share increased 69% to $2.96 compared to $1.76 in the second quarter of 2024. Cash Flow and Cash Balance: Second quarter 2025 operating cash flow was $61.3 million and $30.8 million was used for share repurchases. As of June 30, 2025, total cash and cash equivalents, and short-term investments were $1,631.7 million. Our debt, was $459.6 million, resulting in net cash and investments of $1,172.0 million. Non-GAAP Financial Highlights for the Second Quarter June 30: Revenues: Second quarter 2025 non-GAAP total revenues increased 9% year over year to $726.7 million compared to $664.4 million for the second quarter of 2024. Gross Profit: Second quarter 2025 non-GAAP gross profit increased to $503.9 million compared to $469.4 million for the second quarter of 2024. Second quarter 2025 non-GAAP gross margin was 69.3% compared to 70.7% for the second quarter of 2024. Operating Income: Second quarter 2025 non-GAAP operating income increased 9% to $219.7 million compared to $201.7 million for the second quarter of 2024. Second quarter 2025 non-GAAP operating margin was 30.2% compared to 30.4% for the second quarter of 2024. Net Income: Second quarter 2025 non-GAAP net income increased 9% to $190.3 million compared to $174.2 million for the second quarter of 2024. Second quarter 2025 non-GAAP net income margin totaled 26.2% compared to 26.2% for the second quarter of 2024. Fully Diluted Earnings Per Share: Second quarter 2025 non-GAAP fully diluted earnings per share increased 14% to $3.01 compared to $2.64 for the second quarter of 2024. Third Quarter and Full Year 2025 Guidance*: Third-Quarter 2025: Third-quarter 2025 non-GAAP total revenue is expected to be in a range of $722 million to $732 million, representing 5% year over year growth at the midpoint. Third-quarter 2025 non-GAAP fully diluted earnings per share is expected to be in a range of $3.12 to $3.22, representing 10% year over year growth at the midpoint. Full-Year 2025: The Company reaffirmed full-year 2025 non-GAAP total revenue which is expected to be in a range of $2,918 million to $2,938 million, representing 7% year over year growth at the midpoint. The Company raised full-year 2025 non-GAAP fully diluted earnings per share which is expected to be in a range of $12.33 to $12.53, representing 12% year over year growth at the midpoint. *The planned acquisition of Cognigy is expected to close during the fourth quarter of 2025, subject to regulatory approval, and therefore this guidance excludes any planned impact from this proposed transaction. Quarterly Results Conference Call NiCE management will host its earnings conference call today, August 14, 2025, at 8:30 AM ET, 13:30 GMT, 15:30 Israel, to discuss the results and the company's outlook. A live webcast and replay will be available on the Investor Relations page of the Company's website. To access, please register by clicking here: Explanation of Non-GAAP measures Non-GAAP financial measures are included in this press release. Non-GAAP financial measures consist of GAAP financial measures adjusted to exclude share-based compensation, amortization of acquired intangible assets, acquisition related and other expenses, amortization of discount on debt and the tax effect of the Non-GAAP adjustments. The Company believes that these Non-GAAP financial measures, used in conjunction with the corresponding GAAP measures, provide investors with useful supplemental information about the financial performance of our business. We believe Non-GAAP financial measures are useful to investors as a measure of the ongoing performance of our business. Our management regularly uses our supplemental Non-GAAP financial measures internally to understand, manage and evaluate our business and to make financial, strategic and operating decisions. These Non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Our Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP. These Non-GAAP financial measures may differ materially from the Non-GAAP financial measures used by other companies. Reconciliation between results on a GAAP and Non-GAAP basis is provided in a table immediately following the Consolidated Statements of Income. The Company provides guidance only on a Non-GAAP basis. A reconciliation of guidance from a GAAP to Non-GAAP basis is not available due to the unpredictability and uncertainty associated with future events that would be reported in GAAP results and would require adjustments between GAAP and Non-GAAP financial measures, including the impact of future possible business acquisitions. Accordingly, a reconciliation of the guidance based on Non-GAAP financial measures to corresponding GAAP financial measures for future periods is not available without unreasonable effort. About NiCE NiCE (NASDAQ: NICE) is transforming the world with AI that puts people first. Our purpose-built AI-powered platforms automate engagements into proactive, safe, intelligent actions, empowering individuals and organizations to innovate and act, from interaction to resolution. Trusted by organizations throughout 150+ countries worldwide, NiCE's platforms are widely adopted across industries connecting people, systems, and workflows to work smarter at scale, elevating performance across the organization, delivering proven measurable outcomes. Trademark Note: NiCE and the NiCE logo are trademarks or registered trademarks of NICE. All other marks are trademarks of their respective owners. For a full list of NiCE trademarks, please see: Forward-Looking Statements This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as 'believe', 'expect', 'seek', 'may', 'will', 'intend', 'should', 'project', 'anticipate', 'plan', and similar expressions. Forward-looking statements are based on the current beliefs, expectations and assumptions of the Company's management regarding the future of the Company's business, performance, future plans and strategies, projections, anticipated events and trends, the economic environment, and other future conditions. Examples of forward-looking statements include guidance regarding the Company's revenue and earnings and the growth of our cloud, analytics and artificial intelligence business. Forward looking statements are inherently subject to significant uncertainties, contingencies, and risks, including, economic, competitive and other factors, which are difficult to predict and many of which are beyond the control of management. The Company cautions that these statements are not guarantees of future performance, and investors should not place undue reliance on them. There are or will be important known and unknown factors and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These factors, include, but are not limited to, risks associated with changes in economic and business conditions, competition, successful execution of the Company's growth strategy, success and growth of the Company's cloud Software-as-a-Service business, difficulties in making additional acquisitions or effectively integrating acquired operations, products, technologies and personnel, the Company's dependency on third-party cloud computing platform providers, hosting facilities and service partners, rapid changes in technology and market requirements, the implementation of AI capabilities in certain products and services; decline in demand for the Company's products; inability to timely develop and introduce new technologies, products and applications, loss of market share, cyber security attacks or other security incidents, privacy concerns and legislation impacting the Company's business, changes in currency exchange rates and interest rates, the effects of additional tax liabilities resulting from our global operations, the effect of unexpected events or geo-political conditions, including those arising from political instability or armed conflict that may disrupt our business and the global economy, our ability to recruit and retain qualified personnel, the effect of newly enacted or modified laws, regulation or standards on the Company and our products, and various other factors and uncertainties discussed in our filings with the U.S. Securities and Exchange Commission (the 'SEC'). You are encouraged to carefully review the section entitled 'Risk Factors' in our latest Annual Report on Form 20-F and our other filings with the SEC for additional information regarding these and other factors and uncertainties that could affect our future performance. The forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update or revise them, whether as a result of new information, future developments or otherwise, except as required by law. NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands (except per share amounts) Quarter ended Year ended June 30, June 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Revenue: Cloud $ 540,822 $ 481,693 $ 1,067,145 $ 950,099 Services 140,480 147,611 280,683 296,524 Product 45,410 35,096 79,076 77,086 Total revenue 726,712 664,400 1,426,904 1,323,709 Cost of revenue: Cloud 185,971 170,702 365,445 340,680 Services 48,254 46,663 94,497 92,749 Product 7,376 7,418 13,739 14,023 Total cost of revenue 241,601 224,783 473,681 447,452 Gross profit 485,111 439,617 953,223 876,257 Operating expenses: Research and development, net 89,762 86,522 178,864 174,354 Selling and marketing 169,799 157,645 331,233 312,660 General and administrative 64,958 66,626 134,365 138,980 Total operating expenses 324,519 310,793 644,462 625,994 Operating income 160,592 128,824 308,761 250,263 Financial and other income, net (14,820 ) (15,645 ) (30,670 ) (29,654 ) Income before tax 175,412 144,469 339,431 279,917 Taxes on income (11,992 ) 28,684 22,737 57,759 Net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Earnings per share: Basic $ 3.01 $ 1.82 $ 5.05 $ 3.50 Diluted $ 2.96 $ 1.76 $ 4.97 $ 3.36 Weighted average shares outstanding: Basic 62,160 63,534 62,754 63,406 Diluted 63,210 65,856 63,785 66,192 NICE LTD. AND SUBSIDIARIES CONSOLIDATED CASH FLOW STATEMENTS U.S. dollars in thousands Quarter ended Year ended June 30, June 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited Operating Activities Net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 44,612 51,520 88,053 103,280 Share-based compensation 37,310 42,226 80,647 86,630 Amortization of premium and discount and accrued interest on marketable securities (2,029 ) (2,096 ) (4,304 ) (3,328 ) Deferred taxes, net (3,757 ) (15,773 ) (25,294 ) (11,407 ) Changes in operating assets and liabilities: Trade Receivables, net (30,742 ) (6,707 ) (26,064 ) 1,430 Prepaid expenses and other current assets (14,846 ) 1,740 13,709 10,501 Operating lease right-of-use assets 2,929 3,372 8,826 6,653 Trade payables 21,884 17,702 (31,407 ) 6,939 Accrued expenses and other current liabilities (158,979 ) (40,836 ) (109,461 ) (43,704 ) Deferred revenue (19,719 ) 4,742 49,855 50,281 Operating lease liabilities (746 ) (3,976 ) (10,935 ) (7,776 ) Amortization of discount on long-term debt 428 425 849 974 Other (2,427 ) 1,544 (4,775 ) 1,527 Net cash provided by operating activities 61,322 169,668 346,393 424,158 Investing Activities Purchase of property and equipment (4,579 ) (6,455 ) (8,246 ) (16,976 ) Purchase of Investments (24,687 ) (105,991 ) (74,141 ) (437,113 ) Proceeds from sales of marketable investments 76,416 51,971 134,774 568,121 Capitalization of internal use software costs (18,137 ) (15,238 ) (34,903 ) (31,174 ) Payments for business acquisitions, net of cash acquired - - (36,466 ) - Net cash provided by (used in) investing activities 29,013 (75,713 ) (18,982 ) 82,858 Financing Activities Proceeds from issuance of shares upon exercise of options 333 520 1,008 2,312 Purchase of treasury shares (30,839 ) (146,088 ) (283,168 ) (187,603 ) Dividends paid to noncontrolling interest - - - (2,681 ) Repayment of debt - - - (87,435 ) Net cash used in financing activities (30,506 ) (145,568 ) (282,160 ) (275,407 ) Effect of exchange rates on cash and cash equivalents 5,139 (1,309 ) 6,286 (3,248 ) Net change in cash, cash equivalents and restricted cash 64,968 (52,922 ) 51,537 228,361 Cash, cash equivalents and restricted cash, beginning of period $ 471,601 $ 794,597 $ 485,032 $ 513,314 Cash, cash equivalents and restricted cash, end of period $ 536,569 $ 741,675 $ 536,569 $ 741,675 Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet: Cash and cash equivalents $ 535,050 $ 739,556 $ 535,050 $ 739,556 Restricted cash included in other current assets $ 1,519 $ 2,119 $ 1,519 $ 2,119 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 536,569 $ 741,675 $ 536,569 $ 741,675 NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands (except per share amounts) Quarter ended Year to date June 30, June 30, 2025 2024 2025 2024 GAAP revenues $ 726,712 $ 664,400 $ 1,426,904 $ 1,323,709 Non-GAAP revenues $ 726,712 $ 664,400 $ 1,426,904 $ 1,323,709 GAAP cost of revenue $ 241,601 $ 224,783 $ 473,681 $ 447,452 Amortization of acquired intangible assets on cost of cloud (13,202 ) (24,133 ) (28,605 ) (49,500 ) Amortization of acquired intangible assets on cost of product - (150 ) - (410 ) Cost of cloud revenue adjustment (1,2) (3,293 ) (2,852 ) (6,471 ) (5,854 ) Cost of services revenue adjustment (1) (2,241 ) (2,617 ) (4,696 ) (4,995 ) Cost of product revenue adjustment (1) (21 ) (30 ) (43 ) (60 ) Non-GAAP cost of revenue $ 222,844 $ 195,001 $ 433,866 $ 386,633 GAAP gross profit $ 485,111 $ 439,617 $ 953,223 $ 876,257 Gross profit adjustments 18,757 29,782 39,815 60,819 Non-GAAP gross profit $ 503,868 $ 469,399 $ 993,038 $ 937,076 GAAP operating expenses $ 324,519 $ 310,793 $ 644,462 $ 625,994 Research and development (1,2) (3,178 ) (7,484 ) (7,871 ) (15,627 ) Sales and marketing (1,2) (13,258 ) (13,210 ) (28,672 ) (27,382 ) General and administrative (1,2) (16,924 ) (17,429 ) (36,482 ) (37,260 ) Amortization of acquired intangible assets (6,956 ) (4,972 ) (11,649 ) (10,211 ) Valuation adjustment on acquired deferred commission - 8 - 23 Non-GAAP operating expenses $ 284,203 $ 267,706 $ 559,788 $ 535,537 GAAP financial and other income, net $ (14,820 ) $ (15,645 ) $ (30,670 ) $ (29,654 ) Amortization of discount on debt (428 ) (425 ) (849 ) (974 ) Change in fair value of contingent consideration - (35 ) - (79 ) Non-GAAP financial and other income, net $ (15,248 ) $ (16,105 ) $ (31,519 ) $ (30,707 ) GAAP taxes on income $ (11,992 ) $ 28,684 $ 22,737 $ 57,759 Tax adjustments re non-GAAP adjustments 56,627 14,963 66,720 28,779 Non-GAAP taxes on income $ 44,635 $ 43,647 $ 89,457 $ 86,538 GAAP net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Amortization of acquired intangible assets 20,158 29,255 40,254 60,121 Valuation adjustment on acquired deferred commission - (8 ) - (23 ) Share-based compensation (1) 38,915 43,622 83,840 89,266 Acquisition related and other expenses (2) - - 395 1,912 Amortization of discount on debt 428 425 849 974 Change in fair value of contingent consideration - 35 - 79 Tax adjustments re non-GAAP adjustments (56,627 ) (14,963 ) (66,720 ) (28,779 ) Non-GAAP net income $ 190,278 $ 174,151 $ 375,312 $ 345,708 GAAP diluted earnings per share $ 2.96 $ 1.76 $ 4.97 $ 3.36 Non-GAAP diluted earnings per share $ 3.01 $ 2.64 $ 5.88 $ 5.22 Shares used in computing GAAP diluted earnings per share 63,210 65,856 63,785 66,192 Shares used in computing non-GAAP diluted earnings per share 63,210 65,856 63,785 66,192 NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands (1) Share-based compensation Quarter ended Year to date June 30, June 30, 2025 2024 2025 2024 Cost of cloud revenue $ 3,293 $ 2,852 $ 6,471 $ 5,792 Cost of services revenue 2,241 2,617 4,696 4,995 Cost of product revenue 21 30 43 60 Research and development 3,178 7,484 7,871 15,297 Sales and marketing 13,258 13,210 28,672 26,739 General and administrative 16,924 17,429 36,087 36,383 $ 38,915 $ 43,622 $ 83,840 $ 89,266 June 30, June 30, 2025 2024 2025 2024 Cost of cloud revenue $ - $ - $ - $ 62 Research and development - - - 330 Sales and marketing - - - 643 General and administrative - - 395 877 $ - $ - $ 395 $ 1,912 NICE LTD. AND SUBSIDIARIES U.S. dollars in thousands Quarter ended Year to date June 30, June 30, 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited GAAP net income $ 187,404 $ 115,785 $ 316,694 $ 222,158 Non-GAAP adjustments: Depreciation and amortization 44,612 51,520 88,053 103,280 Share-based compensation 37,310 42,226 80,647 86,630 Financial and other expense/ (income), net (14,820 ) (15,645 ) (30,670 ) (29,654 ) Acquisition related and other expenses - - 395 1,912 Valuation adjustment on acquired deferred commission - (8 ) - (23 ) Taxes on income (11,992 ) 28,684 22,737 57,759 Non-GAAP EBITDA $ 242,514 $ 222,562 $ 477,856 $ 442,062 (a) Free cash flow from continuing operations is defined as operating cash flows from continuing operations less capital expenditures of the continuing operations and less capitalization of internal use software costs.
CTV News
2 minutes ago
- CTV News
Toronto's first Simons location marks ‘new chapter' for department store: CEO
Simons' new location is seen at Yorkdale Mall in Toronto, Wednesday, Aug. 13, 2025. THE CANADIAN PRESS/Cole Burston TORONTO — Wandering through Simons's newest store a day before it opened on Thursday, Bernard Leblanc had a quiet confidence despite the busyness surrounding him. Across almost every inch of the flagship store at Yorkdale mall in Toronto, staff were scurrying to unwrap and steam the last of the location's merchandise, vacuum carpets and dress mannequins. The seemingly menial tasks belied the enormity of what they were all preparing for: Simons's entry into the venerable Toronto market. That feat has been a long time coming. La Maison Simons is 185 years old but has taken such a methodical expansion outside its home province of Quebec that it only counted 17 stores until now. While it's long wanted to head to Toronto, it somehow detoured through Halifax, Vancouver and even the city's outskirts in nearby Mississauga before forging its way into the heart of Ontario on Thursday. Leblanc, the CEO of Simons, sees the entry as both a 'new chapter' for the company and proof that 'slow and steady wins the race.' 'Ultimately, we have owners that don't think in quarters. We think in generations,' he said of the Simons family. They founded the business in Quebec City in 1840 as a dry goods retailer and charted its evolution into a department store beloved by Canadian fashionistas. Leblanc is the first non-family member to hold the company's top job and so there's a lot riding on the Toronto expansion. The retailer will spend a combined $75 million on the Yorkdale store and another to follow at the Eaton Centre this fall. Leblanc expects them to increase the company's annual sales by 15 per cent to $650 million. In some respects, his milestone is coming at a perfect time. The last eight months saw the fall of Simons' biggest competitor — 355-year-old department store Hudson's Bay — and a rise in consumer support for Canadian goods amid the tariff war. Simons' house brands, including Twik, Icône, Contemporaine and Le 31, make up 70 per cent of its stores' merchandise on average. While Leblanc is thrilled to see the patriotism having an effect on customers, he's not relishing the collapse of his rival, which filed for creditor protection under the weight of mounting debt in March. 'I'm saddened by the fact that such a historical Canadian icon has left the market,' he said of Hudson's Bay. 'As a retailer, we like to have a very buoyant and dynamic retail industry, so having somebody exit is always a little bit of a shock to the industry.' It was also a reminder to Simons that the company has to keep reinventing itself because 'history and heritage is not a guarantee of success,' he said. Simons has not publicly emerged as a bidder for any of the Bay leases or intellectual property. Nor has it 'aggressively pursued specific brands that we didn't have because of exits from different people in the industry,' Leblanc said. 'We do scout the market globally for new upcoming brands and discover brands that people perhaps don't know about,' he said. 'That's more our focus, not so much coming in to be opportunistic, to pick up something that somebody left behind.' But it's something that somebody left behind that helped make his company's Toronto ambitions a reality. Simons was only able to move into Yorkdale and Eaton Centre because U.S. department store Nordstrom decamped from Canada in 2023, saying it had been too hard to make a profit in the market. The massive properties Nordstrom held in some of Toronto's top shopping destinations presented the opportunity Simons had long been looking for. 'We had been in discussions with Yorkdale for some time,' Leblanc said. 'We were here many years ago trying to see what potentially we could put together.' At 118,000 square feet, the new, two-storey Yorkdale location will be the largest space in Simons's Ontario portfolio. It carries many of the same brands shoppers have come to expect from other markets — Herschel, JW Anderson and Lacoste. Unique to this location is a sprawling, geometric ceiling mural called 'Ciel' from French artist Nelio that gives the store a fresh, airy feel. A 'walk of frames' composed of 40 pieces from 24 artists brings another reason to linger in many of the store's nooks. Leblanc is betting the merchandise and store vibe will keep customers coming back and teach his company valuable lessons it can use as it continues to plot future growth. He named both Toronto and Vancouver as markets that may be able to support even more Simons stores but said for now he's focused on 'taking it all in stride.' 'I'm really excited about making these two stores a success, starting with Yorkdale,' he said. 'And then we'll see where things take us.' This report by The Canadian Press was first published Aug. 14, 2025. Tara Deschamps, The Canadian Press
CBC
3 minutes ago
- CBC
Farhi Holdings eying mixed-use plans for newly-acquired Westmount mall
Westmount Commons is coming under new ownership, with plans to turn the longtime southwest London shopping centre into a mixed-use development with new mid-rise residential units. London-based Farhi Holdings Corporation (FHC) confirmed on Wednesday that it is purchasing the Wonderland Road South property from current owners, KingSett Capital, who bought the site in 2018 for $31.5 million. "We ended up coming to terms with the previous owner and striking a deal," said Ben Farhi, an executive with FHC. "We see a lot of potential excitement with the property itself, both within the mall and what it's become." FHC will take control of the property in the coming weeks. CBC News reached out to KingSett for comment, but did not receive a response before publication. Originally built in 1971, the mall, formerly Westmount Shopping Centre, has diversified in recent history away from being solely retail, with most of its second floor now used as medical and professional offices. Existing retail includes major tenants like Cineplex, Dollarama, Fit4Less, Reptilia, and Urban Planet. "Our hope is to continue the momentum of regenerating the interior of the mall into a medical, professional office centre that is complemented by retail. We don't want to disrupt that mission," he said. "We're hopeful to see the former Sears turn into a first-class medical centre with some professional offices around it, similar to what was already done on the west side of the building." Unlike some of the corporation's downtown properties, Westmount Commons has ample parking, with 900 underground spaces and some 2,000 spaces outside, providing a prime opportunity for residential infill. It's not the first time Westmount Commons has been pitched for multi-use redevelopment. In 2023, KingSett proposed adding multiple residential towers above the existing mall with 900 units. Paul Van Meerbergen, whose ward includes Westmount Commons, said he was supportive of FHC's plan and was pleased to see the firm step up and purchase the property. He said he was aware KingSett was looking to sell, and that FHC had expressed interest. News of the acquisition was first reported on Wednesday by the London Free Press. "I think most people would much rather see an owner of major property like this who's based in London, lives in London, contributes to London," Van Meerbergen said. "I think Westmount could very well be experiencing, very shortly, a real renaissance, if this is handled right. I think we have lots to look forward to in the neighbourhood." FHC was one of several interested parties to bid on the property, Farhi said. Asked about the deal's value, he wouldn't provide an exact figure, but said it was a little under the $40 million reported by the Free Press. In the short term, Farhi says the company will inject capital into the property and work with the mall's management company, McCor Management, to fill tenant vacancies over the next several months. Longer-term, the plan is to have paperwork before the city for approval within the next year or two, he said. "At the end of the day, we want to make sure that what we're going to do with the mall is going to be something that everyone is happy with here."
