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Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Champagne Toasts, Big Ambitions: Wells Fargo CEO Embraces Newfound Freedom
Champagne flowed outside of the high-rise corner office of Wells Fargo WFC -0.36%decrease; red down pointing triangle CEO Charlie Scharf on Tuesday after regulators lifted a yearslong penalty that restricted the bank's growth. The suggestion for the C-suite celebration came from the bank's general counsel, Ellen Patterson, a surprise to Scharf because of her normally straight-laced nature. Scharf and the other executives toasted and took photos together at their Manhattan office. Chief Operating Officer Scott Powell, who was in Tuscany, was photoshopped in later.
Yahoo
22-05-2025
- Business
- Yahoo
Q4 2024 Medirom Healthcare Technologies Inc Earnings Call
Scott Powell; Investor Relations; Skyline Corporate Communications Group Fumitoshi Fujiwara; Chief Financial Officer, Director; Medirom Healthcare Technologies Inc Operator Ladies and gentlemen, thank you for standing by. Good morning and welcome to the Medirom year end 2024 financial results and corporate update conference call. (Operator Instructions) A webcast replay of the call will be available beginning at 11:30 Eastern time today through June 4, 2025. For dialing numbers and access codes to this replay, please refer to the company's webcast announcement of May 19 or earnings announcement of May 20. I would now like to turn the call over to Scott Powell, President of Skyline Corporate Communications Group, which is Medirom's investor relations firm. Please go ahead. Scott Powell Good morning and thank you for participating in today's conference call. Joining me from Medirom's leadership team are Kouji Eguchi, Founder, President and CEO; and Fumitoshi Fujiwara, Director and Chief Financial Officer. During this call, Medirom management will be making forward-looking statements, including statements that address Medirom's expectations for future performance or operational results. Forward-looking statements involve risks and other factors that may cause actual results to differ materially from these statements. For more information about these risks, please refer to the risk factors described in Medirom's most recently filed periodic reports on Form 20 filed with the Securities and Exchange Commission on April 29, 2025. And Medirom's press release that accompanies this call, particularly the cautionary statements in it. The content of this call contains time sensitive information that is accurate only as of today, May 21, 2025. Except as required by law, Medirom disclaims any obligation to publicly update or revise any information to reflect events or circumstances that occur after this call. The discussion today may also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the earnings presentation available on Medirom's website in their investor relations section. Non-GAAP financial measures should be considered in addition to not as a substitute for GAAP measures. It is now my pleasure to turn the call over to Fumitoshi Fujiwara, Director and CFO. Fumitoshi Fujiwara Thanks, docs, and good morning to everyone on the call. I'd like to start off by providing a brief overview of our business achievement in 2024, followed by a brief summary of our progress to date in 2025 and an overview of our growth strategy. Please follow along with the earnings presentation available from Medirom's website and the investor relation section at A URL to the presentation is also shown in the company's website with the announcement on May 19 and its earnings announcement on May 20. The company's financial reserve states in US dollars have been translated from Japanese Yen for convenience at the rate of JPY157.37 to $1 as described in earnings presentation. Please let me now direct your attention to the consolidated financial highlights on slide 3 and 4 of our earnings presentation. Total revenue by the company increased by 21.5% to JPY52.7 million due to the increased sales of salons under the sales and outsource business model and store operations outsourcing revenues subsequent to the sales of salons. Cost of revenue increased by 15.1%, due to the increased number of salons purchased back transactions in which we purchased salons from investors to whom we previously sold the salons. However, the cost of revenue ratio to revenue was down from 77% in 2023 to 72.9% in 2024. SG&A increased by 14.3%, primarily due to increase in professional fees, runs for debt to accounts, amortization of the store operating rights, directors salaries, and recruiting expenses. Impairment loss of JPY0.1 million was recorded in fiscal year 2034 due to the expected closure of the salons in 2025 compared with no such loss in 2023. Net income increased 20.1% to JPY0.9 million in 2024, primarily due to the gain from sales of the loans recorded under other income and the release of valuation allowanced tax assets. Cash flow from operating activities was JPY8.5 million, mainly due to decrease in accrued expense caused by payments of taxes or Social Security expenses for the previous years and reclassification of PCs from sales of the loans to net cash provided by investment activities. Cash flow from investing activities was JPY2.3 million, mainly attributable to the proceeds correct from the sales of salons during 2024. Castro financial activities was JPY7.6 million, primarily due to the proceeds from issuance of common stock in a public offering proceeds from issuance of preferred stock in major model love sees a financing round and the increase of both short term and long term loans from banks. Adjusted EBITDA and adjusted EBITDA margin, senior country improved to the positive JPY2.7 million and 5% respectively compared with JPY1.9 million and 4.5% respectively in the prior year. Please now look at the consolidated cash flow statement on stride 12 of our runnings presentation. Net cash and cash equivalent increased by JPY1.4 million in fiscal 2024. This is the end of the financial result overview. We'll now move on to our corporate highlights. During the year ended in December 31, 2024, our average revenue per customer grew by 3.9% to the customer service was 945,395 in 2024. The total number of salon locations for which we saw operating rights was 60 in the year, and in December 31, 2024, as compared to 38 locations during the year and in December 31, 2023. In our digital preventive healthcare segment, we participated in the specific health guidance program promoted by the Ministry of Health, Labor, and welfare of Japan which utilize our upgraded LAB application supporting this problem. We also developed and this really what we believe is currently the only self-charging whatever activity device, the mother bracelet. That's for in 2025, medium has continued the momentum with a service in 2024. This January, our subsidiary, Medirom Mother Lab began providing its remote health monitoring system named [Remily] as well as its mother bracelet to the electronic division of Toon Holdings Inc which drives on the Tokyo Stock Exchange. Also in January, we completed our offering of 2,860,000 ADS raising gross proceeds of approximately JPY5 million. In March, the Chief Business Officer of Medirom Mother Labs , Mr. Yasuhiro Hayami made an investment in Medirom Mother Labs Series, a financing at the primanic valuation of about JPY60 million. Also in March, Medirom obtained an unsecured short-term bank loan around JPY2.4 million, which is being used in part for further development and marketing of the Mother bracelet. Looking forward to the rest of 2025, we plan to pursue several initiatives aimed at further growing and our revenue and profitability. First, we intend to increase our number of electricity owned and branched requisition salons, in particular, salons located at spa facilities, which requires substantially lower capital expenditure compared to standalone salons and salon located in commercial properties. [Ready 24], we are continuing our search to acquire our domestic salon brands that have at least 10 stores. Second, we plan to grow our digital preventive health segment and produce a higher margin for that medicine. Simultaneously, we intend to increase the number of our LAB application users accessing the specific health guidance program I referred to earlier. And we expect to expand the billing user base for this app. Sir, we plan to accelerate the production of our Mother bracelets for large orders from corporate clients. Of course, although we have thus far focused our business activities within the Japanese market. We plan to consider global expansion opportunities, especially franchising or partnership options for our organizations salon business, as well as B2B2C distribution model for our Mother bracelet. Third, we plan to cut expenses at all the operated salons by reducing the number of higher earnings fixed salary service and increasing the number of lower earnings commission-based service. We believe this restructuring will result in improving overall profitability of these salons. Six, we remain in negotiations to finance our plan acquisition of 70% of the equity of Japan Gene Medical Corporation, a prenatal testing company. Although in other countries including the US, prenatal genetic testing service have pro-life in Japan, such services has not been common. We therefore believe this solution would be highly positive for Medirom. Lastly, going forward, we intend to expand customer benefits available through our various loyalty marketing programs. This strategy we believe can include such customers to get those a lot more frequently. This completes my former comments for this conference. I will not pass the call back to the operator, begin the question and answer session. Operator, please go ahead. Thank you. Operator (Operator Instructions) (spoken in foreign language) Operator At this time, there appears to be no further questions. I will now pass the call back to Mr. Fujiwara for closing thoughts. Fumitoshi Fujiwara Okay, no questions. (spoken in foreign language) This is a great opportunity for us to elaborate on a certain topics. So if you do have questions, to be in Japanese or English, please do not hesitate, but we will wait just a few minutes because this is such a rare opportunity. (spoken in foreign language) Fumitoshi Fujiwara Okay, guys. I want to thank all of you for participating on today's call and for your interest in Medirom. We look forward to sharing our progress with you in the future updates. Thanks and have a good day. Thank you. Operator This concludes today's conference call. You may now disconnect. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Otago Daily Times
16-05-2025
- Sport
- Otago Daily Times
Century of shield battles for seaside rivals
Scott Powell and John Vili with the Falton Shield after New Brighton's win in 2017. PHOTO: GETTY A hundred years of rugby history will be celebrated on Saturday when Sumner and New Brighton clash for the Falton Shield. The trophy, contested annually between the two seaside clubs, marks its 100th anniversary this weekend. The first match was won by New Brighton in 1925. New Brighton head coach Scott Pawson, who played in the fixture during the late 1990s, now leads the club's premier side and knows exactly what the rivalry means. 'Any time I play in a game or coach a game, I make sure our guys know the history of it. 'The games I played in were huge, close games. I can't recall a game that was a massive blowout. 'It's always very close physical games, and it will be the same on the weekend,' Pawson said. Sumner life member and current division 2 coach Robbie Timo has his own fond memories of Falton Shield clashes. 'It was lost for a few years in their offices. I think it was 1978 or 1979 until 1991 or 1992 – they were clearing it out and they found the shield in the back. "They brought it down and said, 'we're playing for the shield', and I remember going into the shed and saying, 'we're grabbing that shield today', and we won 9-3.' Another standout memory for Timo came in 1996. 'We were playing at Rawhiti and there was a real low-lying fog. It was so cold and we managed to win., It was really cool because it was just fog all around you.' Despite the two teams' contrasting fortunes this season – New Brighton sit top of the table with four bonus-point wins, while Sumner are winless in 11th – Pawson expects a tough battle. 'Games like this bring out a different beast and I know their coaches will be making sure they are primed for this. 'The reward is competition points, but also that shield, and it does mean a lot to both clubs.' Now colloquially known as the 'Seaside Shield', New Brighton are the current holders after a 20–7 win last year. The other matches on Saturday see University of Canterbury – behind New Brighton only on points difference – visit Belfast, while third-place HSOB play Christchurch. DCL Shield holders Linwood take on Marist Albion, who dispatched Belfast 71-19 on Saturday. Sydenham also host Burnside and Shirley will take on Lincoln University. Metro Rugby Points New Brighton 20; Canty Uni 20; HSOB 17; Marist Albion 15; Linwood 14; Burnside 10; Lincoln Uni 9; Sydenham 8; Christchurch 6; Belfast 6; Sumner 3; Shirley 2
Yahoo
17-02-2025
- Climate
- Yahoo
At Least 10 Dead In Kentucky After Severe Flooding Sweeps The South; Hundreds Of Thousands Without Power
At least 10 people are dead after severe weather struck the South over the weekend. Nine of those victims were killed by flooding in Kentucky as heavy rains pummeled the region. Most of the deaths occurred when cars became stuck in high water, the Associated Press reported. (MORE: Man Swept Away In Kentucky Floods) At least 1,000 people in the state were rescued from the floodwaters Sunday, according to Kentucky Gov. Andy Beshear. The governor said in a news conference that he believed the death toll in the state would rise. The other death occurred in Atlanta when a large tree fell onto a home on Sunday, Atlanta Fire Rescue Capt. Scott Powell reported. The storm system, named Wither Storm Jett by the Weather Channel, brought up to 6 inches of rain to parts of Kentucky and Tennessee, according to the National Weather Service. 'The effects will continue for a while – a lot of swollen streams and a lot of flooding going on,' NWS senior forecaster Bob Oravec said Sunday. Hundreds of thousands of customers across the South, mid-Atlantic and Northeast were still without power as of early Monday morning, according to Arkansas, Kentucky, Tennessee, Virginia and West Virginia were under flood warnings over the weekend as the NWS warned people to stay off the roads. A mother and 7-year-old child were swept away in Bonnieville, Kentucky, Saturday night, Hart County Coroner Tony Roberts said. The county saw a total of four deaths due to the severe weather, according to Beshear. All patients from the Kentucky River Medical Center in Jackson, Kentucky, were transferred to two other hospitals when the facility had to close due to a nearby river flooding Saturday. (MORE: Snow Follows Severe Flooding In Kentucky) In Buchanan County, Virginia, mudslides blocked roads. In West Virginia, 13 counties in the south were under a state of emergency due to flooding, with some areas so flooded that they were cut off to traffic Sunday. A levee failed Saturday in Obion County, Tennessee, triggering a state of emergency for parts of the county and flooding the small town of Rives. Rives was under mandatory evacuations, and Mayor Steve Carr reported "rising water, no electricity and freezing temperatures creating a life-threatening situation." About 200 residents were rescued from the fast-rising floodwaters of the Obion River, according to the Tipton County Fire Department. The National Weather Service in Birmingham confirmed an EF1 tornado in Hale and Perry counties Sunday morning, which carved a 15-mile-long path of destruction. According to the Hale County Emergency Management Agency, more than 30 homes were damaged and eight were destroyed. On Saturday night, four confirmed tornadoes touched down in Mississippi, and three in Alabama. Another tornado was confirmed in Louisiana's Washington Parish. More than 300,000 customers were still without power in the South Monday morning, and power outages spread into the mid-Atlantic and Northeast as well. Here's where the numbers stood as of 6:30 a.m. EST Monday, according to Alabama: 16,538 customers out of power Mississippi: 7,151 customers out of power Kentucky: 16,321 customers out of power Georgia: 11,894 customers out of power West Virginia: 29,966 customers out of power Virginia: 52,486 customers out of power Maryland: 53,209 customers out of power Pennsylvania: 66,347 customers out of power New Jersey: 31,010 customers out of power New York: 17,235 customers out of power Connecticut: 13,383 customers out of power
CBC
09-02-2025
- Politics
- CBC
Manitoba Hydro looks for feedback on possible electricity rate hike, different rates during the day
While the Manitoba government has promised to keep electricity rates low, the province's energy Crown corporation is asking people for their thoughts on a rate hike for electricity and changes that could see different rates applied at different times of the day. Manitoba Hydro has commissioned an opinion poll saying it's faced with aging infrastructure and a growing demand for energy. The poll covers a variety of topics and floats some options. One question asks people how they would feel about paying an extra $9 a month, as an average residential customer, to maintain reliability, citing the need to spend money on infrastructure. "Without investments to maintain or replace aging infrastructure, Manitoba's electricity system is expected to decrease in reliability," the survey reads. "This would lead to more or longer power outages in coming years." Another question asks whether people might switch their use of large appliances to evenings or weekends, if it means saving money on monthly electrical bills. Some other provinces already have such a system, often called time-of-use rates, where charges are higher during the day and lower at night. The aim is to reduce spikes in demand at peak times. The lower spikes can in turn delay the need to build more generating capacity. The idea has been floated before and the NDP, while in Opposition in 2023, denounced it, saying it could lead to "surge pricing" with much higher rates at peak times. Manitoba Hydro said the poll is simply taking the pulse of the public and does not outline any firm plans. "We want to make sure we understand what's important to our customers, because that's an input into our long-term planning process," said spokesperson Scott Powell. "We always want to be open and see if people are amenable to ... using [time-of-use rates] as a potential solution to help reduce electricity demand peaks," Powell said. As for a $9-per-month rate hike mentioned in the poll, Powell said it's not currently on the table. "It's not reflective of any actual number that might be in a rate application, for example, but really designed to help determine what's important to customers when it comes to costs versus reliability." Even if Manitoba Hydro was to seek such an increase, it would have to be approved by the Public Utilities Board, the provincial regulator, following public hearings, Powell added. The utility has been hit with a number of financial challenges in the last two decades. It saw its debt triple in 15 years as it built two megaprojects — the Bipole III transmission line and the Keeyask generating station — which ran a combined $3.7 billion over budget. More recently, expected annual surpluses have turned into losses, partly due to dry weather and reduced water levels. The former chief executive officer, who was let go a year ago, also warned that new generating capacity could be needed as early as 2029. The NDP government made a one-year rate freeze a key part of its election platform in 2023, and Manitoba Hydro confirmed it will seek no increase for 2025. It plans to file a multi-year rate application in the coming months and has not indicated what rate it will seek for 2026 as part of that request. Finance Minister Adrien Sala, who is also the minister responsible for Manitoba Hydro, said in a statement that the government will rely on its long-term energy policy, released last September, which will "explore opt-in demand management and innovative, new options to keep [Manitobans'] energy bills low."
