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Byju’s files for Chapter 11 bankruptcy in Delaware, listing liabilities of $1B – $10B, assets from $500M – $1B for its US unit Alpha

Reuters:

 

— A U.S. unit of Indian education technology startup Byju’s has filed for Chapter 11 bankruptcy proceedings in the U.S. court of Delaware, listing liabilities in the range of $1 billion to $10 billion.
Byju’s Alpha unit listed its assets in the range of $500 million to $1 billion, according to a court filing, which showed estimated creditors in the range of 100 to 199.
The ed-tech company, founded by Byju Raveendran, was one of India’s hottest startups, valued at $22 billion in 2022, but has more recently seen lenders initiating bankruptcy proceedings against it. Some of Byju’s investors said the company’s valuation had fallen to between $1 billion and $3 billion.
Byju’s said on Monday it would raise $200 million through a rights issue of shares to clear “immediate liabilities” and for other operational costs.
It has also been negotiating the repayment of a $1.2 billion term loan in the last few months and laid off thousands of employees.
The firm has also been under the scanner of Indian authorities over alleged violations of the country’s foreign exchange laws.

 

 

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Reporting by Kanjyik Ghosh; Editing by Arun Koyyur and Shilpi Majumdar

— Techmeme

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Byju’s declines investors voting rights for the removal of CEO Byju Raveendran and his family 

—  After months of private tussle, Byju’s and some of its largest investors are now taking their fight public

 

Manish Singh / TechCrunch:

 

 

Following months of behind-the-scenes conflict, Byju’s and some of its biggest investors are now publicly airing their complaints about one another.

 

Image Credits: Manjunath Kiran (opens in a new window)/ Getty Images

Byju’s, once India’s most valuable startup, said Friday its investors do not have the voting right to seek leadership changes, a day after a group of shareholders called for an extraordinary general meeting to remove founder Byju Raveendran and his family from the top roles at the edtech group.

 

In a press release, Byju’s said it will continue its deliberation to raise $200 million in a rights issue, for which it has received “encouraging responses from multiple investors.”

Separately, Byju’s leadership informed the employees earlier Friday that the ongoing rights issue has already received commitments for “more than 100 percent of the proposed amount.” They blamed investors for “seeing the crisis” as an “opportunity to conspire” and demand the removal of Raveendran.

 

The leadership at Byju’s also blamed the “artificially induced crisis” by select investors for the “slight delay” in making the January payroll.

 

Investors including Prosus, General Atlantic, Peak XV and Chan Zuckerberg Initiative said in a statement Thursday that they seek a resolution of the “outstanding governance, financial mismanagement and compliance issues; the reconstitution of the Board of Directors, so that it is no longer controlled by the founders of T&L; and a change in leadership of the Company.”

 

This is the third time the investors have sought an extraordinary general meeting (EGM). The new request follows Byju’s launching the rights issue to raise capital it said was essential for its survival. The Bengaluru-headquartered startup, once valued at $22 billion and which has raised over $5 billion, reset its valuation to $25 million in the rights issue, TechCrunch previously reported.

Here is the full Friday statement of Byju’s:

Think & Learn Private Limited, the parent of BYJU’S, has noted with sorrow, statements from a select few investors calling for an extraordinary general meeting (EGM) to replace founder and group CEO Byju Raveendran. Under these unfortunate circumstances, we would emphasise that the shareholder’s agreement does not give them the right to vote on CEO or management change.

TLPL will continue with the proposed $200 million rights issue after receiving encouraging responses from multiple investors. The company is gladened by the support received by a wide section of its shareholders

The criticality of the rights issue has been shared with all shareholders, with capital being pivotal for a successful turnaround. Unfortunately, the company and our employees are paying the price for a stand-off triggered by some investors. Business continuity is essential, and we shall prioritise this in our actions.

Byju Raveendran and his leadership team have kept TLPL afloat after three investors left the company’s board last year, triggering a broader crisis. The company, along with the advisory board consisting of Rajneesh Kumar and Mohandas Pai, constituted a working group with the investors to find a constructive way forward.

The company and its leadership have updated the working group on all crucial matters, including ongoing business restructuring, financial position and audits. TLPL has been turning around the business, cutting the monthly burn to near operational breakeven and working on an AI-led technological refresh soon. In context, the actions of some unnamed investors are disruptive at a highly challenging time.

TLPL will remain on the path of dialogue even as the founders and the leadership find ways to meet the company’s mounting obligations, including salary payouts. We want to re-emphasise that the company has not had any external investor funding for nearly two years apart from the founder infusing over $1 billion — a reason why it launched a rights issue as a quick and equitable way to raise money.

 

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— Techmeme

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Church & Dwight reports fourth quarter and full year 2023 results

2023 Fourth Quarter Results

  • Net Sales growth +6.4%: Domestic +6.4%, Int’l +11.9%, SPD -9.2 %
  • Organic sales +5.3%: Domestic +5.7%, Int’l +9.0%, SPD -9.2%1
  • Gross Margin +260 bps
  • Reported EPS $0.62, Adjusted EPS $0.65, +4.8%1

2023 Full Year Results

  • Net Sales growth +9.2%; Organic Sales +5.3%1
  • Gross Margin +220 bps
  • Reported EPS $3.05, Adjusted EPS $3.17, +6.7%1
  • Cash from operations $1.03 billion

 

 

EWING, N.J. — (BUSINESS WIRE) — Church & Dwight Co., Inc. (NYSE: CHD) today announced full year net sales increased 9.2% to $5,867.9 million, ahead of the Company’s outlook of 9%. Organic sales increased 5.3% due to positive pricing of 4.4% and higher volume of 0.9%.1 Organic sales of consumer products increased 6.2%.

 

Full year EPS was $3.05, an increase of 81.5% compared to 2022 reported EPS. Full year 2023 Adjusted EPS was $3.17, an increase of 6.7% compared to 2022 Adjusted EPS.1 Full year Adjusted EPS exceeded the Company’s outlook of $3.15, driven by higher sales, higher gross margin and a lower tax rate, partially offset by higher SG&A.

 

Q4 net sales were $1,528.0 million, a $92.0 million or 6.4% increase compared to net sales in Q4 2022. This exceeded the Company’s outlook of 5% growth. Organic sales increased 5.3%1, exceeding the Company’s outlook of 4%, driven by 4.0% positive price and product mix and 1.3% higher volume. Reported EPS for Q4 was $0.62. Adjusted EPS in Q4 was $0.65 compared to $0.62 Adjusted EPS in Q4 2022.

 

Matthew Farrell, Chief Executive Officer, commented, “Our full year 2023 results illustrate the strength of our brands, innovative new products, and our focus on execution. We are exiting the year with strong momentum after posting two consecutive quarters of year-over-year volume growth. We expect volume to continue to drive growth into 2024. Our domestic brands grew consumption in 10 of 17 categories in 2023. We grew share on brands representing 60% of our sales. Global online sales accounted for 20% of total consumer sales in 2023, an increase of 26% compared to 2022.

 

“Our recent acquisitions, THERABREATH™ mouthwash and HERO™, the maker of MIGHTY PATCH™ acne care products, both experienced high consumption growth and grew market share throughout 2023. We expect these brands to deliver strong growth in 2024.

 

“Organic revenue growth for the Domestic Division grew 5.7% in 2023 driven by growth across much of the portfolio. Organic revenue growth for the International Division grew 8.5% in 2023, driven by broad-based growth in our country subsidiaries and our Global Markets Group. The International Division will continue to be a growth engine for the Company in 2024. Our Specialty Products Division declined 7.9% in 2023, largely due to declining sales of our MEGALAC dairy supplement within our Animal Nutrition business. We will be exiting this part of the Animal Nutrition business during Q1 2024.

 

“We were especially pleased by the strong gross margin expansion that we saw in 2023 with productivity, pricing, volume, and strong contributions from higher margin acquisitions more than offsetting inflation.

 

“Finally, strong sales and margin expansion along with efficient working capital management were all key drivers of our strong cash flow generation in 2023, achieving over $1 billion in cash from operations for the first time.

 

Fourth Quarter Review

Consumer Domestic net sales were $1,193.0 million, a $72.2 million or 6.4% increase driven by both household and personal care sales growth. Organic sales increased 5.7% due to price and product mix (+4.2%) and volume (+1.5%). This is the second consecutive quarter of volume growth, despite the impact of ceasing sub-optimal laundry promotions. Growth was led by HERO acne treatments, THERABREATH mouthwash, ARM & HAMMER™ Cat Litter, ARM & HAMMER™ baking soda and ARM & HAMMER™ unit dose laundry detergent.

 

Consumer International net sales were $258.8 million, a $27.5 million or 11.9% increase. Foreign currency exchange rates impacted sales favorably by (+2.7%). Organic sales increased 9.0% due to a combination of higher price and product mix (+5.1%) and higher volume (+3.9%). This is the fourth consecutive quarter of volume growth. Q4 organic sales were primarily driven by STERIMAR™, THERABREATH, ARM & HAMMER baking soda and HERO.

 

Specialty Products net sales were $76.2 million, a $7.7 million or a 9.2% decrease. Organic sales decreased 9.2% primarily due to lower volume (9.0%) driven by the dairy business, particularly MEGALAC which continues to be impacted by low-priced imports.

 

Gross margin increased 260 basis points to 44.6% due to improved pricing, volume, productivity, and the impact of the HERO acquisition, partially offset by higher manufacturing costs.

 

Marketing expense was $219.0 million, which was $29.3 million higher than prior year. Marketing expense as a percentage of net sales increased 110 basis points to 14.3%.

 

Selling, general, and administrative expense (SG&A) was $246.2 million, including $7.3 million of charges related to restricted stock that was issued for the HERO acquisition. Adjusted SG&A was $238.9 million or 15.6% of net sales, a 210 basis points increase, primarily due to higher incentive compensation from improved business performance, investment spending for future growth and minor asset write-offs related to our Specialty Products division.

 

Income from Operations was $216.1 million. Adjusted Income from Operations was $223.4 million, an increase of 2.2% inclusive of higher marketing and SG&A.

 

Other Expense was $20.9 million, a decrease of $4.6 million primarily due to higher interest income.

 

The effective tax rate decreased to 21.3% compared to 26.4% in Q4 2022. On an adjusted basis the tax rate was 20.5% compared to a rate of 21.3% in Q4 2022. The reported tax rate of 26.4% in Q4 2022 was unusually high due to the impact of the FLAWLESS™ intangible asset impairment charge.

 

Operating Cash Flow

For the full year 2023, cash from operations was $1,030.6 million, an increase of $145.4 million due to higher cash earnings and improvements in working capital. Capital expenditures for the full year were $223.5 million, a $44.7 million increase from the prior year as we invested in capacity expansion projects.

 

At December 31, 2023, cash on hand was $344.5 million, while total debt was $2.4 billion.

 

4% Dividend Increase and Share Repurchase

Consistent with the Company’s capital allocation strategy, the Company’s Board of Directors declared a 4% increase in the quarterly dividend from $0.2725 to $0.28375 per share, equivalent to an annual dividend of $1.135 per share. This raises the annual dividend payout from $267 million to approximately $276 million. The quarterly dividend will be payable March 1st, 2024, to stockholders of record at the close of business on February 15th, 2024. This is the 28th consecutive year in which the Company has increased the dividend. The Company has paid a consecutive quarterly dividend for 123 years.

 

In Q4, the Company spent $300 million to repurchase 3.3 million shares of common stock. Currently, the Company has approximately 246 million weighted average shares outstanding.

 

Mr. Farrell commented, “Our dividend increase and share repurchases reflect the Company’s desire for stockholders to benefit from our strong cash generation and reflects our confidence in continuing our strong performance. 2024 should be another year of strong cash flow. Our robust cash flow enables us to return cash to our stockholders while maintaining significant financial flexibility to aggressively pursue acquisitions and invest in our business.”

 

2024 New Products

Mr. Farrell commented, “Product innovation continues to be a big driver of our success and we are excited about our new product launches. In 2024, we expect new product launches to drive a significant increase in net sales as we lead with innovation in a number of key categories.”

 

ARM & HAMMER™ Laundry is launching Deep Clean™ Liquid and Deep Clean Unit Dose Laundry Detergent. Arm & Hammer Deep Clean will be our most premium Arm & Hammer laundry detergent, entering the mid-tier of the category using pH Power Technology to penetrate deep into fibers where dirt, odor, and stains linger, delivering a superior clean at a price consumers can afford.

 

ARM & HAMMER™ launched Power Sheets™ Laundry Detergent online in August 2023. This innovative laundry solution is effective, convenient, and eliminates plastic bottle waste. ARM & HAMMER™ is the first major brand to offer a detergent sheet in the U.S. and became the #2 detergent sheet on Amazon within 4 weeks of launch. It was the #1 top seller in the laundry category on Amazon Prime Day. Due to its online success, Power Sheets ™ will be available in select brick & mortar retailers in early 2024.

 

ARM & HAMMER™ Hardball™ Clumping Litter is being expanded nationally in early 2024, after successful in-market testing in 2023. This transformational plant-based substrate is lightweight and creates virtually indestructible clumps for no-mess scooping. We expect this new litter to help ARM & HAMMER capture a greater share of the lightweight litter category.

 

THERABREATH™, the #1 alcohol-free mouthwash brand, is entering the antiseptic segment of the category with the launch of TheraBreath™ Deep Clean Oral Rinse. Antiseptic mouthwashes account for 30% of the category. This product is formulated to kill 99.9% of germs that cause bad breath, plaque & gingivitis without the burn.

 

BATISTE™, the leader in dry shampoo, is meeting consumers’ desire for longer-lasting results with new BATISTE Sweat Activated and BATISTE Touch Activated dry shampoos. These breakthrough products are formulated with advanced technology and release a burst of fragrance whenever you sweat or touch your hair. Both new products deliver up to 24 hours of freshness.

 

HERO™ continues to drive the majority of growth in the acne category as the #1 patch brand in the U.S. In 2024, Hero will continue to launch innovative solutions in patches combined with new launches, such as Dissolve Away Daily Cleansing Balm, that will broaden our offerings of gentle and effective solutions for acne-prone skin.

 

Outlook for 2024

Mr. Farrell stated, “We exited 2023 with strong consumption growth across the majority of our categories. We are confident about 2024 and remain focused on offering high quality products to consumers at the right value.

 

“We are evolving our long-term Evergreen business model in 2024. The last revision was in 2018. Our new annual Evergreen model reflects our expectation of faster topline growth, greater margin expansion, and a higher cadence of growth investment, specifically in ecommerce and international. The revised evergreen model calls for 4% organic net sales growth (previously 3%), 25 to 50 basis points of gross margin expansion (previously 25 bps), marketing as a percentage of sales continues to approximate 11% (no change), and SG&A leverage of 0-25 bps (previously 25 bps) reflecting investments which will help sustain accelerated growth for years to come. We are maintaining our 8% industry leading annual EPS growth target.

 

“In 2024 we expect full year reported and organic sales growth to be approximately 4-5%.1 The organic sales outlook excludes Megalac from both years and the impact from foreign currency. We expect full year reported gross margin to expand approximately 50 to 75 basis points versus 2023. We expect an increase in manufacturing costs primarily due to capacity related investments, third party manufacturing cost increases, and moderate commodity inflation. We expect to more than offset our cost increases through carryover product pricing, mix, higher volume and productivity. We expect marketing as a percentage of sales to be approximately 11% and we expect to leverage SG&A while making investments in our International and ecommerce infrastructure.

 

“Our Adjusted EPS expectation for 2024 is 7-9% growth (mid-point $3.42 Adjusted EPS), inclusive of a 1% EPS drag related to exiting the MEGALAC business. Excluding the MEGALAC impact, Adjusted EPS growth expectation is 8-10%. Our tax rate is expected to increase 170 bps to approximately 23%. The higher tax rate represents a 2% drag to Adjusted EPS. This outlook reflects strong operating fundamentals including organic sales growth, volume growth, margin expansion and operating income growth.

 

“Other expense for 2024 is expected to be approximately $85 million, compared to $90 million in 2023.

 

“Cash flow from operations is expected to be approximately $1.0 billion. We expect 2024 capital expenditures of approximately $180 million as we complete the major capacity investments that were initiated in 2023. We expect capital spending to return to historical levels (2% of sales) in 2025. We will pursue accretive acquisitions that meet our strict criteria, with an emphasis on fast-moving consumable products, similar to our last 3 acquisitions (ZICAM, THERABREATH, and HERO).

 

“In past years, we have highlighted and discussed 14 power brands within our portfolio. In the future, we will focus our communication on seven brands that we expect to be the key drivers of growth. These brands, which today represent 70% of our sales and profits, primarily compete in larger categories and have the potential for global expansion. The seven brands are ARM & HAMMER™, OXICLEAN™, BATISTE™, VITAFUSION™, WATERPIK™, THERABREATH™ and HERO™.

 

“For Q1, we expect reported and organic sales growth of approximately 4%1, gross margin expansion and higher marketing spending (+100 basis points) to support our strong innovation pipeline. As a result of the shift in marketing spend to Q1, we expect Adjusted EPS of $0.85 per share, flat versus last year’s adjusted Q1 EPS.”1

 

1 Organic Sales, Adjusted SG&A, Adjusted Income from Operations, Adjusted Tax Rate and Adjusted EPS are non-GAAP measures. See Non-GAAP reconciliations included at the end of this release.

 

Church & Dwight Co., Inc. (NYSE: CHD) will host a webcast to discuss fourth quarter and year end 2023 results on Feb. 2, 2024, at 12:00 p.m. (ET). The presentation will broadcast online at investor.churchdwight.com/investors/news-events. Click on Church & Dwight Co., Inc. 2024 Analyst Day to register for the webcast.

 

Church & Dwight Co., Inc. (NYSE: CHD) founded in 1846, is the leading U.S. producer of sodium bicarbonate, popularly known as baking soda. The Company manufactures and markets a wide range of personal care, household, and specialty products under recognized brand names such as ARM & HAMMER®, TROJAN®, OXICLEAN®, SPINBRUSH®, FIRST RESPONSE®, NAIR®, ORAJEL®, XTRA®, L’IL CRITTERS® and VITAFUSION®, BATISTE®, WATERPIK®, ZICAM®, THERABREATH® and HERO®. For more information, visit the Company’s website.

 

Church & Dwight has a strong heritage of commitment to people and the planet. In the early 1900’s, we began using recycled paperboard for all packaging of household products. Today, virtually all our paperboard packaging is from certified, sustainable sources. In 1970, the ARM & HAMMER brand introduced the first nationally distributed, phosphate-free detergent. That same year, Church & Dwight was honored to be the sole corporate sponsor of the first annual Earth Day. In 2023, our continued progress earned continued public recognition, including the Newsweek Magazine’s Americas Most Responsible and America’s Greenest Companies lists, the EPA’s Green Power Partnership-Top 100 list, the 2023 Wall Street Journal Management Top 250 List, the 2022/2023 Forbes Magazine: Americas Best Midsize Employer Award and the FTSE4Good Index Series, amongst others.

 

For more information, see the Church & Dwight 2022 Sustainability Report at: https://churchdwight.com/responsibility/

This press release contains forward-looking statements, including, among others, statements relating to net sales and earnings growth; gross margin changes; trade, marketing, and SG&A spending; recessionary conditions; interest rates; inflation; sufficiency of cash flows from operations; earnings per share; cost savings programs; consumer demand and spending; the effects of competition; the effect of product mix; volume growth, including the effects of new product launches into new and existing categories; the impact of acquisitions (including earn-outs); and capital expenditures. Other forward-looking statements in this release may be identified by the use of such terms as “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. These statements represent the intentions, plans, expectations and beliefs of the Company, and are based on assumptions that the Company believes are reasonable but may prove to be incorrect. In addition, these statements are subject to risks, uncertainties and other factors, many of which are outside the Company’s control and could cause actual results to differ materially from such forward-looking statements. Factors that could cause such differences include a decline in market growth, retailer distribution and consumer demand (as a result of, among other things, political, economic and marketplace conditions and events), including those relating to the outbreak of contagious diseases; other impacts of the COVID-19 pandemic and its impact on the Company’s operations, customers, suppliers, employees, and other constituents, and market volatility and impact on the economy (including contributions to recessionary conditions), resulting from global, nationwide or local or regional outbreaks or increases in infections, new variants, and the risk that the Company will not be able to successfully execute its response plans with respect to the pandemic or localized outbreaks and the corresponding uncertainty; the impact of new legislation such as the U.S. CARES Act, the EU Medical Device Regulation, new cosmetic and device regulations in Mexico, and the U.S. Modernization of Cosmetic Regulation Act; the impact on the global economy of the Russia/Ukraine war and increased conflict in the Middle East, including the impact of export controls and other economic sanctions; potential recessionary conditions or economic uncertainty; the impact of continued shifts in consumer behavior, including accelerating shifts to on-line shopping; unanticipated increases in raw material and energy prices, including as a result of the Russia/Ukraine war, increased conflict in the Middle East or other inflationary pressures; delays and increased costs in manufacturing and distribution; increases in transportation costs; labor shortages; the impact of price increases for our products; the impact of inflationary conditions; the impact of supply chain and labor disruptions; the impact of severe or inclement weather on raw material and transportation costs; adverse developments affecting the financial condition of major customers and suppliers; competition; changes in marketing and promotional spending; growth or declines in various product categories and the impact of customer actions in response to changes in consumer demand and the economy, including increasing shelf space or on-line share of private label and retailer-branded products or other changes in the retail environment; consumer and competitor reaction to, and customer acceptance of, new product introductions and features; the Company’s ability to maintain product quality and characteristics at a level acceptable to our customers and consumers; disruptions in the banking system and financial markets; the Company’s borrowing capacity and ability to finance its operations and potential acquisitions; higher interest rates; foreign currency exchange rate fluctuations; transition to, and shifting economic policies in the United States; potential changes in export/import and trade laws, regulations and policies of the United States and other countries, including any increased trade restrictions or tariffs; increased or changing regulation regarding the Company’s products and its suppliers in the United States and other countries where it or its suppliers operate; market volatility; issues relating to the Company’s information technology and controls; the impact of natural disasters, including those related to climate change, on the Company and its customers and suppliers, including third party information technology service providers; integrations of acquisitions or divestiture of assets; the outcome of contingencies, including litigation, pending regulatory proceedings and environmental matters; and changes in the regulatory environment in the countries where we do business.

 

For a description of additional factors that could cause actual results to differ materially from the forward-looking statements, please see Item 1A, “Risk Factors” in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by the U.S. federal securities laws. You are advised, however, to consult any further disclosures the Company makes on related subjects in its filings with the United States Securities and Exchange Commission.

 

This press release also contains non-GAAP financial information. Management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of the Company’s financial performance, identifying trends in its results and providing meaningful period-to-period comparisons. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated in accordance with GAAP. See the end of this press release for these reconciliations. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to potential differences in methods of calculation and items being excluded. They should be read in connection with the Company’s financial statements presented in accordance with GAAP.

 

 

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income (Unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

December 31,

December 31,

(In millions, except per share data)

2023

2022

2023

2022

Net Sales

$

1,528.0

$

1,436.0

$

5,867.9

$

5,375.6

Cost of sales

846.7

833.5

3,279.4

3,125.6

Gross Profit

681.3

602.5

2,588.5

2,250.0

Marketing expenses

219.0

189.7

641.3

535.2

Selling, general and administrative expenses

246.2

611.2

889.8

1,117.0

Income from Operations

216.1

(198.4

)

1,057.4

597.8

Equity in earnings of affiliates

0.6

2.3

8.7

12.3

Other income (expense), net

(21.5

)

(27.8

)

(98.7

)

(86.8

)

Income before Income Taxes

195.2

(223.9

)

967.4

523.3

Income taxes

41.5

(59.2

)

211.8

109.4

Net Income

$

153.7

$

(164.7

)

$

755.6

$

413.9

Net Income per share – Basic

$

0.63

$

(0.68

)

$

3.09

$

1.70

Net Income per share – Diluted

$

0.62

$

(0.67

)

$

3.05

$

1.68

Dividends per share

$

0.27

$

0.26

$

1.09

$

1.05

Weighted average shares outstanding – Basic

244.6

243.6

244.9

242.9

Weighted average shares outstanding – Diluted

247.0

246.1

247.6

246.3

CHURCH & DWIGHT CO., INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets (Unaudited)

(Dollars in millions)

Dec. 31, 2023

Dec. 31, 2022

Assets

Current Assets

Cash and Cash Equivalents

$

344.5

$

270.3

Accounts Receivable

526.9

422.0

Inventories

613.3

646.6

Other Current Assets

45.0

57.0

Total Current Assets

1,529.7

1,395.9

Property, Plant and Equipment (Net)

927.7

761.1

Equity Investment in Affiliates

12.0

12.7

Trade Names and Other Intangibles

3,302.3

3,431.6

Goodwill

2,431.5

2,426.8

Other Long-Term Assets

366.0

317.5

Total Assets

$

8,569.2

$

8,345.6

Liabilities and Stockholders’ Equity

Short-Term Debt

$

3.9

$

74.0

Current portion of Long-Term debt

199.9

0.0

Other Current Liabilities

1,218.2

1,109.8

Total Current Liabilities

1,422.0

1,183.8

Long-Term Debt

2,202.2

2,599.5

Other Long-Term Liabilities

1,089.6

1,072.4

Stockholders’ Equity

3,855.4

3,489.9

Total Liabilities and Stockholders’ Equity

$

8,569.2

$

8,345.6

Contacts

Rick Dierker

Chief Financial Officer

609-806-1200

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Meghna Gulzar was obsessed by detail as she depicted an Indian War hero in ‘Sam Bahadur:’ ‘It was interesting thinking like a man’

“Sam Bahadur,” a biopic of Indian war hero Field Marshal Sam Manekshaw, is the latest feature from Meghna Gulzar.

 

Ronnie Screwvala’s RSVP Movies produced the film, which released theatrically in December 2023 and proved to be a box office success.

 

The cast is led by Vicky Kaushal “(Dunki)” as Manekshaw and also includes Sanya Malhotra “(Jawan)” as his wife Silloo and Fatima Sana Shaikh as Indian Prime Minister Indira Gandhi.

 

Gulzar’s previous films include “Talvar” (2015), starring Irrfan Khan and Konkona Sen Sharma, and “Raazi” (2018), headlined by Alia Bhatt, both of which were critical and commercial successes and “Chhapaak” (2020), featuring Deepika Padukone as an acid attack victim. She was looking for a subject to work on with Screwvala, who suggested the Manekshaw biopic as the late Field Marshal’s daughters had been in conversation with him about wanting to make a film based on their father.

 

“I immediately said yes, because I just knew two things about him at that time, which is that he was the first Field Marshal of India, and that he was the Chief of Army Staff during the 1971 war [the India-Pakistan war that led to the creation of Bangladesh]. And just that much in itself was extremely inspiring and fascinating. And I really thought that somebody who has achieved those positions in life, they definitely must be having a story to tell,” Gulzar told Variety.

 

The filmmaker describes tackling what is an overwhelmingly male subject despite the presence of two strong women in the narrative, as “a lot of relief.” “I have been telling stories, which I wouldn’t say are women-centric, but the central character is feminine, or the nature of the subject is slightly more feminine,” Gulzar said. “What was most challenging was that to tell a man’s story, to think about how a male character would think, how they would evaluate things, or what would their expressions be and what would their reactions be? Fortunately, because this is not fiction, most of the cues were already in place, because you are just executing [a story about] a life that has already been lived. It was interesting to think like a man and characterize a man and, and that man more than anything.”

 

The film was made with the close cooperation of the Indian Army. Current Indian Army personnel played all the rank and file soldier roles in the film, not extras. All military depictions were vetted by an army department liaising with the production. Only some of Manekshaw’s dialogues with his wife and cook were fictionalized, with the rest drawn from interviews with him, published accounts and conversations that the project researchers had with his family, daughters, grandchildren and associates.

 

“Because he is such an important figure in our army’s history and is so revered by our forces, you can’t [afford to] go wrong with it, you can’t get anything about him wrong – or even around him. So, getting that authenticity and that detailing, right, was extremely challenging, but the entire team muscled through and our research was rock solid,” Gulzar said. “The entire team knew that our intent is that this is going to be error free. Absolutely zero error. And they all came with that dedication.”

 

The film features several interactions between Manekshaw and Indira Gandhi, who would go on to become the Prime Minister of India. “None of that is fictionalized,” Gulzar said. “Because we’re executing it and there are actors playing a part, there is a line that we have to balance. We have to be aware of maintaining that balance, that there is an affinity there. Yet, it’s not a gender thing, that there is immense mutual respect, even though there is antagonism sometimes. The tricky part was actually hitting that right tone for the actors, even for me.”

 

 

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— Variety

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‘Much Ado About Dying’ film as IDFA-winning doc, bought for US by First Run Features

“Much Ado About Dying,” Scott Chamber’s documentary about elderly care that won the best directing award at IDFA in 2022, has been acquired by First Run Features for the U.S. and Canada.

 

The feature, produced by Soilsiú Films and Tiffin Films, will have its U.S. festival premiere at the Santa Barbara International Film Festival ahead of a national theatrical release set to launch at New York’s Film Forum on March 15.

 

Chambers’ third feature-length documentary, “Much Ado About Dying” deals with the issue of caring for elderly and dying relatives. Producers describe the film as “poignant and moving, but also hilariously funny,” following Chambers as he get very close to his dying uncle, a retired gay actor who still wants to perform “King Lear” before it’s too late. The director’s previous films, “Every Good Marriage Begins With Tears” and “Cowboys in India,” both toured the festival circuit extensively before broadcast outings in the U.K. on BBC Storyville and Channel 4 respectively.

 

“We are delighted to be working with Marc Mauceri and his team at First Run Features,” said Soilsiú Films’ David Rane, who distributed Soilsiú’s previous title, “Young Plato,” directed by Neasa Ní Chianáin and Declan McGrath.

 

“It’s a challenge these days to get an arthouse documentary out into U.S. cinemas, even one as charming and funny as ‘Much Ado About Dying,’ and we appreciate the motivation and commitment of the teams at First Run Features and Film Forum in releasing Simon’s beautifully directed film. This film deserves to be seen on the big screen, and there’s no better team to put it there.”

 

New York-based First Run, well-known for its 45-year history in the indie distribution world, has previously released four editions of Michael Apted’s “Up” Series (“28 Up,” “42 Up,” “49 Up” and “56 Up”) as well as the “Quiet Epidemic,” “Before Stonewall,” “Scrap” and “The Life and Times of Allen Ginsberg.”

 

“’Much Ado About Dying’ is a moving and hilarious cinema documentary about growing old unapologetically and the often-invisible family members who care for us in our twilight years,” said First Run’s Mauceri. “We are honoured to be entrusted by director Simon Chambers to share his uncle’s story with audiences here in the USA. Soilsiú Films are becoming more prolific by the year in producing world class documentaries for cinema and we are delighted to be working with them after the success they had in the U.S. with ‘Young Plato.’”

 

See the trailer for “Much Ado About Dying” below.

 

 

 

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— Variety

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Computer programmer, Gary Bowser, faces up to 40 months prison time in 2022 for pirating games, ordered to pay $14.5M to Nintendo

Patricia Hernandez / The Guardian:

 

 

—  The hacker whose involvement with anti-piracy software ended in a jail sentence has emerged from prison struggling to make rent as he starts paying his fine. ‘It could be worse,’ he says.

‘The sentence was like a message to other people’ … Gary Bowser in Toronto in August 2023.Photograph: Andrew Francis Wallace/Toronto Star/Getty Images

 

 

In April 2023, a 54-year-old programmer named Gary Bowser was released from prison having served 14 months of a 40-month sentence. Good behaviour reduced his time behind bars, but now his options are limited. For a while he was crashing on a friend’s couch in Toronto. The weekly physical therapy sessions, which he needs to ease chronic pain, were costing hundreds of dollars every week, and he didn’t have a job. And soon, he would need to start sending cheques to Nintendo. Bowser owes the makers of Super Mario $14.5m (£11.5m), and he’s probably going to spend the rest of his life paying it back.

 

Since he was a child, Bowser’s life has revolved around tinkering with electronics. His dad was a mechanical engineer, and he learned from him how to wire up model trains and mod calculators. As a teenager he already had a computer business: his mother died when he was 15, his father had retired and Bowser supported him.

Gary Bowser, left, in his 20s demonstrating projects for the TI-99 home computer event at the Chicago TI fair in the early 90s. Photograph: Courtesy of Gary Bowser

Bowser would go on to run an internet cafe, where patrons played Counter-Strike and Dance Dance Revolution, and repair hardware for a living. He got briefly caught up with the law during a stint fixing games consoles at flea markets, which nearly implicated him alongside vendors who sold pirated movies. Eventually he moved to the Dominican Republic in 2010. He spoke no Spanish for years, but he loved the place anyway: you could drive from one end to the other in just 12 hours, he recalls. It was here that Bowser – who, in a case of nominative determinism that feels almost too trite to acknowledge, shares a name with Super Mario’s in-game antagonist – started becoming the face of Nintendo piracy.

 

 

In the late 00s he made contact with Team Xecuter, a group that produces dongles used to bypass anti-piracy measures on Nintendo Switch and other consoles, letting them illegally download, modify and play games. While he says he was only paid a few hundred dollars a month to update their websites, Bowser says the people he worked with weren’t very social and he helped “testers” troubleshoot devices.

 

“I started becoming a middleman in between the people doing the development work, and the people actually owning the mod chips, playing the games,” he says. “I would get feedback from the testers, and then I would send it to the developers … I can handle people, and that’s why I ended up getting more involved.”

 

In September 2020, he was arrested in a sting so unusual that the US Department of Justice released a press release boasting about the indictment, in which acting assistant attorney general Brian C Rabbitt called Bowser and his co-defendants “leaders of a notorious international criminal group that reaped illegal profits for years by pirating video game technology of US companies.”

 

“The day that it happened, I was sleeping in my bed, it was four in the morning, I’d been drinking all night,” Bowser says. “And suddenly I wake up and see three people surrounding my bed with rifles aimed at my head … they dragged me out of the place, put me in the back of a pickup truck and drove me to the Interpol office.”

 

Bowser was arrested at the height of the pandemic, which complicated everything. He was imprisoned in a series of jails, and each transfer had Covid safety precautions that required him to spend time in isolation. Despite this, Bowser still caught the coronavirus and spent two weeks so sick that, he says, a priest would come over once a day to read him a prayer.

 

Bowser was charged with fraud over his connection to Team Xecuter. While in custody, he was also hit with a civil suit from Nintendo. Between the civil and criminal cases, he was ordered to pay $14.5m.

 

In transcripts from the court, Nintendo’s lawyer Ajay Singh outlined the company’s case against piracy. “It’s the purchase of video games that sustains Nintendo, and it is the games that make the people smile … It’s for that reason that we do all we can to prevent games on Nintendo systems from being stolen,” he told the judge.

 

Pirates are usually fined in court, but Bowser’s case was meant to draw attention. “The sentence was like a message to other people that [are] still out there, that if they get caught … [they’ll] serve hard time,” he says. As he tells it, Bowser didn’t make or develop the products that sent him to prison; he “just” updated the websites that told people what they could buy, and kept them informed about what was coming next.

 

Bowser maintains that he could have fought the allegations, and that other members of the hacking group remain at large. But fighting against 13 charges would have cost time and money. It was easier, he claims, to plead guilty and only deal with a couple of the charges. As a part of that agreement, Bowser now has to send Nintendo 20-30% of any money left over after he pays for necessities such as rent.

 

 

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— Techmeme

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Fork & Good hosts first ever tasting of hybrid cultivated meat at Davos

The food startup shared its product with thought leaders and local residents at its first large-scale tasting since the launch of its pilot facility last year

 

 

DAVOS, Sz. — (BUSINESS WIRE) — On Jan. 16, heads of state, industry experts and business leaders gathered for the annual World Economic Forum conference at Davos.

 

At the same time, a smaller, though no less consequential, event took place just 10 minutes away at Sonas Irish Pub. Food startup Fork & Good conducted the city’s first blind tasting of hybrid cultivated meat to gather feedback from an eclectic group of 40 people.

 

Participants each received two small dishes distinguished by blue and yellow stickers. One contained 100% conventional pork and the other a blend of 30% cultivated and 70% conventional pork. (Willing vegetarians also had a chance to enjoy dumplings made with a blend of plant and cultivated pork).

 

“Mixing cultivated meat with conventional meat has many advantages,” said Fork & Good Chief Scientific Officer Gabor Forgacs.

 

“It helps alleviate the rising supply chain and environmental challenges meat producers face. It also allows for the gradual introduction of cultured meat through products consumers are already used to.”

 

Perhaps most importantly, it tastes just like meat — because it is 100% meat. As Fork & Good co-founders expected, participants at the blind tasting found no major difference between the two samples. An informal poll after the tasting showed more than half of the group preferred the 30/70 blend over conventional meat on its own. The group was equally split when asked to guess which dish contained cultivated meat.

 

The tasting was led by Fork & Good CEO Niya Gupta, who said, “We are aiming to serve everyone everywhere with affordable meat so it’s exciting to get input in this open and democratic way. We had everyone, from an American professor to a Swedish nonprofit worker to a Chinese student — even a regular Swiss person walking in off the street looking for a beer. Their feedback has been critical to us as we continue our product development journey.”

 

One of the participants, global data science leader Dr. Richard Kerr, said, “I wasn’t able to tell the difference between the samples, to the point that I thought it was going to be revealed that all the samples were 100% cultured. I love the idea, and will continue to follow [Fork & Good’s] progress with interest.”

 

The lunchtime tasting was a part of UnDavos, an informal entrepreneurship-focused gathering that takes place the same week as the WEF conference. Mark Turrell, founder of UnDavos and CTO of Fresh Solutions AI, invited Fork & Good to present their product at a “meal for the future” event.

 

“It was amazing to physically experience technology being integrated into our food — the food in our mouths,” Turrell said.

 

In addition to the blind tasting, Fork & Good was invited to the main WEF conference as a Technology Pioneer, one of just 100 early-stage startups developing innovative technologies to address global challenges. Gupta participated in back-to-back meetings and roundtables, including a bilateral meeting with one of the world’s largest meat producers who couldn’t tell the difference between conventional meat and Fork & Good’s hybrid cultivated meat.

 

Founded in 2018, Fork & Good launched its pilot facility in Jersey City, New Jersey. The facility is already capable of producing six to ten times more meat per square foot than is currently possible by conventional means. Fork & Good’s cultivated meat is ready for market, pending regulatory approval by the FDA and USDA.

 

ABOUT FORK AND GOOD

From its facility in Jersey City, Fork & Good is on a mission to grow the best of meat for everyone, everywhere. The company takes a novel approach to cultivating meat by growing muscle cells directly in proprietary bioreactors for maximum flavor and nutritional value—while drastically reducing the amount of land and water used in conventional livestock production. The team has 150+ years of combined experience that spans food, agriculture, and science, and is committed to helping build the industry in a safe, transparent way. Learn more at: www.forkandgood.com.

 

Contacts

Emily Bogan, Business Operations Manager

Email: hello@forkandgood.com
Phone: (201) 201-1392

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Align appoints Vinod Paul as president of Align Managed Services

Vinod Paul to Lead Strategic Direction and Expansion of Align’s Managed Services Portfolio

NEW YORK — (BUSINESS WIRE) — #ITservices — Align, the leading global provider of technology infrastructure solutions and Managed IT Services, announces the appointment of Vinod Paul as President of Align Managed Services, effective immediately.

 

In his new role, Vinod will continue to drive the strategic direction, expansion, and profitability of Align’s managed services portfolio, including cloud solutions, cybersecurity, and tailored products designed for the financial services community. Vinod’s vision and leadership will be instrumental in shaping the company’s growth strategy, while overseeing client services, technology and thought leadership in both the financial services and Managed Services industries.

 

Vinod joined Align in 2017 and has since served as Chief Operating Officer, before being appointed as President. Under his leadership, Align has expanded its global customer base and broadened its managed services offerings in the financial services sector. In 2023, Align was named MSP of the Year by Channel Futures and was ranked 60th in the global MSP 501 list. Other accolades include Best Cloud Services Provider by Hedgeweek, CRN’s Triple Crown Award by Channel Co. and more – click here to view our full list of awards.

 

Vinod has more than 20 years of experience in the Managed Services industry, with a proven track record of delivering innovative and customer-centric solutions. Prior to Align, he held senior leadership roles at several global IT firms, including ECI, IBM Global Services, Lucent Technologies, and Tyco Submarine Systems. In 2022, he received the honor of being included in Channel Futures’ Most Influential MSP leaders of 2022 List. Vinod was also recognized as a 2023 Honoree by Help for Children (HFC). Founded with a mission to make a profound difference in the lives of children in need, HFC is a renowned charitable organization dedicated to the prevention and treatment of child abuse for youth across the globe.

 

“Vinod is a visionary leader who has transformed our managed services business and delivered exceptional results for our customers and the broader financial services industry,” said Jim Dooling, CEO and President of Align Communications.

 

“He has a deep understanding of the market dynamics, customer needs, and technology trends that impact our industry. I am confident he will continue to drive growth and innovation for our managed services division and for Align.”

 

“I am honored and excited to take on this new role and lead our talented and dedicated team of managed services professionals,” said Vinod.

 

“Align is renowned for delivering top-notch and cost-efficient IT solutions and managed services to clients within the financial services sector. I am enthusiastic about actively contributing to our continued success, enhancing value for our customers, partners, and team members alike. Our dedication is to cultivate enduring partnerships with our clients, and I am excited to collaborate with our leaders to ensure an unparalleled client experience as a leading managed services provider.”

 

About Align

Align is a premier global provider of technology infrastructure solutions. For over 36 years, leading firms worldwide have relied on Align to guide them through IT challenges, delivering complete, secure solutions for business change and growth. Align is headquartered in Dallas, Texas and has offices in New York City, London, Chicago, San Francisco, Arizona, New Jersey, Texas and Virginia.

 

To learn more about Align Managed Services, visit our website here: https://www.align.com/managed-services and follow Align on LinkedIn and at @AlignITAdvisor on Twitter.

Contacts

Media
Ashley Holbrook
Director of Marketing, Align

aholbrook@align.com

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Flipkart’s co-founder Binny Bansal resigns after selling his entire stake in the company

—  Flipkart co-founder Binny Bansal has resigned from the e-commerce group’s board

 

 

Manish Singh / TechCrunch:

 

 

Binny Bansal, Flipkart co-founder, and Sachin Bansal, the Bengaluru-headquartered startup’s other co-founder, experienced a scuffle with the investors, and Binny has resigned from the e-commerce group’s board, the two said Saturday.

 

Binny Bansal, who reserved the rights to stay on Flipkart’s board, (which was acquired by Walmart in 2018), as long as he preferred, instead opted to leave. He cited conflict of interest with his new venture as the reason for the move.

 

Bansal launched OppDoor, a cross-border e-commerce startup, late last year. OppDoor offers end-to-end solutions — including market entry analysis, demand mapping, inventory management, cross-border logistics and taxation assistance — to businesses, according to its website.

 

The move also follows Bansal selling his entire stake in Flipkart, which was acquired by Walmart in 2018 for $16 billion, in recent years ahead of the e-commerce group’s much-awaited IPO, which is now slated for 2025. Bansal — who is also on the board of PhonePe, a position he is maintaining — has become a prolific investor in recent years, backing a number of startups including PhonePe.

 

“I am proud of the Flipkart Group’s achievements over the past 16 years. Flipkart is in a robust position, with a strong leadership team and a clear path forward, and with this confidence, I have decided to step aside, knowing the company is in capable hands,” Bansal said in a statement.

 

After leaving Flipkart, Sachin Bansal founded Navi, a financial services firm that is looking to go public. In 2022, Navi filed the paperworks for its initial public offering, but deterred the plan after the market conditions worsened.

 

“Flipkart is the outcome of a great idea and a lot of hard work, built by teams committed to transforming how India shops,” Flipkart Group chief executive Kalyan Krishnamurthy said in a statement Saturday. “We wish Binny the best as he embarks on his next venture and thank him for the deep impact he has enabled for the Indian retail ecosystem.”

 

 

 

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— Techmeme

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Israel supporters use apps to mass report pro-Palestinian content; tech platforms question ‘citizen-led propaganda’

—  The apps raise questions for tech platforms over ‘citizen-led propaganda’ campaigns, experts say

 

 

Taylor Lorenz / Washington Post:

 

 

As the war in Gaza rages on, and both sides battle for support and public attention, supporters of Israel are making use of tools that allow them to mass report pro-Palestinian content as violating a platform’s rules.

 

The tools also generate AI-written suggested responses to posts online, allowing users to flood the comments of pro-Palestinian posts with pro-Israel messaging.

Experts who study communication online say the widespread use of such tools influences the online discussion of the war and is ushering in a new era of citizen-led propaganda campaigns. But the use of the tools does not appear to violate platform rules against what’s known as “coordinated inauthentic behavior,” or posts that appear to come from unrelated individuals but are really the result of an organized effort, often through automated accounts.

“Working in an orchestrated fashion can be violative, but it quickly becomes a gray area, and that’s why these apps exist,” said Nora Benavidez, senior counsel and director of digital justice and civil rights at Free Press, a nonpartisan organization that lists its goals as protecting free expression and civil liberties.

Researchers say it is difficult to determine which comments have been generated by such tools because there’s no way to publicly track a user’s private activity across multiple apps. Social media companies would have to come up with ways to detect their use, which is challenging because the apps operate on their own platforms, not those of the social media companies. If the apps were automatically posting, they would likely violate rules against inauthentic activity. But third-party apps that simply encourage legitimate users to report posts escape that sanction.

There’s also no way to know with precision that actions taken against someone’s account or posts are in response to activity from these apps. Anecdotally, some users report that after their Instagram and TikTok posts were mentioned on the apps, the posts were either removed or heavily downranked, making them less accessible to a large audience.

Meta, which owns Instagram and Facebook, did not respond to a request for comment. TikTok also did not respond to requests for comment.

“I’ve had many posts taken down, I’d say upwards of 15 to 20 posts removed,” said Nys, a content creator who posts on TikTok under the handle @palestinianpr1ncess and spoke on the condition that she be referred to by first name only because she’s worried about repercussions when traveling to the West Bank. Nys said that each of her posts that has been surfaced on one of the apps has received a flood of pro-Israel, seemingly AI-generated comments. The post is also usually removed after many users report it for bullying or hate speech. “I’m not using hate speech,” Nys said. “I’m just doing commentary on everything happening in Palestine.”

Laura Chung, a content creator and podcaster, said that she believes a mass reporting campaign facilitated by one of the apps is what led to her TikTok account being removed in December. “I was creating pro-Palestine content for education purposes and I was going massively viral,” she said. “I believe it’s these apps that got me banned on TikTok.”

Joan Donovan, a noted disinformation expert who is an assistant professor of journalism at Boston University, said the apps are a new development in the propaganda battle being waged on the internet over Israel’s offensive in Gaza and that social media companies need to find ways to monitor their use.

“Social media is a terrain of warfare, not just for cyber troops, but also for citizen battalions armed with AI-enhanced bots and the ability to generate endless unique posts that evade current content moderation tools,” she said. “It is incumbent on tech companies to defend against such abuses.”

“This level of organization only exists on one side of the conflict,” said Emerson T. Brooking, a former cyber policy adviser to the Defense Department who studies disinformation and propaganda campaigns as a resident senior fellow at the Atlantic Council’s Digital Forensic Research Lab. “It exists for pro-Israel voices, and it exists because there are government ministries in Israel that support these tools and encourage their use.”

Brooking and other experts said they aren’t aware of any similar tools for Palestinian supporters.

At least one of these apps is directly tied to Israel. The app, called Moovers, encourages users to “Advocate for Israel, One Click at a Time.” It pulls in allegedly pro-Palestinian content from Instagram, TikTok, Facebook and X in a never-ending feed, allowing users easily to take action on that content, reporting it for review or commenting on it. It also provides pre-written pro-Israel scripts to respond to such posts.

In early December, a representative from Leaders, a Tel Aviv-based Israeli influencer marketing firm, began contacting creators in the United States, offering to pay them to promote Moovers to their audiences on Instagram. In emails viewed by The Washington Post, a representative from Leaders touted content on the Moovers app as “endorsed by Israel’s Government Advertising Agency.”

 

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— Techmeme