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CWB reports second quarter 2022 financial and strategic performance

CWB reports second quarter 2022 financial and strategic performance
Canada NewsWire
EDMONTON, AB, May 27, 2022

Second Quarter 2022 Highlights (compared to the same period in the prior year)
Diluted earnings pershare (EPS)
Total revenue
Pre-tax, pre…

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CWB reports second quarter 2022 financial and strategic performance

Canada NewsWire

Second Quarter 2022 Highlights (compared to the same period in the prior year)

Diluted earnings per
share (EPS)

Total revenue

Pre-tax, pre-
provision
income(1)

Loans(2)

Branch-raised
deposits(1)

$0.82

$259 million

$120 million

$34.0 billion

$19.9 billion

Consistent with same
quarter last year

Up 5%

Down 5%

Up 9% in total;

Up 13% in Ontario

Up 10%

This news release and accompanying financial highlights are supplementary to CWB's 2022 Second Quarter Report to Shareholders and 2021 Annual Report and should be read in conjunction with those documents.

EDMONTON, AB, May 27, 2022 /CNW/ - CWB Financial Group (TSX: CWB) (CWB) announced financial performance for the three and six months ended April 30, 2022, with quarterly common shareholders' net income of $74 million, up 3% from the same period last year. Our Board of Directors declared a cash dividend of $0.31 per common share, up two cents, or 7% from the dividend declared last year and up one cent, or 3% from last quarter.

"Our teams have built robust pipelines of full-service client opportunities that are already driving strong post-quarter growth. We are confident that we will achieve annual double-digit loan and deposit growth this year," said Chris Fowler, President and CEO. "While the timing of loan and branch-raised deposit growth has been later than expected and put downward pressure on second quarter net interest income and our annual financial outlook, stronger growth delivered in a rising interest rate environment will provide a significant tailwind as we move into next year."

"Our high performing teams continue to deliver on our strategic priorities. The launch of our new retail and small business digital platforms this summer will support continued strong branch-raised deposit growth. We remain very pleased with the progress of our Ontario expansion, with 13% loan growth in the province over the last year and with continued momentum expected from the opening of our new banking centre in Markham this summer."

"We are proud to be recognized in the top 20 on this year's list of Best Workplaces™ in Canada. Our continued rise on this list is powered by a people first culture that supports flexible work, promotes diversity and inclusion, and inspires collaboration and innovation to deliver a differentiated experience to our clients and deliver on our strategy priorities."

(1)      Non-GAAP measure – refer to definitions and detail provided on page 6.

(2)      Excludes the allowance for credit losses.

Financial Performance

Q2 2022,
compared to
Q1 2022(1)

Common shareholders' net income of $74 million

Down 15%

Diluted EPS of $0.82

Down 15%

Adjusted ROE of 10.3%

Down 150 bp

Efficiency ratio of 53.7%

Up 520 bp

Compared to the prior quarter, lower common shareholders' net income was primarily due to the impact of higher non-interest expenses, a higher provision for credit losses and lower revenue. The decline in revenue reflected a 3% decrease in net interest income and a 1% decrease in non-interest income. Lower net interest income reflected sequential 2% loan growth, including 3% in Ontario, more than offset by the impact of three fewer interest-earning days and a five basis point decrease in net interest margin(1). Lower net interest margin reflected higher average liquidity, higher funding costs primarily from senior deposit note issuances in the quarter and an increase in higher-cost broker deposits in our funding mix, partially offset by the net positive impact of the 75 basis point increase in the policy interest rate during the quarter. We expect our net interest margin to expand in the second half of the year to reflect the continued benefit of the higher policy interest rates, and the positive impact of stronger loan and branch-raised deposit(1) growth. Higher non-interest expenses reflect the seasonal increase in employee benefits and continued strategic investment in our people, Advanced Internal Ratings Based (AIRB) tools and processes, digital capabilities, and product offering. These investments are driving a temporary increase in our efficiency ratio, as the resulting benefits to revenue growth are expected to be achieved in future periods. The provision for credit losses on total loans as a percentage of average loans(1) was three basis points higher than the prior quarter, reflective of a two basis point increase in the impaired loan provision and a one basis point increase in the performing loan provision. Our impaired provision of 14 basis points remained below our historical five-year average of 19 basis points.

Q2 2022, compared to Q2 2021(1)

Common shareholders' net income of $74 million

Up 3%

Diluted EPS of $0.82

No change

Adjusted ROE of 10.3%

Down 50 bp

Efficiency ratio of 53.7%

Up 480 bp

Compared to the same quarter last year, common shareholders' net income increased from revenue growth and a decline in the provision for credit losses, partially offset by higher non-interest expenses. Branch-raised deposit growth of 10% reflects our franchise building strategy to expand our full-service client relationships. Revenue growth of 5% reflected a 4% increase in net interest income, driven by 9% loan growth partially offset by an 11 basis point decline in net interest margin, and an 8% increase in non-interest income, primarily due to higher wealth management fees. The decrease in net interest margin primarily reflected the impact of a lower overall loan yield, due to stronger growth in lower yielding portfolios and the impact of a competitive and historically low interest rate environment over a large portion of the last year. This was partially offset by a reduction in fixed rate funding costs, lower average liquidity and the net positive impact of the 75 basis point increase in the policy interest rate during the quarter. Non-interest expenses increased 15% driven by the continued strategic investment in our people, AIRB tools and processes, digital capabilities, and product offering. The provision for credit losses on total loans as a percentage of average loans was six basis points lower than the same quarter last year, which reflected a 13 basis point decrease in the impaired loan provision, partially offset by a seven basis point increase in the performing loan provision, as we recognized a larger recovery last year due to the significant improvement in forecast economic conditions.  

 YTD 2022,
compared to
YTD 2021(1)

Common shareholders' net income of $162 million

Up 7%

Diluted EPS of $1.79

Up 3%

Adjusted ROE of 11.1%

Down 10 bp

Efficiency ratio of 51.0%

Up 320 bp



(1)

Adjusted ROE, efficiency ratio, branch-raised deposits, net interest margin and the provision for credit losses on total loans as a percentage of average loans are non-GAAP measures. Refer to definitions and detail provided on page 6.


bp – basis point

On a year-to-date basis, the increase in common shareholders' net income was driven by 7% growth in revenue and a decline in the provision for credit losses, partially offset by an increase in non-interest expenses. Revenue growth reflected a 6% increase in net interest income attributable to 9% annual loan growth, partially offset by a six basis point decline in net interest margin. Non-interest income was up 10% driven by higher wealth management fees. Non-interest expenses were up 14% and reflected the impact of our strategic investments in our people, AIRB tools and processes, digital capabilities, and product offering. A 12 basis point provision for credit losses on total loans as a percentage of average loans was seven basis points lower than last year, reflective of a 12 basis point decline in the impaired loan provision, partially offset by a five basis point increase in the performing loan provision. The recovery in the performing loan provision was lower this year due to the significant improvement in forecast economic conditions that occurred in the prior year.

Strategic Performance

We continue to transform our capabilities to offer a superior full-service client experience through a complete range of in-person and digital channels. These expanded capabilities, delivered by our highly engaged and client-centric teams, will accelerate growth of full-service client relationships in specifically targeted segments that fit within our strategic growth objectives and prudent risk appetite. Our strategic execution, with current period highlights noted below, will enable us to continue to deliver strong growth of full-service client relationships and capitalize on the opportunities available to us as we continue to expand our presence in the Ontario market. This quarter, we:

  • were recognized by Great Place to Work Canada® as one of this year's top 20 Best WorkplacesTM in Canada, based on our people first culture that supports flexible work, promotes diversity and inclusion, and inspires collaboration and innovation to deliver a differentiated experience to our clients and deliver on our strategic priorities;
  • prepared our personal and small business digital banking platforms for a full-scale launch in the third quarter of 2022. The small business platform will integrate with the Virtual COO (VCOO) solution once fully launched, which will enable features like cash flow predictive modelling and integration to third party accounting platforms. A limited roll-out of the VCOO solution is currently underway, with a full launch scheduled to occur later this year; and,
  • executed an investment commitment in Portage Ventures' third fund, Portage III. Portage, the venture capital arm of multi-asset class alternative investment firm Sagard, is a global fintech-focused investor that invests in, and partners with, some of the world's most innovative financial technology companies. Participation in this fund will further enhance our digital client experience and product offering, through accessing actionable insights into trends shaping the industry and identifying targeted partnership opportunities that leverage our modern technology infrastructure.

Capital Management

Our at-the-market common equity distribution program (ATM) is a dynamic tool that has enabled us to maintain strong capital levels while supporting loan growth as we navigate economic and market volatility. We have issued common shares for net proceeds of $145 million since the launch of our ATM, including $46 million issued this quarter at an average share price of $35.33.

With the near full utilization of our existing ATM, we intend to establish a new ATM in the third quarter. Our new ATM will be used, if needed, to maintain a strong capital position while supporting elevated loan growth. The new ATM program will have consistent terms with our existing ATM, and will allow for the continued incremental share issuances, at our discretion and if needed, of up to an additional $150 million of common shares at market prices in effect at the time. 

About CWB Financial Group

CWB Financial Group (CWB) is the only full-service financial institution in Canada with a strategic focus to meet the unique financial needs of businesses and their owners. We provide our nation-wide clients with full-service business and personal banking, specialized financing, comprehensive wealth management offerings, and trust services. Our teams deliver a uniquely proactive and differentiated level of service to clients in targeted industries where we have deep expertise. Clients choose CWB for our highly personalized service, specialized expertise, customized solutions and faster response times.

As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 preferred shares) and "CWB.PR.D" (Series 9 preferred shares). We are firmly committed to the responsible creation of value for all our stakeholders and our approach to sustainability will support our continued success. Learn more at www.cwb.com.

Fiscal 2022 Second Quarter Results Conference Call

CWB's second quarter results conference call is scheduled for Friday, May 27, 2022, at 10:00 a.m. ET (8:00 a.m. MT). CWB's executives will comment on financial results and respond to questions from analysts.

The conference call may be accessed on a listen-only basis by dialing (416) 764-8688 (Toronto) or 1 (888) 390-0546 (toll-free) and entering passcode: 51675710. The call will also be webcast live on CWB's website:

www.cwb.com/investor-relations/quarterly-reports.

A replay of the conference call will be available until June 3, 2022 by dialing (416) 764-8677 (Toronto) or 1 (888) 390-0541 (toll-free) and entering passcode: 675710#.

Forward-looking Statements

From time to time, we make written and verbal forward-looking statements. Statements of this type are included in our Annual Report and reports to shareholders and may be included in filings with Canadian securities regulators or in other communications such as media releases and corporate presentations. Forward-looking statements include, but are not limited to, statements about our objectives and strategies, targeted and expected financial results and the outlook for CWB's businesses or for the Canadian economy. Forward-looking statements are typically identified by the words "believe", "expect", "anticipate", "intend", "estimate", "may increase", "may impact", "goal", "focus", "potential", "proposed" and other similar expressions, or future or conditional verbs such as "will", "should", "would" and "could".

By their very nature, forward-looking statements involve numerous assumptions and are subject to inherent risks and uncertainties, which give rise to the possibility that our predictions, forecasts, projections, expectations and conclusions will not prove to be accurate, that our assumptions may not be correct, and that our strategic goals will not be achieved.

A variety of factors, many of which are beyond our control, may cause actual results to differ materially from the expectations expressed in the forward-looking statements. These factors include, but are not limited to, general business and economic conditions in Canada, including housing market conditions, the volatility and level of liquidity in financial markets, fluctuations in interest rates and currency values, the volatility and level of various commodity prices, changes in monetary policy, changes in economic and political conditions, material changes to trade agreements, transition to the Advanced Internal Ratings Based (AIRB) approach for regulatory capital purposes, legislative and regulatory developments, legal developments, the level of competition, the occurrence of natural catastrophes, outbreaks of disease or illness that affect local, national or international economies, supply chain disruptions, changes in accounting standards and policies, information technology and cyber risk, the accuracy and completeness of information we receive about customers and counterparties, the ability to attract and retain key personnel, the ability to complete and integrate acquisitions, reliance on third parties to provide components of business infrastructure, changes in tax laws, technological developments, unexpected changes in consumer spending and saving habits, timely development and introduction of new products, and our ability to anticipate and manage the risks associated with these factors. It is important to note that the preceding list is not exhaustive of possible factors.

Additional information about these factors can be found in the Risk Management sections of our annual MD&A. These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements as a number of important factors could cause our actual results to differ materially from the expectations expressed in such forward-looking statements. Any forward-looking statements contained in this document represent our views as of the date hereof. Unless required by securities law, we do not undertake to update any forward-looking statement, whether written or verbal, that may be made from time to time by us or on our behalf. The forward-looking statements contained in this document are presented for the purpose of assisting readers in understanding our financial position and results of operations as at and for the periods ended on the dates presented, as well as our strategic priorities and objectives, and may not be appropriate for other purposes.

Assumptions about the performance of the Canadian economy over the forecast horizon and how it will affect our business are material factors considered when setting organizational objectives and targets. In determining expectations for economic growth, we consider our own forecasts, economic data and forecasts provided by the Canadian government and its agencies, as well as certain private sector forecasts. These forecasts are subject to inherent risks and uncertainties, including but not limited to the COVID-19 pandemic and its evolving impact on the Canadian economy. Where relevant, material economic assumptions underlying forward-looking statements are disclosed within the Outlook and Allowance for Credit Losses sections of our interim and annual MD&A.

Non-GAAP Measures

We use a number of financial measures and ratios to assess our performance against strategic initiatives and operational benchmarks. Some of these financial measures and ratios do not have standardized meanings prescribed by Generally Accepted Accounting Principles (GAAP) and may not be comparable to similar measures presented by other financial institutions. Non-GAAP financial measures and ratios provide readers with an enhanced understanding of how we view our financial performance. These measures and ratios may also provide the ability to analyze trends related to profitability and the effectiveness of our operations and strategies, and are disclosed in compliance with National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure.

To calculate non-GAAP financial measures, we exclude certain items from our financial results prepared in accordance with IFRS. Adjustments relate to items which we believe are not indicative of underlying operating performance. Our non-GAAP financial measures include:

  • Adjusted non-interest expenses – total non-interest expenses, excluding pre-tax amortization of acquisition-related intangible assets, and acquisition and integration costs. Acquisition and integration costs include direct and incremental costs incurred as part of the execution and integration of the acquisition of the businesses of T.E. Wealth and Leon Frazer & Associates that occurred in June 2020.
  • Adjusted common shareholders' net income – total common shareholders' net income, excluding the amortization of acquisition-related intangible assets, and acquisition and integration costs, net of tax.
  • Pre-tax, pre-provision income – total revenue less adjusted non-interest expenses.

The following table provides a reconciliation of our non-GAAP financial measures to our reported financial results.

Adjusted Financial Measures









For the three months ended


Change from
April 30

  2021


For the six months ended

Change from
April 30

  2021


(unaudited)

(thousands)


April 30

2022



January 31

2022



April 30

2021





April 30

2022



April 30

2021



Non-interest expenses

$

141,457


$

131,407


$

123,056



15

%

$

272,864


$

239,804


14

%

Adjustments (before tax):





















   Amortization of acquisition-related intangible assets(1)


(2,557)



(2,541)



(2,018)



27



(5,098)



(4,009)


27


   Acquisition and integration costs(2)


(58)



-



(274)



(79)



(58)



(417)


(86)


Adjusted non-interest expenses

$

138,842


$

128,866


$

120,764



15

%

$

267,708


$

235,378


14

%






















Common shareholders' net income





















Adjustments (after-tax):

$

74,164


$

87,642


$

71,956



3

%

$

161,806


$

151,193


7

%

   Amortization of acquisition-related intangible assets(1)


1,913



1,901



1,475



30



3,814



2,931


30


   Acquisition and integration costs(2)


44



-



206



(79)



44



315


(86)


Adjusted common shareholders' net income

$

76,121


$

89,543


$

73,637



3

%

$

165,664


$

154,439


7

%






















Total revenue

$

258,761


$

265,976


$

247,106



5

%

$

524,737


$

492,194


7

%

Less:





















   Adjusted non-interest expenses (see above)


138,842



128,866



120,764



15



267,708



235,378


14


Pre-tax, pre-provision income

$

119,919


$

137,110


$

126,342



(5)

%

$

257,029


$

256,816


-

%



(1)

Net of income tax of $644 for the three months ended April 30, 2022 (Q1 2022 - $640, Q2 2021 $543) and $1,284 for the six months ended April 30, 2022 (Q2 2021 - $1,078).

(2)

Negligible income tax impact for the three months ended April 30, 2022 (Q1 2022 – $nil, Q2 2021 – $68) and for the six months ended April 30, 2022 (Q2 2021 - $102).

Non-GAAP ratios are calculated using the non-GAAP financial measures defined above. Our non-GAAP ratios include:

  • Adjusted earnings per common share – diluted earnings per common share calculated with adjusted common shareholders' net income.
  • Adjusted return on common shareholders' equity – annualized adjusted common shareholders' net income divided by average common shareholders' equity, which is total shareholders' equity excluding preferred shares and limited recourse capital notes.
  • Efficiency ratio – adjusted non-interest expenses divided by total revenue.
  • Operating leverage – growth rate of total revenue less growth rate of adjusted non-interest expenses.

Supplementary financial measures are measures that do not have definitions prescribed by GAAP, but do not meet the definition of a non-GAAP financial measure or ratio. Our supplementary financial measures include:

  • Return on assets – annualized common shareholders' net income divided by average total assets.
  • Net interest margin – annualized net interest income divided by average total assets.
  • Return on common shareholders' equity – annualized common shareholders' net income divided by average common shareholders' equity.
  • Write-offs as a percentage of average loans – annualized write-offs divided by average total loans.
  • Book value per common share – total common shareholders' equity divided by total common shares outstanding.
  • Branch-raised deposits – total deposits excluding broker term and capital market deposits.
  • Provision for credit losses on total loans as a percentage of average loans – annualized provision for credit losses on loans, committed but undrawn credit exposures and letters of credit divided by average total loans. Provisions for credit losses related to debt securities measured at fair value through other comprehensive income (FVOCI) and other financial assets are excluded.
  • Provision for credit losses on impaired loans as a percentage of average loans – annualized provision for credit losses on impaired loans divided by average total loans.
  • Provision for credit losses on performing loans as a percentage of average loans – annualized provision for credit losses on performing loans (Stage 1 and 2) divided by average total loans.
  • Average balances – average daily balances.

Selected Financial Highlights


For the three months ended

Change from


For the six months ended

Change from


(unaudited)

(thousands, except per share amounts)


April 30
2022



January 31
2022



April 30
2021


April 30

2021



April 30
2022



April 30
2021


April 30

2021


Results from Operations




















 Net interest income

$

226,109


$

233,072


$

216,964


4

%

$

459,181


$

432,417


6


 Non-interest income


32,652



32,904



30,142


8



65,556



59,777


10


 Total revenue


258,761



265,976



247,106


5



524,737



492,194


7


 Pre-tax, pre-provision income(1)


119,919



137,110



126,342


(5)



257,029



256,816


-


 Common shareholders' net income


74,164



87,642



71,956


3



161,806



151,193


7


Common Share Information




















 Earnings per common share




















   Basic

$

0.82


$

0.98


$

0.83


(1)

%

$

1.80


$

1.74


3


   Diluted


0.82



0.97



0.82


-



1.79



1.73


3


   Adjusted(1)


0.84



0.99



0.84


-



1.83



1.77


3


 Cash dividends


0.30



0.30



0.29


3



0.60



0.58


3


 Book value


33.43



33.64



32.26


4



33.43



32.26


4


 Closing market value


32.41



38.63



33.80


(4)



32.41



33.80


(4)


 Common shares outstanding (thousands)


91,569



90,203



87,162


5



91,569



87,162


5


Performance Measures(1)




















 Return on common shareholders' equity


10.0

%


11.6

%


10.6

%

(60)

bp


10.8

%


10.9

%

(10)

bp

 Adjusted return on common shareholders' equity


10.3



11.8



10.8


(50)



11.1



11.2


(10)


 Return on assets


0.79



0.93



0.84


(5)



0.86



0.87


(1)


 Net interest margin


2.42



2.47



2.53


(11)



2.44



2.50


(6)


 Efficiency ratio


53.7



48.5



48.9


480



51.0



47.8


320


 Operating leverage


(10.3)



(3.9)



(4.2)


(610)



(7.1)



(3.6)


(350)


Credit Quality(1)




















 Provision for credit losses on total loans as a
   percentage of average loans(2)


0.14



0.11



0.20


(6)



0.12



0.19


(7)


 Provision for credit losses on impaired loans as
   a percentage of average loans(2)


0.14



0.12



0.27


(13)



0.13



0.25


(12)


Balance Sheet




















 Assets

$

38,927,826


$

37,684,907


$

35,917,565


8

%









 Loans(3)


34,041,369



33,364,006



31,372,100


9










 Deposits


31,298,278



30,302,691



29,067,025


8










 Debt


3,135,870



3,041,667



2,587,326


21










 Shareholders' equity


3,636,036



3,609,475



3,527,213


3










Off-Balance Sheet




















 Wealth management(4)




















   Assets under management and administration


8,278,744



8,689,298



7,638,959


8










   Assets under advisement(5)


1,992,438



2,185,748



2,006,934


(1)










 Assets under administration - other(6)


14,471,848



14,421,779



12,525,645


16










Capital Adequacy(7)




















 Common equity Tier 1 ratio


8.9

%


9.0

%


8.7

%

20

bp









 Tier 1 ratio


10.8



10.9



11.2


(40)










 Total ratio


12.3



12.5



12.9


(60)










Other




















 Number of full-time equivalent staff


2,617



2,643



2,516


4

%











(1)

Non-GAAP measure – refer to definitions and detail provided on page 6.

(2)

Includes provisions for credit losses on loans, committed but undrawn credit exposures and letters of credit.

(3)

Excludes the allowance for credit losses.

(4)

Certain comparative figures have been reclassified to conform with the current period's presentation.

(5)

Primarily comprised of assets under advisement related to our Indigenous Services wealth management business.

(6)

Comprised of trust assets under administration, third-party leases under administration and loans under service agreements.

(7)

Calculated using the Standardized approach in accordance with guidelines issued by the Office of the Superintendent of Financial Institutions Canada (OSFI).


bp – basis point

SOURCE CWB Financial Group

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Disney remote jobs: the most magical WFH careers on earth?

Disney employs hundreds of thousands of employees at its theme parks and elsewhere, but the entertainment giant also offers opportunities for remote w…

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The Walt Disney Co. (DIS)  is a major entertainment and media company that operates amusement parks, produces movies and television shows, airs news and sports programs, and sells Mickey Mouse and Star Wars merchandise at its retail stores across the U.S.

While most of the jobs at the multinational entertainment conglomerate require working with people — such as at its theme parks, film-production facilities, cruise ships, or corporate offices — there are also opportunities for remote work at Disney. And while remote typically means working from home, with Disney, it could also mean working in a non-corporate office and being able to move from one location to another and conduct business outside normal working hours.

Related: Target remote jobs: What type of work and how much does it pay?

What remote jobs are available at Disney?

Many companies, including Disney, have called employees to return to the office for work in the wake of the COVID-19 pandemic, and the bulk of the company’s positions are forward-facing, meaning they involve meeting with clients and customers on a regular basis. 

Still, there are some jobs at the “most magical company on earth” that are listed as remote and don’t require frequent in-person interaction with people, including opportunities in data entry and sales.

While thousands work in forward-facing positions, such as greeting customers at Disney’s theme parks around the world, there are some positions with the Walt Disney Co. that allow work to be done remotely.

Orlando Sentinel/Getty Images

On Disney’s career website, there are limited positions available where the work is completely remote. One listing, for example, is for a “graphics interface coordinator covering sporting events.” This role involves working on nights, weekends, and holidays — times when corporate offices tend to be closed — and it may make sense for the company to hire people who can work from home or to travel and work in a location separate from the game venue.

Some of the senior roles that are shown on the website involve managers who can oversee remote teams, whether that be in sales or data. Sometimes, a supervisor overseeing staff who work outside corporate offices may be responsible for hiring freelancers who work remotely.

On the employment website Indeed, there are limited positions listed. A job listing for a manager in enterprise underwriting for a federal credit union indicates weekend duty, working outside of an 8 a.m. to 5 p.m. schedule, and being able to work in different locations. The listed annual salary range of $84,960 to $132,000, though, is well above the national annual average of around $50,000.

Internationally, Disney offers remote work in India, largely in the field of software development for its India-based streaming platform, Disney+ Hotstar.

The company also offers some hybrid schemes, which involve a mixture of in-office and remote work. For a mid-level animator position based in San Francisco, the role would involve being in the office and working from home occasionally.

How much do remote jobs at Disney pay?

Pay for remote jobs at Disney varies significantly based on location. A salary for a freelance artist in New York City, for example, may be higher than for the same job in Orlando, Florida. 

Disney lists actual salary ranges in some of its job postings. For example, the yearly pay for a California-based compensation manager who works with clients is $129,000 to $165,000.

In an online search for “remote jobs at Disney,” results range from $30 to $39 an hour, for data entry, or $28.50 to $38 an hour for social media customer support.

How can I apply for remote jobs at Disney?

You can look for remote jobs on Disney's career site, and type “remote” in the search field. Listings may also appear on career-data websites, including Indeed and Glassdoor.

How many employees does Disney have?

In 2023, Disney employed about 225,000 people globally, of which around 77% were full-time, 16% part-time, and 7% seasonal. The majority of the workers, around 167,000, were in the U.S.

Disney says that a significant number of its employees, including many of those who work at its theme parks, along with most writers, directors, actors, and production personnel, belong to unions. It’s not immediately known how many remote workers at the company, if any, are union members. 

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“This discovery unveils a potential novel molecular target for therapeutic strategies against hepatic steatosis during the aging process […]”

Credit: 2024 Kim et al.

“This discovery unveils a potential novel molecular target for therapeutic strategies against hepatic steatosis during the aging process […]”

BUFFALO, NY- March 20, 2024 – A new research paper was published in Aging (listed by MEDLINE/PubMed as “Aging (Albany NY)” and “Aging-US” by Web of Science) Volume 16, Issue 5, entitled, “FoxO6-mediated ApoC3 upregulation promotes hepatic steatosis and hyperlipidemia in aged rats fed a high-fat diet.”

FoxO6, an identified factor, induces hyperlipidemia and hepatic steatosis during aging by activating hepatic lipoprotein secretion and lipogenesis leading to increased ApoC3 concentrations in the bloodstream. However, the intricate mechanisms underlying hepatic steatosis induced by elevated FoxO6 under hyperglycemic conditions remain intricate and require further elucidation.

In this new study, researchers Dae Hyun Kim, Seulah Lee, Sang Gyun Noh, Jaewon Lee, and Hae Young Chung from Pusan National University aimed to delineate the regulatory pathway involving ApoC3 controlled by FoxO6 and its resultant functional impacts.

“[…] we employed a spectrum of models including liver cell cultures, aged rats subjected to HFD, transgenic mice overexpressing FoxO6 (FoxO6-Tg), and FoxO6 knockout mice (FoxO6-KO).”

Their findings indicate that FoxO6 triggered ApoC3-driven lipid accumulation in the livers of aged rats on an HFD and in FoxO6-Tg, consequently leading to hepatic steatosis and hyperglycemia. Conversely, the absence of FoxO6 attenuated the expression of genes involved in lipogenesis, resulting in diminished hepatic lipid accumulation and mitigated hyperlipidemia in murine models. Additionally, the upregulation of FoxO6 due to elevated glucose levels led to increased ApoC3 expression, consequently instigating cellular triglyceride mediated lipid accumulation. The transcriptional activation of FoxO6 induced by both the HFD and high glucose levels resulted in hepatic steatosis by upregulating ApoC3 and genes associated with gluconeogenesis in aged rats and liver cell cultures.

“Our conclusions indicate that the upregulation of ApoC3 by FoxO6 promotes the development of hyperlipidemia, hyperglycemia, and hepatic steatosis in vivo, and in vitro. Taken together, our findings underscore the significance of FoxO6 in driving hyperlipidemia and hepatic steatosis specifically under hyperglycemic states by enhancing the expression of ApoC3 in aged rats.”
 

Read the full paper: DOI: https://doi.org/10.18632/aging.205610 

Corresponding Author: Hae Young Chung

Corresponding Email: hyjung@pusan.ac.kr 

Keywords: HFD-feeding, aging, forkhead transcription factor O6, ApoC3, lipid accumulation, hepatic steatosis

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About Aging:

Aging publishes research papers in all fields of aging research including but not limited, aging from yeast to mammals, cellular senescence, age-related diseases such as cancer and Alzheimer’s diseases and their prevention and treatment, anti-aging strategies and drug development and especially the role of signal transduction pathways such as mTOR in aging and potential approaches to modulate these signaling pathways to extend lifespan. The journal aims to promote treatment of age-related diseases by slowing down aging, validation of anti-aging drugs by treating age-related diseases, prevention of cancer by inhibiting aging. Cancer and COVID-19 are age-related diseases.

Aging is indexed by PubMed/Medline (abbreviated as “Aging (Albany NY)”), PubMed Central, Web of Science: Science Citation Index Expanded (abbreviated as “Aging‐US” and listed in the Cell Biology and Geriatrics & Gerontology categories), Scopus (abbreviated as “Aging” and listed in the Cell Biology and Aging categories), Biological Abstracts, BIOSIS Previews, EMBASE, META (Chan Zuckerberg Initiative) (2018-2022), and Dimensions (Digital Science).

Please visit our website at www.Aging-US.com​​ and connect with us:

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For media inquiries, please contact media@impactjournals.com.

 

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International

The Digest #194

Poor Charlie’s Almanack, Ben Graham, GAAP accounting, John Templeton, AI dystopia, Inflation, Bloomstran on Berkshire, Intuitive Surgical, The lessons…

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Poor Charlie’s Almanack

Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger was first published in 2005 as a “coffee table” style book. It was beautifully presented but came with a high price tag. It was also heavy, somewhat unwieldy to read, and not very portable. The book’s format and price probably limited its reach. 

Stripe Press published a new edition of the book shortly after Mr. Munger died last year at the age of ninety-nine. Amazon and other vendors instantly sold all available inventory. After waiting for three months, I finally received my copy last week. 

Peter Kaufman is the editor of all editions of the book and I suspect that his main goal two decades ago was to honor Charlie Munger’s wisdom in a format that was not expected to “go viral.” In 2005, Charlie Munger was well known in the Berkshire Hathaway shareholder community and in the value investing world, but he was not as prominent as he became during his final decade. The clear purpose of the new edition is to disseminate his ideas as widely as possible. 

The new edition is abridged to reduce repetitive content and I will withhold judgment about the wisdom of this abridgment until I finish reading the book. Since the heart of the book is comprised of speeches given by Charlie Munger, there are definitely cases where the same ideas are presented again and again. 

Great books can be read many times while remaining highly relevant. I found this to be the case when I reread Charlie Munger’s Harvard School commencement address delivered in June 1986 when his youngest son was among the graduates. In the speech, Mr. Munger “inverts” the typical advice delivered in such speeches by explaining how the graduates should go about guaranteeing a life of failure and misery through time-tested strategies such as ingesting drugs and indulging in envy and resentment. 

I am not sure how many graduates were convinced by Charlie Munger on that early summer day, but I suspect that most of them remember the speech because it was so unconventional. In contrast, I have no recollection of the commencement addresses when I graduated from high school or college, or even who the speaker was.


Articles

A Memorial for Charlie Munger by John Harvey Taylor, March 12, 2024. This is a brief account of a recent memorial service for Charlie Munger at Harvard-Westlake School. “We learned Sunday that someone once asked if he knew how to play the piano. ‘I don’t know,’ he said. ‘I’ve never tried.’ Yet he tried and finished so much in his century. Imagine what he is making of eternity.” (Episcopal Diocese of Los Angeles)

Benjamin Graham: Big Moments on the Way to Big Earnings, March 2024. Ben Graham’s granddaughter reflects on the challenges Graham experienced when he applied for college. “Most graduating seniors make their college plans in advance, but Ben Graham had no money for tuition. All through the long days of arduous farm labor, my grandfather dreamed of winning a Pulitzer Scholarship.” (Beyond Ben Graham)

Graham’s “Unpopular Large Caps” Part 2: Thoughts on Diversification by John Huber, March 19, 2024. “I would segment these ideas into two groups: core operating investments and bargain assets. In the former, you want to be very selective in picking a relatively small number of companies you intend to own for the long term. In the latter, you’d want to think like the insurance underwriter, buying as many as you can to ensure that the law of large numbers is on your side.” (Base Hit Investing)

Warren Buffett Minds the GAAP by Donald E. Graham, March 13, 2024. “I have a challenge for the FASB and the SEC: If you believe today’s accounting rules present a clearer picture of Berkshire’s results, put it to a test. Ask Berkshire’s shareholders if they prefer the present method of reporting earnings over the status quo ante. I don’t believe a single informed shareholder would say so. The rule is confusing and uninformative.” (WSJ)

  • Berkshire Hathaway’s Distorted Quarterly Results, August 7, 2022. “Berkshire’s net income figure has been totally useless for analytical purposes since 2018. This is true on an annual basis and even more true on a quarterly basis.” (The Rational Walk)

Sir John Templeton: The Gentleman Bargain Hunter by Kingswell, March 12, 2024. “Templeton, who passed away in 2008, arrived on the investing scene with a series of uber-profitable contrarian bets in the early days of World War II — and continued to outwit Mr. Market with maddening consistency for the next several decades.” (Kingswell)

They Praised AI at SXSW—and the Audience Started Booing by Ted Gioia, March 19, 2024. Many recent innovations seem to have a dystopian aura. Apparently, this sentiment is not restricted to the usual luddites (old men shouting at clouds) but is shared by some of the attendees of SXSW. What seems cool to tech bros in Silicon Valley might not seem so cool to those outside tech culture. (The Honest Broker)

We Still Don’t Believe How Much Things Cost by Rachel Wolfe and Rachel Louise Ensign, March 12, 2024. People tend to focus on the aggregate amount of inflation over the past few years and interpreted transitory to mean that price spikes would reverse. Of course, politicians and economists only meant that the rate of inflation would decrease, not that prices would ever return to pre-pandemic levels. (WSJ)

My 2023 Apple Report Card by John Gruber, March 18, 2024. A solid report card overall from a widely read technology blog. (Daring Fireball)


Podcasts

Christopher Bloomstran on Buffett, Berkshire, Munger, and China, March 19, 2024. 1 hour, 1 minute. Video. Also be sure to check out the latest Semper Augustus client letter which has a lengthy section on Berkshire Hathaway. (Value After Hours)

Renaissance Technologies, March 18, 2024. 3 hours, 10 minutes. Notes“Renaissance Technologies is the best performing investment firm of all time. And yet no one at RenTec would consider themselves an ‘investor’, at least in any traditional sense of the word. It’d rather be more accurate to call them scientists — scientists who’ve discovered a system of math, computers and artificial intelligence that has evolved into the greatest money making machine the world has ever seen.” (Acquired)

Intuitive Surgical: Robotic Precision, March 20, 2024. 1 hour, 6 minutes. Transcript“Intuitive creates robotic products to assist minimally invasive surgeries. Its Da Vinci system is a pioneer in this area as it increases the efficiency & accuracy of surgery and reduces the burden on the surgeons themselves.” (Business Breakdowns)

The Lessons of History (Will & Ariel Durant), March 18, 2023. 53 minutes. Notes“In every age men have been dishonest and governments have been corrupt.” (Founders)

A Classicist Believes that Homer Directly Dictated the Iliad, and Was Also an Excellent Horseman, March 14, 2024. 53 minutes. “The Iliad is the world’s greatest epic poem—heroic battle and divine fate set against the Trojan War. Its beauty and profound bleakness are intensely moving, but great questions remain: Where, how, and when was it composed and why does it endure?” (History Unplugged)


Triumph of Achilles

Triumph of Achilles by Franz von Matsch, 1892 (public domain)

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