Alternative currencies – Kopa Runescape 2 Gold http://www.koparunescape2gold.com/ Thu, 06 Jan 2022 21:07:05 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://www.koparunescape2gold.com/wp-content/uploads/2021/07/kopa.png Alternative currencies – Kopa Runescape 2 Gold http://www.koparunescape2gold.com/ 32 32 DISCUSSION AND ANALYSIS BY THE MANAGEMENT OF PRICESMART INC OF THE FINANCIAL CONDITION AND OPERATING RESULTS (Form 10-Q) https://www.koparunescape2gold.com/discussion-and-analysis-by-the-management-of-pricesmart-inc-of-the-financial-condition-and-operating-results-form-10-q/ Thu, 06 Jan 2022 21:07:05 +0000 https://www.koparunescape2gold.com/discussion-and-analysis-by-the-management-of-pricesmart-inc-of-the-financial-condition-and-operating-results-form-10-q/ Forward-looking statements This Quarterly Report on Form 10-Q contains forward-looking statements concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we") anticipated future revenues and earnings, adequacy of future cash flows, omni-channel initiatives, proposed warehouse club openings, the Company's performance relative to competitors and related matters. These forward-looking statements include, but are not limited to, statements containing […]]]>

Forward-looking statements


This Quarterly Report on Form 10-Q contains forward-looking statements
concerning PriceSmart, Inc.'s ("PriceSmart", the "Company" or "we")
anticipated future revenues and earnings, adequacy of future cash flows,
omni-channel initiatives, proposed warehouse club openings, the Company's
performance relative to competitors and related matters. These forward-looking
statements include, but are not limited to, statements containing the words
"expect," "believe," "will," "may," "should," "project," "estimate,"
"anticipated," "scheduled," "intend," and like expressions, and the negative
thereof. These statements are subject to risks and uncertainties that could
cause actual results to differ materially including, but not limited to: adverse
changes in economic conditions in our markets, natural disasters, compliance
risks, volatility in currency exchange rates and illiquidity of certain local
currencies in our markets, competition, consumer and small business spending
patterns, political instability, increased costs associated with the integration
of online commerce with our traditional business, whether the Company can
successfully execute strategic initiatives, cybersecurity breaches that could
cause disruptions in our systems or jeopardize the security of Member or
business information, cost increases from product and service providers,
interruption of supply chains, novel coronavirus (COVID-19) related factors and
challenges, including among others, the duration of the pandemic, the unknown
long-term economic impact, the impact of government policies and restrictions
that have limited access for our Members, and shifts in demand away from
discretionary or higher priced products to lower priced products, exposure to
product liability claims and product recalls, recoverability of moneys owed to
PriceSmart from governments, and other important factors discussed under the
captions "Item 1A. Risk Factors" and "Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations" in our Annual Report
on Form 10-K for the fiscal year ended August 31, 2021 filed with the United
States Securities and Exchange Commission ("SEC") on October 21, 2021. These
risk factors may be updated from time to time in our other filings with the SEC,
which are accessible on the SEC's website at www.sec.gov. Forward-looking
statements speak only as of the date that they are made, and the Company does
not undertake to update them, except as required by law. In addition, these
risks are not the only risks that the Company faces. The Company could also be
affected by additional factors that apply to all companies operating globally
and in the U.S., as well as other risks that are not presently known to the
Company or that the Company currently considers to be immaterial.



Overview


PriceSmart exists to improve the lives and businesses of our Members, our
employees and our communities by reliably and consistently providing quality
goods and valuable services at the lowest possible prices. We believe that lower
prices on products and services drive sales volume, which increases the
Company's buying leverage, which in turn leads to better pricing that we can
then offer to our Members, validating the value of the annual membership fee.

PriceSmart began operations in 1996 in San Diego, California, with the intent to
bring our U.S. style membership shopping warehouse club concept to underserved
countries. We currently operate 49 warehouse clubs in Central America, the
Caribbean and Colombia. Our Members also are able to shop on our e-commerce
platform, PriceSmart.com, which is available in all 13 markets.

We offer our individual and business Members a carefully-curated selection of
high quality, brand name and private label consumer products, essential goods
and direct-from-farm fresh produce. We also provide prepared foods and
fresh-baked goods. Most all merchandise is available for delivery or contactless
curbside pickup through our Click & Go™ service. Some of our clubs also provide
services that include Optical, Pharmacy, Audiology and Tire departments and
serve food at our food courts. Historically, our typical warehouse buildings
have ranged in sales floor size from approximately 40,000 to 60,000 square feet
and are located in and around the major cities in our markets to take advantage
of dense populations and relatively higher levels of disposable
income. Additionally, we operate smaller format clubs, with sales floors ranging
from approximately 30,000 to 40,000 square feet. These smaller format clubs
serve markets where the population may be less dense and/or where there may be
significant business to business opportunities. We also have utilized the
smaller format option to access and serve urban areas where it is difficult to
secure sufficient real estate at a reasonable cost. The option of using a
smaller format club, coupled with our omni-channel initiatives, helps us expand
our membership base and geographic reach in existing markets. We strategically
invest in technology to enhance Member experience and convenience. Technology
allows us to use valuable membership and other data to increase efficiencies and
use our insights about our Members to positively impact their lives. We also
provide wholesale supply services to a retailer in the Philippines.



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Logistics and distribution efficiencies are fundamental to delivering high
quality merchandise at low prices to our Members. We utilize regional
distribution centers in the U.S. and Costa Rica as well as several local
distribution centers to distribute merchandise efficiently, retain flexibility
and provide alternatives to source and transport goods, and mitigate the risk of
supply-chain disruption. As our business grows and includes more e-commerce
activity, we continually evaluate how to utilize our logistics and distribution
system to most efficiently provide merchandise to our Members. We also seek to
drive membership value and efficiencies by expanding our network of Produce
Distribution Centers and are exploring centralizing production activities, such
as bakery and meat processing.

Purchasing land and constructing warehouse clubs is generally our largest
ongoing capital investment. Securing land for warehouse club locations is
challenging in several of our markets because suitable sites at economically
feasible prices are difficult to find. Ownership of our real estate in many of
our markets provides several advantages, including lower operating expenses,
flexibility to expand or otherwise enhance our buildings, long-term control over
the use of the property and potential increase of value in future years. We own
and lease our real estate, depending upon the best available opportunities.

Our warehouse clubs currently operate in emerging markets that historically have
had higher growth rates and lower warehouse club market penetration than the
U.S. market. In the countries in which we operate, we do not currently face
direct competition from U.S. membership warehouse club operators. However, we do
face competition from various retail formats such as hypermarkets, supermarkets,
cash and carry, home improvement centers, electronic retailers, specialty
stores, convenience stores, traditional wholesale distribution and online sales.

The number of warehouse clubs for each country or territory were as follows:

                         Number of           Number of
                      Warehouse Clubs     Warehouse Clubs
                     in Operation as of  in Operation as of
Country/Territory    November 30, 2021   November 30, 2020
Colombia                              9                   7
Costa Rica                            8                   8
Panama                                7                   7
Dominican Republic                    5                   5
Guatemala                             5                   4
Trinidad                              4                   4
Honduras                              3                   3
El Salvador                           2                   2
Nicaragua                             2                   2
Aruba                                 1                   1
Barbados                              1                   1
U.S. Virgin Islands                   1                   1
Jamaica                               1                   1
Totals                               49                  46


Our warehouse clubs, one regional distribution center and several smaller local
distribution centers are located in Latin America and the Caribbean, and our
corporate headquarters, U.S. buying operations and our larger regional
distribution center are located primarily in the United States. Our operating
segments are the United States, Central America, the Caribbean and Colombia.

We are currently proceeding with the construction of a standard format warehouse
club located within the city of Portmore, Jamaica. Portmore is a suburb west of
the capital city of Kingston. We expect to open this warehouse club, which will
be our second warehouse club in Jamaica, in April 2022; it will also be our 50th
warehouse club.



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Factors affecting our business


The COVID-19 pandemic has resulted in significant challenges across our 13
markets since March 2020. Many markets imposed limitations, varying by market
and in frequency, on access to the Company's clubs and on the Company's club
operations, including in some cases frequent temporary club closures, a
reduction in the number of days during the week and hours per day the Company's
clubs were permitted to be open, restrictions on segments of the population
permitted to shop or circulate on particular days, and significant limits on the
number of people permitted to be in the club at the same time. We also
experienced product mix shifts due to changing consumer habits and/or government
imposed limitations on many non-food categories, decreases in purchases by many
business Members, particularly restaurants and hotels, and sporadic supply chain
challenges, which can impact inventory levels.

We are currently focusing on these four main priorities:

Protect the safety and well-being of our employees and members.

? Take proactive steps to protect and expand our supply chain options.

Expand technology-based purchasing and more efficient use of data.

• Manage cash flow and capital resources.


We recognize that this is an evolving and fluid situation; therefore, we are
vigilantly adapting to shifting consumer demands emerging from the pandemic. The
situation remains unpredictable in duration and intensity, and we continue to
see periodic reinstatements of stay-at-home orders and other restrictions. In
addition, we expect continued uncertainty in the economies of our markets as a
result of the pandemic and anticipate volatility in employment trends, industry
and consumer confidence and demand; volatility and liquidity of foreign currency
exchange rates; volatility of commodity prices; and possible fiscal austerity
measures taken by governments in our markets, which will likely impact our
results for the foreseeable future. For additional information, refer to the
risk factors discussed in Part I. "Item 1A. Risk Factors" in the Company's
Annual Report on Form 10-K for the year ended August 31, 2021.

Global economic trends, exchange rate volatility and other factors affecting the business


Our sales and profits vary from market to market depending on general economic
factors, including GDP growth; consumer preferences; foreign currency exchange
rates; political policies and social conditions; local demographic
characteristics (such as population growth); the number of years we have
operated in a particular market; and the level of retail and wholesale
competition in that market. The economies of many of our markets are dependent
on foreign trade, tourism, and foreign direct investments. Global and local
travel restrictions and a general slow-down in global economic activity as a
result of COVID-19 have significantly impacted and may continue to impact the
economies in several of our markets, causing significant declines in GDP and
employment and devaluations of local currencies against the U.S. dollar.

During the last half of fiscal year 2021 and continuing into fiscal 2022, we saw
several factors pressuring supply chains, including container shortages, port
delays, and truck and driver shortages. These disruptions and shortages are
impacting the timing of deliveries and leading to higher freight costs. Despite
all these issues, we continue to see strong sales. We are working to hold down
and/or mitigate the price increases passed on to the Members and maintain
sufficient inventory to grow sales. One key mitigating factor has been our
expanded network of distribution centers, which has facilitated alternative
routings of shipments, increased throughput, and provided flexibility to more
effectively mitigate these challenges. In addition, we have made strategic
investments in inventory and worked with our local vendors to source alternative
products, in order to reduce future out-of-stocks on high demand items that have
been impacted by these disruptions or that have been affected by electronic part
shortages. We expect pandemic-related conditions to continue throughout fiscal
2022.

Currency fluctuations can be one of the largest variables affecting our overall
sales and profit performance, as we have experienced in prior fiscal years,
because many of our markets are susceptible to foreign currency exchange rate
volatility. During the first three months of both fiscal year 2022 and 2021,
approximately 77.8% of our net merchandise sales were in currencies other than
the U.S. dollar. Of those sales, 48.5% and 49.5% consisted of sales of products
we purchased in U.S. dollars for each period, respectively.



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A devaluation of local currency reduces the value of sales and membership income
that is generated in that country when translated to U.S. dollars for our
consolidated results. In addition, when local currency experiences devaluation,
we may elect to increase the local currency price of imported merchandise to
maintain our target margins, which could impact demand for the merchandise
affected by the price increase. We may also modify the mix of imported versus
local merchandise and/or the source of imported merchandise in an effort to
mitigate the impact of currency fluctuations. Information about the effect of
local currency devaluations is discussed in "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Net Merchandise
Sales and Comparable Sales."

Our capture of total retail and wholesale sales can vary from market to market
due to competition and the availability of other shopping options for our
Members. Demographic characteristics within each of our markets can affect both
the overall level of sales and future sales growth opportunities. Certain island
markets, such as Aruba, Barbados and the U.S. Virgin Islands offer us limited
upside for sales growth given their overall market size.

Political and other factors in each of our markets may have significant effects
on our business. For example, the civil unrest in Colombia paralyzed significant
portions of the country's infrastructure as roadblocks and riots disrupted
normal economic activity during the third quarter of fiscal 2021. Austerity and
tax reform measures for Colombia and other Latin American countries with high
national debt levels and income disparity pose a risk for political instability.
Similar unrest happened in Nicaragua and Honduras in 2018 and 2019,
respectively; Costa Rica also had a general strike against tax reform measures
that significantly impeded regular economic activity in 2018. Events of this
sort have, and may continue to have, an adverse effect on our business.

Our operations are subject to volatile weather conditions and natural disasters.
In November 2020, Hurricanes Eta and Iota brought severe rainfall, winds, and
flooding to a significant portion of Central America, especially Honduras, that
caused significant damage to parts of that country's infrastructure. Although
our warehouse clubs were not significantly affected and we were able to manage
our supply chain to keep our warehouse clubs stocked with merchandise, these
natural disasters could adversely impact our overall sales, costs and profit
performance in the future.

In the past, we have experienced a lack of availability of U.S. dollars in
certain markets (U.S. dollar illiquidity), particularly in Trinidad. This can
and has impeded our ability to convert local currencies obtained through
merchandise sales into U.S. dollars to settle the U.S. dollar liabilities
associated with our imported products and to otherwise redeploy these funds in
our Company. This illiquidity also increases our foreign exchange exposure to
any devaluation of the local currency relative to the U.S. dollar. During fiscal
year 2021 and continuing into fiscal year 2022, we continue to experience
significant limitations on our ability to convert Trinidad dollars to U.S.
dollars or other tradeable currencies. As liquidity conditions have tightened,
we have raised prices on imported goods in Trinidad due to increased costs of
conversion of Trinidad dollars to U.S. dollars and risks associated with
continued illiquidity. We have also sought to shift the purchase of certain
goods to local sources where appropriate, and we are actively seeking to
exchange Trinidad dollars for tradeable currencies to manage our exposure to any
potential devaluation. In addition, we significantly limited shipments of goods
from the U.S. to Trinidad during most of fiscal 2021 and continuing into fiscal
2022 due to the illiquidity of the Trinidad dollar. We further reduced our
already limited shipments in the last quarter of fiscal 2021 because of the
government imposed restrictions on non-essential items during that period.
However, while shipments remained low relative to historic levels, shipments did
increase sequentially from the fourth quarter of fiscal 2021 to the first
quarter of fiscal 2022 in connection with the government's lifting of
restrictions on sales of non-essential items during the first quarter.

We continue to explore and execute several options to increase our ability to
generate more reliable sources of U.S. dollars in Trinidad, some of which may
lead us to incur additional expenses. For instance, in December 2021, we
executed a loan whereby we received $25 million of U.S. dollars, but the
associated principal and interest will be repaid in Trinidad dollars (converted
at rates in effect in December 2021) over a four-year period, thereby locking in
the conversion of a significant amount of Trinidad dollars at current conversion
rates and freeing up this cash in U.S. dollars for deployment for general
corporate purposes.

As of November 30, 2021, our Trinidad subsidiary had Trinidad dollar denominated
cash and cash equivalents and short and long-term investments measured in U.S.
dollars of approximately $49.9 million, a decrease of $3.0 million from August
31, 2021 when these same balances were approximately $52.9 million. The Trinidad
central bank manages the exchange rate of the Trinidad dollar with the U.S.
dollar. While the Trinidad government has publicly stated it has no intention to
devalue the Trinidad dollar, it could in the future decide to devalue the
currency to improve market liquidity, resulting in a devaluation in the U.S.
dollar value of these cash and investments balances.



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If, for example, a hypothetical 20% devaluation of the Trinidad dollar were to
occur, the value of our Trinidad dollar cash and investments position, measured
in U.S. dollars, would decrease by approximately $10.0 million, with a
corresponding increase in Accumulated other comprehensive loss reflected on our
consolidated balance sheet. Separate from the Trinidad dollar denominated cash
and investments balances described above, as of November 30, 2021, we had a U.S.
dollar denominated monetary asset position of approximately $21.1 million in
Trinidad (net of U.S. dollar denominated liabilities), which would produce a
gain from a potential devaluation of Trinidad dollars. If, for example, a
hypothetical 20% devaluation of the Trinidad dollar occurred, the net effect on
Other income (expense), net on our consolidated statement of operations of
revaluing these U.S. dollar denominated net monetary assets would be an
approximate $4.2 million gain. While we may pay premiums or enter into financial
transactions at a discount from the official government rate to convert our
Trinidad dollars into U.S. dollars, we use the official exchange rate published
by the Central Bank of Trinidad and Tobago to measure the U.S. dollar equivalent
of Trinidad dollar-based revenues, expenses, assets and liabilities and the
Trinidad dollar equivalent of U.S. dollar-based monetary assets and liabilities
for financial reporting purposes, as there are no other reliable references
available to translate or remeasure our revenues, expenses, assets and
liabilities.

Our Barbados subsidiary also began facing a U.S. dollar illiquidity situation in
fiscal 2020. The Barbados dollar has a conventional fixed-peg currency
arrangement, in which the Barbados dollar exchange rate is fixed to the U.S.
dollar. Thus, we do not expect a devaluation of this currency at this time. As
of November 30, 2021, our Barbados subsidiary had Barbados dollar denominated
cash and cash equivalents measured in U.S. dollars of approximately $3.3
million, which could not be readily converted to U.S. dollars for general use
within the Company. However, this balance has decreased significantly from the
$12.4 million balance as of August 31, 2021.



Corporate mission and strategy


PriceSmart exists to improve the lives and businesses of our Members, our
employees, and our communities through the responsible delivery of the best
quality goods and services at the lowest possible prices. Our mission is to
serve as a model company, which operates profitably and provides a good return
to our investors, by providing Members in emerging and developing markets with
exciting, high-quality merchandise sourced from around the world and valuable
services at compelling prices in safe U.S.-style clubs and through
PriceSmart.com. We prioritize the well-being and safety of our Members and
employees. We provide good jobs, fair wages and benefits and the opportunity for
growth. We strive to treat our suppliers right and empower them when we can. We
conduct ourselves in a socially responsible manner as we endeavor to improve the
quality of the lives of our Members and their businesses, while respecting the
environment and the laws of all the countries in which we operate. The annual
membership fee enables us to operate our business with lower margins than
traditional retail stores. As we increase our technological capabilities, we are
increasing our tools to drive sales and operational efficiencies. We believe we
are well-positioned to blend the excitement and appeal of our brick-and-mortar
business with the convenience and additional benefits of online shopping and
services.

Growth

As we look to the future, our business is focused on three main drivers of growth:

?Real estate – New clubs and distribution facilities

? Membership value

Additional sales generated from PriceSmart.com and digital and online capabilities


Real Estate - New Clubs and Distribution Facilities. We continue to actively
seek opportunities to expand our geographic footprint for brick-and-mortar
warehouse clubs. Our 50th club is scheduled to open in Jamaica in April 2022. We
intend to continue, and even accelerate, our current pace of club growth over
the next 3-5 years and to continue to explore and evaluate opportunities in new
markets. Our growth strategy, as it pertains to real estate, includes physical
distribution centers of various types to most efficiently support the flow of
merchandise from the supplier to the Member, be it sales generated from the
clubs or through PriceSmart.com. Also, the need for optionality in today's world
has proven essential. Therefore, we plan to make appropriate investments in our
distribution network to maximize efficiencies, minimize supply chain disruption,
and to provide optimal support for a growing e-commerce business. In addition to
our distribution center in Miami, Florida, we also operate a regional
distribution center in Costa Rica and are actively considering others. We also
intend to expand our network of Produce Distribution Centers. In some cases,
these facilities also provide the opportunity to capture efficiencies by
centralizing certain production activities, such as bakery, meat processing,
packaging and labeling.

Membership Value. Driving membership value leads to a higher membership base,
the opportunity to increase the membership fee when appropriate, and contributes
to the bottom line of the business. We focus on growth of our membership base,
member renewal rates and spend per Member as part of how we determine how
Members see our value. By adding more



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benefits that Members can only obtain with us, we expect to see growth in
Membership income. Recent examples include: additional services such as the
ability for all of our Members to transact on PriceSmart.com; Click & Go™
curbside pickup and delivery service in all of our clubs; and the implementation
and expansion of our Well-being initiative, which offers Optical services with
free eye exams for the member and additional members of their families and
deeply discounted eyeglass frames, Audiology services with free hearing exams
and deeply discounted hearing aids, and Pharmacy, which provides a significant
convenience to our Members.

Another driver of Membership value is our private label offering, which we are
working to expand. Private label also provides us the opportunity to source
quality items locally when appropriate. Select local sourcing has multiple
benefits including support of local communities in which we operate by
developing industry and creating direct and indirect jobs, mitigation of foreign
currency exchange risk, local currency procurement, and reduced supply chain
exposure. These initiatives offer additional benefits and services for our
Members whether they choose to shop on-line, in-club, or both.

Incremental sales generated from PriceSmart.com and digital and online
capabilities. Members continue to seek all the great value our distinct business
model provides in terms of quality, pricing and an exciting experience. However,
there is a growing expectation of consumers in our markets for convenience. We
continue to build capabilities and our offerings on PriceSmart.com. We also
build and apply technological tools to continue to learn more about and
strengthen our relationships with each of our Members. Together with data
analytics, we have been able to provide our Members with enhancements to the
membership experience. PriceSmart.com and these tools provide the opportunity
for us to continually strengthen and expand the scope of our relationship with
each Member and offer incremental products and services in the future.

Financial highlights for the first quarter of fiscal 2022 include:

“The total turnover increased by 11.2% compared to the same period of the previous year.


?Net merchandise sales increased 12.6% over the comparable prior year period. We
ended the quarter with 49 warehouse clubs compared to 46 warehouse clubs at the
end of the first quarter of fiscal 2021. Foreign currency exchange rate
fluctuations impacted net merchandise sales negatively by 1.0% versus the
comparable three-month period.

? Net sales of comparable merchandise (i.e. sales in the 46 warehouse clubs open for more than 13 ½

calendar months) for the completed 13 weeks November 28, 2021 increased by 9.4%. Fluctuations in exchange rates negatively impacted comparable merchandise net sales by 1.0%.

? Membership income for the first quarter of fiscal 2022 increased 11.2% to
$ 14.8 million.


?Total gross margins (net merchandise sales less associated cost of goods sold)
increased 11.9% over the prior-year period, and merchandise gross profits as a
percent of net merchandise sales were 16%, a decrease of 10 basis points (0.1%)
from the same period in the prior year.

? The operating result for the first quarter of fiscal 2022 was $ 46.0 million, an increase of 3.3%, or $ 1.5 million, compared to the first quarter of fiscal 2021.


?We recorded a $1.4 million gain in Other income (expense), net, primarily from
a $2.7 million gain from the sale of Aeropost, Inc., partially offset by a $1.9
million loss from foreign currency transactions, in the first quarter of fiscal
2022 compared to a $1.5 million net currency loss in the same period last year.
The gain from the sale of Aeropost, net of tax, resulted in a $1.5 million net
income gain and contributed $0.05 to basic and diluted net income per share in
the first quarter of fiscal 2022.

“Our effective tax rate increased in the first quarter of fiscal 2022 to 34.1% from 32.9% in the first quarter of fiscal 2021, primarily due to changes in uncertain tax positions.


?Net income attributable to PriceSmart for the first quarter of fiscal 2022 was
$30.5 million, or $0.98 per diluted share, compared to $27.7 million, or $0.90
per diluted share, in the first quarter of fiscal 2021.



COMPARISON OF THE 3 ENDED MONTHS NOVEMBER 30, 2021 and 2020


The following discussion and analysis compares the results of operations for the
three-month period ended on November 30, 2021 with the three-month period ended
on November 30, 2020 and should be read in conjunction with the consolidated
financial statements and the accompanying notes included elsewhere in this
report. Unless otherwise noted, all tables on the following pages present U.S.
dollar amounts in thousands. Certain percentages presented are calculated using
actual results prior to rounding.





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Net Merchandise Sales

The following tables indicate the net merchandise club sales in the segments in
which we operate and the percentage growth in net merchandise sales by segment
during the three months ended November 30, 2021 and November 30, 2020.

                                                Three Months Ended
                                    November 30, 2021                  November 30, 2020
                                               Increase
                                  % of net       from                             % of net
                        Amount     ?sales     prior year   Change      Amount      ?sales
Central America        $ 560,596     59.4 %  $     75,556   15.6 %  $    485,040     57.8 %
Caribbean                268,334     28.4          13,728    5.4         254,606     30.4
Colombia                 115,113     12.2          16,390   16.6          98,723     11.8
Net merchandise sales  $ 944,043    100.0 %  $    105,674   12.6 %  $    838,369    100.0 %

Comparison of the three completed months November 30, 2021 and November 30, 2020


Overall, total net merchandise sales grew 12.6% for the first quarter. The
increase resulted from an 11.3% increase in transactions and a 1.2% increase in
average ticket. Transactions represent the total number of visits our Members
make to our warehouse clubs and Click & Go™ curbside pickup and delivery service
transactions. Average ticket represents the amount our Members spend on each
visit or Click & Go™ order. We had 49 clubs in operation as of November 30, 2021
compared to 46 clubs as of November 30, 2020.

Net merchandise sales in our Central America segment increased 15.6% for the
three-months ended November 30, 2021. The increase had a 900 basis point (9.0%)
positive impact on total net merchandise sales growth. All markets within this
segment had positive net merchandise sales growth for the three-month period. We
added one new club to the segment when compared to the comparable prior-year
periods. We opened our fifth club in Guatemala in October 2021.

Net merchandise sales in our Caribbean segment increased 5.4% for the first
quarter. The increase for the quarter had a 160 basis point (1.6%) positive
impact on net merchandise sales growth. Our Dominican Republic market continued
its strong performance in the quarter with 16.8% growth. Our Aruba and Jamaica
markets also showed strong performance this quarter with 12.4% and 10.7% growth,
respectively. This strong performance was offset by our Trinidad market which
had declines in net merchandise sales for the same period. Trinidad sales were
adversely affected by our measured approach to rebalance our merchandise mix
following the reopening of the economy from the pandemic restrictions, and we
generally continue to manage our imports to be in line with the amounts of U.S.
dollars we expect to source in Trinidad. Net merchandise sales growth for
Trinidad improved during the first quarter of fiscal year 2022 compared to the
fourth quarter of fiscal 2021 as the Trinidad government lifted restrictions on
sales of non-essential merchandise, but sales have still not returned to the
level we achieved in the first quarter of fiscal 2021. Refer to "Management's
Discussion & Analysis - Factors Affecting Our Business" for more information
regarding the impact on us of the illiquidity of the Trinidad dollar.

Net sales of goods in our Colombia segment grew 16.6% for the first quarter. This increase had a positive impact of 200 basis points (2.0%) on the growth of total net merchandise sales. The main driver of the revenue increase for the quarter was the addition of two clubs to the segment compared to the same period last year. We opened our eighth club in
Colombia in december 2020 and our ninth club at Colombia in November 2021.

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The following table indicates the impact that currency exchange rates had on our
net merchandise sales in dollars and the percentage change from the three-month
period ended November 30, 2021. The term "currency exchange rates" refers to the
currency exchange rates we use to convert net merchandise and comparable net
merchandise sales for all countries where the functional currency is not the
U.S. dollar into U.S. dollars. We calculate the effect of changes in currency
exchange rates as the difference between current period activities translated
using the current period's currency exchange rates and the comparable prior year
period's currency exchange rates. We believe the disclosure of the effects of
currency exchange rate fluctuations on our results permits investors to
understand better the Company's underlying performance.

                               Currency exchange rate fluctuations for the
                                            Three months ended
                                            November 30, 2021
                               Amount                                    % change
Central America        $              (6,642)                               (1.4) %
Caribbean                                 874                                 0.4
Colombia                              (2,649)                               (2.7)
Net merchandise sales  $              (8,417)                               (1.0) %

Overall, the effects of currency fluctuations in our markets had an impact of approximately $ 8.4 million, or 100 basis points (1.0%), negative impact on net merchandise sales for the quarter ended November 30, 2021.


Currency fluctuations had a $6.6 million, or 140 basis point (1.4%), negative
impact on net merchandise sales in our Central America segment for the quarter
ended November 30, 2021. These currency fluctuations contributed approximately
80 basis points (0.8%) of the total negative impact on total net merchandise
sales for the current period. The Costa Rica Colón depreciated significantly
against the dollar as compared to the same three-month period a year ago, and
was a significant factor in the contribution to the unfavorable currency
fluctuations in this segment.

Currency fluctuations had a $0.9 million, or 40 basis point (0.4%), positive
impact on net merchandise sales in our Caribbean segment for the quarter ended
November 30, 2021. These currency fluctuations contributed approximately 10
basis points (0.1%) of positive impact on total net merchandise sales for the
period. The Dominican Republic experienced currency appreciation when compared
to the same period last year.

Currency fluctuations had a $2.6 million, or 270 basis point (2.7%), negative
impact on net merchandise sales in our Colombia segment for the quarter. These
currency fluctuations contributed approximately 30 basis points (0.3%) of the
total negative impact on total net merchandise sales for the quarter.

Comparable merchandise sales


We report comparable net merchandise sales on a "same week" basis with 13 weeks
in each quarter beginning on a Monday and ending on a Sunday. The periods are
established at the beginning of the fiscal year to provide as close of a match
as possible to the calendar month and quarter that is used for financial
reporting purposes. This approach equalizes the number of weekend days and
weekdays in each period for improved sales comparison, as we experience higher
merchandise club sales on the weekends. Each of the warehouse clubs used in the
calculations was open for at least 13 ½ calendar months before its results for
the current period were compared with its results for the prior period. As a
result, sales related to one of our warehouse clubs opened during calendar year
2021 will not be used in the calculation of comparable sales until they have
been open for at least 13 ½ months. Therefore, comparable net merchandise sales
includes 46 warehouse clubs for the thirteen-week period ended November 28,
2021.



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The following tables show the net sales of comparable merchandise in the reportable segments in which we operate and the percentage changes in net merchandise sales by segment during the thirteen week period ended. November 28, 2021 and November 29, 2020 compared to the previous year.

                                                   Thirteen Weeks Ended
                                       November 28, 2021          November 29, 2020
                                     % Increase/(decrease)      % Increase/(decrease)
                                         in comparable              in comparable
                                     net merchandise sales      net merchandise sales
Central America                                    14.1 %                    (0.7) %
Caribbean                                           5.0                        9.9
Colombia                                          (2.8)                        8.6
Consolidated comparable net
merchandise sales                                   9.4 %                      3.6 %

Comparison of completed thirteen-week periods November 28, 2021 and November 29, 2020


Comparable net merchandise sales for those warehouse clubs that were open for at
least 13 ½ months for some or all of the thirteen-week period ended November 28,
2021 increased 9.4%.

Comparable net merchandise sales in our Central America segment increased 14.1%
for the thirteen-week period ended November 28, 2021. All of our markets in
Central America had positive comparable net merchandise sales growth and this
increase contributed approximately 820 basis points (8.2%) of positive impact in
total comparable merchandise sales for the period.

Comparable net merchandise sales in our Caribbean segment increased 5.0% for the
thirteen-week period ended November 28, 2021. The increase contributed
approximately 150 basis points (1.5%) of positive impact on total comparable
merchandise sales for the period.

Our Dominican Republic market continued its strong performance in the
thirteen-week period with 16.8% comparable sales growth. Our Aruba and Jamaica
markets also showed strong performance this quarter with 12.9% and 7.7%
comparable sales growth, respectively. This strong performance was offset by our
Trinidad market, which declined in comparable net merchandise sales by 6.2% for
the thirteen-week period. Trinidad sales were adversely affected during most of
the first quarter because we limited merchandise shipments to the market due to
the ongoing U.S. dollar illiquidity situation. Refer to "Management's Discussion
& Analysis - Factors Affecting Our Business" for more discussion on the Trinidad
illiquidity situation.

Comparable net merchandise sales in our Colombia segment decreased 2.8% for the
thirteen-week period ended November 28, 2021. This decrease contributed
approximately 30 basis points (0.3%) of negative impact in total comparable
merchandise sales for the period. The decrease in Colombia during the current
quarter was primarily due to the foreign currency devaluation and sales
transfers from existing clubs included in the comparable net merchandise sales
calculation to new clubs not included in the calculation.

The following tables illustrate the impact of changes in exchange rates on our sales of comparable commodities in dollars and the percentage change for the thirteen week period ended. November 28, 2021.

                                        Currency Exchange Rate Fluctuations for the
                                                    Thirteen Weeks Ended
                                                     November 28, 2021
                                                Amount               % change
Central America                         $               (6,800)             (1.4) %
Caribbean                                                   867               0.3
Colombia                                                (2,538)             (2.5)
Consolidated comparable net
merchandise sales                       $               (8,471)             (1.0) %




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Overall, the combination of currency fluctuations within our markets had an impact of approximately $ 8.5 million, or 100 basis points (1.0%) negative impact on net sales of comparable merchandise for the thirteen week period ended November 28, 2021.


Currency fluctuations within our Central America segment contributed
approximately 80 basis points (0.8%) of negative impact in total comparable
merchandise sales for the thirteen-week period. Our Costa Rica market was the
main contributor as the market experienced currency devaluation when compared to
the same period last year.

Currency fluctuations within our Caribbean segment contributed approximately 10
basis points (0.1%) points of positive impact in total comparable merchandise
sales for the thirteen-week period. Our Dominican Republic market experienced
currency appreciation, which was partially offset by our Jamaica market, which
experienced currency devaluation when compared to the same period last year.

Currency fluctuations within our Colombia segment contributed approximately 30
basis points (0.3%) of negative impact in total comparable merchandise sales for
the thirteen-week period. This reflects the movement of the Colombian peso's
foreign currency exchange rate when compared to the same period a year ago.

Membership income


Membership income is recognized ratably over the one-year life of the
membership.

                                                        Three Months Ended
                                                   November 30,                           November 30,
                                                       2021                                   2020
                                                                        Membership
                                            Increase                   ?income % to
                                              from                   ?net merchandise
                              Amount       prior year    % Change       ?club sales          Amount
Membership income -
Central America             $     8,776   $        901      11.4 %            1.6  %     $        7,875
Membership income -
Caribbean                         3,973            262       7.1              1.5                 3,711
Membership income -
Colombia                          2,042            329      19.2              1.8                 1,713

Member Income – Total $ 14,791 $ 1,492 11.2%

1.6% $ 13,299


Number of accounts -
Central America                 917,929         78,542       9.4 %                              839,387
Number of accounts -
Caribbean                       432,144          4,273       1.0                                427,871
Number of accounts -
Colombia                        341,412         27,252       8.7                                314,160
Number of accounts -
Total                         1,691,485        110,067       7.0 %                            1,581,418


Comparison of the three completed months November 30, 2021 and November 30, 2020


The number of Member accounts as of November 30, 2021 was 7.0% higher than the
prior year period. Membership income increased 11.2% over the three-month period
ended November 30, 2021, compared to the prior-year period.

Membership income increased across all of our operating segments in the three
months ended November 30, 2021. The consolidated increase in membership income
is due to an increasing membership base since the start of fiscal year 2021.
Since August 31, 2021, all segments have increased their membership base.
Central America had the largest increase in membership in the first three months
of fiscal year 2022, with 9.4% growth, due primarily to the opening of our fifth
club in Guatemala in November 2021, followed by Colombia with an 8.7% increase
due primarily to the opening of our ninth club in that country and the Caribbean
with a 1.0% increase.



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We now offer the Platinum Membership program in all locations where PriceSmart
operates. The annual fee for a Platinum Membership in most markets is
approximately $75. The Platinum Membership program provides Members with a 2%
rebate on most items, up to an annual maximum of $500. We record the 2% rebate
as a reduction on net merchandise sales at the time of the sales transaction.
Platinum Membership accounts are 6.5% of our total membership base as of
November 30, 2021, an increase from 5.3% as of November 30, 2020. Platinum
Members tend to have higher renewal rates than our Diamond Members.

Our trailing twelve-month renewal rate was 89.0% and 81.9% for the periods ended
November 30, 2021 and November 30, 2020, respectively. The COVID-19 pandemic
caused a decrease in in-club traffic in the first quarter of fiscal year 2021,
resulting in fewer in-club visits and thus fewer renewals as most of our
renewals occur in the warehouse club. However, approximately 15% and 11% of our
membership sign-ups were completed using our online platform for the three-month
periods ended November 30, 2021 and November 30, 2020, respectively. Our online
platform facilitates capturing data and provides the opportunity for automatic
renewal of memberships, as well as improving our digital connection with our
Members.

Other Revenue

Other revenue primarily consists of non-merchandise revenue from freight and
handling fees generated from the marketplace and casillero operations we sold in
October 2021, interest-generating portfolio from our co-branded credit cards,
and rental income from operating leases where the Company is the lessor.

                                                 Three Months Ended
                                       November 30, 2021                 November 30, 2020
                                  Increase (decrease) from
                         Amount          ?prior year         % Change         Amount
Non-merchandise revenue  $ 3,307  $                 (9,348)   (73.9) %  $            12,655
Miscellaneous income       2,046                        549     36.7                  1,497
Rental income                635                       (96)   (13.1)                    731
Other revenue            $ 5,988  $                 (8,895)   (59.8) %  $            14,883

Comparison of the three completed months November 30, 2021 and November 30, 2020


The primary driver of the decrease in other revenue for the quarter is due to
the sale of our Aeropost subsidiary and its marketplace and casillero operations
on October 1, 2021. For additional information on the results of the
disposition, refer to "Item 1. Financial Statements: Notes to Consolidated
Financial Statements, Note 2 - Summary of Significant Accounting Policies."



                                       41

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Contents

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Why 2022 could be an even better year for active fixed income ETFs https://www.koparunescape2gold.com/why-2022-could-be-an-even-better-year-for-active-fixed-income-etfs/ Tue, 04 Jan 2022 21:03:35 +0000 https://www.koparunescape2gold.com/why-2022-could-be-an-even-better-year-for-active-fixed-income-etfs/ LThe past year has been a banner year for ETFs, with net inflows of $ 910 billion in US-listed ETFs, and it has set a benchmark that will be hard to beat in 2022. Equity ETFs have brought the lion’s share of flows for the year to $ 692 billion, which is not surprising given […]]]>

LThe past year has been a banner year for ETFs, with net inflows of $ 910 billion in US-listed ETFs, and it has set a benchmark that will be hard to beat in 2022. Equity ETFs have brought the lion’s share of flows for the year to $ 692 billion, which is not surprising given the number of record-breaking closings for major US exchanges last year.

However, with the trend reversal in the second half of the year, active ETFs saw their flows increase, and the trend is expected to continue in 2022, especially in the fixed income arena, believes Todd Rosenbluth, head of research on ETFs and mutual funds. at CFRA.

Bond ETFs collected $ 207 billion in flows in 2021, roughly the same amount as in 2020. Given the inflationary pressures in the second half of the year and a Fed that turned very hawkish at the end of the year, flows maintaining a variety of pressures in a space is not something to be stepped up.

Despite the losses in bond investments, actively managed fixed income ETFs were able to weather the recession more successfully than large index bond funds. Many of the major fixed income ETFs were able to maintain losses below 1% throughout the year, while the major passive fixed income ETFs such as the IShares Core Aggregate Bond ETF (AGG) lost 1.93% in 2021, others reflecting losses above 2%.

Actively managed bond ETFs also ended the year with 11% of total assets in the bond ETF space, but generated 14% of inflows. This reflects the fact that investors are increasingly turning to active management in times of inflation and with looming interest rate hikes at the forefront of concerns for bond investors.

“We believe investors will adopt more active ETFs in 2022 ahead of a more hawkish Federal Reserve,” Rosenbluth predicted in an investor communication.

Active management firm T. Rowe Price offers several ETF options in the bond space, including the T. Rowe Price Total Return ETF (TOTR), the T. Rowe Price QM US Bond ETF (TAGG), and the T. Rowe Price Ultra Short Term Bond ETF (TBUX).

The company brings a wealth of experience and research to its products, with portfolio managers averaging over 20 years of investment each, as well as more than 400 investment professionals dedicated to researching companies within ETFs.

For more news, information and strategy visit Active ETF Channel.

Learn more at ETFtrends.com.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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Missed purchase DOGE or SHIB 2021; These Crypto Can Give You Massive Returns In 2022 https://www.koparunescape2gold.com/missed-purchase-doge-or-shib-2021-these-crypto-can-give-you-massive-returns-in-2022/ Sun, 02 Jan 2022 12:36:41 +0000 https://www.koparunescape2gold.com/missed-purchase-doge-or-shib-2021-these-crypto-can-give-you-massive-returns-in-2022/ New Delhi: Memecoin like Dogecoin and Shiba Inu has managed to emerge as the most popular cryptocurrency overtaking major cryptocurrencies such as Bitcoin and Etherium. Shiba Inu has become the most viewed coin on the international market tracker, CoinMarketCap. SHIB is the 13th largest crypto by valuation with a market cap of over $ 20 […]]]>

New Delhi: Memecoin like Dogecoin and Shiba Inu has managed to emerge as the most popular cryptocurrency overtaking major cryptocurrencies such as Bitcoin and Etherium.

Shiba Inu has become the most viewed coin on the international market tracker, CoinMarketCap. SHIB is the 13th largest crypto by valuation with a market cap of over $ 20 billion and has also managed to break into the top 10 coins by market cap.

Shiba Inu and Dogecoin, which started out mostly as a joke, made millionaires in 2021. Right now, many investors are looking for the next big crypto for 2022 which may parallel the gains of Shiba Inu and Dogecoin.

Here are some Crypto coins that can go to the moon in 2022:

Dogelon Mars (ELON)

Dogelon Mars is another dog-themed coin that follows the lead of other successful dog coins like Dogecoin and Shiba Inu.

Dogelon Mars is becoming more and more popular in the coin space because its name is a mixture of Dogecoin and Elon Musk. Ultimately, Elon Mush is a billionaire entrepreneur who is a staunch supporter of Doge and wants to go to Mars. Dogelon Mars has successfully built a large community, with over 300,000 Twitter followers and over 84,000 Telegram subscribers

EverGrow (EGC)

You might not have heard of EverGrow (EGC) as it launched at the end of September 2021. EverGrow is a decentralized platform that bridges the gap between crypto and fiat currencies and brings the benefits of the world of crypto to ordinary people. Based on the Binance smart chain, it offers up to 10x faster block speeds and lower gas costs than many competing projects in this space.

EverGrow (EGC)

According to EverGrow, EGC is a deflationary token designed to become scarce over time. Eligible * $ EGC holders will earn an 8% reward on every USD indexed buy / transfer / sell transaction on Binance ($ BUSD), which is automatically sent to your wallet. This generates stable passive income.

Being the first cryptocurrency that rewards its users with $ BUSD, EverGrow Coin is a favorite among all cryptocurrencies. With its anti-whale system, EverGrow Coin discourages sales of whales by limiting any sale amount to a maximum of 0.125% of the circulating supply. EverGrow Coin holders are rewarded with Binance Pegged USD, a first in cryptocurrency history. With each transaction, a small percentage of tokens are automatically transferred to the PancakeSwap liquidity pool.

Safemoon (SAFEMOON)

The SafeMoon protocol is a decentralized finance coin (DeFi) and it has three functions that take place during every transaction: reflection, LP acquisition, and burning.

Safety moon

It is a combination of RFI tokenomics and an auto-liquidity generation protocol. The protocol aims to address issues with past cryptocurrencies, including mining rewards, farming rewards, and liquidity provision. Mining equipment can be both expensive and harmful to the environment, but mining remains attractive because of the opportunities it offers. Therefore, as an easy alternative to mining rewards, the SafeMoon protocol allows users to participate in smart contract token reflection to produce tokens inside. their own portfolio.


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Some companies are ready for the end of libor, but not all https://www.koparunescape2gold.com/some-companies-are-ready-for-the-end-of-libor-but-not-all/ Thu, 30 Dec 2021 13:27:40 +0000 https://www.koparunescape2gold.com/some-companies-are-ready-for-the-end-of-libor-but-not-all/ Wall Street’s abandonment of the London Interbank Offered Rate takes effect at the start of the new year. Some companies are better prepared for it than others. From January 1, US banks will no longer be allowed to issue new debt linked to Libor, the global benchmark underlying billions of dollars in financial contracts. Financial […]]]>

Wall Street’s abandonment of the London Interbank Offered Rate takes effect at the start of the new year. Some companies are better prepared for it than others.

From January 1, US banks will no longer be allowed to issue new debt linked to Libor, the global benchmark underlying billions of dollars in financial contracts. Financial authorities began phasing out Libor in 2017 after discovering that traders at major banks had manipulated the rate by submitting fake data.

Major US financial institutions have been preparing for the transition for years. Many of them have replaced Libor with alternative benchmarks, including the Secured Overnight Financing Rate – Wall Street’s preferred choice – for some of their assets, including interest rate swaps and bank-backed securities. mortgage claims.

Meanwhile, non-financial corporations and smaller institutions such as regional banks are at various stages of selecting a replacement rate and updating their systems to handle the change, analysts say. Some companies have hung on to Libor, making another new deal before the end of the year, as debt sold before the deadline may continue to refer to the rate until June 2023.

Executives, lawyers and investors expect these companies to make further progress to move away from Libor in early 2022. But for some non-financial companies, preparation could lead to distractions from their core business. , and worse yet, lack of preparation can raise financial questions. regulators on their ability to manage the transition, said Venetia Woo, senior global advisor Libor at consultancy firm Accenture.

“These changes may look very minor from the outside, but they have big ripple effects,” Ms. Woo said.

Many products, including currency swaps and floating rate notes, have been replaced by Libor, Michael Gibson, director of the Federal Reserve’s supervisory and regulatory division, said at a board meeting at the beginning of the month. All new mortgage-backed securities issued by Fannie Mae and Freddie Mac are now tied to SOFR, he said, and about 90% of recently issued floating rate notes.

The value of interest rate swaps referencing SOFR has grown from less than $ 1,000 billion in September 2020 to over $ 7 trillion through November 2021, Gibson said. Currency swaps, where one party borrows one currency from another and lends another currency in return, between the US dollar and other currencies have almost entirely shifted to SOFR or other benchmarks, has t -he adds.

But for business loans, the transition has been slower. According to Leveraged Commentary & Data, of the $ 598.59 billion in excess listed business loans sold this year through December 27, only 2.6% referred to SOFR. Leverage loans are typically issued by companies with high earnings leverage and used by private equity firms to help fund business buyouts.

Earlier this month, WideOpenWest Inc., a cable operator based in Englewood, Colo., Launched a $ 730 million loan maturing in 2028 to refinance an existing line of credit. The company chose SOFR over other replacement rates because it is based on observable transactions and large volumes, said CFO John Rego.

“We believe that the key characteristics of SOFR underpin its strong presence and acceptance in the market, and will be the main benchmark in a post-Libor era,” said Mr. Rego.

Also this month, medical device maker ICU Medical Inc. sold an $ 850 million leveraged loan to help fund its pending $ 2.35 billion acquisition of the medical division. of Smiths Group PLC, an engineering company. Executives at the San Clemente, Calif., Based company chose SOFR after their lenders told them it was the most accepted replacement rate in the leveraged loan market, the leveraged loan market said. CFO Brian Bonnell. ICU Medical did not consider credit sensitive alternatives, said Bonnell.

“We weren’t looking to do something exotic to be unique,” ​​he said.

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Crypto Essentials 2022 Newbies – Bitcoin Mining Explainer Report Released https://www.koparunescape2gold.com/crypto-essentials-2022-newbies-bitcoin-mining-explainer-report-released/ Sat, 25 Dec 2021 01:32:04 +0000 https://www.koparunescape2gold.com/crypto-essentials-2022-newbies-bitcoin-mining-explainer-report-released/ FitPreneurShip has released its latest report which offers readers a comprehensive overview of what cryptocurrencies are and how they work. New York, United States – December 24, 2021 – In the new report, readers are given a breakdown of how cryptocurrencies are created, along with details on what sets them apart from traditional currencies, such […]]]>

FitPreneurShip has released its latest report which offers readers a comprehensive overview of what cryptocurrencies are and how they work.

In the new report, readers are given a breakdown of how cryptocurrencies are created, along with details on what sets them apart from traditional currencies, such as physical money, which are controlled by financial institutions and corporations. governments.

More information is available at https://fitpreneurship.com/cryptocurrencies/what-is-cryptocurrency-and-how-does-it-work

Along with their recent report, FitPreneurShip also offers a wide range of other resources and articles covering all aspects of entrepreneurship and how to lead a healthy lifestyle.

With the ever increasing popularity and interest in cryptocurrencies, it is becoming difficult to ignore the importance they will have on the future of finance. However, those who have not started their journey and training in the industry may find it difficult to know where to find the basic information needed to understand what cryptos are. This is why FitPreneurShip has launched its latest report, which is a great starting point for anyone looking to learn about cryptos and know how to start investing in them.

As the report explains, the fundamental reason cryptocurrencies were created was to offer an alternative currency that is not controlled by any institution or individual. The report emphasizes that this freedom allows for more secure transactions while protecting the identity of people at both ends of the process.

In addition to explaining what cryptos are and how they are made, the report also provides information for those interested in trading or investing. FitPreneurShip’s report includes several common mistakes made by newcomers to crypto investing, ensuring readers are aware of the dangers and risks involved in the industry. Mistakes noted in the report include not being aware of the volatile nature of the market and not doing enough research before investing.

As an online resource, FitPreneurShip gives new and existing entrepreneurs a one-stop-shop for resources and tools to help them on their journey, with articles on areas such as sales and marketing strategies, how to effectively use social media and email marketing guides.

A spokesperson for the company said: “Our initiative is to help new entrepreneurs not only start their journey to the life of their dreams, but also to help them holistically where they are healthy and wealthy. . “

Interested parties can find more information by visiting https://fitpreneurship.com/cryptocurrencies/what-is-cryptocurrency-and-how-does-it-work

Disclaimer: The information provided on this page does not constitute investment advice, financial advice, business advice or any other kind of advice and should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency be bought, sold or held, or that a crypto investment be made. The crypto market is high risk, with high risk and unproven plans. Readers should do their own research and consult a professional financial advisor before making any investment decisions.

Contact information:
Name: Kneller Fernandes
Email: send an email
Organization: FitPreneurShip
Address: 99 Wall Street # 167 New York NY 10005, New York, NY 10005, USA

Version Number: 89057886

comtex tracking

COMTEX_399552137 / 2773 / 2021-12-24T20: 02: 37


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Crypto saved the day? Turkey’s trade volume skyrockets https://www.koparunescape2gold.com/crypto-saved-the-day-turkeys-trade-volume-skyrockets/ Wed, 22 Dec 2021 22:02:12 +0000 https://www.koparunescape2gold.com/crypto-saved-the-day-turkeys-trade-volume-skyrockets/ Crypto might be the only way out for people in Turkey looking to escape their currency degradation. As Turkey’s national economy collapses, the pound has experienced a massive collapse against the US dollar with more than 10% on its worst day and an annual loss of 55%. Related reading | Turkey’s President Announces War on […]]]>

Crypto might be the only way out for people in Turkey looking to escape their currency degradation. As Turkey’s national economy collapses, the pound has experienced a massive collapse against the US dollar with more than 10% on its worst day and an annual loss of 55%.

Related reading | Turkey’s President Announces War on Cryptocurrencies

The lecture was able to trace some of the downsides after Turkish head of state Tayyip Erdogan announced a “new business model”. Erdogan insisted on keeping interest rates low and took steps to improve the situation, mainly replacing members of his cabinet and the central bank.

However, as the graph below shows, the lire has been trending downwards since 2014 when Erdogan first took office. As happened in 2021 and since their inception, cryptocurrencies appear to be the most effective alternative for citizens to protect themselves against bad monetary policies.

The Turkish Lira on a downtrend on the monthly chart. Source: TRYUSD Tradingview

Crypto trading volume has jumped over a million against the Turkish lira as citizens search for a place to “park their savings to avoid the effects of soaring inflation,” according to a Reuters report. . As the graph below shows, 2021 was by far the most active year for crypto users in Turkey.

Bitcoin Crypto Lira Turkey
Source: Reuters

At the start of the year, the number of crypto transactions against the Turkish lira skyrocketed, possibly due to two factors: rising inflation and the rally in major cryptocurrencies. According to Reuters, it is common for Turks to switch from their national currency to valuable assets:

Converting lire to US dollars or gold is common for Turks, who have seen the currency lose 90% of its value since 2008. But with Ankara seeking to make such practices more difficult and cryptocurrency prices rising sharply this year, crypto trading has grown in popularity. .

The most popular crypto assets in Turkey

Other data cited by the report concludes that Bitcoin and Tether (USDT), a digital asset linked to the price of the US dollar, are the most popular digital assets in Turkey. The latter offers traders a bridge between the lira and other cryptocurrencies.

While Bitcoin has increased its adoption around the world, especially in countries in economic crisis, as a store of value / medium of exchange. The first market-capitalization crypto was created to be censorship resistance with a limited supply that no central bank or single entity can alter.

Thus, it offers people a solid alternative against their constantly changing and depreciating local fiat currencies. Of course, Turkey’s central bank and other government authorities are pushing for more crypto regulations claiming “too much risk” for users.

Related reading | Turkish Lira Crash: Bitcoin Freedom Vs. Fiat Currency Monopoly

In the meantime, Bitcoin could continue to prove itself as the only asset that will prevent adopters in Turkey from having their wealth destroyed by Erdogan’s policies. At the time of going to press, the price of BTC is trading at $ 48,956 with a sideways move in the last day.

Bitcoin BTC BTCUSD crypto
BTC moving sideways in the 4 hour chart. Source: BTCUSD Tradingview


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Is Buying Bitcoins a Good Investment? https://www.koparunescape2gold.com/is-buying-bitcoins-a-good-investment/ Tue, 21 Dec 2021 07:33:33 +0000 https://www.koparunescape2gold.com/is-buying-bitcoins-a-good-investment/ (MENAFN- CCP Marketing) Are you wondering if buying Bitcoin is a good investment? If so, here’s what you need to know before investing in this virtual currency. Maybe you already know that Bitcoin is a highly regarded and most popular digital currency in the world. You may have heard that every retail investor buys Bitcoin […]]]>

(MENAFN- CCP Marketing)

Are you wondering if buying Bitcoin is a good investment? If so, here’s what you need to know before investing in this virtual currency.

Maybe you already know that Bitcoin is a highly regarded and most popular digital currency in the world. You may have heard that every retail investor buys Bitcoin before miners produce all of the tokens. Bitcoin is undoubtedly more and more accepted globally, with many people viewing it as an alternative asset. Businesses and individual investors are rushing to buy this digital asset before miners produce the 21 million tokens, increasing its demand and value.

But is buying Bitcoin a good investment in 2021? There are a number of ways people can buy Bitcoins today. However, the most common method is to register with crypto exchanges such as bitcoin circuit to buy Bitcoin with fiat currency. You can also buy this digital asset from a friend, relative, or anyone in a face-to-face meeting. But before you buy Bitcoin, take the time to determine if it is a good investment.

Bitcoin as a modern investment

Bitcoin presents an innovative and modern asset. A significant percentage of the world’s population doesn’t know much about Bitcoin. However, this virtual currency set a record when it peaked at over $ 68,000 per token. And this has tempted many investors who must doubt Bitcoin’s viability as an investment. Additionally, some crypto enthusiasts argue that Bitcoin’s value could potentially reach $ 75,000 per token, or even more. If this trend continues, buying Bitcoin now is definitely a smart move.

But predicting Bitcoin’s future performance isn’t easy. Additionally, investing in any cryptocurrency comes with certain risks. Nonetheless, this might be the best time to invest in this digital currency as it continues to break its performance record.

Why Buying Bitcoin Might Be A Good Investment

Bitcoin is the oldest digital currency with the most recognized name. It also enjoys the first-mover advantage, making virtual currency the highest market capitalization of around $ 1.2 trillion. Ideally, Bitcoin makes up almost half of the entire $ 2.8 trillion crypto market for all cryptocurrencies.

Additionally, most traders accept Bitcoin worldwide. Although most sellers do not accept crypto payments, those who do receive them prefer Bitcoin because its competitors are less well known. The widespread acceptance and adoption of Bitcoin will facilitate its success.

But this virtual currency also has its drawbacks. For example, many environmentalists have complained about the effects of Bitcoin mining on the environment. Bitcoin uses proof of work as a mining protocol. Essentially, miners use powerful computers to verify Bitcoin transactions. The verification process involves solving complex puzzles.

These puzzles get more and more complex over time, and computers will need more power to mine the Bitcoins. Therefore, critics have expressed their concerns about this massive energy consumption. Thus, Bitcoin will need an alternative to minimize energy consumption and remain competitive.

Additionally, Bitcoin faces competition from other cryptocurrencies, such as Ethereum. Some countries, like China, are also developing government-issued digital currencies. Thus, Bitcoin could face more competition in the future which could affect its value.

Why should you buy Bitcoin now

Although Bitcoin has its drawbacks, it could be a worthwhile investment. This digital currency is increasingly becoming a household name as governments and institutions develop ways to meet the growing demands of their customers.

The internet was a speculative investment at one time, and Bitcoin faces similar criticisms with this world-changing innovation. Bitcoin’s current adoption rate exceeds that of the internet, with a user base almost the same size as the internet in 1997.

Countries like El Salvador have made Bitcoin their legal tender, with Paraguay and others likely to follow suit. The world of mainstream finance has seen the potential of this virtual currency and is looking for ways to embrace it. This means that buying Bitcoin now could be a smart move.

Nevertheless, investors should take into account the risks of buying Bitcoin, especially the volatility of this virtual currency which could lead to significant losses.

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Welcome! Central bank digital currency https://www.koparunescape2gold.com/welcome-central-bank-digital-currency/ Sun, 19 Dec 2021 20:37:56 +0000 https://www.koparunescape2gold.com/welcome-central-bank-digital-currency/ A cryptocurrency escapes the control of countries’ central banks. As the name suggests, the currency is encrypted and is not accessible to anyone other than the owner. A number of computer enthusiasts get together and they solve a puzzle like Sudoku. Whoever can solve the puzzle receives a prize in the form of a currency […]]]>

A cryptocurrency escapes the control of countries’ central banks. As the name suggests, the currency is encrypted and is not accessible to anyone other than the owner. A number of computer enthusiasts get together and they solve a puzzle like Sudoku. Whoever can solve the puzzle receives a prize in the form of a currency such as Bitcoin. All other players must confirm that the winner has solved the puzzle. Only then does he receive the cryptocurrency. Control of money is not with one person. It is distributed among all the players. A new puzzle solving game begins after solving the previous puzzle. In this way, a new cryptocurrency is being made the very moment new paper banknotes are printed. Governments or their central banks cannot identify owners or determine the number of parts manufactured. Cryptocurrency stands and operates alongside central banks.

Central banks have been opposed to the promotion of digital currencies. The first downside, they say, is that cryptocurrency can destabilize the economy. For example, let’s say inflation is high. The Reserve Bank of India wants to reduce inflation and reduce the money supply to discourage borrowing and consumer spending and slow the economy. Cryptocurrency can continue to be manufactured in large numbers and reverse the reduction in money supply implemented by the Reserve Bank. It’s like a person paying by debit card when they don’t have cash in their wallet. In this way, governments lose control over monetary policy.

The second downside is that cryptocurrencies can fail and destabilize the economy again. Prior to 1863, there was no national currency in the United States. Various private entities and municipalities have issued their own currency. Many banks went bankrupt and municipal currencies were devalued, causing chaos in the economy. The federal government enacted the National Currency Law and ensured the circulation of a single currency. We can go back to the pre-1863 chaos situation if cryptocurrencies are allowed. Cryptocurrencies can be stolen or devalued.

The third disadvantage is that of supporting the crime. Recently, the computers of an oil company in the United States were hacked. Hackers demanded and obtained payment of a ransom in cryptocurrency. Part of the ransom was recovered by the police, but not a part. Cryptocurrency is anonymous. An owner cannot be identified because it is simply a number stored in the computer.

Crypto currency is beneficial despite these drawbacks in situations where central banks are irresponsible. For example, let’s say the government of a country prints paper money indiscriminately and the prices go up, say, 10 times in a year. In such a situation, it becomes very difficult for the businessmen to manage their affairs as the value of paper money changes from hour to hour. It is also difficult for any household to protect its income because the value of paper money can drop in a week. Digital currency can provide a secure method for transacting and storing income in such situations. It’s a bit like a person buying gold when inflation goes crazy. The advantage is that the problems of saving gold do not arise in cryptocurrencies.

The presence of cryptocurrencies can serve as a check on bad policies followed by central banks. Let’s say country X has a bad government and it prints indiscriminate notes. People can switch to digital currency and force the central bank to follow more cautious policies. Overall, therefore, cryptocurrency is harmful if the central bank is careful, and it is beneficial if the central bank is reckless.

Now comes “digital currency”. A digital currency is like cryptocurrency in that it is also just a number stored on a computer. However, it is not anonymous like cryptocurrency. It can be issued by a central bank like the Reserve Bank of India. The number of digital currencies issued is determined by the central bank and ownership is also tracked. However, the value of digital currency can be determined by the market bidding process similar to bitcoin’s price determination by supply and demand as is the case today; or similar to determining the price of the rupee. The Reserve Bank will be able to identify the owners of the digital currency and may prevent the use of this currency for criminal, money laundering and other illegal purposes.

Digital currency can be prevented from destabilizing the economy because the Reserve Bank can control the number of digital currencies issued. However, a digital currency cannot help people overcome the bad policies of the bank itself. The central bank can issue a large number of digital currencies at the same time as it prints a large number of indiscriminate paper money. The digital currency will therefore not act as a control over the central bank.

I would welcome digital currency and vote against crypto currency. A digital currency will not be able to fight against the reckless policies of a central bank by indiscriminately printing paper money. At the same time, it won’t be able to destabilize the economy like a cryptocurrency could. The other advantages of digital currency are that it cannot be used for crimes like cryptocurrencies; and it can be stored safely at minimal cost. The cost of the transaction would also be lower than that of paper currencies which involve printing of banknotes etc. Thus, digital currency does not solve all the problems and can be called a halfway house.

Either way, we’re caught in a Catch-22 situation. If we go for a cryptocurrency outside of the control of a cautious central bank, we can cause instability. On the other hand, if we reject cryptocurrencies then we are not providing the people with an alternative against the reckless central bank. The central bank’s cautious problem cannot be solved by technical innovations like cryptocurrencies or digital currencies. This requires improved governance.

(The author is a former professor of economics at IIM, Bangalore)

(The opinions expressed in this column are those of the author. The facts and opinions expressed here do not reflect the views of The Hans India)


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How Bitcoin Became the Leading Cryptocurrency https://www.koparunescape2gold.com/how-bitcoin-became-the-leading-cryptocurrency/ Sat, 18 Dec 2021 05:11:43 +0000 https://www.koparunescape2gold.com/how-bitcoin-became-the-leading-cryptocurrency/ Bitcoin has steadily risen through the ranks to become the most dominant currency in the crypto space today, although several digital currencies existed before it. It came into the world in 2009, thanks to an anonymous group called Satoshi Nakamoto. The group presented Bitcoin as a decentralized peer-to-peer currency, free from political and regulatory manipulations […]]]>

Bitcoin has steadily risen through the ranks to become the most dominant currency in the crypto space today, although several digital currencies existed before it. It came into the world in 2009, thanks to an anonymous group called Satoshi Nakamoto. The group presented Bitcoin as a decentralized peer-to-peer currency, free from political and regulatory manipulations like fiat currencies.

Adoption was slow at first, but Bitcoin has grown in popularity over the past few years to become the most valuable and sought-after cryptocurrency. So how has Bitcoin managed to outperform its competition and attract such a large global audience in a relatively short period of time? Here are the key reasons for Bitcoin’s outstanding performance in the crypto world.

First Mover Advantage

While other cryptocurrencies existed before Bitcoin, none of them proved useful until Bitcoin. Most people didn’t believe that a digital currency could facilitate transactions like fiat currency before Bitcoin. However, the world increasingly needed another form of money to remove the bureaucracies from traditional systems.

Bitcoin also came into the world right after the 2008 financial crisis, which most people argue governments tricked into printing by printing excess money. The crisis has destabilized several world currencies, leaving millions of people in abject despair. It also created the need for a decentralized currency resistant to inflationary risks.

Bitcoin’s unique characteristics allowed it to immediately grab public attention as it promised to solve the inefficiencies of traditional currencies. It responded directly to public demands for a decentralized financial system when there were no other practical options. This has given Bitcoin the first-mover advantage, allowing it to take the lead in the crypto space.

Blockchain technology

Bitcoin is a technology-based currency that runs on blockchain. One of Bitcoin’s greatest strengths is the technology, which makes it more distinctive and robust than other cryptocurrencies. Blockchain technology is a digitized shared ledger verifying and validating Bitcoin transactions. It stores users’ public addresses and transaction history on a distributed digital ledger, accessible to all users of the Bitcoin network.

Blockchain technology ensures the transparency and security of Bitcoin transactions due to its irreversibility. Its decentralized network and data encryption make it almost impossible for the general ledger to be manipulated by users or third parties. In addition, it also restricts the accessibility of user data to participants on the network. This makes Bitcoin more credible and efficient than other cryptocurrencies or even fiat money.

Blockchain technology has proven useful in several other industries outside of the crypto world, including manufacturing, supply chain management, real estate, mobile app development, and healthcare. This further increased Bitcoin’s reputation, allowing it to grow much faster than other cryptocurrencies.

Supply and demand economics

Unlike fiat currencies or other cryptocurrencies, Bitcoin also has a unique protocol, impacting its demand and supply. Bitcoin’s limited supply limits it to just 21 million tokens, with over 18 million currently in circulation. In addition, its availability is subject to the halving process which halves mining incentives every four years. This ensures that the supply and scarcity of Bitcoin decreases as the market demand increases.

Many crypto trading sites such as bitcoins-era.com report ever-increasing Bitcoin transaction volumes. The adoption of Bitcoin is also increasing rapidly among global traders and consumers, boosting its demand. Thus, the growing demand from the Bitcoin market and the decrease in supply allow it to maintain greater purchasing power over time. This impacts the higher prices of Bitcoin, making it more valuable than other cryptocurrencies.

Bitcoin remains the most popular and lucrative digital currency. The main reasons that have kept Bitcoin ahead are its first-come advantage, blockchain technology, and the unique economics of supply and demand. Bitcoin’s success has created several new cryptocurrencies and products, making it even more popular.

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Can my business accept cryptocurrency? https://www.koparunescape2gold.com/can-my-business-accept-cryptocurrency/ Thu, 16 Dec 2021 21:01:10 +0000 https://www.koparunescape2gold.com/can-my-business-accept-cryptocurrency/ How blockchain payment technology infiltrates core business practices and the means to maintain tax compliance with jurisdictions with its use Cryptocurrency is a form of decentralized digital currency designed to function as an alternative payment method based on rapidly emerging blockchain technology. Although there are over 5,000 different cryptocurrencies in circulation, Bitcoin is the most […]]]>

How blockchain payment technology infiltrates core business practices and the means to maintain tax compliance with jurisdictions with its use

Cryptocurrency is a form of decentralized digital currency designed to function as an alternative payment method based on rapidly emerging blockchain technology. Although there are over 5,000 different cryptocurrencies in circulation, Bitcoin is the most popular among these digital currencies and has been the fastest growing cryptocurrency given the increasing volume of exchanges and price evaluation. Based on this characteristic, cryptocurrency is viewed as investment capital, closer to shares of companies, rather than a form of legal tender. That perspective changed when big companies like Tesla, MasterCard, Home Depot, AT&T, and BNY Mellon made strides in accepting Bitcoin as a payment option for their goods and services.

In 2014, the IRS issued Notice 2014-21 IRS Virtual Currency Guidance which reviewed and reviewed the overall status of cryptocurrencies in the United States on that date. Therefore, the sale or exchange of convertible virtual currency, or the use of convertible virtual currency to pay for goods or services as part of a real economic transaction, has tax consequences that may result in tax liability. Therefore, once Bitcoin is received as a means of payment, it will be taxed as property for federal tax purposes rather than as currency. As such, the cryptocurrency potentially qualifies for tax relief programs in the future while raising the specter of criminal prosecution for those who may not have declared their income and paid tax. resulting or did not report their transactions correctly. The IRS’s efforts to combat non-compliance continued through a variety of means, including educating taxpayers.

Five years later, in October 2019, the IRS issued additional guidance including Tax Ruling 2019-24 and an accompanying Frequently Asked Questions (FAQ) that expands on the initial notice and FAQs. The updated publications consider such situations as a hard fork when the legacy cryptocurrency undergoes a protocol change and results in the creation of a new cryptocurrency on a new distributed ledger. Another topic of interest is an airdrop that can occur when a new cryptocurrency is distributed to multiple taxpayers after a cryptocurrency’s ledger is renewed after a change in protocol. Although these situations seem foreign to many, these events and actions represent the maturing of tax regulations, which are often slow to take into account technological advances and complexities. The FAQ more accurately reconsiders issues such as determining the gain or loss of income to report to the IRS for these digital currencies.

As the tax implications will continue to dissipate, cryptocurrency supporters have much to celebrate. For example, since Bitcoin can be used internationally, it is easy to think that its implementation in business transactions will simplify foreign transactions and therefore be less costly for businesses in terms of exchange rate and currency. costs. In addition, digital currencies have taken hold in the public sector.

On February 11, 2021, Miami city commissioners voted to allow Bitcoin payments for salaries, taxes, and fees, being one of the country’s first Bitcoin-forward municipalities. Taxpayers would pay Bitcoin at its fair market value when filing the return. Historically, the USD has been relatively stable in terms of face value, this is where the gap with Bitcoin lies, as it is notoriously known for its high volatility, which makes gain / loss calculations difficult for jurisdictions. and businesses.

While the taxation of digital currency is a new challenge for jurisdictions and taxpayers, there is a clear need to continue to learn about new developments in federal and state regulations as reasonable efforts are made to minimize investigations, audits, penalties and interest. Researching tax regulations can ensure that businesses stay up to date and fully compliant, regardless of the medium of currency exchange sought.

Advice for the taxpayer

U.S. business owners should carefully review their practices to determine whether acceptance of cryptocurrency is within the bounds of any jurisdiction it may have ties to, as well as federal agencies. If digital currency is allowed in the jurisdiction, businesses may consider expanding their point-of-sale system to accept and record digital payments to streamline tax payments in the future. For now, companies need to move ahead with cryptocurrency implementation with the changing regulatory landscape in mind in order to stay in compliance.


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